TCRLA_Public/070706.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

            Friday, July 6, 2007, Vol. 8, Issue 133

                          Headlines

A R G E N T I N A

AGROTERM SA: Proofs of Claim Verification Ends on Sept. 12
AILIME SA: Proofs of Claim Verification Is Until Sept. 3
AMERICAN SERVICE: Proofs of Claim Verification Is Until Sept. 4
ALITALIA SPA: Court Ruling Cuts Value of Rome Property
BAXI HOLDINGS: S&P Places B+ Corporate Credit Ratings

CABANA DON: Proofs of Claim Verification Is Until Aug. 22
DOC PAL: Proofs of Claim Verification Deadline Is Sept. 13
EDITORIAL LLAMOSO: Proofs of Claim Verification Ends on Sept. 19
EDITORSHIP SRL: Proofs of Claim Verification Ends on Sept. 12
GRJB SA: Proofs of Claim Verification Deadline Is Sept. 4

HUNTSMAN CORP: Inks Purchase Pact with Hexion for US$10.4 Bil.
LAS PAMPAS: Seeks Reorganization Approval in Buenos Aires Court
NIPPON SHEET: CSR Buys Australia & NZ Units for AU$690 Million
NORTHWEST AIRLINES: Inks Pact to Provide Content to Expedia
ORBLAZ SA: Proofs of Claim Verification Deadline Is Aug. 15

PESCANOR SA: Proofs of Claim Verification To End on Aug. 6
R.G. POLERO: Trustee Verifies Proofs of Claim Until Aug. 31
SPODEK SA: Proofs of Claim Verification Deadline Is Sept. 17

B A R B A D O S

DIGICEL LTD: Providing Complimentary Hurricane Tracking Maps

B E R M U D A

ASPEN INSURANCE: Shareholders Complete Ordinary Share Offering
ASPEN INSURANCE: To Enter Professional Lines Underwriting
BLUE TERCEL: Sets Final General Meeting for July 16
FOSTER WHEELER: Lehman Bros. Maintains Shares Overweight Rating
JUPITER POWER: Proofs of Claim Filing Is Until July 13

JUPITER POWER: Sets Final General Meeting for July 30

B O L I V I A

HANOVER COMPRESSOR: To Release 2Q 2007 Results on July 31

B R A Z I L

AMERICAN AIRLINES: Offers Discounted Caribbean & Mexican Flights
BANCO NACIONAL: Cuts Interest Rate Loans to Digital TV Program
FORD MOTOR: June 2007 Total Sales Decrease by 8%
GENERAL MOTORS: June 2007 Sales Drop 24%
MYERS INDUSTRIES: Moody's Rates Planned US$265 Mil. Notes at Ba3

ORECK CORPORATION: Moody's Lowers Corp. Family Rating to Caa1
PETROLEO BRASILEIRO: Inks Term of Commitment with Galp Energia
PETROLEO BRASILEIRO: Ecuador Denies Contract Cancellation
PETROLEO BRASILEIRO: Workers' Union to Consider Proposal

* BRAZIL: Abbott Laboratories Pares Cancer Drug Price by 30%
* BRAZIL: Seeking Electricity & Fertilizer Investments

C A Y M A N   I S L A N D S

AMABOKO LIMITED: Proofs of Claim Must be Filed by July 16
AMABOKO LIMITED: Sets Last Shareholders Meeting for July 16
BAFANA LIMITED: Proofs of Claim Filing Is Until July 16
BAFANA LIMITED: Sets Last Shareholders Meeting for July 16
CHEYNE CATASTROPHE: Proofs of Claim Filing Ends on July 15

CHEYNE CATASTROPHE FUND: Proofs of Claim Must be Filed by July 4
HENDERSON UK: Proofs of Claim Filing Is Until July 18
JOUBERT: Proofs of Claim Filing Deadline Is July 16
JOUBERT: Sets Last Shareholders Meeting for July 16
LAZARD DIVERSIFIED: Proofs of Claim Filing Is Until July 16

PIENAAR: Proofs of Claim Filing Deadline Is July 16
SEDNA OFFSHORE: Proofs of Claim Must be Filed by July 9
SHOSALOZA LIMITED: Proofs of Claim Filing Ends on July 16
TOVEY LIMITED: Proofs of Claim Must be Filed by July 16
WEST TEXAS: Proofs of Claim Filing Ends on June 29

C O L O M B I A

ARMOR HOLDINGS: Commences Tender Offer for 8.25% Senior Notes
HEXION SPECIALTY: To Acquire Huntsman for US$10.4 Billion
SOLUTIA INC: Wants Monsanto & Retiree Settlement Pacts Okayed
SOLUTIA INC: Bank of New York Balks at Amended Plan
SWIFT & COMPANY: Moody's Keeps Ratings Under Review

E C U A D O R

* ECUADOR: Hires Royal Dutch for Esmeraldas Consulting Work

G U A T E M A L A

IMAX CORP: Obtains Nasdaq Nod for Continued Common Stock Listing

H O N D U R A S

* HONDURAS: Experiencing Fuel Shortages

J A M A I C A

NATIONAL WATER: No Water Due to Power Outage

* JAMAICA: Coimex Confident on Winning Sugar Factory Auction

M E X I C O

BENQ CORP: K.Y. Lee Loses CEO Title in Some Subsidiaries
FORMICA CORP: Fletcher Building Completes Acquisition
GRUPO IMSA: Says Ternium's Offer a Fair Price for Shareholders
MOVIE GALLERY: Moody's Junks Corporate Family Rating
VANGUARD CAR: S&P Retains Pos. Watch on B+ Corp. Credit Rating

P U E R T O   R I C O

H-LINES FINANCE: Moody's Lifts Corporate Family Rating to B1
MUSICLAND HOLDING: Plan Confirmation Hearing Is Until July 24

U R U G U A Y

CREDIT URUGUAY: Moody's Assigns Not Prime Short-Term Rating
SANTANDER (URUGUAY): Moody's Puts Not Prime Short-Term Rating

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Oil Firms Must Register by Dec. 31

* VENEZUELA: Hugo Chavez May Nationalize Private Hospitals
* VENEZUELA: Launches Petrochemical Plant Construction in Iran
* VENEZUELA: Hugo Chavez Plans New Plants & Pipelines
* BOOK REVIEW: Distressed Investment Banking


                          - - - - -


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


AGROTERM SA: Proofs of Claim Verification Ends on Sept. 12
----------------------------------------------------------
Juan Fontecha, the court-appointed trustee for Agroterm SA's
bankruptcy proceeding, verifies creditors' proofs of claim
Sept. 12, 2007.

Mr. Fontecha will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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 Agroterm 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 Agroterm's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Agroterm SA
          Viamonte 675
          Buenos Aires, Argentina

The trustee can be reached at:

          Juan Fontecha
          Tucuman 1455
          Buenos Aires, Argentina


AILIME SA: Proofs of Claim Verification Is Until Sept. 3
--------------------------------------------------------
Jorge Alvarez, the court-appointed trustee for Ailime SA's
bankruptcy proceeding, verifies creditors' proofs of claim
Sept. 3, 2007.

Mr. Alvarez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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 Ailime 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 Ailime's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Ailime SA
          Ramallo 3159
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Alvarez
          Bartolome Mitre 1738
          Buenos Aires, Argentina


AMERICAN SERVICE: Proofs of Claim Verification Is Until Sept. 4
---------------------------------------------------------------
Aldo Emilio Cambiasso, the court-appointed trustee for
American Service S.A.'s bankruptcy proceeding,
verifies creditors' proofs of claim on Sept. 4, 2007.

Mr. Cambiasso will present the validated claims in court as
individual reports on Oct. 31, 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 American Service 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 American Service's
accounting and banking records will be submitted in court on
Dec. 12, 2007.

The trustee can be reached at:

         Aldo Emilio Cambiasso
         Cerrito 1070
         Buenos Aires, Argentina


ALITALIA SPA: Court Ruling Cuts Value of Rome Property
------------------------------------------------------
An Italian administrative court has ruled that a piece of land
owned by Alitalia S.p.A. in Rome cannot be built on, thereby
lowering the property's value, Alessandro Torello of Bloomberg
News reports citing Italian news agency Radiocor.

Alitalia is selling the property to Aeroporti di Roma S.p.A.,
operator of Rome's Ciampino and Fiumicino airports, for
EUR120 million, Radicor relates.

Aeroporti di Roma has appealed the court's ruling.

                      About Alitalia

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

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


BAXI HOLDINGS: S&P Places B+ Corporate Credit Ratings
-----------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit ratings on U.K.-based heating products manufacturer Baxi
Holdings Ltd. on CreditWatch with negative implications,
reflecting concerns that the company's near-term credit metrics
could be negatively affected by challenging market conditions in
some of its key markets.
     
At the same time, the 'B-' senior secured debt rating on the
GBP100 million mezzanine notes issued by related entity Heating
Finance PLC and guaranteed by Baxi was also placed on
CreditWatch negative.
     
"Baxi is witnessing slower demand in some of its key markets,
including France, Italy, Germany, Spain, and Denmark, which we
expect will have a negative impact on profitability and cash
generation for reported results for the first half of 2007,"
said Standard & Poor's credit analyst Louise Newey.
     
Pressure on Baxi's profitability is further exacerbated by
higher raw material and component prices.  Lower margin products
are also accounting for a higher proportion of the sales mix in
the company's key markets.  Although Baxi's market share is
reportedly unchanged, its financial performance, including cash
generation, is expected to be negatively affected.  It is
uncertain at this stage to what extent restructuring measures
implemented in 2006 will mitigate this.
     
The company has initiated discussions with its lenders under the
senior credit facilities with the view to modify their terms,
which we expect will result in higher financing costs than the
existing structure.  Resolution of the CreditWatch status will
follow a detailed review of Baxi's current performance,
restructuring measures, and medium-term market prospects. This
is likely to occur within the next six weeks. The review could
lead to a lowering of all ratings.

Baxi Group is a major European heating group supplying a full
range of space and water heating products for both residential
and commercial applications. The Group is market leader in the
UK and has established positions of excellence in France,
Germany, Italy, Spain and Denmark.  Baxi International manages
the Group's international sales, marketing and after-sales
activities in over 50 countries including Argentina.


CABANA DON: Proofs of Claim Verification Is Until Aug. 22
---------------------------------------------------------
Alberto Javier Samsolo, the court-appointed trustee for Cabana
Don Joaquin S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 22, 2007.

Mr. Samsolo will present the validated claims in court as
individual reports on Oct. 3, 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 Cabana Don 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 Cabana Don's
accounting and banking records will be submitted in court on
Nov. 14, 2007.

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

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

The trustee can be reached at:

        Alberto Javier Samsolo
        Paraguay 1225
        Buenos Aires, Argentina


DOC PAL: Proofs of Claim Verification Deadline Is Sept. 13
----------------------------------------------------------
Mariela F. Agesta, the court-appointed trustee for Doc Pal SA's
bankruptcy proceeding, verifies creditors' proofs of claim
Sept. 13, 2007.

Ms. Agesta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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 Doc Pal 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 Doc Pal's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Doc Pal SA
          Balbin 3553
          Buenos Aires, Argentina

The trustee can be reached at:

          Mariela F. Agesta
          Esmeralda 625
          Buenos Aires, Argentina


EDITORIAL LLAMOSO: Proofs of Claim Verification Ends on Sept. 19
----------------------------------------------------------------
Norberto Jorge Volpe, the court-appointed trustee for Editorial
Llamoso S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 19, 2007.

Mr. Volpe will present the validated claims in court as
individual reports on Nov. 1, 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 Editorial Llamoso 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 Editorial Llamoso's
accounting and banking records will be submitted in court on
Dec. 13, 2007.

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

The trustee can be reached at:

        Norberto Jorge Volpe
        Maipu 859
        Buenos Aires, Argentina


EDITORSHIP SRL: Proofs of Claim Verification Ends on Sept. 12
-------------------------------------------------------------
Susana Haydee Vacchelli, the court-appointed trustee for
Editorship S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 12, 2007.

Ms. Vacchelli will present the validated claims in court as
individual reports on Oct. 24, 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 Editorship 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 Editorship's
accounting and banking records will be submitted in court on
Dec. 5, 2007.

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

The trustee can be reached at:

        Susana Haydee Vacchelli
        Montevideo 571
        Buenos Aires, Argentina


GRJB SA: Proofs of Claim Verification Deadline Is Sept. 4
---------------------------------------------------------
Eduardo Ruben Pronsky, the court-appointed trustee for G.R.J.B.
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 4, 2007.

Mr. Pronsky will present the validated claims in court as
individual reports on Oct. 16, 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 G.R.J.B. 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 G.R.J.B.'s accounting
and banking records will be submitted in court on
Nov. 27, 2007.

