TCRLA_Public/070713.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 13, 2007, Vol. 8, Issue 138

                          Headlines

A R G E N T I N A

AEROFLEX: Revised Veritas Offer Cues S&P to Remove Neg. Watch
ALLIS-CHALMERS: Sees US$200MM++ Revenues from Pan American Deal
BRISTA SA: Proofs of Claim Verification Deadline Is Aug. 9
DISTRIBUIDORA FRIGER: Claims Verification Deadline Is Sept. 21
NORTHWEST AIRLINES: Barry Hofer to Replace Mr. Greenwald as VP

PAN AMERICAN: Inks Supply Accord with Allis-Chalmers' DLS Unit

* ARGENTINA: Halts Chilean Gas Transport to Meet Local Demands


B E R M U D A

DIGICEL LTD: O'Brien Says Yearly Revenue Is US$1.13 Billion


B O L I V I A

* BOLIVIA: Gov’t Ends Protest by Huanuni Employees


B R A Z I L

BANCO NACIONAL: Grants BRL774.6-Mil. Loan to Companhia Vale
BAUSCH & LOMB: Files Prelim Proxy Statement for Pending Merger
BAUSCH & LOMB: S&P Retains BB+ Corp. Credit Rating on Neg. Watch
KENDLE INT’L: Prices Offering of 3.375% US$175 Mil. Senior Notes
NOMURA HOLDINGS: Denies Merger Talks with Resona Holdings

NOMURA HOLDINGS: Plans to Expand Equity Business in India
REALOGY CORP: S&P Lowers Rating and Removes Negative CreditWatch


C A Y M A N   I S L A N D S

ABACUS FUND: Will Hold Last Shareholders Meeting on Aug. 10
ACORN ALTERNATIVE: Proofs of Claim Filing Is Until Aug. 10
CORSAIR II: Proofs of Claim Must be Filed by Aug. 13
GULF INSURANCE: Proofs of Claim Filing Is Until Aug. 13
HEXA PROPERTIES: Sets Last Shareholders Meeting for Aug. 10

HMTF-AMI: Will Hold Last Shareholders Meeting on Aug. 10
JAPAN OFFICE: Sets Last Shareholders Meeting for Aug. 10
MANLEY INVESTMENT: To Hold Last Shareholders Meeting on Aug. 10
OASIS OFFSHORE: Sets Last Shareholders Meeting for Aug. 13
VEGA LTD: Will Hold Last Shareholders Meeting on Aug. 10

ZAIS STRUCTURED: Proofs of Claim Filing Is Until Aug. 10
ZAIS STRUCTURED CREDIT: Last Shareholders Meeting Is Aug. 10


C H I L E

SHAW GROUP: Acquires Ezeflow Manufacturing & Distribution Biz


C O L O M B I A

ECOPETROL: Says Firms Ask for Raw Material Pricing Formula
ECOPETROL: 20% Stake Sale May Generate Up to US$4.5 Billion
PHELPS DODGE: Fitch Upgrades Ratings on Four Senior Notes to BB

* BOGOTA: S&P Assigns BB+ Rating on Planned US$300-Mil. Notes
* COLOMBIA: Bogota To Issue US$300-Million of Peso Bonds
* COLOMBIA: Gov’t Mulling Sale of More Shares in Isagen
* COLOMBIA: Gas Pipeline Project with Venezuela Ready in August


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Lies About Its Assets, Jose Malkun Says


E C U A D O R

BANCO DEL PICHINCHA: Inter-American Investment OKs US$5MM Loan

* ECUADOR: Will Create Bank for Immigrants in Spain
* ECUADOR: Rafael Correa Resubmits Hydrocarbons Bill to Congress


J A M A I C A

AIR JAMAICA: Ministry Mum on Hotel Group’s Board Post Request
CABLE & WIRELESS: Launches Broadband Telephone System in Jamaica


M E X I C O

FIRST DATA: Michael Capellas Named as Chief Executive Officer
GREENBRIER COS: DA Davidson Puts Buy Rating on Firm’s Shares
GRUPO GIGANTE: Fitch Puts BB Rating on US$260 Mil. Senior Notes
MAZDA MOTORS: Demio Seen to Help Attain Midterm Target
POLYONE CORP: Fitch Ups Senior Unsecured Debt Rating to BB-

U.S. STEEL: Names G. Stewart as Senior Counsel for Tubular Unit
VITRO SAB: Two Facilities Temporarily Suspend Operations


P A N A M A

* PANAMA: Congress Ratifies Free Trade Agreement with U.S.


P A R A G U A Y

* PARAGUAY: IDB Fund OKs US$1.8–Mil. Loan to Support Businesses
* PARAGUAY: Gets US$45-Million Education Funding from IDB Fund


P E R U

FREEPORT-MCMORAN: Fitch Affirms BB Issuer Default Rating
HANOVER COMPRESSOR: Shareholders To Vote August 16 on Merger


P U E R T O   R I C O

ADELPHIA COMMS: Wants Across Media Settlement Agreement Approved
ADVANCED MEDICAL: Bausch & Lomb Bid Cues S&P's Developing Watch
ALLIED WASTE: Appoints Catharine Ellingsen as VP-General Counsel
ALLIED WASTE: Picks Michael Rissman as VP & Deputy Gen. Counsel
CENTENNIAL COMMS: Good Performance Cues S&P to Lift Rating to B

CHATTEM: Earns US$14.9 Million in Second Quarter Ended May 31
COVENTRY HEALTH: Closes Refinancing of Credit Facility
DIRECTV GROUP: Inks Exclusive Service Agreement with B2B-TV


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Stifel Nicolaus Puts Hold Rating on Firm’s Shares


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Expanding Oil Cooperation with Belarus
PETROLEOS DE VENEZUELA: Wants to Avoid Arbitration with Oil Cos.
PETROLEOS DE VENEZUELA: Oil Rig Workers Warn of Protests
SHAW GROUP: Brings In Jeffrey Merrifield as VP-Power Group

* VENEZUELA: Regulator OKs Mercantil Servicios’ Share Issue
* VENEZUELA: Gas Pipeline Project with Colombia Ready in August
* BOOK REVIEW: A Not-So-Tender Offer


                          - - - - -


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


AEROFLEX: Revised Veritas Offer Cues S&P to Remove Neg. Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services removed its 'B' corporate
credit rating on Plainview, New York-based Aeroflex Inc. from
CreditWatch, where it was placed with negative implications on
May 30, 2007.  The 'B' corporate credit rating is affirmed; the
outlook is negative.  The rating action follows a review of a
revised buyout offer for the company from a private equity
consortium led by Veritas Capital.

"At the same time, we assigned our 'B+' bank loan rating and '2'
recovery rating to Aeroflex's proposed $560 million first-lien
credit facilities, consisting of a $60 million revolving credit
and a $500 million term loan," said Standard & Poor's credit
analyst Lucy Patricola.  The '2' recovery rating indicates that
lenders can expect substantial (70%-90%) recovery of principal in the event of
payment default. The 'B+' rating is one notch higher than the 'B' corporate
credit rating on Aeroflex.  All ratings are based on preliminary offering
statements and are subject to review upon final documentation.

The ratings reflect the company's niche product positions, high
leverage at inception and nominal cash flow.  Partial offsets
include stable operating trends, good revenue visibility, and
barriers to entry protecting the company's markets.

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


ALLIS-CHALMERS: Sees US$200MM++ Revenues from Pan American Deal
---------------------------------------------------------------
Allis-Chalmers Energy Inc. reported that DLS Drilling Logistic &
Services Corporation, its wholly owned subsidiary based in Buenos Aires,
Argentina, has reached a preliminary agreement in principle with its most
significant customer, Pan American Energy LLC, to supply and operate 17
additional rigs for operation in the Cerro Dragon area in southern Argentina.

DLS currently has a contract with Pan American in the Golfo San
Jorge area under which it provides 31 rigs, consisting of
9 drilling and 22 service rigs.  DLS expects to supply the
additional rigs to Pan American pursuant to an anticipated
amendment to their strategic alliance agreement, which would also be extended
for a new five year term.  Allis-Chalmers expects to invest about US$80
million in new equipment under this amended agreement.  Financing is
anticipated primarily from DLS's cash flow from operations and DLS's credit
facilities.

The equipment is expected to be delivered in stages throughout
2007 and 2008 with the first of the 14 service rigs to be
delivered in October 2007 and the 3 drilling rigs anticipated to
be delivered in the fourth quarter of 2008.

On a preliminary basis, Allis-Chalmers estimates that the
additional rigs would contribute revenues of about US$200 million over the
five year term of the contract amendment.

Micki Hidayatallah, Allis-chalmers' chairman and chief executive
officer, stated, "We are excited about the opportunity to expand
our mutually beneficial relationship with Pan American, our
largest customer in Argentina.  We look forward to continuing to
build on our relationships in this region and we appreciate the
confidence Pan American has shown in us by expanding our
association."

                     About Pan American

Pan American Energy LLC is the second largest oil and gas producer in
Argentina.  Also, PAE performs exploration and production activities in
Bolivia.  Total Fiscal Year 2006 production of 242 thousand barrels of oil
equivalent per day was split 51:49 between oil and gas.  Bolivia represented
23% of proved reserves and 10% of both production and revenues at FY06.  The
proved reserve life is 14 years and 60% of reserves are developed.  Outside
E&P, other assets include participation in oil transportation, storage and
loading, gas distribution and power generation in Argentina, Uruguay and
Bolivia.  Created in 1997 as a Delaware holding company, PAE is owned 60% by
BP and 40% by Bridas.  The Argentine Branch has historically been PAE's
primary subsidiary both in terms of assets and revenues and the entity that
assumes most of the financial debt for the whole group.

                         About DLS

Through DLS, Allis-Chalmers provides drilling, completion and work over
services in Argentina and Bolivia, and other services such as drilling and
completion fluids.  DLS currently operates a fleet of 52 rigs, including 21
drilling rigs, 18 work over rigs and 13 pulling rigs.

                    About Allis-Chalmers

Allis-Chalmers Energy Inc. (NYSE: ALY) --
http://www.alchenergy.com/-- is a Houston based multi-faceted  
oilfield services company.  It provides services and equipment to oil and
natural gas exploration and production companies,
domestically in Texas, Louisiana, New Mexico, Colorado, Oklahoma, Mississippi,
Utah, Wyoming, Arkansas, Alabama, West Virginia, offshore in the Gulf of
Mexico, and internationally primarily in Argentina and Mexico.  Allis-Chalmers
provides rental services, international drilling, directional drilling,
tubular services, underbalanced drilling, and production services.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on June 7, 2007,
Moody's Investors Service upgraded Allis-Chalmers Energy, Inc.'s Corporate
Family Rating to B2 from B3, its Probability of Default Rating to B2 from B3,
and its senior unsecured note ratings to B2 (LGD 4, 55%) from B3 (LGD 4, 53%).
The rating outlook is stable.


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

Ms. Pazos will present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 13 in Buenos Aires, with
the assistance of Clerk No. 26 will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the objections and
challenges that will be raised by Brista and its creditors.

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

A general report that contains an audit of Brista's accounting and banking
records will be submitted in court.

La Nacion didn’t state the reports submission dates.

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

The debtor can be reached at:

          Brista SA
          Peru 277
          Buenos Aires, Argentina

The trustee can be reached at:

          Flora Pazos
          Montevideo 527
          Buenos Aires, Argentina


DISTRIBUIDORA FRIGER: Claims Verification Deadline Is Sept. 21
--------------------------------------------------------------
Clorinda Paula Donato, the court-appointed trustee for Distribuidora Friger
SA's bankruptcy proceeding, verifies creditors' proofs of claim until Sept.
21, 2007.

Ms. Donato will present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 4 in Buenos Aires, with
the assistance of Clerk
No. 7 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 Distribuidora Friger 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 Distribuidora Friger's accounting
and banking records will be submitted in court.

La Nacion didn’t state the reports submission dates.

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

The debtor can be reached at:

          Distribuidora Friger SA
          Oliden 1963/71
          Buenos Aires, Argentina

The trustee can be reached at:

          Clorinda Paula Donato
          Maipu 42
          Buenos Aires, Argentina


NORTHWEST AIRLINES: Barry Hofer to Replace Mr. Greenwald as VP
--------------------------------------------------------------
Northwest Airlines reported two executive appointments resulting from the
retirement of a key executive who was instrumental in the design and
construction of nearly US$3 billion of facilities, including the 125-gate
Northwest WorldGateway Terminal at Detroit Metro Airport, and in restructuring
the airline’s real estate portfolio in bankruptcy.

Jim Greenwald, vice president for facilities and airport affairs, has elected
to retire from Northwest effective July 31.
Mr. Greenwald rejoined Northwest in December 2005 to assist the company in its
facilities and airport restructuring efforts.  Mr. Greenwald had previously
retired from Northwest in early 2005.

“Northwest’s state-of-the-art WorldGateway Terminal complex at Detroit is a
fitting tribute to the many contributions Jim has made to Northwest during his
14-year career at the airline.  His tremendous dedication and attention to
detail are exemplified by the recent number two ranking of Detroit Metro
Airport by J.D. Powers & Associates.  Jim managed the design and construction
of one of the most functional and beautiful airports in the world,” Doug
Steenland, Northwest president and chief executive officer, said. “His steady
hand will be missed and we certainly wish Jim well in retirement.”

Barry Hofer, vice president – financial planning & analysis, has been named to
succeed Mr. Greenwald.  In his new role, Mr. Hofer will report to Dave Davis,
executive vice president and chief financial officer, and will be responsible
for negotiation of all airport leases, corporate real estate, and worldwide
design and construction programs.  He has been with Northwest since 1994, and
worked in a variety of marketing and financial planning roles.

“Barry’s extensive experience in airline market planning and financial
analysis has prepared him to assume this key position as Northwest’s network
continues to evolve in response to customer demand,” Mr. Davis said.

Prior to joining Northwest, Mr. Hofer held various positions at KPMG Peat
Marwick.  He earned a master of business administration degree from the
University of Michigan, and a bachelor of science degree in finance from
Kansas State University.

Terry Mackenthun, managing director -– financial planning & analysis, has been
named vice president -– financial planning & analysis, succeeding Mr. Hofer.
Mr. Mackenthun, who joined Northwest in 1994, has held a number of key finance
and marketing positions with the airline and was named a managing director in
2005.

“Terry played a key role in our successful restructuring efforts, including
creation of the company’s multi-year business plan and the renegotiation of
our regional airline service agreements.  During his 13 years with Northwest,
he has held a number of key positions in finance and marketing which have
prepared him to take on a leadership role in our finance organization,” Mr.
Davis added.

Prior to joining Northwest, Mr. Mackenthun was a senior auditor for Ernst &
Young LLP.  He received his bachelor of arts degree in accounting and finance,
summa cum laude, from Augsburg College.

Mr. Mackenthun will also report to Davis.

                   About Northwest Airlines

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

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky,
Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee of Unsecured
Creditors has retained Akin Gump Strauss Hauer & Feld LLP as its bankruptcy
counsel in the Debtors' chapter 11 cases.  When the Debtors filed for
bankruptcy, they listed US$14.4 billion in total assets and 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 took 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.


