TCRLA_Public/070704.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, July 4, 2007, Vol. 8, Issue 131

                          Headlines

A R G E N T I N A

AGROINDUSTRIAS EL: Proofs of Claim Verification Ends on July 12
BIENES RAICES: Proofs of Claim Verification Deadline Is Oct. 16
LIMAYO SA: Trustee Verifies Proofs of Claim Until Aug. 20
LOGISTICA NEA: Proofs of Claim Verification Ends on Aug. 2
RECTIFICACION TURDERA: Claims Verification Deadline Is Aug. 27

TECNIC LIMP: Seeks Reorganization Approval in Buenos Aires Court

B E L I Z E

CONTINENTAL AIRLINES: Reports June 2007 Operational Performance

B E R M U D A

ACCOUNTANTS PROFESSIONAL: Proofs of Claim Filing Ends on June 8
BELL ATLANTIC: Final General Meeting Is Set for July 10
BLUE TERCEL: Sets Final General Meeting for July 16
SEA CONTAINERS: Trustee Appoints HSBC as Sole Member of Panel
SEA CONTAINERS: Wants to Settle SC Asia Intercompany Claims

B O L I V I A

* BOLIVIA: Gov't Concludes El Mutun Negotiations with Jindal

B R A Z I L

ACTUANT CORP: Acquires BH Electronics for US$30 Million
BANCO IBI: S&P Assigns BB-/B Counterparty Credit Rating
BANCO NACIONAL: Approves BRL18.3-Million Loan to Cofercatu
ELCOM INTERNATIONAL: Delays Filing of 2006 Annual Results
FORD MOTOR: Launches Conversion Offer for 6.50% Trust Securities

GENERAL MOTORS: UAW Leaders Say Strike Possible in Labor Talks
GLOBO COMUNICACAO: S&P Lifts Long-Term Corporate Rating to BB+
GP INVESTMENTS: Fitch's B Rating Unaffected by Share Pledge
PETROLEO BRASILEIRO: To Present New Wage Proposal to Stop Strike

C A Y M A N   I S L A N D S

AIR INVEST: Sets Last Shareholders Meeting for July 27
ANTHRACITE BALANCED (3): Sets Shareholders Meeting for July 30
ANTHRACITE BALANCED (19): Proofs of Claim Filing Ends July 30
ANTHRACITE BALANCED: Sets Last Shareholders Meeting for July 30
BBVA GLOBAL: Sets Last Shareholders Meeting for July 30

BRASOIL ALLIANCE: Sets Last Shareholders Meeting for July 27
CHEYNE CATASTROPHE: Sets Last Shareholders Meeting for July 27
CHEYNE CATASTROPHE FUND: Sets Shareholders Meeting for July 27
CIRCLE MAIHAMA: Proofs of Claim Must be Filed by July 30
CIRCLE MAIHAMA: Sets Last Shareholders Meeting for July 30

DEL MONTE: Settles Antitrust Suits by Banana Buyers for US$2.5M
F GLOBAL: Sets Last Shareholders Meeting for July 27
KAIROS FUND: Sets Last Shareholders Meeting for July 27
SEDNA OFFSHORE: Sets Last Shareholders Meeting for July 30
TRIDENT GLOBAL: Sets Last Shareholders Meeting for July 27

C H I L E

THERMADYNE HOLDINGS: To Amend Sr. Credit & Second Lien Facility

C O L O M B I A

SOLUTIA INC: Wants to Make US$5 Million Litigation Pact Payment
SOLUTIA INC: Wants Financial Balloting as Subscription Agent

* COLOMBIA: Receives US$10-Million Loan for Microfinance Project

C O S T A   R I C A

SPECTRUM BRANDS: Carries Out Management Streamlining
US AIRWAYS: ALPA Responds to Vacation of Sr. Arbitration Award

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Central Bank Governors to Testify
HANESBRANDS INC: Advances Planned Cost-Reduction Strategy

* DOMINICAN REPUBLIC: Banana Producers Seek Gov't Financial Aid

E C U A D O R

* ECUADOR: Gov't Mulling Cooperative Regulatory Agency Creation

E L   S A L V A D O R

AES CORP: Matrix Research Maintains Strong Buy Rating on Shares

G U A T E M A L A

BRITISH AIRWAYS: Dresdner Kleinwort Holds Buy Rating on Shares
IMAX: Moody's Junks Corp. Family Rating; May Further Cut Ratings

J A M A I C A

AIR JAMAICA: May Be Able to Fly to Mexico Under Air Pact
NATIONAL WATER: St. Catherine Residents Protest on Lack of Water
SUGAR COMPANY: 20 Firms Submit Bid for Five Sugar Factories

M E X I C O

BALLY TOTAL: Secures US$292 Million DIP & Exit Financing
BLOCKBUSTER INC: Names James Keyes as Chairman & CEO
CKE RESTAURANTS: Court Rejects Preliminary Injunction Motion
PETROLEOS MEXICANOS: S&P Affirms Ratings with Positive Outlook

N I C A R A G U A

* NICARAGUA: Gov't Resolves Disagreement with Union Fenosa
* NICARAGUA: OKs Power Purchase & Generator Installation Funding

P A N A M A

CHIQUITA BRANDS: US Siding with Firm in Banana Dispute with EU

P E R U

SK CORPORATION: Appoints New Co-Chief Executive Officer

* PERU: Obtains US$1-Million Financing from IADB

P U E R T O   R I C O

GLOBAL HOME: Can Use Madeleine's Cash Collateral Until Sept. 30
MICRON TECHBNOLOGY: Wilbur Stover to Quit as Chief Fin'l Officer
NEWCOMM WIRELESS: Lopez-Zambrana Approved as Special Tax Counsel

V E N E Z U E L A

DAIMLERCHRYSLER: Fitch Assigns Low B First-Time Ratings
DAIMLERCHRYSLER: Fitch Puts Low B Ratings on Affiliate
DAIMLERCHRYSLER: S&P Junks Rating on US$2 Billion Term Loan
PETROLEOS DE VENEZUELA: Iraq Pacts Closes Oil Opening Policy
SHAW GROUP: Thos. E. Capps Joins Board of Directors

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


AGROINDUSTRIAS EL: Proofs of Claim Verification Ends on July 12
---------------------------------------------------------------
Diana Caric Petrovic, the court-appointed trustee for
Agroindustrias El Gauchito S.R.L.'s reorganization proceeding,
verifies creditors' proofs of claim on July 12, 2007.

Ms. Petrovic will present the validated claims in court as
individual reports on Sept. 20, 2007.  The National Commercial
Court of First Instance in Charata, Chaco, 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 Agroindustrias El Gauchito 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 Agroindustrias El
Gauchito's accounting and banking records will be submitted in
court on Nov. 27, 2007.

The informative assembly will be held on Feb. 27, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Agroindustrias El Gauchito S.R.L.
         Chacra 18, Acceso Oeste
         Ruta 6, Las Brenas
         Chaco, Argentina

The trustee can be reached at:

         Diana Caric Petrovic
         Mitre 405
         Charata, Chaco
         Argentina


BIENES RAICES: Proofs of Claim Verification Deadline Is Oct. 16
---------------------------------------------------------------
The court-appointed trustee for Bienes Raices S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Oct. 16, 2007.

Infobae didn't state the name of the trustee.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Cordoba 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 Bienes Raices
and its creditors.

Infobae didn't also mention the individual reports' submission
date.

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 Bienes Raices'
accounting and banking records will be submitted in court on
Dec. 26, 2007.

The trustee is also in charge of administering Bienes Raices'
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

         Bienes Raices S.R.L.
         Jujuy 485
         Ciudad de Cordoba, Cordoba
         Argentina


LIMAYO SA: Trustee Verifies Proofs of Claim Until Aug. 20
---------------------------------------------------------
Edith Norma Regazzoni, the court-appointed trustee for
Limayo S.A.'s reorganization proceeding, verifies creditors'
proofs of claim on Aug. 20, 2007.

Ms. Regazzoni will present the validated claims in court as
individual reports on Sept. 17, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Limayo 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 Limayo's accounting
and banking records will be submitted in court on Oct. 30, 2007.

The informative assembly will be held on March 27, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

         Edith Norma Regazzoni
         Carlos Pellegrini 465
         Buenos Aires, Argentina


LOGISTICA NEA: Proofs of Claim Verification Ends on Aug. 2
----------------------------------------------------------
Estudio Contable integrado por Hebe Magda Kaenel y Jose Manuel
Varela, the court-appointed trustee for Logistica Nea S.R.L.'s
reorganization proceeding, verifies creditors' proofs of claim
on Aug. 2, 2007.

Estudio Contable will present the validated claims in court as
individual reports on Sept. 18, 2007.  The National Commercial
Court of First Instance in Resistencia, Chaco, 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 Logistica Nea 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 Logistica Nea's
accounting and banking records will be submitted in court on
Oct. 31, 2007.

The informative assembly will be held on May 15, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Logistica Nea S.R.L.
         Ruta Nac. 11, Km. 1006
         Resistencia, Chaco
         Argentina

The trustee can be reached at:

         Estudio Contable integrado por Hebe Magda Kaenel y
         Jose Manuel Varela
         Avenida Sarmiento 270
         Resistencia, Chaco
         Argentina


RECTIFICACION TURDERA: Claims Verification Deadline Is Aug. 27
--------------------------------------------------------------
Luis Aristides Traverso, the court-appointed trustee for
Rectificacion Turdera S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Aug. 27, 2007.

Mr. Traverso 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
Rectificacion Turdera 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 Rectificacion
Turdera's accounting and banking records will be submitted in
court.

Infobae didn't state the reports submission dates.

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

The trustee can be reached at:

         Luis Aristides Traverso
         Reconquista 642
         Buenos Aires, Argentina


TECNIC LIMP: Seeks Reorganization Approval in Buenos Aires Court
----------------------------------------------------------------
Tecnic Limp S.A. has requested for reorganization after failing
to pay its liabilities.

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

The case is pending before the National Commercial Court of
First Instance in Buenos Aires.

The debtor can be reached at:

          Tecnic Limp S.A.
          Laguna 763
          Buenos Aires, Argentina




===========
B E L I Z E
===========


CONTINENTAL AIRLINES: Reports June 2007 Operational Performance
---------------------------------------------------------------
Continental Airlines disclosed a June consolidated (mainline
plus regional) load factor of 85.7 percent, 1.2 points above the
June 2006 consolidated load factor, and a mainline load factor
of 86.1 percent, 1.3 points above the June 2006 mainline load
factor.  The carrier reported a domestic mainline load factor of
87.7 percent, 1.0 point above June 2006, and an international
mainline load factor of 84.4 percent, 1.7 points above June
2006.  All four were records for June.

During the month, Continental recorded a U.S. Department of
Transportation on-time arrival rate of 67.9 percent and a
mainline completion factor of 99.4 percent.

In June 2007, Continental flew 8.6 billion consolidated revenue
passenger miles (RPMs) and 10.1 billion consolidated available
seat miles (ASMs), resulting in a traffic increase of 5.0
percent and a capacity increase of 3.4 percent as compared to
June 2006.  In June 2007, Continental flew 7.8 billion mainline
RPMs and 9.0 billion mainline ASMs, resulting in a mainline
traffic increase of 6.9 percent and a 5.3 percent increase in
mainline capacity as compared to June 2006.  Domestic mainline
traffic was 4.1 billion RPMs in June 2007, up 5.8 percent from
June 2006, and domestic mainline capacity was 4.7 billion ASMs,
up 4.5 percent from June 2006.

For June 2007, consolidated passenger revenue per available seat
mile (RASM) is estimated to have increased between 1.5 and 2.5
percent compared to June 2006, while mainline passenger RASM is
estimated to have increased between 3.5 and 4.5 percent compared
to June 2006.  For May 2007, consolidated passenger RASM
decreased 0.8 percent compared to May 2006, while mainline
passenger RASM increased 1.1 percent from May 2006.

Continental ended the second quarter of 2007 with unrestricted
cash and short-term investments of approximately US$3.17
billion.

Continental's regional operations had a record June load factor
of 82.8 percent, 0.5 points above the June 2006 load factor.
Regional RPMs were 857.9 million and regional ASMs were 1,036.5
million in June 2007, resulting in a traffic decrease of 9.8
percent and a capacity decrease of 10.4 percent versus June
2006.

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout Belize, Mexico, Europe
and Asia, serving 154 domestic and 138 international
destinations including Honduras and Bonaire.  More than 400
additional points are served via SkyTeam alliance airlines.
With more than 43,000 employees, Continental has hubs serving
New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 15, 2007, Moody's Investors Service raised the ratings of
Continental Airlines, Inc.'s corporate family rating to B2,
senior unsecured to B3 and preferred stock to Caa1 and the
ratings of certain tranches of the airline's Enhanced Equipment
Trust Certificates or EETC's.  Moody's also affirmed Continental
Airlines' SGL-2 rating, the ratings of the EETCs not upgraded,
and the Loss Given Default rating of LGD5 - 74%.  Moody's said
the outlook remains stable.

Upgrades:

  Issuer: Cleveland (City of) Ohio

     -- Senior Unsecured Revenue Bonds, Upgraded to B3 from Caa1

  Issuer: Continental Airlines Finance Trust II

     -- Preferred Stock Preferred Stock, Upgraded to Caa1
        from Caa2

  Issuer: Continental Airlines, Inc.

     -- Corporate Family Rating, Upgraded to B2 from B3

     -- Multiple Seniority Shelf, Upgraded to a range of (P)Caa1
        to (P)B3 from a range of (P)Caa2 to (P)Caa1

     -- Senior Secured Enhanced Equipment Trust, Upgraded to
        a range of B2 to Baa2 from a range of B3 to Baa3

     -- Senior Secured Equipment Trust, Upgraded to Ba2
        from Ba3

     -- Senior Secured Shelf, Upgraded to (P)Ba3 from (P)B1

     -- Senior Unsecured Conv./Exch. Bond/Debenture, Upgraded
        to B3 from Caa1

     -- Senior Unsecured Regular Bond/Debenture, Upgraded
        to B3 from Caa1

  Issuer: Harris (County of) Texas, I.D.C.

