TCRLA_Public/070716.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

            Monday, July 16, 2007, Vol. 8, Issue 139

                          Headlines

A R G E N T I N A

ALITALIA SPA: Trade Unions Reject AirOne's Labor Conditions
ALITALIA SPA: Fleet Write Off Looming, Says AirOne's Advisor
BENQ CORP: AU Optronics Taps European Factory to Create LCM
EMI GROUP: Warner Appoints Alan Mnuchin to Advise on GBP2.3B Bid
BALLY TOTAL: Names Brian Pierce as Game Sales Vice President

BANCO PATAGONIA: IPO Subscription Period To End July 18
CONCEPTOS BASICOS: Proofs of Claim Verification Ends on Aug. 17
DELTA AIR: Wilmington Trust Wants US$3.4MM Admin. Claim Allowed
DELTA AIR: Marriott's Section 1110 Order Enforcement Plea Denied
EDUARDO RETIENNE: Proofs of Claim Verification Is Until Sept. 12

FORD MOTOR: Gerald Shaheen Joins Board of Directors
WARNER MUSIC: Signs Strategic Deal with imeem

* ARGENTINA: Suspends Natural Gas Exports to Chile
* ARGENTINA: Okays Sale of 37% Stake in Hidroelecrica Nihuiles
* ARGENTINA: Nestor Kirchner Meeting with Oil Firm Officials


B E R M U D A

AIG LATIN: Proofs of Claim Filing Is Until Aug. 2
AIG SILK: Proofs of Claim Filing Is Until Aug. 2, 2007
AIG SILK: Sets Final General Meeting for Aug. 13


B O L I V I A

* BOLIVIA: Upset by Brazil's Hydroelectric Dam Project in Border


B R A Z I L

CYRELA BRAZIL: S&P Rates US$250MM Unsec. & Unsub. Notes at BB
FRESH DEL MONTE: S&P Puts Preliminary B Rating on Senior  Debt
GERDAU SA: Moody’s Puts Ba1 Rating Under Review
HEXION SPECIALTY: Wins Merger Pact w/ Huntsman for US$28 a Share
HUNTSMAN CORP: Ends Merger Agreement with Basell

HYLAND SOFTWARE: S&P Assigns B Corporate Credit Rating
INTERNATIONAL PAPER: To Buy CMCP Shares for US$40 Million
JBS S.A.: Closes Swift & Co. Acquisition for US$1.5 Billion
LYONDELL CHEMICAL: Declares US$0.225 a Share Quarterly Dividend
STRATOS INTERNATIONAL: Completes Emerson Merger for US$118 Mil.

SWIFT & CO: JBS Completes Acquisition for US$1.5 Billion

* BRAZIL: Bolivia Balks at Hydroelectric Dam Project
* BRAZIL: May Hold Auction for San Antonio Transmission Lines


C A Y M A N   I S L A N D S

APPALOOSA ARBITRAGE: Sets Last Shareholders Meeting for Aug. 10
AS ASSIST: Will Hold Last Shareholders Meeting on Aug. 10
H3 GLOBAL: Proofs of Claim Must be Filed by Aug. 10
H3 GLOBAL: Sets Last Shareholders Meeting for Aug. 10
HMTF-AMI: Proofs of Claim Filing Ends on Aug. 10

IVY ENHANCED: Will Hold Last Shareholders Meeting on Aug. 10
MICROPORT MEDICAL: Sets Last Shareholders Meeting for Aug. 10
OASIS OFFSHORE: Proofs of Claim Must be Filed by Aug. 13
VOLCUN FORTUNA: Will Hold Last Shareholder Meeting on Aug. 10
ZAIS STRUCTURED: Proofs of Claim Filing Ends on Aug. 10

ZAIS STRUCTURED CREDIT: Last Shareholders Meeting Is on Aug. 10
ZESTY CO: Will Hold Last Shareholders Meeting on Aug. 10


C O L O M B I A

ECOPETROL: Wins Rights To Explore Oil in Peru with Talisman
GEOKINETICS : Says Weather to Negatively Impact 2nd Qtr. Results
BANCOLOMBIA SA: Earns COP40,522 Million in June 2007

* COLOMBIA: Chile May Buy Electricity from Country


C O S T A   R I C A

DENNY’S CORP: Same-Store Sales Up 2.8% in 2007 Second Quarter


G U A T E M A L A

SPECTRUM BRANDS: Expects Lower Sales & EBITDA in Full Year 2007


H O N D U R A S

* HONDURAS: State Firm Launching Quasi-Mobile Service Today


J A M A I C A

NATIONAL WATER: Secures US$2-Million Loan from Government
M E X I C O

DURA AUTOMOTIVE: Toyota Wants Decision on Leases by July 24
DURA AUTOMOTIVE: Committee Wants EBITDA Outlook Disclosed
COREL CORP: Reports US$2.3 Mil. Net Income for Qtr. Ended May 31
GRUPO MEXICO: Cananea Copper Miners Form New Union
URBI DESARROLLOS: Fitch Affirms BB Rating on US$150-Mil. Notes

UAL CORP: Discloses June 2007 Plan Consummation Status Report


P E R U

IMPSAT FIBER: Boosts Satellite Capacity with SES New Skies

* PERU: Awards 13 Blocks for Exploration & Production


U R U G U A Y

GENERAL MOTORS: Fitch Affirms Issuer Default Rating at B


V E N E Z U E L A

FORD MOTOR: Adds US$100 Mil. Investment for St. Petersburg Plant
FORD MOTOR: Gerald L. Shaheen Joins Board of Directors
FORD MOTOR: Partners With Edison to Make Hybrid Cars Accessible
FREEPORT-MCMORAN: Cuts Term Debt to US$2.45 Billion at June 30
GENERAL MOTORS: Canadian Arm’s June Sales Drop 6.3% to 42,466

PETROLEOS DE VENEZUELA: Hires Former Workers of Drill Firms
SHAW GROUP: Hires Brian Ferraioli as Finance Executive VP
SHAW GROUP: Expects to File Restated Financials on July 31

* BOND PRICING: For the Week July 9 to July 13, 2007


                         - - - - -


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


ALITALIA SPA: Trade Unions Reject AirOne's Labor Conditions
-----------------------------------------------------------
Trade unions at Alitalia S.p.A. have rejected the labor conditions
outlined by AirOne S.p.A. for its acquisition of the Italian government's
39.9% stake in the national carrier, Thomson Financial reports, citing
daily La Stampa.

AirOne chief executive Carlo Toto wants Alitalia's unions to refrain from
staging strikes for three years and to renegotiate contracts only every 10
years, La Stampa relates.

If the unions reject the conditions, AirOne may withdraw its bid for
Alitalia without paying a EUR50-million fine, La Stampa adds.

AP Holding S.p.A., a consortium of AirOne and Intesa-San Paolo S.p.A., is
trying to outbid U.S.-based MatlinPatterson Global Advisers LLC.

As previously reported, the Italian government extended to
July 23, 2007, the deadline within which final bidders must submit binding
offers for its 39.9% stake in national carrier Alitalia.

                          About Alitalia

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

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


ALITALIA SPA: Fleet Write Off Looming, Says AirOne's Advisor
------------------------------------------------------------
Alitalia S.p.A. may have to write off again the value of its aging fleet
by 25%, according to advisory firm hired by bidder AirOne S.p.A., Reuters
reports, citing a source privy to the matter.

Aviation advisory Airclaims estimated that Alitalia's current fleet value
of EUR2.2 billion must be cut by 25%, the source told Reuters.

As reported in the TCR-Europe on June 15, 2007, Alitalia wrote EUR197.3
million off the value of its fleet.  The company blamed the write off for
its EUR135 million net loss in the first quarter of 2006.

Reuters suggests that another write off must hamper the current effort to
sell Alitalia to a private investor.

A consortium of AirOne S.p.A. and Intesa-San Paolo S.p.A. is trying to
outbid MatlinPatterson Global LLC for the Italian government's 39.9% stake
in Alitalia.

                          About Alitalia

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

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


BENQ CORP: AU Optronics Taps European Factory to Create LCM
-----------------------------------------------------------
AU Optronics Corp. will begin to contract BenQ Corp.'s European factory to
build liquid-crystal display modules in the fourth quarter of this year
Economic News Service reports.  AUO has since outsourced its manufacturing
to BenQ's mainland Chinese factory since the second quarter.

According to the report, AUO originally planned to open facilities in
Eastern Europe to handle the manufacturing considering the 14% tariff the
European Union imposes on imported LCD TVs.  However, it aborted the plan
and decided to contract BenQ's factory in Czech to make the modules for it
after the two companies, which are under the same chairman, adjusted their
management team.

BenQ's Czech factory is currently staffed with 400 workers to make LCD
monitors, the Chinese paper relates.  BenQ previously rent a factory near
the monitor factory to produce LCD TVs, but has since moved its TV
production to the monitor factory since the second quarter.  The Czech
factory's output has increased sharply due to strong demands for monitors
and TVs, the report notes.

Sheaffer Lee, BenQ’s president was quoted by China Economic News as saying
that the Czech factory will work closer with AUO and play a weighing role
in BenQ's global manufacturing deployment mainly on LCM contracts.

In addition, Hui Hsiung, the newly appointed president of Qisda Corp.,
pointed out that his company and AUO will work together given the rising
trend of outsourcing LCM contract.  Qisda is a pure manufacturer recently
spilt from BenQ, which retains brand-name operation, the report says.

Mr. Hsiung, which is also concurrently the executive vice president of
AUO, noted that AUO will lower investments in the labor-intensive LCM
manufacturing and center its investments on front-end equipment stressing
technology and capital.  He added that AUO's outsourcing LCM production
will not exceed 10% of its output, the report adds.

BenQ announced the plan of separating contract manufacturing operation
from brand-name operation in April this year as part of its plan to
improve finance, China Economic News recounts.  The spin-off will take
effect on September 1 this year.

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

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

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

                         *     *     *

As reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned its
long-term twBB+ and short-term twB corporate credit ratings to BenQ Corp.

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

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


EMI GROUP: Warner Appoints Alan Mnuchin to Advise on GBP2.3B Bid
----------------------------------------------------------------
Warner Music Group Corp. appointed Alan Mnuchin of AGM Partners as adviser
on a possible GBP2.3 billion bid for EMI Group PLC, Trista Kelley reports
for Bloomberg News, citing the Daily Telegraph as its source.

According to the report, Warner is yet to decide if it will counter EMI's
accepted offer from Terra Firma Capital Partners Ltd.

Mr. Mnuchin will work with Warner's advisers Goldman Sachs Group Inc. and
Lehman Brothers Holdings Inc., Ms. Kelley relates.

Warner Music confirmed last month that it continues to actively consider
an offer for the UK music group, despite its bid being snubbed in favor of
an equity firm.

On May 21, 2007, EMI's board of directors accepted a GBP2.4 billion offer
from Terra Firma Capital, subject to shareholder approval.

EMI, the world's third largest music producer, have been subject to
several takeover bids from Warner Music and other equity firms after it
suffered losses due to a shrinking CD market and rampant online piracy.

                        Warner Music Bid

Prior to the Terra Firma recommendation, Warner Music sweetened its bid to
acquire EMI by offering to pay a break-up fee of between GBP50 million and
GBP100 million in case the European Commission blocks its planned takeover
of the U.K. music group, Dominic White of The Telegraph relates.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion non-binding
takeover bid, saying that the price of 260 pence per share in cash for EMI
is inadequate.  According to Mr. White of The Telegraph, EMI also cited
concerns that Warner had not offered to take any of the regulatory risk in
relation to the takeover.

                        Terra Firma Offer

Terra Firma announced that Maltby Ltd. has extended the deadline for EMI
shareholders to accept its cash offer to July 12, 2007 from July 4, 2007.

As of July 4, 2007, Maltby received valid acceptances totaling to
28,901,772 EMI shares or around 3.56% of the existing issued ordinary
share capital of EMI.

                       About Terra Firma

Terra Firma is a leading European private equity firm, created in 2002 as
the independent successor to the Principal Finance Group, a division of
Nomura that was created in 1994.  Terra Firma focuses on buyouts of large,
asset-rich and complex businesses in need of operational and/or strategic
change.

Since its inception in 1994, Terra Firma has invested over EUR7 billion of
equity and has completed transactions with an aggregate transaction value
of over EUR30 billion.  Terra Firma has offices in London and Frankfurt.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- is a music
company that operates through numerous international affiliates and
licensees in more than 50 countries.  Warner Music maintains international
operations in Argentina, Australia, Brazil, Canada, Croatia, Denmark,
France, Germany, Greece, Hong Kong, Hungary, India, Ireland, Malaysia,
Mexico, Philippines, Thailand, and the United Kingdom, among others.

                           About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                            *   *   *

In February 2007, Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K.-based music
group EMI Group PLC to 'BB-' from 'BB'.  The 'B' short-term rating was
affirmed.

At the same time, the long-term corporate credit rating and debt ratings
were put on CreditWatch with negative implications.

In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.
Downgrade and review follow the announcement that EMI:

   (i) will incur up to GBP150 million in incremental
       restructuring costs,

  (ii) has performed below its expectations during its
       financial year-to-date,

(iii) has installed Eric Nicoli, hitherto chairman of the
       group as CEO of EMI Group and of EMI Recorded Music and
       is reviewing its balance sheet.


BALLY TOTAL: Names Brian Pierce as Game Sales Vice President
------------------------------------------------------------
Bally Technologies, Inc. has appointed Brian Pierce as its Vice President
of North American Game Sales.

Mr. Pierce most recently served as Executive Vice President of Sales for
gaming supplier Paltronics.  He previously served as Vice President of
North American Sales from 2004 to 2006 for slot machine supplier WMS
Gaming, where he spent a total of 10 years.  Mr. Pierce also has casino
operations experience from being employed by the Claridge Casino Hotel in
Atlantic City, N.J.

"Brian is highly regarded throughout the gaming industry and the
relationships he has created and his keen focus on customer service will
serve him well in this position with Bally," said Gavin Isaacs, Bally
Chief Operating Officer.  "Brian is joining our company at a very exciting
time, and he and the entire sales team will benefit from a high level of
energy and the best product lineup in Bally's long history."

"Indeed I am very excited to join Bally at a time when the company is
climbing so rapidly," said Mr. Pierce.  "I've admired Bally and its sales
force from afar and couldn't be happier to lead the North American team
and build on the momentum already in place."

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implication on its ratings for Bally Technologies
Inc. to developing from negative.  The corporate credit rating
on the company is 'B-'.  The ratings were initially placed on
CreditWatch on Sept. 9, 2005, and several rating actions have
occurred since the original CreditWatch listing.