PAN AMERICAN: Inks Supply Accord with Allis-Chalmers' DLS Unit
--------------------------------------------------------------
Allis-Chalmers Energy Inc. reported that DLS Drilling Logistic &
Services Corporation, its wholly-owned subsidiary based in Buenos Aires,
Argentina, has reached a preliminary agreement in principle with its most
significant customer, Pan American Energy LLC, to supply and operate 17
additional rigs for operation in the Cerro Dragon area in southern Argentina.

DLS currently has a contract with Pan American in the Golfo San
Jorge area under which it provides 31 rigs, consisting of
9 drilling and 22 service rigs.  DLS expects to supply the
additional rigs to Pan American pursuant to an anticipated
amendment to their strategic alliance agreement, which would also be extended
for a new five year term.  Allis-Chalmers expects to invest about uS$80
million in new equipment under this amended agreement.  Financing is
anticipated primarily from DLS's cash flow from operations and DLS's credit
facilities.

The equipment is expected to be delivered in stages throughout
2007 and 2008 with the first of the 14 service rigs to be
delivered in October 2007 and the 3 drilling rigs anticipated to
be delivered in the fourth quarter of 2008.

On a preliminary basis, Allis-Chalmers estimates that the
additional rigs would contribute revenues of about US$200 million over the
five year term of the contract amendment.

Micki Hidayatallah, Allis-chalmers' chairman and chief executive
officer, stated, "We are excited about the opportunity to expand
our mutually beneficial relationship with Pan American, our
largest customer in Argentina.  We look forward to continuing to
build on our relationships in this region and we appreciate the
confidence Pan American has shown in us by expanding our
association."

                         About DLS

Through DLS, Allis-Chalmers provides drilling, completion and work over
services in Argentina and Bolivia, and other services such as drilling and
completion fluids.  DLS currently operates a fleet of 52 rigs, including 21
drilling rigs, 18 work over rigs and 13 pulling rigs.

                    About Allis-Chalmers

Allis-Chalmers Energy Inc. (NYSE: ALY) -
http://www.alchenergy.com/-- is a Houston based multi-faceted  
oilfield services company.  It provides services and equipment to oil and
natural gas exploration and production companies,
domestically in Texas, Louisiana, New Mexico, Colorado, Oklahoma, Mississippi,
Utah, Wyoming, Arkansas, Alabama, West Virginia, offshore in the Gulf of
Mexico, and internationally primarily in Argentina and Mexico.  Allis-Chalmers
provides rental services, international drilling, directional drilling,
tubular services, underbalanced drilling, and production services.

                    About Pan American

Pan American Energy LLC is the second largest oil and gas producer in
Argentina.  Also, PAE performs exploration and production activities in
Bolivia.  Total FY06 production of 242 thousand barrels of oil equivalent per
day was split 51:49 between oil and gas.  Bolivia represented 23% of proved
reserves and 10% of both production and revenues at FY06.  The proved reserve
life is 14 years and 60% of reserves are developed.  Outside E&P, other assets
include participation in oil transportation, storage and loading, gas
distribution and power generation in Argentina, Uruguay and Bolivia.  Created
in 1997 as a Delaware holding company, PAE is owned 60% by BP and 40% by
Bridas.  The Argentine Branch has historically been PAE's primary subsidiary
both in terms of assets and revenues and the entity that assumes most of the
financial debt for the whole group.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on June 12, 2007,
Fitch Ratings has upgraded the foreign currency Issuer Default Rating of Pan
American Energy LLC to 'BB' from 'BB-' and the local currency IDR to 'BB+'
from 'BB'.  In conjunction with this action, Fitch has upgraded the following
debt instruments and subsidiaries.  The Rating Outlook for all
IDRs is Stable.  Approximately US$1.0 billion of debt securities are affected.


* ARGENTINA: Halts Chilean Gas Transport to Meet Local Demands
--------------------------------------------------------------
Chile's National Energy Commission told Bloomberg News that Argentina has
temporarily cut off its supply of natural gas to respond to domestic needs.
Chile gets almost all of its natural gas requirement from Argentina.

Argentina has admitted to experiencing an energy crisis as a cold wave grips
the nation, Bloomberg adds.  The nation saw on July 9 its first snowfall in
more than 30 years.

The nation's energy needs has incresed in the past four years as its economy
expanded.  To ensure supply to residential units, Argentine President Nestor
Kirchner has ordered companies to cut electricity use and applied gas
restrictions on some businesses.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


DIGICEL LTD: O'Brien Says Yearly Revenue Is US$1.13 Billion
-----------------------------------------------------------
Digicel owner Denis O’Brien told The Financial Times that his company has
yearly revenues of US$1.13 billion.  

According to The Financial Times, Digicel’s profits before tax and finance
costs totaled US$220 million.

The report says that Mr. O'Brien took full control of Digicel in February 2007
“in a deal that netted him a profit of US$800 million.  That transaction was
backed with the proceeds of a US$1.4 billion issue of high-yielding junk bonds
on the US capital markets.”

The Financial Times notes that the financial results released to bondholders
in the business show that the bonds don’t cover Digicel's operations in
Trinidad and Tobago and in Haiti.  The results cover the 12 months to March 2007.

Digicel’s yearly revenues rose to US$1.13 billion from US$623 million, The
Financial Times relates.  Unadjusted earnings before interest tax depreciation
and amortization increased to US$220 million from US$193 million.  Yearly
revenues and Ebitda grew by US$28 million after adjustments were made “in
light of a Jamaican Court of Appeal ruling in May on termination charges the
group paid in Jamaica to its rival Cable & Wireless in the period to January
2004.”

According to the report, the ruling means Digicel is liable to repay money it
received from Cable & Wireless.  The companyhad “made a full provision for the
difference in termination rates in the period in question.”

The Financial Times says that Digicel’s yearly gross profits increased 47% to
US$618.98 million.  Its operating profits grew 6% to US$165.72 million.
Pre-tax profit dropped 20% to US$52.38 million.

Digicel’s revenues in the three months ended March 2007 increased to US$372
million, compared to US$173 million in the same period last year, The
Financial Times reports.  Unadjusted Ebitda for the quarter increased to
US$110 million from US$25 million.  

The Financial Times relates that the latest quarter revenues indicate a
US$1.49 billion annualized run-rate.

Digicel told The Financial Times that average revenue per user, or Arpu, in
its "restricted" group of markets -- excluding Trinidad and Tobago and Haiti
-- was US$28 in March 2007.  The company commented, "Arpu has remained stable
year-on-year despite the addition of a number of lower Arpu markets such as El
Salvador and Guyana."

The Financial Times notes that restricted group yearly revenues were US$954
million this year, including US$475.7 million in Jamaica, which increased from
US$416.6 million in the previous year.

According to the report, Digicel registered revenues of US$14.2 million in El
Salvador and US$169.3 million in Martinique, Guadeloupe and French Guiana.

Revenues in all other markets, excluding Trinidad and Tobago and Haiti,
increased to US$294.8 million from US$206.7 million, The Financial Times states.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations 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 O L I V I A
=============


* BOLIVIA: Gov’t Ends Protest by Huanuni Employees
--------------------------------------------------
A Bolivian government spokesperson told Business News Americas that the
protest by the Huanuni mining company workers has ended, after the government
reached a preliminary agreement with them.

BNamericas notes that almost 3,000 employees from the Huanuni mining district
launched the protest on July 2.  The workers demanded that a decree to
transfer control of the district's tin deposit to state-run mining firm
Comibol become law.

According to BNamericas, the government promised to encourage approval on the
decree “as soon as possible by way of an express petition to the senate.”

The spokesperson commented to BNamericas, "A week ago, the government had
suggested the points that were agreed upon.  The stoppage they caused is absurd."

BNamericas relates that “one of the most relevant points was the building of a
new mining area and related equipment at EMH.”  The studies needed for the
project will be carried out in four months.

The report says that the accord includes a US$9-million investment to buy
equipment and tools for the miners.  It will also consider a US$9.8-million
investment for the reactivation of the Posokoni deposit.

The spokesperson told BNamericas that the agreement also looks at letting
state control over marketing the tin to avoid theft, for which it will form a
national registry and control service for mineral and metal trade Senarecom.

The spokesperson said that the mine was “paralyzed” when the strike started,
BNamericas notes.  He said, "Losses are greater than US$1mn and we still need
to evaluate how the Vinto metallurgical complex was affected."

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.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                    Rating    Rating Date

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




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


BANCO NACIONAL: Grants BRL774.6-Mil. Loan to Companhia Vale
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
board of directors of  approved financing of BRL774.6 million to Companhia
Vale do Rio Doce -- CVRD.  The resources will be destined to the expansion of
the transportation capacity of the Estrada de Ferro Carajas -- EFC -- from 70
million tons to 103 million tons transported per year.

EFC integrates CVRD's multimodal logistics system, connecting the interior
part of the State of Para to the main seaport of the North Region, the Port of
Ponta da Madeira, in the city of Sao Luis, in the State of Maranhao.  The
Bank's participation will be equivalent to 57% of the mining company's
investment on EFC, which is BRL1.4 billion.

Reaching the 103 million tons volume will mean the beginning of a new growth
cycle at CVRD, which will demand an important volume of investments, not only
on infrastructure and over-structure of the EFC, but also on the Port of
Madeira, through which the ore production of the Carajas region is exported.

The expansion of the railroad is directly related to the increase ore
production capacity in the Carajas region.  The investments will be made on
the following areas: signalization of the railroads, widening and construction
of crossing yards, locomotive and rail freight cart garages, expansion of the
railroad terminals and acquisition of new locomotives and rail freight carts.

Opened in 1985, with the purpose of distributing the iron ore production of
Carajas, the EFC is currently the most modern and productive railway of
Brazil, with 892 kilometers.  The EFC freight carts transport more than 60
different kinds of products, giving highlight to iron ore and manganese,
besides cement, timber, fuels, vehicles, iron and steel products and
agricultural products.

EFC crosses 22 municipalities (19 in the State of Maranhao and three in the
State of Para), being responsible for the transportation of 1.5 thousand
passengers per day.  The concessionaire has today approximately 3.5 thousand
employees and a fleet comprising 119 locomotives and 8,316 railway freight carts.

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.


BAUSCH & LOMB: Files Prelim Proxy Statement for Pending Merger
--------------------------------------------------------------
Bausch & Lomb has filed a preliminary proxy statement with the
Securities and Exchange Commission for a special meeting of
shareholders to be held to consider Bausch & Lomb's pending merger agreement
with affiliates of Warburg Pincus.

In May 2007, Bausch & Lomb entered into a definitive merger
agreement with Warburg Pincus, pursuant to which Warburg Pincus
agreed to acquire 100% of the outstanding shares of Bausch & Lomb for US$65.00
per share in cash.

The date of the special meeting of shareholders and the record
date for the meeting will be specified in a definitive proxy
statement to be mailed to shareholders following SEC's review of
the preliminary proxy statement.

                         AMO Offer

On July 5, 2007, Bausch & Lomb disclosed that it is engaged in
discussions with Advanced Medical Optics regarding AMO's proposal to acquire
100% of the outstanding shares of Bausch & Lomb in a merger in which Bausch &
Lomb's shareholders would receive, per share of Bausch & Lomb stock, US$45.00
in cash and US$30.00 in AMO stock.

The Bausch & Lomb Board of Directors, following the recommendation of a
Special Committee composed entirely of independent directors, has determined
that the AMO proposal is bona fide and is reasonably likely to result in a
superior proposal, as defined in the Warburg Pincus merger agreement.

AMO has been designated an "excluded party" as defined in the
Warburg Pincus merger agreement.  By designating AMO an excluded
party, Bausch & Lomb is permitted, subject to certain conditions, to continue
negotiating with AMO with respect to the AMO proposal despite the end of the
"go shop" period, so long as AMO remains an "excluded party" pursuant to the
Warburg Pincus merger agreement.

Bausch & Lomb cautioned that the discussions with AMO may be
terminated at any time and that there can be no assurances as to
whether the AMO proposal will ultimately result in a transaction
with Bausch & Lomb.

Pending further discussions with AMO, Bausch & Lomb's Board of
Directors, following the recommendation of the Special Committee
of the Board of Directors, has not changed, and has reaffirmed,
its recommendation of Bausch & Lomb's pending merger with
affiliates of Warburg Pincus pursuant to the Warburg Pincus
Agreement.

                         FTC Approval

Reuters relates in a July 10, 2007 report that affiliates of
Warburg Pincus have received U.S. antitrust approval to acquire
Bausch & Lomb.

Citing the U.S. Federal Trade Commission, Reuters says antitrust
authorities completed their review of the deal without taking any action to
block it.

                     About Bausch & Lomb

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


BAUSCH & LOMB: S&P Retains BB+ Corp. Credit Rating on Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB+' corporate credit and senior
secured ratings on Bausch & Lomb Inc. remain on CreditWatch with negative
implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.  AMO's US$4.3
billion proposal exceeds the US$3.67 billion bid announced by Warburg Pincus
on May 16.  Bausch & Lomb's takeover agreement from Warburg Pincus allowed it
to solicit other bids for 50 days.  Bausch & Lomb's board of directors must
now determine if the AMO offer is superior to its existing pact with Warburg
Pincus.  In that event, the transaction is subject to certain closing
conditions, including the approval of AMO and B&L shareholders, regulatory
approvals, and the satisfaction of other customary closing conditions.

"It is possible but unlikely that other bidders will surface given the
"go-shop" provision for competing proposals, which expired on July 5, 2007,"
explained Standard & Poor's credit analyst Cheryl Richer.  "In addition to a
US$120 million termination fee, the new bidder would not have access to B&L
information that might be necessary to conduct due diligence on an acquisition."

The degree to which S&P downgrade B&L depends in part on which
bidder succeeds; the addition of AMO's product line would further diversify
B&L's eye care portfolio.  In either case, debt leverage will increase.
Standard & Poor's will continue to monitor developments and refine its ratings
as more information emerges.


KENDLE INT’L: Prices Offering of 3.375% US$175 Mil. Senior Notes
----------------------------------------------------------------
Kendle International Inc. has priced its underwritten public
offering of US$175,000,000 aggregate principal amount of 3.375% Convertible
Senior Notes due 2012.  The offering was increased by US$25,000,000 in
aggregate principal amount of notes over the proposed offering announced on
July 9, 2007.  As part of the offering, Kendle has granted the underwriter a
30-day option to purchase up to an additional US$25,000,000 aggregate
principal amount of notes to cover over-allotments, if any.

The notes pay interest semi-annually at a rate of 3.375% per annum.  The notes
are convertible, in certain circumstances into cash and, if applicable, shares
of Kendle's common stock, based on an initial conversion rate of 20.9585
shares of common stock per US$1,000 principal amount of notes (representing an
initial conversion price of approximately US$47.71 per share of common stock),
subject to adjustment upon the occurrence of certain events.  The initial
conversion price represents a conversion premium of approximately 32.5% over
the closing sale price of Kendle's common stock on July 10, 2007, which was
US$36.01 per share.  Upon conversion, holders will receive cash up to the
principal amount of the notes to be converted, and any excess conversion value
will be delivered in shares of Kendle's common stock.

