TCRLA_Public/070705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, July 5, 2007, Vol. 8, Issue 132

                          Headlines

A R G E N T I N A

COSTANZA Y PORTAS: Will Hold Informative Assembly on Sept. 18
DADI ROLL: Proofs of Claim Verification Deadline Is Aug. 17
ROLLING FORMS: Proofs of Claim Verification Deadline Is Aug. 21
SAPORE DI PANE: Reorganization Proceeding Concluded
SOCIEDAD ITALIANA: Proofs of Claim Verification Is Until July 27

W.R. GRACE: Acquires Grupo Sistiaga Assets

B A R B A D O S

HILTON HOTELS: Inks 1st Conrad Management Pact in South America
HILTON HOTELS: Signs Merger Pact with Blackstone for US$26 Bil.

B E R M U D A

BELL ATLANTIC: Final General Meeting Is Set for July 10
BMS ALPHA: Proofs of Claim Filing Is Until July 11
SCOTTISH RE: Selling Middle East Portfolio to Arab Insurance
SEA CONTAINERS: Creditor Panel Raises Concerns on DIP Financing
SEA CONTAINERS: Wants Line of Credit to Non-Debtor Unit Modified

B R A Z I L

BANCO NACIONAL: Approves BRL30-Mil. Loan for Plant Construction
BANCO NACIONAL: Approves 4.5% Interest Reduction in Profarma
BRASKEM SA: Concludes 7.61% Iparinga Shares Acquisition
BUCKEYE TECH: Committee OKs Steven Dean's Compensation Increase
ELETROPAULO METROPOLITANA: Regulator Orders Firm To Reduce Rates

GERDAU SA: US Joint Venture Acquiring Valley Placers Assts
KENDLE INT: Inks Pact with UBS to Up Loan Amount by US$28.5 Mil.
PETROLEO BRASILEIRO: Launches Subsea Pressure Boosting System
PETROLEO BRASILEIRO: Operating 3 Biodiesel Plants by Year-End
PETROLEO BRASILEIRO: Will Sell Natural Gas to Ceara for US$5MM

C A Y M A N   I S L A N D S

ARGENT NIM: Sets Final Shareholders Meeting for Sept. 6
CONCENTRIC LTD: Will Hold Final Shareholders Meeting on July 31
CONCENTRIC LTD: Proofs of Claim Must be Filed by July 31
DISC LTD: Sets Final Shareholders Meeting for Sept. 6
DUPLEX FIFTH: Will Hold Final Shareholders Meeting on Aug. 23

HENDERSON UK: Sets Final Shareholders Meeting for Aug. 1
KKR FINANCIAL CLO 2006-2: Final Shareholders Meeting Is Sept. 6
KKR FINANCIAL CLO 2007-2: Final Shareholders Meeting Is Sept. 6
KKR FINANCIAL CLO 2007-3: Final Shareholders Meeting on Sept. 6
SEGOES SERVICES: Proceedings Against James Fontanetta Dismissed

SPRING POINT: Proofs of Claim Must be Filed by July 31
TAV FINANCE: Proofs of Claim Filing Ends on Aug. 13
TAV FINANCE: Sets Final Shareholders Meeting for Aug. 15
TYPHOON FUNDING: Holding Final Shareholders Meeting on Sept. 6
WINDING RIVER: Sets Final Shareholders Meeting for Sept. 6

C H I L E

COEUR D'ALENE: Makes Due Deligence Under Bolnisi Merger Pact
INGRAM MICRO: Sets Aside US$15MM for Wells Notice-Related Loss

C O L O M B I A

BANCOLOMBIA: Begins 13 Mil. American Depositary Shares Offering
ECOPETROL: Inks Joint Operating Pacts for Exploration of Blocks

C O S T A   R I C A

ALCATEL-LUCENT: Deutsche Bank Maintains Hold Rating on Firm
ALCATEL-LUCENT: Inks Service Contract with ICO Global

E C U A D O R

PETROECUADOR: Inks Confidentiality Pact with Pertamina
PETROLEUM GEO: Establishes New US$950 Million Credit Facility

E L   S A L V A D O R

AES CORP: Names Catherine Freeman as Deputy Chief Fin'l Officer

* EL SALVADOR: State Firm Calls for Hydro Project Bids

J A M A I C A

NATIONAL WATER: Will Impose Water Restrictions on Hermitage Dam

M E X I C O

BAUSCH & LOMB: Sues Alcon for False & Misleading Advertising
BLOCKBUSTER INC: Plans to Close 282 Stores in 2007
CONSOLIDATED CONTAINER: Closes Buying of Mesa Industries' Assets
EMPRESAS ICA: Jorge Borja Retires as Director General-ICA Flour
GRUPO FINANCIERO: Names Fernando Solis as Savings Head

GRUPO IMSA: S&P Downgrades Long-Term Corporate Rating to BB-
MCDERMOTT INT'L: Moody's Lifts Corporate Family Rating to Ba3
MOVIE GALLERY: In Talks with Lenders on Plan to Cure Defaults
QUAKER FABRIC: Defaults on Loan Obligations, Mulls Liquidation
SANMINA-SCI: Ireland Trade Minister Unveils EUR30-Million Deal

VITRO SAB: Alfonso Palacio Quits as President at Glass Biz Unit
VITRO SAB: Excercises Option to Increase Ownership Stake
VWR INTERNATIONAL: Madison Dearborn Unit Completes Acquisition

P U E R T O   R I C O

CENTENNIAL COMM: Deploying Occam's Last Mile Ethernet Software

T R I N I D A D   &   T O B A G O

INVACARE CORP: Extends Tender Offer Expiration to July 12

U R U G U A Y

BANCO HIPOTECARIO: Gov. To Finish Restructuring Co. by September

V E N E Z U E L A

CMS ENERGY: Reports Final Tender Results on 7.5% Sr. Notes Offer
NORTHWEST AIRLINES: AMFA Gives Management "No Confidence" Vote
PETROLEOS DE VENEZUELA: Advancing Talks with Unions
PETROLEOS DE VENEZUELA: Creates Joint Venture with Belarusneft
PETROLEOS DE VENEZUELA: Sends Technicians To Investigate Spill


                            - - - - -

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


COSTANZA Y PORTAS: Will Hold Informative Assembly on Sept. 18
-------------------------------------------------------------
Costanza y Portas S.R.L., a company under reorganization, will
hold an informative assembly on Sept. 18, 2007.

The court-appointed trustee for Costanza y Portas'
reorganization proceeding verified creditors' claims against the
company.  Validated claims were used as basis in creating
individual reports, which he presented in court.


DADI ROLL: Proofs of Claim Verification Deadline Is Aug. 17
-----------------------------------------------------------
Daniel Ernesto Altman, the court-appointed trustee for Dadi Roll
SA's bankruptcy proceeding, verifies creditors' proofs of claim
Aug. 17, 2007.

Mr. Altman 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 Dadi Roll
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 Dadi Roll's
accounting and banking records will be submitted in court.

Infobae did not state the reports submission date.

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

The debtor can be reached at:

          Dadi Roll SA
          Hubac 6080/2
          Buenos Aires, Argentina

The trustee can be reached at:

          Daniel Ernesto Altman
          Parana 774
          Buenos Aires, Argentina


ROLLING FORMS: Proofs of Claim Verification Deadline Is Aug. 21
---------------------------------------------------------------
Eduardo Daniel Gruden, the court-appointed trustee for Rolling
Forms S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim Aug. 21, 2007.

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

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

A general report that contains an audit of Rolling Forms'
accounting and banking records will be submitted in court
Nov. 14, 2007.

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

The trustee can be reached at:

          Eduardo Daniel Gruden
          Avenida Roque Saenz Pena 1219
          Buenos Aires, Argentina


SAPORE DI PANE: Reorganization Proceeding Concluded
---------------------------------------------------
Sapore Di Pane S.A.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process
was concluded after a court in Buenos Aires approved the debt
agreement signed between the company and its creditors.

The debtor can be reached at:

         Melian 1810
         Buenos Aires, Argentina


SOCIEDAD ITALIANA: Proofs of Claim Verification Is Until July 27
----------------------------------------------------------------
Julio Cesar Omar Ciorciari, the court-appointed trustee for
Sociedad Italiana de Socorros Mutuos' reorganization proceeding,
verifies creditors' proofs of claim on July 27, 2007.

Mr. Ciorciari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Santa Fe 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 on Sociedad
Italiana 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 Sociedad Italiana's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission dates.

The debtor can be reached at:

         Sociedad Italiana de Socorros Mutuos
         Belgrano 660
         San Jeronimo Norte, Santa Fe
         Argentina

The trustee can be reached at:

         Julio Cesar Omar Ciorciari
         San Jeronimo 3079
         Ciudad de Santa Fe, Santa Fe
         Argentina


W.R. GRACE: Acquires Grupo Sistiaga Assets
------------------------------------------
W. R. Grace & Co. has acquired certain assets of Grupo Sistiaga
S.L., located in Hernani, Spain.  Terms of the acquisition were
not disclosed.  Sistiaga is a supplier of coatings for aluminum
containers.

"This acquisition underscores our commitment to grow the
Darex(R) coatings and sealants product group," said Fred Festa,
Grace's President and Chief Executive Officer.  "We are
dedicated to providing our customers with innovative
technologies and superior product performance.  The products and
technologies acquired are an excellent complementary addition to
Grace's leading line of Darex(R) coating and sealant products."

"We continue to invest in new technology," said Robert
Sorrentino, Vice President and General Manager of Darex.  "Darex
remains an industry leader because of our ongoing commitment to
provide innovative solutions to the rigid packaging marketplace.  
This acquisition expands our coatings technology capabilities
and allows us to respond to the fast-growing aluminum bottle
segment, which aligns with our vision: Anticipating tomorrow's
global packaging needs today."

                        About Grace Darex

Headquartered in Cambridge, Massachusetts, Grace Darex Packaging
Technologies -- http://www.gracedarex.com/-- a strategic  
product group of W. R. Grace & Co., is a leading supplier of can
and closure sealants and coatings to the packaged food and
beverage industry.  For more than 80 years, Grace Darex has
built a world-class reputation of total customer focus and
innovative packaging solutions.  Grace Darex Packaging
Technologies operates worldwide and has customers in over 65
countries.

                      About W.R. Grace

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

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

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

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

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000,
resulting to a stockholders deficit of US$568,700,000.




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


HILTON HOTELS: Inks 1st Conrad Management Pact in South America
---------------------------------------------------------------
Hilton Hotels Corporation, G&D Developers and Grupo Farallon
disclosed the signing of the Conrad Buenos Aires, the luxury
brand's first management agreement in South America.  Located in
Puerto Madero, this will be the Hilton Family's second property
in the expanding district and its fourth development in
Argentina, and will include both a hotel and residences.  
Construction is planned to begin at the end of 2008 and
completion is scheduled for late 2010.

The 196-guestroom Conrad Buenos Aires and 350-unit +5411
Residences at the Conrad Buenos Aires will be developed by G&D
Developers and Grupo Farallon as part of a mixed-use complex
called +5411 Juana Manso Blvd.  Hilton Hotels Corporation will
operate the hotel under the terms of a multi-year management
agreement.

"We are thrilled to introduce Conrad Hotels & Resorts in
Argentina, and to combine the brand's unique and luxurious
elements with the emerging elegance of the Puerto Madero area,"
Tom Keltner, chief executive officer, Americas and global
brands, for Hilton Hotels Corporation, commented.  "Argentina's
tourism growth continues to deliver opportunities, and we look
forward to bringing our fourth hotel development to the
country."

"We are delighted to have the opportunity to offer a Conrad
Hotel as part of the +5411 Development," Daniel Mintzer, who co-
founded G&D Developers with Gabriel Mayo, added.  "It brings us
great pride to partner with Conrad Hotels & Resorts and we are
sure the brand's prestige and excellence will strengthen our
project."

Located in Puerto Madero, the contemporary Conrad Buenos Aires
will feature 430-square-foot guestrooms, a signature restaurant,
a stylish lobby bar, fitness facilities including a swimming
pool, and close to 7,000 square feet of meeting space.  Both the
hotel and residences will form part of a diverse development
project offering over 160,000 square feet of office space, and
54,000 square feet of retail space, as well as underground
parking for 1,100 cars.  The hotel and residences are a short
distance away from the established Hilton Buenos Aires, and 25
minutes from Ministro Pistarini International Airport.

"Buenos Aires is a thriving commercial center within South
America and we are truly delighted that Conrad will be
showcasing the brand in this flourishing destination," Tom
Potter, area vice president, South America, for Hilton Hotels
Corporation, said.  "Both business and leisure travelers to
Buenos Aires will be able to experience the luxury of Conrad
Hotels & Resorts with its individual style and sophisticated
service.  Conrad Buenos Aires will appeal to the discerning
traveler looking for an exclusive luxury environment where they
can truly be themselves."

"We are honored that the first Conrad management agreement in
South America will be part of our +5411 project," Eduardo
Gutierrez, engineer and president of Grupo FarallĒn, commented.  
"Hilton Hotels Corporation will manage the hotel, delivering the
Conrad brand's exceptional standards.  This addition to +5411
helps us offer excellence in hospitality and satisfy the
sophisticated and growing demand in Argentina."

Buenos Aires, capital of Argentina and the country's largest
city, is the nation's financial, industrial, commercial, and
cultural center.  Puerto Madero is the most recently renovated
neighborhood in Buenos Aires.  Previously a forgotten port, the
area is now bustling with restaurants, renovated lofts, offices,
high-rise residences, and luxury hotels.  Tourists can enjoy
Puerto Madero's ecological reserve, walks along the Rio de la
Plata riverbank, and a floating casino. The city also offers an
array of museums, historical buildings, theaters, shopping
centers, delectable dining options, and a tantalizing nightlife.

Conrad Hotels & Resorts is continuously growing and
strengthening its global portfolio and currently has 17 luxury
hotels and resorts in leading urban and resort destinations
globally.  New Conrad Hotels & Resorts are in conversion in the
Maldives and under development in Shanghai, Abu Dhabi, Dubai,
the Bahamas and Koh Samui.

Hilton Hotels Corporation currently manages the Hilton Buenos
Aires in Puerto Madero.  The company will manage the Hilton
Iguazu Resort scheduled to open in Iguazu Falls in late 2008,
and the Hilton Ushuaia in the southernmost city of the world,
scheduled to open in 2009.

               About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.


HILTON HOTELS: Signs Merger Pact with Blackstone for US$26 Bil.
---------------------------------------------------------------
Hilton Hotels Corporation has entered into a definitive merger
agreement with The Blackstone Group's real estate and corporate
private equity funds in an all-cash transaction valued at
approximately US$26 billion.  Under the terms of the agreement,
Blackstone will acquire all the outstanding common stock of
Hilton for US$47.50 per share.  The price represents a premium
of 40% over the latest closing stock price.

Hilton's Board of Directors approved the transaction.  It is
anticipated that the transaction will close during the fourth
quarter of 2007; completion is subject to the approval of
Hilton's shareholders, as well as other customary closing
conditions.  A special shareholders meeting will be scheduled at
a later date.

