TCRLA_Public/070628.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, June 28, 2007, Vol. 8, Issue 127

                          Headlines

A R G E N T I N A

AEROFLEX INC: Moody's Assigns B3 Corporate Family Rating
AGROPECUARIA INDIA: Proofs of Claim Filing Deadline Is July 16
ARFE SA: Proofs of Claim Verification Is Until Sept. 18
ARTES GRAFICAS: File Reorganization Petition in Buenos Aires
DAGFA SA: Concludes Reorganization Proceeding

HUNTSMAN INTERNATIONAL: Moody's Reviews Ba3 Corp. Family Rating
PETROBRAS ENERGIA: Inks Joint Venture Contract with Fomicruz
TELECOM ARGENTINA: Union Planning Another Protest
TELEFONICA DE ARGENTINA: Union Planning Another Protest
YPF SA: Roberto Lavagna Says Firm's Sale Is Crony Capitalism


B E R M U D A

ACCOUNTANTS PROFESSIONAL: Final General Meeting Is on July 3
ACCOUNTANTS PROFESSIONAL: Proofs of Claim Filing Ends on June 8


B O L I V I A

PETROLEO BRASILEIRO: Clarifies Refinery Transfer to Bolivia
PETROLEO BRASILEIRO: La Boliviana To Provide Insurance to Plants


B R A Z I L

BANCO NACIONAL: Approving BRL1.5-Billion Sanitation Projects
BANCO NACIONAL: Unit Issuing BRL1B in Non-Convertible Debentures
BASELL GROUP: Moody's Puts Ratings on Review for Downgrade
DELPHI CORP: Moody's Says Deal with UAW-GM Is Good for Industry
FERRO CORP: Board Declares 14.5 Cents Per Share Dividend

NAVISTAR INT'L: Will File Amended Financial Reports by September
SUPRESTA LLC: Israel Chemicals Deal Cues Moody's Ratings Review

* BRAZIL: Receives US$10-Million Loan from World Bank
* BRAZIL: Will Sell 30-Year Real-Denominated Global Bond


C A Y M A N   I S L A N D S

AMABOKO LIMITED: Sets Final Shareholders Meeting for July 16
AMERADA HESS: Proofs of Claim Filing Deadline Is July 25
BAFANA LIMITED: Sets Final Shareholders Meeting for July 16
DARIUS INVESTMENTS: Proofs of Claim Must be Filed by July 25
GREENFIELDS FOODS: Proofs of Claim Filing Deadline Is July 25

HENDERSON UK: Proofs of Claim Filing Is Until July 18
HILLARY LIMITED: Proofs of Claim Filing Ends on July 25
JOUBERT: Sets Final Shareholders Meeting for July 16
KOCH INVESTMENT: Proofs of Claim Must be Filed by July 25
MONTREAL HOLDINGS: Proofs of Claim Filing Is Until July 25

PIENAAR: Will Hold Final Shareholders Meeting on July 16
SHOSALOZA: Sets Final Shareholders Meeting for July 16
TOVEY LTD: Will Hold Final Shareholders Meeting on July 16


C H I L E

CONSTELLATION BRANDS: DA Davidson Maintains Buy Rating on Shares


C O L O M B I A

AES CORP: World Heritage Mulls Dams' Impact on Amistad Park

* COLOMBIA: Reconsidering State Firms' Privatization


D O M I N I C A N   R E P U B L I C

METRO COUNTRY: Fitch Assigns B- Rating on Senior Secured Notes


E C U A D O R

PETROECUADOR: Producing Below Potential Due to Low Investment


E L   S A L V A D O R

NEW HORIZONS: Dec. 31 Balance Sheet Upside-Down by US$4.7 Mil.


G U A T E M A L A

* GUATEMALA: Banrural Gets US$25-Million Financing from IDB


H O N D U R A S

SOLERA HOLDINGS: Posts US$9.6MM Net Loss in Qtr. Ended March 31


M E X I C O

GLOBAL POWER: Creditors' Committee Wants to File Competing Plan
GREAT PANTHER: Posts CDN$3.9MM Net Loss in Qtr. Ended March 31
HERBALIFE LTD: Added to Russell 1000 Index
JOAN FABRICS: Files Schedules of Assets & Liabilities
ONEIDA LTD: Moody's Assigns B3 Corporate Family Rating


P A N A M A

CABLE & WIRELESS: Says Regulator Must Respect Concession Pact


P A R A G U A Y

GENERAL MOTORS: Moody's Says Agreement Is Good for Auto Industry
GENERAL MOTORS: Offers 0% 3-Year Funding on Selected Vehicles

* PARAGUAY: Banana Growers Want Withdrawal from Mercosur


P E R U

MITEL NETWORKS: April 30 Balance Sheet Upside-Down by US$202.6MM


P U E R T O   R I C O

ADVANCE MEDICAL: Discloses Estimated Impact of May 2007 Recall
CLEAN HARBORS: Inks Purchase Deal with Romic Environmental
DEL LABORATORIES: Liquidity Concern Cues S&P to Junk Rating
SIMMONS CO: Unit to Acquire Comfor-Pedic Line of Foam Mattresses


U R U G U A Y

BANCO HIPOTECARIO DEL URUGUAY: Earns UYU1.39B in January to May
SURINVEST: Moody's Ups Currency Deposit Ratings to Baa3 from Ba2


V E N E Z U E L A

CITGO PETROLEUM: US Court Won't Let Jurors Quit Without Verdict

* VENEZUELA: Delays Price Pact Signing with Ternium Sidor


                            - - - - -

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


AEROFLEX INC: Moody's Assigns B3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned first-time ratings to
Aeroflex Incorporated (corporate family rating of B3 and
speculative grade liquidity rating of SGL-2) and a positive
outlook.

A newly formed entity, AX Holding Corp., will acquire all of the
outstanding shares of Aeroflex, a publicly traded
microelectronics and test and measurement provider that will
continue as a private company.

Net proceeds from the US$500 million first lien term loan and
US$60 million first lien revolver together with US$370 million
senior subordinated notes will be used to finance Aeroflex's
US$1.242 billion buyout in a highly-leveraged transaction.

The buyout, which is subject to shareholder approval, also
consists of a US$372 million cash equity investment from a
consortium of private equity sponsors (Veritas Capital, Golden
Gate Capital and GS Direct).

The assigned ratings are subject to review of final
documentation and no material change in the terms and conditions
of the transaction as advised to Moody's.

The B3 corporate family rating reflects the company's:

    * very high financial leverage of 7.3x debt/normalized
      EBITDA and weak credit protection measures following the
      leveraged buyout;

    * modest footprint and limited asset protection from a small
      base of pro forma tangible assets;

    * potentially increasing competition longer-term from larger
      and well capitalized companies;

    * exposure to aerospace and defense electronics end markets,
      which could experience changes in procurement policies or
      the types of products sourced by the government; and

    * historic money losing radar unit and break even synthetic
      test business.

The rating also takes into account Moody's hybrid security
treatment for the US$372 million of sponsor preferred equity in
which 25% of the preferred stock is treated as debt-like and 75%
is treated as equity-like.  As such, Moody's adjustments
incorporate the commensurate increase in debt, equity and
interest expense on Aeroflex's balance sheet and income
statement.

The rating also considers Aeroflex's leading market position as
the primary or sole source provider in niche markets, strong
intellectual property portfolio with proprietary technology,
highly visible and diversified revenue base with no specific
defense platform exposure, relatively stable competitive
landscape, mission-critical nature of its products with high
switching costs resulting in stable gross margins approaching
50% and consistent operating profitability and positive free
cash flow generation.

The B3 CFR also considers Moody's expectation that Aeroflex's
operating performance will benefit from a broadening of
applications from existing technologies, the secular outsourcing
trend from primary contractors and increasing dollar content as
the company moves up the value chain in the satellite and
medical platforms.

Aeroflex is expected to be moderately free cash flow positive
over the near term.  As such, Moody's does not expect the
company to substantially repay debt over the next 12 months.

Nonetheless, the positive outlook reflects the potential for
moderate improvement in financial leverage and interest coverage
metrics based on improved visibility into fiscal 2008 revenues.
This is anticipated to be driven by Aeroflex's strong market
position, "designed-in" chips and testing applications with long
life cycles, relatively stable operating cash flows even during
recessionary episodes, fabless semiconductor business model and
attractive industry dynamics, offset by the money losing radar
business and potentially increasing competition.

The ratings for the first lien facility and the subordinated
notes reflect both the overall probability of default of the
company, to which Moody's assigns a PDR of B3, and a loss given
default of LGD-2 for the first lien and LGD-5 for the
subordinated notes.

The B1 rating of the first lien senior secured credit facility
reflects its senior position in Aeroflex's capital structure,
full guarantees of existing and future wholly-owned domestic
subsidiaries, an all asset pledge, and a significant amount of
junior debt and other unsecured obligations such as leases in
the capital structure.

The Caa2 rating of the subordinated notes reflects their
contractual subordination to all first lien senior secured
creditors and full guarantees of existing and future wholly-
owned domestic subsidiaries on an unsecured basis.

These first time ratings were assigned:

-- Corporate Family Rating -- B3
-- Probability of Default Rating -- B3

-- US$60 Million Senior Secured First Lien Revolver due 2013
    -- B1 (LGD-2, 27%)

-- US$500 Million Senior Secured First Lien Term Loan due 2014
    -- B1 (LGD-2, 27%)

-- US$370 Million Senior Subordinated Notes due 2017 -- Caa2
    (LGD-5, 83%)

-- Speculative Grade Liquidity Rating - SGL-2

The ratings outlook is positive.

Headquartered in Plainview, NY, Aeroflex Inc. is a specialty
provider of microelectronics and test and measurement products
to the aerospace, defense, wireless, broadband and medical
markets. For the twelve months ended March 31, 2007, revenues
were US$577 million.  Aeroflex has offices in China, France,
Germany, and Argentina.


AGROPECUARIA INDIA: Proofs of Claim Filing Deadline Is July 16
--------------------------------------------------------------
Ana Maria Varela, the court-appointed trustee for Agropecuaria
India Muerta S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until July 16, 2007.

Ms. Varela will present the validated claims in court as
individual reports on Sept. 11, 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 Agropecuaria India 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 Agropecuaria India's
accounting and banking records will be submitted in court on
Oct. 24, 2007.

The informative assembly will be held on April 21, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

         Ana Maria Varela
         Talcahuano 768
         Buenos Aires, Argentina


ARFE SA: Proofs of Claim Verification Is Until Sept. 18
-------------------------------------------------------
Pablo Javier Kainsky, the court-appointed trustee for Arfe
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 18, 2007.

Mr. Kainsky 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 Arfe 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 Arfe's accounting and
banking records will be submitted in court.

Infobae didn't state the reports submission dates.

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

The trustee can be reached at:

         Pablo Javier Kainsky
         Reconquista 715
         Buenos Aires, Argentina


ARTES GRAFICAS: File Reorganization Petition in Buenos Aires
------------------------------------------------------------
Artes Graficas Negri S.R.L. has requested for reorganization
approval in the National Commercial Court of First Instance in
Buenos Aires after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow the company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

The debtor can be reached at:

          Artes Graficas Negri S.R.L.
          Chacabuco 1058
          Buenos Aires, Argentina


DAGFA SA: Concludes Reorganization Proceeding
---------------------------------------------
Dagfa S.A.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process
was concluded after a court in San Rafael approved the debt
agreement signed between the company and its creditors.


HUNTSMAN INTERNATIONAL: Moody's Reviews Ba3 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service placed the debt ratings and the
corporate family ratings (CFR -- Ba3) for Huntsman Corporation
(Huntsman) and Huntsman International LLC, a subsidiary of
Huntsman under review for possible downgrade.  This rating
action follows the company's announcement that it has entered
into a definitive agreement pursuant to which an entity of the
Basell group (CFR Ba3 under review for a downgrade - see
separate press release) will acquire Huntsman in a transaction
valued at approximately US$9.6 billion, including the assumption
of approximately US$4.0 billion of Huntsman debt.  Under the
terms of the agreement, Basell will acquire all of the
outstanding common stock of Huntsman for US$25.25 per share in
cash and the agreement is subject to regulatory review.  As this
acquisition by Basell is assumed to be financed largely with
debt, Huntsman's credit profile is likely be materially weaker
than expected when Moody's upgraded the Huntsman CFR to Ba3 in
March of 2007.  From a rating perspective, the potential for a
weaker credit profile may override the strategic benefits of
combining these two businesses until the incremental debt is
reduced over time.

These ratings were affected by this action:

Huntsman Corporation

  -- Corporate Family Rating, Ba3

Huntsman International LLC

  -- Corporate Family Rating, Ba3
  -- Senior Secured Bank Credit Facility, Ba1, LGD2, 21%
  -- Senior Subordinated Regular Bond/Debenture, B2, LGD5, 89%

Huntsman LLC

  -- Senior Secured Regular Bond/Debenture, Ba1, LGD2, 21%
  -- Senior Unsecured Regular Bond/Debenture, Ba3, LGD4, 57%

Outlook Actions:

Huntsman Corporation

  -- Outlook, Changed To Rating Under Review for Downgrade From
     Stable

Huntsman International LLC

  -- Outlook, Changed To Rating Under Review for Downgrade From
     Stable

Huntsman LLC

  -- Outlook, Changed To Rating Under Review for Downgrade From
     Stable

Moody's highlighted in its March 2007 upgrade press release the
ongoing risk (and a ratings constraint) of Huntsman's adherence
to its new financial policies in the event that equity returns
are less robust than anticipated and we noted that lackluster
equity performance was a key factor in management's decision to
transform the company with asset sales.

Moody's review will also focus on the strategic benefits of the
transaction, (if any) including the cash flow anticipated from
the combination, and management's future plans to improve the
company's credit measures.  In the event the new owner decides
to refinance Huntsman's debt the ratings will likely be
withdrawn.