BANCO PATAGONIA: IPO Subscription Period To End July 18
-------------------------------------------------------
Banco Patagonia said in a filing with the Argentine stock exchange that
the subscription period for its initial public offering will be until July
18, 2007.

According to the bank's filing, the subscription period started on July 10.

The bank will sell up to a 30.7% stake through the sale of 200 million
shares in Argentina, Brazil and the United States.

Business News Americas says Banco Patagonia has set a price estimate of up
to COP4.62 per share for the primary offer, which calls for the placement
of 37.5 million shares each on the Argentine and Brazilian markets.

Argentine brokerage Bull Market Brokers analyst Juan Jose Vazquez told
BNamericas that Banco Patagonia's "price/earnings ratio would compare
favorably to those of local competitors as well as Brazilian banks."  He
commented, "The offering provides a good chance of grabbing an asset with
a high fundamental value and a bright future in the retail and SME [small
and medium-sized enterprise] banking segments."

According to BNamericas, the remaining 125 million shares will be issued
as American Depository Share in a secondary offer.

The report says that JPMorgan will handle the placement.

Banco Patagonia specializes in public offerings of
securitizations.  It became Argentina's fifth largest locally
owned private bank through its purchase of Lloyds TSB Argentina
in late 2004.  The bank operates through 139 branches and has
202 ATM machines.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded Banco Patagonia
SA's local currency deposit rating is upgraded to Ba1 from Ba3.
Moody's confirmed that it raised its bank financial strength
rating on Banco Patagonia to D from E+, in connection with the
rating agency's implementation of its refined joint default
analysis and updated BFSR methodologies for banks in Argentina.
Its foreign currency deposit rating was affirmed at Caa1, with
positive outlook.  The company's long-term Argentine national
scale rating for local currency deposits is raised to Aa1.ar
from Aa2.ar. and its long term foreign currency deposit rating
in national scale was affirmed at Ba1.ar.  The foreign currency
subordinated debt rating was upgraded to B2 from Caa1.  The
outlook on the debt rating was positive.  The national scale
rating for foreign currency subordinated debt was raised to
Aa3.ar from Ba1.ar.


CONCEPTOS BASICOS: Proofs of Claim Verification Ends on Aug. 17
--------------------------------------------------------------
Ricardo Sukiassan, the court-appointed trustee for Conceptos Basicos SA's
bankruptcy proceeding, verifies creditors' proofs of claim until Aug. 17,
2007.

Mr. Sukiassan 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 Conceptos Basicos 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 Conceptos Basicos' accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Conceptos Basicos SA
          Cordoba 4386
          Buenos Aires, Argentina

The trustee can be reached at:

          Ricardo Sukiassan
          San Martin 1009
          Buenos Aires, Argentina


DELTA AIR: Wilmington Trust Wants US$3.4MM Admin. Claim Allowed
---------------------------------------------------------------
Pursuant to Sections 503(b) and 365(d)(5) of the Bankruptcy Code,
Wilmington Trust Company, as trustee to certain aircraft leases, asks the
U.S. Bankruptcy Court for the Southern District of New York to direct
Comair, Inc., and certain other Debtors to pay at least US$3,439,046.

Wilmington Trust asserts that the claim constitutes an administrative
priority expense of the bankruptcy estate.
Wilmington Trust's claim is for unpaid rent and other obligations that
arose during Comair's Chapter 11 case, under the leases of four Embraer
EMB-120 aircraft bearing Tail Nos. N257CA, N259CA, N267CA and N268CA, and
related aircraft equipment, prior to the
rejection of those leases.

All or a portion of the information and supporting documentation
in respect of the administrative claim may be subject to a
confidentiality agreement to which Wilmington Trust and Comair,
among others, are parties.  The Debtors, the Post-Effective Date
Committee, the Office of the United States Trustee, and
Wilmington Trust have agreed that the request will be deemed
timely filed by the May 30, 2007, deadline for filing of

                        About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier across the
Atlantic, offering daily flights to 502 destinations in 88 countries on
Delta, Song, Delta Shuttle, the Delta Connection carriers and its
worldwide partners.  Delta flies to Argentina, Australia and the United
Kingdom, among others.  The company and 18 affiliates filed for chapter 11
protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents the
Debtors in their restructuring efforts.  Timothy R. Coleman at The
Blackstone Group L.P. provides the Debtors with financial advice.  Daniel
H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss Hauer &
Feld LLP, provide the Official Committee of Unsecured Creditors with legal
advice.  John McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and
James S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the company's
balance sheet showed US$21.5 billion in assets and US$28.5 billion in
liabilities.  (Delta Air Lines Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors filed a chapter 11 plan of reorganization and disclosure
statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on Feb. 2, 2007.
On Feb. 7, 2007, the Court approved the Debtors' disclosure statement.  In
April 2007, the Court confirmed the Debtors' plan.

                         *     *     *

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta Air Lines
Inc. (B/Stable/--), including raising the corporate credit rating to 'B',
with a stable outlook, from 'D', following the airline's emergence from
Chapter 11 bankruptcy proceedings.


DELTA AIR: Marriott's Section 1110 Order Enforcement Plea Denied
----------------------------------------------------------------
The Hon. Adlai S. Hardin of the U.S. Bankruptcy Court for the Southern
District of New York denied the request of Essex House Condominium
Corporation and its parent company, Marriott International, Inc., to
enforce the terms of a Feb. 15, 2006 order approving a modified term sheet
and authorizing agreements to restructure transactions affecting 88
aircraft.

Certain parties had objected to the request, including: (i) Delta Air
Lines, Inc.; (ii) the Post-Effective Date Committee; and (iii) The Bank of
New York, as indenture trustee, and the Ad Hoc Committee of Senior Secured
Holders.

Delta alleged Marriott was seeking to prevent it from exercising
its valid contractual rights in accordance with Chapter 11 of the
Bankruptcy Code.  Marriott's mischaracterizations and allegations of
procedural infirmities do little to mask what simply appears to be a
timing issue -- or a matter of form over substance, according to Delta.

Delta pointed out it clearly has the right, as a Chapter 11
debtor, to reject the Lease for the Aircraft as well as enter
into "definitive agreements" pursuant to the Term Sheet,
including the restructuring agreement.  Once the Lease is
rejected, any provisions therein that Marriott seeks to rely upon to
prevent the restructuring transactions contemplated by the Term Sheet and
the Restructuring Agreement will no longer be
operative and thus its "consent" would not be required.  Delta
also noted it is not a party to the Indenture and is thereby not
bound to its terms, including any consent requirements therein.

Bank of New York told the Court Marriott's purported consent
rights expire upon Lease rejection and therefore are essentially
meaningless postpetition.  The method and forum for Marriott to
address any alleged resultant damage is governed by the
Bankruptcy Code, the Federal Rules of Bankruptcy Procedure and
applicable law, Bank of New York asserted.

Bank of New York said prior to rejection, it would foreclose on
Marriott's equity interest, and Marriott would have the
opportunity to redeem its interest, by repaying the debt and
discharging the lien on the Aircraft.  Should it elect not to do
so, then Marriott will have no "rights" to enforce and will be
entitled only to assert whatever rejection damages, if any, it
may be entitled to pursue through the claims resolution process.

Since rights under the Lease were pledged to Bank of New York
prepetition, Marriott may not be entitled to assert its own
rejection damages claims, Bank of New York also pointed out.
What Marriott clearly could not do, however, is preclude Delta
from rejecting a prepetition agreement and entering into a new
postpetition lease for its Aircraft.

Marriott retorted that the Debtors, the Indenture Trustee and the
Noteholder Groups are attempting to paint Marriott as seeking to deny the
Debtors the basic rights afforded by bankruptcy and seeking to prevent the
Noteholders and the Indenture Trustee from exercising their right to
foreclose on the Aircraft.  Marriott insisted neither the Debtors' power
to reject an executory  lease nor the Indenture Trustee's power to
foreclose -- neither of which has been exercised -- permit those parties
to do away with provisions requiring Marriott's consent to a
restructuring, which provisions were intended to prevent precisely the
type of collusive transaction that is being attempted by the Debtors.

No provision of the Term Sheet Order, any of the operative
documents, or the Bankruptcy Code authorizes the Lease to be
treated as though it has been rejected, nor can provisions of the Lease be
ignored simply because the Debtors have the power to reject the Lease,
Marriott asserted.

Marriott also argued that the Objecting Parties have presumed its equity
interests in the Aircraft will be foreclosed, and that its sole protection
is to bid on a sale.  In a foreclosure sale, Marriott noted it would have
rights under the Indenture and the Uniform Commercial Code to ensure a
commercially reasonable sale.   The Restructuring Agreement impairs those
rights by imposing restrictions on bidders to ensure that Delta will at
all times have the beneficial use of the Aircraft, Marriott told the
Court.

                        About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier across the
Atlantic, offering daily flights to 502 destinations in 88 countries on
Delta, Song, Delta Shuttle, the Delta Connection carriers and its
worldwide partners.  Delta flies to Argentina, Australia and the United
Kingdom, among others.  The company and 18 affiliates filed for chapter 11
protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents the
Debtors in their restructuring efforts.  Timothy R. Coleman at The
Blackstone Group L.P. provides the Debtors with financial advice.  Daniel
H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss Hauer &
Feld LLP, provide the Official Committee of Unsecured Creditors with legal
advice.  John McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and
James S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the company's
balance sheet showed US$21.5 billion in assets and US$28.5 billion in
liabilities.  (Delta Air Lines Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors filed a chapter 11 plan of reorganization and disclosure
statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on Feb. 2, 2007.
On Feb. 7, 2007, the Court approved the Debtors' disclosure statement.  In
April 2007, the Court confirmed the Debtors' plan.

                         *     *     *

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta Air Lines
Inc. (B/Stable/--), including raising the corporate credit rating to 'B',
with a stable outlook, from 'D', following the airline's emergence from
Chapter 11 bankruptcy proceedings.


EDUARDO RETIENNE: Proofs of Claim Verification Is Until Sept. 12
----------------------------------------------------------------
Mario Barbieri, the court-appointed trustee for Eduardo Retienne SA's
bankruptcy proceeding, verifies creditors' proofs of claim until Sept. 12,
2007.

Mr. Barbieri will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21 in Buenos
Aires, with the assistance of Clerk No. 41, 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 Eduardo Retienne 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 Eduardo Retienne's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Eduardo Retienne SA
          Tte. Gral. Juan D. Peron 1155
          Buenos Aires, Argentina

The trustee can be reached at:

          Mario Barbieri
          Cabildo 2040
          Buenos Aires, Argentina


FORD MOTOR: Gerald Shaheen Joins Board of Directors
---------------------------------------------------
Ford Motor Company disclosed the election of Gerald L. Shaheen to the
company’s Board of Directors, effective immediately.  Mr. Shaheen is a
group president at Caterpillar Inc. in Peoria, Illinois.

"Gerry is a respected business leader with more than 40 years of service
in a variety of management positions with Caterpillar," Ford Executive
Chairman Bill Ford said.  "He brings a manufacturing and dealer
perspective to Ford's Board of Directors.  We look forward to the
significant contributions he will make in helping Ford to deliver its plan
for automotive leadership and for creating profitable growth for all going
forward."

"I’m both thrilled and honored to be in a leadership position as a Board
member with the Ford Motor Company, one of the truly great American
companies."  Mr. Shaheen said.  "I look forward to working with Ford’s
Board of Directors and the leadership team to make this great company even
stronger."

Mr. Shaheen also is a Board member of the Association of Equipment
Manufacturers, a Board member and immediate past Chairman of the U.S.
Chamber of Commerce; and a Board member of the National Chamber Foundation
and the Mineral Information Institute, Inc.

He also serves on the Board of Directors for National City Corporation,
where he chairs the Nominating and Board of Directors Governance
Committee, and AGCO Corporation, where he chairs the Compensation
Committee.

In Peoria, Mr. Shaheen serves on the Board of Trustees of the National
Multiple Sclerosis Society, Greater Illinois Chapter and Peoria NEXT.

Mr. Shaheen received his bachelor’s degree in business administration from
Bradley University in 1966 and an MBA from Bradley in 1968.  He has served
the University in several capacities, including president of the Alumni
Association and currently as Chairman of the Board of Trustees.  He also
completed the Tuck Executive Program at Dartmouth College in 1988.

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

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

                          *    *    *

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

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


WARNER MUSIC: Signs Strategic Deal with imeem
---------------------------------------------
Warner Music Group Corp. and imeem entered into a strategic partnership
focused on creating innovative digital media opportunities by tapping into
imeem’s vast online community.  Under the terms of the agreement, WMG’s
world-class catalog of popular audio and video content will be made
available to imeem users in North America for interactive, on-demand
streaming on imeem’s free, ad-supported service.

imeem is one of the fastest growing social networks today, attracting
fans, artists, directors, and music labels from around the world to join
its community of 16 million active users.  imeem’s Web site lets users
create, share and discover user-generated custom playlists, video
channels, photo slideshows, and blogs with other members who share similar
tastes in music, video, art and pop culture.  With this comprehensive
partnership with Warner Music Group, imeem users can discover new music
from WMG artists, create playlists of their favorite music and video, and
connect closely with artists and other online fans.

“Music is a central part of the social network experience and a core part
of the rich user experience for imeem’s rapidly growing community,” says
Alex Zubillaga Executive Vice President, Digital Strategy and Business
Development, Warner Music Group.  “This deal provides an opportunity to
unleash the value of music on one of the world’s leading social networks
by giving fans an environment where they can discover and share new music.
It also opens the door for imeem and WMG to develop new strategies and
products that will help introduce a more vibrant media marketplace to the
social networking environment.”

“Our strategic partnership with Warner Music Group represents a very
significant milestone for imeem -- we are now able to offer our users an
impressive level of free, interactive, and ad-supported access to an
amazing catalog of both audio and video from a major record label," said
Dalton Caldwell, Founder and Chief Executive Officer of imeem.  “We are
excited to explore innovative digital opportunities together with Warner
Music Group and drive cool new ways of connecting online fans directly
with artists and their music.”

In connection with this partnership, WMG dismissed its claims against
imeem relating to the lawsuit filed by WMG against imeem in May.

                           About imeem

Imeem – http://www.imeem.com/-- is the leading social media network where
users can share, recommend and discover new content and connect directly
with people of similar tastes in music, film/video, art, and pop culture.
With over 16 million active users, the imeem service offers innovative
media expression and discovery features such as interactive on-demand
streaming, custom music playlists, video channels, photo slideshows and
blogs. Since the launch of its Web-based community in March 2006, imeem
has attracted online fans, artists, bands, directors and content partners
from around the world.

                  About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
June 8, 2007, while it is currently uncertain whether Warner
Music Group Corp. (Warner; IDR rated 'BB-' with a Stable Outlook
by Fitch) will make a competing bid for EMI Group Plc (EMI), any
theoretical bid for EMI would likely result in a Rating Watch
Negative for Warner's ratings and its subsidiaries, according to
Fitch Ratings.