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

The debtor can be reached at:

        G.R.J.B. S.A.
        Avenida Rivadavia 2283
        Buenos Aires, Argentina

The trustee can be reached at:

        Eduardo Ruben Pronsky
        Parana 480
        Buenos Aires, Argentina


HUNTSMAN CORP: Inks Purchase Pact with Hexion for US$10.4 Bil.
--------------------------------------------------------------
Hexion Specialty Chemicals Inc., an Apollo Management L.P.
portfolio company, has announced that it has made a definitive
proposal to the Transaction Committee of the Board of Directors
of Huntsman Corporation (NYSE: HUN) to acquire the company for
US$10.4 billion (including refinanced debt), or US$27.25 per
share, in cash.  The offer represents a premium of approximately
8% over Basell's previously announced agreement to acquire
Huntsman for US$25.25 per share and includes an 8% per annum
increase (net of Huntsman dividends) in the event that the
transaction requires more than 9 months to complete.

Hexion's proposal is subject to a customary merger agreement,
which has been submitted to Huntsman's Transaction Committee
together with Hexion's offer.  The transaction would be subject
to regulatory approvals and the affirmative vote of Huntsman
shareholders.  The proposal is fully financed pursuant to
commitments from Credit Suisse and Deutsche Bank.

Hexion's proposal is currently under review by the Huntsman
Transaction Committee.

                          About Hexion

Based in Columbus, Ohio, Hexion Specialty Chemicals, Inc. -
http://www.hexion.com/-- serves the global wood and industrial   
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.  In Latin America, the company has
operations in Argentina, Brazil and Colombia.

                        About Huntsman

Huntsman Corporation -- http://www.huntsman.com/-- is a global  
manufacturer and marketer of differentiated chemicals and
pigments.  Its operating companies manufacture products for a
variety of global industries, including chemicals, plastics,
automotive, aviation, textiles, footwear, paints and coatings,
construction, technology, agriculture, health care, detergents,
personal care, furniture, appliances and packaging.  Originally
known for pioneering innovations in packaging and, later for
rapid and integrated growth in petrochemicals, Huntsman today
has operations in 24 countries, including Argentina, Belarus,
Japan, Luxembourg, Malaysia, Spain and teh United Kingdom, among
others.  The company had 2006 revenues from all operations of
over US$13 billion.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 28, 2007, Moody's Investors Service placed the debt ratings
and the corporate family ratings (CFR -- Ba3) for Huntsman
Corporation (Huntsman) and Huntsman International LLC, a
subsidiary of Huntsman under review for possible downgrade.

These ratings were affected:

Huntsman Corporation

  -- Corporate Family Rating, Ba3

Huntsman International LLC

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

Huntsman LLC

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

Outlook Actions:

Huntsman Corporation

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

Huntsman International LLC

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

Huntsman LLC

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


LAS PAMPAS: Seeks Reorganization Approval in Buenos Aires Court
---------------------------------------------------------------
Las Pampas Polo S.A. has requested for reorganization after
failing to pay its liabilities.

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

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

The debtor can be reached at:

          Las Pampas Polo S.A.
          Tucuman 1625
          Buenos Aires, Argentina


NIPPON SHEET: CSR Buys Australia & NZ Units for AU$690 Million
--------------------------------------------------------------
Nippon Sheet Glass Company Limited's Pilkington, Australia and
New Zealand units were acquired by CSR Ltd. for an aggregate of
AU$690 million, Robert Fenner, of Bloomberg News, reports.

According to Bloomberg, Nippon Sheet will use the proceeds of
the acquisition to cut its JPY561.1-billion debt.

The article quotes Nippon Sheet spokesman Masakazu Ozaki as
saying, "We're considering a variety of measures to cut debt,
but we aren't thinking of selling other glass businesses."  The
report also notes that the glass manufacturer claims that it is
still calculating how much it will gain from the disposal.

CSR, Australia's No. 3 building-products maker according to Mr.
Fenner, said that this move is part of the company's plan to
expand into making windows for homes and offices.  CSR Chief
Executive Officer Jerry Maycock revealed in an interview, that
the reason they bought the only window maker in Australia is so
they could tap rising demand for energy- efficient glass and add
to his existing roof-tiling, insulation and fiber-cement
products.

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

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

Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


NORTHWEST AIRLINES: Inks Pact to Provide Content to Expedia
-----------------------------------------------------------
Northwest Airlines and Expedia have reached an agreement under
which Northwest will provide full content and Expedia will
continue to sell Northwest products and services.

Contractual terms are not being disclosed.

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 US$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 will take effect May 31, 2007.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2007,
Standard & Poor's Ratings Services expects to assign its 'B+'
corporate credit rating to Northwest Airlines Corp. and
subsidiary Northwest Airlines Inc. (both rated 'D') upon their
emergence from bankruptcy, anticipated May 31, 2007.


ORBLAZ SA: Proofs of Claim Verification Deadline Is Aug. 15
-----------------------------------------------------------
Omar S. L. Vazquez, the court-appointed trustee for Orblaz SA's
bankruptcy proceeding, verifies creditors' proofs of claim
Aug. 15, 2007.

Mr. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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 Orblaz 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 Orblaz's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Orblaz SA
          Chile 1831
          Buenos Aires, Argentina

The trustee can be reached at:

          Omar S. L. Vazquez
          B. Mitre 1970
          Buenos Aires, Argentina


PESCANOR SA: Proofs of Claim Verification To End on Aug. 6
----------------------------------------------------------
Adriana Mabel Sereno, the court-appointed trustee for Pescanor
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim on Aug. 6, 2007.

Ms. Sereno will present the validated claims in court as
individual reports on Sept. 18, 2007.  The National Commercial
Court of First Instance in Mar del Plata, 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 Pescanor 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 Pescanor's accounting
and banking records will be submitted in court on Oct. 31, 2007.

The informative assembly will be held on March 28, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Pescanor S.A.
         Juan B. Justo 896
         Mar del Plata, Buenos Aires
         Argentina

The trustee can be reached at:

         Adriana Mabel Sereno
         Acevedo 5460
         Mar del Plata, Buenos Aires
         Argentina


R.G. POLERO: Trustee Verifies Proofs of Claim Until Aug. 31
-----------------------------------------------------------
Analia Calvo, the court-appointed trustee for R.G. Polero y
Asoc. SRL's bankruptcy proceeding, verifies creditors' proofs of
claim Aug. 31, 2007.

Ms. Calvo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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 R.G. Polero 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 R.G. Polero's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          R.G. Polero y Asoc. SRL
          Belgrano 748
          Buenos Aires, Argentina

The trustee can be reached at:

          Analia Calvo
          Montevideo 589
          Buenos Aires, Argentina


SPODEK SA: Proofs of Claim Verification Deadline Is Sept. 17
------------------------------------------------------------
Mariana Nadales, the court-appointed trustee for Spodek SA's
bankruptcy proceeding, verifies creditors' proofs of claim
Sept. 17, 2007.

Ms. Nadales will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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 Spodek 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 Spodek's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Spodek SA
          Ecuador 367
          Buenos Aires, Argentina

The trustee can be reached at:

          Mariana Nadales
          H. Yrigoyen 1349
          Buenos Aires, Argentina




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


DIGICEL LTD: Providing Complimentary Hurricane Tracking Maps
------------------------------------------------------------
Cayman Net News reports that Digicel Ltd. is providing
complimentary hurricane tracking maps at all its operations to
assists clients in preparing for the Atlantic hurricane season
this year.

According to the report, the large scale tracking map includes
general hurricane information and tips on what to do before,
during and after a hurricane.  These tips are posted on the
Digicel Cayman Web site at http://www.digicelcayman.com

Cayman Net News relates that to track a hurricane on the map,
clients should monitor local news for weather advisories and
look out for information on hurricane positions -- given by
latitude and longitude.  Clients should then record the storm
center position, date and time on the tracking map.  As the
storm proceeds the points should then be joined together to form
the storm track.  To get the hurricane updates on their mobile
phones, Digicel subscribers can text "STORM" to 4636.

Digicel is also offering a hurricane package throughout the
season, Cayman Net says.  In any Digicel store, clients may buy
a Nokia 1112 for US$49 and also receive a free car charger.  The
Nokia 1112 would weather any storm and it includes:

          -- a built-in flashlight,
          -- up to five hours talk time,
          -- up to 400 hours standby time,
          -- sturdy casing, and
          -- a large screen display.

"Digicel has been working diligently to make sure that our
customers can stay in touch with friends and family locally and
overseas in any weather.  We've protected our network sites,
increased capacity and upgraded back up systems throughout our
3-island network in the Cayman Islands.  We have our business
continuity plan in place and have a dedicated Crisis Management
Team tasked with preparing for a storm strike, and spearheading
recovery afterwards.  As soon as a storm is identified as a
potential threat, the Crisis Management Team is mobilized to
monitor and track the storms progress.  This is all in an effort
to ensure that all areas of Digicel's operations are secured,"
Digicel Chief Executive Officer JD Buckley told Cayman Net.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started 0operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- Proposed US$1.4 billion senior subordinated notes
      due 2015 assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings was stable.




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


ASPEN INSURANCE: Shareholders Complete Ordinary Share Offering
--------------------------------------------------------------
Aspen Insurance Holdings Limited disclosed that two of its
shareholders, The Blackstone Group and DLJ Merchant Banking
Partners, have completed their sale of 5,707,625 ordinary shares
of Aspen and 2,219,668 ordinary shares of Aspen, respectively,
in an underwritten public offering.  The Blackstone Group and
DLJ Merchant Banking Partners, a private equity investment
affiliate of Credit Suisse, no longer own any shares of Aspen.

Credit Suisse acted as the sole book-running manager for the
offering.  Credit Suisse will offer Aspen's ordinary shares from
time to time for sale in one or more transactions on the NYSE,
in the over-the-counter market, through negotiated transactions
or otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated
prices.  Aspen will not receive any proceeds from the sale of
ordinary shares by The Blackstone Group and DLJ Merchant Banking
Partners.

The ordinary shares were sold pursuant to Aspen's effective
shelf registration statement previously filed with the
Securities and Exchange Commission. A prospectus supplement
relating to the ordinary shares offering was filed with the
Securities Exchange Commission.  A written prospectus for the
offering meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, may be obtained from:

          Credit Suisse Securities (USA) LLC
          Prospectus Department
          One Madison Avenue
          New York, NY 10010
          Tel: (800) 221-1037

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) (BSX: AHL BH) is the holding company of the
Aspen Group the principal operating entities of which are Aspen
Insurance UK Limited and Aspen Insurance Limited, both rated A2
for insurance financial strength.  At the end of September 2006,
Aspen Group reported net income of US$259 million and
shareholders' equity of US$2.3 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba1 rating to the proposed
US$200 million Perpetual Non-Cumulative Preference Shares to be
issued by Aspen Insurance Holdings Limited, the existing
perpetual "PIERS" of which were rated Ba1 by Moody's.


ASPEN INSURANCE: To Enter Professional Lines Underwriting
---------------------------------------------------------
Aspen Insurance Holdings Limited will enter the Professional
Liability Insurance market in September 2007 through Aspen
Insurance UK Limited.  Underwriting will take place solely from
Aspen's UK offices and will target customers outside of the USA,
principally in the UK and Australia.  The underwriting focus
will be on medium to larger sized customers who will value the
risk management services that Aspen intends to provide.  The
main business will be indemnity-based coverage for professional
firms.  The impact on Aspen's premium development in 2007 is
expected to be minimal although gross written premiums are
anticipated to be in the region of US$100 million within three
years.

The underwriting unit will be headed by Nick Evans who has 22
years of experience of successfully underwriting this class of
business with a particular focus on the deployment of risk
management techniques.  Nick will be supported by a small group
of underwriters and other professionals who will focus directly
on developing this line of business for Aspen.

Chris O'Kane, Chief Executive Officer of Aspen commented, "We
are very excited about welcoming Nick Evans and our new
colleagues.  We were attracted to Nick by his strong market
reputation and his thoughtful risk management led approach to
underwriting which will fit extremely well with Aspen's
underwriting philosophy and accords with the diversification
strategy we have pursued since the inception of our Company."

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) (BSX: AHL BH) is the holding company of the
Aspen Group the principal operating entities of which are Aspen
Insurance UK Limited and Aspen Insurance Limited, both rated A2
for insurance financial strength.  At the end of September 2006,
Aspen Group reported net income of US$259 million and
shareholders' equity of US$2.3 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba1 rating to the proposed
US$200 million Perpetual Non-Cumulative Preference Shares to be
issued by Aspen Insurance Holdings Limited, the existing
perpetual "PIERS" of which were rated Ba1 by Moody's.


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

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

These matters will be taken up during the meeting:

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

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

     -- passing of a resolution dissolving the company.


FOSTER WHEELER: Lehman Bros. Maintains Shares Overweight Rating
---------------------------------------------------------------
Lehman Brothers analyst Andy Kaplowitz has kept his "overweight"
rating on Foster Wheeler Ltd.'s shares, Newratings.com reports.

According to Newratings.com, the target price for Foster
Wheeler's shares was increased to US$126 from US$100.

Mr. Kaplowitz said in a research note that there is increased
probability of Foster Wheeler being able to keep or improve
futher its strong first quarter 2007 margins.