     -- Senior Unsecured Revenue Bonds, Upgraded to B3 from Caa1

  Issuer: Hawaii Department of Transportation

     -- Senior Unsecured Revenue Bonds, Upgraded to B3 from Caa1

  Issuer: Houston (City of) Texas

     -- Senior Unsecured Revenue Bonds, Upgraded to B3 from Caa1

  Issuer: New Jersey Economic Development Authority

     -- Senior Unsecured Revenue Bonds, Upgraded to B3 from Caa1

  Issuer: Port Authority of New York and New Jersey

     -- Revenue Bonds, Upgraded to B3 from Caa1




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


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


BELL ATLANTIC: Final General Meeting Is Set for July 10
-------------------------------------------------------
Bell Atlantic (Bermuda) Holdings Ltd.'s final general meeting
will be at 9:00 a.m. on July 10, 2007, or as soon as possible,
at the liquidator's place of business.

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

The liquidator can be reached at:

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


BLUE TERCEL: Sets Final General Meeting for July 16
---------------------------------------------------
Blue Tercel Ltd.'s final general meeting is scheduled on
July 16, 2007, at 11:00 a.m., at:

         Corner House
         Church & Parliament Streets
         P.O. Box HM 1556
         Hamilton, HM FX
         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;

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

     -- passing of a resolution dissolving the company.


SEA CONTAINERS: Trustee Appoints HSBC as Sole Member of Panel
-------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, issued
on June 27, 2007, a notice appointing HSBC Bank USA, National
Association, as indenture trustee, as the sole member of the
Official Committee of Unsecured Creditors in Sea Containers,
Ltd. case.

The U.S. Trustee late last week disbanded the SCL Committee
citing conflict of interest with respect to three of the
Committee members -- Trilogy Capital, LLC, Dune Capital, LLC,
and Mariner Investment Group, Inc.

Trilogy, Dune Capital, Mariner Investment Group have committed
to extend up to US$176,500,000 in postpetition financing to the
Debtors.  The proposed DIP Facility is pending approval before
the U.S. Bankruptcy Court for the District of Delaware.

                      About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US1$62,400,718 and total liabilities
of US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue
No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

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


SEA CONTAINERS: Wants to Settle SC Asia Intercompany Claims
-----------------------------------------------------------
Sea Containers, Ltd., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
enter into a settlement agreement with Sea Containers Asia Pte
Ltd., Yorkshire Marine Containers Ltd., Charleston Marine
Containers, Inc., and Paulista Containers Maritismos Ltda.,
relating to various intercompany balances.

The Debtors also seek the Court's permission to take all actions
necessary to liquidate SC Asia.

SC Asia no longer actively engages in any business activities
but yet is solvent and has significant cash in its accounts,
Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, explains.  A solvent voluntary
liquidation will enable SC Asia to upstream excess cash to SCL
for the ultimate benefit of the estate's creditors, Mr. Greecher
says.  Liquidation will also eliminate an inactive entity from
the company's complex operating structure while at the same time
removing the risk of any future claims against SC Asia or SCL
based on claims against SC Asia, Mr. Greecher adds.

"The settling of SC Asia's intercompany balances and its
subsequent voluntary liquidation merely accelerates a process
the Debtors likely will have to undertake as part of their
chapter 11 plan and wind-up of non-debtor subsidiaries," Mr.
Greecher says.

SC Asia intends to settle its outstanding intercompany balances
prior to commencing solvent liquidation proceedings under
Singapore law.  SCSL, YMCL, CMCI, SCL and PCML have balances
owing to, or receivables from, SC Asia.  The parties agree to
set off amounts owed to SC Asia against any amounts SC Asia
owed.

           SC Asia's Outstanding Intercompany Balances
                    As of May 31, 2007

  Entity     Receivable          Payable            Net
  ------     ----------          -------           -----
  SCSL                -    (SG$1,669,768)  (SG$1,669,768)
  YMCL        SG$90,610                -       SG$90,610
  CMCI       SG$536,266                -      SG$536,266
  SCL      SG$2,339,627    (SG$3,282,687)    (SG$943,059)
  PCML                -       (SG$21,803)     (SG$21,803)
           ------------   --------------   -------------
  Total    SG$2,966,503    (SG$4,974,258)  (SG$2,007,754)

The balances owed to SC Asia after set-off by YMCL and CMCI will
be assigned to SCL, and the parties will owe the amount to SCL.

Once SC Asia has settled its intercompany balances, along with
any outstanding balances with third-party creditors, SC Asia
intends to commence solvent voluntary liquidation proceedings
under Singapore law.  As part of the process, SC Asia will issue
a "declaration of solvency" and convene an "extraordinary
general meeting" under Singapore law to consider whether to:

  -- voluntarily liquidate under Singapore law;

  -- appoint a local liquidator to carry out the liquidation;
     and

  -- authorize the liquidator to take the actions necessary to
     liquidate SC Asia under Singapore law.

The Debtors have already contacted a liquidator in Singapore
with whom they have worked in the past.  SC Asia will pay the
liquidator a US$10,000 fee plus expenses.

As sole shareholder of SC Asia, SCL must appoint a corporate
representative in connection with the voluntary liquidation.
The corporate representative will attend the extraordinary
general meeting and approve SC Asia's corporate resolutions to
voluntarily liquidate, and to appoint and authorize a liquidator
to liquidate SC Asia.

The liquidator will carry out the solvent liquidation of SC Asia
pursuant to Singapore statutory requirements, including
finalizing the tax position of SC Asia in Singapore, finalizing
all of SC Asia's accounts, and completing all necessary
notifications.  SC Asia will then hold its final meeting where
the liquidator will present its final report on SC Asia's
accounts to the corporate representative.  If the corporate
representative approves the liquidator's report, SC Asia can
return any funds remaining after payment of the intercompany
balances and third-party creditors to SCL.  The remaining funds
are expected to approximate US$1,400,000.

                      About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue
No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

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




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


* BOLIVIA: Gov't Concludes El Mutun Negotiations with Jindal
------------------------------------------------------------
The Bolivian government has concluded talks with India's Jindal
Steel & Power on the signing of contract for the development of
the El Mutun iron ore deposit, Business News Americas reports.

Walter Chavez -- the head of the Bolivian government firm called
ESEM, which was established to create the joint venture for El
Mutun -- commented to BNamericas, "Now the final contract is
being edited and all issues are cleared up."

BNamericas notes that after many days of negotiations, the
Bolivian government and Jindal Steel agreed on points that were
holding up the signing of the joint venture contract to start
developing the project.

The report says that points of disagreement included:

          -- creation of a Jindal Steel unit in Bolivia,
          -- tax issues,
          -- arbitration clauses, and
          -- investment guarantee.

Mr. Chavez told BNamericas that the difficulties have been
overcome.  The two parties will set a date and venue for the
contract signing.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                    Rating    Rating Date

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




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


ACTUANT CORP: Acquires BH Electronics for US$30 Million
-------------------------------------------------------
Actuant Corporation has acquired BH Electronics for US$30
million in cash.  Funding for the transaction came from the
Company's revolving credit facility.

BHE will operate within Actuant's Electrical Segment. Mark
Goldstein, Chief Operating Officer of Actuant, stated: "BHE is a
great addition to our global marine platform. BHE's strong
relationships with major recreational boat builders in the U.S.,
coupled with the products provided through our existing brands
such as Marinco, BEP, Ancor, and Guest, will enable us to
further develop our strategy of providing systems solutions to
the OEM market. We are also excited about the prospects for
introducing BHE's products and solutions to OEMs in other
markets where Actuant has a significant presence, such as RV and
off-highway vehicles."

                          About BHE

Headquartered in Munford, Tennessee, BH Electronics produces
dashboard control panels and electronic assembly systems,
primarily for the marine market.  BHE generated US$35 million in
sales in 2006, and has approximately 450 employees.

                     About Actuant Corp.

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

                        *     *     *

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

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


BANCO IBI: S&P Assigns BB-/B Counterparty Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-/B'
counterparty credit rating to Banco Ibi S.A. - Banco Multiplo.
The outlook is stable.

"The ratings incorporate Ibi's long track record in providing
services and credit operations to low-income clients, the
benefits from marketing to C&A's (a retail apparel chain)
clients, funding availability above that of peers, and a capable
management team," said Standard & Poor's credit analyst Tamara
Berenholc.  These risk factors are offset by Ibi's high credit
risk, Brazil's strong competitive environment, and good
profitability, which is still below that of some regional peers.

The stable outlook reflects our expectation that the bank will
sustain its market position, while keeping its good
profitability.  It also incorporates better asset quality ratios
following improved economic conditions in Brazil.

The rating trend will be driven by asset quality and
profitability.  The ratings could be raised if asset quality
indicators improve substantially, and if Ibi can sustain its
profitability level.  On the other hand, the ratings could be
lowered if asset quality ratios deteriorate significantly or if
profitability is pressured.


BANCO NACIONAL: Approves BRL18.3-Million Loan to Cofercatu
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
board of directors approved financing to Cooperativa
Agropecuaria dos Cafeicultores de Porecatu Ltda. [Cofercatu],
for BRL18.3 million.  The resources will be used to widen the
milling capacity of sugar cane of the cooperative's distillery,
from 693 thousand tons to 1.209 million tons/year.

The expansion will enable a capacity increase of hydrated
alcohol production from 25.11 million to 59.7 million
liters/year and of anhydrous alcohol from 6.25 million to 18.9
million liters/year, under the PRODECOOP -- Cooperative
Development Program for the Addition of value to Farming
Production ambit.  The operation will enable production scale
gains in line with the accelerated growth of the sector and the
generation of 400 direct jobs.

Cofercatu, located in Porecatu, is a cooperative incorporation
with 802 cooperating members.  From those, 66 possess sugar cane
planted areas of 14.1 thousand hectares, with estimated
production based on the region's historical record of 1.13
million tons.

The industry is situated approximately 45 km from the city of
RolÉndia.  The main means of transportation used by the company
for distribution is the railroad modal, having also at the
company's disposal the railroad terminal of "America Latina
Logistica" -- ALL, located in the same city.

From the industry untill the railroad terminal, the
transportation is done through PR-170 highway, totally asphalted
and found in good driving conditions.  Besides the railroad
transportation, the industry counts on fully asphalted roads to
any city of the State, given that a portion of them are two-way
roads.  As to the distances, the industry is approximately 60 km
from the city of Londrina, 250 km from Ponta Grossa/State of
Parana, and 350 km from Curitiba.

Cooperativa dos Cafeicultores de Porecatu was established in
1963 by 28 coffee producers and it was introduced with the
social objective to process, sell and export the coffee
production of its cooperative members.

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.


ELCOM INTERNATIONAL: Delays Filing of 2006 Annual Results
---------------------------------------------------------
Elcom International Inc. reported that due to ongoing delays
with the completion of the company's audit for the year ended
Dec. 31, 2006, the company failed to publish its audited annual
results by June 29, 2007 deadline.

As a result of being unable to publish its annual audited
accounts within the time-frame required by the AIM Rules,
trading in the company's shares on AIM will be suspended with
immediate effect.  A further announcement will be made by the
company when it has a clearer expectation as to when the audited
accounts will be published.

                About Elcom International, Inc.

Elcom International, Inc. (OTC Bulletin Board: ELCO and AIM: ELC
and ELCS) -- http://www.elcominternational.com/-- operates
Elcom Inc., an international B2B Commerce Service Provider
offering affordable solutions for buyers, sellers and commerce
communities to automate many or all of their purchasing
processes and conduct business online.  PECOS, Elcom's remotely
hosted flagship solution, enables enterprises of all sizes to
achieve the many benefits of B2B eCommerce without the burden of
infrastructure investment and ongoing content and system
management.  The company has operations in Brazil.

                    Going Concern Doubt

Vitale Caturano & Company Ltd. in Boston, Massachusetts,
expressed substantial doubt about Elcom International's ability
to continue as a going concern after it audited the company's
financial statements for the years ended Dec. 31, 2005, and
2004.  The auditing firm pointed to the company's recurring
losses from operations and accumulated deficit.


FORD MOTOR: Launches Conversion Offer for 6.50% Trust Securities
----------------------------------------------------------------
Ford Motor Company has commenced a conversion offer related to
the outstanding 6.50% Cumulative Convertible Trust Preferred
Securities of Ford's wholly owned subsidiary trust, Ford Motor
Company Capital Trust II.

The trust preferred securities, which were issued in 2002, have
an aggregate liquidation value of about US$5 billion.  Each
trust preferred security has a liquidation value of US$50 and is
convertible into 2.8249 shares of Ford common stock at the
holder's option.  The subsidiary trust's sole assets are
US$5.2 billion principal amount of 6.5% Junior Subordinated
Convertible Debentures due 2032 of Ford Motor Company, which
will be cancelled to the extent trust preferred securities are
converted into Ford common stock.  Through the debentures and
other instruments, Ford has effectively guaranteed the trust
preferred securities.

The conversion offer is scheduled to expire at 5:00 p.m.,
Eastern Time, on July 31, 2007, unless extended or earlier
terminated, and is expected to settle on Aug. 3, 2007.

Holders who elect to convert their trust preferred securities
into shares of Ford's common stock will receive 2.8249 shares of
Ford common stock plus a premium consisting of shares of Ford
common stock valued at US$14.25 for each trust preferred
security.  The number of premium shares received will be
determined by the average market price of Ford common stock on
July 25, 26 and 27, 2007 (assuming the offer is not extended).

"As we continue to make progress on restructuring our automotive
operations to return to profitability, we also are focused on
improving our balance sheet, which this conversion offer will
do," said Don Leclair, Ford's executive vice president and chief
financial officer.

The conversion offer is being made pursuant to an offering
circular and related documents, each dated July 2, 2007.  The
completion of the offer is subject to conditions described in
the conversion offer documents.  Subject to applicable law, Ford
may waive the conditions applicable to the offer or extend,
terminate or otherwise amend the offer.