On May 25, 2007, Standard & Poor's Ratings Services said that
its ratings on New York City-based Warner Music Group Corp.,
including its 'BB-' corporate credit rating, remain on
CreditWatch with negative implications, where they were
initially placed on Feb. 22, 2007, following the company's
statement that it was exploring a possible merger agreement with
EMI Group PLC (B+/Watch Neg/B).


* ARGENTINA: Suspends Natural Gas Exports to Chile
--------------------------------------------------
Argentina has suspended its natural gas exports to Chile, news daily El
Mercurio reports.

Business News Americas relates that Argentina sends up to 1.5 million
cubic meters per day of natural gas to Chile.

Chilean energy commission Comision Nacional de Energia said in a statement
that Argentina had restarted exporting 500,000 cubic meters per day of
natural gas to Chile on July 11 through the trans-Andean Gas Andes
pipeline after supply was discontinued on July 10.

However, the natural gas shipment was once again suspended on July 12,
though the situation "remained extremely fluid."

According to published reports, Chilean Energy Minister Marcelo Tokman
said before gas exports were suspended on July 12 that the situation was
under control and that supply wouldn't be interrupted for domestic and
commercial clients.

BNamericas notes that Argentine authorities had stopped all exports to
Chile earlier last week to increase domestic supply.

Argentina adopted domestic measures to control demand including,
BNamericas says.  These efforts include the suspension of compressed
natural gas sales, a decision which caused problems for the many drivers
who use the fuel to power their automobiles.

Before gas export suspension, Argentina had been sending more natural gas
than Chile consumed.  About eight million cubic meters of natural gas is
in the "linepack of the pipeline," BNamericas states, citing Minister
Tokman.

                        *     *     *

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


* ARGENTINA: Okays Sale of 37% Stake in Hidroelecrica Nihuiles
--------------------------------------------------------------
The government of Argentine province Mendoza said in a statement that it
has ratified the sale of its 37% stake in generating firm Hidroelecrica
Nihuiles (Hinisa).

Business News Americas relates that the Mendoza government holds a 47%
stake in Hinisa.

According to BNamericas, proceeds from the sale would be used to fund the
Santa Clara-Las Tunas hydro project being built in the Uco valley.

Mendoza governor Julio Cobos said in a statement that the hydro project
would cost US$70 million.  It would produce enough power for the entire
Uco valley.

BNamericas notes that investment banks have been called to present offers
in a public tender to develop the process to sell the 37% stake in Hinisa.
No one will be allowed to buy over a 5% stake in Hinisa.

"All we are doing now is launching the tender for investment banks.  We
first have to conduct an investigation and will then decide on the
timeframe for the offering," a Mendoza government representative commented
to BNamericas.

                        *     *     *

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


* ARGENTINA: Nestor Kirchner Meeting with Oil Firm Officials
------------------------------------------------------------
Argentine President Nestor Kirchner will meet with oil company executives
to discuss measures to be taken to ease a worsening energy crisis, Dow
Jones Newswires reports.

According to Dow Jones, major oil firms with operations in Argentina include:

          -- Brazilian Petroleo Brasileiro's unit,
          -- Spanish-Argentine Repsol YPF SA,
          -- Anglo-Dutch Royal Dutch Shell PLC,
          -- US Chevron Corp., and
          -- French Total SA.

Dow Jones notes that cold weather in the country is increasing energy
demand from residential users, who by law have priority over other
clients.  The cold has drawn down water reserves at hydroelectricity
generators in south central Argentina.  Without fresh rain, or rapid snow
melt, Argentina's power grid would remain under severe strain.

Argentine employers' association UIA said in June that about 5,000 firms
in the country suffered power restrictions and gas supply reductions.
They warned that the situation might cause risk to Argentina's economic
growth, Dow Jones states.

                        *     *     *

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


AIG LATIN: Proofs of Claim Filing Is Until Aug. 2
-------------------------------------------------
AIG Latin America Equity Partners Ltd.'s creditors are given until Aug. 2,
2007, to prove their claims to Mark Waddington, 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.

AIG Latin's shareholders agreed on July 5, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Mark Waddington
         American International Building
         29 Richmond Road, Pembroke
         Bermuda


AIG SILK: Proofs of Claim Filing Is Until Aug. 2, 2007
------------------------------------------------------
AIG Silk Fund Ltd.'s creditors are given until Aug. 2, 2007, to prove
their claims to Mark Waddington, 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.

AIG Silk's shareholders agreed on June 26, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Mark Waddington
         American International Building
         29 Richmond Road, Pembroke
         Bermuda


AIG SILK: Sets Final General Meeting for Aug. 13
------------------------------------------------
AIG Silk Fund Ltd.'s final general meeting is
scheduled on Aug. 13, 2007, at 9:30 a.m. at:

         AIG Building
         29 Richmond Road, Pembroke
         Bermuda

These matters will be taken up during the meeting:

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

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

     -- passing of a resolution dissolving the company.




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


* BOLIVIA: Upset by Brazil's Hydroelectric Dam Project in Border
----------------------------------------------------------------
Published reports say that Bolivia told Brazil it is upset at its plans to
construct two hydroelectric dams near the Bolivian border.

According to the press, Bolivia asked for a meeting with Brazil over the
dam project.

Reuters relates that the Brazilian government issued preliminary
environmental permits for the two plants worth US$11.6 billion in the
Amazon basin.

Reports say that Bolivian Foreign Minister David Choquehuanca said in a
letter sent to the Brazilian government, "We regret and express our
annoyance because the environmental permit was issued... before analyzing
the environmental, social and economic consequences."

Minister Choquehuanca told Reuters that he expects to meet with Brazilian
officials as soon as possible to discuss the matter.

                         *     *     *

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
===========


CYRELA BRAZIL: S&P Rates US$250MM Unsec. & Unsub. Notes at BB
-------------------------------------------------------------
Standard & Poor's Ratings assigned its 'BB' rating on the
10-year unsecured and unsubordinated notes, in the aggregate amount of
US$250 million, issued by Cyrela Brazil Realty S.A. Empreendimentos e
Participacoes.  At the same time, S&P affirmed its 'BB' long-term
corporate credit rating and its 'brAA-' Brazil National Scale corporate
credit rating on Cyrela, and its 'brAA-' issue rating on the company's
seven-year Brazilian reals (RUS$) 500 million debentures.  The outlook is
stable.

"The ratings on Cyrela incorporate the risks associated with the
company's exposure to the highly competitive, cyclical, and fragmented
Brazilian homebuilding sector, which is highly dependent on domestic
economic performance," said Standard & Poor's credit analyst Eduardo
Chehab.  The ratings are also tempered by the higher debt position with
the issuances of
the debentures and the notes; by the long production cycle in the
homebuilding sector, which demands high levels of working capital; and the
challenges faced by Cyrela to expand its geographic, customer, and
construction-model diversification.  These risks are partially offset by
the company's leadership in its target markets, the renowned quality of
its projects, and its construction efficiency.  Cyrela's market
leadership, efficiency, and reputation for quality provide it with
favorable conditions for negotiating land acquisitions and support
successful launchings. As a result, the company's construction projects
have attained a level of profitability higher than the average of its
peers.  Another positive factor for the ratings is the company's efficient
financial planning, with higher but adequate debt profile.  Cyrela holds
significant liquidity despite the high investments in land acquisitions
and new enterprises launched in the past 12 months.

The Brazilian homebuilding market has been experiencing significant growth
as customers have gained access to a greater number of financing
alternatives at attractive prices and tenors, and homebuilders have used
their unprecedented access to capital markets to fund growth.  The company
was one of the first homebuilders to become public and raised more than
RUS$1.2 billion through equity issuances from 2005-2006.  As a
consequence, despite its strong growth, the company has maintained a
satisfactory capital structure.  Cyrela's efficient planning and the
quality of its construction projects have allowed the company to
significantly accelerate the pace of launchings during the past 12 months.
Moreover, the high rate of units sold prior to the construction phase has
partly mitigated the potential negative financial impact of the company's
fast growth.

Cyrela's operations are mostly concentrated between São Paulo and Rio de
Janeiro, and the company will face the challenge of expanding its
geographic diversification and changing its focus from the high-income
segment to enterprises targeted to the middle- and lower-income population
(where most of the market growth is expected).  Although these segments
usually provide lower profit margins than the high-income segment, we
expect Cyrela to maintain its EBITDA margin above 20% in the next years
and to maintain a cautious growth strategy through partnerships.

The stable outlook reflects its expectation that the company will continue
to be successful in implementing its growth strategy, acquiring land,
constituting joint ventures with other construction companies, and
launching new construction projects.  S&P expects Cyrela to maintain an
adequate financial policy to limit the risks associated with the increase
in its debt position, with the working capital requirements projected for
the next few years and the inherent volatility of the homebuilding sector.

The ratings may be lowered or the outlook revised to negative if Cyrela's
debt leverage increases even more after the notes issuance or if the
company encounters obstacles to its operational and financial strategies,
which could affect cash flow and produce a capital structure unsuited to
the cycle of its construction projects.  On the other hand, the outlook or
rating could be raised in the medium term if a persistently favorable
scenario for homebuilders helps the company maintain strong operating
performance and improved credit metrics, resulting in positive FOCF and
the maintenance of
conservative levels of indebtedness and liquidity.

Based on developments launched in 2004 and 2005, in terms of potential
sales value, Cyrela Brazil Realty is the largest developer of high-end
residential buildings in Sao Paulo and Rio de Janeiro, according to the
ADEMI and the EMBRAESP, respectively.  Sao Paulo and Rio de Janeiro are
the two cities that account for the highest percentage of Brazil’s gross
domestic product, or GDP (9.4% and 4.3% in 2003, respectively), according
to IBGE.  The Company’s main focus is the development of high-end luxury
residential apartments in attractive locations, targeted mainly at upper
and upper-middle income customers in the Sao Paulo and Rio de Janeiro
metropolitan areas.


FRESH DEL MONTE: S&P Puts Preliminary B Rating on Senior  Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B' senior
unsecured debt, preliminary 'B' subordinated debt, and preliminary 'B-'
preferred stock ratings to Fresh Del Monte Produce Inc.'s Rule 415
universal shelf registration for debt securities.

The company may sell debt securities or ordinary shares or a combination
thereof.  Net proceeds are expected to be used for general corporate
purposes, including to repay outstanding indebtedness if so specified in
the prospectus supplement.  The company may invest funds that are not
immediately needed for these purposes in short-term marketable securities.
The corporate credit rating on Cayman Islands-based Fresh Del Monte is
'BB-'. The outlook is negative.

"The rating reflects its participation in the highly variable,
commodity-oriented fresh fruit and vegetable industry, which is affected
by uncontrollable factors such as global supply, political risk, weather,
and disease," said Standard & Poor's credit analyst Alison Sullivan.
Mitigating these concerns are the company's leading positions in the
production, marketing, and distribution of fresh produce.  At March 31,
2007, Fresh Del
Monte had about US$484 million of debt outstanding.

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

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


GERDAU SA: Moody’s Puts Ba1 Rating Under Review
-----------------------------------------------
Moody's Investors Service placed the ratings of Gerdau Ameristeel
Corporation (Ba1 corporate family rating -- Ameristeel) and Gerdau S.A.'s
Ba1 corporate family rating under review for possible downgrade.

In addition, Moody's affirmed the Ba1 global local currency corporate
family rating of the Brazilian operations of Gerdau represented by:

   i. Gerdau Acominas S.A.,
  ii. Gerdau Acos Longos S.A.,
iii. Gerdau Acos Especiais S.A., and
  iv. Comercial de Acos S.A.,

affirmed the Ba1 foreign currency rating of Gerdau's $600 million
perpetual bonds guaranteed by Gerdau Brazil but changed the outlook for
the Gerdau Brazil related ratings to developing from positive.

At the same time, Moody's placed the ratings of Chaparral Steel Company
(Ba3 corporate family rating - Chaparral) under review with direction
uncertain.  The reviews were prompted by the announcement that Ameristeel
signed a definitive merger agreement to acquire Chaparral for US$86 per
share in cash in a transaction valuing Chaparral's equity at roughly
US$4.2 billion.  The transaction remains subject to a number of approvals,
including regulatory and shareholder.

The acquisition, if successful, will likely be funded by a significant
amount of new debt.  Moody's review for Ameristeel will focus on the
composition of its capital structure following the potential merger and
the company's overall debt servicing capabilities.  Initially, the
acquisition will be funded by a bank bridge facility at Ameristeel,
although the company has indicated that it will explore an equity issue in
order to maintain a reasonable capital structure.

Ameristeel's parent, Gerdau, indicated that it will take its pro-rata
share of any potential equity issue by Ameristeel in order to maintain its
current level of equity ownership (67%).  The proposed transaction would
significantly increase Ameristeel's leverage; if fully debt-financed, the
company's estimated pro forma LTM Debt/EBITDA would be around 4x, using
Moody's standard adjustments.  Were Ameristeel's Debt/EBITDA to increase
beyond 3x, its ratings could be downgraded multiple notches.

Chaparral's ratings were placed under review with direction uncertain
given the potential benefit that could be derived from having Ameristeel
as its parent, and its inclusion in the Gerdau group, as well as the
company's continued strong performance. Chaparral's review will focus on
the planned capital structure and debt levels that will remain at the
company and the potential for Ameristeel to withdraw cash via upstream
dividends to service its own debt burden.

Moody's also notes that Chaparral's existing notes contain a change of
control clause and that the company will have to make a tender offer for
the notes.  Should Chaparral's debt structure remain no greater than
currently exists and should Moody's be comfortable as to the ability of
Chaparral to continue to service its obligations from its cash flow, its
ratings could be confirmed or upgraded.  Should additional debt be placed
at Chaparral, thereby requiring greater debt service requirements, the
ratings could be downgraded.

The review of Ameristeel's and Chaparral's ratings as well as those of
Gerdau will primarily focus on the ultimate level of debt at the
respective companies, potential integration risks involved in the
transaction, the growth objectives going forward, and the strategic
business impact that might result, including Ameristeel's increased
presence in the structural market.

Gerdau Brazil should continue to be the group's main cash flow generator
after the acquisition, representing close to 50% of pro-forma consolidated
EBITDA.  Moody's developing outlook for Gerdau Brazil's rating is
contingent upon the conclusion of the acquisition of Chaparral by
Ameristeel and the clarification of its funding sources, which would allow
Moody's to better estimate the possible contingent risk for Gerdau Brazil
arising from the potential increase of Ameristeel's leverage.