The notes are not redeemable at the option of Kendle prior to maturity.  Upon
a fundamental change (as defined in the supplemental indenture relating to the
notes), holders may require Kendle to repurchase their notes at a purchase
price equal to the principal amount of the notes to be repurchased, plus
accrued and unpaid interest, if any, in cash.  The notes
will be senior unsecured obligations of Kendle.

UBS Investment Bank acted as sole book-running manager for the
offering.

In connection with the offering, Kendle entered into convertible note hedge
transactions with certain dealers.  These transactions are intended to reduce
the potential dilution to Kendle's shareholders upon any future conversion of
the notes.  Kendle also entered into warrant transactions concurrently with
the offering, pursuant to which it sold warrants to purchase Kendle's common
stock to the same dealers that entered into the
convertible note hedge transactions.

Kendle expects to receive net proceeds from the notes offering of
approximately US$169.4 million after deducting underwriting discounts and
commissions and estimated offering expenses.  Kendle expects to use a portion
of the net proceeds to fund the net cost of the convertible note hedge and
warrant transactions.  Kendle intends to use the remaining net proceeds from
this note offering to repay debt under its credit agreement, and for general
corporate purposes, which may include working capital and acquisitions or
investments in businesses, products or technologies complementary to its own.

Printed copies of the prospectus and prospectus supplement relating to the
offering may also be obtained from:

          UBS Investment Bank
          Attn: Prospectus Department
          299 Park Avenue
          New York, NY, 10171
          Tel: (888) 827-7275

                        About Kendle

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

                        *     *     *

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

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


NOMURA HOLDINGS: Denies Merger Talks with Resona Holdings
---------------------------------------------------------
Nomura Holdings, Inc., and Resona Holdings, Inc., have denied a newspaper
report stating that the two have begun negotiations about teaming up in the
asset management and retail and investment banking businesses, Yasuhiko Seki
writes for AFX News Limited.

According to Mr. Seki, Nomura and Resona separately issued a written statement
denying the Nikkei Business Daily report saying that they have begun talks and
will hopefully come up with a decision sometime in the summer.

The article, citing Nikkei, reports that Nomura would acquire more than JPY100
billion-worth of bond-like preferred shares to be issued by Resona, and that
Resona would use the proceeds to accelerate the repayment of more than JPY2.3
trillion in public funds that it owes.

The report also conveys that Resona Trust & Banking Co. and Nomura Trust &
Banking Co. might cooperate in asset management and in taking care of pension
plans and investment trusts for businesses and institutional investors.  

Resona Trust lends to smaller businesses, while Nomura Trust specializes in
securities, relates Mr. Seki.

In the retail banking field, a few dozen Nomura Securities branches will act
as agents for Resona Bank in offering mortgages and other financial products,
conveys AFX News.

The Nikkei sources, according to Mr. Seki, revealed to the daily that in the
field of investment banking, Nomura will likely give advice on mergers and
acquisitions to Resona's business customers and offer fund-raising support.

                     About Resona Holdings

Headquartered in Osaka, Japan, Resona Bank, Limited --
http://www.resona-gr.co.jp/-- had consolidated total assets of JPY27 trillion
as of September 30, 2006.  Resona Holdings, Inc.,
Resona Bank's parent, has consolidated total assets of JPY39 trillion as of
September 30, 2006.

                    About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a securities and
investment banking firm in Japan and have worldwide operations in more than 20
countries and regions including Japan, the United States, the United Kingdom,
Singapore and Hong Kong and Brazil through its subsidiaries.  
Nomura operates in five business segments: Domestic Retail, which includes
investment consultation services to retail customers; Global Markets, which
includes fixed income and equity trading  and asset finance businesses in and
outside Japan; Global Investment Banking, which includes mergers and
acquisitions advisory and corporate financing businesses in and outside Japan;
Global Merchant Banking, which includes private equity investments in and
outside Japan, and Asset Management, which includes development and management
of investment trusts, and investment advisory services.

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.


NOMURA HOLDINGS: Plans to Expand Equity Business in India
---------------------------------------------------------
Nomura Holdings, Inc., may consider acquisitions as a possible route to enter
India's stockbroking business, reports Saeed Azhar of Reuters.

Mr. Azhar interviewed Nomura's head for its global equities business, Hiromasa
Yamazaki, who revealed that the banking and investment firm plans to build a
cash equities and derivatives business in India either from its own resources
or through acquisitions.

Nomura, writes Mr. Azhar, plans to focus on derivatives, options trading,
futures and a specialized business for hedge funds called "synthetic prime
brokerage", which helps funds use share swaps to structure trades.  Mr.
Yamazaki expresses that the synthetic prime brokerage will be one of the key
products for global hedge funds seeking access to the Japanese market and Asia.

Mr. Azhar explains that Nomura is expanding its business outside Japan in the
hopes of doubling its profit from the equity business in five years.

Mr. Yamazaki said that Nomura's international equity business -- which
excludes investment banking -- contributes around a quarter of the securities
firm's profits, the revenue of which will grow to 50% over the next 2-3 years,
relates the article.

India's "huge growth potential" is the main reason why Nomura wants to enter
the country.  In line with this expansion, Nomura is also looking at
Indonesia, Vietnam and Russia as a target to build its equities business,
reveals Mr. Yamazaki.

                    About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a securities and
investment banking firm in Japan and have worldwide operations in more than 20
countries and regions including Japan, the United States, the United Kingdom,
Singapore and Hong Kong and Brazil through its subsidiaries.  
Nomura operates in five business segments: Domestic Retail, which includes
investment consultation services to retail customers; Global Markets, which
includes fixed income and equity trading  and asset finance businesses in and
outside Japan; Global Investment Banking, which includes mergers and
acquisitions advisory and corporate financing businesses in and outside Japan;
Global Merchant Banking, which includes private equity investments in and
outside Japan, and Asset Management, which includes development and management
of investment trusts, and investment advisory services.

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.


REALOGY CORP: S&P Lowers Rating and Removes Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch Negative its issue-level rating on Realogy Corp.'s
previously senior unsecured notes that were part of the company's capital
structure prior to the April 2007 going private acquisition of the company by
Apollo Management L.P.  In addition, a recovery rating was assigned to this
debt.  The issue-level rating was lowered to 'BB' and a recovery rating of '1'
was assigned, indicating that lenders can expect very high (90% to 100%)
recovery in the event of a payment default.

These rating actions follow Realogy's announcement that it has
closed its change of control offer for any and all of its
outstanding US$250 million floating senior notes due 2009,
US$450 million 6.15% senior notes due 2011, and US$500 million 6.5% senior
notes due 2016.  The issue-level and recovery ratings reflect that note
holders have been granted equal ranking and share the same collateral package
as the company's senior secured credit facility.  Of the US$1.2 billion
aggregate principal amount of the notes outstanding, Realogy purchased
approximately US$1 billion, consisting of US$230 million floating senior
notes, US$324 million 6.15% senior notes due 2011, and US$449 million 6.5%
senior notes due 2016.  To finance the purchase, the company drew on part of
its delayed-draw term loan sub-facility under its senior secured credit facility.

Ratings List

Realogy Corp.
Corporate Credit Rating  B+/Negative/--

Rating Lowered
                         To     From
                         --     ----
Senior Notes              BB     BB+/Watch Neg
  Recovery Rating        1      Not rated

Headquartered in Parsippany, N.J., Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor  
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.




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


ABACUS FUND: Will Hold Last Shareholders Meeting on Aug. 10
-----------------------------------------------------------
Abacus Fund Ltd. will hold its final shareholders meeting on Aug. 10, 2007, at
11:30 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


ACORN ALTERNATIVE: Proofs of Claim Filing Is Until Aug. 10
----------------------------------------------------------
Acorn Alternative Strategies (Overseas) Ltd.’s creditors are given until Aug.
10, 2007, to prove their claims to Linburgh Martin and John Sutlic, 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.

Acorn Alternative’s shareholders agreed on June 26, 2007, to place the company
into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Linburgh Martin
        Attention: Kim Charaman
        Close Brothers (Cayman) Limited
        Fourth Floor, Harbour Place
        P.O. Box 1034, Grand Cayman KY1-1102
        Cayman Islands
        Tel: (345) 949 8455
        Fax: (345) 949 8499


CORSAIR II: Proofs of Claim Must be Filed by Aug. 13
----------------------------------------------------
Corsair II Offshore Cayman Ltd.’s creditors are given until
Aug. 13, 2007, to prove their claims to Amy Soeda, 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.

Corsair II’s shareholders agreed to place the company into voluntary
liquidation under The Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


GULF INSURANCE: Proofs of Claim Filing Is Until Aug. 13
-------------------------------------------------------
Gulf Insurance Co. Ltd.’s creditors are given until
Aug. 13, 2007, to prove their claims to Glen Trenouth, 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.

Gulf Insurance’s shareholders agreed on June 19, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Glen Trenouth
        P.O. Box 31118
        Grand Cayman, KY1-1205
        Cayman Islands
        Tel: (345) 943 8800
        Fax: (345) 943 8801


HEXA PROPERTIES: Sets Last Shareholders Meeting for Aug. 10
-----------------------------------------------------------
Hexa Properties Cayman Inc. will hold its final shareholders
meeting on Aug. 10, 2007, at 9:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Ltd., Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9002
          Cayman Islands


HMTF-AMI: Will Hold Last Shareholders Meeting on Aug. 10
--------------------------------------------------------
HMTF-AMI (SP) Ltd. will hold its final shareholders meeting on Aug. 10, 2007,
at 10:00 a.m., at:

          200 Crescent Court, Suite 1600
          Dallas, Texas 75201

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:

          David w. Knickel
          c/o Stuarts
          P.O. Box 2510
          Cayman Financial Centre
          36A Dr. Roy’s Drive
          George Town, Grand Cayman
          Cayman Islands


JAPAN OFFICE: Sets Last Shareholders Meeting for Aug. 10
--------------------------------------------------------
Japan Office Capital 3 Ltd. will hold its final shareholders meeting on Aug.
10, 2007, at 12:00 p.m., at the office of the company.        

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


MANLEY INVESTMENT: To Hold Last Shareholders Meeting on Aug. 10
---------------------------------------------------------------
Manley Investment Partners Offshore Fund Ltd. will hold its final shareholders
meeting on Aug. 10, 2007, at 10:30 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


OASIS OFFSHORE: Sets Last Shareholders Meeting for Aug. 13
----------------------------------------------------------
Oasis Offshore Multistrategy Ltd. will hold its final shareholders meeting on
Aug. 13, 2007, at 9:00 a.m., at:

        36A Dr Roy’s Drive
        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) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

        Andrew Hersant
        Chris Humphries
        Attention: Stuarts Walker Hersant
        P.O. Box 2510
        Grand Cayman KY1-1104
        Cayman Islands
        Tel: (345) 949 3344
        Fax: (345) 949 2888


VEGA LTD: Will Hold Last Shareholders Meeting on Aug. 10
--------------------------------------------------------
Vega Ltd. will hold its final shareholder meeting on
Aug. 10, 2007, at the office of the company.
          
These agendas will be taken during the meeting:

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

   2) 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:

          Commerce Corporate Services Limited
          P.O. Box 694
          George Town, Grand Cayman
          Cayman Islands
          Tel: 949 8666
          Fax: 949 7904


ZAIS STRUCTURED: Proofs of Claim Filing Is Until Aug. 10
--------------------------------------------------------
Zais Structured Credit Offshore Feeder Fund Ltd.’s creditors are given until
Aug. 10, 2007, to prove their claims to Tim Fitzgerald, 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.

Zais Structured’s shareholders agreed on June 26, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Tim Fitzgerald
        Deutsche Bank (Cayman) Limited
        P.O. Box 1984
        George Town, Grand Cayman KY1-1104
        Cayman Islands


ZAIS STRUCTURED CREDIT: Last Shareholders Meeting Is Aug. 10
------------------------------------------------------------
Zais Structured Credit Master Fund Ltd. will hold its final shareholders
meeting on Aug. 10, 2007, at:

           Elizabethan Square
           George Town, Grand Cayman KY1-1104
           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:

          Tim Fitzgerald
          P.O. Box 1984
          George Town, Grand Cayman KY1-1104
          Cayman Islands
          Tel: 345-949-8244
          Fax: 345-949-5223




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


SHAW GROUP: Acquires Ezeflow Manufacturing & Distribution Biz
-------------------------------------------------------------
The Shaw Group Inc. has acquired Ezeflow (NJ) Inc., a leading manufacturer of
pipe-fittings, which serves the power and process industries.  TUBE-LINE
specializes in manufacturing and distributing pipe-fittings in
corrosion-resistant, high yield carbon chrome and stainless steel alloys.
Financial terms of the acquisition were not disclosed.

TUBE-LINE operates a state-of-the-art pipe-fitting manufacturing facility and
distribution center in New Brunswick, New Jersey.  The acquisition will
increase the pipe-fitting manufacturing capacity significantly and further
advance the distribution capabilities of Shaw Alloy Piping Products Inc. (Shaw
APP), Shaw’s pipe fitting manufacturing and distribution business within its
Fabrication and Manufacturing Group.  Also as part of the transaction, Shaw
APP and Ezeflow Inc., a leading manufacturer of butt weld pipe fittings based
in Granby, Quebec, Canada, have entered into an alliance agreement allowing
Ezeflow Inc. to sell certain Shaw APP pipe fitting products in Canada,
Australia, and other markets.

J.M. Bernhard, Jr., chairman, president and chief executive officer of Shaw,
said, “The demand for fabricated piping and manufactured fittings continues to
be strong and is forecasted to rise sharply as the power generation, refining
and petrochemical markets continue to expand.  This acquisition allows for
further growth of Shaw’s fitting manufacturing and distribution capabilities
and is another important component of our Fabrication and Manufacturing
Group’s expansion program.”

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

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

                        *     *     *

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

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




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


ECOPETROL: Says Firms Ask for Raw Material Pricing Formula
----------------------------------------------------------
A spokesperson of Colombian state-owned oil firm Ecopetrol told Business news
Americas that petrochemical firms have asked it and Glencore, its Swiss
partner in the Cartagena plant, to define a pricing formula for a
40,000-barrel per day supply of raw materials for petchem production.

No meetings have been scheduled, BNamericas notes, citing the spokesperson.
He said, "There's nothing official in that respect [regarding scheduled
meetings].  There is interest on the part of the petrochemical companies to
establish an alliance with Refinería de Cartagena [the company formed by
Glencore and Ecopetrol], but that matter is still very preliminary."

BNamericas relates that 10 of the petrochemical firms in Colombia are
participating in a promotional company called Promotora de Olefinas, which is
supporting a project to construct an olefins plant that would be supplied with
various products from the Cartagena plant.

Orlando Cabrales -- the head of Propilco, one of the 10 petrochemical
companies -- told El Universal that he was positive that a meeting on the
pricing formula could be held in the next two weeks.

Cartagena produces some 75,000 barrels per of oil derivatives.  However, it is
undergoing an expansion to double output to 150,000 barrels per day, which
will be completed by 2010, BNamericas notes, citing the spokesperson.