The acquisition brings together a leading global hospitality
company with Blackstone's extensive portfolio of hotels and
resorts.  Blackstone currently owns more than 100,000 hotel
rooms in the U.S. and Europe, ranging from limited service
properties such as La Quinta Inns and Suites to LXR Luxury
Resorts and Hotels.  The LXR collection includes such upscale
properties as The Boulders Resort and Spa (Arizona), The El
Conquistador Resort (Puerto Rico), The Boca Raton Resort and
Club (Florida), The Golden Door Spa (San Diego), and The London
NYC (New York).  Blackstone's holdings complement Hilton's
unparalleled family of brands, which include Hilton, Conrad
Hotels & Resorts, Doubletree, Embassy Suites, Hampton Inn,
Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by
Hilton, and The Waldorf-Astoria Collection.

Blackstone intends to invest in the Hilton properties and brands
globally to enhance and grow the business for the benefit of
owners, franchisees and customers.  Over the last fifteen years,
Blackstone has been the largest private investor in hospitality
worldwide and it has a strong track record of reinvesting in its
hotel properties.  Blackstone has invested approximately $1
billion in redevelopment capital in its LXR properties over the
last three years; it has also grown the La Quinta brand by
approximately 45% since its acquisition in January 2006.

Stephen F. Bollenbach, Hilton's co-chairman and chief executive
officer, said: "Our priority has always been to maximize
shareholder value.  Our Board of Directors concluded that this
transaction provides compelling value for our shareholders with
a significant premium.  We are delighted that a company with the
resources and reputation of Blackstone fully appreciates the
value inherent in our global presence, strong brands, industry
leading marketing and technology programs, and unique portfolio
of hotel properties."

Jonathan Gray, Senior Managing Director, Blackstone, commented,
"It is hard to imagine a better strategic fit for us than Hilton
with its world-class people, brands and network of hotels.  This
transaction is about building the premier global hospitality
business.  We are committed to investing in the company and
working with Hilton's outstanding owners and franchisees to
continue to grow and enhance the business."

Michael Chae, Senior Managing Director, Blackstone, added,
"Blackstone's real estate and corporate private equity funds
collaborated on the acquisition of Hilton, demonstrating
Blackstone's unique ability to undertake such a transaction.  We
look forward to working with Hilton's management team and
employees to enhance the value of the company."

Blackstone views Hilton as an important strategic investment; no
significant divestitures are envisaged as a result of this
transaction.

The transaction is not contingent on the receipt of financing.
Financing commitments have been provided by Bear Stearns, Bank
of America, Deutsche Bank, Morgan Stanley and Goldman Sachs.  
These institutions also served as financial advisors to
Blackstone.  Simpson Thacher & Bartlett LLP acted as legal
advisor to Blackstone. UBS Investment Bank and Moelis Advisors
acted as financial advisors to Hilton, and Sullivan & Cromwell
LLP acted as legal advisor to Hilton.

                     About Blackstone

The Blackstone Group (NYSE:BX) is a leading global alternative
asset manager and provider of financial advisory services.  Its
alternative asset management businesses include the management
of corporate private equity funds, real estate opportunity
funds, funds of hedge funds, mezzanine funds, senior debt funds,
proprietary hedge funds and closed-end mutual funds.  The
Blackstone Group also provides various financial advisory
services, including mergers and acquisitions advisory,
restructuring and reorganization advisory and fund placement
services.

             About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,   
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.




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B E R M U D A
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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


BMS ALPHA: Proofs of Claim Filing Is Until July 11
--------------------------------------------------
BMS Alpha Bermuda Manufacturing Finance Ltd.'s creditors are
given until July 11, 2007, to prove their claims to Nicholas
Hoskins, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

BMS Alpha's shareholders agreed on May 31, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Nicholas Hoskins
         Wakefield Quin, Chancery Hall
         52 Reid Street, Hamilton
         Bermuda


SCOTTISH RE: Selling Middle East Portfolio to Arab Insurance
------------------------------------------------------------
Scottish Re Group Limited has sold its Middle East Life
portfolio to Arab Insurance Group (Arig), one of the largest
reinsurance companies in the Middle East and North Africa.

Dave Howell, Chief Executive Officer of Scottish Re's
International Segment, noted, "This transaction enables our
international management team to focus on growth opportunities
in the UK and Ireland, Asia and our specialist global aviation
business.  We understand that the portfolio represents a good
strategic fit for Arig and wish them every success for the
future. We are particularly pleased that a number of employees
from Scottish Re's local office have transferred to Arig.  The
regional expertise of Arig, strengthened by the transferring
Scottish Re staff, will ensure that clients continue to receive
the high quality service which they have come to expect."

Yassir Albaharna, Chief Executive Officer of Arig said, "Arig is
firmly committed to the continued growth of all classes of
business and has been exploring ways to diversify from its
traditional non-life book.  This transaction therefore
underscores our strength and capabilities to become a leading
life reinsurance provider in the MENA region.  Scottish Re's
portfolio is a solid complement to ours and we are very pleased
to complete the purchase today. Key staff from Scottish Re will
shortly relocate to Arig's Head Office in Bahrain in order to
ensure continuity for our clients.  During the transition
period, clients can expect their reinsurance treaties and
contracts to remain unchanged."

The conclusion of the transaction will mean the transfer of
Scottish Re'sMiddle East life portfolio (estimated around USD 22
million annual premiums) to Arig as of 1st July 2007 along with
the necessary infrastructure to support ongoing client and
business needs.  The financial terms of the transaction were not
disclosed.

                      About Scottish Re

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

                        *     *     *

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

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

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

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

                        *    *    *

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

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

These ratings continue on review with direction uncertain:

   Scottish Re Group Limited

   -- senior unsecured debt of Ba3;

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

   -- junior subordinate shelf of (P)B1;

   -- preferred stock of B2; and

   -- preferred stock shelf of (P)B2.

   Scottish Holdings Statutory Trust II

   -- preferred stock shelf of (P)B1

   Scottish Holdings Statutory Trust III

   -- preferred stock shelf of (P)B1

   Scottish Annuity & Life Insurance Co (Cayman) Ltd.

   -- insurance financial strength of Baa3

   Premium Asset Trust Series 2004-4

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

   Scottish Re (U.S.), Inc.

   -- insurance financial strength of Baa3

   Stingray Pass-Through Certificates

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

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


SEA CONTAINERS: Creditor Panel Raises Concerns on DIP Financing
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Services, Ltd. and its debtor-affiliates has raised certain
ongoing concerns regarding the proposed US$176 million Debtor-
in-Possession Financing Facility.

These concerns include the:

   (i) valuation of Sea Containers SPC Ltd.;

  (ii) provisions of the DIP Facility that favor the individual
       bondholder members of the Official Committee of Unsecured
       Creditors of Sea Containers Ltd.; and

(iii) risks associated with foreclosure under the  
       Securitization Facility.

There are material facts in dispute relating to the value of
SPC, David Stratton, Esq., at Pepper Hamilton LLP, in
Wilmington, Delaware, explains to the Honorable Kevin J. Carey
of the U.S. Bankruptcy Court for the District of Delaware.  The
SCSL Committee has been provided with information demonstrating
differing points of view on the value of SPC.  The value of SPC
is one component necessary to assess the appropriateness of the
DIP Facility inasmuch as SCL is assuming the credit risk of the
DIP Facility, and the SCSL Committee wants to ensure the value
of SPC would not create directly or indirectly a default under
the DIP Facility including the representations, covenants, and
default provisions.  While the SCSL Committee recognizes that it
may make senseSEA CONTAINERS to proceed with the DIP Facility in
the face of some valuation risk, the SCSL Committee does not
support issuing a blank check in that regard, Mr. Stratton says.

The SCSL Committee believes that additional facts are needed to
clarify the issues related to valuation.  The deposition
testimony of Michael Berkowitch of PricewaterhouseCoopers, the
Debtors' financial advisors, and Roger Passal of TranSystems may
provide clarification on valuation issues, Mr. Stratton tells
the Court.

The SCSL Committee reserves its rights with respect to the
valuation issues until after the appropriate evidence has been
submitted.

Mr. Stratton also notes that the proposed DIP Lenders are SCL
Committee Bondholders and hold substantial prepetition claims
against SCL.  In light of the dual roles of the SCL Committee
Bondholders/DIP Lenders, the SCSL Committee is intensely focused
on scrutinizing the terms of the DIP Facility.

According to Mr. Stratton, the SCSL Committee has identified a
number of problematic terms in the DIP Facility.  The SCSL
Committee has discussed its specific concerns with the Debtors,
and has made those concerns available to the DIP Lenders.  The
SCSL Committee plans to continue to engage in discussions with
relevant parties in hope of resolving those concerns.  The SCSL
Committee reserves all rights to the extent the DIP Lenders do
not accede to the SCSL Committee's requests.

Mr. Stratton further points out that foreclosure under the
Securitization Facility itself is capable of producing economic
detriments to the estates that may outweigh any adverse
valuation determinations.  The SCSL Committee is evaluating
these risks and reserves all rights in respect thereto.

Pursuit of the DIP Facility involves a careful weighing of
competing considerations and risks.  At this moment, the SCSL
Committee needs to assess additional information before deciding
to support or object to the DIP Facility, Mr. Stratton says.

                Debtors Address DIP Objections

The DIP objections are ill-founded and should be overruled, the
Debtors tell Judge Carey.

Robert D. Brady, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, reiterates that the Debtors are
powerless to prevent foreclosure under the prepetition
Securitization Facility except by renegotiation with the
Securitization Facility lenders or repayment of that facility.  
Because of the facility's bankruptcy-remote structure, neither
Sea Containers SPC Ltd. as borrower, or SPC Holdings Ltd. as
guarantor, can, as a practical matter, seek protection under the
Bankruptcy Code.

The Debtors could do nothing and allow foreclosure; they could
negotiate an expensive and likely unworkable amendment of the
existing bankruptcy-remote obligations; or they could borrow
funds to repay the Securitization Facility, Mr. Brady says.

GE Capital Container SRL, GE Capital Container Two SRL and GE
SeaCo SRL, in their objection, contort the applicable legal
standards under Sections 363 and 364 of the Bankruptcy Code, Mr.
Brady contends.  Courts evaluate on a case-by-case basis the
need for, and the terms of, a DIP financing arrangement, Mr.
Brady points out.  The touchstone of this inquiry is the
debtor's business judgment, to which courts generally defer.

In the Debtors' business judgment, based on extensive analysis
and exploration of options over a period of more than three
months, the proposed DIP Financing is necessary to avoid a
significant risk of loss of value and litigation exposure
related to a potential foreclosure on assets pledged in support
of the Securitization Facility, Mr. Brady contends.

The DIP Motion contemplates repaying the Noteholders through a
capital contribution from SCL to Holdings, which would then be
contributed to SPC.  The U.S. Trustee says the proposal is an
"investment" that must comply with Section 345.

Mr. Brady, however, points out that the plain language and
legislative history of Section 345 indicate that Congress
intended to cover situations where a debtor deposits idle cash
or cash equivalents.  Section 345 does not apply to capital
expenditures or refinancing transactions, which are governed by
Sections 363 and 364.

In In re Foamex Int'l, No. 05-12685 (PJW), the U.S. Trustee
argued that Section 345 applied to the debtor's request to fund
a subsidiary's entry into a joint venture, Mr. Brady notes.  The
Foamex court, however, overruled the objection stating that the
proposal was a Section 363 issue.

Mr. Brady clarifies that the proposed transaction is not a
cross-collateralization.  The Noteholders under the
Securitization Facility will not improve their position by
getting paid; they merely get the benefit of their bargain, Mr.
Brady explains.  

Prior to the bankruptcy filing, the Noteholders obtained a
structural priority over all of the Debtors' creditors by making
an asset-backed loan to a bankruptcy-remote entity, Mr. Brady
relates.  GE SeaCo is fully aware of this deal, Mr. Brady adds.

Contrary to the U.S. Trustee's arguments, the only benefit
gained by the proposed DIP Lenders vis-a-vis their prepetition,
unsecured claims is preservation of the bankruptcy estates,
which will benefit all unsecured creditors, Mr. Brady tells the
Court.  The DIP Lenders do not enjoy an advantage in recovering
on their prepetition unsecured claims, Mr. Brady states.

"The DIP Facility is not the product of any insider transaction
negotiated and documented behind closed doors," Mr. Brady
clarifies.

While the lenders are current unsecured creditors of SCL serving
on SCL's creditor committee, they have not sought to obtain any
special treatment for their existing unsecured claims; their
unsecured claims are and will continue to be governed by the
same prepetition indentures that apply to the other unsecured
bondholders in the cases, Mr. Brady maintains.

At the hearing on the DIP Motion, the Debtors will present
expert testimony on valuation of SPC's container assets.  The
Debtors believe that SPC has positive equity value or, in a
downside scenario, that the value of SPC's container assets is
only slightly lower than the amount of the Term Loan.

According to Mr. Brady, the Debtors pursued a possible
restructuring of the Securitization Facility in lieu of the DIP
Facility.  Ultimately, no proposal advanced by the Noteholders
was as good, taken as a whole, as the terms of the DIP Facility.  
The Noteholders' proposal for a long-term restructuring of the
Securitization Facility, Mr. Brady relates, required a parent
guarantee from SCL of US$25,000,000, plus the possibility of
additional required cash infusions from the parent.  The Debtors
are also required to pay sizeable fees.  The Debtors also would
face the continuing threat of default and foreclosure.

Foreclosure would have harmful operational and strategic
implications for GE SeaCo, and therefore to the value of SCL's
50% equity stake in GE SeaCo, which is SCL's most valuable
asset, Mr. Brady adds.  A foreclosure sale of either SPC's stock
or the GE SeaCo Class B quotas owned by SCL that were pledged to
the Noteholders would introduce at least one new party into the
joint venture.  It is unclear whether the new holders after a
foreclosure would have any interest in, or particular expertise
with, the shipping container business, Mr. Brady explains.

Foreclosure would also increase SCL's exposure to litigation and
contracted-based claims, Mr. Brady adds.

           GE Capital, et al.'s Pretrial Statement

GE Capital Container SRL, GE Capital Container Two SRL, GE SeaCo
SRL, and the Office of the United States Trustee for Region 3
have submitted to the Court a joint pretrial statement with
respect to the Debtors' DIP Motion.

Among others, GE Capital, et al., will ask the Court to:

-- review the factors SCL relied upon in exercising its
    business judgment to enter into the DIP Facility;

-- find whether a heightened scrutiny test should be
    applied in light of the proposed structure and use of the
    loan proceeds, which is to make a capital contribution in a
    non-Debtor subsidiary;

-- find whether the value of SPC's assets and SCL's B Quotas,
    standing alone and without consideration of any other
    reason, is sufficient to justify granting to the proposed
    DIP Lenders a superpriority claim against the Debtors and a
    first priority lien on specific assets of SCL; and

-- find whether foreclosure on SPC's containers and contract
    rights, and SCL's B Quotas will jeopardize the value of
    SCL's A Quotas, increase claims against SCL that would not
    otherwise be asserted, and eliminate the inherent value to
    SCL in retaining SPC's assets and the B Quotas so as to
    justify granting to the proposed DIP Lenders a
    superpriority claim against the Debtors and a first
    priority lien on specific assets of SCL.