Huntsman Corporation is a global manufacturer of differentiated
and commodity chemical products.  Huntsman's products are used
in a wide range of applications, including those in the
adhesives, aerospace, automotive, construction products, durable
and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining and
synthetic fiber industries.  Huntsman had revenues of US$10.6
billion for fiscal year 2006.


PETROBRAS ENERGIA: Inks Joint Venture Contract with Fomicruz
------------------------------------------------------------
Petrobras Energia has signed a contract with Santa Cruz province
mining promotion office Fomicruz to form a joint venture for the
exploration of gas in the province, Business News Americas
reports.

Petrobras Energia said in a statement that the Union Transitoria
de Empresas JV will explore for gas in the Glencross and
Estancia Chiripa.

BNamericas relates that the development of Glencross and Estanca
Chiripa will need some US$420 million in the coming years to
produce up to an estimated six million cubic meters per day of
gas.

The report says that Petrobras Energia invested about US$5.5
million on seismic work.  It will control 87% of the joint
venture, while Fomicruz will hold the remaining 13%.

Drilling would start by year-end, BNamericas states.

Petrobras Energia Participaciones SA (Buenos Aires: PBE,
NYSE:PZE) through its subsidiary, explores, produces, and
refines oil and gas, as well as generates, transmits, and
distributes electricity.  It also offers petrochemicals, as well
as markets and transports hydrocarbons.  The company conducts
oil and gas exploration and production operations in Argentina,
Venezuela, Peru, Ecuador, and Bolivia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 15, 2007, Fitch Ratings made assigned these actions on
Petrobras Energia:

     -- Local and foreign currency IDRs and following securities
        upgraded to 'BB' from 'B+':

     -- Senior unsecured notes due 2009;
     -- Senior unsecured notes due 2010;
     -- Senior unsecured notes due 2013;
     -- Guaranteed notes due 2017 to upgraded 'BBB-' from 'BB+'.


TELECOM ARGENTINA: Union Planning Another Protest
-------------------------------------------------
Foetra, the workers union at Telecom Argentina and Telefonica de
Argentina, will hold a 48-hour strike on June 27 and June 28,
reports say.

According to the press, Foetra -- along with another union,
Fatel -- has rejected a proposed salary raise by major
operators.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Fatel and Foetr scheduled a 48-hour protest on
June 20-21 to air out their rejection of an 8% salary raise
proposed by the operators.  The unions asked for a 25% wage
increase.  They have conducted one 48-hour strike on June 12-13.
Areas that would be affected by the protest include:

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

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

                        *     *     *

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


TELEFONICA DE ARGENTINA: Union Planning Another Protest
-------------------------------------------------------
Foetra, the workers union at Telecom Argentina and Telefonica de
Argentina, will hold a 48-hour strike on June 27 and June 28,
reports say.

According to the press, Foetra -- along with another union,
Fatel -- has rejected a proposed salary raise by major
operators.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Fatel and Foetr scheduled a 48-hour protest on
June 20-21 to air out their rejection of an 8% salary raise
proposed by the operators.  The unions asked for a 25% wage
increase.  They have conducted one 48-hour strike on June 12-13.
Areas that would be affected by the protest include:

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

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

                        *     *     *

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


YPF SA: Roberto Lavagna Says Firm's Sale Is Crony Capitalism
------------------------------------------------------------
Roberto Lavagna, the Argentine opposition presidential candidate
and former economy minister, told Dow Jones Newswires that the
planned sale of a 25% stake in YPF SA to local business leaders
is "crony capitalism."

According to Dow Jones, Mr. Lavagna offered an alternative plan
for the state to purchase the stake instead.  He presented a
bill on the alternative with Senator Gerardo Morales.  The bill
"requires that any partial YPF sale be tied to giving the
Argentine government a golden share with special voting rights
to block foreign buyers."

Dow Jones notes that a group led by Argentine entrepreneur
Enrique Ezkenazi is allegedly the leading bidder in negotiations
with Repsol to buy the stake.  Mr. Ezkenazi is considered to
have close ties to Argentine President Nestor Kirchner.

The report says that Mr. Ezkenaz's Grupo Petersen includes:

          -- Petersen,
          -- Theile & Cruz, and
          -- four regional banks in the provinces of:

             * Entre Rios,
             * San Juan,
             * Santa Fe, and
             * Santa Cruz.

The banks were formerly state-run.  However, they continue to
serve as the financial agents for the provincial governments,
according to Dow Jones.

Javier Gonzalez Frage, Mr. Lavagna's adviser and former central
bank head, told Dow Jones that under Mr. Lavagna's plan, the
government, through state energy company Enarsa, would buy the
25% stake, using excess surplus from the federal budget to make
a ARS1-billion cash payment, with additional funding.  Enarsa
would be able to seek loans and issue debt using the YPF assets,
which produce US$2 billion in revenue yearly, as collateral.

"What a private group can do, the state can do under much better
conditions.  This proposal, a non-fictitious 'Argentinization,'
a proposal for social capitalism, not crony capitalism...
surpasses what the government has offered," Mr. Lavagna
commented to Dow Jones.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                       *     *     *

Fitch Ratings assigned BB+ long-term issuer default rating on
YPF SA.  Fitch said the outlook is stable.

Moody's Investors Service assigned these ratings on YPF SA:

          -- B2 long-term foreign currency corporate family
             rating; and

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook was negative.


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B E R M U D A
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ACCOUNTANTS PROFESSIONAL: Final General Meeting Is on July 3
------------------------------------------------------------
The Accountants Professional Risk Insurance Ltd.'s final general
meeting is scheduled on July 3, 2007, at 9:30 a.m. at:

         Craig Appin House, 8 Wesley Street
         Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

     -- by resolution dissolving the company.

The liquidators can be reached at:

         Paul Van Elten
         Keith Vance
         Craig Appin House, 8 Wesley Street
         Hamilton, Bermuda


ACCOUNTANTS PROFESSIONAL: Proofs of Claim Filing Ends on June 8
---------------------------------------------------------------
The Accountants Professional Risk Insurance Ltd.'s creditors are
given until June 8, 2007, to prove their claims to Paul Van
Elten and Keith Vance, 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.

The Accountants shareholders agreed on May 22, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidators can be reached at:

         Paul Van Elten
         Keith Vance
         Craig Appin House, 8 Wesley Street
         Hamilton, Bermuda




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


PETROLEO BRASILEIRO: Clarifies Refinery Transfer to Bolivia
-----------------------------------------------------------
Petroleo Brasileiro SA's International Area director, Nestor
Cervero, and its executive manager for the Southern Cone, Decio
Oddone, met the press on June 26, to detail the the transference
of the totality of the shares belonging to Petrobras Bolivia
Refinacion S.A., the former owner of the Santa Cruz and
Cochabamba refineries, to YPFB.  The operation was wrapped-up on
the same day, in Santa Cruz de La Sierra, Bolivia.

Mr. Cervero highlighted the fact that after the operation,
Petrobras' main activity in Bolivia remains natural gas
exploration and production.  "Our main investment, all these
years, was in the Exploration & Production area, which is
ensuring all of this gas production that is being exported to
Brazil.  We ceased to operate in the activities we had made the
smallest investment in: distribution and refineries," he said.

The director also said that the professionalqualifications of
the employees working at two refineries' ensures operational
quality in Bolivia: "The staff is greatly qualified technically.
This gives us peace of mind that (the refineries) will continue
operating within the best quality standard Petrobras was able to
deploy in these eight years operating the refineries in
Bolivia."

Mr. Oddone explained why Petrobras Bolivia Refinacion took-out
new insurance coverage for the refineries.  "Making the
transition uninsured would involve additional risk that would be
of no interest to no one, whether YPFB, to maintain tranquility
in its early operations, or Petrobras, which was also concerned
with everyone's interest, including the consumers'," he said.

With the transference, YPFB now holds all of Petrobras Bolivia
Refinacion S.A. shares, which will have its name changed as to
reflect the new controller's presence, now in charge of all of
its assets and liabilities, and, also, of supplying oil
derivatives in Bolivia.

PBR, formerly Empresa Boliviana de Refinacion S.A., was
incorporated in 1999 to operate the Guilhermo Elder Bell
refinery, in Santa Cruz de la Sierra, and the Gualberto
Villaroel refinery, in Cochabamba.  The refineries were
purchased for US$102 million by the consortium formed by
Petrobras and Perez Companc, the latter later purchased by
Petrobras.

While controlled by Petrobras, the Bolivian refineries had an
accumulated profit of US$139 million, US$126 million of which
were distributed to shareholders in the form of dividends.  With
the sale of the shares for US$112 million, Petrobras wraps its
refining activities in Bolivia up with an appropriate return on
its investments.

                  Previous & Fair Indemnification

After the decision the Bolivian government made, on May 1, 2006,
to nationalize 50% plus one of PBR's shares, Petrobras started
negotiating a previous and fair indemnification with the
Bolivian authorities.  The company conditioned its permanence in
Bolivia to the maintenance of its safety, environment, and human
resource policy in refinery operation.

Meanwhile, Petrobras hired an investment bank to perform an
independent evaluation of the shares' value based on criteria
that are commonly adopted for this type of corporate
transaction, particularly the discounted cash flow, the most
common of such criteria.

As negotiations progressed, it became clear that selling the
totality of the shares to YPFB would be the solution that would
best serve the interests of the parties involved in the process,
i.e. Petrobras and YPFB.

With this in mind, on May 11, 2007, Petrobras presented a final
share-sale proposal for US$112 million.  This value is
compatible with the independent evaluation, which was based on
the discounted cash flow criterion.  The assessment did not take
the effects the Bolivian authorities' measure to prohibit PBR
from exporting hydrocarbons would have into account.

After YPFB accepted the offer, the first installment, for US$56
million, was deposited on June 11.  That same day, a bank
guarantee letter was delivered guaranteeing the second
installment, for the same amount, would be paid in up to 60
days.

In the seven years it controlled the refineries, Petrobras
increased fuel production on an ongoing basis, reducing the
deficit in a few cases, and generating surplus for exports in
other cases.  Using advanced technology and modern management
approaches, Petrobras made the refineries more productive,
safer, and more efficient.  Petrobras established its first
relevant refining and distribution activities abroad by
operating the Bolivian refineries.  This helped it strengthen
its brand, now recognized in several countries.

The workforce that performs at the two refineries received
ongoing treatment and improvements.  When it transferred the
refineries to YPFB, the Bolivian authorities ensured Petrobras
that its employees' positions and work conditions would be
maintained.  Furthermore, according to the new insurance policy,
no substantial changes may be made to the refineries' personnel
in order for the policy to remain in effect.

After handing the two refineries over, Petrobras can no longer
guarantee the quality of the products offered to the final
consumers in Bolivia, and, for this reason, it has decided to
remove its image from the 26 service stations that display its
brand in the different regions of the country.

The Petrobras brand, launched in Bolivia in 2001, revolutionized
the country's fuel supply system by incorporating innovative
Integrated Service Station concepts and by adding systematic
quality control to the products that were marketed.  Likewise,
Petrobras has also discontinued the manufacturing of the Lubrax
lubricants in Bolivia, which in 2006 had achieved a 27% market
share there.

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: La Boliviana To Provide Insurance to Plants
----------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a
statement that it has contracted insurance company La Boliviana
Ciacruz to cover the refineries it is selling to Bolivian
counterpart Yacimientos Petroliferos Fiscales Bolivianos.

Petroleo Brasileiro told Business News Americas that La
Boliviana will insure the Gualberto Villarroel and Guillermo
Elder Bell plants in Bolivia.

BNamericas relates that Petroleo Brasileiro agreed to sell the
plants for US$112 million under Bolivia's President Evo Morales'
hydrocarbons nationalization program.

According to BNamericas, YPFB had decided to wait until it had
insurance coverage for the plants before taking them under its
control.  As YPFB was having difficulties finding an insurer,
Petroleo Brasileiro took responsibility for the situation.

The insurance covers all risks of damage to the installations,
machinery, equipment, civil works and product inventory, and
civil liability for risks caused to third parties and their
properties, BNamericas states, citing 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.




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


BANCO NACIONAL: Approving BRL1.5-Billion Sanitation Projects
------------------------------------------------------------
Published reports in Brazil say that Banco Nacional de
Desenvolvimento Economico e Social would approve BRL1.5-billion
sanitation projects within the government's growth acceleration
plan by year-end.

Business News Americas relates that BRL1.5 billion accounts for
a fraction of the BRL60 billion that Banco Nacional has allotted
for investment across all the sectors.  However, the bank still
has thrice the BRL450 million it invested in sanitation in 2006,
and much more than what was invested in previous years.

Banco Nacional's social inclusion department director Julio
Ramundo told BNamericas, "The sanitation sector started to
experience volatility in financing status which resulted in a
level of investment that was much lower than needed.  The great
benefit of PAC [growth acceleration plan] will be in the
continuity of its financing."

Banco Nacional would free up BRL130 million in growth
acceleration funds for Sao Paulo state water company Sabesp by
August 2007.  Further funding of up to BRL1 billion will be
discussed with the firm.

Banco Nacional will also allot BRL590 mill to Minas Gerais state
water firm Copasa, as part of the growth acceleration plan,
BNamericas states, citing Mr. Ramundo.

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: Unit Issuing BRL1B in Non-Convertible Debentures
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that BNDESpar, its equity division, will issue at
least BRL1 billion in non-convertible debentures with the option
to raise the issue by 35% to BRL1.35 billion.

Business News Americas relates that UBS Pactual will underwrite
the issue, backed by the investment banking divisions of
Bradesco and Banco do Brasil.

According to BNamericas, BNDESpar will issue two series of one
million debentures for BRL1,000 per piece.  The first series
matures on Jan. 1, 2011, while the second will mature on
Aug. 15, 2013.

"BNDESpar will conduct a road show and hold the reserve period
from July 3-23."  It has also scheduled a "bookbuilding" for
July 24, BNamericas states.