Holders of trust preferred securities may address questions
about the conversion offer or make requests for copies of the
offering circular and related documents for free to Georgeson,
Inc., the information agent for the conversion offer, by calling
toll-free at 888-605-7541.  Ford Motor Company Capital Trust II,
a statutory business trust, was formed in 2001 under the laws of
the state of Delaware and is a wholly owned subsidiary of Ford
Motor Company.  Ford Motor Company, a global automotive industry
leader based in Dearborn, Mich., manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo and Mazda.  The company provides
financial services through Ford Motor Credit Company.

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

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

                        *     *     *

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

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

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


GENERAL MOTORS: UAW Leaders Say Strike Possible in Labor Talks
--------------------------------------------------------------
United Auto Workers President Ron Gettelfinger and Vice
President Cal Rapson said in an online chat that a strike is one
possible option during the upcoming national negotiations with
General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's
Chrysler Group, which starts this month, Reuters reports.

Mr. Gettelfinger also told UAW members during the chat that
Detroit's Big Three automakers are "posturing" when they say
they need a US$30 reduction in hourly wages and benefits as they
try to return to profitability, Reuters relates.

In a TCR-Europe report on June 19, 2007, GM, Ford and Chrysler
are seeking unprecedented concessions from the UAW in a bid to
narrow what they say is a US$30-an-hour labor-cost disadvantage
against Asian rivals like Toyota Motor Corp. and Honda Motor Co.

GM, Ford and Chrysler claim that they pay union workers US$70 to
US$75 an hour compared with Toyota and other Asian automakers'
US$40 to US$45 an hour at their U.S. plants.  Most of the
difference stems from health-care expenses.

In 2006, GM estimates that it spent nearly US$3.3 billion on
health-care for 432,000 retirees.  The cost at Ford was near
US$1.8 billion while Chrysler spent US$1.6 billion.

By contrast, on a combined basis, foreign automakers with U.S.
plants, including Japan's own Big Three -- Toyota Motor Corp.,
Honda Motor Co Ltd. and Nissan Motor Co Ltd. -- paid a mere
US$23 million for retiree health care in the U.S, Reuters
observes.

GM, Ford and the UAW last year agreed to a court settlement
requiring union retirees to pay part of their healthcare costs
for the first time.  Detroit-based GM and Ford, of Dearborn,
Michigan, also pledged not to alter those retiree healthcare
benefits until after 2011 without union consent.

Last year's settlement, as well as benefit reductions for
salaried workers, helped GM cut retiree healthcare liabilities
by 21 percent to US$64 billion at the end of last year,
Bloomberg discloses.  Ford had retiree obligations of US$31
billion, and Chrysler's potential future tab is about US$19
billion.

GM has already bought out 34,400 union workers, and Ford and
Chrysler together are trying to persuade 50,000 to leave as they
cut production to match market-share losses to Toyota Motor
Corp. and Honda Motor Co.

                     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, including Brazil and India.
In 2006, nearly 9.1 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM's OnStar subsidiary is the industry leader in
vehicle safety, security and information services.

                         *     *     *

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

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


GLOBO COMUNICACAO: S&P Lifts Long-Term Corporate Rating to BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on Brazilian media group Globo
Comunicacao e Participacoes S.A. to 'BB+' from 'BB'.  The
ratings on Globo's US$325 million perpetual and US$200 million
2022 bonds were also raised to 'BB+'.  The outlook is stable.

"The upgrade reflects the company's capacity to deliver
consistently better-than-expected operational performance and
robust credit metrics, with the funds from operations-to-debt
ratio reaching 76% in December 2006 and the conversion of EBITDA
to discretionary cash flow averaging 55% (DCF/EBITDA) in the
past two fiscal years," said Standard & Poor's credit analyst
Beatriz Degani.  The positive economic and business environment
that should sustain ad spending in the short term, and the
recent track record of prudent financial management and strong
debt reduction somewhat compensate for the lack of clear
financial targets and for the anticipated volatility in the
advertising industry in Brazil, and support the upgrade.  Still,
the rating incorporates our expectation that Globo will maintain
robust levels of cash at hand and moderate dividend
distribution.

The ratings on Globo remain constrained by its business
concentration, with high dependence on the cyclical Brazilian
advertising market, and the company's limited ability to cushion
market down-cycles and competitive pressures, mostly due to its
significant fixed cost structure.  On the other hand, the
ratings are supported by Globo's clearly dominant position in
free-to-air TV in Brazil, prompted by a high-quality and well-
structured programming schedule with considerable levels of
self-produced content; a leading position in the production of
local-language pay-TV content; and, since 2005, the company's
prudent debt management policy.

Globo is the largest media group in Brazil, controlling the
leading broadcast television network in Brazil (TV Globo), as
well as the largest pay-TV programmer and other related
interests in sound recording, and magazine publishing and
printing companies.  The company also controls important stakes
at the largest cable company (NET Servicos, BB-/Positive/--) and
direct-to-home distributor (Sky Brasil, NR) in the country.
Through these companies, Globo programming reaches approximately
78% of the local pay-TV industry.

The stable outlook reflects our expectation that Globo will
maintain conservative investment and dividend distribution
policies, continuing to deliver strong credit metrics for the
rating category to offset the intrinsic volatility of the
undeveloped advertising industry in Brazil, which is still the
main source of revenues for Globo.

The rating could be lowered if the company adopted a less
prudent approach toward acquisitions (not at all incorporated in
the current rating) or dividend distribution that resulted in a
reduction of the company's cash cushion.  At the same time,
recurring EBITDA margins lower than 18%-20%, the consequence of
a looser spending cycle in broadcasting TV, would be seen as a
negative factor for the rating.

Given the fairly recent stages of the advertising industry in
Brazil, and the lack of clearer commitment from shareholders
with some specific financial targets, we do not anticipate a
positive revision of the ratings in the short to medium term
(S&P would expect to confirm the commitment with prudence over
time).

Headquartered in Rio de Janeiro, Globo Comunicacao e Partipacoes
S.A. is Brazil's largest media group, owned by the Marinho
family.  TV Globo is Brazil's leading broadcast TV network,
accounting for over 75% of Globo Comunicacao's net revenues and
comprised of five television stations owned by Globo Comunicacao
as well as 116 independent affiliated TV stations broadcasting
the Globo Comunicacao signal over Brazil.  Globo Comunicacao has
other business activities including: sound-recording, magazine
publishing and printing, pay-TV production and programming, and
interests in Brazil's leading satellite direct-to-home and cable
operator.


GP INVESTMENTS: Fitch's B Rating Unaffected by Share Pledge
-----------------------------------------------------------
GP Investments Ltd.'s recently announced pledge of shares
involving its private equity subsidiary has no effect on GP's
current ratings or Outlook, according to Fitch Ratings, which
currently rates GP as:

  -- Foreign currency Issuer Default Rating (IDR) 'B';
  -- Senior secured 'B/RR4';
  -- Rating Outlook Stable.

On June 21, 2007, GP announced the release of the pledge of the
shares representing 100% of the currently issued and outstanding
shares of GP Private Equity, Ltd., a wholly owned subsidiary of
GP.  This pledge secured an issuance of Perpetual Notes made
earlier this year by GP.  The release of the pledge occurred
after the company reached US$1 billion in market cap (in average
during the last 30 days) while its current gross indebtness is
lower than US$350 million, as indicated in the respective
offering memorandum.  GP would still maintain a cash reserve
account with the trustee for the lifetime of the issuance, which
was initially funded with an amount that was equivalent to 18
months of interest payments on the notes.

The rating of the issuance recognizes the liquidity implicit in
the coupon reserve, augmented by substantial cash currently on
hand, nevertheless, according to Fitch the recently released
pledge did not provided material enhancement to the rating,
given the unpredictable nature of the results and timing of
capital gains in such investment portfolio or of possible
positive results in future exits of those investments, being
that this operation results neutral for the rating of the notes.

The perpetual notes have no fixed final maturity date and will
be repaid only in the event that the Issuer redeems the notes or
upon acceleration due to an event of default.  The notes are
general unsubordinated obligations of the Issuer and rank 'pari
passu' with the issuer's unsubordinated indebtedness.

GP's ratings are supported by conservative leverage levels, the
franchise of the company and the experience of the management
team which bodes well for positive prospects going forward.  The
ratings are constrained, however, by the highly concentrated
nature of the intended investment portfolio (by country and by
individual investment size), the negative cash flow implied by
recurring fixed expenses (operational and debt service) versus
recurring income, and the uncertainty related to the maturation
period of the investment portfolio and GP's ability to realize
investment gains.

GP is a Bermuda exempted company that consolidates the
activities of a private equity business and an asset management
business in Brazil.  The company's activities started in 1993 as
an asset manager dedicated to private equity activities, managed
by partners with substantial experience in the Brazilian market.

GP Investments - http://www.gpinvestments.com/-- is a leading
private equity player in Brazil.  The GP Investments' activities
consist of its core private equity business and its asset
management business, and its mission is to generate higher than
average long-term return to its investors and shareholders.
Since its inception in 1993, GP Investments raised more than
US$1.5 billion from Brazilian and international investors, and
acquired more than thirty-five companies in ten different
sectors.  On May 2006, GP Investments concluded its Initial
Public Offering -- IPO, becoming the first listed private equity
company in Brazil.


PETROLEO BRASILEIRO: To Present New Wage Proposal to Stop Strike
----------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA will
present a new promotion and wage proposal to its employees to
try to stop a strike, which could potentially cripple its
operations, the Associated Press reports, citing a union
official.

According to the AP, the protest is scheduled for Thursday.

Brazil's main Oil Workers' Federation director Jose Maria Rangel
commented to the press, "Petrobras [Petroleo Brasileiro] this
morning said it will present a new proposal to us on Tuesday."

Petroleo Brasileiro's press office told the AP that it may issue
a statement on the proposal later.

Federation directors had told Petroleo Brasileiro that 80% of
Brazil's oil employees voted to go on a five-day strike that
could threaten the production of 1.85 million barrels of oil per
day, the AP says.

The report says that the oil workers federation wants a new plan
to better distribute salaries and positions, claiming that
employees have been barred from promotions without proper
reasons.  The federation is also demanding that promotions be
based solely on merit.

The federation claimed that Petroleo Brasileiro's current system
is creating unjust salary discrepancies, the AP states.

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

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

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

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

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




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


AIR INVEST: Sets Last Shareholders Meeting for July 27
------------------------------------------------------
Air Invest Ltd. will hold its final Shareholders meeting on
July 27, 2007, at 10:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          Company Secretaries Ltd.
          Cayside 2nd Floor
          Harbour Drive, George Town
          P.O. Box 30592, Grand Cayman KY1-1203
          Cayman Islands


ANTHRACITE BALANCED (3): Sets Shareholders Meeting for July 30
--------------------------------------------------------------
Anthracite Balanced Company (3) Ltd. will hold its final
shareholders meeting on July 30, 2007, at 10:00 a.m., at the
company's office.

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

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

The liquidators can be reached at:

          Scott Aitken
          Connan Hill
          P.O. Box 1109
          George Town, Grand Cayman
          Cayman Islands
          Tel: (345) 949-7755
          Fax: (345) 949-7634


ANTHRACITE BALANCED (19): Proofs of Claim Filing Ends July 30
-------------------------------------------------------------
Anthracite Balanced Company (19) Ltd.'s creditors are given
until July 30, 2007, to prove their claims to Scott Aitken and
Connan Hill, 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.

Anthracite Balanced's shareholders agreed on June 4, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Scott Aitken
        Connan Hill
        P.O. Box 1109
        George Town, Grand Cayman
        Cayman Islands
        Telephone: (345) 949-7755
        Fax: (345) 949-7634


ANTHRACITE BALANCED: Sets Last Shareholders Meeting for July 30
---------------------------------------------------------------
Anthracite Balanced Company (19) Ltd. will hold its final
shareholders meeting on July 30, 2007, at 10:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          Scott Aitken
          Connan Hill
          P.O. Box 1109
          George Town, Grand Cayman
          Cayman Islands
          Tel: (345) 949-7755
          Fax: (345) 949-7634


BBVA GLOBAL: Sets Last Shareholders Meeting for July 30
-------------------------------------------------------
BBVA Global Performance Fund Ltd. will hold its final
shareholders meeting on July 30, 2007, at 10:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          K.D. Blake
          Attention: Gundega Tamane
          P.O. Box 493
          Grand Cayman KY1-1106
          Cayman Islands
          Tel: 45-949-4800
          Fax: 345-949-7164


BRASOIL ALLIANCE: Sets Last Shareholders Meeting for July 27
------------------------------------------------------------
Brasoil Alliance Company will hold its final shareholders
meeting on July 27, 2007, at 9:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


CHEYNE CATASTROPHE: Sets Last Shareholders Meeting for July 27
--------------------------------------------------------------
Cheyne Catastrophe General Partner Inc. will hold its final
Shareholders meeting on July 27, 2007, at 11:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


CHEYNE CATASTROPHE FUND: Sets Shareholders Meeting for July 27
--------------------------------------------------------------
Cheyne Catastrophe Fund I Inc will hold its final shareholders
meeting on July 27, 2007, at 9:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


CIRCLE MAIHAMA: Proofs of Claim Must be Filed by July 30
--------------------------------------------------------
Circle Maihama Ltd.'s creditors are given until July 30, 2007,
to prove their claims to Cereita Lawrence and Scott Aitken, 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.

Circle Maihama's shareholders agreed on June 4, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Cereita Lawrence
        Scott Aitken
        Attention: Isabel Mason
        P.O. Box 1109
        Grand Cayman KY-1102
        Cayman Islands
        Tel: 345 949-7755
        Fax: 345 949-7634


CIRCLE MAIHAMA: Sets Last Shareholders Meeting for July 30
-----------------------------------------------------------
Circle Maihama Ltd. will hold its final shareholders meeting on
July 30, 2007, at 11:30 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          Scott Aitken
          Cereita Lawrence
          P.O. Box 1109
          George Town, Grand Cayman
          Cayman Islands
          Tel: (345) 949-7755
          Fax: (345) 949-7634


DEL MONTE: Settles Antitrust Suits by Banana Buyers for US$2.5M
---------------------------------------------------------------
Fresh Del Monte Produce Inc., and its subsidiary, Del Monte
Fresh Produce Co., entered into settlement agreements to dismiss
the two putative class actions brought on behalf of all direct
and indirect U.S. purchasers of bananas from Fresh Del Monte and
other banana producers.