GE Capital, et al., will call on these witnesses at the DIP
hearing:

1. Laura Barlow, the Debtors' chief financial officer and
    chief restructuring officer, to testify to the facts set
    forth in the Debtors' request;

2. Michael Berkowitch, a director at PwC, the Debtors'
    financial advisors, to testify concerning the advice and
    assistance the firm provided to the Debtors in connection
    with the entry into the DIP Facility;

3. Antonios Basoukeas, GE Seaco's chief financial officer, to
    testify regarding the facts asserted in the GE Parties'
    objection;

4. Roger Passal of TranSystems to testify regarding his
    valuation of the assets to which SPC's lenders have
    recourse and the basis for his opinion on the value of the
    SPC Recourse Assets; and

5. Michael Panacio, a bankruptcy analyst with the U.S.
    Trustee's office.

Mr. Berkowitch is a designated expert by the Debtors.  Mr.
Passal is a designated expert by the GE Parties.

                     About Sea Containers

Headquartered 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, 2006, 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.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 20; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants Line of Credit to Non-Debtor Unit Modified
----------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask permission
from the U.S. Bankruptcy Court for the District of Delaware to
modify and increase the secured, intercompany line of credit
being provided to Sea Containers Treasury, Ltd., a non-debtor
subsidiary of Sea Containers, Ltd.

The Court initially approved a secured intercompany loan of up
to US$6,000,000 to SC Treasury to be drawn on an as-needed basis
so that SC Treasury, in turn, could make loans to non-debtor
subsidiaries.  The Court's order specified the non-debtor
subsidiaries to which SC Treasury could make future loans and
the maximum amounts of the loans.  SC Treasury was also
permitted to set aside a US$1,000,000 contingency reserve to
make additional loans on an as-needed basis to other non-debtor
subsidiaries.

By June 30, 2007, SC Treasury will have made these aggregate
loans since the entry of the Original Funding Order:

                         Max. Amount that    Funding Made
  Non-Debtor Unit        May be Loaned       By June 30
  ---------------        ----------------    ------------
  Sea Containers          US$1,000,000        US$700,000
  Opera Ltd.

  Finnjet Bermuda Ltd.    US$2,500,000      US$2,500,000

  Sea Containers            US$900,000              US$0
  Finance Ireland

  Units that run          US$3,200,000      US$2,400,000
  Helsinki-Tallinn
  Business

SC Treasury has also set aside roughly US$800,000 in a
contingency reserve.

As of June 30, 2007, SC Treasury will have made roughly
US$6,400,000 in loans under the Original Funding Order, Sean T.
Greecher, Esq., at Young Conaway Stargatt & Taylor LLP, in
Wilmington, Delaware, tells Judge Carey.

The Debtors estimate that as of June 30 Total SC Treasury
Funding Availability will have been reduced to US$2,400,000.  
The Debtors also expect Opera to repay SC Treasury US$800,000
from the proceeds of the sale of the Opera vessel.

However, the Debtors project an aggregate non-debtor subsidiary
funding need of US$4,400,000 through September 2007, consisting
of:

  -- US$1,900,000 for Finnjet;
  -- US$1,000,000 for SCFI; and
  -- US$1,500,000 for the Contingency Reserve.

To bridge that gap, the Debtors intend to add US$1,200,000 in
funding for SC Treasury.  The Debtors also want to reallocate
the remaining Total SC Treasury Funding Availability to Finnjet,
SCFI and the Contingency Reserve.

The Debtors have not finalized a sale of Finnjet's fast cruise
vessel currently berthed in the Bahamas.  Finnjet requires
additional funding for maintenance and berthing costs.  The
US$1,900,000 is anticipated to carry Finnjet through September
2007, Mr. Greecher relates.  At that time, if the Debtors have
not sold the vessel, it likely will be auctioned, Mr. Greecher
says.

The Debtors require an additional US$1,300,000 more than the
originally requested US$1,000,000 for the Contingency Reserve
because of additional projected miscellaneous cash needs of the
non-debtor subsidiaries.  The expenses include:

    * US$150,000 for a mothballed container factory and tank
      cleaning operation in Santos, Brazil, owned by Paulista
      Containers Maritismos Ltda. and Santos Tank Containers
      Ltda.; and

    * US$150,000 for the general operating and advisor expenses
      for Hoverspeed Italia Srl.

SC Treasury has not yet drawn the original US$900,000 allotted
for SCFI.  SCFI originally was established as a special purpose
subsidiary of SCL and incorporated in Ireland to gain certain
tax advantages.  SCFI was capitalized by the contribution of a
sizable loan owed to SCL by a subsidiary, Ferry & Port Holdings.

SCFI has an outstanding tax liability to Irish authorities.  The
tax deficit, if unpaid, could force SCFI's directors to initiate
an Irish insolvency proceeding that, in turn, could cause other
insolvencies across SCL's subsidiaries.  By paying the Irish tax
liability and other third-party creditors and undertaking a
solvent liquidation to wind up SCFI's affairs, the Debtors can
eliminate this threat.

The Debtors originally anticipated that SCFI would need
US$900,000in additional financing to pay SCFI's creditors and
wind up its affairs.  The Debtors currently believe the
liquidation and wind-up will require an additional US$100,000.

The Irish directors of SCFI have declined to accept funding from
SC Treasury in the form of a loan, based on local legal advice.  
Accordingly, SCL has agreed with SCFI's directors to contribute
the US$1,000,000 as part of an equity transaction.  SCFI would
issue US$1,000,000 in "B Shares" to either SCL or SC Treasury.  
SCFI would cancel its "A Shares" and the FPH Loan would be
assigned back to SCL.  SCL and SC Treasury would require written
assurances that SCFI will not incur any further third-party debt
that would dilute SC Treasury's or SCL's recovery in SCFI's
liquidation.

Additionally, the Debtors also ask the Court to bless the SCFI
equity transaction.

                      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.  

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


BANCO NACIONAL: Approves BRL30-Mil. Loan for Plant Construction
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
approved a financing in the amount of BRL30 million for the
construction of the first prototype plant of Brazil for the
development of biotechnological products and the production of
strategic medications for the public health policy, used in the
treatment of illnesses such as cancer, HIV, hepatitis B and C
and anemia linked to chronic renal insufficiency.

BNDES' financing was approved under the Funtec (Technology Fund)
ambit, non-reimbursable, and will be destined to Bio-Manguinhos,
a unit of Fundacao Oswaldo Cruz (Fiocruz), in Rio de Janeiro --
nationally and internationally recognized institution in the
fields of science and biomedical technology.  Funtec purposes to
provide support to projects related to the strategic options of
Industrial, Technological and Foreign Trade Policy, which
encompass dynamic and knowledge and innovation intensive
sectors.

The prototypes plant is a laboratory comprising the necessary
infrastructure for the formulation of experimental lots of
medications and vaccines.  The new prototypes plant will enable
the scale production of laboratory substances for industrial
scale.  That is, it will allow for the transition of the
technological development stage to the medication production.

The new plant, which is dedicated to the research, development
and innovation of biotechnology products for human health, will
be built in an area owned by Fiocruz, in the municipality of Rio
de Janeiro, and will be part of the Integrated Prototypes,
Biomedicine and Reactives Center for Laboratory Diagnosis
[CIPBR], of the Bio-Maguinhos (sic) Technology Complex.  The
project will generate 175 new direct job posts.

The first products to be developed at the CIPBR are the
Recombining Human Eritropoetina, used in the treatment of anemia
linked to chronic renal insufficiency, to cancer and to HIV, and
the Recombining Human Interferon Alpha 2b, used in the treatment
of hepatitis and of some types of cancer.

Currently, Bio-Manguinhos imports from Cuba the active
ingredients of those medications, only carrying out their
formulation.  The prototypes plant will render viable to
internally conduct the entire technological development and
adaptation process, which will enable production to be realized
since the active principle until the finished product for
consumption.

The research and development of medications and vaccines is a
process that involves four main steps: basic research of a new
compound, pre-clinical tests, clinical tests with its different
phases, and medication registration.  The Prototypes Plant to be
implemented is framed within steps 2 and 3, that is, it purposes
to assist projects that have already gone through the basic
research and the animal testing.  From then on, the new products
need to be manufactured in small batches (experimental or pilot
lots) to be used on phases 1, 2 and 3 of research, already in
humans.

Currently, Fiocruz, through Bio-Manguinhos, has been producing
its experimental lots in its own productive facilities.  That is
a bottleneck in the Research and Development process of new
medications and vaccines, given that projects end up staying
idle, waiting for a window in the production programming.  The
new Prototypes Plant will fill in this gap, not only in the Bio-
Manguinhos case, but also in the case of other companies that
are developing health biotechnology products.

Fiocruz is entailed to the Department of Health [MS].  Its
production mainly looks to supply the MS' demand, but it is also
destined to State and local health offices, World Health
Organization programs and other institutions -- mainly public
ones.

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

                        *     *     *

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


BANCO NACIONAL: Approves 4.5% Interest Reduction in Profarma
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's President
Luciano Coutinho reported the approval of interest reduction
from 6% to 4.5% within profarma and within the innovation line.  
It was announced on July 2, at Fundacao Oswaldo Cruz in
Manguinhos, besides the Health minister, Jose Gomes Temporao,
initiatives to stimulate innovation, research and development.

The first one is the reduction of the fixed interest rate from
6% per year to 4.5% per year, for projects approved under the
Support Program for the Development of the Pharmaceutical
Productive Chain's Profarma P, D & I ambit.  It relates to the
lowest rate charged for financings granted by BNDES.

The decision to reduce the interest rate from 6% to 4.5% also
includes the Innovation P, D & I line.  The goal is to increase
attraction, bringing the new interest rate closer to what it
used to be at the time of its creation.  The initiative reflects
the priority given by BNDES to innovative-type projects.

                          Profarma

The program was established in 2004 with the purpose to bring
incentive upon the increase, under a competitive manner, of
medication production for human use and their inputs in the
country.  The Bank's financing aims at stimulating investments
on research, development and innovation activities of the
Brazilian pharmaceutical productive chain, offering
differentiated conditions from the remaining lines and programs
operated by BNDES.

Until May 2007, Profarma had accumulated a portfolio of 47
operations, totaling financial requests around BRL935 million.

                     Innovation P, D & I

Established on February 2006, the Innovation P, D & I line
purposes to provide support to research, technological
development and innovation projects, guided toward new products
and processes, aiming at increasing the Brazilian company
competitiveness.

At that time, the fixed interest rate was 6% per year plus TJLP
[Long-term Interest Rate] of 9% per year.  Thus, the interest
rate of the Innovation line was 3 per cent lower, approximately
33%, at TJLP that was in effect at that time.

Currently, with a 6.25% TJLP per year, the difference is of only
0.25% per year, which reduced the line's attractive elements and
the potential to stimulate innovation.  In order for the new
rate to come close to what was offer in its creating period, the
new rates, of 4.5% per year, are equal to the inflation target
affixed for this year.

The Innovation P, D & I line has a current portfolio of BRL20.5
million of projects already hired and other BRL68.2 million to
be hired, summing up to BRL88.6 million.  All the operations are
direct, without the intermediation of financial agents,
purposing that the formation of project inventories would remain
under BNDES' control.

Innovation at BNDES -- The investment on innovation is a
fundamental factor for the national development strategy,
including the economic-social and environmental aspects.  BNDES'
operational policies establish as one of the Bank's strategic
objectives, the promotion of pioneer initiatives capable of
providing Brazilian companies with greater international
competitiveness.

BNDES possesses various supporting alternatives to this type of
investment, besides the Financing Innovation P, D & I and
Production Innovation Financing, Profarma P, D & I and Protvd
lines, such as:

   a) Criatec Fund -- Investment fund for beginning companies
      oriented toward innovation with the goal to support micro
      and small-size companies.

   b) Prosoft - Company -- Support to investments and business
      plans of national companies which produce software and
      correlated services

   c) Funtec -- Non-reimbursable resources destined to projects
      that stimulate technological development and innovation of
      strategic interest to the Country.

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.


BRASKEM SA: Concludes 7.61% Iparinga Shares Acquisition
-------------------------------------------------------
Braskem has concluded the acquisition of 7.61% of Ipiranga
Petroquimica total capital.  The deal was concluded through an
agreement to acquire the shares from the minority shareholders
of IPQ, through its subsidiary EDSP67 Participacoes S.A., which
is wholly owned by Ipiranga Quimica.

With the execution of this agreement, the totality of IPQ's
shares is now controlled by Braskem, and a request may now be
filed with the Brazilian Securities and Exchange Commission
(CVM) for the delisting of the company's shares, with no need to
hold a public share offering for the transfer of control.

The shares were acquired for BRL118 million, an amount included
in the total investment already announced for the acquisition of
the petrochemical businesses of the Ipiranga Group.  About the
transaction, Carlos Fadigas, CFO and Investor Relations Officer,
commented, "This deal represents one more step in the
consolidation of the acquisition of the Ipiranga Group
petrochemical assets, divulged on March 19, 2007".

                        About Braskem

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer  
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Fitch Ratings has affirmed its BB+ ratings on
Braskem S.A. and Braskem International following the
announcement by Braskem, Petrobras and the Ultra Group that they
have reached an agreement to acquire the Ipiranga Group's
petrochemical, refining and fuel distribution assets.

Fitch also affirmed these ratings:

  Braskem S.A.

    -- Foreign currency issuer default rating at 'BB+';
    -- Local currency issuer default rating at 'BB+';;
    -- Senior unsecured notes 2008, 2014 at 'BB+';
    -- Senior unsecured Perpetual Bonds at 'BB+';
    -- Senior unsecured notes 2017 at 'BB+';
    -- National rating at 'AA (bra)';
    -- Debentures 12th Issuance at 'AA (bra)'; and
    -- Debentures 13th Issuance at 'AA (bra)'.

  Braskem International

    -- Senior unsecured notes 2015 at 'BB+'.


BUCKEYE TECH: Committee OKs Steven Dean's Compensation Increase
---------------------------------------------------------------
Buckeye Technologies Inc.'s compensation committee approved a
salary increase of US$45,000 per year for Steven G. Dean
effective July 1, 2007, in connection with the recommendation
that Mr. Dean be promoted to senior vice president and chief
financial officer.  

Prior to his July 1 promotion, Mr. Dean was the company's vice
president and CFO, and his base salary was US$200,000.

                   About Buckeye Technologies

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and  
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                        *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies, Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


ELETROPAULO METROPOLITANA: Regulator Orders Firm To Reduce Rates
----------------------------------------------------------------
Brazilian power regulator Aneel said in a statement that it has
ordered power Eletropaulo Metropolitana Eletricidade de Sao
Paulo S.A. to decrease rates for residential and industrial
customers beginning July 4, 2007.