On Review for Possible Downgrade:

Issuer: Gerdau Ameristeel Corporation

-- Ba1 Probability of Default Rating, Placed on Review for
    Possible Downgrade,

-- Ba1 Corporate Family Rating, Placed on Review for Possible
    Downgrade, currently Ba1

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Ba2, LGD5 74%

Issuer: Jacksonville Economic Development Comm., FL

-- Senior Unsecured Revenue Bonds, guaranteed by Gerdau
    Ameristeel, placed on review for possible downgrade,
    currently Ba2, LGD5 74%

Issuer: Gerdau S.A.

-- Ba1 Corporate Family Rating, placed on review for possible
    downgrade,

On Review Direction Uncertain:

Issuer: Chaparral Steel Company

-- Ba3 Probability of Default Rating, placed on review
    direction uncertain,

-- Ba3 Corporate Family Rating, placed on review direction
    uncertain, currently Ba3

-- Senior Secured Bank Credit Facility, placed on review
    direction uncertain, currently Baa3 LGD2 13%

-- Senior Unsecured Regular Bond/Debenture, placed on review
    direction uncertain, currently B1 LGD4 65%

Outlook Actions:

Issuer: Chaparral Steel Company

-- Outlook, Changed To Rating Under Review From Stable

Issuer: Gerdau Ameristeel Corporation

-- Outlook, changed to rating under review from stable

Issuer: Gerdau S.A.

-- US$600 million guaranteed perpetual bonds outlook changed to
    Developing(m) From Stable(m)

Chaparral, headquartered in Midlothian, Texas, had total consolidated
steel shipments of nearly 2.3 million tons and generated revenues of
US$1.6 billion for the trailing twelve months ended Feb. 28, 2007.

Gerdau Ameristeel -- http://www.gerdauameristeel.com/-- (NYSE:
GNA; TSX:GNA.TO) is the second largest minimill steel producer
in North America with annual manufacturing capacity of over 9
million tons of mill finished steel products.  Through its
vertically integrated network of 17 minimills (including one
50%-owned joint venture minimill), 17 scrap recycling facilities
and 51 downstream operations (including seven joint venture
fabrication facilities), Gerdau Ameristeel serves customers
throughout North America.  The company's products are generally
sold to steel service centers, to steel fabricators, or directly
to original equipment manufacturers for use in a variety of
industries, including construction, automotive, mining, cellular
and electrical transmission, metal building manufacturing and
equipment manufacturing.  The company is a subsidiary of
Brazil's Gerdau SA.


HEXION SPECIALTY: Wins Merger Pact w/ Huntsman for US$28 a Share
----------------------------------------------------------------
Huntsman Corporation has terminated the merger agreement with Basell AF
dated June 26, 2007 and has agreed to a definitive merger agreement with
Hexion Specialty Chemicals, Inc., an
Apollo Management, L.P. portfolio company, pursuant to which
Hexion will acquire Huntsman in a transaction with a total value of
approximately US$10.6 billion, including the assumption of debt.

Under the terms of the agreement, Hexion will acquire all of the
outstanding common stock of Huntsman for US$28.00 per share in cash.  The
agreement also provides that the cash price per share to be paid by Hexion
will increase at the rate of 8% per annum (inclusive of any dividends
paid) beginning 270 days from
July 12, 2007.

The Hexion Transaction was deemed to be a superior proposal to the Basell
Agreement and was unanimously approved by the Board of Directors of
Huntsman.  Huntsman's Board of Directors approved the agreement for the
Hexion Transaction at the recommendation of a Transaction Committee
comprised solely of Huntsman independent directors.  Hexion's Board of
Directors also has approved the agreement.

The transaction is subject to customary closing conditions, including
regulatory approval in the U.S. and in Europe, as well as the approval of
Huntsman shareholders.  Entities controlled by MatlinPatterson and the
Huntsman family and a Huntsman charitable trust, who collectively own
approximately 57% of Huntsman's common stock, have agreed to vote in favor
of the transaction.  The transaction is not subject to a financing
condition and commitments have been obtained by Hexion for all necessary
debt financing from affiliates of Credit Suisse and Deutsche Bank AG.
Hexion will have up to 12 months, subject to a 90 day extension by the
Huntsman Board of Directors under certain circumstances, to close the
transaction.

Huntsman's Board of Directors authorized the delivery of a notice of
termination of the Basell Agreement, along with the payment of the US$200
million break-up fee required by the Basell Agreement.  Hexion funded
US$100 million of the Basell break-up fee while Huntsman funded the
remaining US$100 million.

Peter R. Huntsman, President and CEO of Huntsman, said: "This is a very
favorable outcome for our shareholders and one that reflects a confidence
in our Company of which our associates can be very proud.  Hexion is an
attractive candidate for a merger with Huntsman.  We have complementary
businesses and, together, will have an even stronger technology platform
from which to serve our customers."

Jon M. Huntsman, Founder and Chairman of Huntsman, added: "I have invested
much of my life in Huntsman Corporation and consider it the highest honor
to be associated with such exceptional customers and associates.  However,
the time has come when it is in the best interests of our shareholders to
sell the company.  I am pleased with the outcome of our merger
negotiations with Apollo, and have every confidence that the combined
Hexion and Huntsman teams will be superb stewards of this business for the
next era."

Huntsman will file a Form 8-K with the U.S. Securities and Exchange
Commission with further details concerning this transaction, including a
copy of the Hexion merger agreement.

Merrill Lynch & Co. and Cowen and Company, LLC acted as financial advisors
to Huntsman.  Vinson & Elkins L.L.P. and Shearman and Sterling LLP acted
as legal advisors to Huntsman.

                        About Huntsman

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

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of US$5.2 billion and employs more than
7,000 associates.

                          *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.


HUNTSMAN CORP: Ends Merger Agreement with Basell
------------------------------------------------
Huntsman Corporation has terminated the merger agreement with Basell AF
dated June 26, 2007 and has agreed to a definitive merger agreement with
Hexion Specialty Chemicals, Inc., an
Apollo Management, L.P. portfolio company, pursuant to which
Hexion will acquire Huntsman in a transaction with a total value of
approximately US$10.6 billion, including the assumption of debt.

Under the terms of the agreement, Hexion will acquire all of the
outstanding common stock of Huntsman for US$28.00 per share in cash.  The
agreement also provides that the cash price per share to be paid by Hexion
will increase at the rate of 8% per annum (inclusive of any dividends
paid) beginning 270 days from
July 12, 2007.

The Hexion Transaction was deemed to be a superior proposal to the Basell
Agreement and was unanimously approved by the Board of Directors of
Huntsman.  Huntsman's Board of Directors approved the agreement for the
Hexion Transaction at the recommendation of a Transaction Committee
comprised solely of Huntsman independent directors.  Hexion's Board of
Directors also has approved the agreement.

The transaction is subject to customary closing conditions, including
regulatory approval in the U.S. and in Europe, as well as the approval of
Huntsman shareholders.  Entities controlled by MatlinPatterson and the
Huntsman family and a Huntsman charitable trust, who collectively own
approximately 57% of Huntsman's common stock, have agreed to vote in favor
of the transaction.  The transaction is not subject to a financing
condition and commitments have been obtained by Hexion for all necessary
debt financing from affiliates of Credit Suisse and Deutsche Bank AG.
Hexion will have up to 12 months, subject to a 90 day extension by the
Huntsman Board of Directors under certain circumstances, to close the
transaction.

Huntsman's Board of Directors authorized the delivery of a notice of
termination of the Basell Agreement, along with the payment of the US$200
million break-up fee required by the Basell Agreement.  Hexion funded
US$100 million of the Basell break-up fee while Huntsman funded the
remaining US$100 million.

Peter R. Huntsman, President and CEO of Huntsman, said: "This is a very
favorable outcome for our shareholders and one that reflects a confidence
in our Company of which our associates can be very proud.  Hexion is an
attractive candidate for a merger with Huntsman.  We have complementary
businesses and, together, will have an even stronger technology platform
from which to serve our customers."

Jon M. Huntsman, Founder and Chairman of Huntsman, added: "I have invested
much of my life in Huntsman Corporation and consider it the highest honor
to be associated with such exceptional customers and associates.  However,
the time has come when it is in the best interests of our shareholders to
sell the company.  I am pleased with the outcome of our merger
negotiations with Apollo, and have every confidence that the combined
Hexion and Huntsman teams will be superb stewards of this business for the
next era."

Huntsman will file a Form 8-K with the U.S. Securities and Exchange
Commission with further details concerning this transaction, including a
copy of the Hexion merger agreement.

Merrill Lynch & Co. and Cowen and Company, LLC acted as financial advisors
to Huntsman.  Vinson & Elkins L.L.P. and Shearman and Sterling LLP acted
as legal advisors to Huntsman.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of US$5.2 billion and employs more than
7,000 associates.

                        About Huntsman

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

                      *     *     *

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


HYLAND SOFTWARE: S&P Assigns B Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate credit
rating to Westlake, Ohio-based Hyland Software Inc., a provider of
enterprise content management (ECM) software solutions. The outlook is
positive.

"At the same time, we assigned our 'BB-' bank loan rating and '1' recovery
rating to the company's proposed US$100 million, first-priority senior
secured bank facility, which will consist of a US$80 million term loan due
2013 and a US$20 million revolving credit facility due 2012, indicating
that lenders can expect very high (90%-100%) recovery in the event of
payment default," said Standard & Poor's credit analyst David Tsui.  We
assigned our 'CCC+' bank loan rating, with a recovery rating of '6' to the
proposed US$30 million, second-priority term loan due 2014, indicating
that lenders can expect a negligible (0%-10%) recovery in the event of a
payment default.  All ratings are based on preliminary offering statements
and are subject to review upon final documentation.

(For the complete recovery analysis, please see Hyland Software Inc.'s
US$130 Million Bank Financing, to be published immediately after this
report on RatingsDirect, the real-time Web-based source for Standard &
Poor's credit ratings, research, and risk analysis.)

Proceeds from the first- and second-lien term loans, totaling US$110
million, along with US$151 million of equity from sponsors and management
and US$5 million of cash on hand, will be used to fund the purchase of
Hyland. Hyland provides ECM software solutions that enable organizations
to manage, control, and share unstructured content (i.e. text, images,
e-mails, digital content, etc.)  The company derives revenues from sale of
software licenses and by providing maintenance and professional services.

The ratings on Hyland reflect the company's focus on a fragmented and
competitive ECM market, the presence of larger players with better
financial resources, and high leverage.  These factors are partly offset
by its predictable and recurring revenue stream stemming from high renewal
rates and
favorable business segment growth.

Hyland Software, established in 1991, is a software developer dedicated to
enabling a broad spectrum of organizations to become operationally more
efficient and effective.  For more than a decade, we have accomplished
this by developing and marketing OnBase®, our award-winning enterprise
content management software.

The OnBase enterprise content management solution consists of more than 80
modules, and is constantly expanding.  As a customer-driven organization
committed to providing premium service and support, the company is
dedicated to developing ECM software that is deployable at both the
departmental and enterprise levels. We provide organizations with
solutions that help them streamline their work processes and share
information among their employees, business partners and customers. We
address our customers' needs with products that set the standard for
out-of-the-box functionality and people who set the standard for
responsiveness, honesty and integrity.

Headquartered in Cleveland, Ohio, Hyland markets OnBase throughout North
America, Brazil, Europe and Japan.


INTERNATIONAL PAPER: To Buy CMCP Shares for US$40 Million
---------------------------------------------------------
International Paper Co. has signed an agreement with Cofipac to purchase
the remaining shares of its joint venture Compagnie Marocaine des Cartons
et des Papiers (CMCP) in Morocco for approximately US$40 million.  As a
result, CMCP will be wholly owned by International Paper.  Completion of
the transaction is subject to normal closing conditions and is expected
before the end of the third quarter.

In October 2005, International Paper acquired approximately 65 percent of
CMCP shares to further grow its corrugated box business and to strengthen
its position in the fruit and vegetable segment in the Mediterranean
region.

Morocco remains an attractive market for International Paper and the
company intends to continue investing in its packaging business there.
"CMCP is a strong business with good prospects for the future in both
industrial and fruit and vegetable segments," said Paul Brown, vice
president of International Paper's European corrugated container business.
"Morocco has a fast-growing economy with a rapidly developing consumer
base that is expected to drive box demand growth.  In addition, Morocco is
a leading exporter of fresh fruit and vegetable products to European
markets, and I am pleased to say that a large portion of the fruits and
vegetables exported from Morocco to Europe are packaged in International
Paper corrugated containers."

Aziz Qadiri and Hicham Qadiri will retire from their general management
roles at CMCP upon closing.  They will assume advisory roles to the new
management team and also serve on CMCP's board of directors.  A new
managing director will also be appointed at that time.

"I want to thank the Qadiris for building CMCP into one of the pre-eminent
companies in Morocco, and I look forward to continuing our successful
relationship," Mr. Brown said.

CMCP has approximately 1,500 employees and operates four box plants and
one recycled containerboard mill in Morocco.  CMCP produces corrugated
packaging materials for the industrial and agricultural markets.  In 2006,
CMCP had sales of approximately US$145 million.

Based in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela.  These businesses
are complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


JBS S.A.: Closes Swift & Co. Acquisition for US$1.5 Billion
-----------------------------------------------------------
JBS S.A. has disclosed that it has completed the acquisition of Swift &
Co. from HM Capital Partners LLC, a leading, Dallas-based private equity
firm, and Booth Creek Management Corporation in an all cash transaction
valued at approximately US$1.5 billion.  As a result of this acquisition,
the consolidated JBS Swift Group will be the largest beef processor in the
world.

Swift, S&C Holdco 3, Inc. and Swift Foods Company also announced the
successful completion of their tender offers and consent solicitations for
the outstanding 10-1/8% Senior Notes due 2009 issued by Swift, the 12-1/2%
Senior Subordinated Notes
due Jan. 1, 2010, issued by Swift, the 11.00% Senior Notes due 2010 issued
by S&C Holdco 3 and the 10.25% Convertible Senior Subordinated Notes due
2010 issued by SFC.  The tender offers expired at 8:00 a.m., New York City
time, on July 11, 2007.
Approximately 99.2% of the 10-1/8% Senior Notes, 93.4% of the Subordinated
Notes, 99.9% of the 11.00% Senior Notes and 99.9% of the Convertible Notes
were validly tendered, not withdrawn and have been accepted for payment.

Each company, the applicable guarantors and the trustee have entered into
a supplemental indenture for the applicable Notes, giving effect to the
amendments to the indentures.  The amendments to the indentures contained
in such supplemental indentures became effective upon execution of the
supplemental indentures and will become operative upon the purchase of the
tendered Notes.

J.P. Morgan Securities Inc. acted as the Dealer Manager and the
Solicitation Agent in connection with the tender offers and consent
solicitations.  The Information Agent for the tender offers and consent
solicitations was D.F. King & Co., Inc.