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

                        *     *     *

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


BASELL GROUP: Moody's Puts Ratings on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service placed all ratings of Basell group
under review for downgrade following the announcement by the
company that it has signed a definitive agreement to acquire
Huntsman Corporation (Ba3/stable outlook) in an all-cash
transaction valued at approximately US$9.6 billion, including
the assumption of debt.

Moody's notes that the successful acquisition of Huntsman, which
is expected to be mainly debt funded, would lead to some
significant increase in Basell's indebtedness and deterioration
in its credit metrics in the near to intermediate term.

The forthcoming review will focus on:

   (a) the strategic rationale underpinning the acquisition and
       complementarity of the two groups' business portfolios;

   (b) the execution risks involved in integrating the two
       businesses and Possible synergies;

   (c) the assessment of the evolving fundamental credit
       characteristics of the enlarged business within the
       global chemical sector;

   (d) the structure of the acquisition finance; and

   (e) the group's future financial policy and in particular the
       prospects for balance sheet deleveraging over the medium
       term.

The transaction has been recommended by Huntsman's board of
directors and received the backing of entities, which
collectively own 57% of Huntsman's common stock.  It is however
subject to customary conditions with closing expected in the
fourth quarter.

These ratings were affected:

Basell AF SCA:

  -- Corporate Family Rating -- Ba3 / PD rating - Ba3;

  -- EUR500m and USD 615 m 2015 senior secured g-teed
     notes - B2 / LGD at 5 (84%);

Basell Finance Company

  -- US$300m senior g-teed notes - B2 / LGD at 5 (84%);

Basell AF SCA and its subsidiaries

  -- Senior secured bank facilities - PD at Ba2 and LGD at 2
     (29%).

Moody's last rating action on Basell AF SCA was the revision to
positive of the outlook on the group's ratings on 25 May, 2007.

Basell is the world's largest producer of polypropylene and
advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and
licensing of polypropylene and polyethylene processes and
related catalyst sales.  In 2006, the Company reported revenues
of EUR10.5 billion and EBITDA of EUR1.1 billion.

Basell has regional offices in Belgium, Germany, the United
States, Brazil and Hong Kong, as well as sales offices in the
major markets around the globe.


DELPHI CORP: Moody's Says Deal with UAW-GM Is Good for Industry
---------------------------------------------------------------
The announcement of a tentative agreement between Delphi
Corporation, the United Automobile Workers, and General Motors
Corporation covering Delphi's labor contract in North America
represents a constructive development in the automotive industry
in North America.  While the specifics of the agreement are not
publicly disclosed, Moody's believes the agreement should help
reposition Delphi with a more competitive cost structure in the
region, facilitate lower cost parts for GM, and remove a near-
term threat to industry production volumes.  However, it is not
the only threat on the horizon.  Moody's does not anticipate any
immediate ratings impact for suppliers or original equipment
manufacturers (Delphi is not a monitored rating).

If ratified by the UAW membership, Delphi would achieve a more
competitive cost structure and become a more viable competitor
in those sectors it has identified as its core focus that have a
continuing U.S. presence.  Through establishing greater
certainty to its labor arrangements, financial valuations of
Delphi are likely to be enhanced and accelerate plans for its
emergence from bankruptcy. Similarly, by establishing a lower
cost structure in its business units, many of which are
designated as non-core, plans to dispose of certain Delphi
operations are more likely to move forward.  Agreements to sell
several units have previously been announced, subject to court
approval.

For the broader supplier industry, the announcement also removes
a level of uncertainty.  The risks of disruption to production
volumes of GM and other OEMs from Delphi related issues should
ease assuming the tentative agreement were approved by Delphi's
UAW membership.  However, the converse would also be true if the
agreement was not ratified.  Moreover, labor contracts between
the UAW and the Big Three are set to expire on Sept. 14, 2007,
and negotiations for a new contract have yet to formally begin.
In the short term, should those negotiations be unfruitful and
result in work stoppages, OEM production could be disrupted and
adversely affect the broader supply chain.  In the long term,
the terms and conditions of a new master agreement are a
critical factor to the structural competitiveness and financial
viability of the Big Three.

The proposed agreement is a constructive development for General
Motors in that it lessens the risk of a disruption in component
delivery from its major domestic supplier.  In combination with
the Delphi employee buyouts that have already been funded by GM,
the agreement would also help to narrow the current US$2 billion
cost disadvantage that GM incurs on components currently
supplied by Delphi.  Moreover, Moody's believes that any subsidy
by GM of the Delphi-UAW wage package will not be material
relative to the amount of funds already devoted to the employee
buyout program and relative to the OEM's substantial liquidity
position.

Notwithstanding these positive developments, the major near-term
challenge facing the Big Three is the need to successfully
negotiate a new UAW contract later this year that afford the
U.S. OEMs material relief in the areas of health care costs and
work rules.  Progress in these areas will be critical to their
ability to establish a more competitive domestic cost structure.

"Ultimately, this agreement coupled with a new master agreement
between the UAW and the OEMs could create a more stable
operating environment for all suppliers and enhance their
prospects.  It also could lead to an increase in merger and
acquisition activity at parts suppliers involving both private
equity and strategic buyers " said Ed Wiest, VP & Senior Analyst
at Moody's.  "Of course, the structure of any transaction would
be subject to market conditions, available financing and would
determine the direction of any rating outcome" he continued.

                     About General Motors

Headquartered in Detroit, Michigan, 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.


FERRO CORP: Board Declares 14.5 Cents Per Share Dividend
--------------------------------------------------------
Ferro Corporation's Board of Directors has declared a regular
quarterly dividend of 14.5 cents per share of common stock.  The
dividend is payable on Sept. 10, 2007, to shareholders of record
on Aug. 15, 2007.

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

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

                        *     *     *

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


NAVISTAR INT'L: Will File Amended Financial Reports by September
----------------------------------------------------------------
Navistar International Corporation reaffirmed that it expects to
file its fiscal 2005 Form 10-K, which will include restated
financial statements for fiscal years 2003, 2004 and the first
three quarters of 2005, by the end of September.  Restated
financial statements for Navistar Financial Corporation are
expected to be filed at the same time.

The company said that once the 2005 filing is complete, it
expects to complete and file Form 10-Ks for the fiscal years
ending Oct. 31, 2006, and 2007, by March 31, 2008.

Navistar officials will hold a conference call with analysts
today beginning at 10:00 a.m. CDT to discuss business highlights
for the second fiscal quarter ended April 30, 2007, and to
provide a strategic initiatives update.  A series of questions
and answers dealing with company operations is attached to the
end of this news release.

Navistar Chairperson, President and Chief Executive Officer
Daniel C. Ustian, said, "The economic environment during the
first half of our fiscal year was difficult due in part to the
record pre-buy last year, but we expect an improved market
toward the end of this year.  Our entry into expansion markets
that are new for the company continues to show gains."

Worldwide shipments of school buses, Class 6-7 medium trucks and
Class 8 heavy trucks and expansion market vehicles for the
second fiscal quarter ended April 30, 2007, totaled 26,200
units, down 31% from 38,100 units shipped in the same period a
year earlier.

Expansion market shipments in the second quarter totaled 9,500
units, which represented a gain of 33 percent over year earlier
shipments of 7,100 units. Shipments of expansion vehicles
include military vehicles, export sales, small bus, Class 4-5
vehicles and stripped chassis for the motor home and step-van
markets.  Navistar did not participate in these markets in the
first half of 2005.

Mr. Ustian said the company has not changed its previously
announced revised forecast of industry volume of 300,000 units
for the United States and Canada for its fiscal year ending
Oct. 31, 2007.  If the economy does not pick up, industry volume
could go down a bit further.  However, there are some positive
signs such as a strengthening in monthly truck tonnage as
reported by the American Trucking Associations.

While sales of Class 6-8 commercial trucks and school buses in
the US and Canadian markets will be down this year, Ustian said
the company anticipates that its own sales of expansion market
vehicles in fiscal 2007 will range from 35,000 units to 40,000
units, a gain of 15 percent to 31 percent over fiscal 2006
sales.

Mr. Ustian said Navistar continues to be focused on delivering
on its commitments by aggressively implementing a plan based on
three strategic initiatives: "great products, a competitive cost
structure and profitable growth."

"We made a commitment in 2004 that while we were going to grow
our base businesses, we were also going to invest and grow in
expansion markets," Mr. Ustian said.  "Since that time, we have
delivered several new products that have helped us accomplish
our growth goals.  The Mine-Resistant Ambush Protected (MRAP)
vehicle program is the latest example of our strategy to
leverage our existing assets to achieve growth in markets
outside of our traditional businesses."

On May 31, Navistar's military affiliate, International Military
and Government, LLC, was awarded a US$623 million contract by
the U.S. Marine Corps to provide 1,200 Category I MRAP vehicles
to be delivered by the end of February 2008. The vehicle is
called the International(R) MaxxProTM.  On June 19, the company
received its second MRAP contract -- an US$8.5 million contract
to provide 16 Category II MRAP vehicles by the end of September
2007.

Commenting on 2007 operations, Mr. Ustian said that while the
company cannot comment specifically on 2007 results until the
restatement and reaudit processes are finished and the 2007
financial statements are completed, "even with the truck
industry expected to be down significantly in 2007 and the
anticipated continued extraordinary expense associated with the
restatement and reaudit, we believe the growth in other areas
and our focus on margin improvement will enable us to deliver a
solid 2007."

Concerning the on-going restatement/reaudit process, Bill Caton,
Navistar executive vice president and chief financial officer,
said in addition to the progress made with the restatement work
and report preparation, the company has also made significant
progress implementing its remediation plan.

"Our Corporate Controller and Corporate Audit departments have
been restructured and our finance and accounting resources
throughout the company have been realigned and we expect to have
timely and accurate financial filings going forward," Mr. Caton
said.

Terry M. Endsley, senior vice president and treasurer, said the
company has anticipated the volatility in the 2007 truck market
and working capital and cash balances have been impacted as
expected.

"With the recent completion of a new US$200 million ABL debt
facility, we have more than sufficient liquidity to fully
participate in the 2008 and 2009 truck markets which we expect
to ramp up to cyclical industry peaks," Mr. Endsley said.

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

                          *     *     *

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


SUPRESTA LLC: Israel Chemicals Deal Cues Moody's Ratings Review
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Supresta LLC (B1
corporate family rating) under review for a possible upgrade
following the announcement that Israel Chemicals Ltd. has agreed
to buy the firm from its existing private equity owners,
Ripplewood Holdings LLC, for US$352 million in cash in a
transaction that is expected to close in the third quarter of
2007.

The ratings under review are:

Supresta LLC

   -- Corporate family rating -- B1

   -- Probability of default rating -- B1

   -- US$140 million Gtd Sr Sec Term Loan due 2011, Ba3, LGD3,
      35%

   -- US$25 million Gtd Sr Sec Revolving Credit Facility due
      2009, Ba3, LGD3, 35%

ICL has indicated that the transaction will be financed by its
internal resources and existing bank facilities and the closing
is subject to a number of conditions, including regulatory
approval. The review for upgrade reflects the expected operating
benefits associated with inclusion of the company in the ICL
group and the likelihood that Supresta's leverage will decline
as its existing bank debt will likely be retired.  The ratings
will be withdrawn if the debt is refinanced.  However, the
company has not stated definitively how the rated term loan and
revolving credit facility or unrated debt at the holding company
level will be treated.

Supresta is a global producer of phosphorus-based flame
retardants used in foams, plastics and industrial/hydraulic
fluids.  The company also sells phosphorus-based organic and
inorganic chemicals used in fine chemicals and paint additives.
Supresta LLC, is headquartered in Ardsley, New York.  Revenues
were approximately US$249 million for the LTM ended
Dec. 31, 2006.

Internationally, the company operates in Brazil, China and
Germany.


* BRAZIL: Receives US$10-Million Loan from World Bank
-----------------------------------------------------
The World Bank's Board of Executive Directors today approved a
US$10 million grant from the Global Environment Facility to
Brazil's Fundacao Luiz Eduardo Magalhaes to contribute to the
preservation, conservation, and sustainable management of the
biodiversity of the Caatinga forest in the states of Bahia and
Ceara, while improving the quality of life of its inhabitants.

"This project highlights the importance of sustainable
environmental conservation and management as a foundation for
sustainable growth and poverty reduction," said John Briscoe,
World Bank Director for Brazil.  "The program responds to a need
to control the rapid degradation of a unique ecosystem that
provides a livelihood for 11 million people in one of Brazil's
poorest regions."

The Caatinga forest -- located between the Amazon forest and the
Atlantic forest in Brazil's northeast -- is the largest dry
forest in South America and one of the richest dry forests in
the world.  Comprising an area of approximately 800,000 km2, it
covers approximately 11 percent of the national territory,
extending throughout the states of Piaui, Ceara, Rio Grande do
Norte, ParaĦba, Pernambuco, Alagoas, Sergipe, Bahia, and Minas
Gerais.

In the last two decades, desertification has advanced quickly,
caused by the removal of vegetation through charcoal production,
over-farming, over-grazing, soil erosion, and slash-and-burn by
smallholder farmers and ranchers.  Desertification has resulted
in disruptions of water flows and poor quality of water sources,
which in turn affects the health of human and animal
populations.  Rural poverty is deep, with the poor surviving
through short-cycle types of subsistence farming, animal
breeding in extensive systems, extractive activities (wood and
non-timber products), temporary farm employment, and seasonal
migration to urban areas.

The Caatinga Conservation and Management Project will support
the states of Bahia and Ceara, which together encompass about 50
percent of the Caatinga forest, in the design and implementation
of policies that create incentives for an integrated management
of ecosystems.  The project will enhance the capacity for
management of protected areas, develop capacity to assess and
monitor the conservation and sustainable use of biological
diversity, and identify and implement replicable demonstration
projects.