Business News Americas relates that Eletropaulo Metropolitana
must cut rates an average of 12.66% for residential customers
and 8.60% for industrial users.

Eletropaulo Metropolitana Eletricidade de Sao Paulo SA --
http://www.eletropaulo.com.br/-- provides electricity to more   
than 5 million customers in the Brazilian state of Sao Paulo.
Part of the privatization trend in Brazil, the company is one of
four created by the split of the former state-owned generation,
transmission, and distribution utility.  Brasiliana Energia, a
company jointly held by US independent power producer AES and
Brazilian national development bank BNDES through Brasiliana,
owns approximately 99% of Eletropaulo.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Fitch Ratings affirmed these ratings of
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.:

     -- Local currency Issuer Default Rating 'BB-';

     -- Foreign currency Issuer Default Rating 'BB-';

     -- Long-term national scale rating 'A(bra)';

     -- Senior unsecured notes due 2010 'BB-';

     -- Bank credit certificate (cedula de credito bancario
        - CCB) due 2015: 'A(bra)';

     -- Eighth issuance of debentures due 2010 'A(bra)';

     -- Ninth issuance of debentures due 2013 'A(bra)'.

The Rating Outlook on Eletropaulo's foreign and local currency
IDRs, senior unsecured notes and long-term national scale rating
was Stable.


GERDAU SA: US Joint Venture Acquiring Valley Placers Assts
----------------------------------------------------------
Gerdau SA said in a filing with the Sao Paulo's Bovespa stock
exchange that that Pacific Coast Steel, Gerdau Ameristeel's
joint venture, will acquire the assets of reinforcing steel
contractor Valley Placers for less than US$10 million.

Gerdau Ameristeel said in a statement that Pacific Coast agreed
to buy the assets of Valley Placers.

Business News Americas relates that the deal would close this
month.

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

                        *     *     *

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


KENDLE INT: Inks Pact with UBS to Up Loan Amount by US$28.5 Mil.
----------------------------------------------------------------
Kendle International Inc. and UBS AG, Stamford Branch executed
an increase joinder agreement which contemplates the revolving
credit loan available under the credit agreement, as amended, is
increased by US$28.5 million, subject to certain conditions.

The amended credit agreement was made among the company, certain
of its subsidiaries, various lenders, and UBS AG, as
administrative agent for the lenders.

Existing lenders under the credit agreement have committed to
the requested increase but the effectiveness of such increase is
subject to certain conditions precedent.  If these conditions
are satisfied, the company will have a total available revolving
credit loan under the credit agreement of US$53.5 million.  If
such conditions are not satisfied on or prior to Sept. 25, 2007,
the additional commitments will terminate.  

As of June 27, 2007, no amounts were outstanding under the
company's revolving credit loan.

                         About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research  
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, Europe,
Asia/Pacific, Africa and Latin America including Brazil.

                        *     *     *

As of July 3, 2007, the company carries Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability
of default rating.  Moody's said the outlook is stable.

In addition, the company also carries Standard & Poor's B+ long-
term foreign and local issuer credits.  S&P said the outlook is
stable.


PETROLEO BRASILEIRO: Launches Subsea Pressure Boosting System
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA has launched
a subsea pressure boosting system with US drilling services
company Baker Hughes in the Jubarte field, Baker Huges said in a
statement.

Baker Huges told Business News Americas that the one-megawatt
electrical submersible pumping system was installed at Jubarte
in November 2005.  The system was launched after the "hookup of
the floating production, storage and offloading vessel."  

The subsea pressure boosting system is producing some 22,000
barrels per day in 4,600 feet of water, BNamericas notes, citing
Baker Huges.

Baker Hughes' unit Baker Hughes Centrilift has supplied seven
multiphase electrical submersible systems to Petroleo Brasileiro
for subsea pressure boosting in the Espadarte and Golfinho
fields offshore Brazil, BNamericas states.

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

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

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

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

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


PETROLEO BRASILEIRO: Operating 3 Biodiesel Plants by Year-End
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's executive
manager Mozart Schmitt told Dow Jones Newswires that the firm
should start operating its first three biodiesel plants by year-
end.

Dow Jones relates that the three plants are being constructed in
the semi-arid region of Minas Gerais, Ceara and Bahia.  They
will each have the capacity of producing some 57 million liters
of biodiesel per year.

The report says that principal feed stocks to be used for the
plants are oils from:

          -- castor bean,
          -- sunflower, and
          -- soy.

Petroleo Brasileiro told Dow Jones that other than its biodiesel
production plans, it is testing the use of a 5% mix of biodiesel
in partnership with automaker Ford Motor Co. in Bahia.

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

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

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

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

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


PETROLEO BRASILEIRO: Will Sell Natural Gas to Ceara for US$5MM
--------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA will sell
natural gas to the Ceara Steel project for US$5 per million
British thermal unit, news daily Gazeta Mercantil reports.

Business News Americas relates that Ceara Steel is a
US$750-million project to be implemented by Korea's Dongkuk,
Italy's Danielli and Brazilian miner CVRD in Ceara, Brazil.

Ceara Steel has been negotiating with Petroleo Brasileiro for
months over the price of gas for the proposed steel slab plant,
BNamericas notes.

According to BNamericas, the project's partners said that it
would be viable with natural gas costing not over US$3.20 per
million British thermal unit.  

Petroleo Brasileiro told BNamericas that the Ceara project isn't
feasible as the state lacks the necessary raw materials, market
and technology to sustain the business.

Brazilian President Luiz Inacio Lula da Silva supports the
project, BNamericas says.  However, the country's steel sector
is against the proposed subsidies for the mill, which is in the
form of fixed rates for gas, "fearing restrictions on exports
brought on by non-observance of World Trade Organization rules."

Brazilian steel institute Instituto Brasileiro de Siderurgia
filed an injunction before a federal court in Rio de Janeiro to
prevent the project from receiving the subsidized natural gas
from Petroleo Brasileiro.  The request was denied by the court.

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


ARGENT NIM: Sets Final Shareholders Meeting for Sept. 6
-------------------------------------------------------
Argent Nim 2003-N7 will hold its final shareholders meeting on
Sept. 6, 2007, at:

          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


CONCENTRIC LTD: Will Hold Final Shareholders Meeting on July 31
---------------------------------------------------------------
Concentric Ltd. will hold its final shareholders meeting on
July 31, 2007, at 11:30 a.m., at:

          P.O. Box 1109
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

   2) 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:

          Cereita Lawrence
          Scott Aitken
          Attention: Isabel Mason
          P.O. Box 1109
          Grand Cayman KY1-1102
          Cayman Islands
          Tel: 345 949-7755
          Fax: 345 949-7634


CONCENTRIC LTD: Proofs of Claim Must be Filed by July 31
--------------------------------------------------------
Concentric Ltd.'s creditors are given until July 31, 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.

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

The liquidators can be reached at:

        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


DISC LTD: Sets Final Shareholders Meeting for Sept. 6
-----------------------------------------------------
Disc Ltd. will hold its final shareholders meeting on
Sept. 6, 2007, at:

          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Chris Marett
          Emile Small
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


DUPLEX FIFTH: Will Hold Final Shareholders Meeting on Aug. 23
-------------------------------------------------------------
Duplex Fifth will hold its final shareholders meeting on
Aug. 23, 2007, at:

          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          Guy Major
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


HENDERSON UK: Sets Final Shareholders Meeting for Aug. 1
--------------------------------------------------------
Henderson UK Equity Multistrategy Fund Ltd. will hold its final
shareholders meeting on Aug. 1, 2007, at 10:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


KKR FINANCIAL CLO 2006-2: Final Shareholders Meeting Is Sept. 6
---------------------------------------------------------------
KKR Financial CLO 2006-2, Ltd. will hold its final shareholders
meeting on Sept. 6, 2007, at:

          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


KKR FINANCIAL CLO 2007-2: Final Shareholders Meeting Is Sept. 6
---------------------------------------------------------------
KKR Financial Clo 2007-2, Ltd. will hold its final shareholders
meeting on Sept. 6, 2007, at:

          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


KKR FINANCIAL CLO 2007-3: Final Shareholders Meeting on Sept. 6
---------------------------------------------------------------
KKR Financial Clo 2007-3, Ltd. will hold its final shareholders
meeting on Sept. 6, 2007, at:

          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


SEGOES SERVICES: Proceedings Against James Fontanetta Dismissed
---------------------------------------------------------------
Cayman Net News reports that Segoes Services Ltd.'s Joint
Official Liquidators have entered into a consent order providing
for the judgment entered against James Fontanetta in Cause No.
319 of 2005, which is pending in the Cayman Islands to be set
aside and the proceedings against him dismissed with no order as
to costs.

According to Cayman Net, Mr. Fontanetta told the Liquidators
that he didn't benefit from the actions he took while he was
still a director and officer of Segoes Services.   

Cayman Net notes that the Liquidators have acknowledged since
July 19, 2006, that Mr. Fontanetta has been fully cooperating
and willingly assisting them in their probe of the affairs of
the plaintiff and its affiliates to recover investors' funds.

The liquidators can be reached at:

         Kenneth M. Krys
         RSM Cayman Islands
         Commerce House, 2nd Floor
         Dr. Roy's Drive
         P.O. Box 1370GT
         Grand Cayman
         Tel: 011 (345) 949 7100


SPRING POINT: Proofs of Claim Must be Filed by July 31
------------------------------------------------------
Spring Point Opportunity Offshore Fund II's creditors are given
until July 31, 2007, to prove their claims to Kenneth M. Krys
and Simone Tomkins, 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.

Spring Point's shareholders agreed on June 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Kenneth M. Krys
        Attention: Mathew Clingerman
        P.O. Box 1370
        George Town, Grand Cayman
        Cayman Islands
        Tel: (345) 949-7100
        Fax: (345) 949-7120


TAV FINANCE: Proofs of Claim Filing Ends on Aug. 13
---------------------------------------------------
TAV Finance Ltd.'s creditors are given until Aug. 13, 2007, to
prove their claims to Seref Eren, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

TAV Finance's shareholders agreed on June 14, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

        Seref Eren
        c/o Maples and Calder
        P.O. Box 309
        George Town, Ugland House
        South Church Street
        George Town, Grand Cayman
        Cayman Islands


TAV FINANCE: Sets Final Shareholders Meeting for Aug. 15
--------------------------------------------------------
TAV Finance Ltd. will hold its final shareholders meeting on
Aug. 15, 2007, at:

          Akfen Meeting Lounge
          Ataturk International Airport
          International Terminal,
          Istanbul, Turkey

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Maples And Calder
          c/o Maples and Calder
          P.O. Box 309
          George Town, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands


TYPHOON FUNDING: Holding Final Shareholders Meeting on Sept. 6
--------------------------------------------------------------
Typhoon Funding Corp. will hold its final shareholders meeting
on Sept. 6, 2007, at:

          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Richard Gordon
          Andrew Dean
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


WINDING RIVER: Sets Final Shareholders Meeting for Sept. 6
----------------------------------------------------------
Winding River Funding (Cayman) Ltd. will hold its final
shareholders meeting on Sept. 6, 2007, at:

          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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


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

The liquidator can be reached at:

          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands




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


COEUR D'ALENE: Makes Due Deligence Under Bolnisi Merger Pact
------------------------------------------------------------
Coeur d'Alene Mines Corporation, Bolnisi Gold NL and Palmarejo
Silver and Gold Corporation announced that Coeur has completed
its due diligence under the terms of the Merger Implementation
Agreement with Bolnisi and that the companies expect to complete
the transaction in the fourth quarter of 2007.

The Joint Operating Committee has completed its work and a
Project Development Committee responsible for daily management
of the mine's construction consisting of professional staff from
Coeur, Bolnisi and Palmarejo has been established.  The
companies have agreed to appoint an interim project manager to
be a senior Coeur executive with substantial development and
operational expertise.

While the initial focus will be to develop the Rosario deposit
using open pit mining methods, the Project Development Committee
will complete a pre-feasibility study by the end of August,
which will include a combined open-pit and underground mine
development scenario.

Based on a recently-completed scoping study and optimization
work for this combined open-pit and underground mine
development, the total estimated capital costs to bring the
Palmarejo Project into production, including pre-stripping,
underground development, mining fleet, power line, ongoing
permitting, owner's costs and contingency, will be approximately
US$200 million and initial production from open pit mining is
expected in the fourth quarter of 2008.

"We are pleased to have completed the due diligence process, and
continue to believe that this transaction is in the best
interests of Coeur's shareholders," said Dennis E. Wheeler,
Coeur's Chairman, President and Chief Executive Officer. "With
this transaction, the companies are establishing the new Coeur
as the clear leader in the silver mining industry with the
addition of this world-class silver/gold asset located in
Mexico. In addition, we believe the combined company's balance
sheet will sufficiently fund all three of our major development
projects over the next two years -- San Bartolome, Kensington,
and Palmarejo -- without a need to further access the capital
markets."

Norman A. Seckold, Chairman of Bolnisi and Palmarejo, said, "We
continue to be very excited about this transaction, as it
provides our shareholders with the opportunity to participate in
the upside potential of what we believe will be the world's
premier silver company.  By leveraging Coeur's expertise in
underground and open cut project development, we expect to
realize the full value of the Palmarejo Project."

The companies expect to begin mailing information to Coeur,
Bolnisi, and Palmarejo shareholders in September.  All three
companies' shareholder meetings are expected to be held in
October.  Assuming timely completion of the required regulatory
processes and receipt of the required shareholder and court
approvals, the companies expect the transaction to be completed
in the fourth quarter of 2007.

                        About Bolnisi

Bolnisi Gold NL is an Australia-based company engaged in mining
and exploration for gold and minerals.  The Company's activities
are all Mexican precious metals operations with an existing
portfolio of projects, which include the Palmarejo Silver-Gold
project (including Trogan), Chihuahua; the Yecora Gold-Silver
project, Sonora, and the El Realito Gold-Silver project,
Chihuahua.

                       About Palmarejo

Palmarejo Silver And Gold Corporation is a silver/gold
exploration company listed on the TSX Venture Exchange under the
symbol "PJO."  Palmarejo's principal activity is to explore and
develop gold and silver properties located in the Temoris
District of Chihuahua, Mexico within the Sierra Madre Occidental
mountain range.

                      About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver  
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


INGRAM MICRO: Sets Aside US$15MM for Wells Notice-Related Loss
--------------------------------------------------------------
Ingram Micro Inc. is recording a charge of US$15 million in its
second quarter ended June 30, 2007, to reserve for estimated
losses associated with a previously disclosed inquiry by the
U.S. Securities and Exchange Commission regarding certain
transactions with McAfee Inc., formerly Network Associates Inc.,
during 1998 through 2000.

On May 21, 2007, Ingram Micro disclosed that it received a
"wells notice" from the SEC indicating the commission's staff
intent to recommend an administrative proceeding.  The staff
contends that the company failed to maintain adequate books and
records relating to certain of its transactions with McAfee, and
was a cause of McAfee's own securities-laws violations relating
to the filing of reports and maintenance of books and records.