                        About JBS

Headquartered in Sao Paulo, Brazil, JBS is the third largest beef company
in the world in terms of cattle slaughtering capacity and the largest beef
processor and exporter in Brazil, Argentina and Latin America.  With
operations in Brazil and Argentina, JBS produces, prepares, packages and
delivers fresh, chilled and processed beef and beef by-products to
customers both in Brazil and abroad.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on June 4,
2007, Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Brazil-based meat-processing company JBS S.A.
on CreditWatch with negative implications.

As reported in the Troubled Company Reporter-Latin America on May 31,
2007, Moody's Investors Service changed the direction of the review of JBS
S.A.'s B1 global local currency corporate family rating and B1 senior
unsecured rating of JBS to possible downgrade from possible upgrade.

                       About Swift & Co

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

                        *     *     *

As reported on July 9, 2007, Standard & Poor's revised the
CreditWatch implications of all ratings on Swift, including the
'B' corporate credit rating, to positive from developing, where
they were placed on May 29, 2007, following JBS S.A.'s (JBS;
B+/Watch Neg/--) announcement that its holding company J&F
Participacoes (J&F; not rated) had signed an agreement for the
acquisition of 100% of U.S.-based Swift for US$1.4 billion
(enterprise value).


LYONDELL CHEMICAL: Declares US$0.225 a Share Quarterly Dividend
---------------------------------------------------------------
Lyondell Chemical Company declared July 12, 2007 a regular quarterly
dividend of US$0.225 per share of common stock to stockholders of record
as of the close of business on
Aug. 27, 2007.

The regular quarterly dividend on each share of outstanding common stock
is payable in cash on Sept. 17, 2007.

Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE:LYO) --
http://www.lyondell.com/-- is North America's third-largest independent,
publicly traded chemical company. Lyondell manufactures chemicals and
plastics, a refiner of heavy, high-sulfur crude oil and a significant
producer of fuel products. Key products include ethylene, polyethylene,
styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

The company also has locations in Austria, France, Italy, The Netherlands,
Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan,
India and Singapore.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on June 6,
2007, Fitch Ratings expects to assign a 'BB-' rating to Lyondell Chemical
Company's US$500 million announced offering of senior unsecured notes due
2017.  Proceeds from this offering are expected to fully repay the
existing US$500 million, 10.875% senior subordinated notes due 2009.

Fitch also affirmed other ratings:

    -- Issuer Default Rating at 'BB-';
    -- Senior secured credit facility and term loan at 'BB+';
    -- Senior secured notes at 'BB+';
    -- Senior unsecured notes at 'BB-';
    -- Debentures at 'BB-';

As reported in the Troubled Company Reporter-Latin America on June 4,
2007, Standard & Poor's Ratings Services assigned its 'B+' rating to the
proposed Lyondell Chemical Co.'s US$500 million of unsecured notes due
2017, issued pursuant to Lyondell's Rule 415 shelf registration.

S&P also affirmed its corporate credit rating on Lyondell
(BB-/Stable/B-1).  S&P said the outlook is stable.


STRATOS INTERNATIONAL: Completes Emerson Merger for US$118 Mil.
---------------------------------------------------------------
Stratos International, Inc., has consummated its merger with a wholly
owned subsidiary of Emerson, a US$20 billion global technology company
that provides products and services for a wide range of industries,
commercial markets and end-users.  The merger was finalized after the
shareholders of Stratos approved the merger at a special meeting held
earlier last week.  As a result of the merger, Stratos is no longer a
public company and provided notice to the NASDAQ Stock Market requesting
that its common stock (formerly traded under the NASDAQ symbol "STLW") be
delisted from the NASDAQ Stock Market LLC at the close of business on July
12, 2007.

Under the terms of the merger agreement, the holders of Stratos
International common stock will receive US$8.00 per share in cash for
their shares, for a total consideration of approximately US$118 million,
or an aggregate consideration of approximately US$83.5 million, net of
acquired cash.

Phillip A. Harris, President and CEO of Stratos said, "We are pleased that
our shareholders recognized the value of this transaction and we look
forward to joining Emerson.  This transaction will provide significant
opportunities for Stratos to penetrate new industry channels and deliver
superior services to our existing customers."

                          About Emerson

Based in St. Louis, Emerson -- http://www.emerson.com/-- is a global
leader in bringing technology and engineering together to provide
innovative solutions to customers through its network power, process
management, industrial automation, climate technologies, and appliance and
tools businesses.  Sales in fiscal 2006 were US$20.1 billion.

                 About Stratos International

Headquartered in St. John's, Newfoundland, Canada, with
executive offices in Bethesda, Maryland, Stratos Corporation
(Nasdaq: STLW) -- http://www.stratosglobal.com/-- is a publicly traded
company that provides a range of mobile and fixed-site remote
communications solutions for users operating beyond the reach of
traditional networks.  The company has offices in Canada, Brazil, the
United Kingdom, Norway, Germany, the Netherlands, Sweden, Italy, Spain,
Turkey, Russia, Kenya, South Africa, United Arab Emirates, India, Hong
Kong, Japan, Singapore, Australia and New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on May 9, 2007,
Moody's Investors Service confirmed Stratos Global Corporation's B1
corporate family, Ba2 senior secured and B3 senior unsecured ratings and
lowered the company's speculative grade liquidity rating to SGL-4 from
SGL-3.  The outlook is negative.  The long term ratings reflect a B1
probability of default and loss-given default assessments of LGD 2, 24% on
the senior secured debt and LGD 5, 77% on the senior unsecured notes.


SWIFT & CO: JBS Completes Acquisition for US$1.5 Billion
--------------------------------------------------------
JBS S.A. has disclosed that it has completed the acquisition of Swift &
Co. from HM Capital Partners LLC, a Dallas-based private equity firm, and
Booth Creek Management Corporation in an all cash transaction valued at
approximately US$1.5 billion.  As a result of this acquisition, the
consolidated JBS Swift Group will be the largest beef processor in the
world.

Swift, S&C Holdco 3, Inc. and Swift Foods Company also announced the
successful completion of their tender offers and consent solicitations for
the outstanding 10-1/8% Senior Notes due 2009 issued by Swift, the 12-1/2%
Senior Subordinated Notes
due January 1, 2010 issued by Swift, the 11.00% Senior Notes due 2010
issued by S&C Holdco 3 and the 10.25% Convertible Senior Subordinated
Notes due 2010 issued by SFC.  The tender offers expired at 8:00 a.m., New
York City time, on July 11, 2007.
Approximately 99.2% of the 10-1/8% Senior Notes, 93.4% of the Subordinated
Notes, 99.9% of the 11.00% Senior Notes and 99.9% of the Convertible Notes
were validly tendered, not withdrawn and have been accepted for payment.

Each company, the applicable guarantors and the trustee have entered into
a supplemental indenture for the applicable Notes, giving effect to the
amendments to the indentures.  The amendments to the indentures contained
in such supplemental indentures became effective upon execution of the
supplemental indentures and will become operative upon the purchase of the
tendered Notes.

J.P. Morgan Securities Inc. acted as the Dealer Manager and the
Solicitation Agent in connection with the tender offers and consent
solicitations.  The Information Agent for the tender offers and consent
solicitations was D.F. King & Co., Inc.

                            About JBS

Headquartered in Sao Paulo, Brazil, JBS is the third largest beef company
in the world in terms of cattle slaughtering capacity and the largest beef
processor and exporter in Brazil, Argentina and Latin America.  With
operations in Brazil and Argentina, JBS produces, prepares, packages and
delivers fresh, chilled and processed beef and beef by-products to
customers both in Brazil and abroad.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on June 4,
2007, Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Brazil-based meat-processing company JBS S.A.
on CreditWatch with negative implications.

As reported in the Troubled Company Reporter-Latin America on May 31,
2007, Moody's Investors Service changed the direction of the review of JBS
S.A.'s B1 global local currency corporate family rating and B1 senior
unsecured rating of JBS to possible downgrade from possible upgrade.

                       About Swift & Co

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

                        *     *     *

As reported on July 9, 2007, Standard & Poor's revised the
CreditWatch implications of all ratings on Swift, including the
'B' corporate credit rating, to positive from developing, where
they were placed on May 29, 2007, following JBS S.A.'s (JBS;
B+/Watch Neg/--) announcement that its holding company J&F
Participacoes (J&F; not rated) had signed an agreement for the
acquisition of 100% of U.S.-based Swift for US$1.4 billion
(enterprise value).


* BRAZIL: Bolivia Balks at Hydroelectric Dam Project
----------------------------------------------------
Published reports say that Bolivia told Brazil it is upset at its plans to
construct two hydroelectric dams near the Bolivian border.

According to the local press, Bolivia asked for a meeting with Brazil over
the dam project.

Reuters relates that the Brazilian government issued preliminary
environmental permits for the two plants worth US$11.6 billion in the
Amazon basin.

Reports say that Bolivian Foreign Minister David Choquehuanca said in a
letter sent to the Brazilian government, "We regret and express our
annoyance because the environmental permit was issued ... before analyzing
the environmental, social and economic consequences."

Minister Choquehuanca told Reuters that he expects to meet with Brazilian
officials as soon as possible to discuss the matter.

                          *    *     *

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


* BRAZIL: May Hold Auction for San Antonio Transmission Lines
-------------------------------------------------------------
A spokesperson at Brazilian federal energy planning firm EPE told Business
News Americas that the government could hold an auction for transmission
lines serving the Santo Antonio part of the Madeira hydro complex in 2008.

The spokesperson commented to BNamericas, "Our forecast is to hold an
auction for the transmission lines next year, eight months after the Santo
Antonio power plant auction."

EPE and the Brazilian mines and energy ministry told BNamericas that the
3,150-megawatt Santo Antonio hydroelectric project on the Madeira river
will be auctioned in October 2007.

According to BNamericas, Brazilian transmission association Abrate is
waiting to see how power will be transmitted from Santo Antonio.

Abrate executive manager Cesar de Barros Pinto commented to BNamericas,
"We know that EPE is studying several possibilities."

The EPE spokesperson told BNamericas, "Abrate believes this transmission
lines auction will draw as much interest as the previous ones.  I believe
there will be a lot of competition between companies and massive
participation from private companies."

BNamericas notes that Abrate is positive the auction will be successful as
transmission is "low risk."

"The long transmission lines from Santo Antonio will have a unique feature
as they will pass through Brazil's Pantanal [wetland region]," Mr. Pinto
told BNamericas.

The Santo Antonio hydro plant will be ready in 2012 or 2013, BNamericas
states, citing the Brazilian government forecasts.


                        *     *     *

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

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

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

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

                          *    *     *

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




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


APPALOOSA ARBITRAGE: Sets Last Shareholders Meeting for Aug. 10
---------------------------------------------------------------
Appaloosa Arbitrage Fund Ltd. will hold its final shareholders meeting on
Aug. 10, 2007, at 10:00 a.m., at:

          Fourth Floor, One Capital Place
          P.O. Box 847
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Trident Directors (Cayman) Ltd.
          Attention: Kimbert Solomon
          P.O. Box 847
          George Town
          Grand Cayman KY1-1103
          Cayman Islands
          Tel: (345) 949 0880
          Fax: (345) 949 0881


AS ASSIST: Will Hold Last Shareholders Meeting on Aug. 10
---------------------------------------------------------
AS Assist Holdings Inc. will hold its final shareholders
meeting on Aug. 10, 2007, at 9:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


H3 GLOBAL: Proofs of Claim Must be Filed by Aug. 10
---------------------------------------------------
H3 Global advisors creditors are given until Aug. 10, 2007, to prove their
claims to Q&H Nominees Ltd., 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.

H3 Global’s shareholders agreed on June 15, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Q&H Nominees Ltd.
        c/o P.O. Box 1348
        Grand Cayman KY1-1108
        Cayman Islands
        Tel: (+1) 345 949 4123
        Fax: (+1) 345 949 4647


H3 GLOBAL: Sets Last Shareholders Meeting for Aug. 10
-----------------------------------------------------
H3 Global Advisors Ltd. will hold its final shareholders meeting on Aug.
10, 2007, at 10:30 a.m., at:

          Third Floor, Harbour Centre
          P.O. Box 1348, Grand Cayman KY1-1108
          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:

          Q&H Nominees Ltd.
          Third Floor, Harbour Centre
          P.O. Box 1348
          Grand Cayman KY1-1108
          Cayman Islands


HMTF-AMI: Proofs of Claim Filing Ends on Aug. 10
------------------------------------------------
HMTF-AMI (Sp) Ltd.’s creditors are given until Aug. 10, 2007, to prove
their claims to David W. Knickel, 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.

HMTF-AMI’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:

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


IVY ENHANCED: Will Hold Last Shareholders Meeting on Aug. 10
------------------------------------------------------------
Ivy Enhanced Alpha Feeder Fund Ltd. will hold its final shareholders
meeting on Aug. 10, 2007, at 12:30 p.m., at the company's offices.

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


MICROPORT MEDICAL: Sets Last Shareholders Meeting for Aug. 10
-------------------------------------------------------------
Microport Medical (Cayman) Corp. will hold its final shareholders meeting
on Aug. 10, 2007, at 9:00 a.m., at:

          501 Newton Road
          Z.J. Hi-Tech Park
          Shanghai P.R.C.

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:

          501 Newton Road
          Z.J. Hi-Tech Park
          Shanghai P.R.C.


OASIS OFFSHORE: Proofs of Claim Must be Filed by Aug. 13
--------------------------------------------------------
Oasis Offshore Multistrategy Ltd.’s creditors are given until Aug. 13,
2007, to prove their claims to Andrew Hersant and Chris Humphries, 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.

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

The liquidator can be reached at:

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


VOLCUN FORTUNA: Will Hold Last Shareholder Meeting on Aug. 10
-------------------------------------------------------------
Volcun Fortuna 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 Ends on Aug. 10
-------------------------------------------------------
Zais Structured Credit Master 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 on Aug. 10
---------------------------------------------------------------
Zais Structured Credit Offshore Feeder 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


ZESTY CO: Will Hold Last Shareholders Meeting on Aug. 10
--------------------------------------------------------
Zesty Co. Ltd. will hold its final shareholders meeting on
Aug. 10, 2007, at 11:00 a.m., at the company's offices.

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




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


ECOPETROL: Wins Rights To Explore Oil in Peru with Talisman
-----------------------------------------------------------
Colombian state oil firm Ecopetrol said in a statement that it has won the
rights to explore oil in a Peruvian area with Canadian company Talisman
Energy Inc. in an auction on
July 12, 2007.

Dow Jones Newswires relates that Ecopetrol will hold 45% of the
partnership.  Talisman Energy will own 55%.