The increased possibility is due to the improving power end-
market, the continuing robust gas and oil end-market and the
"best-in-class" pricing/execution of contracts, Newratings.com
states, citing Mr. Kaplowitz.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


JUPITER POWER: Proofs of Claim Filing Is Until July 13
------------------------------------------------------
Jupiter Power Holdings Ltd.'s creditors are given until
July 13, 2007, to prove their claims to Jennifer Y. Fraser, the
company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.  Jupiter
Power's shareholders agreed on June 25, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


JUPITER POWER: Sets Final General Meeting for July 30
-----------------------------------------------------
Jupiter Power Holdings Ltd.'s final general meeting is
scheduled on July 30, 2007, at 9:00 a.m., at:

         Canon's Court
         22 Victoria Street
         Bermuda

These matters will be taken up during the meeting:

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

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

     -- passing of a resolution dissolving the company.




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HANOVER COMPRESSOR: To Release 2Q 2007 Results on July 31
---------------------------------------------------------
Hanover Compressor Company disclosed the following schedule and
teleconference information for its second quarter 2007 earnings
release:

    --  Earnings Release: Tuesday, July 31, 2007, before market
        open by public distribution through Business Wire and
        the Hanover Web site at http://www.hanover-co.com/

    --  Teleconference: Tuesday, July 31, 2007, at 11 a.m. EDT
        hosted by Stephen York, Vice President, Investor
        Relations and Technology.  Speakers will be John E.
        Jackson, President and CEO, and Lee E. Beckelman, Senior
        Vice President and CFO.  To access the call, United
        States and Canadian participants should dial 800-811-
        8824.  International participants should dial 913-981-
        4903 at least 10 minutes before the scheduled start   
        time.  Please reference Hanover conference call number
        4801055.

    --  Live Webcast: The Webcast will be available in listen-
        only mode via the Company's Web site:
        http://www.hanover-co.com/

    --  Webcast Replay: For those unable to participate, a
        replay will be available from 1:30 p.m. EDT on Tuesday,
        July 31, until 1:30 p.m. EDT Tuesday, August 7, 2007.
        To listen to the replay, please dial 888-203-1112 in the
        U.S. and Canada, or 719-457-0820 internationally and
        enter access code 4801055.

                About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service   
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co. and its related entity Hanover Compression L.P. on
CreditWatch with positive implications.




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


AMERICAN AIRLINES: Offers Discounted Caribbean & Mexican Flights
----------------------------------------------------------------
American Airlines and American Eagle told the Miami Herald that
they have put their network of destinations in the Caribbean and
Mexico on sale for travel from Miami and Fort Lauderdale.

According to the Miami Herald, travel must start between Sept. 4
and Dec. 11.  It must be completed by Dec. 13.  Travel won't be
valid from Nov. 16 to 27.  Tickets must be bought until July 17.  
Fares don't include all taxes and fees.  "Other restrictions
apply."

The Miami Herald notes that sample one-way fares are based on
round-trip purchase.  They include:

          -- Fort Lauderdale or Miami to Port-au-Prince,
             Haiti: US$49;

          -- Miami to Grand Cayman or San Juan, US$69; and
    
          -- Miami to Barbados or Curacao, US$119.

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.  
American Airlines flies to Belgium, Brazil, Japan, among others.  

                        *     *     *

As reported in the Troubled Company Reporter on May 25, 2007,
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
American Airlines Inc.'s (B/Positive/--) US$125 million
Dallas/Fort Worth International Airport special facility revenue
refunding bonds, series 2007, due 2030.  The bonds are
guaranteed by American's parent, AMR Corp. (B/Positive/B-2), and
are secured by payments made by American to the airport
authority.  Proceeds are being used to refund the outstanding
revenue bonds, series 1992 (rated 'CCC+'), whose rating is
withdrawn.


BANCO NACIONAL: Cuts Interest Rate Loans to Digital TV Program
--------------------------------------------------------------
Banco Nacional de Desenvolvimento EconOmico e Social aka BNDES'
board of directors approved the fixed interest rate reduction
per year from 6% to 4.5% for the Support Program to the
Implementation of Brazilian Terrestrial Digital TV System --
under the Supplier modality.  The new interest rates are valid
exclusively for the financing installment destined to innovation
and to technological development.

Protvd was launched on December 2006 with the purpose to finance
investments made by companies related to the Brazilian Digital
TV System, through three subprograms: Protvd Supplier, Protvd
Broadcasting and Protvd Content.

Protvd-Supplier supports investments made by software producer
companies, companies that make electronic components, equipments
and infrastructure for the broadcasting network, reception
equipments and equipments for the production of content related
to the Brazilian Digital TV System.

The program was launched on February 2007, with the fixed
interest rate per year of 6%, three percentage points lower than
the TJLP [Long-term Interest Rate] of that time, which was 9%
per year.  Currently, with the TJLP at 6.25% per year, the
difference dropped to only 0.25% per year, reducing the
attractiveness of the line and the potential stimulus to
innovation.  In order for the new rate to come close to what was
offered at the introduction of the program, the new interest
rates dropped to 4.5% per year.

BNDES' support to the Digital TV productive chain will exert
positive impacts upon the sector, once that it will stimulate
the growth of Brazilian groups in the supplying of equipments
and software characterized by national technology in the sector.  
Investments will also promote increasing exportation.

The other two Protvd subprograms are: Protvd-Broadcasting,
destined to financings to the television broadcasting sector for
the construction of digital and studio infrastructure; and
Protvd Content, oriented toward the financing to the production
of exclusively national content production.

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.


FORD MOTOR: June 2007 Total Sales Decrease by 8%
------------------------------------------------
Ford Motor Company's total sales (including sales to fleet
customers) were 247,599, down 8%.  The decline in total sales
reflected a planned reduction in sales to daily rental
companies.  Daily rental sales were down 39% (22,000 units)
compared with a year ago.  In the first half, sales to daily
rental companies were 89,000 units lower than a year ago (down
30%).

Soaring demand for new and redesigned crossover vehicles,
including the all-new Ford Edge, "edged" Ford, Lincoln and
Mercury retail sales to their first combined increase since
October 2006.

Edge sales were 12,470 and Lincoln MKX sales were 3,400.  Edge
was recognized as the industry's top performing new vehicle in
J.D. Power and Associates' 2007 Automotive Performance,
Execution and Layout Study TM (APEAL).

"These new crossovers are proof we are building more products
people want to buy," Mark Fields, Ford's President of the
Americas, said.  "The Edge and Lincoln MKX and other new and
redesigned products are helping us to stabilize our retail
market share, a key goal in our plan to return to profitability
in North America."

The redesigned 2008 model Ford Escape and Mercury Mariner
crossovers set sales records in June, with Escape sales reaching
19,147, up 33% from a year ago, and Mariner sales totaling
3,788, up 97%.  In addition, the Escape and Mariner hybrid
models set June sales records, with Escape hybrid sales of 2,192
and Mariner hybrid sales of 334.

In total, Ford, Lincoln and Mercury crossovers were up 83%
compared with a year ago as the company continues to achieve the
largest sales increase in the industry's fastest-growing
segment.

Other new and redesigned products contributed to Ford's strong
retail performance in June.  Retail sales for the Ford
Expedition were higher than a year ago, the full-size sport
utility vehicle's tenth consecutive month of sales increases.

June sales of Ford's F-Series, America's best-selling truck,
were essentially flat compared with a year ago, while sales of
the Ford Focus small car climbed 20%.  A redesigned Ford Focus
will debut later this year.

The Lincoln brand posted its ninth month in a row of higher
retail sales.  June sales were 30% higher than a year ago.  In
the first six months of 2007, Lincoln sales were 15% higher than
the same period a year ago.  Lincoln's rebound reflects the new
Lincoln MKX crossover, the new Lincoln MKZ sedan (up 38% in
June), and the redesigned Navigator.

Land Rover dealers reported an 8% sales increase in June,
reflecting the addition of the all-new LR2 crossover.

                      About Ford Motor Co.

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

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

                          *    *    *

To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.


GENERAL MOTORS: June 2007 Sales Drop 24%
----------------------------------------
General Motors Corp. dealers in the United States delivered
326,300 vehicles in June, down 24%, compared with year-ago
monthly sales.  The decline was partly attributed to a planned
reduction of an additional 13,487 daily rental sale vehicles in
the month.  GM now has taken more than 92,000 daily rental
vehicles out of the sales totals in 2007.

"Given the planned reduction in daily rental sales, we expected
June would be a tough comparison to a year ago," Mark LaNeve,
vice president, GM North American Sales, Service and Marketing,
said.  "Our retail performance for the month was also below the
solid running rate we've experienced for the first half of the
year which we attribute to a soft industry and lower incentive
spending than our competitors.  However, we continue to believe
that maintaining a disciplined approach to both incentives and
daily rental car sales is key to making our marketing strategy
work in the long run."

"We continue our focus on the retail side of the equation and
first-half results were solid," Mr. LaNeve added.  "We are
delighted with the continuing success of new products,
especially the GMC Acadia, Saturn OUTLOOK and Buick Enclave.  As
with many of our vehicles, these all-new crossovers offer great
fuel economy, terrific performance and outstanding value.  For
example, a year ago we were selling only about 3,000 mid-utility
crossover vehicles.  This June we blew the doors off the segment
with deliveries in excess of 15,000."

Increased sales of the Saturn AURA, as well as the new mid-size
crossovers GMC Acadia, Saturn OUTLOOK and Buick Enclave,
demonstrate GM's strong positioning in the marketplace for fuel-
efficient vehicles.  The GMC Acadia, Saturn OUTLOOK and Buick
Enclave had retail sales of more than 12,000 vehicles, pushing a
significant retail increase in GM's mid-crossover segment.  GM's
total sales of more than 15,000 vehicles in this segment pushed
monthly performance up more than 377%, compared with the same
month last year.

The all-new Chevrolet Silverado and GMC Sierra full-size pickup
trucks -- fuel efficiency leaders in their class -- helped the
GM full-size pickup segment post a first half 2007 sales
increase, compared with the same period a year ago, in a
challenging industry environment.  The Silverado and Sierra also
offer the best warranty coverage and residual values in segment,
a winning combination for these products.

"We're seeing increased residual values for our products as a
result of staying aligned and disciplined to our North American
turnaround and market growth plans," Mr. LaNeve said.  "For
customers, this means providing industry-leading products in
terms of design, segment fuel economy, warranty coverage and
performance.  This translates to a beneficial cost of ownership
experience.  With new products such as the Cadillac CTS and
Chevrolet Malibu coming to dealer showrooms later this year, we
expect to build on this customer enthusiasm."

                    Certified Used Vehicles

June 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 45,876
units, up 6% from last June.  Total year-to-date certified GM
sales are 273,241 units, up 4% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted 40,423 sales, up 9%
from last June.  Year-to-date sales for GM Certified Used
Vehicles are 240,138 units, up 5% from the same period in 2006.

Cadillac Certified Pre-Owned Vehicles posted June sales of 3,108
units, down 14% from last June.  Saturn Certified Pre-Owned
Vehicles sold 1,484 units in June, down 9%.  Saab Certified Pre-
Owned Vehicles sold 764 units, down 11% from last June, and
HUMMER Certified Pre-Owned Vehicles sold 97 units, up nearly 7%.

"GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified brand, posted a strong performance in
June, leading the segment with sales of 40,423 units, up 9% from
last June," Mr. LaNeve said.  "GM Certified is on track to build
on this momentum toward another record performance for the
category for 2007."

              June & Second Quarter 2007 Production

In June, GM North America produced 404,000 vehicles (142,000
cars and 262,000 trucks).  This is down 56,000 units or 12%
compared to June 2006 when the region produced 460,000 vehicles
(173,000 cars and 287,000 trucks).  (Production totals include
joint venture production of 21,000 vehicles in June 2007 and
27,000 vehicles in June 2006.)

GM North America built 1.141 million vehicles (401,000 cars and
740,000 trucks) in the second-quarter of 2007.  This is down
96,000 vehicles or 8 percent compared to second-quarter of 2006
when the region produced 1.237 million vehicles (462,000 cars
and 775,000 trucks).  The region's 2007 third-quarter production
forecast is unchanged at 1.075 million vehicles (377,000 cars
and 698,000 trucks).

GM also announced revised 2007 second-quarter and third-quarter
production forecasts for its international regions.

   * GM Europe

     The region's 2007 second-quarter production forecast is
     revised at 463,000 vehicles, down 5,000 units from last
     month's guidance.  In the second-quarter of 2006 the region
     built 495,000 vehicles.  The region's 2007 third-quarter
     production forecast remains unchanged at 389,000 vehicles.  
     In the third-quarter of 2006 the region built 374,000
     vehicles.

   * GM Asia Pacific
   
     GM Asia Pacific's 2007 second-quarter production forecast
     is revised at 569,000 vehicles, up 1,000 units from last
     month's guidance.  In the second-quarter of 2006 the region
     built 482,000 vehicles.  The region's 2007 third-quarter
     production forecast is revised at 518,000 vehicles, down
     6,000 units from last month's guidance.  In the third-
     quarter of 2006 the region built 433,000 vehicles.