"With support from this project, rural poor in Brazil's
northeast will be stewards of their natural resource base and
participants in activities that promote conservation, reverse
desertification and provide economic opportunities," said
Monique Barbut, GEF CEO and Chairperson.

Specifically, the project will support these activities:

   * Strengthening local institutions committed to integrated
     ecosystem management and conservation of the Caatinga biome
     in Bahia and Ceara.

   * Financing approximately 200 demonstration subprojects to
     ensure sustainability of conservation efforts and
     prevention of land degradation in the Caatinga biome at the
     local level.  Potential investments include:

        -- reforestation through tree planting;
        -- development of small ruminant grazing corridors;
        -- introduction of sustainable agro-forestry techniques;
        -- development of local drought management plans;
        -- development of hill slope erosion control;
        -- fire awareness and control programs; and
        -- introduction of soil and water management practices.

   * Establishing a monitoring and evaluation system to track
     progress toward achieving the project's global
     environmental objectives.

In addition, this component will support knowledge sharing and
dissemination of project findings.

"The governments of the states of Bahia and Ceara are interested
in addressing biodiversity issues and ecosystem management, and
the Caatinga is one of their key priorities," said Claudia
Sobrevila, World Bank task manager for the project.  "They are
creating the institutional structure necessary to address these
challenges, and we are glad to be one of the parties involved in
this important project," she added.

The Global Environment Facility is a mechanism for providing new
and additional grant and concessional funding to meet the agreed
incremental costs of measures to achieve agreed global
environmental benefits in the six focal areas:

   -- climate change;
   -- biological diversity;
   -- international waters;
   -- persistent organic pollutants;
   -- land degradation; and
   -- ozone layer depletion.

GEF also supports the work of the global agreements to combat
desertification.

The World Bank Group is one of GEF's implementing agencies and
supports countries in preparing GEF co-financed projects and
supervising their implementation.  The Bank plays the primary
role in ensuring the development and management of investment
projects.  The Bank draws upon its investment experience in
eligible countries to promote investment opportunities and to
mobilize private sector, bilateral, multilateral, and other
government and non-government sector resources that are
consistent with GEF objectives and national sustainable
development strategies.

                        *     *     *

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

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

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

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

                          *    *     *

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


* BRAZIL: Will Sell 30-Year Real-Denominated Global Bond
--------------------------------------------------------
Brazilian Vice Treasurer Paulo Valle told Reuters that the
nation will sell for the first time a 30-year global bond
denominated in the local currency this year.

The sale would be for at least BRL1.5 billion.  It would let
Brazil extend its yield curve in Real, the press says, citing
Mr. Valle.

"Brazil has issued three maturities for local currency
denominated bonds externally," Reuters states.  The bonds will
due in 2016, 2022 and 2028.

                        *     *     *

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

   -- 'BB' for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

                        *     *     *

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




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


AMABOKO LIMITED: Sets Final Shareholders Meeting for July 16
------------------------------------------------------------
Amaboko Ltd. will hold its final shareholders meeting on
July 16, 2007, at:

          Caledonian House, 69 Dr. Roy's Drive
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Griffin Management Limited
          Caledonian Bank & Trust Limited
          Caledonian House
          P.O. Box 1043


AMERADA HESS: Proofs of Claim Filing Deadline Is July 25
--------------------------------------------------------
Amerada Hess (K&K) Holdings Ltd.'s creditors are given until
July 25, 2007, to prove their claims to John David Dryden, 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.

Amerada Hess shareholders agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

        George C. Barry
        1185 Avenue of the Americas
        New York, N.Y. 10036
        USA


BAFANA LIMITED: Sets Final Shareholders Meeting for July 16
-----------------------------------------------------------
Bafana Ltd. will hold its final shareholders meeting on
July 16, 2007, at:

          Caledonian House, 69 Dr. Roy's Drive
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Griffin Management Limited
          Caledonian Bank & Trust Limited
          Caledonian House
          P.O. Box 1043
          Grand Cayman KY1-1102
          Cayman Islands


DARIUS INVESTMENTS: Proofs of Claim Must be Filed by July 25
------------------------------------------------------------
Darius Investments Ltd.'s creditors are given until
July 25, 2007, to prove their claims to Buchanan 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.

Darius Investments 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:

        Buchanan Limited
        Attention: Francine Jennings
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


GREENFIELDS FOODS: Proofs of Claim Filing Deadline Is July 25
-------------------------------------------------------------
Greenfields Foods Ltd.'s creditors are given until
July 25, 2007, to prove their claims to John David Dryden, 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.

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

The liquidator can be reached at:

        John David Dryden
        Attention: John David Dryden
        Corporate Filing Services Ltd.
        P. O. Box 613
        Grand Cayman KY1-1107
        Cayman Islands
        Telephone: +603 2142 3810
        Fax: +603 2142 1810


HENDERSON UK: Proofs of Claim Filing Is Until July 18
-----------------------------------------------------
Henderson UK Equity Multistrategy Fund Ltd.'s creditors are
given until July 18, 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.

Henderson UK's shareholders agreed on May 31, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

        Lawrence Edwards
        Attention: Jyoti Choi
        P.O. Box 258
        George Town, Grand Cayman KY1-1104
        Cayman Islands
        Telephone: (345) 914 8657
        Fax: (345) 945 4237


HILLARY LIMITED: Proofs of Claim Filing Ends on July 25
-------------------------------------------------------
Hillary Ltd.'s creditors are given until July 25, 2007, to prove
their claims to Buchanan 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.

Hillary 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:

        Buchanan Limited
        Attention: Francine Jennings
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


JOUBERT: Sets Final Shareholders Meeting for July 16
----------------------------------------------------
Joubert will hold its final shareholders meeting on
July 16, 2007, at:

          Caledonian House, 69 Dr. Roy's Drive
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Griffin Management Limited
          Caledonian Bank & Trust Limited
          Caledonian House
          P.O. Box 1043
          Grand Cayman KY1-1102
          Cayman Islands


KOCH INVESTMENT: Proofs of Claim Must be Filed by July 25
---------------------------------------------------------
Koch Investment Group (Caymanii) Ltd.'s creditors are given
until July 25, 2007, to prove their claims to Andrew Hersant and
Mark Cummings, 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.

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

The liquidator can be reached at:

        Sandy Perez
        Attention: Lesley Walker
        P.O. Box 707
        Grand Cayman
        Telephone: 945-4777
        Fax: 945-4799


MONTREAL HOLDINGS: Proofs of Claim Filing Is Until July 25
----------------------------------------------------------
Montreal Holdings Ltd.'s creditors are given until
July 25, 2007, to prove their claims to Sandy Perez, 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.

Montreal Holdings'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:

        Sandy Perez
        Attention: Lesley Walker
        P.O. Box 707
        Grand Cayman
        Telephone: 945-4777
        Fax: 945-4799


PIENAAR: Will Hold Final Shareholders Meeting on July 16
--------------------------------------------------------
Pienaar will hold its final shareholders meeting on
July 16, 2007, at:

          Caledonian House, 69 Dr. Roy's Drive
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Griffin Management Limited
          Caledonian Bank & Trust Limited
          Caledonian House
          P.O. Box 1043
          Grand Cayman KY1-1102


SHOSALOZA: Sets Final Shareholders Meeting for July 16
------------------------------------------------------
Shosaloza Ltd. will hold its final shareholders meeting on
July 16, 2007, at:

          Caledonian House, 69 Dr. Roy's Drive
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Griffin Management Limited
          Caledonian Bank & Trust Limited
          Caledonian House
          P.O. Box 1043
          Grand Cayman KY1-1102


TOVEY LTD: Will Hold Final Shareholders Meeting on July 16
----------------------------------------------------------
Tovey Ltd. will hold its final shareholders meeting on
July 16, 2007, at:

          Caledonian House, 69 Dr. Roy's Drive
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Griffin Management Limited
          Caledonian Bank & Trust Limited
          Caledonian House
          P.O. Box 1043
          Grand Cayman KY1-1102



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


CONSTELLATION BRANDS: DA Davidson Maintains Buy Rating on Shares
----------------------------------------------------------------
DA Davidson analyst Timothy S. Ramey has kept his "buy" rating
on Constellation Brands Inc.'s shares, Newratings.com reports.

According to Newratings.com, the 12-18 month target price for
Constellation Brands' shares was set at US$29.

Mr. Ramey said in a research note that Constellation Brands is
likely to report first quarter earnings per share of US$0.14,
in-line with the consensus.

Mr. Ramey told Newratings.com that this is the first quarter of
"inventory draw-down."  It would be a weak quarter.

Constellation Brands is likely to have "increased marketing
leverage and improved coordination with the manufacturer, Grupo
Modelo, during the first quarter, since it was the first
complete quarter for the Crown Imports joint venture,"
Newratings.com states, citing DA Davidson.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  The company
also operates in the United Kingdom, Canada, Australia, Japan,
and New Zealand.   One of Constellation Brands wine and grape
processing facilities is located in Casablanca, Chile.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 15, 2007, Standard & Poor's Ratings Services assigned its
'BB-' senior unsecured debt rating to Constellation Brands
Inc.'s proposed US$700 million note offering due 2017, issued
under Rule 144A with registration rights.

As reported in the Troubled Company Reporter-Latin America on
May 11, 2007, Fitch Ratings has assigned a 'BB-' rating to
Constellation Brands Inc.'s proposed US$700 million 10-year
senior note offering.

As reported in the Troubled Company Reporter-Latin America on
May 10, 2007, Moody's assigned a Ba3 rating to Constellation
Brands Inc.'s US$700 million senior unsecured note issuance
which will be used to reduce outstanding borrowings under the
US$900 million revolving portion of the company's senior credit
facility.  Moody's affirmed all other ratings of the company
with stable outlook.




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


AES CORP: World Heritage Mulls Dams' Impact on Amistad Park
-----------------------------------------------------------
Mongabay.com reports that the World Heritage Committee has
decided to evaluate the possible threat the AES Corporation's
planned hydroelectric dam project would cause on La Amistad
International Park, the committee's site shared by Panama and
Costa Rica.

According to Mongabay.com, AES planned to construct four
hydroelectric dams on La Amistad's border.

The report says that the Center for Biological Diversity, along
with over 30 other groups in the United States, Panama, and
Costa Rica, filed a petition before the World Heritage against
AES' project on April 2007.  According to the petition, the dams
will be constructed on two rivers coming from inside La Amistad
-- the Changuinola River and the Bonyic River -- flooding "the
rivers with large, standing reservoirs."  The project could also
affect indigenous villages and "upstream fish migration."

Mongabay.com notes that La Amistad is home to over 215 species
of mammals, 600 species of birds, 115 species of fish, 250
species of reptiles and amphibians, hundreds of plant species,
and 40 bird species that are could not be found in other parts
of the world.  The park also supports several indigenous tribal
communities living along its border.

Ezequiel Miranda, a community leader residing near La Amistad,
commented to Mongabay.com, "These projects would be detrimental
to indigenous cultures which have historically been affected by
proposals for supposed development.  In fact, the reservoirs
will flood several villages along the Changuinola River,
effectively displacing several hundred Ngobe indigenous peoples.
And the dams would have massive negative impacts on many
diadromous species of fish and shrimp living in the rivers,
which migrate between fresh and saltwater to complete their life
cycles.  The dams will end this migration."

The Center for Biological Diversity told Mongabay.com that the
World Heritage's decision could urge the government of Panama to
stop the dam project and "deal with other threats to the park."

"The decision adopted by the World Heritage Committee
demonstrates a strong commitment to the conservation of World
Heritage sites.  We hope this sets a precedent for protecting
sites under threat from hydroelectric dam construction," Peter
Galvin, conservation director with the Center for Biological
Diversity, told Mongabay.com.

"This is a positive step in the right direction because it
encourages community groups supporting this petition that their
efforts were not in vain.  Somebody was listening, and hopefully
it will lead Panama to reevaluate its policies and decision
relating to better conservation for La Amistad," Mongabay.com
states, citing Linda Barrera, a Panamanian citizen and law clerk
for the International Environmental Law Project, which authored
the petition against the dam project.

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.


* COLOMBIA: Reconsidering State Firms' Privatization
----------------------------------------------------
Colombian Finance Minister Oscar Ivan Zuluaga told Dow Jones
Newswires that the government is reconsidering the full
privatization of state-run electricity grid operator
Interconexion Electrica, or ISA, and sell another big stake in
state-owned power generator Isagen SA.

As reported in the Troubled Company Reporter-Latin America on
June 18, 2007, the government disclosed plans of selling its
stake in ISA.  Minister Zuluaga said that the government will
also sell its holdings in ISA and Isagen for a total of COP4.5
trillion.

The finance ministry's press officer Claudia Rios confirmed to
Dow Jones that the government is reconsidering the sale of the
two Medellin-based firms.

Minister Zuluaga explained to Colombian radio broadcaster
Caracol Radio, "The president [President Alvaro Uribe] has asked
us to sit and rethink the issue again, given what is happening
with the country's debt, which is falling, and has asked us to
weigh ISA's profitability versus the debts costs."

According to Dow Jones, Minister Zuluaga said he "will meet with
the mines and energy minister next week to discuss the whole
issue and make a decision as soon as possible."

ISA's privatization may raise some US$3.5 billion, while selling
a 25% stake of Isagen will bring in US$750 million, Dow Jones
notes, citing the government's financial plan.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Standard & Poor's Ratings Services assigned its
'BB+' long-term senior unsecured rating to the Republic of
Colombia's proposed 2027 Global Titulos de Tesoreria bond, a
bond denominated in Colombian pesos but payable in US dollars.