According to the report, the area in Peru is 827,000-hectare block 134.
It is in the Maranon basin in the Peruvian northeastern jungle.

The venture is Ecopetrol's second excursion outside Colombia after it won
the rights of an oil field in Brazil in 2006, Dow Jones states.

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'.


GEOKINETICS : Says Weather to Negatively Impact 2nd Qtr. Results
----------------------------------------------------------------
Geokinetics Inc. reported that its second quarter results would be
adversely affected by severe weather across certain areas of the United
States as well as a job being declared force majeure in the Middle East.

David A. Johnson, President and CEO of Geokinetics said, "Overall, the
business environment continues to be very strong and we are positive about
the outlook for the year.  On a combined company basis, the second quarter
has historically been our weakest quarter.  However, this year our
operations in the United States have been severely hampered in the second
quarter by weather as our nine available crews have been down 23% of the
quarter, on average.  For comparison purposes, in the second quarter of
2006, our six available crews were down 6% of the quarter, on average.  In
addition, we have had a job in Egypt terminated because the client
declared force majeure on a job that initially experienced permit delays.
The job was in the transition zone, historically our most profitable area
of operations. We also experienced some equipment problems which deferred
some work out of the second quarter into the third.

Our program to grow through capital investment in new crew capacity and
crew upgrades is continuing well, and we are confident that we can
continue to achieve our growth objectives.  Our estimated backlog has
increased to approximately US$320 million as of June 30, 2007 and our bid
activity remains very high."

Geokinetics is scheduled to report second quarter results by August 14,
2007 and plans to have a conference call to discuss the results.

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, South America, Africa, Asia, Australia and the Middle
East.  Geokinetics operates in some of the most challenging
locations in the world from the Arctic to mountainous jungles to the
transition zone environments.  The company has operations in Brazil,
Colombia, Ecuador, Peru and Venezuela.

                       *     *     *

As reported in Troubled Company Reporter on Dec. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'CCC+' issue
rating and '3' recovery rating on Geokinetics Inc.'s second
priority floating rate notes due in 2012, after the disclosure
that the offering will be increased to US$110 million from
US$100 million.


BANCOLOMBIA SA: Earns COP40,522 Million in June 2007
----------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of COP40,522 million
during the month of June.

During June, total net interest income, including investment securities
amounted to COP164,608 million. Additionally, total net fees and income
from services totaled COP55,314 million.

Total assets amounted to COP29.18 trillion, total deposits totaled
COP18.61 trillion and Bancolombia’s total shareholders’ equity amounted to
COP3.52 trillion.

Bancolombia’s (unconsolidated) level of past due loans as a percentage of
total loans was 2.49% as of June 30, 2007, and the level of allowance for
past due loans was 142.41% as of the same date.

                      Market Share

According to ASOBANCARIA (Colombia’s national banking association),
Bancolombia’s market share of the Colombian financial system in June 2007
was as follows:

   -- 18.2% of total deposits,
   -- 20.8% of total net loans,
   -- 18.9% of total savings accounts,
   -- 21.8% of total checking accounts and
   -- 13.4% of total time deposits.

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

                        *     *     *

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

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

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

In addition, Fitch affirmed these ratings:

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

Fitch says the rating outlook was stable.


* COLOMBIA: Chile May Buy Electricity from Country
--------------------------------------------------
Colombian Mines and Energy Minister Hernan Martinez said before the Andean
and Central America Energy Congress that Chile is keen on purchasing
electricity from Colombia, Business News Americas reports.

Minister Martinez told BNamericas that Colombia would like to extend its
power interconnections to Peru and Chile from a connection already set up
with Ecuador.

Accrording to BNamericas, Colombia has two power links with Ecuador:

          -- Panamericana-Tulcan, and
          -- Jamondino-Pomasquia.

Minister Martinez told BNamericas that the Colombian government wants to
take advantage of the country's vast potential, particularly in hydro
power and coal for thermo generation.

Trading electric power was much cheaper than exporting gas, BNamericas
states, citing Minister Martinez.

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




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


DENNY’S CORP: Same-Store Sales Up 2.8% in 2007 Second Quarter
-------------------------------------------------------------
Denny’s Corporation reported same-store sales for its company-owned
Denny’s restaurants during the quarter ended
June 27, 2007, compared with the related period in fiscal year 2006.

Sales:             2Q-2007     2Q-2006     YTD-2007    YTD-2006
------             -------     -------     --------    --------
Same-Store Sales     2.8 %      (0.4 %)      0.5 %        2.1 %
Guest Check Avg.   3.6 %       4.0 %       3.1 %        6.0 %
Guest Counts      (0.8 %)     (4.2 %)     (2.6 %)      (3.6 %)

Restaurant Counts:              6/27/07     12/27/06
------------------              -------     --------
     Company-Owned                  488          521
     Franchised and Licensed      1,051        1,024
                                  -----        -----
                                  1,539        1,545

Nelson Marchioli, president and chief executive officer, stated, "We are
pleased with the response to our marketing activities in the second
quarter which delivered improvement in guest traffic trends as well as a
stronger menu mix.  While our second quarter results will benefit from
this sales growth, we do expect continued margin pressures from rising
commodity costs and wage rates."

Denny’s expects to release results for its second quarter ended June 27,
2007 after the markets close on Tuesday, July 31, 2007.

                  About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's Corporation (Nasdaq:
DENN) -- http://www.dennys.com/-- is a full-service family restaurant
chain in the U.S., with 521 company-owned units and 1,024 franchised and
licensed units, with operations in the United States, Canada, Costa Rica,
Guam, Mexico, New Zealand and Puerto Rico.

                         *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.




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


SPECTRUM BRANDS: Expects Lower Sales & EBITDA in Full Year 2007
---------------------------------------------------------------
Spectrum Brands, Inc., anticipated that full year 2007 sales and earnings
before interest, tax, depreciation and amortization will be lower than
previously anticipated.  Preliminary results for the recently completed
fiscal third quarter and projections for the fiscal fourth quarter suggest
that the company will generate full year 2007 net sales of approximately
US$2.6 billion and EBITDA of between US$260 and US$264 million.  This
compares with earlier expectations of net sales of $2.6 billion and EBITDA
of US$282 million.

The company lowered projections due to unfavorable weather conditions
experienced during the fiscal third quarter, particularly the impact of
drought conditions across much of the country, which had a negative impact
on its Home & Garden business, as well as lower than expected European
battery sales and a cautious outlook on the part of U.S. retailers
regarding inventory levels, which caused a shortfall in projected results
for Global Batteries and Personal Care.

Commenting on the company’s performance and outlook, Spectrum Brands Chief
Executive Officer Kent Hussey stated, “Our Home & Garden business is
performing well as measured by market share and customer service levels,
despite recent weather conditions.  We remain confident in the fundamental
strength of this business and our ability to execute a sale of this asset
at a fair valuation.  We continue to make progress on our corporate
strategy and believe we are taking the right actions to improve
profitability in all of our business segments, strengthen our capital
structure through the strategic sale of one or more assets, and create
sustainable value for our equity holders.”

The company does not anticipate any liquidity issues or problems complying
with its debt covenants as a result of its revised projections.  As
previously announced, Spectrum has received financing commitments from
Goldman Sachs and Wachovia Bank to provide the company with a US$225
million asset based loan facility, with a concomitant reduction of its
senior credit facility term loan by the same amount.  The company expects
to close on this transaction during its fiscal fourth quarter.

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

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

                        *     *     *

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




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


* HONDURAS: State Firm Launching Quasi-Mobile Service Today
-----------------------------------------------------------
Honduran state-run fixed line operator Hondutel's President Marcelo
Chimirri told reporters that the company would launch a quasi-mobile
service based on the personal handyphone system, or PHS, concept on July
16.

According to BNamericas, Mr. Chimirri said that the service will launch in
Tegucigalpa.  It will have capacity for 25,000 subscribers.  After 60 to
90 days, Hondutel will launch it in San Pedro Sula, also with capacity for
25,000 users.

BNamericas notes that Hondutel has a personal communication services
mobile license.  However, it isn't yet ready to launch a "true mobile
service" like that of American Movil's Claro and Millicom International
Cellular's Tigo.

Hondutel is also expecting a third mobile rival within the year.  The
telecoms regulator Conatel had also disclosed the auction for a fourth
mobile band in June, BNamericas states.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


NATIONAL WATER: Secures US$2-Million Loan from Government
---------------------------------------------------------
Radio Jamaica reports that the Jamaican government has granted "guarantee
for two multi-million dollar loans" to the National Water Commission.

According to Radio Jamaica, the Jamaican House of Representatives
authorized the loans valued at over US$5.1 million and EUR1.2 million.

The report says that the loans are provided by Bank of Nova Scotia.  They
will be used to aid in the funding of the North Eastern Parish Water
Supply.

The money will be used to boost the storage facility and provide a modern
water supply system for the north coast from Negril to Runaway Bay, Radio
Jamaica states, citing Jamaican Finance Minister Dr. Omar Davies.

                        *     *     *

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




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


DURA AUTOMOTIVE: Toyota Wants Decision on Leases by July 24
-----------------------------------------------------------
Prior to filing for bankruptcy, Dura Automotive Systems, Inc., and Toyota
Motor Credit Corporation entered into certain lease agreements, whereby
Toyota leased forklifts to the Debtors.

The Leases provide that at maturity the Forklifts will be returned to
Toyota.  The Leases also require the Debtor to maintain insurance on the
Forklifts and provide Toyota with evidence of said insurance.

Toyota asks the U.S. Court for the District of Delaware to require the
Debtors to:

  (i) decide by not later than July 24, 2007 whether it will
      assume or reject the Leases,

(ii) communicate that decision to Toyota in such a manner that
      Toyota receives actual notice of the substance of the
      Debtor's decision not later than the end of Toyota's
      business hours on the same day, and

(iii) promptly file with this Court a motion for approval of its
      Decision.

Kristi J. Doughty, Esq., at Whittington & Aulgur, in Odessa,
Delaware, tells the Court that it is appropriate for the Debtor
to make a prompt determination because Toyota will suffer
economic harm that cannot be safeguarded and the potential injury to
Toyota outweighs Debtor's interests in utilizing the
Forklifts.

Ms. Doughty explains that the Forklifts are maintenance
sensitive.  She says if regular maintenance is not performed in
accordance with Toyota's schedule of hourly usage and daily and
monthly maintenance, the Forklifts quickly depreciate in real
value and are subject to ruin.

Since the Petition Date, Toyota has been unable to inspect the
Forklifts as provided in the Leases and has not received reports
on the regular maintenance required to keep the Forklifts in good
operating condition and preserve the Forklifts value during the term of
the Leases.  The inspection, according to Ms. Doughty, is necessary to
keep the Forklifts in good operating condition and preserve their value
during the Lease.  Therefore, she asserts, Toyota's interest is not
adequately protected.  Any interest the Debtor has in utilizing the
Forklifts, she says, cannot outweigh the potential injury to Toyota if the
Debtor is permitted to delay its decision to assume or reject the Lease.

                     About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural door
modules and exterior trim systems for the global automotive industry.  The
company is also a supplier of similar products to the recreation vehicle
and specialty vehicle industries.  DURA sells its automotive products to
North American, Japanese and European original equipment manufacturers and
other automotive suppliers.

The company has three locations in Asia, namely in China, Japan and Korea.
It has locations in Europe and Latin America, particularly in Mexico,
Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D.
Delaware Case No. 06-11202).  Richard M. Cieri, Esq., Marc Kieselstein,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of
Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy
proceedings.  Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and
Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the
Debtors' co-counsel.  Baker & McKenzie acts as the Debtors' special
counsel.  Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.  Glass &
Associates Inc., gives financial advice to the Debtor.  Kurtzman Carson
Consultants LLC handles the notice, claims and balloting for the Debtors
and Brunswick Group LLC acts as their Corporate Communications Consultants
for the Debtors.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on May 23,
2007. (Dura Automotive Bankruptcy News, Issue No. 22; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


DURA AUTOMOTIVE: Committee Wants EBITDA Outlook Disclosed
---------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in DURA Automotive
Systems Inc. and its debtor-affiliates' chapter 11 cases seeks the U.S.
Bankruptcy Court for the District of Delaware's permission to publicly
file the Debtors' projected consolidated Earnings Before Taxes,
Depreciation and Amortization for the years 2007 through 2001, previously
given by the Debtors as "Confidential Information."

The Five EBITDA Numbers were originally included in the 5-year
business plan presentation by the Debtors to the Official
Committee of Unsecured Creditors and the Ad Hoc Committee of
Second Lien Lenders.  The Debtors have sought permission to file
the document under seal.

M. Blake Cleary, Esq., at Young Conaway Stargatt and Taylor LLP,
in Wilmington, Delaware, explains that pursuant to Section 1102
of the Bankruptcy Code, the Creditors Committee has a duty to
disclose information to its constituents.  The Committee wants to file the
Five EBITDA Numbers on the docket to prevent creditors from potentially
being preyed upon by other creditors with information.

Mr. Cleary notes that the Five EBITDA Numbers will be contained
in the Debtors' disclosure statement that will be likely be filed in a few
months.  In addition, the Committee has reason to
believe that the Five EBITDA Numbers have been leaked, through no fault of
the Debtors, into the marketplace.

Mr. Cleary argues that the Debtors have provided no evidence that the Five
EBITDA Numbers will provide an unfair advantage to any of their
competitors, and thus qualify as being "commercial
information."

Moreover, Mr. Cleary recounts that an unusual spike in the price
of certain of the Debtors' securities occurred after the Debtors
previewed their 5-uyear business plan to the Creditors Committee
on May 22, 2007, and the Second Lien Committee on the next day.
The trading records show that while no trades took place on
May 22, a significant increase in the volume and trading price for the
Debtors' Senior Notes took place only hours after the
Debtors' previews their Business Plan.

Mr. Cleary tells the Court since May 23, numerous creditors,
including several holders of Senior Notes, have reached out to
the Creditors Committee's professionals for an explanation as to
the increase in trading price.  "At this time, no one can be
certain as to what caused the spike in trading; however, in light of when
the spike occurred, it appears that non-public
information regarding the Five EBITDA Numbers may have been
leaked into the hands of a few traders."

                     About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural door
modules and exterior trim systems for the global automotive industry.  The
company is also a supplier of similar products to the recreation vehicle
and specialty vehicle industries.  DURA sells its automotive products to
North American, Japanese and European original equipment manufacturers and
other automotive suppliers.