Based on ongoing discussions with the SEC staff concerning the
issues raised in the wells notice, the company has determined
that it should record a reserve of US$15 million -- about US$9
million net of taxes -- based upon the company's current
estimate of loss it expects to incur associated with a final
resolution of this matter.

No resolution with the SEC has been reached at this point,
however, and there can be no assurance that such discussions
will result in a resolution of these issues.  When the matter is
resolved, the final disposition may exceed the current amount
estimated and reserved. It is not possible to accurately predict
the timing of a resolution and final disposition at this time.

The company has responded to the wells notice and continues to
cooperate fully with the SEC in its inquiry, which was first
disclosed during the third quarter of 2004.  On Jan. 4, 2006,
McAfee and the SEC made public the terms of a settlement they
had reached.

As a result of this charge, the company is adjusting its net
income guidance for the second quarter ended June 30, 2007.  Net
income including this charge is now expected to range from US$50
million to US$56 million.  Second-quarter revenue guidance is
not affected by this charge.

                     About Ingram Micro Inc.

Headquartered in Santa Ana, California, Ingram Micro Inc.
(NYSE: IM) -- http://www.ingrammicro.com/-- together with its   
subsidiaries, distributes information technology products and
supply chain solutions worldwide.  Its IT products include
peripherals, networking, software, and systems.  The company has
Latin America operations in Brazil, Chile and Mexico.

                           *     *     *

Ingram Micro Inc. continues to carry Moody's Ba1 long-term
corporate family and probability-of-default ratings.




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


BANCOLOMBIA: Begins 13 Mil. American Depositary Shares Offering
---------------------------------------------------------------
Bancolombia S.A. has commenced an offering of up to 13,043,478
American Depositary Shares representing 52,173,912 preferred
shares.  The ADSs trade on the New York Stock Exchange under the
symbol "CIB".  The actual number of ADSs being offered in the
Equity Offering will be determined following the outcome of the
Bank's preemptive rights offering conducted in Colombia, which
is expected to be completed on July 9, 2007.

UBS Securities LLC will be acting as the global coordinator for
the Equity Offering, and UBS Securities LLC and Merrill Lynch &
Co. will be acting as the joint book-running managers.

The ADSs are being offered pursuant to an effective shelf
registration statement (including a prospectus and prospectus
supplement) filed with the U.S. Securities and Exchange
Commission.  Copies of the preliminary prospectus supplement
relating to the Equity Offering may be obtained from:

        UBS Securities LLC
        299 Park Avenue
        New York, NY 10171
        Tel: (212) 821-3000

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings downgraded and removed from Rating
Watch Negative Bancolombia's long-term and short-term local
currency Issuer Default Ratings and Individual rating:

   -- Individual rating to 'C/D' from 'C';
   -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
   -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirmed these ratings:

   -- Foreign currency long-term IDR at 'BB+';
   -- Foreign currency short-term rating at 'B'; and
   -- Support rating at '3'.

Fitch says the rating outlook was stable.


ECOPETROL: Inks Joint Operating Pacts for Exploration of Blocks
---------------------------------------------------------------
Colombian state-owned oil firm Ecopetrol said in a statement
that it has signed four joint operating accords to define
exploration and production contracts in the Fuerte Norte, Fuerte
Sur, Tayrona and Platanillo blocks.

According to Ecopetrol's statement, the company signed the first
joint operating agreement with Anglo-Australian resources firm
BHP Billiton for the exploration of 954,000 hectares in the
Fuerte Norte and Fuerte Sur offshore blocks in the Sinu Marino
basin.

Business News Americas relates that Ecopetrol will control 25%
of the project.  BHP Billiton will hold the remaining 75% stake.

Ecopetrol said in a statement that it signed two joint operating
agreements with Chaco Exploration Colombia and Spain's Repsol
YPF for the exploration of 14,000 hectares in the Platanillo
block.  Ecopetrol will hold 40% of the project.  Ecopetrol also
signed a joint operating accord with Brazilian federal energy
firm Petroleo Brasileiro and multinational ExxonMobil for the
exploration of 2,200,000 hectares in the Tayrona block.  
Ecopetrol will control 20% of the project.  Petroleo Brasileiro
and ExxonMobil will each control 40%.

The joint operating accords were the first of their kind since
the state hydrocarbons regulator ANH opened Colombia's energy
sector to foreign exploration and investment, BNamericas states,
citing Ecopetrol.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Fitch Ratings upgraded the foreign currency
Issuer Default Ratings and issue ratings of selected Colombian
corporates and project finance.  These rating actions follow
Fitch's upgrade last week of the long-term foreign currency IDR
of The Republic of Colombia to 'BB+' from 'BB'.  The Outlook for
Colombia was stable.




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


ALCATEL-LUCENT: Deutsche Bank Maintains Hold Rating on Firm
-----------------------------------------------------------
Deutsche Bank analyst Gareth Jenkins has kept her "hold" rating
on Alcatel-Lucent's shares, Newratings.com reports.

Newratings.com relates that the target price for Alcatel-
Lucent's shares was set at EUR11.50.

Ms. Jenkins said in a research note that Alcatel-Lucent would
register second quarter earnings per share at EUR0.08.

Ms. Jenkins told Newratings.com that "Alcatel-Lucent's EBIT and
net income figures may vary significantly from expectations,
resulting in short-term volatility in the company's share
price."

Alcatel-Lucent is "likely to benefit from a transition towards
wireline capex in developed markets" and strong "order intake in
submarine is expected to lend support" to its margins in the
second half of this year, Newratings.com says, citing Deutsche
Bank.

Alcatel-Lucent's "ongoing headcount reduction" would improve
profitability into 2008, Ms. Jenkins told Newratings.com.

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

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

                        *     *     *

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

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

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


ALCATEL-LUCENT: Inks Service Contract with ICO Global
-----------------------------------------------------
Alcatel-Lucent entered into a contract with ICO Global
Communications (Holdings) Limited to provide end-to-end network
integration services as well as equipment, engineering and
implementation services for ICO's alpha trial of Mobile
Interactive Media services next year.  The offering will be
provided over ICO's integrated satellite and terrestrial
network.  This alpha trial will be the first deployment
worldwide of a hybrid satellite and terrestrial solution using
the new DVB-SH mobile broadcasting standard.

ICO MIM will provide full-duplex, IP data communication services
using GMR air interface technology, a full suite of interactive
mobile video products utilizing DVB-SH, and interactive
navigation, all via an integrated satellite and terrestrial
terminal and antenna system.

Tim Bryan, ICO's CEO, commented, "Today, ICO is expanding its
relationship with Alcatel-Lucent.  We have confidence in their
ability based on both their leadership in DVB-SH development and
their extensive experience in systems design and deployment."

"We are excited about the opportunity to support ICO in the
groundbreaking use of DVB-SH in the United States," said John
Meyer, President for Alcatel-Lucent's services activities.  "To
support this highly complex project, we have pulled together
talents, leveraging our extensive multivendor network
integration experience, our leadership position in DVB-SH, and
the expertise of Alcatel-Lucent's Bell Labs."

As the end-to-end network integrator in the agreement with ICO,
Alcatel-Lucent will develop the system architecture and network
design, and provide end-to-end multivendor network integration
of the alpha trial system.  This unique DVB-SH solution is
supported by an ecosystem of partners including major chipset
vendors and terminal manufacturers and is part of Alcatel-
Lucent's Unlimited Mobile TV solution.

                            About ICO

ICO Global Communications (Holdings) Limited (www.ico.com) is a
next-generation satellite communications company based in
Reston, Virginia. ICO is developing an advanced hybrid system,
combining both satellite and terrestrial communications
capabilities, in order to offer wireless voice, data, video, and
Internet services on mobile and portable devices.

                      About Alcatel-Lucent

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

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

                        *     *     *

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

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

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




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


PETROECUADOR: Inks Confidentiality Pact with Pertamina
------------------------------------------------------
Ecuadorian state-run oil company Petroecuador has signed a
confidentiality accord with Indonesia's respective state oil
firms for the optimization of oil production in Ecuador.

Petroecuador said in a statement that it will provide Pertamina
information for a project to rehabilitate 101 closed wells in
the Amazon.  Pertamina also will review information to develop
the Oglan field project in Orellana province.  The company will
use the information to determine whether to present a formal
offer for these projects.

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


PETROLEUM GEO: Establishes New US$950 Million Credit Facility
-------------------------------------------------------------
Petroleum Geo-Services ASA, on June 29, 2007, completed the
process to establish a new senior secured credit facility.  The
total facility amount of US$950 million consists of an eight-
year US$600 million term loan B and a five-year US$350 million
revolving credit facility.

The term loan B, which has no financial maintenance covenants,
has a floating interest rate of LIBOR + 175 basis points.  The
company expects to enter into interest rate derivatives
agreements for a portion of the loan to change all or parts of
its interest rate exposure from floating to fixed interest rate.

The proceeds together with available cash have been used to
repay and cancel the company's previous senior secured credit
facility, which consisted of a US$244 million term loan B and a
US$150 million revolving credit facility and to pay the purchase
consideration for the acquisition of MTEM Limited.  It will
further be used to fund the payment of about US$300 million of
special dividend approved by the annual general meeting held
June 15, 2007, and for general corporate purposes.

                      About Petroleum Geo

Petroleum Geo-Services (OSE: PGS) (NYSE: PGS) --
http://www.pgs.com-- is a focused geophysical company providing  
a broad range of seismic and reservoir services, including
acquisition, processing, interpretation, and field evaluation.
The company also possesses the world's most extensive multi-
client data library.  The company has operations in Singapore
and Ecuador.

                        *     *     *

As reported in the Troubled Company Reporter on June 14, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on geophysical company Petroleum Geo-Services ASA.

The affirmation follows PGS' announcement that it will seek to
refinance existing senior secured debt with US$800 million in
new senior secured credit facilities (consisting of a US$500
million term loan B and $300 million revolving credit facility)
as well as fund a one-time special dividend of $300 million.

S&P will not rate the new senior secured credit facilities, and
will withdraw its 'BB-' senior secured rating on PGS' current
bank facilities (US$850 million term loan B and US$150 million
revolving credit facility) upon close of the new facilities.




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


AES CORP: Names Catherine Freeman as Deputy Chief Fin'l Officer
---------------------------------------------------------------
The AES Corporation's Board of Directors appointed Catherine
Freeman to the position of Deputy Chief Financial Officer.
Ms. Freeman previously held the title of Vice President and
Controller.  In her new role, Ms. Freeman's principal
responsibility will be to review and ensure adequate and
consistent application of AES financial policies and controls
across the Company's subsidiaries.  In this role, Ms. Freeman
will act as a member of the board of directors of certain
publicly traded subsidiaries of AES and shall provide technical
and corporate governance support for those boards, including
their respective financial audit committees.  She will also be
responsible for assisting with the review of the financial
controls and audits at the Company's subsidiaries, including
their technical performance, staffing and quality assurance
programs.  Ms. Freeman joined the Company in 2004 as Vice
President and Controller, and in that position maintained the
Company's accounting functions and managed our global financial
controls.

AES also reported that the Board appointed Mary Wood to the
position of Vice-President and Controller where she will assume
responsibility for the Company's accounting functions.
Ms. Wood is a partner at Tatum, LLC, an executive services and
consulting firm in the U.S., where she is a Partner in the South
Florida office.

Ms. Wood brings more than twenty-five years of accounting
experience to AES.   Ms. Wood, 52, has a Bachelor's of Business
Administration in accounting from Florida Atlantic University.  
Prior to joining Tatum in 2005, she worked as Executive Vice
President and Chief Financial Officer for DHL Express of the
Americas from 2002-2004 and as Senior Vice President of Shared
Services for ANC Corporation.  She was formerly Vice-President,
Controller and Chief Accounting Officer for AutoNation Inc. and
Chief Financial Officer for Alamo Rent-A-Car.  Ms. Wood was a
partner at KPMG Peat Marwick from 1987 until 1995.

The Company has reached agreement on the terms of Ms. Wood's
employment with AES.  The agreement expires on December 31,
2008.   Ms. Wood will receive a salary of US$25,000 per month,
she will be eligible for a 50% annual cash incentive bonus based
on individual and business performance, she will be eligible for
a "success bonus" for achieving certain to be agreed-upon
milestones in the amount of up to US$240,000,  she will be
reimbursed for healthcare costs up to US$8,000 per year, and she
will be eligible to participate in The AES Corporation
Retirement Savings Plan, which is the company's 401(k) plan, and
any profit sharing award to employees.  The Company will also
reimburse Ms. Wood for her accommodations in Virginia and her
travel expenses from Florida to Virginia.  The Company has no
obligation to provide Ms. Wood any stock-based compensation and
she will not be eligible to participate in the Company's
severance plan.  However, if the Company terminates Ms. Wood
within the first 90 days of her employment, she shall be
entitled to a US$20,000 severance payment, which increases to
US$40,000 if the termination occurs more than 90 days after her
employment commences until the expiration of the agreement.

In connection with Ms. Wood's employment with AES, the Company
has entered into an Interim Engagement Resources Agreement with
Tatum.  Pursuant to the agreement, the Company will pay Tatum a
fee of US$11,250 per month for each month Ms. Wood is employed
with the Company.  Tatum will also be paid amounts equal to 25%
of any success bonus and/or severance paid to Ms. Wood.  In
addition, if the Company terminates the Tatum Agreement and
retains Ms. Wood as an employee or as an independent contractor
(i) during the first 18 months of the term of the Tatum
Agreement, the company will pay Tatum a break up fee of 45% of
Ms. Wood's total base salary and target bonus amount; and (ii)
after the first 18 months of the term of the Tatum Agreement but
prior to the day following the one year anniversary of Ms.
Wood's termination by the company, the company will pay Tatum a
break up fee of 35% of Ms. Wood's total base salary and target
bonus amount.

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.


* EL SALVADOR: State Firm Calls for Hydro Project Bids
------------------------------------------------------
Business News Americas reports that El Salvador's state-run
power firm Comision Ejecutiva Hidroelectrica del Rio Lempa has
issued a call for bids to help register hydroelectric projects
El Chaparral and 5 de Noviembre as clean development mechanism
projects.

Comision Ejecutiva said in a statement that it has invited:

          -- MGM International,
          -- Energia y Medio Ambiente,
          -- Carbons Management Consulting,
          -- Comercializadora Electrica de Guatemala, and
          -- Iberica de Estudios e Ingenieria.

Other interested companies could also participate.  Offers must
be submitted by Aug. 8, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2007, Fitch Ratings affirmed these ratings on El
Salvador:

   -- Foreign and Local Currency Issuer Default Ratings
      at 'BB+';

   -- Short-term Issuer Default Rating at 'B'; and

   -- Country Ceiling at 'BBB-'.

Fitch said the rating outlook was stable.




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


NATIONAL WATER: Will Impose Water Restrictions on Hermitage Dam
---------------------------------------------------------------
The National Water Commission of Jamaica will be imposing water
restrictions on the Hermitage Dam, Radio Jamaica reports.