The expansion would cost a total US$880 million.  Glencore and Ecopetrol have
agreed to boost those investments to US$2 billion to make the plant a high
conversion complex rather than medium conversion, the spokesperson told
BNamericas.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Fitch Ratings upgraded the foreign currency
Issuer Default Ratings of Ecopetrol to 'BB+' from 'BB'.  The
rating action followed the upgrade of The Republic of Colombia's
foreign currency Issuer Default Ratings to 'BB+' from 'BB'.


ECOPETROL: 20% Stake Sale May Generate Up to US$4.5 Billion
-----------------------------------------------------------
Published reports say that the sale of the Colombian government’s 20% stake in
state-run oil firm Ecopetrol would generate up to US$4.5 billion.

Business News Americas relates that the first round of the auction will be
launched on Aug. 27.

BNamericas notes that the first two rounds will be for the “solidarity
sector,” which includes:

          -- pension funds,
          -- unions, and
          -- cooperatives.

According to BNamericas, private individuals will be able to take part in the
issues.  However, they won’t be able to invest over COP2 billion.  Colombian
and foreign corporate entities may participate in the third issue of shares in
2008 but no firm will be able to buy over 3% of the “shares in circulation.”

Ecopetrol head Javier Genaro Gutierrez told Caracol Radio that the company
would use some of the revenues generated from the sale to fund its
US$12.5-billion investment plan.  It could use the funds in the construction
of a plant in Central America.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Fitch Ratings upgraded the foreign currency
Issuer Default Ratings of Ecopetrol to 'BB+' from 'BB'.  The
rating action followed the upgrade of The Republic of Colombia's
foreign currency Issuer Default Ratings to 'BB+' from 'BB'.


PHELPS DODGE: Fitch Upgrades Ratings on Four Senior Notes to BB
---------------------------------------------------------------
Fitch Ratings upgrades these ratings of Freeport-McMoRan Copper & Gold Inc.
and its subsidiary Phelps Dodge:

FCX

   -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
   -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
   -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
   -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

Phelps Dodge

   -- 8.75% senior unsecured notes due 2011 to 'BB' from 'BB-';

   -- 7.125% senior unsecured debentures due 2027 to 'BB' from
      'BB-';

   -- 9.50% senior unsecured notes due 2031 to 'BB' from 'BB-';

   -- 6.125% senior unsecured notes due 2034 to 'BB' from 'BB-'.

In addition, Fitch affirms these ratings on FCX:

   -- Issuer Default Rating at 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver at 'BBB-';

   -- Convertible Preferred Stock at 'B+'.

Fitch also assigns a rating of 'BB+' to FCX's new US$2.45 billion five-year
term loan A.  Proceeds of the loan were used to repay the US$2.45 billion
remaining under the term loan due March 2014.  The term loan amortizes at 10%
per annum with the remainder due at maturity.

The Rating Outlook remains Positive.

Fitch estimates pro forma June 30, 2007 debt at US$10 billion (down from US$12
billion) and latest 12 months ended June 30 EBITDA at US$9 billion for total
debt/EBITDA of 1.1 times.  If copper prices remain at US$3/lb on average for
the remainder of the year, the year-end debt level should be reduced to about
US$9 billion.

The ratings reflect FCX's position as the world's second largest
copper producer, its diversified operations and strong liquidity
as well as the company's exposure to copper prices and its
relatively high financial leverage.  The outlook is for copper
producers to continue to benefit from a strong pricing environment over the
near term.

Phelps Dodge Corp. (NYSE: PD) http://www.phelpsdodge.com/-- is  
one of the world's leading producers of copper and molybdenum
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company employs 15,000 people
worldwide.  Phelps Dodge has mining operations in Chile, Peru,
Colombia, Venezuela and Ecuador, among others.

As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, Freeport-McMoRan Copper & Gold Inc. has
completed its acquisition of Phelps Dodge Corp. (NYSE: PD),
creating the world's largest publicly traded copper company.


* BOGOTA: S&P Assigns BB+ Rating on Planned US$300-Mil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings assigned its 'BB+' rating to Bogota, or the
district) proposed senior unsecured Colombian peso-denominated notes
(equivalent to approximately US$300 million) payable in foreign currency
maturing in 2028, to be issued under Rule 144A.  Proceeds from the proposed
notes will, for the most part, be used to finance capital expenditure.

At the same time, Standard & Poor's affirmed its 'BBB-' long-term local and
'BB+' long-term foreign currency issuer credit rating on Bogota, the capital
of the Republic of Colombia.  The outlook on the local and foreign currency
ratings remains stable.

According to Standard & Poor's credit analyst Patricia Calvo, factors
supporting the ratings include a well-diversified and growing economy,
sophisticated and experienced management, good financial flexibility, solid
financial performance, and high current and expected liquidity.

"Bogota enjoys a solid managerial structure with a professional and
specialized team that focuses on debt management and liquidity controls,
ensuring a comfortable liquidity position throughout the year and covering
short-term liabilities," said Ms. Calvo.  "The district's financial statements
and similar information are regularly posted on the Internet and in local
newspapers," she added.

Thanks to repeated budgetary surpluses, Bogota's liquidity position is very
comfortable, with cash holdings totaling almost COP2,030.3 trillion at
year-end 2006 (3.0x 2006 debt service).  The city's debt management is active
and prudent, and the use of derivatives to cover for exchange-rate risk is
common. Bogotá invests its surpluses according to strict and relatively
prudent guidelines; the district had COP171.1 trillion in financial gains in
2006, the highest level since 1999.


* COLOMBIA: Bogota To Issue US$300-Million of Peso Bonds
--------------------------------------------------------
Bogota, Colombia, plans to issue US$300 million of 21-year, peso-denominated
bonds in its first offering international markets in six years, Guilermo
Parra-Bernal at Bloomberg News reports.  Gustavo Marulanda, Bogota's acting
credit public
director, told Bloomberg that the sale is expected to close next week.  

According to Bloomberg, the new debts will pay back principal over 2026, 2027
and 2028.

The sale's proceeds will be used to build schools and hospitals, and repair
roads, Bloomberg says, citing Mr. Marulanda.

Citigroup Inc. and Deutsche Bank AG manages the sale.

                        *     *     *

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


* COLOMBIA: Gov’t Mulling Sale of More Shares in Isagen
-------------------------------------------------------
Colombian President Alvaro Uribe said in a report posted in the state news
agency SNE that the government will consider selling more of the shares it
owns in state generator Isagen.

Business News Americas relates that President Uribe disclosed in June that the
government decided not to proceed with the sale of another 25% stake in
Isagen, after concluding its sale of 19% in the generator.  The shares during
that sale were oversubscribed five times.

President Uribe commented to BNamericas, "The mining minister says we should
observe Isagen carefully in coming months to see what happens, but we must
consider the government is currently selling five regional electric
distributors and has caused a lot of political opposition as a result.  The
IPO [initial public offering] for [state oil firm] Ecopetrol also is coming."

According to BNamericas, the government wants to sell 20% of Ecopetrol and its
shares in these power utilities:

          -- Boyaca,
          -- Santander,
          -- Meta,
          -- Cundinamarca, and
          -- Norte de Santander.

The report says that President Uribe had abandoned plans to sell 56% of
state-owned transmission firm ISA in June.

"ISA is governed well and a potential sale worries me.  While the door on a
potential Isagen sale remains open, I think we should keep ISA as it is,"
BNamericas states, citing President Uribe.

                        *     *     *

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


* COLOMBIA: Gas Pipeline Project with Venezuela Ready in August
---------------------------------------------------------------
Colombian energy and mines minister Hernan Martinez Torres said in a
conference that the gas pipeline being constructed to link the country to
Venezuela would be ready by the end of August, Business News Americas reports.

The testing of the project can start in September, BNamericas notes, citing
Minister Torres.

According to BNamericas, the pipeline will be used to supply Venezuela with
150 million cubic feet per day of Colombian natural gas for four years.
Commercial operations would be launched on Jan. 1, 2008.

The report says that Venezuela will begin supplying Colombia -- and possibly
Panama and other Central American nations -- with gas.

Meanwhile, Jose Arturo Quiros -- the joint secretary of the Inter-American
association of large power consumers -- admitted during the conference that he
was worried that the pipeline may cause a gas shortage in Colombia, BNamericas
relates.

Mr. Qiuros told BNamericas that the decision to construct the pipeline was
"political."  It could lead to problems for Colombian industries that didn’t
have fixed supply contracts for their gas.

Residential users will have priority over exports when there would be supply
problems, followed by gas for vehicles, thermo power and fixed contracts for
industries, BNamericas states.

                           *    *    *

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




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


BANCO INTERCONTINENTAL: Lies About Its Assets, Jose Malkun Says
---------------------------------------------------------------
Former central banker Jose Lois Malkun has questioned Banco Intercontinental’s
DOP80-billion assets, Dominican Today reports.

According to Dominican Today, Mr. Malkun alleged, "A large part of the assets
of Baninter [Banco Intercontinental] did not exist, they were in fact passive."

Mr. Malkun said before the Dominican court that if Banco Intercontinental’s
reported assets of DOP80 billion had existed, it would’ve survived the
“massive withdrawals by its depositors,” Dominican Today notes.

Banco Intercontinental’s real assets didn’t reach to cover 20% of its debts,
Dominican Today says, citing Mr. Malkun.  Under these circumstances, Banco
Intercontinental failed to withstand the withdrawals that occurred in 2002
until the bank was intervened.

Mr. Malkun told Dominican Today that if Banco Intercontinental would have had
the “conditions its books described, it could’ve maintained itself with the
central bank’s assistance.”  The Monetary Board’s decision to pay all the
bank’s depositors sought to prevent the spread of the systemic problems that
already affected several banks.

The report says that Mr. Malkun “cited a bank rescue case” in Illinois, USA.
He said that “the authorities decided to pay all the depositors exceeding the
legal limits, due to the risk posed to the US banking system.”

About 70% of the deposits “was in banks that confronted difficulties at that
time,” Dominican Today says, citing Mr. Malkun.

Mr. Malkun commented to Dominican Today, "The perception of the public
determines to a large extent the situation of the bank."

Many banks, like Banco BHD, survived the crisis because they had good solvency
levels, Mr. Malkun told Dominican Today.  The BHD was the “object of rumors”
that caused “a run by its depositors.”  Still the bank survived without the
central bank’s help because its funds were sufficient.

News daily Clave Digital relates that Mr. Malkun said before the court, "All
banks can have non-liquidity problems, but when this situation expands they
enter an insolvency state."

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




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


BANCO DEL PICHINCHA: Inter-American Investment OKs US$5MM Loan
--------------------------------------------------------------
The Inter-American Investment Corporation said in a press release that it has
authorized a loan of up to US$5 million for Banco del Pichincha.

According to the IIC’s statement, the loan will be used to provide funding for
small and medium-sized enterprises with sales from US$100,000 to US$1 million.

Firms qualified for the loans are small and family-owned businesses with
limited access to technology and funding, the IIC told Business News Americas.

Banco del Pichincha is Ecuador''s largest private bank.  At the
end of the first half (2006), Banco del Pichincha ranked first
in the local financial system with an asset market share of 24%.
The bank's parent is financial group Grupo Financiero Banco del
Pichincha, Ecuador's largest financial group, with assets of
US$3.71 billion at June end.  Banco del Pichincha was founded in
1906 and has 227 branches in about 80 cities and 416 ATMs.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Fitch Ratings affirmed Banco del Pichincha's
long-term and short-term Issuer Default Ratings as:

   -- Foreign currency long-term IDR at 'B-';
   -- Foreign currency short-term rating at 'B'; and
   -- Support rating at '5'.

Fitch said the rating outlook was negative.


* ECUADOR: Will Create Bank for Immigrants in Spain
---------------------------------------------------
A report in the Ecuadorian presidential Web site says that as part of the
government’s plan to support Ecuadorian immigrants in Spain, President Rafael
Correa will form Banco del Migrante.

President Correa told Business News Americas that Banco del Migrante “will be
capitalized with government funds.”

The report in the Web site says that Banco del MIgrante will “build a credit
history of remittance senders.”  It will lessen costs for remittance receivers.

The Ecuadorian central bank told BNamericas that remittances accounted for
7.1% of the nation's gross domestic product last year.

Ecuadorian emigrants sent home about US$670 million in remittances in the
first quarter 2007.  About 90.1% came from the US and Spain, BNamericas states.

                        *     *     *

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-'.


* ECUADOR: Rafael Correa Resubmits Hydrocarbons Bill to Congress
----------------------------------------------------------------
Ecuadorian President Rafael Correa has resubmitted to Congress a bill to
reform the hydrocarbons law, according to a report posted in the congress Web
site.

According to the congressional Web site, the bill is aimed at strengthening
the regulation of fuel supplies and a drive against smuggling.  The new
legislation would increase fines for failure to fulfill regulatory or
contractual accords “related to the quantity or quality of supplies or
alteration of measuring instruments.”  Entities breaching the law could be
faced with suspension and the withdrawal of authorization to market derivatives.

Business News Americas relates that the congress rejected in June 2007 the Ley
de Soberania Energetica y Hidrocarburifera bill, saying that it was
unconstitutional as it failed to ensure due process and appeals for those
charged with smuggling.  

The government told BNamericas that “the difference between subsidized
gasoline and gas prices in Ecuador and high prices in Colombia and Peru”
caused widespread illegal imports.  Smuggling costs the government about
US$700 million yearly.

                        *     *     *

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-'.




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


AIR JAMAICA: Ministry Mum on Hotel Group’s Board Post Request
-------------------------------------------------------------
The Jamaica Hotel and Tourist Association told Radio Jamaica that it is
waiting for the Jamaican finance ministry’s response on its request for a seat
on the board of Air Jamaica.

Radio Jamaica relates that the hotel group asked to be one of Air Jamaica’s
board of directors in June 2007, “in the wake of the controversy over the
sale” of the airline's London route to Virgin Atlantic Airlines.

The finance ministry is silent on the matter, Radio Jamaica says, citing JHTA
President Wayne Cummings.

Mr. Cummings told Radio Jamaica, “We are still awaiting a meeting as you can
imagine everybody is campaigning I don’t believe much is happening with
respect to looking at issues like that.  There are some governance issues that
are on hold while the government goes to the polls.”

A tourism representative must be on Air Jamaica's board so that the sector can
be involved in the decision-making process, Radio Jamaica notes, citing the
JHTA.  The sale of Air Jamaica's London route is an example where the tourism
sector should have been consulted before a decision was made.

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

                        *     *     *

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

                        *     *     *

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


CABLE & WIRELESS: Launches Broadband Telephone System in Jamaica
----------------------------------------------------------------
The Jamaica Gleaner reports that Cable and Wireless has launched a new
broadband telephone system in Jamaica.

According to The Gleaner, the new service is targeted at businesses.

Cable & Wireless told The Gleaner that the service grants potential clients
"efficient and economical means" of managing telephony systems across multiple
locations using minimum equipment.

The report says that “the new service has the traditional features of the PBX
system,” including:

          -- call-transfer capabilities,
          -- voicemail, and
          -- extension-to-extension dialing.