   * GM Latin America, Africa and the Middle East

     The region's 2007 second-quarter production forecast is
     revised at 234,000 vehicles, up 1,000 units from last
     month's guidance.  In the second-quarter of 2006 the region
     built 206,000 vehicles.  The region's 2007 third-quarter
     production forecast is unchanged at 258,000 vehicles.  In
     the third-quarter of 2006 the region built 215,000
     vehicles.

                     About General Motors

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

                         *     *     *

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


MYERS INDUSTRIES: Moody's Rates Planned US$265 Mil. Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to a proposed
US$685 million senior secured credit facility offered by Myers
Industries, Inc. and a B3 rating to a proposed US$265 million
subordinated notes.  

Moody's also assigned a B1 corporate family rating and a B1
probability of default rating to Myers Holding Corporation, the
entity that will be the new parent of Myers Industries, Inc.  
Proceeds from the transaction will fund Goldman Sachs Capital
Partners' US$1.1 billion "take-private" transaction of the
organization.  Ratings for the notes and the credit facility are
subject to final documentation.  This is the first time that
Moody's has rated the company. The rating outlook is stable.

Myers' ratings reflect the fundamental change in the company's
financial profile demonstrated by increased leverage and
weakened free cash flow generation over the intermediate term;
the company's relatively small size; the substitutable nature of
its products; the impact of external economic factors on its
end-markets; and volatility of many of its raw material input
costs. These factors cause the company to be weakly placed in
the B1 rating category.

The stable outlook is supported by the organization's
diversified product mix and end markets, its size relative to
its competitors, its market position in the Lawn & Garden,
Material Handling and Distribution businesses, long-lasting
customer retention, and demonstrated ability to pass through raw
material cost escalation on many of their products.  In
addition, the stable outlook is supported by Moody's expectation
that the company will maintain current operating performance.  
If the company is unable to maintain operating performance or if
free cash flow is negative over the next 12 months, then Moody's
could reconsider the appropriateness of the B1 corporate family
rating.

Assignments:

Issuer: Myers Acquisition Corporation

-- Senior Subordinated Regular Bond/Debenture, Assigned a range
    of 88 - LGD5 to B3

-- Senior Secured Bank Credit Facility, Assigned a range of 35
    -LGD3 to Ba3

-- Senior Secured Bank Credit Facility, Assigned a range of 35
    - LGD3 to Ba3

Issuer: Myers Holdings Corporation

-- Probability of Default Rating, Assigned B1
-- Corporate Family Rating, Assigned B1

At the close of the acquisition, Myers expects to have about
US$807 million of pro forma total debt and pro forma total debt
to EBITDA projected to be 5.7 times (6 times including Moody's
Global Standard Adjustments to Financial Statements) and pro
forma EBITDA interest coverage of 2.1 times, excluding Moody's
adjustments.  The Ba3 rating for the credit facility is based on
its secured status with access to virtually all the assets of
the company.  This results in a one-notch upgrade from the
corporate family rating and a three notch differential with the
company's privately placed subordinated notes rated B3.

At closing, the entire US$150 million revolving credit facility
with a maturity in 2013 will be available.  The Term Loan B
matures in 2014, while privately-placed subordinated notes
mature in 2017.

Myers Holding Corporation, headquartered in Akron, Ohio is a
manufacturer of polymer products for industrial, agricultural,
automotive, commercial, and consumer global markets and a
distributor of tools, equipment to the tire, wheel and under-
vehicle service industry in the United States.  The company
operates in four segments: Lawn & Garden, Material Handling,
Distribution and Auto and Custom.  In 2006 Myers Industries
generated about US$780 million in revenues from continuing
operations.

The company has operations in Brazil.


ORECK CORPORATION: Moody's Lowers Corp. Family Rating to Caa1
-------------------------------------------------------------
Moody's Investors Service lowered its Corporate Family Rating
and first lien bank loan ratings for Oreck Corporation to Caa1
from B2 and the probability of default rating to Caa2 from B2.  
All ratings are under review for a further possible downgrade.

At the same time Moody's withdrew its B1 and Caa1 ratings
previously assigned to the proposed US$150 million first lien
credit facility and the proposed US$50 million second lien
credit facility, respectively as the company does not intend to
proceed with these transactions.

The downgrade resulted from expectations that liquidity of the
company will remain challenged following the company's decision
not to proceed with closing of the previously proposed 1st and
2nd lien credit facilities, which Moody's had anticipated would
provide the company with adequate levels of liquidity.  The
company's existing first lien term loan and revolving credit
facilities remain in default of financial covenants and as a
result the company is unable to access the revolving credit
facility.  At the same time the downgrade reflects Moody's
concerns that the pace of recovery of the direct response
business may be more protracted than anticipated and efforts to
improve performance of this business may prove challenging.  At
the same the limited level of liquidity may impede the ability
of the company to increase investment in marketing, product
development as well as facility consolidation.

The ratings have been placed under review for a further possible
downgrade as an inability to reach agreement with the lenders in
its existing credit facilities could further negatively impact
liquidity and reduced liquidity could create challenges for the
company's ongoing operations.  If covenants are not waived and
some form of restructuring becomes more likely ratings could be
lowered further.

These ratings were lowered and assessments were amended:

-- Corporate Family Rating to Caa1 from B2

-- Probability of Default Rating to Caa2 from B2

-- US$20m first lien revolving credit facility to Caa1
    (LGD 3 - 32%) from B2 (LGD 3 -- 31%)

-- US$177 million first lien term loan to Caa1 (LGD 3 -- 32%)
    from B2 (LGD 3 -- 31%)

These ratings have been withdrawn:

-- US$130 million first lien term loan facility (was B1)
-- US$50 million second lien term loan facility (was Caa1)

Oreck Corporation, based in New Orleans, Louisiana, is a leading
manufacturer and marketer of premium priced vacuum cleaners and
air purifiers under the "Oreck" brand name.

Oreck sells throughout the world, including South America, the
United Kingdom and Australia.


PETROLEO BRASILEIRO: Inks Term of Commitment with Galp Energia
--------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras and Portuguese Galp Energia
signed a term of commitment aimed at the production of 600,000
tons of vegetable oils per year in Brazil and at biodiesel
marketing and distribution in the Portuguese or European
markets.  The agreement is the outcome of the Memorandum of
Understandings the two companies signed last May, in Lisbon.

To carry this project out, the companies will create a joint
venture -- in which both companies will hold 50% of the joint
stock -- to produce:

   * 300,000 tons of vegetable oils to produce second generation
     biodiesel at Galp Energia's refineries; and

   * 300,000 tons of vegetable oil to produce biodiesel to be
     exported to Portugal and/or other European countries.

This agreement is in line with the goals set forth by Petrobras'
Strategic Plan, as it boosts the company's participation in both
the domestic and international biofuel market.  Additionally,
this association with Galp is promising since the biodiesel
expected to be produced in Brazil in 2008 will generate nearly
immediate export availability.   The Portuguese market, on the
other hand, will require the fuel, in 2010, to comply with the
regulatory mark that determines the use of 10% biofuels as of
that year.

The ceremony was held in Lisbon, at the Parque das Nacoes, in
the ambit of the EU/Brazil summit.  Petrobras' International
Area director, Nestor Cervero, and its Gas & Energy Area
director, Ildo Sauer, represented the company.  Galp Energia's
President, Manuel Ferreira Oliveira, also attended the event.

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: Ecuador Denies Contract Cancellation
---------------------------------------------------------
A spokesperson for the Ecuadorian energy and mines ministry told
Business News Americas that reports disclosing the possible
rescission of Brazilian state-owned oil firm Petroleo Brasileiro
SA's contract are speculation and that the report was all-
inclusive and not focused on the company.

According to BNamericas, the spokesperson said that a commission
formed by Ecuadorian President Rafael Correa this year to audit
oil contracts presented a report to Energy and Mines Minister
Jorge Alban.

BNamericas notes that President Correa tasked the commission
with conducting a probe on contractual compliance including
operational and environmental performance.

Minister Alban and a group of advisors will review the report to
determine what course of action to follow.  The minister hasn't
said when a decision would be made as the report is "pretty
thick," BNamericas says, citing the spokesperson.

BNamericas states that the ministry's Web site lists 47 oil
contracts "in force" held by:

          -- City Oriente,
          -- Burlington Resources,
          -- CNPC,
          -- Petroriente,
          -- Perenco,
          -- Repsol YPF (NYSE: REP),
          -- Agip Oil,
          -- Tecpecuador,
          -- Petrobell,
          -- Texaco-Pecten,
          -- BP (NYSE: BP),
          -- Esso,
          -- Petro-Canada (NYSE: PCZ) and
          -- ConocoPhillips (NYSE: COP),

among other companies.

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: Workers' Union to Consider Proposal
--------------------------------------------------------
The Oil Workers' Federation met yesterday to discuss for the
second time a salary and promotion proposal from Petroleo
Brasileiro SA, Jeb Blount at Bloomberg News reports.  
The proposal was drafted to avert a five-day strike.

Petroleo Brasileiro's proposal includes:

   -- automatic salary increases every 18 months;

   -- a merit-based promotion system;

   -- a 3% raise;

   -- compensation for workers passed over for promotions; and

   -- salary increases of up to 34% for workers hired after
      1997.
      
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.


* BRAZIL: Abbott Laboratories Pares Cancer Drug Price by 30%
------------------------------------------------------------
Katia Cortes at Bloomberg News reports that Abbott Laboratories
has agreed to reduce AIDS treatment Drug Kaletra by 30% in
Brazil.

Abbott's price cut will be down to 73 cents this year and to 68
cents in 2008 from its original US$1.04 price, Bloomberg says.
Brazil's Health Minister Jose Gomes Temporao told Bloomberg that
the price cut would greatly help about 200,000 people who are
infected with the deadly virus.  

                     About Abbott Laboraties

Abbott Laboratories -- http://www.abbott.com/-- discovers,  
develops, manufactures and sells pharmaceutical and nutritional
products such as drug delivery systems, antibiotics and
prepared infant formulas.

                        *     *     *

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

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

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

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

                          *    *     *

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


* BRAZIL: Seeking Electricity & Fertilizer Investments
------------------------------------------------------
The Jamaica Gleaner reports that Brazil is seeking for new
investments in electricity generation and fertilizer
manufacturing, as well as more opportunities in sugar and
ethanol production.

Meanwhile, Coimex told The Gleaner that it is positive that it
will win the bid for control of Jamaica's failing state-owned
sugar factories.

All sugar factories in Brazil make their own electricity from
sugar cane.  Almost all of them sell the excess to the national
grid, The Gleaner says, citing Brazilian Ambassador Cezar
Amaral.  He said that the same could be done in Jamaica.

Mr. Amaral told The Gleaner that by-products from sugar cane
could be used to manufacture fertilizer for use in the
agricultural sector.

The Gleaner relates that the agriculture industry remains open
with only one supplier in Jamaica.  Price increases in recent
months have triggered calls from farmers for the production of
cheaper fertilizer.

Coimex head Bernadette Coser said that the company had the
resources to profitably transform the sugar sector, which is
about US$13 billion in debt and has accumulated losses of US$8.3
billion, The Gleaner notes.

According to the report, the team examining the sugar
privatization bids would make a selection in July.

Ms. Coser told The Gleaner that she was confident Coimex would
be the preferred choice.  She explained, "Our strategy is mainly
concerned about logistics and trading opportunities.  Investing
in sugar production here could bring us a stronger position
inthe sugar market, so it's not only ethanol we do recognize
that the ethanol seems to (represent the largest) market
opportunity."

Coimex was also exploring the possibilities for more
investments, The Gleaner says, citing Mr. Amaral.

"The choice of Jamaica was due to the fact that foreign
investors need a very secure environment.  The Government is
competent and helps investors so they are confident of having
chosen the best location for investment in the Caribbean," Mr.
Amaral told The Gleaner.

                        *     *     *

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

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

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

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

                        *     *     *

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




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


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

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

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

The liquidator can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CHEYNE CATASTROPHE: Proofs of Claim Filing Ends on July 15
----------------------------------------------------------
Cheyne Catastrophe General Partner Inc.'s creditors are
given until July 15, 2007, to prove their claims to John
Cullinane and Derrie Boggess, the company's liquidators, or
be excluded from receiving any distribution or payment.