The company has three locations in Asia, namely in China, Japan and Korea.
It has locations in Europe and Latin America, particularly in Mexico,
Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del.
Case No. 06-11202).  Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger
James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis
LLP are lead counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-counsel.
Baker & McKenzie acts as the Debtors' special counsel.  Togut, Segal &
Segal LLP is the Debtors' conflicts counsel.  Miller Buckfire & Co., LLC
is the Debtors' investment banker.  Glass & Associates Inc., gives
financial advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick Group LLC
acts as their Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets and
US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on May 23,
2007. (Dura Automotive Bankruptcy News, Issue No. 22; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


COREL CORP: Reports US$2.3 Mil. Net Income for Qtr. Ended May 31
----------------------------------------------------------------
Corel Corporation reported financial results for its second quarter ended
May 31, 2007.  Revenues in the second quarter of fiscal 2007 were US$65.0
million, an increase of 47% over revenues of US$44.2 million in the second
quarter fiscal 2006.  GAAP net income in the second quarter of fiscal 2007
was US$2.3 million compared to a GAAP net loss of US$4.0 million in 2006.

Non-GAAP adjusted net income for the second quarter fiscal 2007 was US$9.8
million compared to non-GAAP adjusted net income for the second quarter of
fiscal 2006 of US$8.4 million.  Non-GAAP adjusted EBITDA in the second
quarter of 2007 was US$15.2 million, compared to US$13.7 million in the
second quarter of fiscal 2006.

“We are pleased with our performance in the second quarter, as we continue
to execute our key strategies and demonstrate our ability to generate
attractive financial returns for our shareholders,” said David Dobson, CEO
of Corel Corporation.  “We are realizing many of the anticipated benefits
from the acquisition of InterVideo and Ulead, including increased revenue
contribution from a broader mix of OEM partners as well as a more diverse
mix of revenue by geography.  I am pleased with the progress we have made
so far as we continue to execute on our core strategic initiatives and
expand into the digital media market.”

Revenues for the six months ended May 31, 2007 were US$117.7 million, an
increase of 33% over revenues of US$88.5 million for the six months ended
May 31, 2006.  GAAP net loss for six months ended May 31, 2007 was US$9.6
million compared to a GAAP net loss of US$5.6 million for the six months
ended May 31, 2006.

Non-GAAP adjusted net income for the six months ended
May 31, 2007, was US$12.6 million compared to non-GAAP adjusted net income
for the six months ended May 31, 2006, of US$15.3 million.  Non-GAAP
adjusted EBITDA for the six months ended
May 31, 2007, was US$24.0 million, compared to US$28.1 million for the six
months ended May 31, 2006.

A reconciliation of GAAP net income to non- GAAP adjusted net income and
non-GAAP adjusted EBITDA is provided in the notes to the financial
statements included in this press release.

Third Quarter Fiscal 2007 Guidance

Corel provided guidance for the third quarter ending
Aug. 31, 2007.  The Company currently expects:

  -- Revenue in the range of US$60 million to US$62 million.

  -- GAAP net loss of US$0.5 million to net income US$1.0
     million and non-GAAP adjusted net income in the range of
     US$7.0 million to US$8.5 million.

  -- GAAP earnings per share in the range of US$(0.02) to
     US$0.04 and non-GAAP earnings per share in the range of
     US$0.27 to US$0.33.

                    Fiscal 2007 Guidance

Corel provided guidance for the year ending November 30, 2007.

The company currently expects:

   -- Revenue in the range of US$247 million to US$253 million

   -- GAAP net loss of US$4.0 million to US$2.0 million and non-
      GAAP adjusted net income of US$34 million to US$36
      million.

   -- GAAP loss per share of US$(0.15) to US$(0.08) and non-GAAP
      earnings per share of US$1.30 to US$1.40.

                    About Corel Corporation

Ottawa, Ontario-based Corel Corp. (NASDAQ: CREL) (TSX: CRE)
-- http://www.corel.com/-- is a packaged software company with
an estimated installed base of over 40 million users.  The
Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.


GRUPO MEXICO: Cananea Copper Miners Form New Union
--------------------------------------------------
Workers at the Cananea copper mine, whose mining complex in Sonora is run
by Grupo Mexico, have formed a new union that promises to be less involved
in conflicts, published reports say.

Francisco Hernandez Gamez, who heads some 1,000 Cananea employees, told
the Mexican government news agency Notimex that the new union would
include at least 15,000 mining workers from across Mexico.

The Cananea miners were against the Mexican Mining and Metallurgical
Workers Union leader Napoleon Gomez Urrutia.  It wouldn't support national
work stoppages in the mining, Notimex notes, citing Mr. Gamez.

The Associated Press relates that the Mexican mining sector has been
involved in a series of work stoppages and protests organized by the
Mexican Mining and Metallurgical Workers Union in a dispute over union
leadership.

Cananea workers told the AP in June that they against all aspects of the
ongoing leadership dispute and were "generally pleased with the relations"
between Grupo Mexico and Cananea.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook was stable.


URBI DESARROLLOS: Fitch Affirms BB Rating on US$150-Mil. Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' foreign and local currency IDR ratings
of Urbi Desarrollos Urbanos, S.A.B. de C.V., as well as the 'BB' rating on
US$150 million senior notes due 2016.  Fitch has also affirmed Urbi's
national scale ratings of 'F1(mex)' and 'A+(mex)'.  The Rating Outlook on
all ratings is Stable.

The ratings reflect Urbi's strong market position in the highly fragmented
Mexican homebuilding industry, being the third largest homebuilder in
Mexico in terms of homes sold; increasing geographic and customer
diversification; significant land reserve; and its good financial profile.
Urbi's ratings are constrained by dependency of financing of
government-related mortgage funding of low-income homes, and the high
working capital requirements related with the operation of the company.

Fitch considers that the new projects undertaken by the company are a
challenge, and "the Alternativa Urbi" program could affect financial
results during the period that Urbi finds a mechanism to fund the working
capital requirements under this kind of scheme.  Fitch will be closely
evaluating the development of this program and its impact in Urbi's
financial results.  Given the latest projects undertaken, should there be
an important variation in the credit measures it will be reflected in the
ratings.

Urbi has increased its geographic and product diversification over the
last several years.  Diversity in different places has diminished the
risks related to the operating concentration but has meant more
supervision and control in the existing cities and the integration of the
new regions.  In addition, the company's sales mix provides flexibility to
direct its commercial strategies according to market needs.

Urbi is well positioned to benefit from expected strong growth in the
homebuilding market in Mexico.  The company owns a significant amount of
land, predominately in Baja California, Mexico City, Guadalajara and
Chihuahua, providing the company with flexibility to meet growing demand
for new homes.  At March 31, 2007, the company had around five years of
land reserves in the different places where Urbi operates.

Urbi's operating profile is solid. Over the last five years revenues have
grown at a rapid 20.1% compound annual growth rate while units sold
increased from 17,711 to 29,283.  At
March 31, 2007, sales and volume showed 22.0% and 27.4% growth compared
with the first quarter of 2006.  Over the same period, the company has
been able to maintain stable EBITDA margins of approximately 24.5% by
adhering to strict cost and expense controls, ability to diversify its
product mix, implementation of new sale schemes, managing production with
commercial cycles; and the construction optimization as a result of the
strategic alliance signed with Outinord (manufacturer of concrete molds).

Urbi maintains a good financial position. Over the past five years, total
debt-to-EBITDA has moved around 1.4 times.  In 2006 the company began with
a "Rent to Own" pilot program, provoking the generation of accounts
receivables with a different nature than those previously generated by the
ordinary operation of the company, augmenting Urbi's leverage as a result
of the utilization of factoring agreements with recourse and translating
into an increase in the total debt-to-EBITDA ratio of 1.9x (from 1.1x in
2005). At March 31, 2007, these operations have been fully collected,
positioning total debt-to-EBITDA at 1.2x. In the same period, the interest
coverage ratio was 5.0x, similar to the average obtained in the last five
years.

Urbi's liquidity is adequate with a cash and marketable securities balance
of MXP2.1 billion and short-term debt of MXP1.3 billion (40% of total
debt), which in Fitch's opinion adds financial flexibility to the company
given the high working capital requirements associated with the
seasonality of the construction cycle and timing of receipts of low-income
mortgage funding; besides, the company has been working with different
options to allow to extend its maturity profile and further lower
refinancing risks.

Fitch expects that operating and financial measures could remain stable,
and strengthen over the next few quarters, while the company develops the
suitable vehicle for "Alternativa Urbi," and the benefits of the other
projects are reflected in the financial position.

Urbi is exposed to liquidity risks and working capital constraints
associated with the timing of government-related mortgage funding of
low-income homes. Financial institutions providing such funding include
Infonavit, Sociedad Hipotecaria Federal, and Fovissste.  The continued
development of Mexico's mortgage market, increasing alternatives of
funding sources, more subsidies to low-income workers, and increasing
availability of credit in Mexico are expected to somewhat lower these
risks over the medium term and support industry growth.

Founded in 1981 in Mexicali, Baja California, URBI is the third-largest
homebuilder in Mexico, with US$817 million in revenues and 26,537 units
built for the 12 months ended June 30, 2006, representing a 17.7% and
14.0% growth, respectively, versus that of the previous year.  It is
engaged in the development, construction, marketing, and sale of
affordable entry-level,
middle-income, and residential housing.  The company currently operates in
nine northeastern cities and the three largest metropolitan areas in the
country with a land inventory capacity for about 151,000 units, of which
92% is intended for housing below a price of US$50,000.


UAL CORP: Discloses June 2007 Plan Consummation Status Report
-------------------------------------------------------------
Erik W. Chalut, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, reports that:

  * As of June 18, 2007, United Airlines, Inc., has authorized
    the issuance of approximately 111,200,000 shares, which
    represents approximately 96.7% of the 115,000,000 shares
    of New UAL Common Stock available to United's employees and
    creditors;

  * As of May 31, 2007, approximately 100,000 shares have been
    distributed in connection with the Director Equity Incentive
    Plan of a total 175,000 shares available and approximately
    8,900,000 shares has been distributed in connection with the
    Management Equity Incentive Plan of a total 9,825,000 shares
    available; and

  * As of April 27, 2007, United will have distributed
    approximately 26,100,000  shares of New UAL Common Stock to
    its employees' 401(k) plans.  Additionally, after monetizing
    1,900,000 shares to satisfy tax withholding obligations,
    employees and retirees will have received 3,900,000 net
    shares directly.

                      Fourth Circuit Appeal

As previously reported, the Aircraft Mechanics Fraternal
Association took an appeal from the ruling of the U.S. District
Court for the Eastern District of Virginia that the effective
termination date of the Ground Plan would be March 11, 2005, to
the U.S. Court of Appeals for the Fourth Circuit.

The Fourth Circuit affirmed the decision of the District Court on January
9, 2007.  The parties were required to petition the
Supreme Court for a writ of certiorari on or before
June 8, 2007.  No writ of certiorari has been filed, which effectively
concludes the matter.

                          About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Air Lines, Inc.  With key global air rights in the Asia-Pacific
region, Europe and Latin America (Mexico), United Airlines is
the world's second largest air carrier.  The company filed for
chapter 11 protection on Dec. 9, 2002 (Bankr. N.D. Ill. Case No.
02-48191).  James H.M. Sprayregen, Esq., Marc Kieselstein, Esq.,
David R. Seligman, Esq., and Steven R. Kotarba, Esq., at
Kirkland & Ellis, represented the Debtors in their restructuring
efforts.  Fruman Jacobson, Esq., at Sonnenschein Nath &
Rosenthal LLP represented the Official Committee of Unsecured
Creditors before the Committee was dissolved when the Debtors
emerged from bankruptcy.  Judge Wedoff confirmed the Debtors'
Second Amended Plan on Jan. 20, 2006.  The company emerged from
bankruptcy protection on Feb. 1, 2006.

                        *     *     *

As reported in the Troubled Company Reporter on May 3, 2007,
Fitch Ratings affirmed the Issuer Default Ratings of UAL Corp.
and its principal operating subsidiary United Airlines Inc. at
B-.




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


IMPSAT FIBER: Boosts Satellite Capacity with SES New Skies
----------------------------------------------------------
Impsat Fiber Networks said in a statement that it has increased its
satellite capacity with the help of fleet operator SES New Skies.

Business News Americas reports that Impsat Fiber contracted 90 megahertz
on SES New Skies' NSS-10 satellite, complementing capacity it already has
on the group's NSS-7 and NSS-806 satellites.

According to BNamericas, the additional capacity is needed to support
Impsat Fiber's increasing single channel per carrier and VSAT IP network
in Latin America.

Impsat Fiber, which was acquired by Global Crossing in May 2007, will be
operating as Global Crossing Latin America, the report states.

IMPSAT Fiber Networks Inc. (OTC: IMFN.OB) --
http://www.impsat.com/-- provides private telecommunications
networks and Internet services in Latin America.  The company
owns and operates 15 metropolitan area networks in some of the
largest cities in Latin America and has 15 facilities to provide
hosting services, providing services to more than 4,500 national
and multinational client.  IMPSAT has operations in Argentina,
Colombia, Brazil, Venezuela, Ecuador, Chile, Peru and the United
States.

                     Going Concern Doubt

In its audit report on the consolidated financial statements for
year ended Dec. 31, 2006, auditors working for Deloitte & Touche
LLP noted that IMPSAT Fiber Networks, Inc.'s current liquidity
position, high debt obligations, and negative operating results
raise substantial doubt as to its ability to continue as a going
concern.


* PERU: Awards 13 Blocks for Exploration & Production
-----------------------------------------------------
Peruvian state hydrocarbons promotion agency Perupetro said in a statement
that it has awarded 13 blocks from its 2007 exploration and production
round.

Petrupetro told Business News Americas that it granted the exploration and
production in the blocks to:

          -- Vetra Energy Group (block XXV),
          -- Petro-Tech Peruana (block Z-45),
          -- SK Corporation (block Z-46),
          -- PetroVietnam Exploration Production (block Z-47),
          -- Petro-Tech Peruana (block Z-49),
          -- Samaraneftegaz (block 130),
          -- Pan Andean Resources (block 131),
          -- Talisman-Ecopetrol (block 134),
          -- Pacific Stratus Energy (blocks 135, 137, 138),
          -- Pan Andean Resources (block 141), and
          -- Hunt Oil (block 143).

According to BNamericas, the blocks are in the fields of:

          -- Maranon,
          -- Talara,
          -- Titicaca,
          -- Trujillo,
          -- Salaverry, and
          -- Ucayali.

The offers accounted for US$1 billion in exploration investment.  The
signing of the contracts will follow, BNamericas states.