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


METRO COUNTRY: Fitch Assigns B- Rating on Senior Secured Notes
--------------------------------------------------------------
Fitch Ratings has assigned a preliminary rating of 'B-' to Metro
Country Club, S.A.'s senior secured notes.  Metro Country Club,
S.A. is a leading developer of residential resort properties in
the Dominican Republic.  The company currently operates a
country club of the same name, which includes the 18-hole Los
Marlins Golf Club, an Embassy Suites Hotel, residential lots and
villas surrounding the course, and a beachfront condominium
complex known as Costa de Sol I.

Located on the southern coast of the Dominican peninsula, the
club is about 37 miles east of Santo Domingo.  The site is only
15 miles east of Las Americas International Airport and 35 miles
west of La Romana International Airport.  Los Marlins Golf Club
and the surrounding community have been in operation since 1993.

Proceeds from this US$75 million transaction will be used to
repay existing debt, and help fund two new expansion
developments.  The two new expansion projects are referred to as
Phase I and Phase II. Phase I includes three beach front
condominium projects Costa del Sol II, Las Olas and Marbella.
Phase II will have condo buildings in an area to be known as
Costa Blanca by Metro, a marina along the Higuamo River, and an
18-hole golf course designed by Greg Norman.  Prospective buyers
of Metro properties are expected to be high net-worth
individuals. The senior notes will be secured by a first
priority mortgage over unencumbered real estate property, as
well as receivables related to the sale of property and
operating income of the club.

The transaction's structure backing this issuance adds
significant investor protections in two forms: There are cash
flow controls that will reduce project execution risks.  Bond
proceeds will be held in escrow and only released upon the
achievement of certain sales and construction targets.

A material security package backs the debt in the event of a
corporate default.  The collateral package will exist in two
forms:

  -- First mortgage liens on real estate properties equal to a
     minimum of 200% of the outstanding debt;

  -- Receivables arising from the sale of developed properties
     will equal 110% of net outstanding debt.

Metro Country Club's business model involves the sale of units
prior to completing construction.  Under the terms of this
transaction, sales contracts will be pledged as collateral to
back the notes.  These receivables are subject to construction
completion risks, and are expected to be of a short-term nature.

The major risks in a development such as Metro Country Club are
two-fold.

   (a) First, sales must be generated in order to collateralize
       the transaction and provide additional working capital to
       the development.

   (b) Second, construction and delivery of individual units
       must be completed.  Fitch believes these risks to be
       consistent with the preliminary rating level.

Independent engineer reports and real estate appraisals were
used to facilitate modeling assumptions, which incorporated down
side analysis regarding property valuations as well as
construction costs.

Fitch currently has a Long Term Issuer Default Rating (IDR) of
'B' for the Dominican Republic with a Positive Outlook.

The resort destination of Juan Dolio provides the perfect
Caribbean setting for Metro Country Club.  Situated on the
south-eastern coast of the Dominican Republic, Juan Dolio is
under 20 minutes from Las Americas International Airport, the
country's principal port of entry, which provides daily
international flights to an from three continents.




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


PETROECUADOR: Producing Below Potential Due to Low Investment
-------------------------------------------------------------
The Inter-American Development Bank said in a report that the
Ecuadorian oil sector is producing below its potential due to a
lack of investment in areas under the control of state-run oil
firm Petroecuador.

According to IDB's report, Petroecuador's revenue is "fixed by
the economy and finance ministry and scarcely covers the
company's operational costs.  The less prolific areas under
private company management show very high production with
respect to their total reserves as a result of very high levels
of investment."

Business News Americas relates that IDB recommends revisions and
modifications to the institutional framework regulating the oil
sector.

BNamericas notes that IDB said Petroecuador's role as operator
and regulator raises these issues:

          -- it distracts Petroecuador as operator; and
          -- induces the firm in its function as state regulator
             to obstruct the operations of private companies
             with whom it competes.

IDB's report says that the "institutional framework is rigid."
Ecuador must seek individual solutions for every new case,
"creating an uncertain climate for potential private investors."

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




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


NEW HORIZONS: Dec. 31 Balance Sheet Upside-Down by US$4.7 Mil.
--------------------------------------------------------------
New Horizons Worldwide Inc. listed total assets of US$27.6
million, total liabilities of US$32.3 million, and total
stockholders' deficit of US$4.7 million in its 2006 annual
report on Form 10-K filed with the U.S. Securities and Exchange
Commission early this week.

Concurrent with filing the Form 10-K, the company filed
quarterly reports on Form 10-Q for the quarterly periods ended
March 31, 2006, June 30, 2006, and Sept. 30, 2006.

These filings were delayed due to the pending resolution of
issues associated with the restatement of the company's 2003
results and the completion of the 2004, 2005 and 2006 audits.
The company's financial statements for 2003, 2004 and 2005 are
contained in current reports on Form 8-K filed with the SEC on
Nov. 6, 2006, and Feb. 20, 2007.

                        Year 2006 Results

Revenue for the year ended Dec. 31, 2006, totaled US$76.7
million, compared to US$106.4 million in 2005.  The company had
a net loss for the year ended Dec. 31, 2006, of US$2 million had
a net loss of US$7.3 million for the year ended Dec. 31, 2005.
On an operating basis, the company lost US$2.4 million in 2006
compared to an operating loss of US$6.2 million in 2005.

For the year ended Dec. 31, 2006, total system-wide revenues
from all franchised and company-owned locations was US$363.3
million compared to total system-wide revenues for 2005 of
US$368.3 million, a decrease of 1%.

At the end of 2006, the company franchised or owned and operated
a total of 286 training centers in 56 countries, compared to a
total of 275 centers in 54 countries at the same time a year
earlier.

A full-text copy of the company's 2006 annual report is
available for free at http://ResearchArchives.com/t/s?212f

                         Current Outlook

Mark A. Miller, president and chief executive officer, stated,
"Over the last eight months we have filed three years of
financial information.  More importantly, the company has
completed its strategic repositioning to focus on its core
franchising segment.  We have disposed of 11 company-owned
centers since 2004, and currently own just three centers.  Our
cost-cutting initiatives are beginning to bear fruit as
evidenced by the improvement in our franchising margin in 2006
from 2005.  While we continue to face challenges in our company-
owned centers, we remain confident that this segment of the
business, while much smaller than in recent years, will operate
profitably in 2007."

Mr. Miller continued, "2006 was a year of significant change for
New Horizons.  We undertook a comprehensive review of our value
proposition to our customers and franchisees and made
significant progress in realigning our corporate structure to
better serve the needs of these key constituents.  By shifting
our focus to drive revenue through the franchise network we have
better aligned ourselves with our franchisees, and have begun to
see improvements that should lead to sustainable profitability."

                        About New Horizons

Anaheim, California-based New Horizons Worldwide Inc. (Pink
Sheets: NEWH) - http://www.newhorizons.com/-- franchises the
New Horizons Computer Learning Center brand in the U.S. and
around the world.  It also owns and operates computer training
centers in the U.S. and more than 280 centers in 56 countries.
New Horizons Computer Learning Centers is an independent IT
training company by IDC in 2006.

It has Latin America operations in Brazil, Chile, Colombia,
Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Jamaica,
Mexico, Panama, Peru and Puerto Rico.



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


* GUATEMALA: Banrural Gets US$25-Million Financing from IDB
-----------------------------------------------------------
Guatemala's Banco de Desarrollo Rural, S.A. (Banrural), obtained
US$25 million financing from the Inter-American Development Bank
to support the expansion of lending in rural areas of Guatemala,
with an emphasis on housing loans and microfinance.

The IDB financing, which consists of a US$5-million, 8-year
senior loan and a US$20-million, 10-year subordinated loan, is
part of an US$85-million medium- and long-term facility for
Banrural that includes a subordinated loan from the German
development bank Deutsche Investition und
Entwicklungsgesellschaft (DEG) and a senior loan from Citibank.

Banrural is a unique institution, a commercial bank owned by the
state, cooperatives, small business federations, indigenous
groups, employees and individual shareholders.  It is the
fastest-growing bank in Guatemala and was the most profitable
one last year.  Its network of more than 400 branches has the
broadest coverage in the country, serving some 4.3 million
clients.

The financing provided under this project will help Banrural
strengthen its capitalization, diversify its sources of funding
and extend the tenor of its obligations to match more closely
its housing finance portfolio.

The resources will support Banrural's plans to provide more
financing in rural areas.  Currently around four-fifths of all
commercial loans in the Guatemalan financial sector are
concentrated in the capital region.

"The IDB's long tenor loans will assist Banrural in its efforts
to increase mortgage lending for low-and middle-income housing",
said Nathaniel Jackson, the team leader of the project.  "In
addition, by financing construction, Banrural will further
stimulate economic activity and non-farm employment in rural
areas."

                       *     *     *

Fitch Ratings assigned these ratings on Guatemala:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BB+      Feb. 22, 2006
   Long Term IDR      BB+      Feb. 22, 2006
   Short Term IDR     B        Feb. 22, 2006
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Feb. 22, 2006

Fitch also rated Guatemala's senior unsecured bonds:

Maturity Date          Amount        Rate       Ratings
-------------          ------        ----       -------
Aug. 3, 2007        US$150,000,000     8.5%         BB+
Nov. 8, 2011        US$325,000,000    10.25%        BB+
Aug. 1, 2013        US$300,000,000     9.25%        BB+
Oct. 6, 2034        US$330,000,000     8.125%       BB+




===============
H O N D U R A S
===============


SOLERA HOLDINGS: Posts US$9.6MM Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
Solera Holdings Inc. reported a net loss of US$9.6 million on
revenues of US$121.7 million for the three months ended
March 31, 2007, compared to a net loss of US$824,000 on revenues
of US$343,000 for the three months ended March 31, 2006.

The company's balance sheet as of March 31, 2007, listed total
assets of US$1,261,611, total liabilities of US$1,092,785, class
B redeemable preferred units of US$220,599 and minority interest
of US$9,854, resulting in a stockholders' deficit of US$61,627.

Net loss for the nine months ended March 31, 2007, was
US$9.6 million on revenues of US$349.4 million.  This compares
to a net loss of US$2.3 million on revenues of US$976,000 for
the nine months ended March 31, 2006.

A full-text copy of the company's third quarter report is
available for free at http://ResearchArchives.com/t/s?212e

"Our third quarter results represent continued strong revenue
performance and demonstrate our ability to meet the needs of our
customers and drive revenue while controlling costs," said
Tony Aquila, chairman and chief executive officer of Solera
Holdings Inc.  "Our momentum is fueled by growth in services to
our existing customers, new insurance client acquisition and
geographic expansion on a global basis."

                          Other Matters

Solera Holdings will not be issuing further guidance for fiscal
year 2007 at this time, nor does the company anticipate it will
issue any initial guidance for its fiscal year 2008 until the
company announces its fiscal year 2007 results, expected to be
during September 2007.

The company will not be holding a conference call to discuss its
third quarter 2007 results or other matters.

                     Initial Public Offering

On May 16, 2007, the company completed an initial public
offering of shares of its common stock.  In the initial public
offering, the company sold 19,200,000 shares of common stock and
the selling stockholders sold 10,987,500 shares of common stock,
which included 3,937,500 shares of common stock sold by the
selling stockholders pursuant to the underwriters' over-
allotment option.

In connection with the public offering, the company converted
from a Delaware limited liability company into a Delaware
corporation with 150,000,000 authorized shares of common stock,
par value US$0.01, and 15,000,000 authorized shares of preferred
stock, par value US$0.01.  As a result, 31,633,211 common units
were converted into 31,633,211 shares of common stock and
204,016.1 preferred units were converted into 13,889,974 shares
of common stock.

                  Restated Senior Credit Facility

In connection with the initial public offering, the company
engaged in refinancing transactions and entered into an amended
and restated senior credit facility.

Borrowings under the amended and restated senior credit facility
consisted of:

     (i) a revolving credit facility that permits U.S. dollar or
         Euro- denominated borrowings of up to US$50 million in
         revolving credit loans and letters of credit;

    (ii) a U.S. dollar denominated term loan in an aggregate
         amount of US$230 million; and

   (iii) a Euro-denominated term loan in an aggregate amount of
         EUR280 million, or US$380.7 million.

The term loans will mature in May 2014 and the revolving loan
will mature in May 2013.  The amended and restated senior credit
facility requires that the term loans be prepaid with the net
proceeds from certain events, including specified asset and
equity sales, insurance proceeds, incurrence of indebtedness
and excess cash flow.

The company received about US$283 million in net proceeds from
the initial public offering, after deducting underwriting
discounts, commissions and expenses of about US$24.2 million,
and US$607.6 million in net proceeds under the amended and
restated senior credit facility, after debt issuance costs of
about US$3.8 million.  About US$889.2 million of the US$890.6
million of combined net proceeds were used to repay:

     (i) US$538.6 million under the first lien credit facility
         for all outstanding term loans and accrued interest;

    (ii) US$226.2 million under the second lien credit facility
         for all borrowings and accrued interest, and a related
         prepayment premium of US$4.5 million; and

   (iii) US$124.4 million under the subordinated unsecured
         credit facility for all borrowings and accrued
         interest, and a related prepayment premium of US$2.5
         million.

The company estimates that the total expenses of the offering
were about US$8 million, of which US$3 million was paid prior to
the closing date of the offering.  In connection with the
repayment of the above borrowings, the company expects to incur
a pre-tax, non-cash charge of about US$35.7 million on the early
extinguishment of debt, which includes prepayment premiums of
US$7 million.  The company expects to recognize this loss on
extinguishment of debt in the fourth quarter of its fiscal year
ending June 30, 2007.
                      About Solera Holdings

Solera Holdings Inc. (NYSE: SLH) -- http://www.solerainc.com/--
is a global provider of software and services to the automobile
insurance claims processing industry.  Solera has operations in
45 countries across 5 continents.  The Solera companies include
Audatex Holdings in the United States, Canada, and in more than
40 additional countries, Informex in Belgium, Sidexa in France,
ABZ in The Netherlands, Hollander serving the North American
recycling market, and IMS providing medical review services.