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

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

The liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House, 87 Mary Street
        George Town, Grand Cayman KY1-9002
        Cayman Islands
        Telephone: (345) 914-6305


CHEYNE CATASTROPHE FUND: Proofs of Claim Must be Filed by July 4
----------------------------------------------------------------
Cheyne Catastrophe Fund I Inc.'s creditors are given until
July 4, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House, 87 Mary Street
       George Town, Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


HENDERSON UK: Proofs of Claim Filing Is Until July 18
-----------------------------------------------------
Henderson UK Equity Multistrategy Fund Ltd.'s creditors are
given until July 18, 2007, to prove their claims to Griffin
Management Limited, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


SEDNA OFFSHORE: Proofs of Claim Must be Filed by July 9
-------------------------------------------------------
Sedna Offshore Ltd.'s creditors are given until July 9, 2007, to
prove their claims to Paul Yook, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


WEST TEXAS: Proofs of Claim Filing Ends on June 29
--------------------------------------------------
West Texas Trading Company, Ltd.'s creditors are given until
June 29, 2007, to prove their claims to Mr. Tyler Comstock, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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




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


ARMOR HOLDINGS: Commences Tender Offer for 8.25% Senior Notes
-------------------------------------------------------------
Armor Holdings Inc. has commenced a cash tender offer for any
and all of its US$150 million in aggregate principal amount of
8.25% Senior Subordinated Notes due 2013 (CUSIP No. 042260AB5).

The Offer shall expire at 12:00 midnight, New York City time, on
July 30, 2007, unless extended or earlier terminated.  Holders
who validly tender and do not validly withdraw their Notes and
deliver their consents on or prior to 5:00 p.m., New York City
time, on July 16, 2007, unless extended, will be eligible to
receive the Total Consideration.

The Total Consideration to be paid for each Note validly
tendered on or prior to the Consent Date and accepted for
payment, will be determined as specified in the Offer to
Purchase on the basis of a yield to the first redemption date
for the Notes equal to the sum of (i) the yield, based upon the
bid side price of the 4.125% U.S. Treasury Note due
Aug. 15, 2008, as calculated by UBS Investment Bank in
accordance with standard market practice on the price
determination date, as described in the Offer to Purchase, plus
(ii) a fixed spread of 50 basis points.

The Total Consideration for each Note tendered includes a
consent payment of US$20 for each US$1,000 principal amount.  
Holders whose valid tenders are received after the Consent Date,
but on or prior to the Expiration Date, will receive the Tender
Offer Consideration, but will not receive the Consent Payment.  
The Tender Offer Consideration is the Total Consideration less
the Consent Payment.

The early payment date is expected to be promptly after the
satisfaction of the merger condition described below if the
Notes are accepted for purchase by Armor.  The final payment
date is expected to be after the Expiration Date.

Holders of Notes who validly tender and do not validly withdraw
their Notes in the Offer will also receive accrued and unpaid
interest from the last interest payment date to the applicable
settlement date.

In conjunction with the Offer, Armor is also soliciting consents
to certain proposed amendments to the indenture governing the
Notes that would eliminate substantially all restrictive
covenants and certain event of default provisions in the
indenture.

Any holder who tenders Notes pursuant to the Offer must also
deliver a consent.  The Offer and Solicitation were made upon
the terms and subject to the conditions set forth in the related
Offer to Purchase and Consent Solicitation Statement dated
July 2, 2007.

Armor's obligation to accept for purchase and pay for the Notes
validly tendered and consents validly delivered, and not validly
withdrawn or revoked, pursuant to the Offer is subject to and
conditioned upon the satisfaction of Armor's waiver of, certain
conditions including:

   a) the consummation of the proposed merger of Jaguar
      Acquisition Sub Inc., a Delaware corporation and a wholly        
      owned subsidiary of BAE Systems Inc., with and into Armor
      pursuant to an Agreement and Plan of Merger among Armor,
      BAE Systems Inc. and Merger Sub dated as of May 7, 2007;

   b) tender of at least a majority in principal amount of the
      outstanding Notes prior to the acceptance for purchase of
      any Notes tendered pursuant to the Offer, and obtaining
      the requisite consents for the execution of a supplemental
      indenture giving effect to the proposed amendments to the
      underlying indenture; and

   c) certain other general conditions, each as described in
      more detail in the Offer to Purchase.

Armor has retained UBS Investment Bank to serve as Dealer
Manager and Solicitation Agent, U.S. Bank National Association
to serve as Depositary and Global Bondholder Services
Corporation to serve as Information Agent for the Offer and
Solicitation.

Requests for documents may be directed:

     Global Bondholder Services Corporation
     65 Broadway - Suite 723
     New York, NY 10006
     Tel (866) 804-2200 (toll free)
         (212) 430-3774

Questions regarding the terms of the Offer and Solicitation
should be directed to UBS Investment Bank at (888) 722-9555,
ext. 4210 (toll-free) or (203) 719-4210 (collect).

                    About Armor Holdings Inc.

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

                        *     *     *

Armor Holdings, Inc.'s 8-1/4% Senior Subordinated Notes due 2013
carry Moody's Investors Service's B1 rating and Standard &
Poor's B+ rating.


HEXION SPECIALTY: To Acquire Huntsman for US$10.4 Billion
---------------------------------------------------------
Hexion Specialty Chemicals Inc., an Apollo Management L.P.
portfolio company, has announced that it has made a definitive
proposal to the Transaction Committee of the Board of Directors
of Huntsman Corporation (NYSE: HUN) to acquire the company for
US$10.4 billion (including refinanced debt), or US$27.25 per
share, in cash.  The offer represents a premium of approximately
8% over Basell's previously announced agreement to acquire
Huntsman for US$25.25 per share and includes an 8% per annum
increase (net of Huntsman dividends) in the event that the
transaction requires more than 9 months to complete.

Hexion's proposal is subject to a customary merger agreement,
which has been submitted to Huntsman's Transaction Committee
together with Hexion's offer.  The transaction would be subject
to regulatory approvals and the affirmative vote of Huntsman
shareholders.  The proposal is fully financed pursuant to
commitments from Credit Suisse and Deutsche Bank.

Hexion's proposal is currently under review by the Huntsman
Transaction Committee.

                        About Huntsman

Huntsman Corporation -- http://www.huntsman.com/-- is a global  
manufacturer and marketer of differentiated chemicals and
pigments.  Its operating companies manufacture products for a
variety of global industries, including chemicals, plastics,
automotive, aviation, textiles, footwear, paints and coatings,
construction, technology, agriculture, health care, detergents,
personal care, furniture, appliances and packaging.  Originally
known for pioneering innovations in packaging and, later for
rapid and integrated growth in petrochemicals, Huntsman today
has operations in 24 countries, including Argentina, Belarus,
Japan, Luxembourg, Malaysia, Spain and the United Kingdom, among
others.  The company had 2006 revenues from all operations of
over US$13 billion.

                        About Hexion

Based in Columbus, Ohio, Hexion Specialty Chemicals, Inc. -
http://www.hexion.com/-- serves the global wood and industrial   
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.  In Latin America, the company has
operations in Argentina, Brazil and Colombia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Standard & Poor's Ratings Services affirmed its
loan and recovery ratings on Hexion Specialty Chemicals Inc.'s
senior secured first-lien bank credit facilities, including a
proposed US$200 million add-on to its existing term loan, and a
proposed US$10 million add-on to its existing synthetic letter
of credit facility.

S&P affirmed its ratings on Hexion's US$825 million second-lien
notes due 2014.  The 'B-' notes rating (one notch lower than the
corporate credit rating) and '3' recovery rating indicate a
meaningful recovery (50%-80%) recovery of principal in the0
event of a payment default.


SOLUTIA INC: Wants Monsanto & Retiree Settlement Pacts Okayed
-------------------------------------------------------------
Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve:

  (i) a settlement among Solutia, Monsanto Company, Pharmacia
      Corporation, the Official Committee of Unsecured
      Creditors, the Official Committee of Retirees, and the Ad
      Hoc Trade Committee; and

(ii) a settlement among Solutia, Monsanto, the Retirees'
      Committee, and the Creditors Committee.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
relates that the Monsanto Settlement achieves the overriding
goal of Solutia's reorganization -- the permanent reallocation
of significant legacy liabilities arising from the 1997 spin
off.  Monsanto assumes all of Solutia's legacy tort liabilities
and a substantial portion of its environmental liabilities.

By removing the cloud of the legacy liabilities, the Monsanto
Settlement will enhance creditor recoveries, materially improve
Solutia's future prospects, preserves crucial commercial
relationships with Monsanto and pave the way to a successful
reorganization, Mr. Henes says.

The proposed Monsanto Settlement achieves as much or more than
Solutia could achieve by litigating to an improbable victory
without the huge risks, uncertainties, delays and expense that
the litigation would visit on Solutia's estates and creditors,
Mr. Henes points out.

Solutia's relationship with Monsanto has always been a critical
part of its business, Mr. Henes tells Judge Beatty.  Under the
Monsanto Settlement, Monsanto has agreed to extend a master
operating agreement for an additional three years through 2020.   
The Master Operating Agreement provides for Solutia to be
"guest" at certain Monsanto-owned facilities that are critical
to Solutia's businesses.  It also enables Solutia to obtain
discounted raw materials and other efficiencies that help
improve Solutia's profitability, Mr. Henes informs the Court.

The Master Operating Agreement and other important commercial
agreements are preserved under the Monsanto Settlement.   
Conversely, without the Monsanto Settlement, protracted and
acrimonious litigation would materially and perhaps permanently
impair these agreements and relationships, Mr. Henes maintains.

The Monsanto Settlement provides that:

  (1) Monsanto will be responsible for all alleged legacy tort
      liabilities.  Monsanto has agreed to be responsible for
      all past and future tort claims related to conduct that
      occurred before the spin-off.  Solutia currently estimates
      that the ultimate liability for these asserted claims will
      range between US$15,000,000 and 40,000,000, not accounting
      for future claims that could be asserted for pre-spin
      conduct, hundreds of additional lawsuits asserting
      thousands of claims that have been commenced against
      Monsanto.

  (2) Monsanto will assume significant environmental legacy
      liabilities that arise from sites owned by Old Monsanto
      but never owned by Solutia, which Solutia estimates will
      remove approximately US$150,000,000 worth of complex
      environmental claims from its estates.  Monsanto will also
      be responsible for the remediation of dioxin contamination
      in the Kanawha River and surrounding areas.

  (3) Solutia will be responsible for environmental legacy
      liabilities that arise from sites it has owned and
      operated following the spin-off, with the remediation
      costs Solutia expects to reach US$82,000,000 over the next
      five years.

  (4) Solutia and Monsanto will share environmental liabilities
      that arise from sites that were never owned or operated by
      Solutia but which have been affected by historical
      contamination from Solutia-owned plants located in
      Anniston, Alabama and Sauget, Illinois.  Costs for the
      Shared Sites will be allocated in this manner:

       -- The first US$50,000,000 will be paid through Funding
          Co., a special purpose limited liability company under
          the Plan that will be funded with proceeds from the
          rights offering;

       -- The next US$50,000,000 will be paid by Monsanto, less
          costs it has incurred for remediation of the Shared
          Sites during Solutia's Chapter 11 cases;

       -- Solutia will be responsible for the next
          US$325,000,000 in costs for Shared Sites.  Solutia,
          however, has the option to cap its annual costs at
          US$30,000,000 per year and have Monsanto bear excess
          remediation costs to improve reorganized Solutia's
          liquidity and cash flow; and

       -- After US$425,000,000, Solutia and Monsanto will split
          evenly all costs for Shared Sites.

The Retiree Settlement preserves post-employment medical and
other benefits for Solutia's 20,000 retirees, establishes a
trust funded with US$175,000,000 in cash to assure the payment
of the benefits, and will save Solutia approximately
US$110,000,000 in consensual benefit modifications.  The Retiree
Settlement is conditioned upon, and made possible only as a
result of, Monsanto's assumption of legacy liabilities as part
of the Monsanto Settlement.

The Retiree Settlement provides:

  (A) Creation of the Retiree Trust.  On the effective date,
      Solutia will contribute US$175,000,000 in cash proceeds
      from the rights offering to a retiree trust.  The trust
      will satisfy reorganized Solutia's continued payment of
      modified and life insurance benefits for pre-spin
      retirees.

  (B) Modifications to Medical Benefits.  Reorganized Solutia
      can limit the amount it pays each year for retiree medical
      expenses, change deductibles and prescription drug co-
      payments and cap the benefits paid to individual retirees
      after the age of 65.

  (C) Modifications to Life Insurance Benefits.  Life insurance
      benefits have been capped for employees who retired before
      Dec. 31, 2001, and eliminated for those who retired after
      that date.

  (D) Retiree Claim.  The retirees will receive an allowed, non-
      priority unsecured claim in the aggregate amount of
      US$35,000,000.  The recovery on account of the Retiree
      Claim will be contributed to the retiree trust and used
      solely to reimburse Solutia for its payment of benefits
      for pre-spin and post-spin retirees.

  (E) Retiree Release.  The retirees have agreed to release
      Solutia, Monsanto and Pharmacia, any employee benefit
      plans of Monsanto or Pharmacia and their respective
      representatives, affiliates and successors from all claims
      related to "retiree benefits."

The Settlements' release and injunction provisions are narrowly
tailored to preserve the rights of parties with claims being
assumed by Monsanto and are only designed to provide finality
for Monsanto on the liabilities Solutia is retaining.  The
Settlements do not afford "blanket immunity" to Monsanto or
Pharmacia.  The retirees have consented to the releases even
though they restrict the Retirees' rights, Mr. Henes avers.