Under the settlement agreement with the direct purchasers of
bananas, Fresh Del Monte has agreed to pay a total of no more
than US$2.5 million to the class and the attorneys for the
class.

Between July 25, 2005, and Aug. 22, 2005, several plaintiffs
served putative class action complaints against the company,
certain subsidiaries and several other corporations all in the
U.S. District Court for the Southern District of Florida on
behalf of all direct purchasers of bananas for the period from
May 2003 to the present.

The complaints alleged that the defendants engaged in a
continuing agreement, understanding and conspiracy to restrain
trade by artificially raising, fixing and maintaining the prices
of, and otherwise restricting the sale of, bananas in the U.S.
in violation of Section 1 of the Sherman Act.

A similar action was brought by a New York corporation for the
period from July 2001 to the present.

Additionally, between Oct. 21, 2005, and Nov. 10, 2005, Arizona,
California, Minnesota, New York, Tennessee and Kansas residents
filed a putative class action complaint against the company, one
of its subsidiaries and several other corporations in the U.S.
District Court for the Southern District of Florida on behalf of
all indirect purchasers of bananas in their respective states
for the period from May 2003 to the present.

That complaint alleges violations of numerous state antitrust,
competition, and unjust enrichment statutes.  A similar action
was brought by a California resident for the period from July
2001 to the present.

The cases on behalf of the direct purchasers have been
consolidated in the U.S. District Court for the Southern
District of Florida.

The cases on behalf of the indirect purchasers have been
assigned to the same judge in the U.S. District Court for the
Southern District of Florida.

The recent settlement with the indirect banana purchasers is for
donations of fruit or other food products to a charity over the
next twelve months and a payment of money towards attorneys'
fees and the cost of notice to the class. The total retail value
of the donations to be made is US$833,334; the payment toward
attorneys' fees and notice costs will not exceed US$108,334.

"Fresh Del Monte has always maintained that these lawsuits are
without merit and that the Company has done absolutely no wrong
with respect to its sales of bananas," said Mohammad Abu-
Ghazaleh, Fresh Del Monte's Chairman and Chief Executive
Officer. "However, Fresh Del Monte believes the settlement of
these lawsuits, once finally approved by the Court, is in the
best interest of the Company because it will dispose of these
class action litigations and eliminate the continued burden,
disruption, and expense of responding to and defending against
the claims."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically  integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2007, Standard & Poor's Ratings Services lowered its
ratings on Cayman Islands-based Fresh Del Monte Produce Inc.
The corporate credit rating was lowered to 'BB-' from 'BB'.

The ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 1, 2006, after the
company's third-quarter earnings release and continued weak
operating performance.

S&P said the rating outlook was negative.  About US$399 million
of total debt was outstanding at Sept. 29, 2006.


F GLOBAL: Sets Last Shareholders Meeting for July 27
----------------------------------------------------
F Global Marketing SPC will hold its final shareholders
meeting on July 27, 2007, at 9:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          Richard L. Finlay
          Attention: Krysten Lumsden
          P.O. Box 2681
          George Town, Grand Cayman
          Tel: (345) 945 3901
          Fax: (345) 945 3902


KAIROS FUND: Sets Last Shareholders Meeting for July 27
-------------------------------------------------------
Kairos Fund Class B Ltd. will hold its final shareholders
meeting on July 27, 2007, at 11:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


SEDNA OFFSHORE: Sets Last Shareholders Meeting for July 30
----------------------------------------------------------
Sedna Offshore Ltd. will hold its final shareholders
meeting on July 30, 2007, at 10:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Ogier
          Attention: Anna Goubault
          Queensgate House,
          South Church Street, Grand Cayman
          Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


TRIDENT GLOBAL: Sets Last Shareholders Meeting for July 27
----------------------------------------------------------
Trident Global Investors Portfolio Ltd. will hold its final
Shareholders meeting on July 27, 2007, at 11:00 a.m., at:

          909 Third Avenue
          29th Floor, New York, New York
          USA

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

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

The liquidators can be reached at:

          Krishnamurthy Narayanan
          c/o Trident Investment Management, LLC
          909 Third Avenue, 29th Floor
          New York, New York
          USA




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


THERMADYNE HOLDINGS: To Amend Sr. Credit & Second Lien Facility
---------------------------------------------------------------
Thermadyne Holdings Corporation has completed agreements with
its secured lenders to amend its senior secured credit facility
and its second lien facility.

The principal changes to the senior secured credit facility
include extending the maturity to June 2012, increasing the
total revolving credit commitment from US$70 million to US$100
million and revising the asset-based borrowing base formula to
include up to US$20 million in available borrowings under a cash
flow based formula and another $8 million under a property,
plant and equipment based formula.  In addition, the interest
grid was expanded to enable the company to reduce interest costs
and fees.  The amended and restated credit agreement also
establishes financial covenants that provide greater flexibility
for the company.

The primary changes to the terms of its second lien facility
include an extension of the maturity to November 2010 and a
reduction of the interest rate to LIBOR plus 2.75 from LIBOR
plus 4.50.  The company also repaid US$14 million of the
outstanding loan balance of the second lien facility, reducing
the amount outstanding to US$36 million.

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Moody's Investors Service affirmed the Caa1
corporate family  rating of Thermadyne Holdings Corporation and
the Caa2 rating of the US$175 million senior subordinated notes
due in 2014.  Moody's changed the outlook to stable from
negative.




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


SOLUTIA INC: Wants to Make US$5 Million Litigation Pact Payment
---------------------------------------------------------------
Solutia Inc. seeks authority from the U.S. Bankruptcy Court for
the Southern District of New York to make a US$5,000,000
litigation settlement payment consistent with certain
installment payment orders and in accordance with a global
settlement agreement relating to litigation in Anniston,
Alabama, and a related side agreement among Solutia, Monsanto
Company and Pharmacia Corporation.

On August 11, 2004, Solutia sought authorization to pay
US$5,000,000 in litigation settlement payments in accordance
with the Anniston Global Settlement and Side Agreement.

Solutia sought authorizations to pay two additional US$5,000,000
litigation settlement payments on July 8, 2005, and
July 28, 2006.

The Court authorized the payments.

Solutia had entered into the Global Settlement Agreements with
Monsanto and Pharmacia to resolve certain lawsuits pending
against them.  The agreements require an aggregate of
US$5,000,000 to be paid annually from Aug. 26, 2004, to
Aug. 26, 2013.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
says that payment of the US$5,000,000 due on August 26. 2007,
under the Side Agreement and the Litigation Settlement
Agreements is in the best interests of Solutia and its estate
because it:

    * will help preserve its ability to argue that Monsanto's
      release of the Anniston indemnity claim -- a claim of
      approximately US$550,000,000 -- under the Side Agreements
      remains in effect; and

    * is contemplated by the Debtors' business plan, is
      permitted by the Debtors' postpetition financing
      agreement, and is consistent with the Installment Payment
      Orders.

According to Solutia, one could interpret the Side Agreement as
an executory contract that it could assume or reject during the
Chapter 11 cases.  But this interpretation may be subject to
dispute and would require an analysis of whether assumption of
the Side Agreement is warranted.  Even if the agreement were
deemed to be subject to rejection, Solutia notes that a
rejection could trigger damage claims far exceeding the cost of
the proposed payment.  Thus, Solutia has decided not to bring
these issues before the Court at this time.

Mr. Henes asserts that if the fourth settlement installment is
not paid, Solutia will face an increased risk that Monsanto's
release of Anniston Indemnity Claim, potentially a
US$550,000,000 claim, is unenforceable.  Solutia would also face
the potential disruption to its business operations from
litigation that could ensue relating to the Fourth Settlement
Installment, he adds.

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization
Plan on July 10, 2007.  The Debtors' exclusive period to file
a plan expires on July 30, 2007.  (Solutia Bankruptcy News,
Issue No. 90; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SOLUTIA INC: Wants Financial Balloting as Subscription Agent
------------------------------------------------------------
Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve an
amended retention agreement appointing Financial Balloting Group
LLC as their subscription agent in addition to its role as
special noticing, balloting and tabulating agent.

On Oct. 6, 2004, the Court approved FBG's appointment as the
Debtors' Special Noticing, Balloting and Tabulating Agent, nunc
pro tunc to Aug. 23, 2004.  FBG was retained on the terms and
conditions set forth in an agreement between the parties dated
Aug. 23, 2004.

Under the Original Retention Agreement, FBG agreed to provide
notice to, and tabulate the votes of, creditors with respect to
a plan of reorganization.  In connection with confirmation of
Solutia, Inc.'s plan of reorganization, FBG, therefore, will
mail voting document and other notice documents to all creditors
and holders of securities in Solutia, as well as forward the
appropriate documents to the banks and brokerage firms holding
Solutia's securities.  FBG will also receive, examine and
tabulate all votes cast by creditors and security holders in
connection with Solutia's plan.

On May 16, 2007, the Debtors filed an Amended Plan of
Reorganization and accompanying disclosure statement.  Pursuant
to the terms of the Amended Plan, certain eligible claimants
have the right to subscribe for shares of new common stock in
reorganized Solutia.

As a result of the Rights Offering, the Debtors will need to
retain a subscription agent and have proposed FBG as their
subscription agent, Jonathan S. Henes, Esq., at Kirkland & Ellis
LLP, in New York, says.

Mr. Henes states that FBG has been working with the Debtors
since 2004 and is familiar with the Debtors' Chapter 11 cases
and businesses.  FBG is already performing similar services with
respect to its role as Special Noticing, Balloting and
Tabulating Agent, he adds.

On June 20, 2007, the Debtors and FBG entered into the Amended
Retention Agreement, which expands the scope of FBG's retention
under the Original Retention Agreement to include the additional
role of Subscription Agent.

As the Subscription Agent, FBG would generally:

   -- advise the Debtors regarding subscription procedures and
      necessary documentation;

   -- establish and administer an interest-bearing account on
      behalf of the Debtors;

   -- coordinate the distribution of subscription documents;

   -- receive and review all subscription forms returned by
      creditors eligible to participate in the Rights Offering;
      and

   -- act as online subscription agent with The Depository Trust
      Company in connection with any subscriptions submitted on
      behalf of beneficial owners of securities.

The Debtors will pay FBG:

  (a) A project fee of US$20,000, plus US$3,000 for each issue
      of public debt securities entitled to vote on the Plan;
      and US$6,000 for a common stock issuance if it is entitled
      to vote; and US$3,000 for the common stock if it is not
      entitled to vote but entitled to receive notice.  There
      will not be a separate charge to distribute a notice
      mailing to the holders of warrants;

  (b) For the mailing to creditors and record holders of
      securities, the labor charges is estimated at US$2.75 to
      US$3.25 per package, with a minimum of US$500, depending
      on the complexity of the mailing;

  (c) A minimum charge of US$2,000 to take up to 250 telephone
      calls from creditors and security holders within a 30-day
      solicitation period.  If more than 250 calls are received
      within the period, the additional calls will be charged at
      US$8 per call.  Any calls to creditors or security holders
      will be charged at US$8 per call;

  (d) Web-site hosting charges of US$150 per month; and

  (e) A charge of US$125 per hour for the tabulation of ballots
      and master ballots, plus setup charges of US$1,000 for
      each tabulation elements.  Standard hourly rates will
      apply for any time spent by senior executives reviewing
      and certifying the tabulation and dealing with special
      issue that may develop.  The current hourly rates are:

        Executive Director                     US$410
        Director                               US$360
        Senior Case Manager                    US$300
        Case Manager                           US$240
        Junior Case Manager                    US$190
        Programmer II                          US$195
        Programmer I                           US$165
        Clerical                                US$65

Jane Sullivan, FBG's executive director, assures the Court that
neither the firm nor any of its employees currently holds or
represents any interest adverse to the Debtors' estates or
creditors.  FBG is a disinterested person, she attests.

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization
Plan on July 10, 2007.  The Debtors' exclusive period to file
a plan expires on July 30, 2007.  (Solutia Bankruptcy News,
Issue No. 90; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


* COLOMBIA: Receives US$10-Million Loan for Microfinance Project
----------------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment
Fund will invest up to US$10 million in a project to establish
new microfinance institutions in Colombia, Dominican Republic,
Honduras and Mexico.

The MIF, an autonomous fund administered by the IDB, promotes
private sector development in Latin America and the Caribbean,
with an emphasis on microenterprise.  Since its establishment in
1992 the fund has supported the expansion of the leading
microfinance networks in this region.

In this case the MIF will invest with ProCredit Holding, which
runs 19 microfinance institutions in Africa, Eastern Europe and
Latin America.  ProCredit shareholders include the Germany-based
firm IPC as strategic partner, multilateral agencies, major
pension funds and private foundations that promote corporate
social responsibility.

The MIF's resources will support ProCredit plans to open banks
focused on microenterprise and small business clients in
Colombia, Dominican Republic, Honduras and Mexico.  Besides
offering a wide range of financial products and services
tailored to the needs of such clients, the banks will also
participate in the distribution of remittances.

Additionally, the MIF will provide some US$7.2 million in
technical cooperation grants to help strengthen the new
microfinance institutions and train their staff so operations
may achieve the largest scale possible as quickly as possible.
Within four years the new ProCredit banks should be serving more
than 380,000 clients in these four countries.

Following a long-standing MIF strategy to promote the
participation of private sector capital in microfinance, its
investments in the ProCredit banks will have an exit mechanism
that will allow the fund to sell its shares after a five-year
period.

The total cost of the project will be around US$91 million,
including capital investments and technical cooperation
contributions from ProCredit, the MIF and other participating
organizations.

                        *     *     *

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.




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


SPECTRUM BRANDS: Carries Out Management Streamlining
----------------------------------------------------
Spectrum Brands, Inc. reported a number of senior management
changes in the Global Batteries & Personal Care business and at
the corporate level as part of an operational realignment.