It has Latin America operations in Brazil, Colombia, Costa Rica,
Ecuador, El Salvador, Dominican Republic, Ecuador, El Salvador,
Guatemala, Honduras, Mexico, Nicaragua, Panama, Puerto Rico and
Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on May 22, 2007,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and senior secured debt ratings on Solera Holdings.

At the same time, Standard & Poor's revised its outlook on
Solera to positive from negative, following the recent
completion of an initial public offering.  Pro forma for the
initial public offering, Solera's operating lease-adjusted
leverage has declined to below 5x from above 6.5x as of December
2006.


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


GLOBAL POWER: Creditors' Committee Wants to File Competing Plan
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Global Power
Equipment Group Inc. and its debtor-affiliates' chapter 11 cases
wants the Debtors' third request for extension of their
exclusive periods denied as it seeks authority to promptly file
a competing plan.

As reported in the Troubled Company Reporter on June 14, 2007,
the Debtors had asked the Court to extend their exclusive period
to file a chapter 11 plan to Oct. 1, 2007.  The Debtors also
asked the Court to extend their exclusive solicitation period to
Nov. 30, 2007.

In their request for extension, the Debtors disclosed that they
were in talks with the Creditors Committee and the Official
Committee of Equity Security Holders and argued that the
extension would afford them time to better formulate a
consensual chapter 11 reorganization plan.

The Creditors' Committee opposes the requested extension
contending that the Debtors "have had ample time to formulate
and propose a consensual plan of reorganization."

According to the Creditors' Committee, the costs associated with
the delay that will ensue if the Court grants the requested
extension are certain and substantial, while the benefits from
any extension are speculative at best.

Moreover, the Creditors' Committee argues that the current
proposed extensions would leave no room for error in view of the
Dec. 7, 2007, maturity of the Debtors' existing DIP financing
facility.

The Court is set to consider the matter at a July 10, 2007
hearing.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represent the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.


GREAT PANTHER: Posts CDN$3.9MM Net Loss in Qtr. Ended March 31
--------------------------------------------------------------
Great Panther Resources Ltd. reported a net loss of
CDN$3,919,031 on mineral sales of CDN$3,563,207 for the first
quarter ended March 31, 2007, compared with a net loss of
CDN$2,973,437 on mineral sales of CDN$452,529 for the same
period ended March 31, 2006.

The increased production at the Topia and Guanajuato mines has
resulted in the increase in revenues.  Cumulative throughput for
the Topia and Guanajuato operations for the quarter was 57,922
tons compared to 3,700 tons for the same period last year.

Overall cash costs of sales for the three months ended
March 31, 2007 was CDN$3,741,790 and amortization and depletion
of mineral property, plant and equipment was CDN$811,999.

Overall general & administrative expenses increased to
CDN$1,218,907 compared to CDN$716,356 for the first quarter of
fiscal 2006.  This increase is reflective of the growth in the
company's employee base from approximately 100 to approximately
450 and the expansion of the company's operations into
Guanajuato.  In the first quarter of fiscal 2006, the company's
only operating mine was Topia.

Project exploration costs for the three months ended
March 31, 2007, was CDN$1,275,203 compared to CDN$259,701 for
the three months ended March 31, 2006.

The company had cash and cash equivalents of CDN$5,579,424 as at
March 31, 2007, as compared to CDN$9,208,048 as at
Dec. 31, 2006. This decrease is largely attributed to expenses
incurred in exploration and the purchase of capital assets.

At March 31, 2007, the company's consolidated balance sheet
showed CDN$28,614,645 in total assets, CDN$2,959,532 in total
liabilities, and CDN$25,655,113 in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?2130

                       Going Concern doubt

KPMG LLP, in Vancouver, Canada, expressed substantial doubt
about Great Panther Resources Ltd.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2006, and 2005.
The auditing firm pointed to the company's recurring losses and
operating cash flow deficiencies.

                       About Great Panther

Headquartered in Vancouver, Canada, Great Panther Resources
Limited (TSX: GPR) -- http://www.greatpanther.com/-- is a
mining and exploration company.  The company's current
activities are focused on the mining of precious and base metals
from its wholly owned properties in Mexico.  In addition, Great
Panther is also involved in the acquisition, exploration and
development of other properties in Mexico.


HERBALIFE LTD: Added to Russell 1000 Index
------------------------------------------
Herbalife Ltd., on June 22, 2007, was added to the Russell 1000
Index, which tracks the performance of 1000 US companies with
the largest market capitalization.  The list, which is part of
the larger Russell 3000, is used widely by the investment
community as a barometer for the large-cap segment of US
equities.

The Russell 1000 accounts for approximately 92 percent of total
equities traded on US exchanges.  The list is reconstituted
annually to ensure new and growing equities are reflected.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


JOAN FABRICS: Files Schedules of Assets & Liabilities
-----------------------------------------------------
Joan Fabrics Corp. filed with the United States Bankruptcy
Court for the District of Delaware, its schedules of assets
and liabilities, disclosing:

     Name of Schedule               Assets       Liabilities
     ----------------               ------       -----------
  A. Real Property              US$13,312,339
  B. Personal Property          US$35,583,752
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                            US$58,464,698
  E. Creditors Holding
     Unsecured Priority
     Claims                                     US$1,304,796
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                    US$20,421,378
                                  -----------    -----------
     TOTAL                      US$48,896,091  US$80,190,872

Based in Tyngsboro, Massachusetts, Joan Fabrics Corporation
manufactures automotive and furniture upholstery fabrics.  The
company has a manufacturing facility in North Carolina and an
affiliate entity in Mexico.

The Debtor and its affiliate, Madison Avenue Designs LLC, filed
for Chapter 11 protection on April 10, 2007 (Bankr. D. Del. Case
Nos. 07-10479 and 07-10480).  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of US$1 million to US$100 million.  The Debtors'
exclusive period to file a chapter 11 plan expires on
Aug. 8, 2007.


ONEIDA LTD: Moody's Assigns B3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Oneida, Ltd.'s
new senior secured first lien bank facility and a B2 corporate
family rating to the company.  The rating outlook is stable.

The ratings assigned are based on preliminary terms as outlined
by the company, and are subject to receipt and final review of
executed documents.  These represent first time ratings for
Oneida following its emergence from voluntary bankruptcy in
September 2006.  The company plans to use proceeds from the term
loan and a portion of cash to refinance the existing term loan
that was put in place following the emergence, pay a $30 million
special dividend to preferred equity holders, and pay related
fees, expenses and prepayment penalties.

Ratings assigned are:

Oneida, Ltd.:

   -- Corporate family rating at B2
   -- Probability of default rating at B2
   -- US$120 million first-lien Term Loan due 2013 at B3
     (LGD 4)

Oneida's B2 corporate family rating reflects the company's lower
debt obligations, stronger liquidity and improved credit metrics
that came as a direct result of its emergence from bankruptcy in
September 2006.  As part of this process, the company was able
to reduce debt by about US$100 million and terminate US$41
million of pension plan obligations.  Pro forma for the current
transaction, Moody's estimates debt to be about 5 times latest
twelve months' EBITDA of about US$40 million, which is
comfortably in the "B" rating category.  The rating also
reflects the significant improvement in its cost structure as a
result of completing the shift to a 100% outsourced business
model in March 2005, which resulted in gross margin improvement
to over 35% as of March 2007 from about 22% at the end of
January 2005.  These actions should provide sufficient cushion,
enabling the company to invest in future growth.  Further
supporting the rating is the company's leading market positions
in the tableware industry, its diversified customer base in both
the consumer and foodservice segments, and its continued-strong
brand name recognition.

However, the rating is constrained by the significant revenue
declines that have occurred over the last several years as a
result of past service issues and failure to react to changing
consumer tastes, which the company has corrected, and shifting
industry trends and planned declines such as exiting
unprofitable businesses.  Oneida's revenue has declined from
over US$500 million in 2001 to about US$350 million today.
Although the company has identified and begun to implement
several new growth initiatives, it could be met with challenges
including the need to improve brand relevance, or fundamental
industry issues such as increased penetration from private label
goods, consolidation among department store customers and the
shift toward dual sourcing or direct sourcing from foreign
manufacturers by certain key customers.

The stable outlook reflects Moody's expectation that Oneida's
post-emergence cost structure and adequate liquidity will
provide satisfactory flexibility to withstand near-term
challenges as the company continues to implement its operational
restructuring plan and growth initiatives.  The outlook assumes
that the company will steadily improve operating and financial
performance in 2007 and 2008 through modest revenue growth and
profit retention, and will generate solid free cash flows and
steadily reduce debt.

Headquartered in Oneida, New York, Oneida, Ltd. is a leading
marketer and distributor of tableware products, including
metalware, dinnerware, glassware and other tabletop accessories.
The company's key operations are in North America, U.K., Mexico,
Australia, and revenue is estimated to be about US$350 million.




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


CABLE & WIRELESS: Says Regulator Must Respect Concession Pact
-------------------------------------------------------------
An official of Cable & Wireless' Panamanian unit told local news
daily La Prensa that the nation's public services regulator Asep
must respect a concession contract with the firm.

Asep must wait for another year before holding an auction for a
new mobile operator to enter the Panamanian market, La Prensa
says, citing the official.

Business News Americas relates that Asep disclosed in May 2007
that it would launch an auction for a new mobile license in
October 2007.

Cable & Wireless Panama's executive told BNamericas that the
firm's concession license states that the company, and operator
Movistar Panama have an "exclusive hold on the mobile market
until the 11th year."

Cable & Wireless Panama says that the concession license says
the regulator must wait until the 11th anniversary of the
signing of the contract, BNamericas notes.

However, Asep head Victor Urrutia told BNamericas that for the
regulator, Oct. 23, 2007, is the 10th anniversary of the signing
of the concession contract with Cable & Wireless Panama.  It is
also the start of the 11th year.

Cable & Wireless Panama is considering a legal action against
Asep to stop the mobile auction, La Prensa says, citing the
company's corporate affairs officer Robert Mendoza.

Meanwhile, Movistar told Prensa Latina that it was studying the
matter.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                         *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%




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


GENERAL MOTORS: Moody's Says Agreement Is Good for Auto Industry
----------------------------------------------------------------
The announcement of a tentative agreement between Delphi
Corporation, the United Automobile Workers, and General Motors
Corporation covering Delphi's labor contract in North America
represents a constructive development in the automotive industry
in North America.  While the specifics of the agreement are not
publicly disclosed, Moody's believes the agreement should help
reposition Delphi with a more competitive cost structure in the
region, facilitate lower cost parts for GM, and remove a near-
term threat to industry production volumes.  However, it is not
the only threat on the horizon.  Moody's does not anticipate any
immediate ratings impact for suppliers or original equipment
manufacturers (Delphi is not a monitored rating).

If ratified by the UAW membership, Delphi would achieve a more
competitive cost structure and become a more viable competitor
in those sectors it has identified as its core focus that have a
continuing U.S. presence.  Through establishing greater
certainty to its labor arrangements, financial valuations of
Delphi are likely to be enhanced and accelerate plans for its
emergence from bankruptcy. Similarly, by establishing a lower
cost structure in its business units, many of which are
designated as non-core, plans to dispose of certain Delphi
operations are more likely to move forward.  Agreements to sell
several units have previously been announced, subject to court
approval.

For the broader supplier industry, the announcement also removes
a level of uncertainty.  The risks of disruption to production
volumes of GM and other OEMs from Delphi related issues should
ease assuming the tentative agreement were approved by Delphi's
UAW membership.  However, the converse would also be true if the
agreement was not ratified.  Moreover, labor contracts between
the UAW and the Big Three are set to expire on Sept. 14, 2007,
and negotiations for a new contract have yet to formally begin.
In the short term, should those negotiations be unfruitful and
result in work stoppages, OEM production could be disrupted and
adversely affect the broader supply chain.  In the long term,
the terms and conditions of a new master agreement are a
critical factor to the structural competitiveness and financial
viability of the Big Three.

The proposed agreement is a constructive development for General
Motors in that it lessens the risk of a disruption in component
delivery from its major domestic supplier.  In combination with
the Delphi employee buyouts that have already been funded by GM,
the agreement would also help to narrow the current US$2 billion
cost disadvantage that GM incurs on components currently
supplied by Delphi.  Moreover, Moody's believes that any subsidy
by GM of the Delphi-UAW wage package will not be material
relative to the amount of funds already devoted to the employee
buyout program and relative to the OEM's substantial liquidity
position.

Notwithstanding these positive developments, the major near-term
challenge facing the Big Three is the need to successfully
negotiate a new UAW contract later this year that afford the
U.S. OEMs material relief in the areas of health care costs and
work rules.  Progress in these areas will be critical to their
ability to establish a more competitive domestic cost structure.

"Ultimately, this agreement coupled with a new master agreement
between the UAW and the OEMs could create a more stable
operating environment for all suppliers and enhance their
prospects.  It also could lead to an increase in merger and
acquisition activity at parts suppliers involving both private
equity and strategic buyers," said Ed Wiest, VP & Senior Analyst
at Moody's.  "Of course, the structure of any transaction would
be subject to market conditions, available financing and would
determine the direction of any rating outcome" he continued.

                       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, Michigan, 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. 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.

                         *     *     *

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

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


GENERAL MOTORS: Offers 0% 3-Year Funding on Selected Vehicles
-------------------------------------------------------------
General Motors disclosed the "Transform Your Ride Sale," tied to
the July 4 holiday release of DreamWorks Pictures and Paramount
Pictures' live-action film "Transformers" from Executive
Producer Steven Spielberg and Director Michael Bay, opening
July 3, 2007.  The "Transform Your Ride Sale" offers a qualified
buyer 0% annual percentage rate for 36 months -- plus US$1,000
cash -- on select Chevrolet, Buick, Pontiac and GMC vehicles.
The "Transform Your Ride Sale" runs June 26 through
July 9, 2007.