Cable & Wireless told The Gleaner that the service will also offer modern
features like “unified messaging that collect all voice, e-mail and fax
messages from personal computers, phones or hand-held devices and stores them
at a single convenient access point.”

Cable & Wireless said in a press release, "The service is also designed to
minimize downtime for clients as the system will be managed from a centralized
platform, virtually eliminating the need for technicians to visit customer
premises to make upgrades and repairs."

According to the reports, the system is under the portfolio of Cable &
Wireless' business solutions unit.

Cable & Wireless Jamaica Vice President Lloyd Distant told The Gleaner, "Our
new voice solution can be integrated with existing telephony systems to
provide enhanced communication and collaboration tools, while preserving a
company's investment in existing infrastructure.  We can also connect multiple
offices, allowing communications to take place more seamlessly and enable
remote working by giving off-site employees the access to the same strategic
tools they would have at the corporate office."

Cable & Wireless’ new service has security features that include a rerouting
system for calls to either a location or device, including a fixed line,
mobile phone or a PC-based 'softphone', during a disaster, The Gleaner states.

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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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




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


FIRST DATA: Michael Capellas Named as Chief Executive Officer
-------------------------------------------------------------
First Data Corp. reported that Michael D. Capellas will become
chief executive officer following completion of the acquisition of the company
by an affiliate of Kohlberg Kravis Roberts & Co.

Mr. Capellas will succeed Henry C. Duques who has served as
chairman and CEO since November 2005, and previously served as
chairman from 1989 to 2003 and CEO from 1989 to 2002.  Mr. Duques announced
his intention to retire within two years when he returned to the chairman and
CEO roles in late 2005.

Prior to completion of the KKR transaction, Mr. Capellas will be
working closely with KKR and the First Data management team.

Mr. Capellas is a widely respected executive in technology-related and other
industries. Most recently, he served as CEO of MCI Inc., formerly Worldcom,
from 2002 until its acquisition by Verizon in 2006, and Chairman from 2002 to
2004.  He also served as CEO of Compaq Computer Corporation from 1999 to 2002,
and chairman from 2000 to 2002.  He subsequently served as president of
Hewlett-Packard Company following the acquisition of Compaq by
Hewlett-Packard.  Since 2006, Mr. Capellas has served as a senior advisor to
Silver Lake Partners, an investment firm focused on investments in
technology-related industries.

Scott C. Nuttall, a Member of KKR, said: "We are delighted to have recruited a
world-class executive like Michael Capellas to become CEO of First Data.  [Mr.
Capellas] has a strong track record for vision, innovation and value creation
in large technology-related businesses and is ideally suited for this
position.  We are confident that he will deepen customer relationships, and
his leadership will be characterized by the same excitement and passion for
success that he brought to his previous companies."

Mr. Capellas said: "As a leading provider of electronic commerce
and payment solutions for financial institutions, merchants and
other organizations throughout the world, First Data has had a
tremendous heritage for success.  I look forward to joining First Data at this
pivotal time and believe the company is uniquely positioned to pioneer
innovative technologies for the next-generation of electronic and mobile
commerce around the world."

Ric Duques, chairman and CEO of First Data, said: "[Mr. Capellas] is by any
measure an accomplished, energetic and visionary CEO and I will be stepping
down with the utmost confidence that he will be leading this great company to
an even brighter future.  Under [Mr. Capellas]'s leadership, I am certain that
the company will find more innovative ways to grow First Data's powerful
competitive position in the electronic payment and merchant markets, as well
as its rapidly expanding international business."

James D. Robinson III, chairman of First Data's executive
committee, said: "We are very pleased to attract Michael Capellas and his
extraordinary track record for success to First Data.  We would also like to
thank Ric Duques for his many years of dedicated service to First Data.  He
has been the driving force behind making First Data the great company that it
is today, and we want to wish [Mr. Duques] a fulfilling retirement."

Mr. Capellas joined Compaq in 1998 as chief information officer
and also served as chief operating officer before being named CEO.  Prior to
joining Compaq, he served in senior-level positions with Oracle Corporation
and SAP AG and in a variety of technology and financial positions with
Schlumberger Ltd.  Mr. Capellas received a bachelor of business administration
degree from Kent State University.  He is a member of the Board of Directors
of Cisco Systems Inc. and serves on the national board of the Boys and Girls
Club of America.

It is expected that KKR's acquisition of First Data will be
completed by the end of the third quarter of 2007, subject to the approval of
First Data shareholders, regulatory approvals and customary closing conditions.

                      About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--  
provides electronic commerce and payment solutions for businesses worldwide,
including those in New Zealand, the Netherlands and Mexico.  The company's
portfolio of services and solutions includes merchant transaction processing
services; credit, debit, private-label, gift, payroll and other prepaid card
offerings; fraud protection and authentication solutions; electronic check
acceptance services through TeleCheck; as well as Internet commerce and mobile
payment solutions.  The company's STAR Network offers PIN-secured debit
acceptance at 2 million ATM and retail locations.

                        *     *     *

As reported in the Troubled Company Reporter on April 4, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on First Data Corp. to 'BB+' from 'A' and placed it on
CreditWatch with negative implications.  The rating action
followed First Data's agreement to be acquired by Kohlberg
Kravis Roberts & Co. in a transaction valued at about US$29 billion.


GREENBRIER COS: DA Davidson Puts Buy Rating on Firm’s Shares
------------------------------------------------------------
DA Davidson analysts have upgraded their rating on The Greenbrier Companies
Inc.’s shares to "buy" from "neutral," Newratings.com states.

According to Newratings.com, the target price for The Greenbrier’s shares was
increased to US$42 from US$35.

The analysts said in a research note that The Greenbrier reported its fiscal
third quarter earnings per share “significantly ahead of the estimates and the
consensus on the back of better-than-expected revenues and gross margins.”

The analysts told Newratings.com that all of The Greenbrier’s three segments
registered strong results.

The earnings per share estimate for fiscal year 2007 was increased to US$1.44
from USS$0.30, while the estimate for the next fiscal year was raised to
US$3.50 from US$2.70, Newratings.com states.

Headquartered in Lake Oswego, Ore., The Greenbrier Cos. (NYSE:
GBX) -- http://www.gbrx.com/-- supplies transportation
equipment and services to the railroad industry.  The company
builds new railroad freight cars in its manufacturing facilities
in the US, Canada, and Mexico and marine barges at its U.S.
facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 30 locations (post Meridian
acquisition) across North America.  Greenbrier builds new
railroad freight cars and refurbishes freight cars for the
European market through both its operations in Poland and
various subcontractor facilities throughout Europe.  Greenbrier
owns approximately 9,000 railcars, and performs management
services for approximately 136,000 railcars.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Moody's Investors Service downgraded the ratings
of The Greenbrier Cos., Inc. -- corporate family to B1, senior
unsecured to B2 (LGD5, 72%) and the speculative grade liquidity
rating to SGL-3.  The outlook is now stable.  These rating
actions conclude the review for downgrade prompted by
Greenbrier's acquisition of Meridian Rail Holdings Corp in late
2006.

Downgrades:

   Issuer: Greenbrier Companies, Inc. (The)

     -- Probability of Default Rating, Downgraded to B1
        from Ba3

     -- Speculative Grade Liquidity Rating, Downgraded to SGL-3
        from SGL-2

     -- Corporate Family Rating, Downgraded to B1 from Ba3

     -- Senior Unsecured Convertible/Exchangeable Bond/
        Debenture, Downgraded to B2 72 - LGD5
        from B1 64 - LGD4

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to
        a range of B2 72 - LGD5 from B1 64 - LGD4

Outlook Actions:

   Issuer: Greenbrier Companies, Inc. (The)

     Outlook, Changed To Stable From Rating Under Review


GRUPO GIGANTE: Fitch Puts BB Rating on US$260 Mil. Senior Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' foreign and local currency Issuer Default
Ratings of Grupo Gigante S.A.B. de C.V., as well as the 'BB' rating of
Gigante's US$260 million Senior Notes due 2016.  The Rating Outlook is Stable.

The ratings are supported by the company's business position in the Mexican
food retail market, its multiple-format store strategy that allows Gigante to
reach a wide customer base, geographic diversity and the level shown by its
main financial indicators.  The ratings are constrained by the company's weak
operating profile observed in 2005, affecting its financial position, which
started to show positive signs towards the end of 2006, situation that also
prevailed during the first quarter of 2007, as well as by declining store
traffic and same store sales trends.  Gigante is the fourth largest
supermarket chain in Mexico based on revenue, with approximately 10% market
share and the second largest based on its store network.

Over the past several years, the Mexican retail market has become increasingly
competitive since Wal-Mart de Mexico (Walmex) entered the market with its
aggressive low pricing sales approach. In response to market trends and
willing to lure its former clients, at the end of 2004 Gigante began
implementing several strategic initiatives designed to improve its long-term
competitive position in face of these challenges.  The company redefined its
commercial strategy and introduced a store renovation program based on a new
image, shifted its pricing strategy from high/low to 'Everyday low price',
closed underperforming units that did not meet the expected returns and
implemented a company-wide integrated information technology system.
Additionally, Gigante made a notorious effort to increase quality and
efficiency of its logistics through the expansion of its network of regional
distribution centers and the opening in November of 2006 of a distribution
center that specializes in perishables (it carries a processing meat facility
as well).

The measures just mentioned allowed the company to reverse during the last
half of 2006 and first quarter of 2007 the negative trend observed in same
store sales in the past years (same store sales observed a decline of 6.4% and
0.7% in 2005 and 2006 respectively) and posted increases of 1.0%, 1.7% and
3.6% during the third and fourth quarter of 2006 and first quarter of 2007
respectively.  This indicator at March 31, 2007 (growth of 3.6%) compares
favorably with the increase in same store sales of 1.1% reported by the ANTAD
(Asociacion Nacional de Tiendas de Autoservicio y Departamentales; excluding
Walmex) for the supermarket sector as a whole.  Furthermore, supported by the
initiatives mentioned above, revenues for 2005 and 2006 remained stable.

While EBITDA margin had posted gains during the last years until 2004 when it
reached 5.6%, during 2004 it diminished to 4.1% as a result of non-recurrent
charges related to the closing of non-productive stores, headcount reductions
and disruptions from the implementation of SAP.  During 2006 and first quarter
of 2007 EBITDA margins were 5.5% and 5.7 respectively, reflection of all the
benefits achieved by all the measures taken by the company.  Fitch considers
that the new initiatives should allow the company to increase its efficiency
and improve its profitability during the next years amid an increasingly
challenging and competitive industry.

Financial indicators of the company improved from 2002 to 2004 as a result of
a better operating cashflow, however, in 2005 they were negatively affected by
the additional costs related to the restructuring plan previously commented.
During the last quarter of 2006 the negative trend was reversed and financial
indicators showed a moderate improvement given the benefits achieved as a
result of the measures initiated at the end of 2004.  At March 31, 2007, the
ratio of Adjusted Debt to EBITDAR was 3.1 times (in comparison with 4.3x
registered in the first quarter of 2006) and the ratio of EBITDAR / (Interest
Expense + Rents) was 2.0x (1.5x posted for first quarter 2006).  Fitch
estimates that credit protection measures should gradually improve over the
next few years and become more solid as the strategic initiatives undertaken
by the company during the past couple of years begin to reap benefits.

At March 31, 2007, Gigante had approximately US$280 million of
on-balance-sheet debt, the majority consisting on the Senior Notes issued last
year for US$260 million due in 2016 and some minor bank credits.  With the
issuance of the Notes just mentioned, the company obtained better credit
conditions and significantly improved its debt maturity profile by only having
2% of its total debt as short term.  At March 31, 2007 the company had
adequate liquidity with US$38 million of cash and marketable securities
(including restricted cash of approximately US$2 million)

Gigante owns approximately 55% of its retail store sales floor.  Capital
expenditures, which totaled US$124 million in 2005 and US$102 million in 2006,
have been financed with internally generated cash.  In 2007, capital
expenditures are budgeted to reach approximately US$124 million and will
primarily fund the opening of 4 supermarkets and the renovation of 17.  The
company expects to fund future capital investments with internally generated
cash flow, thereby maintaining debt levels stable.

With over 600 units in Mexico, Grupo Gigante, S.A. de C.V., is a public
Mexican trade company, which operates in the Mexican Stock Market -- Bolsa
Mexicana de Valores.  Through its subsidiaries, Gigante has developed leading
chains of supermarkets, family restaurants, and specialized commerce, for 43
years.  Its saubsidiaries include "Gigante", which contains formats including:
"Gigante" (Hypermarkets), "Super Gigante" (Supermarkets), "Super Maz" and
"Bodega" (Warehouses), all of them supermarket chains, as well as "Cafeterias
Toks, S.A. de C.V.," a specialized family restaurant chain.  With its
partners, Grupo Gigante has also established joint ventures,
developing Office Depot de Mexico, S.A. de C.V., a Mexican leader chain store
of office and school supplies, and Radio Shack de Mexico, S.A. de C.V., an
exclusive format with presence throughout the Mexican Republic, that offers a
wide assortment of electronic equipment and accessories.


MAZDA MOTORS: Demio Seen to Help Attain Midterm Target
------------------------------------------------------
Mazda Motor Corporation has redesigned its Demio for the first time in five
years, and is expected to help achieve the car manufacturer's midterm business
target in the 2010, reports Kaho Shimizu of Japan Times.

According to Mr. Shimizu, the midterm business plan aims to sell about 1.6
million vehicles worldwide in the 2010 business year.

The article quotes Mazda Chief Executive Officer Kazuhisa Imaki as saying,
"Since its initial launch in 1996, the Demio's cumulative sales have exceeded
1 million and it has become one of Mazda's core models.  The new Demio is an
important strategic model that represents Mazda's brand identity."

Despite the pessimistic outlook on domestic sales for the newly designed
Demio, Mazda plans to introduce the revamped model, also known as Mazda 2, in
Europe, China and Australia.  This is also part of the manufacturer's global
strategy, relates Mr. Shimizu.  

Mr. Imaki revealed in the article that they have no plans to sell the model to
North America despite the growing popularity of compact cars in the continent.

The most significant difference between the old and new Demio is the weight.
The new, smaller model weighs 100 kg less, without sacrificing any structural
strength.  Also, Mazda claims the new Demio, with a sticker price between
JPY1.13 million and
JPY1.58 million, gets up to 23 km per liter compared with the older model's
19.2 km, conveys Mr. Shimizu.

                      About Mazda Motors

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and associates,
is primarily involved in the manufacture and distribution of automobiles.  The
company manufactures passenger cars and commercial vehicles.  Mazda Motor
distributes its products in both domestic and overseas markets. The company
has 58 subsidiaries.  It has overseas operations in the United States, Canada,
Mexico, Germany, Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand, Indonesia and
China.  The
Company has a global network.