"The changes we announced are designed to streamline, simplify
and de-layer the corporate structure and focus management on the
operation of our business units," Spectrum Brands' Chief
Executive Officer Kent Hussey, said.  "The changes will help us
accomplish the goals of the organizational realignment we
announced in January of this year, which are to make Spectrum
Brands significantly leaner, more focused and more cost-
effective as we transform our business model into three
autonomous, product-focused business units."

Andreas Rouve has been appointed Managing Director, Europe, and
will assume responsibility for sales, marketing and supply chain
for batteries and personal care in that region in addition to
his current role as the division's Senior Vice President and
Chief Financial Officer.  "Andreas has made tremendous
contributions to our organization since he joined VARTA AG in
1989," Mr. Hussey said.  "I have the utmost confidence in his
leadership abilities and business acumen. Andreas will be a
valuable asset to the organization as we work to accelerate our
operational improvements and continue to increase
profitability."

Mr. Rouve will succeed Remy Burel, who is stepping down from his
position as President, Europe/Rest of World, after seventeen
years with the Spectrum Brands and VARTA AG organizations.  Mr.
Hussey said, "We value Remy's leadership in our international
operations, particularly in the successful integration of our
VARTA acquisition in Europe and Latin America and the
integration of Remington into the company's European business.
We thank him for his many contributions and wish him every
success in his future endeavors."

       Elimination of Other Senior Management Positions

In addition to the changes, Spectrum Brands has eliminated a
number of senior management positions as part of its operational
realignment, including its senior vice president and general
counsel, corporate chief information officer, senior vice
president of purchasing, vice president of information
technology in Europe, vice president of operations finance, and
a number of vice president and division vice president positions
throughout the organization.  In all cases, responsibilities
have been absorbed by existing personnel.

In combination with other cost-saving measures being implemented
as part of the realignment, Spectrum Brands expects these
changes will accelerate the company toward its goal of reducing
annual operating costs by an amount in excess of $50 million.

                     About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

The company operates in 13 Latin American nations including El
Salvador, Guatemala, Costa Rica, Colombia and Nicaragua.

                        *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands, Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  Fitch keeps the outlook at negative.


US AIRWAYS: ALPA Responds to Vacation of Sr. Arbitration Award
---------------------------------------------------------------
The America West unit of the Air Line Pilots Association, Int'l.
has issued a statement regarding the U.S. Airways pilots'
lawsuit to vacate the seniority arbitration award.

ALPA relates that, in a desperate move, the pilots of U.S.
Airways are attempting to overturn an arbitrated seniority award
by suing their own union.  All 60,000 pilots represented by the
Air Line Pilots Association will now be forced to use their
union dollars to defend this complaint brought by the
disgruntled pilots at U.S. Airways, says ALPA.

Over the past two years, the America West and U.S. Airways pilot
groups have strictly adhered to ALPA Merger Policy to determine
a new combined seniority list, as a result of the merger of the
two airlines.  This process included negotiations, mediation and
arbitration.  ALPA contends that the failure of both sides to
negotiate a settlement resulted in an arbitrated award that is
final and binding.

While the "east" pilots characterized the award as "wholesale
destruction," no U.S. Airways pilot lost their position, base or
pay.  Instead, the award slotted 517 U.S. Airways pilots at the
top of the new seniority list, protected their desired
international flying and assured them access to all growth at
the airline.  Despite the fact that on the eve of the merger,
ALPA continues, the pilots of U.S. Airways were in their second
bankruptcy, had more than 1,500 pilots on furlough and were
facing liquidation, they believe that they are entitled to a new
seniority list that would place their pilots, even those that
were laid off at the time of the merger, above all their peers
at America West.

According to ALPA, the U.S. Airways pilots erroneously pride
themselves on having more experience than their counterparts at
America West without any regard for the diverse military,
airline and corporate backgrounds of all America West pilots.
ALPA argues that this "arrogant" approach to seniority is an
inaccurate representation of the professionalism and experience
of thousands of pilots represented by ALPA.

For ALPA, the lawsuit is a giant step backwards for all U.S.
Airways pilots both "east" and "west."  Instead of focusing the
resources on contract negotiations with management to obtain
better pay, work rules and retirement for their pilots, the
leadership of the U.S. Airways "east" pilots is spending limited
resources to overturn an arbitrated award.

ALPA complains that, in the meantime, U.S. Airways management
continues to cash in on millions of dollars in savings by
keeping their pilots on one of the lowest pay scales in the
industry.  All pilots of the new U.S. Airways deserve better and
it is unfortunate the pilot union leaders on the "east" prefer
litigation rather than abiding by their own union policies
already established governing seniority integration.

The America West unit of ALPA is based in Phoenix and represents
over 1800 pilots.

                      About U.S. Airways Group

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE:
LCC) -- http://www.usairways.com/-- primary business activity
is the ownership of the common stock of US Airways, Inc.,
Allegheny Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines,
Inc., MidAtlantic Airways, Inc., US Airways Leasing and Sales,
Inc., Material Services Company, Inc., and Airways Assurance
Limited, LLC.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

                          *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Standard & Poor's Ratings Services assigned its 'B' rating to US
Airways Group Inc.'s $1.6 billion secured credit facility due
2014, currently being syndicated.




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


BANCO INTERCONTINENTAL: Central Bank Governors to Testify
---------------------------------------------------------
Current central bank governor Hector Valdez Albizu and former
central bank governor Jose Lois Malkun will be testifying in the
Banco Intercontinental fraud case, Dominican Today reports,
citing Juarez Castillo Seman, the legal representative of former
Banco Intercontinental president Ramon Baez Figueroa.

According to Dominican Today, Mr. Seman said that former
presidential economic advisor Julio Ortega Tous and former Banco
del Progreso president Pedro Castillo will also be called to
testify in court.

The central bank governors and Messrs. Tous and Pedro will
present evidence before the judges of the First National
District Tribunal from July 9 to 13, Dominican Today relates,
citing Mr. Seman.

According to Dominican Today, Mr. Seman has finished presenting
some 80 pieces of documental proof, chiefly press clippings
referring to former colonel Pedro Julio Goico Guerrero and the
allegation that he used a credit card ratified by Banco
Intercontinental.

Dominican Today notes that Pedro Catrain, Luis Alvarez Renta's
defense lawyer, started submitting documentary evidence last
week.

Carlos Salcedo, one of the Monetary Board attorneys, said that
Mr. Renta's claim that he could prove that he had allegedly paid
back all the loans Banco Intercontinental made was a lie,
Dominican Today states.

Located in Dominican Republic, Banco Intercontinental aka
Baninter collapsed in 2003 as a result of a massive fraud that
drained it of about US$657 million in funds.  As a consequence,
all of its branches were closed.  The bank's current and savings
accounts holders were transferred to the bank's new owner --
Scotiabank.  The bankruptcy of Baninter was considered the
largest in world history, in relation to the Dominican
Republic's Gross Domestic Product.  It cost Dominican taxpayers
DOP55 billion and resulted to the country's worst economic
crisis.


HANESBRANDS INC: Advances Planned Cost-Reduction Strategy
---------------------------------------------------------
Hanesbrands Inc. continued progress in executing its
consolidation and globalization cost-reduction strategy.

The latest company streamlining, including consolidation through
nine plant closures in four countries and a worldwide reduction
of management and administrative jobs, is part of a multiyear
effort the company began when it was spun off as an independent
company in September 2006.

Hanesbrands expects to take restructuring and related charges of
approximately US$3 million for the closures, including
severance, lease exit costs and accelerated depreciation of
fixed assets.  "We are making significant progress in
consolidating our organization and executing our global supply
chain strategy," Hanesbrands Chief Executive Officer Richard A.
Noll said.  "This streamlining is part of our larger cost-
reduction and process-standardization strategies to increase
competitiveness and become a more effective organization.
Taking these actions will better position us to achieve our
long-term growth goals and financial objectives and help us in
our efforts to offset independent company costs and selected
investments we are making in our business."

Hanesbrands has long-term annual growth goals of 1% to 3% for
sales, 6% to 8% for operating profit excluding actions and
double-digit gains for earnings per share excluding actions.
The foundation for achieving these long-term growth goals is
baseline performance in 2007.

Most of the cost-saving actions are expected to be completed by
the end of the year.  Approximately 5,300 employees will be
affected, while the company has added or will add approximately
3,000 positions at other company manufacturing plants to absorb
shifted production.

The company will close plants and operations affecting nearly
5,000 employees in Canada, the Dominican Republic, Mexico, and
the United States and Puerto Rico, while moving production to
lower-cost operations in Central America and Asia.  In addition,
approximately 350 management and administrative positions will
be eliminated, with the majority of these positions based in the
United States.

"These efforts are a competitive necessity to strengthen our
overall company and its growth opportunities, but we regret that
employees will be affected by losing jobs," Mr. Noll said.  "We
have an outstanding workforce that exhibits continued commitment
and professionalism even when receiving difficult news. We will
work diligently to assist in their transition."

Hanesbrands expects to incur restructuring and related charges
for these actions, including severance costs and accelerated
depreciation of fixed assets, totaling approximately US$42
million, primarily in the second quarter of fiscal 2007 with the
majority of the remainder in the second half of fiscal 2007.
Approximately US$12 million of the charges will be noncash.
These charges, plus restructuring charges of US$74 million,
represent nearly half of the approximately US$250 million in
restructuring charges the company expects to incur in the three
years following its spinoff.

Hanesbrands will continue to execute its global supply chain
strategy of moving production and operations to lower-cost
countries, operating fewer and bigger facilities and aligning
production flow for maximum flexibility.  In the long-term, the
company expects to balance its supply chain between the Western
Hemisphere and Asia

The moves will help the company concentrate bra sewing and
manufacturing to lower-cost operations in Central America and
Asia, will further efforts to create a lower-cost sewing network
for knit products in Central America, and will help consolidate
the supply chain that was supporting retail sales in Canada and
Mexico with our overall supply chain.

"In addition to improving cost competitiveness, these moves will
improve the alignment of our sewing operations with the flow of
textiles and will leverage the company's large scale in high-
volume products," Gerald Evans, Hanesbrands executive vice
president and chief global supply chain officer, said.  "This
realignment will also better position us for expansion of our
Asian supply chain.  In November, we acquired a sewing facility
in Thailand, our first self-owned Asian production facility."

                      Actions by Country

In Canada the company's intimate apparel fabric cutting plant in
Montreal will cease production, affecting approximately 50
employees.  Production will shift to Asia.

In the Dominican Republic, the company will cease production at
sewing plants in Santo Domingo and Santiago, shifting production
to company sewing plants in Central America and Thailand.  The
plant closures will affect approximately 2,500 employees.

In Mexico, production will cease at sewing or fabric cutting
plants for knit products and intimate apparel in Cadereyta de
Montes, Madero, Merida and Nueva Rosita, affecting 2,200
employees.  Production will shift to Central America and
elsewhere in Mexico.

In Puerto Rico, the company will close its innerwear fabric
cutting plant in Vega Baja, employing approximately 150.
Production will move to company cutting plants in Central
America and Thailand.

In the United States, intimate apparel fabric lamination and
sewing in Statesville, North Carolina, with 70 employees, will
cease operations and shift to Central America.

Of the approximately 350 management and administrative positions
that will be eliminated worldwide, approximately 90% are in the
United States.

                      About Hanesbrands

Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets
innerwear, outerwear and hosiery apparel under consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size, barely
there and Wonderbra.  The company designs, manufactures, sources
and sells T-shirts, bras, panties, men's underwear, children's
underwear, socks, hosiery, casual wear and active wear.
Hanesbrands has approximately 50,000 employees in 24 countries,
Including Dominican Republic, Mexico, Puerto Rico, India and
China.

                        *     *     *

Standard & Poor's Ratings Services affirmed Hanesbrands Inc.'s
B+ corporate family rating on December 2006.


* DOMINICAN REPUBLIC: Banana Producers Seek Gov't Financial Aid
---------------------------------------------------------------
Banana growers in the Dominican Republic have sought financial
support from the government, Jahir Lombana at Fresh Plaza
reports.

According to Fresh Plaza, floods and strong winds in the
Dominican Republic's northern region is causing damage to banana
crops.

The affected production is about 70,000 boxes of bananas, Fresh
Plaza says, citing the Association of Banana Producers of the
Dominican Republic, or ADOBANANO in Spanish.

Fresh Plaza relates that producers are asking for financial aid
to survive in the short term.  However, at the long term, the
sector needs a more structural development and support.

A group of congress representatives led by Amilcar Romero
visited the northern region with ADOBANANO President Eddy
Cabrera, who discussed alternatives to support the sector, Fresh
Plaza states.

                        *     *     *

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




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


* ECUADOR: Gov't Mulling Cooperative Regulatory Agency Creation
---------------------------------------------------------------
Ecuadorian Finance Minister Ricardo Patino told news daily La
Hora that the government is analyzing the setting up of a
regulatory agency for cooperatives.

The agency will oversee the activities of cooperatives, La Hora
says, citing Minister Patino.

Business News Americas relates that the banking and insurance
regulator Superintendencia de Bancos y Seguros currently
supervises cooperatives.

Minister Patino told La Hora, "The watchdog doesn't understand
the cooperative system."

"Basel recommendations should not be imposed upon cooperatives,"
La Hora notes, citing Minister Patino.

Cooperatives reported US$784 million in loans -- about 9.3% of
total credit to the private sector granted by Ecuadorian lenders
-- as of April 30, 2007, BNamericas states, citing central bank
data.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


AES CORP: Matrix Research Maintains Strong Buy Rating on Shares
---------------------------------------------------------------
Matrix Research analysts have kept their "strong buy" rating on
AES Corp's shares, Newratings.com reports.

The analysts said in a research note that AES seems "poised to
continue to benefit from the rising demand for power generation
in the developed world and the emerging markets."

"AES's EVA" increased by 9% to US$878 million in the 12 months
ended March 2007, from US$806 million in the same period last
year, on account of the rising demand for global power and the
increasing energy prices, Newratings.com notes, citing the
analysts.

"AES' stock is substantially undervalued in the sector."  Its
share price indicates the loss of future revenues and assets in
Venezuela, Matrix Research told Newratings.com.