In addition, Pharmacia has agreed to release Solutia from any
prepetition obligations, to waive its claim in the Chapter 11
cases, and to receive no distributions under the Plan.  As
consideration, Pharmacia will receive limited releases from and
injunctions against any and all claims relating to Solutia or
the legacy liabilities retained by Solutia.

Monsanto, according to Mr. Henes, has agreed to reasonable
consideration in exchange for its contributions and in
satisfaction of its claim.  Monsanto asserts at least
US$825,000,000 in claims against the Debtors' estates, including
(1) US$215,900,000 that Monsanto has spent for legacy
liabilities from the Petition Date through May 31, 2007; (2)
US$179,000,000 that Monsanto estimates it will spend in the
future on environmental and tort liabilities under the Monsanto
Settlement; and (3) US$428,700,000 that Monsanto spent to settle
the Anniston litigation.

In satisfaction of its claim and based on its contributions,
Monsanto will receive 20% of Reorganized Solutia's stock, which
Solutia estimates will be worth approximately US$240,000,000 at
the mid-point of total enterprise value.  Additionally,
consistent with the proposed allocation of legacy liabilities,
Monsanto will have an administrative claim for all amounts it
has spent on (a) Retained Sites and (b) environmental
liabilities in excess of US$50,000,000 at the Shared sites.  
Solutia has also agreed to pay reasonable fees and expenses
incurred by Monsanto's professionals for work related to the
Chapter 11 cases, capped at the aggregate fees of the Creditors
Committee's professionals.  Finally, subject to its assumption
of liability relating to certain of the legacy tort and
environmental claims, Monsanto will receive releases from and
injunctions against claims relating to Solutia or the legacy
liabilities retained by Solutia.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

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

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization
Plan on July 10, 2007.  The Debtors' exclusive period to file
a plan expires on July 30, 2007.  (Solutia Bankruptcy News,
Issue No. 91; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SOLUTIA INC: Bank of New York Balks at Amended Plan
---------------------------------------------------
The Bank of New York, as indenture trustee for the 11.25% senior
secured notes due 2009 issued by Solutia Inc. or its
predecessor, filed a statement with the U.S. Bankruptcy Court
for the Southern District of New York regarding the treatment of
Senior Secured Noteholders' claims under Solutia Inc. and its
debtor-affiliates' Amended Joint Plan of Reorganization.

The Bank relates that for the past three and a half years, the
Debtors and the holders of the Senior Secured Notes have
co-existed in relative peace.

"Now, however, with the prospect of emergence from Chapter 11 on
the horizon, the Debtors, obviously at the behest of certain
constituents, have elected to breach the peace and declare war
on the Senior Secured Noteholders," John K. Cunningham, Esq., at
White & Case LLP, in Miami, Florida, contends.

The Official Committee of Unsecured Creditors has attempted to
suddenly block any payment of the Senior Secured Notes Trustee's
legal fees in contravention of a certain cash collateral order.   
The Debtors have filed an objection to the Senior Secured Notes
Trustee's claim contending that the allowable amount of the
claim does not include the stated principal amount of
US$223,000,000 set forth in the Senior Secured Notes, but rather
is allegedly limited to a lesser amount based upon a novel
argument of "amortized original issue discount" in the Senior
Secured Notes, Mr. Cunningham states.

"The Debtors' new theory of allowance, which is totally
unsupported by any existing case law or the Bankruptcy Code, is
that an oversecured creditor who takes an interest bearing note
at par is to be treated differently in bankruptcy than one who
takes a note at a discounted to par, but with a lower interest
rate," Mr. Cunningham tells the Court.

Mr. Cunningham insists that without a resolution of the instant
dispute and a consensual allowance of a claim amount on the
Senior Secured Notes, the First Amended Joint Plan of
Reorganization contains a fundamental incurable defect that
solicitation of the Plan needs to be denied outright.

The Debtors have chosen to treat the claims of the Senior
Secured Noteholders as unimpaired and therefore, not entitled to
vote at any of the estates where their secured claims lie.   
Mr. Cunningham points out that the Debtors' positions with
respect to non-impairment under the Plan are inherently
inconsistent and unsupportable by the facts and law.  Section
1124 of the Bankruptcy Code expressly provides that the Debtors'
failure to reinstate the Senior Secured Notes under the Plan
renders the notes impaired and, thus, entitles the Senior
Secured Noteholders to vote on, and object to, the Plan.

The Disclosure Statement also fails to satisfy Section 1125 in
several material respects with respect to its description of the
Senior Secured Notes Trustee's claim, Mr. Cunningham notes.

Mr. Cunningham asserts that because the Plan will have to be re-
solicited if the Court later agrees that the claims of the
Senior Secured Noteholders are impaired, solicitation of the
Plan should be denied at this time.  In the alternative, to
avoid utter and complete waste, in the event that the Court were
otherwise inclined to approve the disclosure statement, before
permitting solicitation, the Court should determine whether the
treatment of the Senior Secured Noteholders' claims proposed by
the Debtors satisfies the requirements of Section 1124, he adds.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

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

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization
Plan on July 10, 2007.  The Debtors' exclusive period to file
a plan expires on July 30, 2007.  (Solutia Bankruptcy News,
Issue No. 91; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SWIFT & COMPANY: Moody's Keeps Ratings Under Review
---------------------------------------------------
Moody's Investors Service prospectively assigned a (P)Caa2
rating to new senior unsecured notes totaling US$600 million to
be issued by J&F I Finance Co., which will be a subsidiary of
J&F Participacoes, S.A.  Moody's also prospectively assigned a
(P)B3 corporate family rating, a B3 probability of default
rating, and a speculative grade liquidity rating of SGL-2 to New
Swift.  The rating outlook is stable.  The ratings are subject
to review of final documentation and subject to a US$500 million
equity component in the approximately US$1.46 billion
consideration for the acquisition of Swift.  Should the equity
amount be less than $500 million or should any other terms of
the transaction change, Moody's may revise the prospective
ratings and/or outlook of New Swift.

The ratings of the existing Swift & Company remain on review for
possible upgrade pending completion of the acquisition.  When
Old Swift is acquired and its existing debt repaid, ratings will
be withdrawn.

Ratings assigned prospectively with a stable outlook:  

J&F I Finance Co., to be renamed Swift & Company:

  -- Corporate family rating at (P)B3

  -- Probability of default rating at B3

  -- New US$200 million senior unsecured guaranteed notes due
     2015 at (P)Caa2 (LGD5, 81%)

  -- New US$200 million senior unsecured guaranteed toggle notes
     due 2015 at (P)Caa2 (LGD5, 81%)
  
  -- New US$200 million senior unsecured guaranteed floating
     rate notes due 2014 at (P)Caa2 (LGD5, 81%)

  -- Speculative grade liquidity rating at SGL-2

Ratings continuing on review for possible upgrade:

Swift & Company:

  -- Corporate family rating at B3
  -- Probability of default rating at B3
  -- Existing senior unsecured notes at Caa1
  -- Existing subordinated notes at Caa1

Swift will be acquired by J&F, a Brazilian company that is the
majority owner of Latin America's largest beef producer, JBS.  
JBS has annual revenues of about US$2.1 billion and EBITDA of
US$304 million.

J&F I Finance Co., which will be a subsidiary of J&F, will issue
US$600 million in new senior unsecured notes and will merge into
Swift & Company, currently a subsidiary of Swift Foods Company,
with Swift & Company as the surviving entity.  Swift & Company
will assume the obligations of J&F I Finance under the notes,
and Swift & Company will merge into S&C Holdco, 3 Inc, with S&C
Holdco, 3 Inc. continuing as the surviving entity to be renamed
Swift & Company.

Swift's B3 corporate family rating reflects the company's highly
volatile earnings and cash flow, very high enterprise leverage,
low margins and weak credit metrics, and the continuing
challenging conditions in the volatile US beef industry overall.
New Swift's ratings are supported by its scale as the third
largest beef and pork processor in the US, by Swift's strong
Australian operations, and by the company's solid liquidity.

Moody's analyzes Swift's operations in the context of the Rating
Methodology for Global Natural Product Processors - Protein and
Agriculture.  Using the 22 rating factors cited in this
methodology -- and proforma financials for fiscal 2007 and
Moody's projected financials for 2008 and 2009 -- all proforma
for the new capital structure -- Swift's rating would score at
B2, one notch above its actual rating level.  The company's
actual rating reflects the significant weight that Moody's
places on Swift's currently high leverage and weak credit
metrics and on the possibility of challenges faced by new
management with little experience in the US market.  Moody's
view is that Swift has not yet completely recovered from the
challenges of the last few years that negatively impacted
operating results.  Despite the equity component in the
consideration, the reduction in funded debt upon acquisition is
modest; post-acquisition funded debt of US$957 million will be
only about US$200 million less than the current funded debt at
Old Swift of about US$1.16 billion.

The stable rating outlook for New Swift reflects Moody's
expectation that -- although earnings will continue to modestly
rebound as beef volumes strengthen in the US and Australia and
as the company is able to realize some of the benefits of recent
operational restructuring moves -- near term improvements in
debt protection measures are likely to be modest.

The SGL-2 rating of New Swift is based on Moody's anticipation
that the company's liquidity over the next twelve months will be
good, with moderate usage of its unrated $700 million senior
secured revolving credit and modest seasonal variations in
internal cash flow generation for a protein company.  Cash flow
available to service debt is projected by Moody's to be
breakeven or slightly negative over the next four quarters as
Swift strengthens its operating performance.  Borrowing base
availability is expected to be ample.  The single covenant in
the revolving credit agreement is not tested unless availability
is less than US$75 million; it is not at all likely that
availability will be this low, so it is unlikely that the
covenant will be tested.  Alternative liquidity is limited as
assets are encumbered.

Swift & Company is one of the world's leading beef and pork
processing companies.  Its largest business segments are
domestic beef processing (Swift Beef, 59% of consolidated sales
for the first 39 weeks ended February 25, 2007), domestic pork
processing (Swift Pork, 22%) and beef operations in Swift
Australia (19%).  Consolidated sales for the twelve months ended
Feb. 25, 2007 were about US$9.5 billion.  It has operations in
Brazil and Colombia.




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


* ECUADOR: Hires Royal Dutch for Esmeraldas Consulting Work
-----------------------------------------------------------
Ecuadorian interim Energy Minister Jorge Alban told Dow Jones
Newswires that the government has hired Royal Dutch Shell PLC to
do consulting work at the Esmeraldas plant.

The government is also negotiating with Chile to co-manage
Esmeraldas, Dow Jones notes, citing interim Minister Alban.

Interim Minister Alban told Dow Jones that Ecuador will pay
US$17 million to Royal Dutch for nine months of management and
training consulting work, with a second phase possible later.  
Ecuadorian state-owned oil firm Petroecuador is also in talks
with its Chilean counterpart Empresa Nacional de Petroleo, or
Enap, as the Chilean company is keen on co-managing and
investing in the plant.

The report says that the negotiations with Enap also include a
possible swap between Chile and Ecuador.  Ecuador would send oil
residues for further processing in Chile, while Chile would ship
back oil derivatives.

Interim Minister Alban told Dow Jones, "We are in negotiations
and soon we'll have results."

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


IMAX CORP: Obtains Nasdaq Nod for Continued Common Stock Listing
----------------------------------------------------------------
The Nasdaq Listing Qualifications Panel has granted IMAX
Corporation's request for continued listing of its shares on
The Nasdaq Stock Market.

The decision is subject to the condition that the company files
its Form 10-K for the fiscal year ended Dec. 31, 2006, its Form
10-Q for the fiscal quarter ended March 31, 2007, and all
required restatements, on or before Oct. 1, 2007, and that it
continue to meet all other Nasdaq listing requirements.  The
company expects to make these filings shortly.
    
In March 2007, the company disclosed that it would delay filing
its financial statements due to the discovery of certain
accounting errors and subsequently broadened its accounting
review to include certain other accounting matters based on
comments received by the company from the staff of the
Securities and Exchange Commission and the Ontario Securities
Commission.
    
On April 12, 2007, and May 14, 2007, Nasdaq sent the company
letters indicating that it was not in compliance with
Marketplace Rule/4310(c)(14), which requires timely filing of
periodic reports with the SEC for continued listing of the
company's common shares, and that company's common shares were
subject to delisting from The NASDAQ Stock Market.
    
On June 29, 2007, the company has substantially addressed the
above-referenced comments from the SEC and OSC by revising its
accounting policy with regard to revenue recognition for theatre
systems, and that it expects to file its financial statements.
    
The Panel noted in its decision that the company's filing delay
does not appear to have been the result of misconduct or
malfeasance, and that the company was working diligently to
complete its reporting.
    
                      About IMAX Corp.