The dam has been showing a steady decline in supply, RJR News
Center relates, citing the National Water's Corporate Public
Relations Manager Charles Buchanan.

Mr. Buchanan told Radio Jamaica that the National Water may have
to implement nightly restrictions in areas the reservoir serves.

Clients served by the larger Mona Reservoir won't be affected,
Radio Jamaica states, citing Mr. Buchanan.

                        *     *     *

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.




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


BAUSCH & LOMB: Sues Alcon for False & Misleading Advertising
------------------------------------------------------------
Bausch & Lomb filed a civil suit with United States District
Court for the Western District of New York against Alcon
Laboratories, Inc., seeking to stop a broad-based advertising
campaign of false and misleading claims about ReNu MultiPlus(R)
multi-purpose contact lens solution and other contact lens care
solutions.  The suit also seeks damages for the loss of sales
based on Alcon's deceitful claims, as well as corrective
advertising.

ReNu MultiPlus is a trademark of Bausch & Lomb.

At the center of the complaint is Alcon's widespread use of a
red/yellow/green color-coding chart to report the results of
corneal staining tests run with various brands of contact lenses
and multi-purpose solutions.  With this chart, Alcon
communicates that green solution-lens combinations are safe,
yellow combinations warrant caution, and red combinations are
unsafe and should be avoided.

Contrary to Alcon's repeated messages to doctors and consumers
concerning the yellow- and red-designated combinations,
scientific studies and clinical evidence to date have classified
such staining as superficial punctate, which is considered to be
clinically insignificant.

The chart, which is used widely in Alcon advertising and
promotional activities, was created by Dr. Gary Andrasko, an
optometrist in private practice in Columbus, Ohio, whose
research has been supported by a grant from Alcon Research Ltd.

"The color-coding of corneal staining levels is wholly arbitrary
and without clinical relevance," said Robert Moore, vice
president and general manager of Bausch & Lomb's U.S. vision
care and OTC eye care business.  "It intentionally exaggerates
clinically-insignificant differences.  Alcon is extensively
reporting conclusions not supported by the research, thus
intentionally misleading, confusing and deceiving the eye care
community and consumers.

"Alcon's progressive encroachment and disingenuous actions are
not only damaging the Bausch & Lomb brand, but also causing harm
to the broader eye care marketplace.  The medical industry has
always demanded clinically-relevant data, not promotional claims
posing as science, and Alcon must be held to that same
standard."

Corneal staining describes the diagnostic process by which a
medical practitioner applies a sodium fluorescein dye to the
surface of a patient's eye to evaluate the ocular surface in
contact lens wearers and non-wearers alike.  A proper evaluation
measures area, type and depth; by contrast, Alcon uses a
simplistic one-dimensional approach that considers only a
subjective estimate of area, while ignoring the critical
attributes of type and depth.

Almost 8 of 10 normal, non-contact lens wearing patients exhibit
low-level corneal staining, and low-level corneal staining is
commonly observed in successful contact lens wearers.  In the
vast majority of cases, such corneal staining is transient in
nature and asymptomatic.  Alcon's own research confirms that the
staining identified in its promotional chart is both transient
and asymptomatic.  However, the chart is being used improperly
to attack the safety of ReNu MultiPlus, a product that has been
used successfully by millions of consumers for the last ten
years, and which is the number one selling formulation in the
U.S.

Alcon is majority owned by Nestle S.A. and incorporated in
Hnenberg, Switzerland, with U.S. operations based in Fort
Worth, Tex.

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and  
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
the Warburg Pincus Deal prompted Standard & Poor's Ratings
Services to lower its ratings on Bausch & Lomb and placed them
on CreditWatch with negative implications.  Among others, S&P
lowered the company's corporate credit rating to 'BB+' from
'BBB'.

According to S&P, even if the transaction is not consummated,
management's willingness to aggressively increase leverage to
this extent is not commensurate with an investment-grade rating.

Additionally, Moody's Investors Service said it will continue
its review of Bausch & Lomb's ratings for possible downgrade,
including the company's Ba1 Corporate Family rating.

Sidney Matti, an analyst at Moody's, stated that, "The review
for possible downgrade will focus primarily on the company's
post-acquisition capital structure and the likelihood that BOL's
post-acquisition credit metrics would fall below the 'Ba' rating
category."

Furthermore, Fitch maintained its Negative Rating Watch on
Bausch & Lomb emphasizing that the transaction would
significantly increase leverage and likely result in a multiple-
notch downgrade.

Fitch also warns that the transaction would result in an Issuer
Default Rating of no higher than 'BB-'.


BLOCKBUSTER INC: Plans to Close 282 Stores in 2007
--------------------------------------------------
Blockbuster Inc. expects to close 282 domestic stores in 2007, a
plan to optimize its store base, according to an investor
presentation filed with the U.S. Securities and Exchange
Commission.  The company believes that the 2007 closures will
have similar benefits to the 2006 closures.

In 2006, the company closed 290 domestic Blockbuster stores in
close proximity to another Blockbuster store, transferring 25%
of the revenue from closed stores to surrounding stores at a
high margin.

                    Blockbuster Total Access

The company has invested significantly in Blockbuster Total
Access during the first half of 2007 to capture market share in
the overall video rental market and to set the stage for the
expected future profitability of its online rental business.

Results of the program are:

    a) Doubled subscriber growth, reaching 3 million subscribers
       at the end of the quarter;

    b) More store traffic and transactions; and

    c) Continuing improvement of operating metrics.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie  
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.

                        *     *     *

Blockbuster Inc.'s 9% Senior Subordinated Notes due 2012 holds
Moody's Investors Service's Caa2 rating, Standard & Poor's
Ratings Services' CCC+ rating, and Fitch Ratings' CC rating.


CONSOLIDATED CONTAINER: Closes Buying of Mesa Industries' Assets
----------------------------------------------------------------
Consolidated Container Company completed the purchase of
substantially all of the assets of Mesa Industries, Inc.  Mesa
is a leading blow molder focused in the consumer products and
chemical sectors and has nine blow-molding locations --
Thomasville, North Carolina, Statesville, North Carolina,
Asheville, North Carolina, Abingdon, Virginia, Chambersburg,
Pennsylvania, Dupo, Illinois, Dallas, Texas, Palm Coast, Florida
and Deland, Florida.  With this acquisition, CCC now has 70 blow
molding locations in North America.  Details of the transaction
have not been released.

Headquartered in Atlanta, Georgia, Consolidated Container
Company LLC -- http://www.cccllc.com/-- develops, manufactures  
and markets rigid plastic containers for many of the largest
branded consumer products and beverage companies in the world.  
The company has a network of 55 strategically located
manufacturing facilities and a research, development and
engineering center located in Atlanta, Georgia.  In addition,
the company has three international manufacturing facilities in
Canada and Mexico.  The company sells containers to the dairy,
water, juice & other beverage, household chemicals & personal
care, agricultural & industrial, food and automotive sectors.
The company's container product line ranges in size from two-
ounce to six-gallon containers and consists of single and multi-
layer containers made from a variety of plastic resins,
including high-density polyethylene, polycarbonate,
polypropylene, and polyethylene terephthalate.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2007, Moody's Investors Service upgraded the Corporate
Family Rating of Consolidated Container Company LLC to B2.
Concurrently, Moody's assigned a B1 rating to the US$390 million
PP&E term loan facility and a Caa1 rating to the US$250 million
second lien term loan facility of Consolidated Container.
Moody's affirmed the ratings with stable outlook.


EMPRESAS ICA: Jorge Borja Retires as Director General-ICA Flour
---------------------------------------------------------------
Empresas ICA, S.A. de C.V. reported that Jorge Borja has retired
as the Director General of ICA Fluor, effective June 30, 2007.  
Juan Carlos Santos, who was ICA Fluor's Director of Projects,
became the new head of ICA Fluor on July 1.

Mr. Borja has been the Director General of ICA Fluor since its
inception in June 1993.  He has also been a member of the board
of directors of Empresas ICA since 1986, and an Executive Vice
President of ICA for the past 10 years.  With his retirement,
Mr. Borja also presented his resignation from the board of
Empresas ICA, which was accepted.  His seat on the board will
remain vacant until a new director is elected by the next
Ordinary Shareholders' Meeting.

Juan Carlos Santos has been with been ICA for 18 years.  He has
been an alternate board member of ICA, Director of Projects for
ICA Fluor, and Project Manager for the first liquefied natural
gas terminal in Mexico, in Altamira, Tamaulipas.  Previously, he
was contracts and project control manager for the Cantarell
nitrogen plant, which was considered a milestone for the Mexican
oil and gas industry.  He is a civil engineering graduate of the
National Autonomous University of Mexico and has an MBA from
Georgetown University in Washington, D.C.

Bernardo Quintana, the Chairman of the Board of ICA, noted,
"Through his long and dedicated career at ICA and ICA Fluor,
Jorge Borja has made many invaluable contributions.  Under his
leadership, ICA Fluor has become the premier industrial
engineering and construction company in Mexico, with a
reputation for quality, competitiveness, commitment, and client
satisfaction.  The grand projects that have been carried out
during his tenure will be part of the permanent legacy of ICA
and ICA Fluor.  The board expresses its appreciation to Jorge
Borja for his dedication and leadership in making ICA Fluor the
outstanding company that it is today.  I am also confident that
Juan Carlos Santos has the experience, commitment, and
dedication to lead ICA Fluor to a new era."

Empresas ICA -- http://www.ica.com.mx/-- the largest  
engineering, construction, and procurement company in Mexico,
was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.

Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, Standard & Poor's Ratings Services revised its
long-term corporate credit rating on Empresas ICA S.A. de C.V.
to 'BB-' from 'B'.  The ratings were removed from CreditWatch
Positive, where they were placed on April 7, 2006.  S&P said the
outlook was stable.


GRUPO FINANCIERO: Names Fernando Solis as Savings Head
------------------------------------------------------
Mexican press reports that Grupo Financiero Banorte has
appointed Fernando Solis as head of savings and pensions.

Mr. Solis replaces Enrique Castillon, who retired after having
worked in the insurance sector for over 30 years and at Banorte
for the last 10 years, BNamericas states.

Grupo Financiero Banorte SA de CV is a holding company that
operates, through its subsidiaries, in the Mexican banking
industry.  The company's main activities include commercial,
personal and investment banking, securities trading, insurance,
pension funds, leasing and credit financing.  Its two main
subsidiaries are Banorte (96.11%) and Bancentro (99.99%), which
both offer personal and commercial banking services such as
credit and debit cards, insurance products, savings accounts and
mortgage financing.  As of Dec. 31, 2005, Grupo Financiero
Banorte run a total of 986 offices and over 2,800 automated
teller machines across Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2006, Fitch upgraded the individual and Issuer Default
Ratings of Mexico's Grupo Financiero Banorte and Banco Mercantil
del Norte as:

Grupo Financiero Banorte and Banco Mercantil del Norte:

   -- Foreign & local currency IDR to 'BBB' from 'BBB-';
   -- Short-term local currency to 'F2' from 'F3'; and
   -- Individual to 'C' from 'C/D'.

Fitch said ratings outlook is stable.


GRUPO IMSA: S&P Downgrades Long-Term Corporate Rating to BB-
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Grupo Imsa S.A.B. de C.V. to 'BB-'
from 'BB+' and removed it from CreditWatch, where it was placed
with developing implications on May 3, 2007.  The outlook is
stable.
      
"The downgrade reflects Imsa's financial profile, which is more
aggressive because of additional leverage to cover the payment
to the Canales Clariond family," said Standard & Poor's credit
analyst Juan Pablo Becerra.  In addition, US$1.5 billion was
leveraged after the Canales Reyes family acquired 47% of Imsa's
capital stock.  After both transactions, S&P expects interest
coverage and total debt-to-EBITDA ratios to be around 3.2x and
4.5x, respectively, by year-end 2007, which compares unfavorably
with 2006 figures.  If authorities do not approve this transfer
of control, the ratings on Imsa will return to their previous
levels.
     
The rating also reflects the company's high capital expenditure
program, the highly cyclical steel industry, Imsa's limited
product diversification, and its high supplier concentration.  
The ratings also account for the company's geographic
diversification, state-of-the-art production technology, above-
average operating efficiency, and leading market position in
Mexico.
     
The stable outlook reflects S&P's expectation that Imsa will
maintain its strong business position in Mexico and the U.S., as
well as increase its capacity to maintain its strong growth
rate.  The rating could be raised if the company's total debt-
to-EBITDA ratio is reduced and maintained below 3.0x, and its
business risk profile strengthens by increasing geographic and
product diversification.  On the other hand, the rating could be
lowered if the company's profitability decreases, or if the
debt-to-EBITDA ratio exceeds 4.0x.

Headquartered in Mexico, Grupo IMSA, S.A. de C.V. --
http://www.grupoimsa.com/-- is a diversified industrial company  
that conducts its business in three segments: steel processing
products, steel and plastic construction products and aluminium
and other related products.  The company's products include
galvanized metal, painted metal, aluminum for construction,
glass fiber and painted laminates.  The company operates through
its wholly owned subsidiary holding companies: IMSA ACERO S.A.
de C.V., IMSATEC S.A. de C.V., and IMSALUM S.A. de C.V.  The
company exports its products to the United States, Canada,
Mexico, Europe and Central and South America.


MCDERMOTT INT'L: Moody's Lifts Corporate Family Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings of McDermott
International Inc. and its subsidiaries.

Moody's raised MII's Corporate Family Rating to Ba3 from B1.  

Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1,
its Probability of Default Rating to B1 from B2 and its senior
secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%).

The Babcock & Wilcox Company's senior secured bank facility
rating was raised to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).  
The rating outlook for J. Ray is positive, while the rating
outlooks for MII and B&W are both stable.

The Corporate Family Ratings upgrades reflect continuing
operating and financial performance improvement, greater
visibility of near term performance based on growing backlogs,
lower leverage with no funded debt at either J. Ray or B&W, and
strong liquidity.  The ratings are tempered by the inherent
cyclicality in both J. Ray's and B&W's businesses, exposure to
fixed price contracts and potential event risk arising from
MII's growth strategy.

                      J. Ray McDermott

J. Ray's improved performance is primarily reflected in the
company's higher backlog, which increased US$1 billion to
US$4.2 billion at March 31, 2007, from US$3.2 billion at
June 30, 2006.  Moody's expects J. Ray will continue to benefit
from strong fundamentals in the offshore construction market
over the near to medium term.  J. Ray has added to its backlog
while maintaining its disciplined bidding process as shown in
its consistent operating margins.  The rating upgrade further
reflects J. Ray's consistent free cash flow generation --
greater than US$300 million for the twelve months ended
March 31, 2007 -- leading to increased cash on its balance sheet
while maintaining no funded debt. However, Moody's notes that a
substantial amount of its cash will be used to fund the recently
announced $260 million Secunda acquisition.