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.




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


BRITISH AIRWAYS: Dresdner Kleinwort Holds Buy Rating on Shares
--------------------------------------------------------------
Dresdner Kleinwort analyst Andrew Evans has kept his "buy"
rating on British Airways Plc's shares, Newratings.com reports.

According to Newratings.com, the target price for British
Airways' shares was set at 600 pounds.

Mr. Evans said in a research note that the stocks of the firms
in the airline sector might be under pressure on July 2 due to
recent security threats.

However, "British Airways' fundamentals continue to be robust,
excluding any significant security incident," Mr. Evans told
Newratings.com.

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

                        *     *     *

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

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

* Issuer: British Airways Plc

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

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


IMAX: Moody's Junks Corp. Family Rating; May Further Cut Ratings
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of IMAX Corporation to Caa1 from B3 and downgraded the rating on
its senior unsecured bonds to Caa2 from Caa1.  Moody's also
downgraded the probability of default rating to Caa1 from B3.
Ratings remain under review for further downgrade.

IMAX announced on June 29 that it would not file its financial
statements by June 30 and would not seek additional waivers for
the financial reporting covenant of its bonds.  Moody's believes
the prolonged delay intensifies the risk that bondholders will
accelerate the obligation.  The downgrade also reflects
increased concern over the negative impact of rising fees and
management distraction as the delay in filing of the financial
statements lengthens.

IMAX Corporation

  -- Corporate Family Rating, Downgraded to Caa1 from B3

  -- Probability of Default Rating, Downgraded to Caa1 from B3

  -- Senior Unsecured Bonds, Downgraded to Caa2, LGD4, 60% from
     Caa1

Moody's expects to conclude its review upon receipt and analysis
of updated financial statements for IMAX.

IMAX had previously received waivers from bondholders which
extended its deadline for filing financial statements to
June 30.  July 2 represents the first day that bondholders could
send notice of default, which would then trigger a 30 day cure
period during which IMAX could file its financial statements and
avoid acceleration of the obligation.  Bank lenders have granted
an additional waiver for IMAX to deliver its audited financial
statements by July 31.

Moody's placed IMAX ratings under review on March 30 following
its announcement on March 29 that it would further delay filing
of its Form 10-K for fiscal 2006, resulting in a default under
the financial reporting covenant within the indentures of its
senior notes.

If IMAX remains unable to file its 10-K beyond Sept. 30, 2007,
Moody's could withdraw IMAX ratings due to the lack of
sufficient information to assess possible significant changes in
the company's credit profile.  Moody's could then reinstate
ratings upon provision of financial statements.

Headquartered jointly in New York City and Toronto, Canada, IMAX
Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one of
the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection.  IMAX is a
fully-integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.




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


AIR JAMAICA: May Be Able to Fly to Mexico Under Air Pact
--------------------------------------------------------
Air Jamaica could take passengers to Mexico City, Cancun or
Monterrey, under an air transport agreement the Jamaican
government signed with its Mexican counterpart, Radio Jamaica
reports.

Radio Jamaica relates that the agreement has paved the way for
direct flights between Jamaica and Mexico.  It lets commercial
airlines from Mexico travel from any Mexican city to Kingston or
Montego Bay, or both.

According to Radio Jamaica, Air Jamaica and Mexican airlines
didn't say whether they want to take up the route.

Professor Stephen Vasciannie, Jamaica's Air Policy Committee
chairperson, told Radio Jamaica that he hopes the opportunity
will stimulate tourism and commercial prospects.

Persons who want to travel from Jamaica to Mexico have to be
routed through Miami or Panama City, Radio Jamaica states.

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

                        *     *     *

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

                        *     *     *

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


NATIONAL WATER: St. Catherine Residents Protest on Lack of Water
----------------------------------------------------------------
West Central St. Catherine residents launched a protest on
Monday due to prolonged absence of piped water in some
communities, Radio Jamaica reports.

Water in Jamaica is under the responsibility of the National
Water Commission.

According to Radio Jamaica, some of the affected communities
are:

          -- Macka Tree,
          -- Pedro,
          -- Back Pasture,
          -- Watermount, and
          -- Cudjoes Hill.

RJR News relates that several trees were used to block the
Cudjoes Hill main road and the Watermount main road.  The
blockade prevented commuters from accessing the communities.

The residents told Radio Jamaica that they have been complaining
about the absence of piped water for two years.

The residents threatened not to vote in the coming general
election if the problem continues, Radio Jamaica states.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.


SUGAR COMPANY: 20 Firms Submit Bid for Five Sugar Factories
-----------------------------------------------------------
The Sugar Company of Jamaica has reportedly received 20
expressions of interests from companies for the purchase of its
five sugar factories, Radio Jamaica reports.

According to Radio Jamaica, the figure accounts for total offers
received by the divestment committee at last week's deadline for
investors to submit pre-qualification bids.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2007, the Sugar Company would stop accepting submission
of expressions of interest for the purchase of the firm's five
factories.  Jamaican Agriculture Minister Roger Clarke said that
no additional time would be granted for interested parties to
make offers to the team overseeing the divestment.  The Sugar
Company had extended the deadline earlier this year.  The March
deadline was moved to accommodate late bids from US and
Brazilian investors.  According to Minister Clarke, the team
would be selecting the successful bidder.  Five entities pre-
qualified to bid for the factories and "additional investors
have put in applications for pre-qualification."  They would be
invited to make bids.

AT least 10 of the bidders will be short-listed, the Financial
Report says, citing Minister Clarke.

Minister Clarke commented to Radio Jamaica, "The expressions of
interest from the opening to the close, today, would total about
20.  As we speak I believe we would have another six more that
should pre-qualify in terms of the expressions of interest based
on the pre-qualification criteria that were set down by the
divestment committee."

The factories being divested include:

          -- Monymusk in Clarendon,
          -- Bernard Lodge in St. Catherine,
          -- Frome in Westmoreland,
          -- Duckenfield in St. Thomas, and
          -- Long Pond in Trelawny.

Sugar Company of Jamaica registered a net loss of almost US$1.1
billion for the financial year ended Sept. 30, 2005, 80% higher
than the US$600 million reported in the previous financial year.
Sugar Company blamed its financial deterioration to the
reduction in sugar cane production.  According to published
reports, the Jamaican government has taken responsibility for
the payment of the firm's debts.




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


BALLY TOTAL: Secures US$292 Million DIP & Exit Financing
--------------------------------------------------------
Bally Total Fitness Holding Corporation has entered into a
commitment letter with Morgan Stanley Senior Funding, Inc., as
sole lead arranger and sole bookrunner for US$292 million of
super-priority secured debtor-in-possession and senior secured
exit credit facilities.  Both facilities provide for a US$50
million revolving credit facility and a US$242 million term
loan.  The DIP facility will refinance the existing senior
secured credit facility and provide working capital during the
pendency of the contemplated Chapter 11 case.  Upon consummation
of a prepackaged plan of reorganization and satisfaction of
certain other conditions, the DIP facility will convert into a
senior secured exit facility, including a revolving credit
facility with a maturity of no more than five years and a term
loan with a maturity of no more than 6 years. The commitment
letter is subject to customary closing conditions for a DIP
financing.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT)(OTC BB: BFTH) -- http://www.ballyfitness.com/-- is
a commercial operator of fitness centers in the U.S., with over
375 facilities located in 26 states, Mexico, Canada, Korea,
China and the Caribbean under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands.  Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious
adult consumers.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BLOCKBUSTER INC: Names James Keyes as Chairman & CEO
----------------------------------------------------
Blockbuster Inc. has appointed James W. Keyes as the company's
new Chairman and Chief Executive Officer.  Mr. Keyes is the
former president and CEO of 7-Eleven Inc. and a 21-year veteran
of the world's largest chain of convenience stores.  He replaces
current Chairman and CEO John F. Antioco, who will be assisting
with an orderly corporate transition.

Under Mr. Keyes' leadership as president and CEO of 7-Eleven
from 2000 to 2005, the company experienced record sales and
profits and implemented new retail systems technology that
improved product assortment decisions in every store.  He also
ushered in a new era for 7-Eleven through the introduction of a
host of new electronic services, which helped the convenience-
store chain become as well known for its cutting-edge use of
technology as for Slurpees(R).  Additionally, he collaborated
with manufacturers across all merchandise categories to develop
new products, enabling the company to introduce as many as 50
new items each week in advance of the competition.  When Mr.
Keyes retired upon the sale of the company in 2005, 7-Eleven had
produced 36 consecutive quarters of same-store sales increases
and had some 6,000 franchised and company-owned stores in the
U.S. and Canada with 30,000 stores worldwide.

"Jim is results-oriented, strategic and able to identify
practical, yet highly creative solutions to complicated business
problems.  Most importantly, he has a strong multi-unit
retailing background and an impressive record of introducing new
customer-focused technologies into a business that have driven
financial results," said Carl C. Icahn, a member of the
Blockbuster Board of Directors.  "With his extensive background
in finance, operations and marketing, and as a former CEO of a
Fortune 500 company, he is exactly the right person to become
the next leader of Blockbuster.  The rest of the board and I are
extremely pleased to welcome Jim to the company."

"We also want to express our appreciation to John Antioco for
his years of service to Blockbuster," Mr. Icahn continued.
"Thanks to John's leadership over the past decade, Blockbuster
has transformed itself numerous times, and I believe the
initiative he most recently helped put in place, namely
BLOCKBUSTER Total Access(TM), should help position the company
for future growth.  All of us wish John well in his future
endeavors."

"Blockbuster has a world-class brand and is a highly regarded
leader in the home entertainment industry," said Jim Keyes.  "I
look forward to the opportunity to work with the Blockbuster
team to better serve our customers and to position Blockbuster
for profitable growth and an even stronger future."

Mr. Keyes graduated cum laude and Phi Beta Kappa with a
Bachelors degree from the College of the Holy Cross in
Massachusetts and earned an MBA from Columbia University.  From
1980 to 1985, he worked for Gulf Oil and in 1985 joined CITGO
Petroleum, which was then a subsidiary of 7-Eleven Inc.  Mr.
Keyes served in a variety of positions with 7-Eleven, including
chief financial officer, executive vice president and chief
operating officer, and in 2000 was named president and CEO of
7-Eleven Inc.

Mr. Keyes serves on numerous civic boards, including the
national board of governors of the American Red Cross, the
Dallas Center for Performing Arts, the Cooper Institute and the
SMU/Cox School of Business.  A recipient of the Horatio Alger
Award in 2005, Keyes was also the founder of the Education is
Freedom foundation, which provides college scholarships for
hard-working young students.  Jim and his wife of 17 years,
Margo Bernadette Keyes, reside in Dallas.

                    About Blockbuster Inc.

Dallas-based Blockbuster Inc. (NYSE: BBI) --
http://www.blockbuster.com/-- is a leading global provider of
in-home movie and game entertainment, with over 8,000 stores
throughout the Americas, Europe, Asia and Australia.  The
company maintains operations in Brazil, Mexico, Denmark, Italy,
Taiwan, Australia, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 29, 2007, Standard & Poor's Ratings Services raised the
ratings, including the Corporate Credit Rating, on Blockbuster
Inc. to 'B' from 'B-'.  This action reflects the improved
operating performance and improved credit protection metrics for
the company.  At the same time, Standard & Poor's raised the
recovery rating on the bank facility to '3' from '5', indicating
the expectation for meaningful (50%-80%) recovery of principal
in the event of payment default.  Standard & Poor's affirmed the
stable outlook.


CKE RESTAURANTS: Court Rejects Preliminary Injunction Motion
------------------------------------------------------------
The U.S. District Court in Santa Ana, Calif., has denied a
motion for a preliminary injunction that CKE Restaurants, Inc.
filed against Jack in the Box Inc. seeking to have television
ads supporting its new 100% Sirloin Burger taken off the air.
CKE Restaurants, Inc., parent company of Carl's Jr. and Hardee's
restaurants, claims that the Jack in the Box(R) ads mislead the
public about the origins of Angus beef.  The court found that
CKE Restaurants, Inc. did not meet its burden of demonstrating
this.

"We're glad that common sense prevailed and that this motion was
denied," said Terri Graham, vice president and chief marketing
officer for Jack in the Box Inc.  "Jack in the Box is the only
major quick-serve chain offering a 100% Sirloin Burger, so we
wanted our advertising to highlight the high quality of our new
burger and differentiate it from our competitors' products in a
humorous way."

                         About Jack

Based in San Diego, California, Jack in the Box Inc. --
http://www.jackinthebox.com/-- is a restaurant company that
operates and franchises Jack in the Box restaurants, one of the
nation's largest hamburger chains, with nearly 2,100 restaurants
in 17 states. The company also operates a proprietary chain of
convenience stores called Quick Stuff(R), with more than 50
locations, each built adjacent to a full-size Jack in the Box
restaurant and including a major-brand fuel station.
Additionally, through a wholly owned subsidiary, the company
operates and franchises Qdoba Mexican Grill(R), an emerging
leader in fast-casual dining, with more than 350 restaurants in
39 states.

                   About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,131
franchised, licensed or company-operated restaurants in 43
states and in 13 countries -- including Mexico and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on March 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on CKE Restaurants.  S&P said the outlook is
stable.


PETROLEOS MEXICANOS: S&P Affirms Ratings with Positive Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Petroleos Mexicanos (PEMEX; LC: BBB/--) and on the Pemex Project
Funding Master Trust (FC: BBB/--) to positive from stable.  The
outlook is stable.  All of the ratings on PEMEX have been
affirmed.

The rating action follows S&P's revision of the outlook on the
United Mexican States to positive from stable.  The stable
outlook on the local currency rating reflects our expectations
that it will not be raised during the medium term.  "Any
improvement would require a combination of the government
contributing sufficient capital to allow for significant
deleveraging; the government sharply reducing PEMEX's tax
burden, so the bulk of capital expenditures (maintenance and
expansion) could be internally funded; an improvement in PEMEX's
operations, particularly in reserve replacement; and a reduction
of its growing unfunded pension liabilities," said Standard &
Poor's credit analyst Jose Coballasi.