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

                        *     *     *

As reported in the Troubled Company Reporter on July 4, 2007,
Moody's Investors Service downgraded the corporate family rating
of IMAX Corporation to Caa1 from B3 and downgraded the rating on
its senior unsecured bonds to Caa2 from Caa1.  Moody's also
downgraded the probability of default rating to Caa1 from B3.  
Moody's keeps the ratings under review for further downgrade.




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


* HONDURAS: Experiencing Fuel Shortages
---------------------------------------
Prensa Latina reports that about 130 gas stations in Honduras
have been closed since last week for lack of fuel and non-
existence of reserve supplies.  DIPPSA (Distribuidora de
Productos del Petroleo Sociedad Anonima), the national
distributor of oil products, has been sued by the government
because of this.

The suit alleges damage to the national economy, Administrative
Commission Director Lucy Bu and Ministry of Industry and Trade
Production and Consumption Director Reiniery Rivas confirmed to
Prensa Latina.

Based on a distribution agreement, DIPPSA should have a 15-day
reserve stock, which it doesn't have, the same report says.
Shell, ESSO and Texaco are also in danger of getting sued
because they're usually out of fuel, Prensa Latina says.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                   Rating     Rating Date

Senior Unsecured    B2       Sept. 29, 1998
Long Term IDR       B2       Sept. 29, 1998




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


NATIONAL WATER: No Water Due to Power Outage
--------------------------------------------
A power outage in Jamaica has disrupted water supply to some
National Water Commission clients, Radio Jamaica reports.

Radio Jamaica relates that some customers are still without
water, as several water supply systems operated by electricity
had to be taken out of service.

The service should be restored, Radio Jamaica notes, citing
National Water spokesperson Charles Buchanan.

"Some of our customers will continue to experience some
difficulty until full normality is restored to the distribution
network.  Given the fact that the systems were out of operations
for some time it will take some hours, in several cases several
hours, for full normality to be restored.  We do expect that all
our customers' service will be restored today," Mr. Buchanan
told Radio Jamaica.

                        *     *     *

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.


* JAMAICA: Coimex Confident on Winning Sugar Factory Auction
------------------------------------------------------------
Coimex told The Jamaica Gleaner that it is positive that it will
win the bid for control of Jamaica's failing state-owned sugar
factories.

Coimex head Bernadette Coser said that the company had the
resources to profitably transform the sugar sector, which is
about US$13 billion in debt and has accumulated losses of US$8.3
billion, The Gleaner notes.

According to the report, the team examining the sugar
privatization bids would make a selection in July.

Ms. Coser told The Gleaner that she was confident Coimex would
be the preferred choice.  She explained, "Our strategy is mainly
concerned about logistics and trading opportunities.  Investing
in sugar production here could bring us a stronger position
inthe sugar market, so it's not only ethanol we do recognize
that the ethanol seems to (represent the largest) market
opportunity."

Coimex was also exploring the possibilities for more
investments, The Gleaner says, citing Brazilian Ambassador Cezar
Amaral.

"The choice of Jamaica was due to the fact that foreign
investors need a very secure environment.  The Government is
competent and helps investors so they are confident of having
chosen the best location for investment in the Caribbean," Mr.
Amaral told The Gleaner.

Meanwhile, the Gleaner reports that Brazil is seeking for new
investments in electricity generation and fertilizer
manufacturing, as well as more opportunities in sugar and
ethanol production.

All sugar factories in Brazil make their own electricity from
sugar cane.  Almost all of them sell the excess to the national
grid, The Gleaner says, citing Mr. Amaral.  He said that the
same could be done in Jamaica.

Mr. Amaral told The Gleaner that by-products from sugar cane
could be used to manufacture fertilizer for use in the
agricultural sector.

The agriculture industry remains open with only one supplier in
Jamaica.  Price increases in recent months have triggered calls
from farmers for the production of cheaper fertilizer, The
Gleaner relates.

                        *     *     *

As reported on March 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B' ratings on Jamaica's long-term and short-term
sovereign credit, with stable outlook.




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


BENQ CORP: K.Y. Lee Loses CEO Title in Some Subsidiaries
--------------------------------------------------------
BenQ Corp's chairman, K.Y. Lee, retained his chairmanship but
will lose his CEO titles at some companies in the BenQ Group,
amid a management reshuffle announced just weeks before his
insider stock trading case begins in Taiwan, IDG News Service
reports.

Mr. Lee, the long-standing chairman of the company and head of
the BenQ Group, lost his CEO title at LCD panel maker AU
Optronics Corp., and at BenQ Corp., an official confirmed with
the news agency.

This also confirmed the July 2, 2007 report from The Wall Street
Journal that said that the board of AU Optronics named Vice
Chairman and Chief Operating Officer H.B. Chen as chief
executive, succeeding Mr. Lee, who will leave the post in
September.  Mr. Lee will remain as the company's chairman, and
Mr. Chen will keep his post as vice chairman, The Journal said,
citing AU Optronics' statement.

AU Optronics didn't say why Mr. Lee was leaving his post as CEO,
but analysts told The Journal it may be tied to allegations he
was involved in an insider-trading deal.

On Mar. 16, 2007, the Troubled Company Reporter - Asia Pacific
reported that Taiwanese prosecutors raided BenQ's headquarters
on suspicion that some of its executives may be involved in
insider trading.  Eric Yu, BenQ's chief financial officer, was
detained without bail after the raid.  Mr. Lee and President Lee
His-hua were released after paying NT$15 million and NT$10
million bail respectively after being questioned over alleged
involvement in insider trading, the TCR- AP said.

The current management reshuffle, and the announcement of a new
name for BenQ Corp., comes just weeks before court proceedings
are set to begin on the insider stock trading case at the
Taoyuan District Court in Taiwan, Dan Nystedt of IDG notes.  
Procedural meetings are slated to begin July 12.

The reorganization is expected to be final by Sep. 1, 2007,
where Mr. Lee will be chairman of Qisda, BenQ, and AU Optronics
once the change is finished, but he will not hold the CEO title
at any of the companies, Mr. Nystedt says.  Hsiung Hui, an
executive vice president at AU Optronics, will become the new
president of Qisda, while Conway Lee will become the president
of BenQ.  The CEO title will not be used at either company, a
BenQ representative told IDG News.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.  It has business
operations in Mexico.

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


FORMICA CORP: Fletcher Building Completes Acquisition
-----------------------------------------------------
Fletcher Building Limited completed the acquisition of United-
States based Formica Corporation on July 2, 2007, a regulatory
filing with the New Zealand Stock Exchange says.

As reported on May 23, 2007, Fletcher Building acquired Formica
for US$700 million plus deferred payments of up to US$50 million
from private equity investors Cerberus Capital Management, L.P.
and Oaktree Capital Management, LLC.

The acquisition price reportedly was 7.2 times the enterprise
value to Earnings Before Interest, Tax, Depreciation and
Amortization in 2008.  On a normalized basis before synergies,
Fletcher estimates Formica's EBITDA for the year to June 2008 to
be around US$94 million.

Fletcher Building and Formica believes the acquisition
represents growth opportunities for both firms.

"Our goal has been to establish an ownership structure that will
allow us to build upon our success and continue to invest in and
grow the business, and our people," said Frank Riddick,
President and Chief Executive Officer of Formica.  Mr. Riddick
believes the combination of the two companies' Laminex
businesses will create the largest global manufacturer of
decorative surfaces and high-pressure laminates in the world.

Formica does not expect the new ownership to have a significant
impact on day-to-day operations, the acquired company said in a
media release.  In the near term, Formica will be structured as
a business unit within the Fletcher Building Laminates & Panels
division.  Frank Riddick will remain as President and Chief
Executive Officer of Formica and the management team will remain
with the company.

The sellers will retain Formica's South America operations and
certain real estate in California.

                     About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of  
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.  
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

                          About Formica

Cincinnati, Ohio-based Formica Corp. -- http://www.formica.com/  
-- designs, manufactures and distributes a full range of
surfacing products for commercial and residential applications,
including Formica(R) Brand Laminate, Formica(R) Solid Surfacing,
Formica Granite(R), Formica(R) Stone Natural Quartz Surfacing,
Formica(R) Veneer Premium Wood Surfacing and Formica(R)
DecoMetal.  The company has offices in Mexico, Spain, Sweden,
United Kingdom, Finland, France, Italy, Russia, China, Hong
Kong, Singapore, Taiwan, and Thailand.

As reported in the Troubled Company Reporter-Latin America on
May 25, 2007, Moody's Investors Service placed Formica
Corporation's ratings on review for possible downgrade:

   -- Corporate family rating, rated B2;

   -- Probability of default rating, rated B2;

   -- US$210 million gtd. sr. sec. term loan, rated B1; and

   -- US$60 million gtd. sr. sec. revolving credit facility,
      rated B1.


GRUPO IMSA: Says Ternium's Offer a Fair Price for Shareholders
--------------------------------------------------------------
Grupo Imsa said in a filing with the Mexico City bourse, Bolsa
Mexicana de Valores, that its board thinks that steel group
Ternium's takeover offer of US$6.40 per share is a fair price
for shareholders.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2007, Grupo Imsa said that Ternium launched a public
offer to buy up 100% of the company's shares for US$1.73
billion, or US$6.40 per share.  The offer period ends on
July 23, 2007.  The Canales Clariond family, who owned 91% of
Grupo Imsa shares, previously agreed to tender their shares for
cash.  Ternium wants to acquire the remaining minority shares
through the public offer.

Ternium-Imsa merger is a smart move, Business News Americas
relates, citing analysts.  Ternium already has the Hylsamex
steel operation in Mexico, making the newest merger an "easy
fit."

                       About Ternium

Ternium consolidates the operations of the steel companies Hylsa
(Mexico), Siderar (Argentina) and Sidor (Venezuela).  Ternium
manages highly-integrated processes to manufacture steel and
value-added products and services.

                      About Grupo IMSA

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 aluminum
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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 11, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Grupo Imsa SAB de CV to
'BB+' from 'BBB' and removed it from CreditWatch, where it was
placed with negative implications on Oct. 2, 2006.  S&P said the
outlook is stable.


MOVIE GALLERY: Moody's Junks Corporate Family Rating
----------------------------------------------------
Moody's Investors Service downgraded the ratings of Movie
Gallery Inc.; corporate family rating to Caa3, and placed the
long term ratings on review for possible further downgrade.  LGD
assessments are also subject to change.  The downgrade reflects
the company's exceptionally weak liquidity (its revolving credit
facility is fully drawn leaving it with its US$50 million cash
balance as its sole source of liquidity) and the expectation for
very weak second quarter results.  The review for further
downgrade reflects the fluid nature of the current situation and
the high likelihood of a distressed exchange, restructuring, or
bankruptcy filing.  

The company announced that it is in violation of its financial
covenants under its first lien credit facilities resulting in a
default under this agreement.  The company intends to seek a
waiver, amendment, forbearance, or similar agreement from its
lenders under the fist lien credit agreement.  The company has
hired Mr. Alvarez and Mr. Marsal to assume responsibilities as
Chief Restructuring Officer and to evaluate available strategic
and restructuring alternatives.  The company has also hired Mr.
Mr. Lazard Freres to serve as financial advisors.

These ratings are downgraded and placed on review for possible
further downgrade:

-- Corporate family rating to Caa3 from Caa1;

-- Probability of default rating to Caa2 from B3;

-- US$100 million senior secured revolving credit facility to
    B2 (LGD2,18%) from B1 (LGD1,9%);

-- US$25 million synthetic letter of credit facility to Caa2
    (LGD4,55%) from B2 (LGD3,39%);

-- US$600 million senior secured first lien term loan to Caa2
    (LGD4, 55%) from B2 (LGD3, 39%);

-- US$175 million senior secured second lien term loan to Caa3
    (LGD5,81%) from Caa1 (LGD4, 66%);

-- Senior unsecured guaranteed notes to Ca (LGD6,95%) from Caa2
    (LGD5,88%).

This rating is downgraded:

-- Speculative grade liquidity rating to SGL-4 from SGL-3.

The review will focus on the company's ongoing liquidity, the
status of its negotiations with its first lien lenders, the
reaction of its vendors and landlords, as well as the potential
for a bankruptcy filing.  The review will also focus on the
company's operating performance, its ongoing competitive
position and long term viability, and any potential changes to
its capital structure, including a distressed exchange or
potential restructuring.

Movie Gallery, headquartered in Dothan, Alabama, is a leading
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.  LTM revenues for
the period ended April 1, 2007 were about US$2.5 billion.


VANGUARD CAR: S&P Retains Pos. Watch on B+ Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Vanguard Car Rental USA Holdings Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with positive
implications, where they were placed on April 2, 2007.
      
"We expect Vanguard to be acquired in the near future by
Enterprise Rent-A-Car Co. [BBB/Stable/A-2]," said Standard &
Poor's credit analyst Betsy Snyder.  "When the acquisition is
completed, we expect to equalize the corporate credit rating on
Vanguard with the Enterprise rating."
     
Enterprise has already received approval for the acquisition by
the U.S. regulatory authority, and is still awaiting approval by
the Canadian regulatory authority. Ratings on the $975 million
secured credit facility, Vanguard's only rated corporate debt,
are expected to be withdrawn when that facility is paid off at
the time of the acquisition.