                          *     *     *

As reported on April 27, 2007, that Standard & Poor's Ratings Services raised
Mazda Motor Corp.'s long-term corporate credit rating and the company's
long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/

   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and financial
performance, and financial risk profile.  Mazda's operating and financial
performance has been improving over the past several years due to the success
of new products following a shift in strategy.  The company continued to
improve operating and financial performance in the nine months ended
Dec. 31, 2006, owing to an improved sales mix and favorable foreign exchange
rates.  Although the EBITDA margin of about 6% remains lower than most of its
Japanese peers, profitability is steadily improving.  Mazda is now focusing on
certain segments instead of attempting to compete as a full-line producer.
The company also has excellent product engineering capabilities.


POLYONE CORP: Fitch Ups Senior Unsecured Debt Rating to BB-
-----------------------------------------------------------
Fitch Ratings has upgraded PolyOne Corporation's ratings as:

  -- Issuer Default Rating (IDR) to 'BB-' from 'B';

  -- Senior unsecured debt and debentures to 'BB-' from
     'B+/RR3';

  -- Rating Outlook Stable.

The ratings upgrade reflects PolyOne's decision to pay down debt with the
proceeds from the sale of its 24% interest in OxyVinyls, LP to Occidental
Chemical Corp for US$261 million.  Cash proceeds will be used to reduce debt
by 43% and lower interest expense.  Interest expense is expected to be US$25
million lower in 2008 as compared to 2006.  Also, exiting the commodity
business will significantly decrease earnings volatility.  The sale of the 24%
will not affect the resin supply agreement PolyOne has with OxyVinyls.  This
agreement remains intact until 2024.

PolyOne's size and downstream market position support the ratings upgrade.
PolyOne is a leading global compounding and North American distribution
company.  At US$2.6 billion in revenue latest 12 months March 31, 2007,
PolyOne is larger than many of the smaller companies that participate in the
highly fragmented plastic compounding sector.  Additionally, PolyOne's global
operations provide the company more opportunities in rapidly growing economies
compared to limited growth opportunities in the U.S. for regional players.
PolyOne's earnings can be pressured by rapidly increasing resin costs in a
rising price environment as seen in recent years.  Downstream companies like
PolyOne are slower to pass on product price increases compared to the upstream
resin producers from whom they purchase raw materials. However, with the
increase in capacity coming online in late 2007 and early 2008, resin prices
are expected to drop, thus giving PolyOne a chance to increase margins.

In the current environment, resin pricing has stabilized at high levels and
PolyOne has been able to catch up with its own price increases, supported by
good demand.  For the LTM period ended March 31, 2007, PolyOne's operating
EBITDA was US$129.1 million compared to US$138.4 at year-end 2006.  The drop
in EBITDA was primarily from the reduction in net earnings from the OxyVinyls
JV.  This is primarily a result of lower construction-related product demand
and contracting PVC resin spreads. Profitability has also improved ever so
slightly to 5.0% from 4.8% at YE2005, but remains in the single-digit range.
Meanwhile, total debt (including A/R securitization) is expected to decline to
US$330 million at Aug. 9, 2007 from US$595.9 million at the end of March 2007.
Higher earnings and lower debt will strengthen the credit statistics with
expected total adjusted debt/operating EBITDAR of 2.5 times and operating
EBITDA/gross interest expense of 3.2x at YE2007.

The Stable Rating Outlook incorporates some stabilization in earnings and
profitability with debt reduction over the next 12 to 24 months.  The Stable
Outlook assumes demand is stable; any necessary price increases can be passed
through; and costs moderate slightly.  Other than the medium-term notes
maturing each year (US$20 million per year through 2011), Fitch does not
anticipate any additional significant debt reduction nor does Fitch expect any
major acquisitions.  PolyOne does not have any significant maturities until 2012.

PolyOne, headquartered in Avon Lake, Ohio, is the largest compounder of
plastics and a leading distributor of plastic resins in North America.

PolyOne Corporation is a global provider of polymer materials, services and
solutions with operations in thermoplastic compounds, specialty polyvinyl
chloride vinyl resins, specialty polymer formulations, color and additive
systems, and thermoplastic resin distribution.  It has equity investments in
manufacturers of PVC resin and its intermediates and in a formulator of
polyurethane compounds.  It has four segments: Vinyl Business, International
Color and Engineered Materials, PolyOne Distribution, and Resin and
Intermediates.  The All Other segment includes its North American Color and
Additives, North American Engineered Materials, Producer Services and Polymer
Coating Systems operating segments.  In October 2006, it purchased the
remaining 50% interest in DH Compounding Company from a subsidiary of The Dow
Chemical Company.  In July 2007, the Company sold its 24% interest in Oxy
Vinyls, LP, to Occidental Chemical Corporation, a subsidiary of Occidental
Petroleum Corporation.  It has operation in Mexico.


U.S. STEEL: Names G. Stewart as Senior Counsel for Tubular Unit
---------------------------------------------------------------
U.S. Steel Corporation has appointed George J. Stewart as senior
counsel-Tubular.  In his new role, which began July 1,
Mr. Stewart is responsible for establishing and supervising a Dallas-based
extension of U.S. Steel's law department that will support the company's
tubular business unit.

Mr. Stewart's career at U.S. Steel began in 1990 as an intern in the company's
law department at its Pittsburgh headquarters.  He was promoted through a
series of positions in the litigation, international law and commercial
sections of the department before being named assistant general counsel at U.
S. Steel Kosice in the Slovak Republic in 2001.  Two years later, he was
appointed executive director-legal and general affairs at U.S. Steel Serbia.
He returned to the United States and the company's headquarters in October
2004 when he was promoted to his most recent post, general attorney-commercial.

Born in New York City and raised in New Fairfield, Conn., Mr. Stewart
graduated from West Virginia Wesleyan College in Buckhannon, West Virginia, in
1986 with a Bachelor of Arts degree in psychology.  He completed his juris
doctor degree at Duquesne University in Pittsburgh in 1992.

He and his wife, Jenny, and their children, Sarah and Connor, will relocate to
the Dallas area.

                      About U.S. Steel

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures    
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons. U. S. Steel's domestic
primary steel operations are: Gary Works in Gary, Ind.; Great
Lakes Works in Ecorse and River Rouge, Mich.; Mon Valley Works,
which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pa.; Granite
City Works in Granite City, Ill.; Fairfield Works near
Birmingham, Ala.; Midwest Plant in Portage, Ind.; and East
Chicago Tin in East Chicago, Ind.  The company also operates two
seamless tubular mills, Lorain Tubular Operations in Lorain,
Ohio; and Fairfield Tubular Operations near Birmingham, Ala.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U. S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite (Minntac) and Keewatin
Taconite (Keetac), support the steelmaking effort, and its
subsidiary ProCoil Company provides steel distribution and
processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Standard & Poor's Ratings Services assigned its
'BB+' senior unsecured rating to the proposed offering of US$900
million in senior unsecured notes of United States Steel Corp.
(BB+/Stable/--)


VITRO SAB: Two Facilities Temporarily Suspend Operations
--------------------------------------------------------
Vitro, S.A.B. de C.V. related that two of its glass containers production
facilities located in Queretaro and Guadalajara temporarily interrupted
operations.  The interruption resulted from a failure in natural gas supply
caused by a recent incident at some of PEMEX gas pipelines.

According to Vitro, Necessary measures are being implemented at both
facilities to minimize the impact to their glass containers customer supply
programs.  These facilities are being supported by Vitro's four other domestic
production plants.

Estimated impact of this temporary interruption in production at both
facilities to the company's consolidated EBITDA will be of approximately
US$800,000 per day until production returns to normal levels.  The company is
confident that the natural gas supply will soon be restored.

PEMEX is working to restore its supply service to normal levels as soon as
possible.  Both plants will return to normal operations as soon as the natural
gas supply is 100% restored.

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

                        *     *     *

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

The rating assigned:

   Vitro, SAB de CV:

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

The ratings affirmed:

Vitro, SAB de CV:

  -- Corporate Family at B2;

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

  -- US$152M 11.375% senior




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


* PANAMA: Congress Ratifies Free Trade Agreement with U.S.
----------------------------------------------------------
The Associated Press reports that the Panamanian legislature has authorized
ratified a free trade agreement with the United States.

According to the AP, the agreement was ratified while hundreds of leftists and
farmers held demonstrations against it.  The protesters claimed that
Panamanian producers can’t compete with their US counterparts.

Enrique Athanasiadis, who heads the National Agricultural Organization,
commented to the AP, "This accord is a disaster for products and it benefits
the oligarchy."

The AP notes that the Panamanian government had already signed the accord,
which is still awaiting approval from the US Congress.

Panamanian lawmaker Pedro Miguel Gonzales told the AP, "The treaty is a
positive step for Panama to become an important exporter."

"This swift action taken by Panama means that they have fully accepted the
provisions of the May 10th Bipartisan Trade Agreement," US Trade
Representative Susan Schwab said in a news release.

                        *     *     *

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




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


* PARAGUAY: IDB Fund OKs US$1.8–Mil. Loan to Support Businesses
---------------------------------------------------------------
The Inter-American Development Bank’s Multilateral Investment Fund has
approved a US$780,000 technical cooperation grant to the Catholic University
and US$400,000 in reimbursable financing to create a financial support
mechanism in Paraguay to foster new dynamic enterprises.

The program has a medium-term comprehensive strategy to develop and implement
a technically and financially sustainable framework for the promotion,
incubation and financing of new dynamic enterprises.  The initiative will help
increase the number of successful entrepreneurs in the country.

“People interested in creating a dynamic enterprise or with new businesses
with potential for commercial scaling up and growth will be the beneficiaries
during the first two years of the project,” said IDB Team Leader Pablo
Angelelli.  “On the third year, efforts will be made to also include new
businesses with knowledge and technology-intensive processes and products.”

The Catholic University will carry out the technical cooperation component and
will provide US$430,000 in counterpart funds.  Vision S.A. will help the IDB
set up a trust for new businesses to be managed by a local entity and will
provide US$200,000 in counterpart funding.

Catholic University “Nuestra Senora de la Asuncion” has led a group of private
institutions in proposing this pilot program to promote a culture of
entrepreneurship through an innovative mechanism designed to foster the
gestation of dynamic companies.  This idea combines business services, access
to networks and specialized financing.

“The program seeks to generate a demonstration effect on the role of
entrepreneurs as agents for change and improvement in the social conditions of
the population,” added Mr. Angelelli.  “It will improve the capacities of
institutions currently promoting entrepreneurship by creating links among them
and helping them to improve the quality of their services.”

MIF, an autonomous fund administered by the IDB, supports private sector
development in Latin America and the Caribbean, focusing on microenterprise
and small business.

                        *     *     *

Moody's assigned these ratings on Paraguay:

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


* PARAGUAY: Gets US$45-Million Education Funding from IDB Fund
--------------------------------------------------------------
The Inter-American Development Bank has approved a US$45 million loan to
Paraguay for the second stage of the Escuela Viva program to support access,
retention and completion of quality basic education for students in the most
vulnerable groups of the population.

“The program is helping reduce the disparity in basic education between
different income groups and between rural and urban areas,” said IDB team
leader Jesus Duarte.

“The first stage of the Escuela Viva program, from 2001 to 2007, showed
significant improvements in access and years of schooling in participating
schools, as well as in the quality of education,” added Mr. Duarte.  “This
second stage will reduce the number of over-age students and increase
graduation rates in low-income areas.  It will also improve coverage in
urban-fringe, rural and indigenous schools, and will increase the level of
learning and academic achievement.”

The Ministry of Education and Culture of Paraguay will be strengthened to
continue to carry out the program.  The project will also consolidate
coordination among parents, communities and teachers in basic education school
management.

The government of Paraguay requested a performance-driven loan for this new
operation.  A monitoring and evaluation system should be in place as a
condition precedent to the first results-based disbursement. Local counterpart
funds will total US$4.5 million.

                        *     *     *

Moody's assigned these ratings on Paraguay:

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




=======
P E R U
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FREEPORT-MCMORAN: Fitch Affirms BB Issuer Default Rating
--------------------------------------------------------
Fitch Ratings upgrades these ratings of Freeport-McMoRan Copper & Gold Inc.
and its subsidiary Phelps Dodge:

FCX

   -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
   -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
   -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
   -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

Phelps Dodge

   -- 8.75% senior unsecured notes due 2011 to 'BB' from 'BB-';

   -- 7.125% senior unsecured debentures due 2027 to 'BB' from
      'BB-';

   -- 9.50% senior unsecured notes due 2031 to 'BB' from 'BB-';

   -- 6.125% senior unsecured notes due 2034 to 'BB' from 'BB-'.

In addition, Fitch affirms these ratings on FCX:

   -- Issuer Default Rating at 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver at 'BBB-';

   -- Convertible Preferred Stock at 'B+'.

Fitch also assigns a rating of 'BB+' to FCX's new US$2.45 billion five-year
term loan A.  Proceeds of the loan were used to repay the US$2.45 billion
remaining under the term loan due March 2014.  The term loan amortizes at 10%
per annum with the remainder due at maturity.

The Rating Outlook remains Positive.

Fitch estimates pro forma June 30, 2007 debt at US$10 billion (down from US$12
billion) and latest 12 months ended June 30 EBITDA at US$9 billion for total
debt/EBITDA of 1.1 times.  If copper prices remain at US$3/lb on average for
the remainder of the year, the year-end debt level should be reduced to about
US$9 billion.

The ratings reflect FCX's position as the world's second largest
copper producer, its diversified operations and strong liquidity
as well as the company's exposure to copper prices and its
relatively high financial leverage.  The outlook is for copper
producers to continue to benefit from a strong pricing environment over the
near term.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry  
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.


HANOVER COMPRESSOR: Shareholders To Vote August 16 on Merger
------------------------------------------------------------
Hanover Compressor Company and Universal Compression Holdings Inc. disclosed
that the registration statement for the proposed merger between Hanover and
Universal (which includes each company’s proxy statement for its 2007 annual
meeting of shareholders) has been declared effective by the U.S. Securities
and Exchange Commission.  The effectiveness of the registration statement
satisfies a condition to the closing of the proposed merger of equals, and
provides each company the ability to have the merger agreement submitted to
its shareholders for their consideration.

Each company’s shareholders of record as of June 28, 2007, will be asked to
consider and vote on the proposed merger at its respective annual
shareholders’ meetings, scheduled for
Aug. 16, 2007, at separate locations in Houston, Texas.  As previously
reported, upon the closing of the merger, each common share of Hanover will be
converted to 0.325 shares of a newly created company, Exterran Holdings, Inc.,
and each common share of Universal will be converted to one common share of
Exterran.  Hanover and Universal expect the merger to close on or about Aug.
20, 2007, if both companies’ shareholders have approved the merger and the
other closing conditions are satisfied as of that date.

The effectiveness of the registration statement follows the announcement on
July 5, 2007, that both Hanover and Universal had received notice that the
waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of
1976 with respect to their proposed merger has been terminated.

                   About Universal Compression

Universal Compression Holdings, headquartered in Houston, Texas, is a leading
natural gas compression services company, providing a full range of contract
compression, sales, operations, maintenance and fabrication services to the
domestic and international natural gas industry.

              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.