The ratings also reflect significant support from PEMEX's sole
owner and Mexico's large oil and gas reserve base, PEMEX's
monopoly status in the large Mexican oil and gas market, and
PEMEX's central role in Mexico's energy sector.

The positive outlook on the foreign currency rating reflects
that on the United Mexican States.  S&P does not expect a
significant change in the medium term regarding PEMEX's
relationship with the government, or a material reduction in the
government's heavy involvement in the sector or in the
company.  The stable outlook on the local currency rating
reflects its expectations that PEMEX's current tax regime will
allow greater cash retention and a reduction in debt-leverage
growth in the future.  S&P does not expect the local currency
rating to be raised during the medium term.  Any improvement
would require a combination of the government contributing
sufficient capital to allow for significant deleveraging; the
government sharply reducing PEMEX's tax burden, so the bulk of
capital expenditures (maintenance and expansion) could be
internally funded; an improvement in PEMEX's operations,
particularly in reserve replacement; and a reduction of its
growing unfunded pension liabilities.  The local currency rating
could be lowered if PEMEX's debt leverage continues to climb
significantly, pension liabilities grow disproportionately, and
reserve replacement trends are not improved.

Petroleos Mexicanos not only fuels Mexico's automobile engines,
the state-owned oil company also fuels the nation's economy,
accounting for some one-third of the Mexican government's
revenues and 7% of its export earnings.  The integrated
company's operations, spread throughout Mexico, range from
exploration and production to refining and petrochemicals.
PEMEX's P.M.I. Comercio Internacional subsidiary manages the
company's trading operations outside the country.  PEMEX has
estimated proved reserves of 16.4 billion barrels of oil
equivalent




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


* NICARAGUA: Gov't Resolves Disagreement with Union Fenosa
----------------------------------------------------------
The Nicaraguan government has resolved a disagreement with Union
Fenosa SA over power shortages, Nicaraguan Communications
Minister Rosario Murillo told a local radio station.

According to the radio station, Minister Murillo said legal
action of both parties was also dropped.

Murillo told Thomson Financial that the Nicaraguan government
officials signed an accord with the Union Fenosa management.
The agreement establishes the willingness of both parties to
keep Union Fenosa's operations in the nation and ensure better
service.

Thomson Financial relates that Union Fenosa faced potential
suspension of its concessions in Nicaragua for failing to
fulfill contractual obligations after severe power shortages hit
the nation in April 2007.

Union Fenosa had threatened to file a US$50-million lawsuit
against the Nicaraguan government to protect its investment in
the nation, Thomson Financial states.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

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


* NICARAGUA: OKs Power Purchase & Generator Installation Funding
----------------------------------------------------------------
The Nicaraguan lawmakers have ratified a funding for the
purchase of more power and deployment of new generators to try
to ease blackouts in the nation, the Associated Press reports.

Nicaraguan Energy and Mines Minister Emilio Rappacioli told the
AP that the nation has an energy deficit of up to 300 megawatts.
That shortfall led to power rationing programs that cause
blackouts of up to 18 hours.

The bill on the funding was passed last week.  It provides US$5
million to Union Fenosa SA, the Spanish-owned firm that provides
power to Nicaragua, to buy more energy.  The bill also allows
new generators, which will add 120 megawatts to Nicaragua's grid
over the next 10 months, the AP states.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


CHIQUITA BRANDS: US Siding with Firm in Banana Dispute with EU
--------------------------------------------------------------
Enquirer reports that the U.S. government is siding with
Chiquita Brands International Inc. in its 15-year battle against
the European Union over access to its banana market.

US Trade Representative Susan Schwab told Enquirer that she
would ask a World Trade Organization panel to conduct a probe on
the current system, "which favors bananas imported from former
colonies in the Caribbean over those from Latin American
countries."  The investigation would determine whether the
system breaches WTO rules.

Enquirer relates that the original system imposed quotas
limiting imports from Latin America.  The US intervened on
Chiquita Brands' behalf and imposed almost US$200 million in
yearly sanctions against European products after Chiquita Brands
complained that it lost US$1.5 billion because of the quotas.

Ms. Schwab said in a statement, "We share the concern of Ecuador
and several other Latin American banana exporters regarding the
continued existence of a discriminatory tariff rate quota in the
EU's current banana regime."

According to Enquirer, Chiquita Brands spokesperson Mike
Mitchell said the firm considered the intervention as a positive
step.  He said, "We certainly hope the USTR's action ... will
continue to press the European Commission to resolve the
situation very quickly."

The report says that Chiquita Brands has been fighting EU over
its banana licensing system since the early 1990s.  EU is the
company's most profitable banana market.  However, other firms
are able to charge higher prices there.

Enquirer notes that in 2001, the EU committed to converting
quotas to a tariff-only system by 2006.

However, the Europeans imposed heavy tariffs of EUR176 per ton
on bananas from Latin America, Ms. Schwab's office told
Enquirer.

The fees added US$75 million in net costs in 2006, a major
factor in the firm's US$96 million loss, Enquirer states, citing
Chiquita Brands.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.




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


SK CORPORATION: Appoints New Co-Chief Executive Officer
-------------------------------------------------------
SK Corporation appointed Park Young Ho as co-chief executive
officer of the company.

According to the report, the appointment is effective
July 2, 2007.

Choi Tae Won continues to be Co-CEO of SK Corporation with
Mr. Park, the report adds.

                       About SK Corp.

Headquartered in Seoul, South Korea, SK Corp.
-- http://eng.skcorp.com/-- is an energy and petrochemical
company  with 4,916 employees and 22 offices around the world in
2005.  The company is strategically positioned as Korea's
largest and Asia's leading refiner next to Sinopec and
PetroChina.  SK Corp. currently explores, develops and produces
oil in 13 nations, including Peru, London and the United States.

The Troubled Company Reporter - Asia Pacific reported that on
Feb. 20, 2006, Moody's Investors Service has placed on review
for possible upgrade the Ba1 long-term rating of SK Corp.


* PERU: Obtains US$1-Million Financing from IADB
------------------------------------------------
The Multilateral Investment Fund of the Inter-American
Development Bank reported the approval of a US$1 million grant
to implement a replicable sustainable production-chain model for
low-income groups with production capacity in protected natural
areas in Peru.

"This operation seeks to promote the business and economic
development of the communities located in PNAs and their buffer
areas," said IDB project team leader, Dieter Wittkowski.  "The
creation and consolidation of sustainable production chains in
the PNAs will yield mutual benefits for both producers and
buyers."

The project is divided into three components:

   a) environmental evaluation and implementation of management
      plans for productive activities;

   b) development and consolidation of production linkages in
      PNA; and

   c) systematization, dissemination of outcomes and
      replication.

The purpose of the first component is to reconcile business
development and environmental conservation in the PNAs by
assessing the environmental impact of the selected chains,
implementing standards and management plans for production
activities, and training participating producers in how to best
use their resources and engage in environmentally friendly
economic activities.

Additionally, the development and consolidation of production
chains will help bring the technical and production capacity of
the small-scale producers in the PNAs in line with market
demands, while ensuring that environmental and social
considerations remain an indispensable part of production.

The third component seeks to extensively inform the public about
the outcomes of the productive chains and encourage replication
of the project in other PNAs in Peru and in other countries in
the region.

The project will be executed by the Peru subsidiary of Mennonite
Economic Development Associates, which has worked in the country
developing services for microenterprises and small and medium-
sized businesses in rural and urban areas for more than eight
years.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.




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


GLOBAL HOME: Can Use Madeleine's Cash Collateral Until Sept. 30
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Global Home Products LLC and its debtor-affiliates authority
to continue using the cash collateral securing repayment of
their obligations to Madeleine LLC until Sept. 30, 2007.

The Debtors tell the Court that they need to continue to use
Madeleine's cash collateral to perform their obligations under
the asset purchase agreements for Burnes Group, WearEver and
Anchor Hocking Sale.

Madeleine is a creditor holding approximately US$200,000,000 in
secured claims.  As adequate protection, the Debtors grant
Madeleine a valid, perfected and enforceable lien upon all of
their assets and superpriority administrative claim over any and
all administrative expenses.

In addition, the Debtors' motion also seeks to extend the
adequate protection of Madeleine to US$276,000.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


MICRON TECHBNOLOGY: Wilbur Stover to Quit as Chief Fin'l Officer
----------------------------------------------------------------
Micron Technology Inc.'s Vice President of Finance and Chief
Financial Officer Wilbur G. Stover, Jr., has informed the
company that he will retire after the completion of Micron's
current fiscal year.

Stover joined Micron in 1989 and has served as CFO since 1994,
managing the company's financial, administrative and information
systems operations.

"Bill has been a great contributor to Micron's growth and
success for many years," said Steve Appleton, Chairman and Chief
Executive Officer. "We will miss his leadership and guidance."

The company will begin an international search for Stover's
replacement. Stover will continue to oversee financial matters
until a transition is accomplished.

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's US$1.1 billion convertible senior notes due 2014.


NEWCOMM WIRELESS: Lopez-Zambrana Approved as Special Tax Counsel
----------------------------------------------------------------
NewComm Wireless Services, Inc., has obtained approval from the
U.S. Bankruptcy Court for the District of Puerto Rico to employ
Manuel Lopez-Zambrana, P.S.C., as its special tax counsel
effective May 25, 2007.

Mr. Lopez-Zambrana will:

     (i) identify and resolve all tax related issues in
         connection with the sale of the Debtor to PRWireless;
         and

    (ii) identify and resolve all tax related issues in
         connection with the Debtor's plan and disclosure
         statement.

Mr. Lopez-Zambrana will bill the Debtor in tenths of hours.  His
hourly rates is US$240.

The counsel can be reached at:

       Manuel Lopez Zambrana, P.S.C.
       PMB 325, 1357
       Ashford Avenue
       Suite 2
       San Juan, Puerto Rico 00907
       Tel: 787-641-7265
       Fax: 787-641-7268

                     About NewComm Wireless

Based in Guaynabo, Puerto Rico, NewComm Wireless
Services Inc. is a PCS company that provides wireless service to
the Puerto Rico market.  The company is a joint venture between
ClearComm, L.P. and Telefonica Larga Distancia.  The company
filed for chapter 11 protection on Nov. 28, 2006 (Bankr. D. P.R.
Case No. 06-04755).  Carmen D. Conde Torres, Esq., at C. Conde &
Assoc. and Peter D. Wolfston, Esq., at Sonnenschein Nath &
Rosenthal LLP represent the Debtor in its restructuring efforts.
Mark J. Wolfson, Esq. at Foley & Lardner LLP and Sergio A.
Ramirez de Arellano, Esq., at Sergio Ramirez de Arrelano Law
Office represent the Official Committee of Unsecured Creditors.
In its schedules, the Debtor disclosed total assets of
US$111,652,190 and total debts of US$190,695,559.




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


DAIMLERCHRYSLER: Fitch Assigns Low B First-Time Ratings
-------------------------------------------------------
Fitch has initiated rating coverage on Chrysler LLC (Chrysler)
by assigning these ratings:

  -- Long-term Issuer Default Rating (IDR) 'B+';
  -- US$10 billion first-lien loan 'BB+/RR1';
  -- US$2 billion second-lien loan 'BB+/RR1'.

The US$12 billion in senior secured financing will be raised
following the pending acquisition of 80.1% of Chrysler's parent,
Chrysler Holding LLC, by affiliates of Cerberus Capital
Management, L.P. The 'RR1' Recovery Rating (RR) is based on
Fitch's expectation of full recovery in the event of bankruptcy.
The Rating Outlook is Stable.

The rating reflects the severe competitive environment in the
U.S. auto market, recent operating losses that are expected to
continue through at least 2008, uncertainties regarding the
extent of restructuring efforts and the pending UAW contract
talks, and a deeply stressed supplier base. The Stable Outlook
is based on Chrysler's market share performance since 2000,
which has held up fairly well given the stiff competition and
capacity expansion of transplant manufacturers as well as
shifting buying patterns. The current product lineup across a
number of segments, along with near-term new product
introductions and a growing export market, should provide
sufficient revenue support that will allow cost reductions to
improve operating margins over the near term.

Chrysler has made healthy improvements in its North American
manufacturing operations since its merger with DaimlerChrysler
AG (Daimler).  Steady improvement in such key areas as capacity
utilization, production efficiency and flexible manufacturing,
when combined with the company's market share performance, have
limited operating losses despite an uncompetitive cost
structure.  As a result, Chrysler's restructuring efforts are
far less dramatic than at Ford and GM, with only a single
assembly plant currently scheduled for closure.

However, over-production by Chrysler in 2006, particularly in
larger vehicle segments, created bloated inventories and
problematic dealer relationships. Subsequent inventory
reductions through the first quarter of 2007 have returned
inventories to acceptable levels with an improved mix across
product segments.  Nevertheless, the inventory reductions were
done at a heavy cost, resulting in higher incentives, higher
fleet sales, operating losses, lower residual values and damage
to brand image.

Consolidated operating results also disproportionately suffered
from volume and price deterioration in the key pickup segment
due to a cyclical decline in the housing market, heavy
incentives, and tough competition from new GM and Toyota
products.  By the time the Dodge Ram is refreshed, the current
version may be the most dated product in the market, although
two pending derivatives could enhance its presence in the
segment over the near term. Over the longer term, the U.S.
manufacturers appear well-positioned to hold or improve their
competitive position in this market, and should benefit from any
eventual upturn in construction activity.  Although Chrysler
remains heavily exposed to larger vehicle segments, the company
has been proportionately less exposed to the steep decline in
mid-size and large SUV's than Ford and GM.

In the second half of 2007, key product introductions include
the Dodge and Chrysler minivans, and the Jeep Liberty.  Chrysler
enjoys a solid market position in minivans, (although the
segment remains in decline due to cannibalization by crossover
vehicles), and could be poised to capture additional share as
Ford and GM contract in this segment.  Also supporting volumes
and revenues in 2007 and into 2008 are the Jeep Wrangler, Dodge
Charger and Dodge Caliber.  Balanced strength across a range of
new and existing products, including smaller vehicles, should
allow production efficiencies achieved over the past several
years to positively impact margins, despite continuing price
erosion across the industry. However, large SUV products such as
the Chrysler Aspen and Jeep Commander were introduced just as
this segment was in steep decline.