The rating upgrade of J. Ray's senior secured credit facility
reflects the higher CFR as well as the application of Moody's
loss given default methodology.  J. Ray's Ba2 secured facility
rating benefits from its senior position in the company's
capital structure, which is supported by a significant amount of
unsecured obligations including trade payables and an
underfunded pension.

J. Ray's positive outlook reflects the company's substantial
backlog and Moody's expectation that it will benefit from
continued investment in energy infrastructure, while maintaining
the company's disciplined bidding process and low financial
leverage.  J. Ray could be upgraded through a combination of
continued strong operating and financial performance, as
reflected in a growing backlog and sustained higher operating
margins, increased diversification, and maintaining low leverage
while pursuing its growth strategy.

                        Babcock & Wilcox

MII's CFR rating upgrade reflects B&W's consistent performance
since emerging from bankruptcy in February 2006 and the recent
repayment of B&W's US$250 million term loan, resulting in no
funded debt.  B&W's backlog grew modestly to US$2.3 billion at
March 31, 2007, compared to US$1.9 billion at March 31, 2006.  
About 43% of this backlog is expected to roll-off in the
remainder of 2007, providing near term visibility for the
company's revenue.  B&W should continue to benefit from the
favorable business outlook based on expected growth in
electrical generation demand and the increased environmental
spending requirements of its customers.  In April, B&W repaid
its US$250 million term loan that had funded a payment
obligation to the asbestos settlement trust.  All of B&W's
financial obligations under the plan of reorganization from its
bankruptcy were settled by the end of 2006.  Looking forward,
leverage and coverage should improve through a combination of
MII's plans to fully fund its pensions, which will lower
adjusted debt, and modestly growing cash flow.

On a standalone basis, Moody's considers B&W's credit quality to
be consistent with MII's Ba3 CFR.  B&W's Baa3 senior secured
rating of its credit facility reflects the application of
Moody's loss given default methodology.  The secured facility
rating benefits from substantial underfunded pension obligations
at B&W as well as other companies within the MII family.  
Moody's expects that this rating uplift will decline over time
as MII funds these pensions.

McDermott International, Inc. (NYSE:MDR)
-- http://www.mcdermott.com/--is a leading worldwide energy  
services company.  McDermott's subsidiaries provide engineering,
construction, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the
energy and power industries, including the U.S. Department of
Energy.  The company operates in most major offshore producing
regions throughout the world, including the U.S. Gulf of Mexico,
Mexico, the Middle East, India, the Caspian Sea and Asia
Pacific.  Operations in this segment are primarily conducted
through its subsidiary, J. Ray McDermott, S.A.


MOVIE GALLERY: In Talks with Lenders on Plan to Cure Defaults
-------------------------------------------------------------
Movie Gallery Inc. is in discussions with its lenders regarding
inability to meet the financial covenants contained in the
senior credit facility for the fiscal quarter ending
July 1, 2007, and it intends to work closely with them to
develop a plan to remedy the defaults, which may include seeking
a waiver, amendment, forbearance or similar agreement.

The company has also notified the administrative agent for its
senior credit facility, Goldman Sachs Credit Partners L.P.
    
The company also reported that Bill Kosturos, a managing
director at restructuring and corporate advisory firm Alvarez &
Marsal, has resumed his role as chief restructuring officer of
the company.  

Alvarez & Marsal was retained by Movie Gallery in 2006 to
bolster the company's accounting and finance functions and
assist in improving the company's overall operating performance.  
Alvarez & Marsal's responsibilities have expanded to include
helping the company evaluate available strategic and
restructuring alternatives.

In addition to Alvarez & Marsal, the company hired Lazard Freres
& Co. LLC to serve as an independent financial advisor to the
company.
    
The company plans to operate its business without interruption
while it engages in discussions with its lenders and evaluates
strategic and restructuring alternatives.  To facilitate this,
the company has fully drawn the remaining availability under its
revolver and currently has liquidity consisting of approximately
$50 million of cash on hand.

Moreover, the company will continue to take actions to conserve
cash and improve profitability.  These initiatives include
accelerating the closure of unprofitable stores, consolidating
stores in certain markets, realigning the company's cost
structure to better reflect its reduced size, and seeking a more
competitive capital structure.  

The company intends to consider a number of alternatives,
including asset divestitures, recapitalizations, alliances with
strategic partners, and a sale to or merger with a third party.  
The company does not intend to comment further with respect to
its evaluation process of strategic and restructuring
alternatives until its conclusion.
    
"While we expected the rental industry to be soft in the first
half of 2007, our results for the first two months of the year
were slightly ahead of our refinancing plan," Joe Malugen,
chairman, president and chief executive officer of Movie
Gallery, said.  "However, during the last four months, we have
experienced a sharp decline in our rental business, which has
put unexpected pressure on our financial performance.  With the
help of our advisors, we are actively pursuing every avenue to
restore the financial soundness of the company.  We are
committed to working with our lenders and other stakeholders in
a transparent way to remedy the current situation."
   
                     About Movie Gallery

Headquartered in Dothan, Alabama, Movie Gallery, (Nasdaq: MOVI)
-- http://www.moviegallery.com/-- is a provider of in-home  
movie and game entertainment in the United States.  It operates
over 4,600 stores in the United States, Canada, and Mexico under
the Movie Gallery, Hollywood Entertainment, Game Crazy, and VHQ
banners.

                        *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Moody's Investors Service upgraded the rating on Movie Gallery
Inc.'s US$100 million senior secured credit facility to B1 and
affirmed all its other ratings after the companies revision of
its new capital structure and change in the terms of the
revolving credit facility.  Moody's said the rating outlook
remained positive.


QUAKER FABRIC: Defaults on Loan Obligations, Mulls Liquidation
--------------------------------------------------------------
Quaker Fabric Corporation disclosed that it is likely to
commence an orderly liquidation of its business and a sale of
its assets after the company failed to meet the requirements for
committed borrowings under its existing lending facilities.

The company said it continues to talk with each of its existing
lenders about the financing needed to conduct an orderly
liquidation and sale.

In addition, the company said it is actively investigating
sources of alternative liquidity, including debt, equity or a
combination of debt and equity financing.

According to the company, there is significant uncertainty as to
whether it will be able to obtain sufficient liquidity from
alternative sources to continue its operations after its annual
shutdown period, which this year runs from July 2 through
July 15, 2007.

The company expects that any winding up and liquidation would
not generate sufficient funds to permit any payment to holders
of its common stock.

Recently, as part of its overall restructuring plan, the company
agreed to sell two of its facilities in Fall River, Mass., for a
combined purchase price of US$7.6 million.

In a deal with Nordic Properties Inc. and Whelan Associates LLC
dated June 11, 2007, the company agreed to sell its 193,000
square foot Plant J facility located at 81 Ferry Street in Fall
River, Massachussets, for US$3.3 million with an initial deposit
of US$150,000.  A second deposit of US$150,000 is payable at the
end of an inspection period which will expire on Aug. 3, 2007.

Additionally, on May 16, 2007, Quaker Fabric agreed to sell its
186,000 square foot Plant N facility located at 1450 Brayton
Avenue in Fall River, Mass., to M/K Brayton LLC Inc. for US$4.3
million.  The sale calls for a deposit of US$200,000 with a 90-
day inspection period expiring on Aug. 15, 2007.

Both transactions are expected to close no later than
Sept. 5, 2007.

In its latest 10-Q filing, Quaker Fabric reported a net loss of
US$5,115,000 on net sales of US$32,596,000 for the three months
ended March 31, 2007, compared to net loss of US$4,135,000 on
net sales of US$46,280,000 for the three months ended
April 1, 2006.

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- engages in the design,  
manufacture, and marketing of woven upholstery fabrics primarily
for residential furniture manufacturers and jobbers.  It also
develops and manufactures specialty yarns, including chenille,
taslan, and spun products for use in the production of its
fabrics, as well as for sale to distributors of craft yarns, and
manufacturers of home furnishings and other products.

Quaker Fabric Corporation sells its products through sales
representatives and independent commissioned sales agents in the
United States, Canada, Mexico, and internationally.


SANMINA-SCI: Ireland Trade Minister Unveils EUR30-Million Deal
--------------------------------------------------------------
Ireland's Minister for Enterprise, Trade and Employment Micheal
Martin has disclosed that Sanmina-SCI is to undertake a
EUR30 million investment for the transformation of its facility
in Fermoy, Co Cork, in Ireland into a manufacturing and design
center-of-excellence for the medical industry.  Up to 50 highly
skilled engineering and other professional positions will be
created as a result.

It will also consolidate the existing employment in Fermoy,
further enhance the facility's position within the parent
company and will make it a flagship operation within Sanmina-
SCI.

Supported by IDA Ireland, the investment will establish an
research and development center of engineering excellence to
develop and design processes and products.  Additionally the
investment will facilitate the continuous upgrade of the
facility and equipment to enable it to stay ahead of the ever
increasing and exacting regulatory and quality standards of the
medical industry.  Upgrading of the skills of existing employees
plus the addition of new highly skilled professionals in
multiple disciplines is envisaged.

Sanmina-SCI's Fermoy facility, which serves customers in both
the electronics and medical technologies industries, employs
400 permanent employees and 200 temporary employees and is the
largest medical unit within Sanmina-SCI.

"This is excellent news for Fermoy and the surrounding area,"
Mr. Martin said.  "The move from mainstream contract electronics
manufacturing to medical device manufacturing is an outstanding
success for the Fermoy facility."

"The investment in higher skills and higher value products is in
line with the government's and IDA's strategy for the
international manufacturing sector in Ireland.  It will
transform the facility into a world-class medical technologies
EMS site, which will have the capability to capitalize on the
new opportunities and growth potential of the medical industry.
I congratulate all those involved in winning this investment,"
Mr. Martin added.

"Fermoy is a strategic site for the company within its European
operations and this transformation of its capabilities, with the
addition of design collaboration, is a very important
development for the Irish operation," said Hari Pillai, Sanmina-
SCI's president of Global EMS Operations.

"Our strategy is to maintain and enhance our leadership position
in the EMS industry by providing end-to-end services, from
research through manufacturing to after-sales support; by
collaborating with customers on the design and manufacture of
new products and processes; and by continuing to seek out
opportunities in sectors new to us.  The Fermoy facility will
play a major role in achieving these aims.  Its track record,
workforce flexibility and Ireland's medical technologies
industry, as well as IDA's support, were all major influences in
the selection of Fermoy for this investment."

                     About Sanmina-SCI Corp.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                        *     *     *

As reported in the Troubled Company Reporter on June 8, 2007,
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to Sanmina-SCI Corp.'s US$600 million in
floating-rate notes, US$300 million of which mature in 2010 and
US$300 million of which mature in 2014.


VITRO SAB: Alfonso Palacio Quits as President at Glass Biz Unit
---------------------------------------------------------------
Vitro S.A.B. de C.V. reported that Alfonso Gomez Palacio,
President of the Glass Containers business unit, retired on
June 30 2007, after an outstanding 23-year career and
performance at Vitro. "I want to take this opportunity to
express Alfonso our appreciation for his continuous enterprising
and professional spirit.  His commitment has been a true example
for all of us who work at Vitro and has translated in solid and
lasting commercial relations with many of our customers", said
Federico Sada, CEO of Vitro.

David Gonzalez Morales assumed the responsibility of President
of the Glass Containers business unit as of July 1, 2007.
  
The company's management is certain that the experience acquired
by David during his 27-year tenure at Vitro will allow him to
succeed in his new responsibility.  During this time, David has
occupied diverse positions at Vitro.  For the past six months
David has served as Glass Containers' Co-President.  Before
that, he was President of Vitro Cristalglass' business unit at
Flat Glass.  He has also held different positions at the Glass
Containers and Diverse Industries business units, as well as
advisory role positions at Vitro's joint venture companies
including Vitro PQ, VANCAN, Ampolletas and Regioplast.
  
"On behalf of Vitro's Executive Committee, we wish David the
best in his new responsibility. We will continue working as a
team to benefit our shareholders and employees," concluded Mr.
Sada.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a
leading global glass producer, serving the construction and
automotive glass markets and glass containers needs of the food,
beverage, wine, liquor, cosmetics and pharmaceutical industries.  

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2007, Moody's Investors Service assigned a global
foreign currency rating of B2 to Vitro, SAB de CV's proposed
US$750 million senior unsecured guaranteed notes due 2012 and
2017, which are being offered in the context of a major
financial restructuring initiative the company announced on
Jan. 11, 2007.

The rating assigned:

   Vitro, SAB de CV:

   -- Proposed US$750 million senior unsecured guaranteed notes
      due 2012 and 2017, at 2.

The ratings affirmed:

Vitro, SAB de CV:

  -- Corporate Family at B2;

  -- US$225 million 11.75% senior unsecured notes due 2013, at
     Caa1, with the possibility of upgrade to B2 upon
     execution of the proposed guarantee structure consistent
     with the proposed notes;

  -- US$152M 11.375% senior unsecured notes due 2007, at Caa1,
     and withdrawn upon successful conclusion of the Tender
     Offer.

The ratings outlook changed to stable from negative.

Vitro Envases Norteamerica, SA de CV:

   -- Corporate family, at B2, and withdrawn upon conclusion
      joy of the proposed transactions; and

   -- US$250 million 10.75% senior secured notes due 2011,
      at B2, and withdrawn upon successful conclusion of
      the Tender Offer.

The rating outlook remains stable until such time that the
ratings are withdrawn.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2007, Standard & Poor' Ratings Services raised its long-
term senior  unsecured credit rating on Mexico-based glass
manufacturer Vitro S.A.B. de C.V.'s (Vitro; B/Stable/--) notes
due 2013 to 'B' from 'CCC+'.


VITRO SAB: Excercises Option to Increase Ownership Stake
--------------------------------------------------------
Vitro, S.A.B. de C.V.'s subsidiary Vimexico, S.A. de C.V. has
notified AFG Industries, Inc. that it is exercising its right to
purchase the 50% stake in the Mexican joint venture Vitro AFG,
S.A. de C.V. currently owned by AFG. Vitro AFG is a float glass
manufacturer located in Mexicali, Baja California, Mexico.

Vitro AFG is a 50/50 joint venture between Vimexico and AFG
Industries, a subsidiary of the Japanese company Asahi Glass Co.
Limited.  The joint venture was established to supply the United
States and Mexican construction markets with a wide range of
flat glass products, from the traditional 2mm clear glass to 12
mm thick glass.  The joint venture began operations on
Nov. 18, 2003 with a co investment of approximately US$100
million dollars.

Within the terms of the JV agreement signed in June, 2001, AFG,
recently notified Vimexico that it wished to exercise its option
to purchase Vimexico's 50% stake in the joint venture company
for US$6 million.  Vimexico, in turn, decided to exercise its
right to purchase AFG's 50% stake in Vitro AFG at the price
offered by AFG, according to the terms of the joint venture
agreement.  The transaction is subject to government
authorizations and, if approved, would take place before the end
of July 2007.