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


ADELPHIA COMMS: Wants Across Media Settlement Agreement Approved
----------------------------------------------------------------
Reorganized Adelphia Communications Corp. and its debtor-
affiliates ask the U.S. Bankruptcy Court for the Northern District of Georgia
to approve a stipulated settlement agreement dated July 9, 2007, among
Adelphia Communications Corporation, David M. Downey, and David E. Lewis, the
Chapter 7 Trustee for the estate of Across Media Networks, LLC.

On Feb. 12, 2001, Mr. Downey, on AMN's behalf, filed a lawsuit
against Adelphia Communications before the U.S. District Court for the
District of Colorado, alleging 14 causes of action against Adelphia
Communications, including breaches of contract, breaches of fiduciary duties,
other tortious conduct, and violations of the Colorado Securities Act.

In particular, Mr. Downey alleges that AMN's entire value was
lost as a result of Adelphia Communications' "destruction" of
AMN.  Mr. Downey seeks recovery of AMN's value from Adelphia
Communications as damages, as well as equitable recharacterization and
subordination.  AMN's projected theoretical value, according to Mr. Downey, is
approximately US$93,500,000.

On Aug. 10, 2001, AMN filed a petition for bankruptcy relief
under Chapter 11, which was converted a Chapter 7 case on
April 12, 2002.  As a result of AMN's bankruptcy, Mr. Downey's
derivative claims in the AMN lawsuit became the property of the
AMN bankruptcy case.

Adelphia Communications disputes each of the AMN's and Mr.
Downey's contentions.

To avoid the expense and delay of further litigation and to fully settle their
dispute, the Parties entered in arm's-length
negotiations and arrived at the terms of the Settlement
Agreement.

The Parties' Settlement Agreement provides that:

-- AMN and Mr. Downey will have an allowed Other Unsecured
    Claim for US$11,000,000 against Adelphia Communications;

-- In accordance with the ACOM Debtors' Fifth Amended Joint
    Plan of Reorganization, AMN and Mr. Downey will receive:

       * 151,157 shares of Time Warner Cable Class A Common
         Stock; and

       * 9,543,623 CVV Series ACC-3 Interests;

-- Adelphia Communications will pre-arrange for the
    liquidation of the Time Warner Shares and may pre-arrange
    for the immediate liquidation of the CVV Interests;

-- In consideration for a waiver of their rights under the
    Plan to receive additional distributions on account of the
    Allowed Claim, the ACOM Debtors will pay AMN and Mr. Downey
    at least US$6,380,000 in cash on account of the Allowed
    Claim;

-- AMN and Mr. Downey will release and forever discharge the
    ACOM Debtors from all causes of actions and demands,
    including AMN's claims in the ACOM Debtors' bankruptcy
    cases and the AMN Lawsuit; and

-- The ACOM Debtors will release and forever discharge AMN and
    Mr. Downey from all causes of actions and demands,
    including the claims they asserted in AMN's bankruptcy
    cases and the counterclaims they asserted in the AMN
    Lawsuit.

Terence K. McLaughlin, Esq., at Willkie Farr & Gallagher LLP, in
New York, notes that many of the Parties' disputes devolve to a
"he-said-she-said" proposition, which entails great risk for the
ACOM Debtors.  "The risk is magnified given the potentially
substantial damages that could be imposed if the [District] Court were to find
in favor of AMN and Mr. Downey," Mr. McLaughlin relates.

The ACOM Debtors aver that the Settlement Agreement is both fair
and reasonable, particularly in light of the wide spectrum of
possible outcomes and the factual dispute over liability issues
making pre-trial resolution unlikely.

                     About Adelphia Comms

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is a cable television
company.  Adelphia serves customers in 30 states and Puerto Rico, and offers
analog and digital video services, Internet access and other advanced services
over its broadband networks.  The company and its more than 200 affiliates
filed for Chapter 11 protection in the Southern District of New York on June
25, 2002.  Those cases are jointly administered under case number 02-41729.
Willkie Farr & Gallagher represents the Debtors in their restructuring
efforts.  PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern
LLP represent the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the Rigas
family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11 protection on March 31,
2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642).  Their cases are
jointly administered under Adelphia Communications and its debtor-affiliates'
chapter 11 cases.

The Court confirmed the Debtors' First Modified Fifth Amended
Joint Chapter 11 Plan of Reorganization on Feb. 13, 2007.


ADVANCED MEDICAL: Bausch & Lomb Bid Cues S&P's Developing Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Advanced
Medical Optics Inc. remain on CreditWatch with developing
implications given the company's US$4.3 billion bid to acquire
Bausch & Lomb Inc. (B&L; BB+/Watch Neg/--).  AMO plans to finance the
transaction with about 60% debt and 40% common equity.

"AMO's proposal is subject to the termination of B&L's previously announced
merger agreement with affiliates of Warburg Pincus LLC and the execution of a
definite merger agreement with B&L," explained Standard & Poor's credit
analyst Cheryl Richer.  "AMO's proposal terms include a 12-month period to
close the transaction, shareholder approvals, and various regulatory approvals."

The developing CreditWatch reflects the potential that S&P will
upgrade or downgrade AMO depending on several factors.  While debt leverage
will increase, Standard & Poor's will look at the
trajectory of debt paydown given the combined company's expected
cash generation.  In addition, certain portions of B&L's portfolio could be
divested, providing funds for further debt reduction.  The financial risk
profile will be analyzed in conjunction with an assessment of the company's
increased scale and breadth of eye care product offerings.  While S&P believe
an affirmation of the current ratings is the most likely rating action, an
upgrade or downgrade cannot be ruled out until further details of the
transaction become known.  It is possible but unlikely that other bidders will
surface at this time given the "go-shop" provision for competing proposals
that expired on July 5, 2007.  In addition to a US$120 million termination
fee, the new bidder would not have access to B&L information that might be
necessary to conduct due diligence on an acquisition.

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


ALLIED WASTE: Appoints Catharine Ellingsen as VP-General Counsel
----------------------------------------------------------------
Allied Waste Industries Inc. has named Catharine Ellingsen as its Vice
President, Deputy General Counsel.  Ms. Ellingsen joined Allied Waste in 2001
as Managing Corporate Counsel, Labor and Employment where she developed the
company's employment and labor law and labor relations functions, including
handling litigation and providing counsel and advice to management.

In 2004, Ms. Ellingsen was appointed Associate General Counsel,
Director of Legal.  In this role she furthered the company's labor and
employment practices and continued to provide counsel to senior management on
a wide variety of corporate matters and directed related training for the
company.  Prior to joining Allied Waste, Ms. Ellingsen practiced law at the
Phoenix offices of Steptoe and Johnson, LLP and Bryan Cave, LLC, representing
employers in all areas of employment law and traditional labor matters.

Ms. Ellingsen graduated Magna Cum Laude from the Washington College of Law at
The American University in Washington, D.C. She earned a Bachelors degree Cum
Laude from Wheaton College in Norton, MA with a double major in Political
Science and European History.  Ms. Ellingsen is a member of the American Bar
Association and has been a member of the State Bar of Arizona
since 1992.  The Human Resource Certificate Institute also certified her in
2003 as a Senior Professional in Human Resources.

Allied Waste North America, Inc., a wholly owned operating
subsidiary of Allied Waste Industries, Inc., is based in
Phoenix, Arizona.  Allied Waste is a vertically integrated, non-
hazardous solid waste management company providing collection,
transfer, and recycling and disposal services for residential,
commercial and industrial customers.  As of Dec. 31, 2006, the
company operated a network of 304 collection companies, 161
transfer stations, 168 active landfills and 57 recycling
facilities in 37 states and Puerto Rico.  The company had
revenues of approximately US$6.0 billion in fiscal 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings has upgraded the following ratings on Allied Waste
Industries Inc. (NYSE: AW) and its Allied Waste North America and
Browning-Ferris Industries subsidiaries, as:

Allied Waste Industries Inc.

    -- Issuer Default Rating to 'B+' from 'B'.

Allied Waste North America

    -- IDR to 'B+' from 'B';
    -- Secured credit facility rating to 'BB+/RR1' from
       'BB/RR1';
    -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

Browning-Ferris Industries

    -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Moody's Investors Service assigned B2 (LGD 4,
69%) to the proposed US$50 million Mission Economic Development
Corp. Solid Waste Disposal Revenue Bonds Series 2007A due 2018,
an Allied Waste North America, Inc. Project.  The borrower will
be Allied Waste North America, Inc. or Allied Waste NA and the
bonds will be unsecured obligations guaranteed by the parent,
Allied Waste Industries, Inc.  Concurrently, Moody's affirmed
other ratings of Allied Waste, Allied Waste NA and its wholly
owned subsidiary, Browning-Ferris Industries, LLC.  The outlook
for the ratings remains positive.

Moody's took these rating actions:

   -- assigned a B2 (LGD4, 69%) rating to the proposed
      US$50 million solid waste disposal revenue bonds
      series 2007A of Allied Waste NA due 2018;

   -- affirmed all other ratings of Allied Waste, Allied
      Waste NA, and Browning-Ferris Industries, LLC as
      set out in the recent press release dated March 27, 2007.

Moody's said the ratings outlook is positive.


ALLIED WASTE: Picks Michael Rissman as VP & Deputy Gen. Counsel
---------------------------------------------------------------
Allied Waste Industries Inc. has hired Michael Rissman as Vice President and
Deputy General Counsel.  In this new position, Mr. Rissman will focus on
litigation, contract and real estate matters.  Mr. Rissman joined Allied Waste
from Mayer, Brown, Rowe & Maw LLP in Chicago where he most recently served as
a partner in their environmental and litigation practices.

Mr. Rissman began his career with Mayer, Brown, Rowe & Maw LLP in 1990 as a
general litigator.  He built expertise in environmental law and in 1995
officially joined the environmental group, ultimately being named Partner in
1997.  Prior to his work at Mayer, Brown, Rowe & Maw LLP, Mr. Rissman was
employed by Wilmer, Cutler & Pickering in Washington, D.C.

"We are pleased to add Mike to our corporate legal team in Phoenix," said Tim
Donovan, Allied Waste General Counsel and Corporate Secretary.  "Mike's
experience trying lawsuits, and his deep knowledge of regulated industries and
environmental law will be a tremendous resource to our organization."

Mr. Rissman earned his JD from The University of Chicago School of Law and a
Bachelor of Arts degree from Harvard University.  He is a member of the
American Bar Association and both the Litigation and Environment, Energy and
Resources sections of the American Bar Association.

Allied Waste North America, Inc., a wholly owned operating
subsidiary of Allied Waste Industries, Inc., is based in
Phoenix, Arizona.  Allied Waste is a vertically integrated, non-
hazardous solid waste management company providing collection,
transfer, and recycling and disposal services for residential,
commercial and industrial customers.  As of Dec. 31, 2006, the
company operated a network of 304 collection companies, 161
transfer stations, 168 active landfills and 57 recycling
facilities in 37 states and Puerto Rico.  The company had
revenues of approximately US$6.0 billion in fiscal 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings has upgraded the following ratings on Allied Waste
Industries Inc. (NYSE: AW) and its Allied Waste North America and
Browning-Ferris Industries subsidiaries, as:

Allied Waste Industries Inc.

    -- Issuer Default Rating to 'B+' from 'B'.

Allied Waste North America

    -- IDR to 'B+' from 'B';
    -- Secured credit facility rating to 'BB+/RR1' from
       'BB/RR1';
    -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

Browning-Ferris Industries

    -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Moody's Investors Service assigned B2 (LGD 4,
69%) to the proposed US$50 million Mission Economic Development
Corp. Solid Waste Disposal Revenue Bonds Series 2007A due 2018,
an Allied Waste North America, Inc. Project.  The borrower will
be Allied Waste North America, Inc. or Allied Waste NA and the
bonds will be unsecured obligations guaranteed by the parent,
Allied Waste Industries, Inc.  Concurrently, Moody's affirmed
other ratings of Allied Waste, Allied Waste NA and its wholly
owned subsidiary, Browning-Ferris Industries, LLC.  The outlook
for the ratings remains positive.

Moody's took these rating actions:

   -- assigned a B2 (LGD4, 69%) rating to the proposed
      US$50 million solid waste disposal revenue bonds
      series 2007A of Allied Waste NA due 2018;

   -- affirmed all other ratings of Allied Waste, Allied
      Waste NA, and Browning-Ferris Industries, LLC as
      set out in the recent press release dated March 27, 2007.

Moody's said the ratings outlook is positive.


CENTENNIAL COMMS: Good Performance Cues S&P to Lift Rating to B
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Wall, New
Jersey-based Centennial Communications Corp., including the
corporate credit rating, which was raised to 'B' from 'B-'.

"The upgrade reflects the company's improved operating
performance, especially at its U.S. properties, and the
expectation that this will lead to stronger credit metrics in the near term,"
said Standard & Poor's credit analyst Naveen Sarma.  The outlook is stable.
Total debt as of Feb. 28, 2007, was about US$2.1 billion.

With sustained improvements in its U.S. markets and stabilization of its
Puerto Rican operations, there are prospects for modest deleveraging at
Centennial, a wireless communications carrier.  As a result, S&P have a more
favorable view of the sustainability of the regional wireless business model.
The number of postpaid subscribers in the U.S. has grown in the high single
digits through the company's third quarter, and monthly average revenue per
subscriber has increased about US$4 over the same period, resulting in service
revenue growth in the low-teens area.

In addition, Centennial's Puerto Rican operation has reported two quarters of
improving subscriber growth after a rebranding in response to intense
competition that had slowed customer growth and kept ARPU flat.

While these positive trends have yet to translate into improved
credit metrics, S&P expect to see high-single-digit revenue and
EBITDA growth for the medium term.  Free cash flow generation,
which has been modest at about 1.5% of debt, should improve
modestly to the mid-3% area.  In addition, the March 2007
disposition of the Dominican Republic properties, which did not
contribute to cash flow, will help the company to reduce its
leverage modestly to the mid-5x area over the next year, from an
adjusted 6.3x as of Feb. 28, 2007.

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


CHATTEM: Earns US$14.9 Million in Second Quarter Ended May 31
-------------------------------------------------------------
Chattem Inc. reported total revenues for the second fiscal quarter ended May
31, 2007, of US$113 million compared to total revenues of US$79.4 million in
the prior year quarter, representing a 42% increase.  Net income for the
second quarter of fiscal 2007 was US$14.9 million, up 46%, compared to net
income of US$10.2 million in the prior year quarter.

Revenue growth for the quarter was driven by sales of the five
brands acquired from Johnson & Johnson, continued growth of the
Gold Bond franchise, up 23%, and strong performance from the
Bullfrog franchise, up 62%, as a result of initial sales of the
Marathon Mist product and the timing of shipments as compared to
the second quarter of fiscal 2006.

Net income in the second quarter of fiscal 2006 included employee stock option
expenses under SFAS 123R or US$0.05 per share after taxes, and legal expenses
related to the Dexatrim litigation.  As adjusted to exclude these items, net
income in the second quarter of fiscal 2007 was US$17.3 million, up 56%,
compared to US$11.1 million in the prior year quarter.

                  First Six Months Results

For the first six months of fiscal 2007, total revenues were
US$213.8 million compared to total revenues of US$163.4 million in the prior
year period, representing a 31% increase.  Net income in the first six months
of fiscal 2007 was US$28.6 million, compared to US$25 million in the prior
year period.