Headquartered in Tulsa, Oklahoma, Vanguard Car Rental Holdings
LLC -- http://www.vanguardcar.com/-- is a car rental company  
operator of the National Car Rental and Alamo Rent A Car brands.  
It has more than 3,200 locations in 83 countries, including the
United States, Canada, Mexico, Europe, the Caribbean, Latin
America, Hong Kong, Malaysia, the Pacific Rim, Africa, the
Middle East and Australia.




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


H-LINES FINANCE: Moody's Lifts Corporate Family Rating to B1
------------------------------------------------------------
Moody's Investors Service raised its debt ratings of H-Lines
Finance Holding Corporation -- Corporate Family Rating and
Probability of Default to B1 from B2 and senior unsecured to B3
from Caa1.  Moody's also raised the instrument ratings of
Horizon Lines, LLC -- senior secured to Ba1 from Ba2 and senior
unsecured to B2 from B3.  The outlook has been changed to stable
from positive.

The ratings reflect Horizon's leading position in its core
markets, which is enhanced by the protective benefits of the
U.S. Jones Act trade, and the important link in customers'
distribution chains that Horizon provides with its containership
operations. These factors support a core level of underlying
volume for the company's services and should result in the
continuing generation of steady funds from operations even
during cyclical declines in demand.  Moody's anticipates that
the combination of productivity programs and a strong yield
environment over the near term should produce some modest
further expansion in the operating margins, notwithstanding the
recent trend of softening demand across the Jones Act trade
lanes.  As a result, the improved operating and free cash flows
should sustain financial flexibility.  

"Although adjusted debt will increase in 2007 due to the
chartering-in of five new vessels, Moody's expects Horizon to
maintain credit metrics at levels that are consistent with the
B1 rating category," said Jonathan Root, Moody's Shipping
Analyst. The rating also anticipates moderate financial leverage
over the intermediate term as the company prepares for the
replacement of the ageing fleet, which operates in the Jones Act
trade.  The company repaid US$50 million of term debt since mid-
December 2006.

Horizon recently completed the re-deployment of its fleet upon
taking delivery of five new non-Jones Act vessels.  The addition
of these vessels significantly reduces the average age of the
fleet.  However, the 12 vessels in the Jones Act trades
(requires only vessels that are U.S.-built, U.S.-owned and
U.S.-crewed may call between U.S. ports) which generate over 90%
of shipping revenues, average 28 years of age, and will require
replacement over the long term.  The estimated replacement cost
is high, due to the Jones Act requirements of US construction.

The stable outlook reflects Moody's belief that operational and
demand risks remain with the reconfigured, higher capacity fleet
such that the pace and degree of improvements in earnings and
cash flows could trail Horizon's forecasts.  However, in Moody's
view, the demonstrated pricing power can be maintained to help
offset the effects of potentially lower demand relative to the
company's forecasts.  Ratings could be upgraded if Horizon was
to sustain Debt to EBITDA below 4.0 times or EBIT to Interest
above 2.5 times.  Ratings could be downgraded if EBIT to
Interest was sustained below 1.4 times or Debt to EBITDA was
sustained above 5 times.  One or more acquisitions resulting in
meaningfully higher debt levels could also place downward
pressure on the ratings, as could a debt-financed program to
replace the Jones Act fleet.

Upgrades:

Issuer: H-Lines Finance Holding Corp.

-- Probability of Default Rating, Upgraded to B1 from B2

-- Corporate Family Rating, Upgraded to B1 from B2

-- Senior Unsecured Regular Bond/Debenture, Upgraded to B3,
    LGD 6, 93% from Caa1, LGD 6, 94%

Issuer: Horizon Lines, LLC

-- Senior Secured Bank Credit Facility, Upgraded to Ba1 from
    Ba2

-- Senior Unsecured Regular Bond/Debenture, Upgraded to B2,
    LGD 4, 66% from B3, LGD 4, 69%

Outlook Actions:

Issuer: H-Lines Finance Holding Corp.

-- Outlook, Changed To Stable From Positive

Issuer: Horizon Lines, LLC

-- Outlook, Changed To Stable From Positive

H-Lines Finance Holding Corp, based in Charlotte, North
Carolina, through its wholly-owned operating subsidiary, Horizon
Lines, LLC, trades 17 U.S. flag container ships in liner
services between either the continental United States and
Alaska, Hawaii, Guam or Puerto Rico and between the Far East and
the U.S. West coast.


MUSICLAND HOLDING: Plan Confirmation Hearing Is Until July 24
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has continued the hearing to consider the confirmation of
Musicland Holding Corp. and its debtor-affiliates' Second
Amended Plan of Liquidation to July 24, 2007.

Accordingly, the Debtors, the Official Committee of Unsecured
Creditors and the current members of the Informal Committee of
Secured Trade Vendors further agree that the deadline set under
the Debtors' Second Amended Plan for:

  (a) the Confirmation Order to become a Final Order is extended
      until Aug. 31, 2007; and

  (b) occurrence of the Effective Date is extended until
      Sept. 30, 2007.

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products.  With 12,600 employees, the Musicland Business
operates approximately 869 retail stores in 48 states, Puerto
Rico and the Virgin Islands.  The Debtor and 14 of its
affiliates filed for chapter 11 protection on Jan. 12, 2006
(Bankr. S.D.N.Y. Lead Case No. 06-10064).  James H.M.
Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in
their restructuring efforts.   Mark T. Power, Esq., at Hahn &
Hessen LLP, represents the Official Committee of Unsecured
Creditors.  At March 31, 2007, the Debtors disclosed
US$20,121,000 in total assets and US$321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  (Musicland Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


CREDIT URUGUAY: Moody's Assigns Not Prime Short-Term Rating
-----------------------------------------------------------
Moody's Investors Service assigned short-term local currency
deposit ratings to certain Uruguayan banks.

The rating action has no effect on the banks' financial strength
ratings nor on their long- term local currency deposit ratings.

These ratings have been assigned:

Banco de la Republica Oriental del Uruguay:

  -- Prime 2 short-term local currency deposit rating

Banco Hipotecario del Uruguay:

  -- Prime 2 short-term local currency deposit rating

Lloyds TSB Bank PLC (Uruguay):

  -- Prime 2 short-term local currency deposit rating

ABN AMRO Bank NV - Montevideo Branch:

  -- Prime 2 short-term local currency deposit rating

Banco Santander S.A. (Uruguay):

  -- Not Prime short-term local currency deposit rating

Credit Uruguay Banco S.A.:

  -- Not Prime short-term local currency deposit rating

Banco de la Nacion Argentina (Uruguay):

  -- Not Prime short-term local currency deposit rating

Moody's Not Prime short-term rating puts the issuer in a
speculative category on its ability to repay senior short-term
debt obligations.


SANTANDER (URUGUAY): Moody's Puts Not Prime Short-Term Rating
-------------------------------------------------------------
Moody's Investors Service assigned short-term local currency
deposit ratings to certain Uruguayan banks.

The rating action has no effect on the banks' financial strength
ratings nor on their long- term local currency deposit ratings.

The following ratings have been assigned:

Banco de la Rep£blica Oriental del Uruguay:

  -- Prime 2 short-term local currency deposit rating

Banco Hipotecario del Uruguay:

  -- Prime 2 short-term local currency deposit rating

Lloyds TSB Bank PLC (Uruguay):

  -- Prime 2 short-term local currency deposit rating

ABN AMRO Bank NV - Montevideo Branch:

  -- Prime 2 short-term local currency deposit rating

Banco Santander S.A. (Uruguay):

  -- Not Prime short-term local currency deposit rating

Credit Uruguay Banco S.A.:

  -- Not Prime short-term local currency deposit rating

Banco de la Nacion Argentina (Uruguay):

  -- Not Prime short-term local currency deposit rating

Moody's Not Prime short-term rating puts the issuer in a
speculative category on its ability to repay senior short-term
debt obligations.




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


PETROLEOS DE VENEZUELA: Oil Firms Must Register by Dec. 31
----------------------------------------------------------
Venezuela's state-run oil firm Petroleos de Venezuela SA said in
a statement that it has set the deadline for potential
contractors to register with the social production firms'
database by Dec. 31.

According to Petroleos de Venezuela's statement, all economic
groups keen on providing goods or services to Venezuela's oil
industry must register with the database to be eligible for
contract awards.

Firms can register online at http://www.pdvsa.comand can send  
an e-mail to guiaeps@pdvsa.com for inquiries, Business News
Americas 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.


* VENEZUELA: Hugo Chavez May Nationalize Private Hospitals
----------------------------------------------------------
Venezuelan President Hugo Chavez told the Associated Press that
the government will take over the nation's privately owned
hospitals and clinics if they fail to reduce health care costs.

The AP notes that President Chavez said in a televised speech,
"If the owners of the private clinics don't want to obey the
laws, then the private clinics will be nationalized.  They will
become part of the public health service."

According to the AP, Venezuela has a "two-tiered health system
in which wealthier, insured patients often can afford prompter,
better treatment at private hospitals."

President Chavez commented to the AP, "This is the evil of
capitalism.  We have to regulate this progressively,
transforming the savage capitalist market into a market of
solidarity."

Such operations earn a minimal profit as revenue goes to
covering costs and modernizing equipment, the AP says, citing a
private clinic chief.

Clinicas Caracas director Dr. Alexis Bello told the AP, "In our
case, profits were only 5% of total revenue, and the profits at
most of the clinics are roughly the same.  It's not a very
profitable business."

The directors of major private clinics have been talking with
government officials regarding regulations for controlling
costs, the AP notes, citing Dr. Bello.  

Dr. Bello is in favor of the regulations as they are the
alternative to nationalization, the AP states.

                       *     *     *

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


* VENEZUELA: Launches Petrochemical Plant Construction in Iran
--------------------------------------------------------------
Venezuela's President Hugo Chavez and Iranian counterpart
Mahmoud Ahmadinejad have launched the construction of a joint
petrochemical plant in Assalouyeh, Iran, Iranian government news
agency IRNA and Venezuelan state news service Agencia
Bolivariana de Noticias report.

Agencia Bolivariana relates that the project's cost will total
US$700 million.  The plant will produce around 1.65 million tons
of methanol yearly.  Construction would take four years.

Venezuela's online news daily Panorama Digital notes that
Iranians will hold a 51% stake in the facility, while the
Venezuelans will own 49%.

The Venezuelan and Iranian governments will launch the
construction of a similar-sized project in the Zigma industrial
zone in Venezuela, IRNA says, citing Mohammad Hassan Peyvandi,
the director of planning and development of the Iranian
petrochemical sector.

According to IRNA, the new plant in Iran will help open up the
Pakistani and Indian markets to Venezuela.  Meanwhile, the
plant, which will be constructed in Venezuela, will facilitate
access to the Latin American market for the Iranians.

"Venezuelan officials are determined to create petrochemical
industries in their country.  Construction of various
enterprises would enable us to put an end to the monopoly of the
superpowers," President Chavez told IRNA.

                       *     *     *

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


* VENEZUELA: Hugo Chavez Plans New Plants & Pipelines
-----------------------------------------------------
Calgary Herald reports that Venezuelan President Hugo Chavez
intended to build four petrochemical plants and natural gas
pipelines as part of an agreement with Iran.

According to Mr. Chavez, two plants will be located on the
Caribbean and connected to existing oil and gas projects.  A
plant in the Orinoco Delta and another in the Amazon will be
linked to offshore gas fields and the Faja del Orinoco heavy oil
region with new pipelines.

Reports show that Mr. Chavez visited Iran this week to launch
the petrochemical plant construction in the Middle Eastern
country.  The plants in Venezuela, Mr. Chavez asserted, will
allow his country to process more naphtha, a by-product of
petroleum refining, rather than exporting it for use in gasoline
and chemicals.

Naphtha "is exported and other countries convert it into
petrochemicals," Mr. Chavez said in an interview.  "And later
the products come back and are sold for the highest prices by
international companies."

                       *     *     *

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


* BOOK REVIEW: Distressed Investment Banking
--------------------------------------------
Title: Distressed Investment Banking: To the Abyss and Back
Authors: Henry F. Owsley, Peter S. Kaufman
Publisher: Beard Books
Hardcover: 236 pages
List Price: US$74.95

Order your personal copy at:

http://amazon.com/exec/obidos/ASIN/1587982676/internetbankrupt

This book is the definitive work on distressed investment
banking by two widely acknowledged leaders in this field.

Dealing with the restructuring of troubled companies, an
insider's view is provided on the methods and complexities of
this fascinating area of investment banking.

It demystifies what investment bankers really do and coveys
difficult concepts in easy-to-understand terms.

Particular focus is directed toward non-conflicted advice to
boards of directors interested in recoveries for shareholds.

Attorneys, accountants, crisis managers, business students,
judges and investment bankers, as well as management and
directors of distressed companies will all find this book
interesting.


                        ***********


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 * * *