A primary support factor for the rating is the continuing
relationship between Chrysler and Daimler.  In addition to a
19.9% stake that Daimler will retain in Chrysler Holding LLC,
various agreements will be put in place that will cement the
operating and product development ties between the two
companies.  Areas of cooperation include axles, a common SUV
platform, V-6 engine development and more.  In particular, a
technology sharing agreement provides Chrysler with rights to
technologies that are currently in, or designated for Chrysler
products.  These agreements allow Chrysler to greatly leverage
its R&D efforts and capitalize on Daimler's technologies.
Chrysler's access to Daimler diesel technology could provide
Chrysler with a competitive advantage over the long term as the
U.S. market opens to diesel applications.

Chrysler is also seeking to wring major cost reductions and
efficiencies out of its production process, through parts
commonality, platform-sharing, reductions in engine families,
re-sourcing to low-cost countries, both alone and in partnership
with Daimler.  Although the synergies with Daimler have not met
the levels or timeline first envisioned, efficiencies and cost
savings will continue to accrue over the intermediate term.

Hourly buyout programs, salaried employee reductions and an
expected UAW health care deal (similar to agreements signed by
the UAW with Ford and GM) provide confidence that near-term
fixed cost savings are achievable.  Although Chrysler has
announced US$3 billion of capital spending related to powertrain
products, capital spending will be reduced from heavy investment
spending over the past several years.

Although liquidity is very healthy, and more than sufficient to
offset near-term operating losses and restructuring costs,
Chrysler remains capital constrained and lacks the scale of
competitors, particularly in terms of long-term product
development.  The agreement with Daimler represents a critical
offset to this competitive disadvantage, but does not eliminate
it. Legislative and regulatory issues, including higher CAFE
requirements and emission standards, present long-term
uncertainties and are likely to further increase the capital
intensity of the industry.

The significant revenue and margin pressures at Ford and GM will
require significant changes to the UAW contract terms in order
to reverse negative cash flows.  Chrysler's fixed cost position
are expected to benefit from changes in a number of areas
including, outsourcing, use of non-union labor, work rules, job
classifications, etc., through both the national contract and
through continuing local agreements.  Significant uncertainties
remain around the results of the upcoming contract talks, and
the risks of a labor disruption remain.

Given its liquidity, operating profile and the size of its
healthcare liabilities, Chrysler is uniquely positioned among
the Detroit-3 in its capacity to finance a final solution to its
health care liabilities (along the lines of a Goodyear-style
deal).  Chrysler is likely to be aggressive in pursuing such a
transaction, but it is uncertain that a one-size-fits-all
agreement can be reached between the UAW and Ford/GM/Chrysler
within the timeline of the current talks.

Chrysler's U.S. pension obligations are fully funded (on a U.S.
GAAP basis), and are likely to improve further following 2007
YTD returns and an eventual re-measurement of liabilities that
incorporate recent buyouts. Legacy health care liabilities
remain an onerous burden on cash flow, but are likely to be
reduced through an expected agreement with the UAW and through
the hourly buyout program.  A healthy percentage of workers
accepting buyout packages are taking offers that exclude future
health care and pension benefits.

The 'RR1' rating is based primarily on a stress analysis of
recoveries valuing Chrysler on a going-concern basis.  Fitch
also analyzed recoveries against physical assets (incorporating
limitations imposed by a borrowing base) and in terms of the
market price implied in the current transaction.  Fitch's
methodology incorporated changes to assumptions on Chrysler's
cost-structure, margins and other liabilities that would impact
going-concern valuations under a bankruptcy scenario.  Recovery
values do not benefit from any values associated with Chrysler
Financial, given the separate ownership structures.

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

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


DAIMLERCHRYSLER: Fitch Puts Low B Ratings on Affiliate
------------------------------------------------------
Fitch has initiated rating coverage on Daimler Chrysler
Financial Services Americas LLC by assigning these ratings:

  -- Long-term Issuer Default Rating (IDR) 'BB-';
  -- Short-term Issuer Default Rating (IDR) 'B';
  -- US$4 billion first lien term loan 'BBB-';
  -- US$2 billion second lien term loan 'BB'.

The Rating Outlook for CFS is Stable.

The assignment of CFS' IDR rating follows the expected
acquisition of 80.1% of Chrysler Holding LLC, the parent of CFS
by CG Acquisition Co, an affiliate of Cerberus Capital
Management L.P. As part of the transaction, all intercompany
debt from Daimler Chrysler AG to CFS will be repaid.

The IDR rating of CFS reflects a one-notch lift over that of
Chrysler LLC.  This reflects the structural protections put in
place to insulate CFS creditors from potential issues at
Chrysler.  CFS and Chrysler will operate as separate legal
entities, with not cross-collateralization or guarantees with
respect to each entity's financing.  Relations and transactions
between the two companies are governed under a master services
agreement and each company will have a separate board of
directors.  While CFS primarily finances Chrysler dealers and
their customers, Fitch believes the structural protections are
adequate at the current ratings level, to recognize a ratings
distinction in the IDR ratings between CFS and Chrysler.
Nonetheless, Fitch will link the ratings of CFS to Chrysler,
given that Fitch believes CFS performance is highly correlated
with that of Chrysler.  As such a change in ratings of Chrysler
would result in a similar change to CFS.

Aside from the strong relationship with Chrysler and relevant
structural elements, Fitch regards CFS as a well-managed captive
finance company.  CFS has demonstrated consistent credit quality
in its retail, lease, and wholesale automotive portfolios over
an extended period.  In addition, CFS is currently operating
with very sound capital levels for the assigned ratings. Fitch
also feels liquidity adequately supports the company's ongoing
business needs.  Fitch's concerns center on Chrysler's ability
to navigate through a difficult operating environment in North
America, industry trend towards 72-month loans, which increases
loss severity, and the highly encumbered nature of CFS' balance
sheet, which may limit financial flexibility.

The ratings of the term loans are notched above the IDR
reflecting their well-secured nature by generally highly liquid
automotive finance related assets.

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

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


DAIMLERCHRYSLER: S&P Junks Rating on US$2 Billion Term Loan
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating on Chrysler LLC. At the same time, Standard &
Poor's assigned its 'B' long-term counterparty credit rating to
Chrysler affiliate DaimlerChrysler Financial Services Americas
LLC.  The outlooks on both companies are negative.  The linkage
of the ratings on the two companies reflects our consideration
of DCFS as a captive finance company and is driven primarily by
the strong business ties between the two entities.

Standard & Poor's also assigned these bank loan and recovery
ratings:

  -- A 'B+' issue rating, one notch higher than the Chrysler
     corporate credit rating, and a '2' recovery rating to
     Chrysler's proposed US$10 billion, first-lien term loan due
     2014;

  -- A 'B-' issue rating, one notch below the Chrysler corporate
     credit rating, and a '5' recovery rating to Chrysler's
     proposed US$2 billion, second lien-term loan due 2014;

  -- A 'BB-' rating, two notches higher than the DCFS
     counterparty credit rating, and a '1' recovery rating to
     DCFS's proposed US$2 billon revolving credit facility and
     US$4 billion first-lien term loan; and

  -- A 'CCC+' rating, two notches below the DCFS counterparty
     credit rating, and a '6' recovery rating to DCFS's proposed
     US$2 billion second-lien term loan.

Chrysler Holding LLC and Chrysler LLC are new legal entities
being formed in connection with the acquisition of a controlling
interest in the Chrysler automotive and financial businesses
from parent DaimlerChrysler AG (DCX; BBB/Watch Pos/A-2) by an
affiliate of Cerberus Capital Management L.P. (DCFS is an
existing entity.)  Upon consummation of the transaction,
Cerberus will own approximately 80.1% of the equity interests in
unrated Chrysler Holding, the indirect parent of Chrysler and
direct parent of DCFS, with DCX retaining a 19.9% stake in
Chrysler Holding.  The sale is not expected to close until late
July, and terms and conditions are subject to change.
Accordingly, our ratings are preliminary and are subject to
consummation of the transaction and receipt and review of final
documentation.

Following the close of the purchase, Auburn Hills, Mich.-based
Chrysler will be a privately held company and is not expected to
report financial results.  The company is the fourth-largest
automaker in North America, based on unit sales.

The ratings on Chrysler reflect the wide-ranging challenges the
company faces in North America, where the vast majority of its
automotive operations are located.  "The company relies more
heavily on North American sales of light trucks than either of
its other Michigan-based competitors," said Standard & Poor's
credit analyst Robert Schulz.  "While it benefits from having a
strong presence in the more stable minivan segment and ownership
of the iconic Jeep brand, the company is in the early stages of
trying to turn around its North American operations," he
continued.  Although the company has been profitable in recent
years, Chrysler has reported steep losses for the past three
quarters, and we expect the company to remain unprofitable until
into 2009.  We are concerned about Chrysler's negative cash flow
generation during 2007 and into 2008 as it works to turn around
its financial performance, despite its more than adequate
liquidity relative to near-term demands.

Chrysler's management and strategies, aimed at returning to
profitability by 2009, are not expected to change significantly
under the new ownership, at least for the near term; rather, we
expect Chrysler to continue executing the turnaround plan
announced in February 2007.  The plan calls for a return on
sales of 2.5% in 2009.  A crucial aspect of the plan is cost
reductions. Chrysler has benefited from past restructurings and
seemingly has less to accomplish this time.  Based on past
results, S&P believes Chrysler will be successful, at least in
part, in reducing its cost structure.  Still, although cost
reductions may prove significant, they will take considerable
time to fully materialize and even longer to translate into cash
flow benefits.

The outlooks on Chrysler and DCFS are negative.  S&P's primary
concern is Chrysler's need to return its North American
automotive operations--the vast majority of the company's
business--to profitability.  The ratings could be lowered if
setbacks, whether industry-related or Chrysler-specific, were to
increase the company's use of cash, delay cash savings from the
latest cost-cutting and restructuring efforts, or constrict
liquidity.  Chrysler would need to reverse its current financial
and operational trends, and sustain such a reversal, before we
would revise our outlooks to stable.

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

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


PETROLEOS DE VENEZUELA: Iraq Pacts Closes Oil Opening Policy
------------------------------------------------------------
Venezuelan Energy Minister Rafael Ramirez told Patrick J.
O'Donoghue at VHeadline.com that the signing of cooperation
agreements between state-run oil firm Petroleos de Venezuela SA
and Iran "closes the oil opening policy."

According to VHeadline.com, the oil opening policy, or the
Apertura Petrolera, was launched by Venezuelan President Rafael
Caldera -- President Hugo Chavez' predecessor.  It involved
selling off Venezuelan oil assets to the private sector.

Minister Ramirez, who is also the head of Petroleos de
Venezuela, told VHeadline.com that "migration" accords with the
11 transnational firms operating on the Orinoco Oil Belt under
the "Full Sovereignty Policy have given way to joint ventures
with seven companies within the framework of the law."

Minister Ramirez commented to VHeadline.com, "It will go a long
way towards strengthening our international position."

VHeadline relates that Ramirez said changes in relations with
transnational companies meant "Venezuela has regained royalties
and ended the pillage that the oil opening policy ushered into
Venezuela."

"Venezuela has recovered the majority of petroleum activity
operations... That means in economic terms that we are
recovering for our people all that belong to us as owner of the
resources," Minister Ramirez told VHeadline.com.

Minister Ramirez "highlights the setting up of 17 new legal
instruments of cooperation with Iran."  He also disclosed the
creation of a bilateral strategic fund with Iran, VHeadline
states.

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

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


SHAW GROUP: Thos. E. Capps Joins Board of Directors
---------------------------------------------------
The Shaw Group Inc. has appointed Thos. E. Capps has been named
to the company's Board of Directors.  He is the retired
chairman, president and chief executive officer of Dominion
Resources Inc.

Mr. Capps retired as chief executive officer of Dominion
Resources on Dec. 31, 2005, but retained the title of chairman
until April 27, 2007.  Prior to Jan. 1, 2005, he also served as
Dominion's president.

Mr. Capps joined Dominion's principal subsidiary, Virginia
Power, as executive vice president in 1984 and assumed the
position of president of Dominion in November 1986.  In 1992, he
was elected chairman of the board, president and chief executive
officer.  After the company's merger with Consolidated Natural
Gas in 2000, Mr. Capps became vice chairman, president and chief
executive officer of the combined company.

He began his career practicing law in Winston-Salem, N.C.,
before joining Carolina Power & Light Co. in 1970 as senior
counsel.  In 1974, Mr. Capps joined Boston Edison Co. as vice
president and general counsel.  In 1975, he joined the Miami law
firm of Steel Hector and Davis as a partner where he also served
as chairman of the executive committee for the 100-member firm.

J.M. Bernhard, Jr., chairman, president and chief executive
officer of Shaw, said, "Mr. Capps' 37-year record of leadership
in the electrical generation business, which includes expertise
in both nuclear power generation and fossil fueled power
generation, will play a key role in providing knowledge and
counsel to Shaw as our global power generation business
continues to expand.  His insight will supply a unique
perspective to Shaw's governing body that will complement our
already impressive group of board members.  We welcome Mr. Capps
to Shaw and look forward to working with him as we continue to
meet the strategic objectives of our clients while maximizing
return to our valued shareholders."

Mr. Capps is:

   -- a member of the board of visitors of the College of
      William & Mary in Williamsburg, Va.;

   -- the board of trustees of the University of Richmond;

   -- the board of trustees of the Virginia Foundation for
      Independent Colleges; and

   -- the boards of directors of Amerigroup Corp. of Virginia
      Beach, a managed-health care company, and Associated
      Electric & Gas Insurance Services Ltd.

He formerly served as a director of Bassett Furniture Industries
Inc. and NationsBank Corp.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

June 21, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     2nd Annual IWIRC Woman of the Year Award Luncheon at
        Corporate Reorganization Conference
           Chicago, Illinois
              Contact: www.renaissanceamerican.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

July 18, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com;
              http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency - Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergers-the New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Today's Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                        ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


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