"We are excited to be able to add to Vimexico's manufacturing
capacity. We believe it will allow us to further strengthen our
position and benefit from the dynamic growth of the
architectural market in Mexico.  This buy out is being
undertaken within the terms agreed upon six years ago with our
joint venture partner.  We appreciate the business relationship
we have had with AFG Industries and wish them the best in their
strategy to consolidate their manufacturing facilities in the
U.S.," said Hugo Lara, President of Vitro's Flat Glass Business
Unit.  

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a
leading global glass producer, serving the construction and
automotive glass markets and glass containers needs of the food,
beverage, wine, liquor, cosmetics and pharmaceutical industries.  

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2007, Moody's Investors Service assigned a global
foreign currency rating of B2 to Vitro, SAB de CV's proposed
US$750 million senior unsecured guaranteed notes due 2012 and
2017, which are being offered in the context of a major
financial restructuring initiative the company announced on
Jan. 11, 2007.

The rating assigned:

   Vitro, SAB de CV:

   -- Proposed US$750 million senior unsecured guaranteed notes
      due 2012 and 2017, at 2.

The ratings affirmed:

Vitro, SAB de CV:

  -- Corporate Family at B2;

  -- US$225 million 11.75% senior unsecured notes due 2013, at
     Caa1, with the possibility of upgrade to B2 upon
     execution of the proposed guarantee structure consistent
     with the proposed notes;

  -- US$152M 11.375% senior unsecured notes due 2007, at Caa1,
     and withdrawn upon successful conclusion of the Tender
     Offer.

The ratings outlook changed to stable from negative.

Vitro Envases Norteamerica, SA de CV:

   -- Corporate family, at B2, and withdrawn upon conclusion
      joy of the proposed transactions; and

   -- US$250 million 10.75% senior secured notes due 2011,
      at B2, and withdrawn upon successful conclusion of
      the Tender Offer.

The rating outlook remains stable until such time that the
ratings are withdrawn.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2007, Standard & Poor' Ratings Services raised its long-
term senior  unsecured credit rating on Mexico-based glass
manufacturer Vitro S.A.B. de C.V.'s (Vitro; B/Stable/--) notes
due 2013 to 'B' from 'CCC+'.


VWR INTERNATIONAL: Madison Dearborn Unit Completes Acquisition
--------------------------------------------------------------
VWR International Inc. reported that an affiliate of Madison
Dearborn Partners has completed the acquisition of the company.  
VWR announced on May 2, 2007, that its parent company, CDRV
Investors, an affiliate of Clayton, Dubilier & Rice, entered
into a definitive agreement for the sale of the company to
Madison Dearborn.

Madison Dearborn Partners is one of the most successful private
equity investors in the U.S. Since its formation in 1992, MDP
funds have closed over 100 transactions in the U.S. and Europe.  
Tim Sullivan, an MDP Managing Director, said: "We look forward
to working with VWR's outstanding management team and are
excited about the Company's leadership and opportunity for
continued growth."

"We appreciate the support and guidance that our prior private
equity sponsor, Clayton, Dubilier & Rice, Inc., provided to VWR
over the last three years," said VWR President and Chief
Executive Officer, John Ballbach, who will also become the
Chairman of the Board of Directors of the Company.  "We look
forward to continuing to execute our strategy working with
Madison Dearborn and strengthening our position as a market
leader.  We're excited about the potential to leverage Madison
Dearborn's extensive knowledge of the laboratory and scientific
products sector and its relationships with key suppliers and
customers in our industry."

Headquartered in West Chester, Pennsylvania, VWR International,
-- http://www.vwr.com-- is engaged in the distribution of   
scientific products.  It serves more than 250,000 customers in
the life science, industrial, governmental, health care and
educational markets, and also offers Production Supplies and
Services for electronic and pharmaceutical production.  The
company offers more than 750,000 products, from more than 5,000
manufacturers, to over 250,000 customers throughout North
America, Austria, Mexico and China.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on VWR International Inc. and
removed it from CreditWatch, where it had been placed with
negative implications on May 3, 2007.  S&P said the outlook was
stable.




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


CENTENNIAL COMM: Deploying Occam's Last Mile Ethernet Software
--------------------------------------------------------------
Centennial Communications will use US broadband solutions
provider Occam Networks' last mile ethernet software, Occam
Networks said in a statement.

Business News Americas relates that Centennial Communications
will use the software to allow session initiation protocol,
"giving a common protocol for Internet protocol telephony on
fiber and copper last mile infrastructure."  The software comes
as Centennial Communications seeks to boost its corporate
customer client base by offering more value added features for
Internet protocol telephony.

"SIP [the software] is rapidly becoming the VoIP control
protocol of choice due to the wide variety of traditional and
value added features and services it enables telcos to offer,"
Occam Networks' sales vice president Nathan Harrell said in a
statement.

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

At Feb. 28, 2007, the company's balance sheet showed
US$1,393 million in total assets, US$2,482.8 million in total
liabilities, and US$3.9 million in minority interest in
subsidiaries, resulting in a US$1,093.7 million total
stockholders' deficit.




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


INVACARE CORP: Extends Tender Offer Expiration to July 12
---------------------------------------------------------
Invacare Corporation is granting the holders of its outstanding,
unregistered 9-3/4% Senior Notes due 2015 (CUSIP: 461203AA9 and
U46083AA6) additional time to exchange the Initial Notes for its
9-3/4% Senior Notes due 2015 (CUSIP: 461203AB7), which are
registered under the Securities Act of 1933, as amended.

All other terms and conditions of the exchange offer remain
unchanged and in full force and effect.  The terms of the
Exchange Notes are substantially identical to the terms of the
Initial Notes for which they may be exchanged pursuant to the
exchange offer, except that the Exchange Notes are registered
under the Securities Act.

The exchange offer, which commenced on May 29, 2007, and was
previously set to expire on June 28, 2007, will now expire at
5:00 p.m., New York City time, Thursday, July 12, 2007, unless
extended.

As of June 28, 2007, holders of approximately US$174 million of
the total US$175 million in aggregate principal amount of
Initial Notes had tendered Initial Notes pursuant to the
exchange offer.

Requests for assistance regarding the exchange offer or for
copies of the exchange offer materials should be addressed to
the exchange agent for the exchange offer at:

     Wells Fargo Bank N.A.
     Attn: Reorg, Corporate Trust Services
     MAC N9311-110, 625 Marquette Avenue
     Minneapolis, MN 55479
     Fax (612) 667-6282

                       About Invacare Corp.

Headquartered in Elyria, Ohio, Invacare Corporation (NYSE: IVC)
-- http://www.invacare.com/-- manufactures and distributes  
innovative home and long-term care medical products.  The
company has 5,700 associates and markets its products in 80
countries around the world.  In the Caribbean, Invacare products
are distributed in Barbados, the Dominican Republic, and
Trinidad and Tobago.

                          *     *     *

Moody's Investor Services rated Invacare Corporation's long-term
corporate family at B1, its probability of default at B1.  The
outlook is stable.  Standard & Poor's assigned B rating on its
long-term foreign and local issuer credit.




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


BANCO HIPOTECARIO: Gov. To Finish Restructuring Co. by September
----------------------------------------------------------------
The Uruguayan government said on its Web site that it will
finish restructuring state-run mortgage lender Banco Hipotecario
del Uruguay by September 2007.

Business News Americas relates that the government disclosed the
plan in March 2006.  The plan includes capitalizing Banco
Hipotecario with up to US$250 million.  It also includes the
creation of a new unit to manage the bank's past-due loans.

According to BNamericas, the restructuring would let Banco
Hipotecario return to lending and transfer 40% of its loan book
to the new agency to lower its level of past-due loans to 20%.  
Its past-due loan ratio "hit a new high of 82.1%" in May 2007.

The report says that Banco Hipotecario's loan operations were
suspended in 2002 when the "meltdown" in Argentina brought
severe financial crisis in Uruguay, which caused several banks
to be intervened and resulted to an economic recession.

Banco Hipotecario chairperson Miguel Piperno told BNamericas
that the plan's success depends on the economy ministry, which
will provide financing, offloading a US$500-million debt held
with another state bank BROU and "a series of securitizations
that have to be approved by the central bank."

                        *     *     *

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

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

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

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




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


CMS ENERGY: Reports Final Tender Results on 7.5% Sr. Notes Offer
----------------------------------------------------------------
CMS Energy disclosed the final tender results for its previously
announced offer to purchase its 7.5% Senior Notes Due 2009
(CUSIP No. 125896 AH3).

As of 11:59 p.m., July 2, 2007, the expiration date, CMS
Energy had received tenders for US$360.597 million in principal
amount of the notes representing 88% of the outstanding
principal amount of the notes.  CMS Energy has accepted tenders
of all of the tendered notes.

Holders of an aggregate US$359.540 million principal amount of
notes tendered prior to 5 p.m., on June 18, 2007, the early
tender date, received a payment July 3 of US$1,027.96, which
included an early tender payment of US$20, for each US$1,000
principal amount of tendered notes.  Holders of an aggregate
US$1.057 million principal amount of notes tendered after the
early tender date and prior to the expiration date received a
payment on July 3 of US$1,007.96 for each US$1,000 principal
amount of tendered notes.  In addition, all tendering holders
received payment for accrued unpaid interest.

CMS Energy obtained funding for its debt tender offer from the
sale and issuance of US$250 million principal amount of its
6.55% Senior Notes due 2017 and US$150 million principal amount
of its Floating Rate Senior Notes due 2013.

                       About CMS Energy

Based in Jackson, Michigan, CMS Energy Corporation is an
electric and natural gas utility, natural gas pipeline systems,
and independent power generation operator.  The company has
offices in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch assigned a rating of 'BB-' to these new
issues from CMS Energy Corp.:

   -- US$250 million 6.55% senior notes, due July 17, 2017;
   -- US$150 million floating-rate senior notes, due
      Jan. 15, 2013.

Proceeds from the sale will be used to retire outstanding debt
and for general corporate purposes.  Fitch said the Rating
outlook was positive.


NORTHWEST AIRLINES: AMFA Gives Management "No Confidence" Vote
--------------------------------------------------------------
The national executive council of the Aircraft Mechanics
Fraternal Association working for Northwest Airlines Corp.
approved a "no confidence" vote in the carrier's executive
management team.

In a letter to the AMFA members, Ted Ludwig, president of the
AMFA Local 33 union, stressed that employee morale continues to
be low as long as the airline persists in keeping its operations
lean.

"We have known for multiple months now that the Executive
Management Team has been running the carrier on ultra lean,
expecting their employees to continue to do more with less."

According to Mr. Ludwig, a "highly stressed" maintenance
department contributed to the company's deterioration of its
stock prices, other than having fewer pilots.  "No one should be
surprised that an airline that once employed 8,000 experienced
technicians and currently employs 800 would be unable to
consistently provide reliable scheduled service," Mr. Ludwig
complains.

"In bankruptcy, the NWA EMT showcased their expertise in
stripping the dignity and financial security from their
employees.  The NWA EMT has also lavishly rewarded themselves
with millions in bonuses and stock options, illustrating their
prowess at managing their own financial affairs.  However, what
they have failed to demonstrate pre or post bankruptcy is their
ability to successfully manage an airline."

Mr. Ludwig continues, "It is with this abysmal history of
mismanagement in mind that the AMFA National Executive Council
has unanimously passed a vote of no confidence in this
management team.  Doug Steenland and his management team have
significantly harmed the relationship with their employees.  We
cannot help but question whether this EMT can repair that
relationship and return our airline to the operational stability
it needs to survive."

                     About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/--  
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents, including Italy, Spain, Japan,
China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.  When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and $17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.  
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Northwest Airlines Corp. and its Northwest Airlines Inc.
subsidiary, including raising the long-term corporate credit
ratings on both entities to 'B+' from 'D', following their
emergence from Chapter 11 bankruptcy proceedings.  The rating
outlook is stable.


PETROLEOS DE VENEZUELA: Advancing Talks with Unions
---------------------------------------------------
Venezuela's state-owned oil firm Petroleos de Venezuela SA is
advancing negotiations with various unions as reports of labor
disturbances increase in the energy sector, Business News
Americas reports.

Petroleos de Venezuela said in a statement that 11 labor deals
had been made from March through June 2007, including one to
advance oil workers up to VEB3 million as well as increasing the
amount that they get for food purchases to VEB750,000 per month.

News daily El Universal relates that almost 1,200 oil workers
blocked 14 drills in Mongas on Monday.

Eudis Girot, the energy workers federation Futev chief, told El
Universal that Petroleos de Venezuela had been failing to meet
obligations stated in collective contracts.

El Universal notes that the situation in western Venezuela
remained tense after some 800 workers of former joint ventures
had yet to be rehired by Petroleos de Venezuela.

Venezuelan workers confederation head Froilan Barrios told El
Universal that Petroleos de Venezuela had been slow to rehire
former employees of joint ventures with private firms for
political reasons.

Petroleos de Venezuela is boosting its stake to 78% from 30-
49.9% in joint ventures in the Orinoco heavy crude belt,
BNamericas states.

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

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


PETROLEOS DE VENEZUELA: Creates Joint Venture with Belarusneft
--------------------------------------------------------------
Venezuela's state-run oil firm Petroleos de Venezuela SA said in
a statement that it has formed joint venture Seismovenbel with
Belarus counterpart Belarusneft to conduct seismic exploration
in Venezuela.

According to Petroleos de Venezuela's statement, Venezuela
signed four accords with Belarus for the improvement of
cooperation between the two nations in energy-related matters.

Business News Americas relates that under the terms of one of
the agreements, Petroleos de Venezuela will buy five seismic
wave generators from Belarus for the construction of a factory
in Venezuela that will produce geophysical equipment for
petroleum exploration.

Petroleos de Venezuela explained to BNamericas that the seismic
exploration will help the Magna Reserve project, which is
seeking to certify 260 billion barrels in retrievable oil spread
over two dozen blocks in the Orinoco heavy crude belt.

Petroleos de Venezuela said in a statement that it had disclosed
that its natural gas subsidiary PDVSA Gas would collaborate with
Belarus companies Beltopgas and Belgiprogas for the construction
of 1,000 kilometers of piping for the domestic transport of
natural gas in Venezuela.

Petroleos de Venezuela had purchased seismic-data acquisition
trucks and other equipment from Belarus for US$2 million,
BNamericas states.

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

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


PETROLEOS DE VENEZUELA: Sends Technicians To Investigate Spill
--------------------------------------------------------------
Published reports say that Venezuelan state-run oil firm
Petroleos de Venezuela SA has sent technicians to conduct a
probe on a spill that covered beaches near Gairia in Sucre with
a layer of heavy crude.

Garia mayor Regulo Sucre told reporters that the spill damaged
the environment as well as the equipment of artesian fishers.

According to the press, the affected beaches are:

          -- La Salina,
          -- Paraiso, and
          -- Los Cocales.

Reports say that workers cleaned up to 90% of the beaches.  
However, Petroleos de Venezuela had yet to send cleanup teams to
nearby towns of Rio Salado and Curantica.  The company has ruled
out being responsible for the spill.

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.


                        ***********


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

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

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

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

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

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


              * * * End of Transmission * * *