"People who have recently switched to a GM vehicle tell us we've
really changed their previous perceptions about our products,"
Jim Campbell, GM's director of Customer Relationship Management,
said.  "They love their new car or truck.  We've enhanced the
value of our cars and trucks with features like OnStar, XM
Radio, superior quality and the best coverage in the business
with a 5-year/ 100,000 mile powertrain warranty plus roadside
assistance and courtesy transportation.  Just look at the award-
winning Chevrolet Silverado or hot HHR.  The "Transform Your
Ride Sale" gives everyone the opportunity to buy a new car or
truck with outstanding style, great fuel economy, performance
and value."

Saturn will continue its innovative "Side by Side by Side"
campaign and will be offering bonus cash on select models.
Cadillac, Hummer and Saab also will continue to offer attractive
deals on select models in their lineups.

                    Eligible Vehicles List

   * Chevrolet: 2006 and 2007 Cobalt, Monte Carlo, Impala, HHR,
     TrailBlazer, Tahoe, Suburban, Avalanche and 2007 900-series
     Silverado

   * Buick: 2006 and 2007 Lacrosse, Lucerne and Rainier

   * Pontiac: 2006 and 2007 G5, G6, Grand Prix and Torrent

   * GMC: Envoy, Yukon, Yukon Denali, Yukon XL, Yukon XL Denali
     and 2007 900-series Sierra

                     About General Motors

Headquartered in Detroit, Michigan, 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. 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.

                         *     *     *

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

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


* PARAGUAY: Banana Growers Want Withdrawal from Mercosur
--------------------------------------------------------
The Paraguayan government should withdraw the nation from
Mercosur if other members of the trade bloc who are more
important and powerful continue to impose market restrictions to
agricultural products, particularly bananas, Jahir Lombana at
Fresh Plaza reports, citing Jose Ledesma of Guayaybi, Paraguay.

According to Fresh Plaza, over 25,000 damaged boxes of bananas
were reported.  Some 100 hectares of overripe bananas were also
taken out from plantations.  Paraguayan banana producers'
representatives will present on June 28 and 29 a formal demand
before the Mercosur meeting in Asuncion, Paraguay.

Fresh Plaza states that Paraguay produces bananas in 4000
hectares, which are distributed in the municipalities of:

          -- Guayaybi,
          -- San Estanislao, and
          -- Yataity del Norte.

                        *     *     *

Moody's assigned these ratings on Paraguay:

     -- CC LT Foreign Bank Deposit, Caa2
     -- CC LT Foreign Currency Debt, Caa1
     -- CC ST Foreign Bank Deposit, NP
     -- CC ST Foreign Currency Debt, NP
     -- LC Currency Issue




=======
P E R U
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MITEL NETWORKS: April 30 Balance Sheet Upside-Down by US$202.6MM
----------------------------------------------------------------
Mitel Networks Corp. reported a net loss of US$35 million on
total revenues of US$384.9 million for the year ended
April 30, 2007, compared with a net loss of US$44.6 million on
US$387.1 million for the year ended April 30, 2006.

The decrease in net loss is primarily due to the recognition of
a gain on fair value adjustment on derivative instruments of
US$8.6 million for fiscal 2007, compared to a loss of US$32.6
million in the prior year, partly offset by the increase in
operating expenses, mainly due to litigation settlement expenses
of US$16.3 million involving a competitor's complaint for
infringement of certain of the competitor's patents, and the
US$3.6 million increase in pre-tax special charges.

During fiscal 2007, the company recorded pre-tax special charges
of US$9.3 million as a result of continuing efforts to improve
the company's operational efficiency and realign its business to
focus on IP-based communications solutions.  The components of
the charge include US$8.7 million of employee severance and
benefits incurred in the termination of 129 employees around the
world, US$400,000 of accreted interest related to lease
termination obligations and US$200,000 related to additional
lease terminations in the period.

The company recorded pre-tax special charges of US$5.7 million
in fiscal 2006.

At April 30, 2007, the company's consolidated balance sheet
showed US$202.2 million in total assets, US$333.3 million in
total liabilities, and US$71.5 million in redeemable common
shares, resulting in a US$202.6 million total stockholders'
deficit.

Full-text copies of the company's consolidated financial
statements for the year ended April 30, 2007, are available for
free at http://researcharchives.com/t/s?212a

                       Going Concern Doubt

Deloitte & Touche LLP, in Ottawa, Canada, in its comments on the
difference between Canada and the United States of America
reporting standards, stated that their audit report of Mitel
Networks Corp.'s consolidated financial statements for the years
ended April 30, 2007, and 2006, is expressed in accordance with
Canadian reporting standards which do not require a reference to
conditions and events that cast substantial doubt on the
company's ability to continue as a going concern, when these are
adequately disclosed in the financial statements.

As shown in the financial statements for the year ended
April 24, 2005, the six day transition period ended
April 30, 2005, and the years ended April 30, 2006, and
April 30, 2007, the company incurred losses of US$49.6 million,
US$1.6 million, US$44.6 million and US$35.0 respectively.  In
addition, the put options issued in connection with the
10,000,000 common shares and 16,000,000 Series B Preferred
Shares financing were set to mature on May 1, 2007.  The
10,000,000 common shares are redeemable for cash at a price of
CDN$2.85 per share representing a total of US$25.8 million.
These factors raise substantial doubt as to the company's
ability to continue as a going concern.

On April 24, 2005, the company changed its fiscal year end from
the last Sunday in April to April 30.

                     About Mitel Networks

Mitel Networks Corp. -- http://www.mitel.com/-- provides
unified communications solutions and services for business
customers. Mitel's voice-centric IP-based communications
solutions consist of a combination of telephony hardware and
software that integrate voice, video and data communications
with business applications and processes.  Mitel is
headquartered in Ottawa, Canada, with offices, partners and
resellers worldwide.

The company has Latin America operations in Argentina, Brazil,
Bolivia, Chile, Costa Rica, Ecuador, El Salvador, Guatemala,
Mexico, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Uruguay
and Venezuela.

It has also operations in the United Kingdom and Indonesia.




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


ADVANCE MEDICAL: Discloses Estimated Impact of May 2007 Recall
--------------------------------------------------------------
Advanced Medical Optics Inc. reported financial guidance for
2007 and 2008 that reflects the estimated impact of the
company's May 2007 global recall of its MoisturePlusTM
multipurpose solution.

For 2007, the company expects sales in the range of US$1,050
million to US$1,070 million and an adjusted loss per share in
the range of US$0.95 to US$1.15.  The company's adjusted per-
share guidance excludes the impact of charges and write-offs
associated with acquisitions, recapitalizations and unrealized
gains or losses on derivative instruments and other one-time
charges.  Previous 2007 guidance was US$1,150 million to
US$1,175 million in sales and US$1.40 to US$1.55 in adjusted
EPS.

The revised guidance includes:

An estimated reduction of approximately US$100 million to US$120
million in net sales.  Estimated costs to conduct the recall and
introduce a different branded multipurpose solution in late
2007.  Higher expected incremental interest expense because the
company does not expect to reduce its debt levels as quickly as
previously forecast.

Adverse tax impacts created by the shift in the geographic mix
of sales and income as a result of the removal of MoisturePlusTM
from the market.

Based on its expectation for 2007, the company's guidance for
2008 sales is a range of US$1,230 million to US$1,250 million,
and a range of US$1.55 to US$1.75 for 2008 adjusted earnings per
share.  Previous 2008 guidance was US$1,350 million to US$1,370
million in sales, and US$2.25 to US$2.40 adjusted earnings per
share.

"Since initiating the recall one month ago, we have been fully
focused on addressing the needs of patients, eye care
professionals and customers while working closely with
regulatory agencies around the world to ensure a swift, thorough
and coordinated effort," said Jim Mazzo, AMO chairman, president
and chief executive officer.  "While the near-term financial
implications of the recall are significant, I am confident that
we have taken the appropriate steps and are now well positioned
to turn our attention to re-entering the multipurpose market
before the end of the year."

                   Launching Multipurpose Market

AMO is planning to launch a multipurpose product using an
existing proprietary formulation approved by various regulatory
agencies across the globe, including the Food & Drug
Administration.  The company expects the solution to be marketed
and sold globally under the company's flagship Complete(R) brand
name and to reinforce a rub-and-rinse regimen for effective
contact lens disinfection and comfort.  AMO has stepped up
production at both of its eye care manufacturing facilities and
anticipates having the Complete(R) multipurpose solution on
retail shelves by the end of the third quarter.  This
Complete(R) multipurpose solution will complement AMO's other
existing eye care products, including its rewetting drops and
hydrogen peroxide systems.

Many optometric and ophthalmic professional organizations around
the world include a rub-and-rinse step in their contact lens
handling guidelines.  For example, in a recent news release, the
American Optometric Association, which represents more than
34,000 doctors of optometry, optometry students and
paraoptometric assistants and technicians, stated that "most
solutions are approved for use without rubbing; however,
optometrists are recommending at this time that patients rub
their lenses to enhance cleaning for additional safety."

                         Recall Background

AMO initiated a global recall of its MoisturePlusTM multipurpose
solution on May 25, 2007, after the U.S. Centers for Disease
Control and Prevention (CDC) identified through the preliminary
results of a study a potential link between the product and
Acanthamoeba keratitis (AK), a rare but serious infection of the
cornea caused by a naturally occurring water-borne organism.
AMO immediately halted product shipments, recalled product from
the marketplace and encouraged consumers to discontinue use
through news announcements, Internet postings, notifications to
eye care practitioners and their professional organizations and
other means.  The company continues to work closely with the CDC
and FDA to assess the data the agencies are collecting.

                   About Advanced Medical

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for
the twelve months ended June 24, 2005 were approximately US$921
million.  The company has operations in Germany, Japan, Ireland,
Puerto Rico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 22, 2007, Standard & Poor's Ratings Services assigned its
'B' rating on Advanced Medical Optics Inc.'s US$200 million
senior subordinated notes due 2017.

Standard & Poor's also assigned its 'BB' bank loan rating (one
notch above the corporate credit rating on Advanced Medical) to
the company's proposed US$700 million senior secured credit
facility, consisting of a US$400 million term loan B due 2014
and a US$300 million revolving credit facility due 2013.  The
facility is rated 'BB', with a recovery rating of '1',
indicating the expectation for full (100%) recovery of principal
in the event of a payment default.

As reported in the Troubled Company Reporter-Latin America on
March 22, 2007, Moody's Investors Service affirmed Advanced
Medical Optics, Inc.'s B1 Corporate Family Rating and all of its
existing debt ratings.  These ratings were confirmed:

   -- Ba1 rating on the US$300 million Senior Secured Revolver
      due 2009 (LGD 1/7%);

   -- B2 rating on the US$246 million Convertible Senior
      Subordinated Notes due 2024 (changed to LGD 5/71%
      from LGD 4/66%);

   -- B1 Probability of Default rating; and

   -- B1 Corporate Family Rating.

Moody's also assigned these new ratings:

   -- Ba1 rating to a US$300 million six-year senior secured
      revolver,

   -- Ba1 rating to a US$400 million seven-year senior secured
      term loan B, and

   -- B2 rating to US$200 million senior subordinated notes
      due 2017.

Moody's said the rating outlook is stable.


CLEAN HARBORS: Inks Purchase Deal with Romic Environmental
----------------------------------------------------------
Clean Harbors Inc. has reached a definitive agreement to acquire
certain assets owned by Romic Environmental Technologies
Corporation including seven service centers.  This agreement
will expand Clean Harbors' presence in the Northwest and
Southwest United States.  Terms of the agreement were not
disclosed.

Romic, based in East Palo Alto, California, specializes in the
collection and recycling of both hazardous and non-hazardous
waste materials.  Clean Harbors is not acquiring Romic's
facilities in East Palo Alto, California and Chandler, Arizona,
but will redirect Romic customer waste streams to Clean Harbors'
comprehensive network of facilities.  Clean Harbors expects to
generate revenues of approximately US$25-US$30 million from the
acquired assets in the first year after the acquisition.

"The Romic acquisition affords us an outstanding opportunity to
expand our West Coast presence and further leverage our
unmatched infrastructure of landfills, incinerators and
wastewater treatment centers," said Alan S. McKim, Chairman and
Chief Executive Officer.  "The location of the seven service
centers is an ideal fit with our current network and is in-line
with our strategy to grow our Technical Services business in
underpenetrated markets.  Romic has a strong heritage in the
West Coast region.  We look forward to working closely with the
Romic team to better serve the diverse customer base that the
company has steadily built during the past 40 years."

Rory Moran, Interim President of Romic Environmental
Technologies Corporation said, "This agreement with Clean
Harbors provides the employees of Romic the opportunity to grow
with a dynamic company with tremendous resources.  We will be
working closely with Clean Harbors to ensure that we continue to
provide quality service to meet all of our customers' needs
during the transition.  We expect this deal to close shortly and
look forward to a smooth transition."

                       About Clean Harbors

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 24, 2007, Standard & Poor's Ratings Services revised its
ratings on Clean Harbors Inc.'s senior secured US$50 million
synthetic letter of credit facility and US$30 million term loan.
The loan ratings were raised to 'BB+' from 'BB' and the recovery
ratings were revised to '1' from '2', indicating our expectation
that these lenders would receive full recovery of principal in a
payment default.

At the same time, S&P revised its recovery rating on the
company's US$150 million second-lien senior secured notes (which
have US$91.5 million remaining) to '4' from '5', indicating
S&P's expectation that these noteholders would receive marginal
(25%-50%) recovery of principal in a payment default.  The
rating on the second-lien senior secured notes remains unchanged
at 'B+'.


DEL LABORATORIES: Liquidity Concern Cues S&P to Junk Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Del Laboratories Inc. to 'CCC+' from 'B-', and placed
most of the ratings on CreditWatch with developing implications.
At the same time, S&P lowered the rating on the company's senior
secured floating-rate debt to 'B-' from 'B'; the recovery
rating, which is not on CreditWatch, was affirmed at '2',
indicating the expectation for substantial recovery (70%-90%) of
principal in the event of a payment default.  S&P lowered
ratings on the company's senior subordinated notes to 'CCC-'
from 'CCC'.