As of May 31, 2007, the company's balance sheet showed total
assets of US$777.2 million, total liabilities of US$598.1 million, and total
stockholders' equity of US$179.1 million.

A copy of the company's second quarter 2007 report is available
for free at http://ResearchArchives.com/t/s?2183

"The first six months of fiscal 2007 was a record period for the
company," said Bob Bosworth, president and chief operating officer of Chattem.
"The positive momentum in our business following the acquisition of five
brands from Johnson & Johnson on Jan. 2, 2007, has continued as evidenced by
the strong sales growth and operating results for the first half of fiscal
2007.  Sales growth in the six months was driven by the five acquired brands,
continued expansion of the Gold Bond(R) franchise, the growth of Icy Hot(R)
led by the launch of Icy Hot Heat Therapy and the introduction of Bullfrog(R)
Marathon Mist.  The integration of the acquired brands is on schedule and we
have successfully leveraged our infrastructure during this period resulting in
incremental earnings growth.  Also, the company has effectively managed its
capital structure by the issuance of US$100 million of 1.625% convertible debt
issued on April 11, 2007, and borrowings under the revolving credit facility.
Additionally, the company has significantly reduced total debt outstanding by
about US$35 million since the date of the acquisition of the J&J brands."

"We are extremely pleased with the Company's performance in the
quarter, with total revenues up 42%, adjusted earnings per share
up 56% and EBITDA up an impressive 73%," said Zan Guerry, chief
executive officer of Chattem.  "ACT(R), Cortizone-10(R) and
Unisom(R) continue to respond very well to advertising, with each brand
performing strongly at retail.  Moreover, the Gold Bond franchise continued
its impressive growth at retail during this period, Icy Hot experienced
renewed growth led by recently
introduced line extensions and Bullfrog performed well with the
Marathon Mist product.  Given these positive results and the
strength of our business, we remain very excited about the
company's prospects for the balance of fiscal 2007 and beyond."

                     Brand Acquisition

On May 25, 2007, the company closed the previously announced
agreement to acquire the ACT business in Western Europe together
with worldwide trademark rights to ACT from Johnson & Johnson for US$4.1
million in cash plus certain assumed liabilities.  Chattem funded the
acquisition with existing cash.

                       About Chattem

Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/-- is a  
marketer and manufacturer of a broad portfolio of a broad
portfolio of branded over the counter healthcare products,
toiletries and dietary supplements.  The company's portfolio of
products includes well-recognized brands such as Icy Hot, Gold
Bond, Selsun Blue, ACT, Cortizone and Unisom.  Chattem conducts
a portion of its global business through subsidiaries in the
United Kingdom, Ireland, Canada, and Puerto Rico.

                        *     *     *

Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.


COVENTRY HEALTH: Closes Refinancing of Credit Facility
------------------------------------------------------
Coventry Health Care, Inc. has entered into an US$850 million five-year
unsecured revolving credit facility amending and restating its existing US$350
million unsecured revolving credit facility and US$80 million term loan
facility.  The existing US$80 million term loan facility has been rolled into
the new revolving credit facility.

Headquartered in Bethesda, Maryland, Coventry Health Care, Inc.
(NYSE: CVH) -- http://www.cvty.com/-- is a national managed  
health care company operating health plans, insurance companies,
network rental/managed care and workers' compensation services
companies.  Coventry provides a full range of risk and fee-based
managed care products and services, including HMO, PPO, POS,
Medicare Advantage, Medicare Prescription Drug Plans, Medicaid,
Workers' Compensation services and Network Rental to a broad
cross section of individuals, employer and government-funded
groups, government agencies, and other insurance carriers and
administrators in all 50 states as well as the District of
Columbia and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America
on July 12, 2007, Moody's Investors Service affirmed Coventry Health Care,
Inc.'s ratings -- senior unsecured debt and corporate family ratings at Ba1
and changed the outlook to stable from positive.

As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, Fitch Ratings has upgraded the Issuer Default
Rating of Coventry Health Care Inc. to 'BBB' from 'BB+'.
Existing senior notes are also upgraded to 'BBB-' from 'BB'.
Fitch also assigns a 'BBB-' rating to Coventry's recent issuance
of US$400 million of 5.95% senior unsecured notes.  Fitch said
the rating outlook is stable.

A.M. Best Co. has assigned a debt rating of "bb+" to Coventry
Health Care, Inc.'s US$400 million 5.95% senior unsecured notes,
which will mature in 2017.  The rating outlook is positive.
Coventry Health's and its subsidiaries' financial strength,
issuer credit and remaining debt ratings are unchanged.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2007, Moody's Investors Service has assigned a Ba1
senior unsecured debt rating to Coventry Health Care, Inc.'s
(NYSE: CVH) issuance of US$400 million of new long term debt.
Moody's said the outlook on the rating is positive.


DIRECTV GROUP: Inks Exclusive Service Agreement with B2B-TV
-----------------------------------------------------------
The DIRECTV Group and B2B-TV, a leading supplier of centralized television
distribution systems, entered into an exclusive agreement to bring premium
television programming to businesses in commercial office properties.  Through
the arrangement, B2B-TV will deploy a nationwide centralized television
distribution system and offer DIRECTV programming to commercial customers.  
"B2B-TV presents a win-win situation for businesses who want affordable and
top quality television programming and building owners and managers who are
often challenged to provide access," said Weston Munselle, CEO of B2B-TV.
"With B2B-TV's fully managed solution, commercial properties can provide a
high-value amenity to tenants at low-to-no cost to them and businesses can
enjoy digital and High Definition programming from DIRECTV."

"Working with B2B-TV enables DIRECTV to reach even more commercial customers
across the country and provide them with the best television viewing
experience available," said Brian Tomazic, Senior Account Manager, Commercial
Sales, DIRECTV.  "With our 100 percent digital-quality programming, suite of
advanced technologies and the addition of up to 100 national HD channels by
the end of 2007, businesses will have a variety of programming choices
available to create the ideal mix for their viewing needs."

Until now, businesses in commercial buildings had few options for receiving
quality television service.  Building owners had to protect limited rooftop
and riser space while businesses had to obtain approval from the building and
make large capital equipment expenditures.  Today, B2B-TV simplifies the
process by providing a fully managed system that has minimal impact to the
building and offers a hassle-free and affordable solution for businesses.

                          About B2B-TV

B2B-TV installs, operates, manages and maintains centralized television
distribution systems for commercial office properties. Through a unique
arrangement with DirecTV, they deliver hundreds of channels of programming.
B2B-TV services over 150 million square feet of building space along the West
Coast and is expanding east to major markets.

                          About DirecTV

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital  
television entertainment in the United States and Latin America.
It has two segments, DIRECTV U.S. and DIRECTV Latin America.
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.




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


HILTON HOTELS: Stifel Nicolaus Puts Hold Rating on Firm’s Shares
----------------------------------------------------------------
Stifel Nicolaus & Company analysts have downgraded Hilton Hotels Corporation’s
shares to "hold" from "buy," Newratings.com states.

The analysts said in a research note that Hilton Hotels agreed to be acquired
by Blackstone for US$26.5 billion.

The analysts told Newratings.com that Hilton Hotels is unlikely to get a
“superior bid.”  The deal would be concluded in the fourth quarter 2007.

“Hilton Hotels’ stock is trading at a price within 4.1% of the take out
price,” Newratings.com states, citing Stifel Nicolaus.

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

                        *     *     *

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

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

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




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


PETROLEOS DE VENEZUELA: Expanding Oil Cooperation with Belarus
--------------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said in a statement
that it is continuing to increase relations with Belarus.

According to Petroleos de Venezuela’s statement, delegations from Venezuela
and Belarus will meet this week to define areas of strategic interest.
Belarus state-run oil company Belarusneft will certify reserves on the Junin 1
block in Venezuela's Orinoco heavy crude belt.  It is also considering the
possibility of operating five or six mature fields in the area.

Business News Americas relates that Petroleos de Venezuela is collaborating
with some of foreign firms in the Orinoco Magna Reserve project, seeking to
certify 260 billion barrels in retrievable oil spread over two dozen blocks in
the Orinoco belt.

BNamericas notes that Petroleos de Venezuela had created joint venture
Seismovenbel with Belarusneft to carry out seismic exploration in Venezuela.

According to BNamericas, plans to construct a 1,000-kilometer pipeline for the
domestic transport of natural gas in Venezuela are advancing.  Construction
teams have been established for the project.

Petroleos de Venezuela is working with Belarusan companies Beltopgas and
Belgiprogas on the project, BNamericas states.

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

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


PETROLEOS DE VENEZUELA: Wants to Avoid Arbitration with Oil Cos.
----------------------------------------------------------------
The Venezuelan government would want to avoid international
arbitration with oil companies ExxonMobil and ConocoPhillips, two of former
operators of heavy-crude projects in the Orinoco oil belt.

"We have shown we are people of dialogue.  Nobody wants to resort to
arbitration," Venezuelan Ambassador Bernardo Alvarez was quoted by El
Universal as saying in a goodwill visit to Texas in the United States.

Exxon and Conoco rejected Venezuela's joint venture terms and chose to leave
the country.

El Universal relates that the other Orinoco operators Chevron Corp., Norwegian
Statoil, British Petroleum and French Total, accepted minority interests in
the projects with Petroleos de Venezuela.  The state oil firm holds up to 83%
stake in Orinoco belt.

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

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


PETROLEOS DE VENEZUELA: Oil Rig Workers Warn of Protests
--------------------------------------------------------
Workers affected by the nationalization in Venezuela of oil rigs threatened to
hold protests once they weren't absorbed in the state firm, Petroleos de
Venezuela SA, El Universal reports.

As reported in yesterday's edition, Minister Rafael Ramirez said that some of
these workers will be hired by the state-oil firm but he admitted that there
are difficulties in absorbing the former workers of private companies.  The
country has recently
nationalized 46 drills in eastern and western Venezuela, affecting about a
large number of employees.

"A major conflict is latent in Pdvsa," Eudis Girot, leader of the Federation
of Energy Workers of Venezuela, was quoted by El Universal as saying.

There are about 1,500 oil-rig workers who are waiting to be hired by the state
firm.  Of these, only 400 have been absorbed, labor leaders claimed, El
Universal says.

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

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


SHAW GROUP: Brings In Jeffrey Merrifield as VP-Power Group
----------------------------------------------------------
The Shaw Group Inc. has named Jeffrey S. Merrifield as senior vice president
in the company’s Power Group.  He will relocate to Shaw’s Power Group
headquarters in Charlotte, North Carolina, and report directly to Richard
Gill, president of the Power Group.

Mr. Merrifield formerly was a commissioner on the United States Nuclear
Regulatory Committee from October 1998 through June 2007.  Initially appointed
by President Clinton and reappointed by President Bush, he served as acting
NRC chairman during the August 2003 blackout when nine nuclear reactors
underwent emergency shutdowns, as well as during an emergency situation that
led to the first evacuation of an NRC licensed site since Three Mile Island.

Additionally, Mr. Merrifield led the rewriting of the NRC Strategic Plan for
Fiscal Years 2004-2009, including crafting the first-ever NRC vision statement
and he headed the U.S. delegation to the Third Convention on Nuclear Safety at
the International Atomic Energy Agency.

Before joining the NRC, Mr. Merrifield served as counsel and staff director to
the U.S. Senate Subcommittee on Superfund, Waste Control and Risk Assessment
from 1995 to 1998.  He was also an associate at McKenna and Cuneo and served
on the legislative staffs of Senators Robert C. Smith (R-NH) and Gordon
Humphrey (R-NH).

J.M. Bernhard, Jr., chairman, president and chief executive officer of Shaw,
said, “Mr. Merrifield brings valuable regulatory and legislative experience to
The Shaw Group as we expand our ability to engineer, design and construct
advanced nuclear power generating facilities using the AP1000 technology that
is environmentally advantageous in regards to greenhouse gas emissions.  We
welcome Jeff to Shaw and believe his guidance will help our Power Group
business answer the nation’s need for additional electrical capacity as
utilities retire older generation plants and pursue more environmentally
friendly options.”

Mr. Merrifield received his Bachelor of Arts degree from Tufts University in
1985 and his Juris Doctor degree from the Georgetown University Law Center in
1992.  He is a member of the bar of both New Hampshire and the District of
Columbia.

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

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

                        *     *     *

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

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


* VENEZUELA: Regulator OKs Mercantil Servicios’ Share Issue
-----------------------------------------------------------
The Venezuelan securities regulator has allowed financial services holding
firm Mercantil Servicios Financieros to issue 45 million new shares, which are
4.5% of the company’s paid-in capital, Mercantil Servicios said in a press
release.

According to Mercantil Servicios, the public offering is aimed at supporting
the company’s growth plans in the banking, investment banking and insurance
businesses.

The offering would be in the next 90 days, Business News Americas relates.

                        *     *     *

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 ratings'
outlook remained stable.


* VENEZUELA: Gas Pipeline Project with Colombia Ready in August
---------------------------------------------------------------
Colombian energy and mines minister Hernan Martinez Torres said in a
conference that the gas pipeline being constructed to link the country to
Venezuela would be ready by the end of August, Business News Americas reports.

The testing of the project can start in September, BNamericas notes, citing
Minister Torres.

According to BNamericas, the pipeline will be used to supply Venezuela with
150 million cubic feet per day of Colombian natural gas for four years.
Commercial operations would be launched on Jan. 1, 2008.

The report says that Venezuela will begin supplying Colombia -- and possibly
Panama and other Central American nations -- with gas.

Meanwhile, Jose Arturo Quiros -- the joint secretary of the Inter-American
association of large power consumers -- admitted during the conference that he
was worried that the pipeline may cause a gas shortage in Colombia, BNamericas
relates.

Mr. Qiuros told BNamericas that the decision to construct the pipeline was
"political."  It could lead to problems for Colombian industries that didn’t
have fixed supply contracts for their gas.

Residential users will have priority over exports when there would be supply
problems, followed by gas for vehicles, thermo power and fixed contracts for
industries, BNamericas states.

                        *     *     *

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


* BOOK REVIEW: A Not-So-Tender Offer
------------------------------------
Title: A Not-So-Tender Offer: An Insider's Look at
       Mergers and Their Consequences
Author: Isadore Barmash
Publisher: Beard Books
Hardcover: 264 pages
List Price: US$34.95

Order your personal copy at

http://amazon.com/exec/obidos/ASIN/1587981718/internetbankrupt

This book is packed with anecdotes, boardroom intrigue, humor, and plenty of
food for thought. This book is both a cogent analysis of mergers and
acquisitions and a fascinating page-turner.

Written by Isadore Barmash, an acclaimed writer on the Wall Street scene, this
insider's guide gives you an up-close look at the often dramatic, sometimes
humorous scenes that take place during mind-boggling megadeals, acquisitions,
and "friendly mergers."

With expert insight, wry humor, and wit, it chronicles many important
megamergers and assesses the impact they have had on corporate performance,
the economy, and the millions of employees and shareholders affected by the
upheavals.

                        ***********


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 * * *