Uniondale, N.Y.-based Del Laboratories owns the leading consumer
brands in both nail care and oral analgesics.  At Dec. 31, 2006,
the company had approximately US$370 million in total debt
outstanding.

"The downgrade reflects our concern regarding Del Laboratories'
liquidity as a result of the trustees' notification that a
default has occurred under the indentures for the company's
US$185 million senior secured floating rate notes due 2011 and
its US$175 million 8% senior subordinated notes due 2012," said
Standard & Poor's credit analyst Mark Salierno.  The
notification is a result of the company's failure to file
certain financial reports with the SEC; unless remedied within
the 30-day grace period, such failure would constitute an event
of default under the indentures.  A default under either
indenture would entitle noteholders to accelerate payment on the
securities to become due and payable immediately.

Del Laboratories has yet to file its first-quarter financial
statements of fiscal 2007 (ended March 31, 2007) due to the
ongoing review into treatment of the company's reserves required
for future sales returns and markdowns.  The company has
indicated that it intends to file its form 10-Q by
July 10, 2007, which falls within the 30-day grace period.  On
June 15, 2007, Del Laborabories obtained a waiver from its bank
lenders concerning the cross-default provision in its credit
agreement; the waiver remains in effect until July 10, 2007, the
anticipated filing date.  At June 22, 2007, the company had
about US$61 million available on its existing US$85 million
facility.

Standard & Poor's will monitor developments relating to these
issues and subsequently meet with management to review the
company's liquidity, operating trends, and near-term outlook.
S&P could lower the ratings if Del Laboratories fails to remedy
the default within the 30-day grace period.  Alternatively, we
could raise the corporate credit rating back to 'B-' (and other
ratings back to prior levels) if Del Laboratories remedies the
default by filing its required financial statements within the
cure period and resolves its accounting issues to allow the
timely filing of future financial statements.

Del Laboratories, Inc., with headquarters in Uniondale, New
York, is a leading manufacturer and marketer of cosmetics and
over-the-counter pharmaceuticals, primarily under the Sally
Hansen and Orajel brands.


SIMMONS CO: Unit to Acquire Comfor-Pedic Line of Foam Mattresses
----------------------------------------------------------------
Simmons Bedding Company has signed a purchase agreement to
acquire the Comfor-Pedic(R) line of memory foam mattresses and
pillows from Comfor Products, Inc.  The acquisition, which is
expected to close in the next 30 days, will merge seamlessly the
most advanced memory foam technology with the strength of the
Simmons(R) brand, giving consumers and retailers a superior
product from a company they know and trust.

The acquisition of the Comfor-Pedic line positions Simmons
squarely in the middle of a growing market and rounds out the
company's specialty sleep portfolio, which is anchored currently
by the Simmons(R) Natural CareTM line of latex mattresses.

"Manufacturing and selling foam mattresses has its own unique
set of characteristics, which is why we're excited about the
addition of the Comfor-Pedic team's expertise to our
capabilities set," said Charlie Eitel, Simmons chairman and
chief executive officer.  "We look forward to leveraging Comfor-
Pedic's more than 60 years of foam product innovation across our
visco and latex offerings."

Comfor-Pedic CEO Scott Smalling said, "Simmons' rich history of
innovation and its strong corporate culture reflect our
company's values, which make this union a natural fit.  Comfor-
Pedic's advanced memory foam technology and other first-to-
market innovations, combined with Simmons' iconic brand and
retail distribution network, will give consumers and retailers
the best of both worlds.  We look forward to going to market as
a unified force."

Simmons' market research has shown that 60 percent of consumers
are aware of the memory foam category, with half of those
considering a purchase.  Research also revealed that there is
little brand loyalty to existing players in memory foam, opening
the door for an experienced, committed competitor and the
opportunity for growth in the category. "Consumer interest in
foam mattresses is steadily growing, making it a viable market
with room for multiple players," said Mr. Eitel.

Butch Webster, 30-year industry veteran and Comfor-Pedic
executive vice president, predicts that the Comfor-Pedic line
will give Simmons a decisive edge in this market.  "There is
incredible potential in the market for a memory foam bed with
superior performance characteristics, which is why I joined the
company in 2005 after seeing what product features Scott and his
team had designed," said Webster.  "With that in mind, I also
knew that a match between Comfor-Pedic's foam expertise and the
manufacturing and distribution strengths of an industry leader
would be incredibly powerful.  I believe that we have found the
perfect partner in Simmons to take this category to the next
level."

                  Next Generation of Memory Foam

Memory foam products have become popular largely because they
conform to the body and reduce pressure points.  However,
complaints often associated with traditional memory foam include
its inability to dissipate heat, leaving sleepers hot and
uncomfortable, or that its sleep surface is inconsistent,
feeling too hard in a cool room and too soft in a warm room.

The Comfor-Pedic product line is made with the next generation
of memory foam, which provides the perfect combination of soft
comfort and firm support to conform to one's body.  Comfor-Pedic
dissipates heat to maintain a cool sleep surface and responds
quickly to move with the body's contours, preventing the
"quicksand" feeling associated with traditional memory foam.  In
addition, Comfor-Pedic provides consistent comfort, eliminating
the need for a break-in period, and is backed by a 25-year
warranty.

The new product line, which will be called ComforPedic(R) by
SimmonsTM, features five beds with a suggested retail price of
US$1,899-US$6,999 and various pillow styles.  The ComforPedic
product line will be shown alongside the Natural Care product
line at the Las Vegas Furniture Market, which will be held
July 30 to Aug. 3.

                       About Comfor Products

Headquartered in Seattle, Comfor Products, Inc. --
http://www.comfor-pedic.com/-- was founded in 1946 as
Industrial Rubber & Supply, Inc.  In 2006, the company changed
its name to Comfor Products to reflect its emphasis on the foam
mattress product category.  Drawing on Comfor Products' more
than 60 years of foam expertise in healthcare and aviation,
Comfor-Pedic products utilize patented innovations that position
the company at the forefront of the visco industry.  Comfor
Products also operates manufacturing and back-office facilities
in Portland, Oregon and High Point, North Carolina.

                           About Simmons

Headquartered in Atlanta, Georgia, Simmons Company -
http://www.simmons.com/-- through its indirect subsidiary
Simmons Bedding Company, is one of the world's largest mattress
manufacturers, manufacturing and marketing a broad range of
products including Beautyrest(R), BackCare(R), BackCare Kids(R)
and Deep Sleep(R). Simmons Bedding Company operates 21
conventional bedding manufacturing facilities and two juvenile
bedding manufacturing facilities across the United States,
Canada and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 6, 2007, Standard & Poor's Ratings Services assigned its
'CCC+' debt rating to Atlanta, Ga.-based Simmons Super Holding
Company (Simmons HoldCo; an entity that will become the new
parent of Simmons Company) proposed US$275 million senior
unsecured PIK toggle term loan due 2012.  Standard & Poor's also
lowered its long term corporate credit rating on Simmons Company
to 'B' from 'B+'.  S&P says the outlook is stable.



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


BANCO HIPOTECARIO DEL URUGUAY: Earns UYU1.39B in January to May
---------------------------------------------------------------
Banco Hipotecario del Uruguay's profit increased 18.5% to
UYU1.39 billion in the January-May 2007, compared to the same
period last year, the Uruguayan central bank posted on its Web
site.

Business News Americas relates that Banco Hipotecario del
Uruguay's net interest income before provisions rose 28.8% to
UYU1.68 billion in January-May 2007, compared to the same period
in 2006.  Its fee income grew 20.2% to UYU14.2 million.
Provisions for loan losses increased to UYU944 million.

Banco Hipotecario del Uruguay's mortgage loan operations were
suspended since 2002, when the Argentine meltdown caused a
severe financial crisis in Uruguay, BNamericas notes.  However,
the bank is allowed to grant mortgage loans to fund houses
already constructed.  These loans remained virtually flat at
UYU17.1 billion in May 2007, compared to May 2006.

Banco Hipotecario del Uruguay told BNamericas that it wants to
return to lending in 2007.

BNamericas says that Banco Hipotecario del Uruguay's past-due
loan ratio deteriorated to 82.1% in May 2007, from 68.0% in May
2006.

Banco Hipotecario del Uruguay reported UYU34.0 billion in assets
and UYU2.09 billion in equity in May 2007, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2006, Moody's Investors Service assigned these ratings
on Banco Hipotecario del Uruguay:

   -- Foreign currency deposit rating: B2 from Caa1,
      stable outlook

   -- National scale rating for foreign currency deposits:
      A3.uy from Ba2.uy, with a stable outlook

   -- National scale foreign currency debt rating: A2.uy
      from Baa2.uy


SURINVEST: Moody's Ups Currency Deposit Ratings to Baa3 from Ba2
----------------------------------------------------------------
Moody's Investors Service changed the outlook on the long-term
global local-currency and foreign-currency deposit ratings of
Banco Surinvest S.A. to positive from stable.  At the same time,
Moody's upgraded Surinvest's long-term national scale local- and
foreign-currency deposit ratings to Baa3.uy from Ba2.uy.
Moody's E+ bank financial strength rating to Surinvest was
affirmed, as well as the Not-Prime local and foreign currency
short-term deposit ratings.

The rating agency said that the positive outlook on Surinvest's
global local-currency deposit rating reflects the bank's new
ownership structure, and the potential benefits it may bring to
the bank's business strategy and financial performance.  Moody's
noted, however, that as a newly refocused operation -- primarily
targeting asset management and services to individual and
corporate clients -- Surinvest has yet to prove its ability to
generate sustainable core earnings out of a new client and
product base.

The bank's main shareholders are Banque Heritage (59.1%), of
Switzerland, along with Rabobank (20.4%) and IFC (20.4%).

Moody's B3 global local currency rating is derived from the
bank's baseline credit assessment of B3. Moody's assessment is
that there is no probability of systemic support to Surinvest as
a result of its modest share of the Uruguayan deposit market and
foreign ownership.  The local currency deposit ratings do not
incorporate parental support.

Banco Surinvest is a niche bank, which offers foreign trade
financing and services to regional export companies, as well as
private banking.  As of May 2007 it had US$94 million in assets
and US$27 million in equity.

The following ratings of Banco Surinvest were affected:

  -- Long-Term global local-currency deposit rating: B3, with
     positive outlook

  -- Long-Term foreign currency deposit rating: B3, with
     positive outlook

  -- Long-Term National Scale Local Currency Deposit Rating:
     upgraded to Baa3.uy, from Ba2.uy

  -- Long -Term National Scale Foreign Currency Deposit Rating:
     upgraded to Baa3.uy, from Ba2.uy

These ratings were affirmed:

  -- Bank financial strength rating: E+

  -- Local and foreign short-term deposit ratings: Not-Prime

Banco Surinvest S.A., established in 1981, Surinvest began its
activities in Montevideo, like Banking House, positioning itself
quickly in the market like an institution that combines an ample
knowledge of the regional financial markets with the endorsement
of a prestigious group of institutional shareholders.




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


CITGO PETROLEUM: US Court Won't Let Jurors Quit Without Verdict
---------------------------------------------------------------
Fanny S. Chirinos at Caller-Times reports that the U.S. District
Judge John Rainey has refused to let 12 jurors in the USA vs.
Citgo trial quit without giving a verdict on the case.

According to Caller-Times, the jurors had been deliberating for
a day and a half before they sent a note to Judge Rainey,
admitting that they couldn't reach a consensus on any of the
criminal counts.

Judge Rainey ordered the jurors to deliberate, saying that the
case was important, expensive and time-consuming, Caller-Times
notes.

Caller-Times relates that Citgo Petroleum Corp. and subsidiary
Citgo Refining and Chemical Co. "face four counts of pollution
violations.  The air pollution trial included four weeks of
testimony and four hours of closing arguments."

According to the report, Citgo Petroleum was "indicted in August
2006 on two counts of violating the national emissions standards
for benzene," which is a compound involved in processing crude
oil.  It causes cancer.  The firm was also indicted on two
counts of operating oil/water separators with no roofs between
1993 and 2004, as required by federal regulations.  Citgo
Petroleum's environmental manager Philip Vrazel was also
indicted for failing to identify all the points in the plant
wastewater system where benzene was generated in 2000.

The report says that Citgo Refining and Chemicals Co., and Mr.
Vrazel face five counts of breaching the Migratory Bird Treaty
Act.

Officials at Citgo Petroleum's units were accused of illegally
taking protected birds found coated with oil as a result of
landing in the open-top tanks.  Trial on that case will begin on
July 9 in federal court, Caller-Times states.

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

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

                        *     *     *

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

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


* VENEZUELA: Delays Price Pact Signing with Ternium Sidor
---------------------------------------------------------
The Venezuelan basic industries and mining ministry has delayed
a price accord signing with steelmaker Ternium Sidor for
products the firm sells on the market, news daily El Universal
reports.

According to El Universal, the signing of the agreement was
initially set for June 22, 2007.  However, it was postponed due
to disagreements over small details on the document that the
government and Ternium Sidor representatives would sign.  Some
details of the document still need to be finalized, which will
delay signing until the head of the ministry, Jose Khan, returns
from a presidential tour through Russia, Iran and other nations.

Business News Americas relates that the government agreed with
Ternium Sidor in June 2007 the preferential prices for the state
and investments of almost US$500 million by the firm to make new
production lines and more jobs.

Venezuelan President Hugo Chavez threatened to nationalize the
firm in May 2007 if it continued its industrial policy of
monopolizing steel production.  He demanded that Ternium Sidor
lessen its domestic sales prices, BNamericas states.

                        *     *     *

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
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subscription or balance thereof are US$25 each.  For
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           * * * End of Transmission * * *