                        *     *     *

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




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


GENERAL MOTORS: Fitch Affirms Issuer Default Rating at B
--------------------------------------------------------
Fitch has affirmed General Motors' Issuer Default Rating at 'B' and
removed the company from Rating Watch Negative (where it was placed on
Nov. 5, 2005) following the ratification of the new UAW contract with
Delphi.  The ratification reduces the risk of any production disruption
from a Delphi work stoppage that could have resulted in rapid and
widespread production shutdowns at GM.  The amount and range of financial
support provided by GM, including absorption of health care and pension
liabilities, worker flowbacks, buyout packages, ongoing wage subsidies and
uncompetitive component prices from Delphi will remain a financial burden
for GM over the intermediate term and slow its ability to reduce supplier
costs.  GM's extensive efforts and financial support to resolve the
situation will now allow GM and the UAW to focus on the issues of the
upcoming contract talks.

The Negative Outlook reflects the continuing pressure on GM's operating
profile from competitive and market factors, and the difficulty that GM
will have in reversing negative cash flows in North America over the near
term. Despite a string of successful product introductions in the pickup
and large SUV segments, GM's price point has continued to trend up while
the market has continued to trend toward smaller vehicles.  Progress in
GM's smaller vehicles has been more limited, and GM maintains production
of a number of products that are experiencing steady volume declines.  A
number of these products are assembled in plants that lack scale, adequate
contribution margins, and competitive cost structures.  Revenues at GM are
expected to come under increased pressure in the second half of 2007 and
into 2008, as higher gas prices and a weak housing market continue to
affect the large vehicle segments.  Healthy volumes of current product
offerings such as the Saturn Aura, Buick Enclave, GMC Acadia, as well as
the pending Chevrolet Malibu and Cadillac CTS, will be challenged to
offset volume declines in more dated products.  Over the intermediate
term, Fitch expects additional restructuring will be required to further
rationalize plant capacity, overlapping products and brands, and
structural costs, given the revenue declines expected through 2008.

Despite savings realized from the hourly-worker buyout program and the
health care agreement with the UAW, GM's North American operations have
been challenged to regain profitability.  Given the company's revenue and
cost pressures through 2008, efficiencies and other cost improvements of
as much as US$5 billion may be needed to stem cash drains at the company's
North American operations.  As a result, any agreement on an independent
health care trust that would take over GM's UAW retiree health care
liabilities will be insufficient to return GM's North American operations
to positive cash flow.  The loss of significant EBITDA from the sale of
Allison Transmission, the costs associated with the Delphi agreement, the
potential reduction in investment income following any health care deal
and further restructuring costs will continue to offset improvements from
recent and ongoing restructuring moves.  GM has made progress in reducing
its fixed cost structure, but a large portion of the savings to date has
come from non-cash expenses, with the cash benefits accruing only over an
extended timeframe.  Over the longer term, re-alignment of the company's
product portfolio, efficiencies from material savings, and lower supply
costs will be necessary to achieve sustainable long-term operating
margins.  From a product perspective, the Detroit 3 appear well-positioned
to maintain their competitive position in the pickup market, and although
it is a shrinking segment, GM is expected to continue its strong
leadership position in the highly profitable large SUV segment.

The upcoming talks will be pivotal in determining GM's ability to
establish a competitive cost structure.  In addition to retiree health
care liabilities and health care for existing workers, labor outsourcing
is expected to be a key focus.  Efforts to reduce job classifications and
loosen work rules could lead to greater opportunities to outsource
non-production jobs to outside labor.  With the extensive buyouts
completed to date and continuing attrition from an aged workforce, the
opportunity to outsource these functions through changes to work rules and
job classifications could lead to an effective multi-tiered wage structure
outside of UAW coverage, similar to what is occurring at Delphi.  Success
in this area could further ratchet down labor and benefit costs over the
long term.  Fitch views the potential for UAW wage reductions for existing
workers as unlikely, given the relative parity of wages versus non-UAW
transplants.

Liquidity at GM remains very strong, and will be further supplemented by
the pending sale of its highly profitable Allison Transmission unit (with
expected proceeds of US$5.6 billion).  The substantial asset sales that
have been completed over the past several years have helped GM to finance
its restructuring program, but have also reduced earnings capacity.  A
strong cash cushion positions GM to seek a resolution to its retiree
health care liabilities, although the cost of any settlement is highly
uncertain.  A settlement could be viewed as positive, by transferring the
risks of health care cost inflation to the UAW (a prerequisite in terms of
GM's ability to finance a settlement).  In the event that an agreement is
reached, however, GM's liquidity would likely be substantially diminished
during a period of restructuring and operating uncertainty and Fitch will
focus on the sufficiency of GM's liquidity and the funding of such an
agreement, if it materializes.  L/T VEBA of US$14.6 billion could reach as
much as 50% of funding requirements.  Liquidity will also benefit from the
runoff of the lease portfolio retained following the sale of a 51%
interest in GMAC, and GM's credit position continues to benefit from its
holdings in GMAC.

In addition, Fitch affirms and removes the following from Rating Watch
Negative:

GM
   -- Senior unsecured debt at 'B-/RR5'
   -- Senior Secured at 'BB/RR1'.

General Motors of Canada

   -- Senior unsecured at 'B-/RR5'.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others. It has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.




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


FORD MOTOR: Adds US$100 Mil. Investment for St. Petersburg Plant
----------------------------------------------------------------
Ford of Europe intends to increase capacity of the St. Petersburg Assembly
Plant and to start building the new Ford Mondeo for the Russian market
under an expansion plan.  The capacity increase would represent an
investment of more than US$100 million, lifting Ford's overall St.
Petersburg investment to over US$330 million.

The announcement coincides with the St. Petersburg Plant's five-year
anniversary, and builds on Ford's leading position in the Russian vehicle
market.  Ford was the first foreign automaker to open its own assembly
plant in Russia and the Ford brand was the Russian market leader among
import brands in 2006.  The Ford Focus has been the best-selling car among
non-Russian brands for four consecutive years.

"The Russian car market has experienced tremendous growth over the last
several years," Ford of Europe President and CEO John Fleming said.  "We
see consumer demand continuing to rise for stylish cars that offer great
driving dynamics –- exactly the type of vehicles Ford offers."

Under the new expansion plan, annual production capacity of the plant is
targeted to rise to 125,000 units in 2009 from the current level of 72,000
units.  The additional capacity would include 25,000 Mondeo units and
28,000 Focus models.  Ford expects to begin production of the new Mondeo
for Russia in late 2008, pending government approvals.

The St. Petersburg plant, which employs 2,200 workers, currently makes the
Focus in all four body styles: 3-door, 4-door, 5-door and wagon versions.
The plant started production in July 2002 with an initial annual capacity
of 25,000 units.

Ford continues to strengthen its sales and market position in Russia.
Through the first half of this year, Ford sales in Russia were 81,782
units, 122% higher than the same period in 2006, when 36,826 vehicles were
sold.  In addition to the Focus, Ford sells the following vehicles in
Russia: Fusion, Fiesta, C-MAX and Mondeo cars; S-MAX and Galaxy MPVs; the
Ranger compact pickup truck; Maverick and Explorer SUVs; and the Transit
and Transit Connect commercial vehicles.

Ford in Russia Timeline:

   * 1907 – First Ford dealer in Russia opens in St. Petersburg,
     four years after Ford Motor Company was started in the U.S.

   * March 1996 – Ford opens sales office in Moscow after six
     years of commercial operations.

   * July 2002 – Ford starts production of the Ford Focus at St.
     Petersburg following initial investment of US$150 million.

   * April 2005 – Ford opens National Parts Distribution Centre
     outside of Moscow to serve Ford, Land Rover and Volvo
     brands.

   * June 2005 – Ford announces plans to increase annual
     capacity at St. Petersburg to 60,000 units starting January
     2006.  Increase brings Ford's total investment to more than
     US$230 million.

   * April 2006 – St. Petersburg plant produces 100,000 Ford
     Focus.

   * December 2006 – Ford dealer network grows to 124 companies
     in 81 cities in Russia.

   * January 2007 – Industry sales figures show Ford is the
     sales leader for foreign brands in 2006.

Ford of Europe is responsible for producing, selling and servicing Ford
brand vehicles in 47 individual markets, including Russia and Turkey.  The
first Ford cars were shipped to Europe in 1903 -- the same year Ford Motor
Company was founded.  Ford of Europe now employs approximately 66,000
people.  In addition to Ford Motor Credit Company, Ford of Europe
operations include Ford Customer Service Division and 22 manufacturing
facilities, including joint ventures.

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

                          *    *    *

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

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


FORD MOTOR: Gerald L. Shaheen Joins Board of Directors
------------------------------------------------------
Ford Motor Company's Board of Directors has elected Gerald L. Shaheen to
become a board member, effective immediately.  Mr. Shaheen is a group
president at Caterpillar Inc. in Peoria, Illinois.

"Gerry is a respected business leader with more than 40 years of service
in a variety of management positions with Caterpillar," said Ford
Executive Chairman Bill Ford.  "He brings a manufacturing and dealer
perspective to Ford's Board of Directors.  We look forward to the
significant contributions he will make in helping Ford to deliver its plan
for automotive leadership and for creating profitable growth for all going
forward."

"I’m both thrilled and honored to be in a leadership position as a Board
member with the Ford Motor Company, one of the truly great American
companies," said Mr. Shaheen.  "I look forward to working with Ford’s
Board of Directors and the leadership team to make this great company even
stronger."

Mr. Shaheen also is a Board member of the Association of Equipment
Manufacturers, a Board member and immediate past chairman of the U.S.
Chamber of Commerce; and a Board member of the National Chamber Foundation
and the Mineral Information Institute, Inc.

He also serves on the Board of Directors for National City Corporation,
where he chairs the Nominating and Board of Directors Governance
Committee, and AGCO Corporation, where he chairs the Compensation
Committee.

In Peoria, Shaheen serves on the Board of Trustees of the National
Multiple Sclerosis Society, Greater Illinois Chapter and Peoria NEXT.

Mr. Shaheen received his bachelor’s degree in business administration from
Bradley University in 1966 and an MBA from Bradley in 1968.  He has served
the University in several capacities, including president of the Alumni
Association and currently as chairman of the Board of Trustees.  He also
completed the Tuck Executive Program at Dartmouth College in 1988.

                      About Ford Motor Co.

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

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

                          *    *    *

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

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


FORD MOTOR: Partners With Edison to Make Hybrid Cars Accessible
---------------------------------------------------------------
Ford Motor Company and Edison International, the electric utility with the
nation’s largest and most advanced electric vehicle fleet are combining
resources to explore ways to make plug-in hybrid vehicles more accessible
to consumers, reduce petroleum-related emissions and improve the
cost-effectiveness of the nation’s electricity grid.

Describing teamwork between their industries as essential to making
progress on energy security and climate change, the heads of Ford and
Edison, the parent company of Southern California Edison, has launched the
nation’s first collaboration to examine the future of PHEVs as part of a
complete vehicle, home and grid energy system.

"The Ford Motor Company team is firmly focused on delivering products
people really want.  This unique partnership with Southern California
Edison will allow us to explore new solutions for our customers’ growing
need for energy conservation," said Ford President and CEO Alan Mulally.
"By combining strengths, ours in hybrid technology, theirs in energy
management, we can consider transportation as part of the broader energy
system and work to unleash the potential of plug-in technology for
consumers."

"The challenges of reducing greenhouse gas emissions and increasing our
nation’s energy security reach across industry boundaries and unite us in
a common cause," said Edison International Chairman and CEO John E.
Bryson.  "Partnerships between automakers such as Ford and electric
utilities such as Edison demonstrate the innovative leadership position
that both companies hold in seeking and finding solutions to global and
consumer problems."

                      New Ford-Edison Vision

Ford and Edison intend to explore many of the potential benefits of
widespread PHEV use, which include enhanced energy security, reduced
greenhouse gas emissions, lower fuel costs and more cost-effective use of
the nation’s electricity grid.

Plug-in hybrid electric vehicle technologies are not yet competitive due
primarily to the high cost of advanced batteries.  Ford and SCE will
explore whether these batteries have other uses that could reduce their
cost to consumers.  For example, a popular vision of plug-in hybrid
automotive technology is the potential for owners to charge their vehicles
in the evening when the cost to produce electricity is low, and then store
and use that energy during peak hours of the day, when electricity costs
are high.  Advanced batteries also could store energy from rooftop solar
panels more efficiently.  The two companies will evaluate and model the
potential economic value of such innovative uses.

Also, batteries currently have no residual value priced into the purchase
cost.  Ford and SCE believe it might be possible to develop a market for
the untapped value present in used plug-in hybrid electric vehicle
batteries at the end of their vehicle life.

Edison’s nationally recognized Electric Vehicle Technical Center in
Pomona, California, is testing advanced battery technologies that could
further enhance the emergence of future energy storage applications in the
utility industry.

                 Ford-Edison Project Components

Ford and Edison intend to undertake a multi-million dollar, multi-year
PHEV evaluation and demonstration program.

Ford will provide SCE with a demonstration fleet of 2008 Ford Escape
Hybrid SUVs that will be benchmarked for performance characteristics.  The
Escape hybrid platform will then be engineered by the Ford product
development team, with a battery company partner yet to be named, to be
fully PHEV capable.

Some of the vehicles will be evaluated in typical customer settings in
order to model overall home and grid values this technology could tap.

Additional project funding may be sought from participants such as the
Electric Power Research Institute, the U.S. Department of Energy, the
California Energy Commission and the South Coast Air Quality Management
District.

Ford will initially work exclusively with SCE to develop the testing
procedures and define its initial demonstration fleet. As Ford’s plug-in
hybrid program grows, the automaker will look for broader participation as
it develops a business model not just for Southern California, but
potentially nationwide. SCE has worked or more than 20 years with all
major automakers and will continue seeking alliances between the two
industries that advance plug-in hybrid technology.

                      About Ford Motor Co.

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

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

                          *    *    *

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

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


FREEPORT-MCMORAN: Cuts Term Debt to US$2.45 Billion at June 30
--------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. reduced its senior secured
term debt from US$4.4 billion at March 31, 2007, to US$2.45 billion at
June 30, 2007, and has refinanced its term debt to achieve interest cost
savings and improved terms.

FCX established a new US$2.45 billion Term Loan A and used the
proceeds to repay fully amounts borrowed under its Term Loan B.
Interest cost savings associated with this transaction approximate 0.75%
per annum.

Richard C. Adkerson, chief executive officer, said, “Since closing the
Phelps Dodge transaction just over three months ago, we have reduced the
balance of our term debt from US$10 billion to US$2.45 billion.  We expect
to continue to generate significant cash flows from our operations, which
would enable us to take steps to enhance shareholder value through
investments in our attractive growth projects, further debt reductions and
cash returns to shareholders.”

As previously reported, in March 2007 FCX raised US$10 billion in senior
secured term loans as part of US$17.5 billion of debt
financing for the Phelps Dodge acquisition.  Immediately after
closing the Phelps Dodge transaction, FCX raised US$5.76 billion of
proceeds from equity financings, which were used, together with subsequent
internally generated cash flow from operations, to repay debt.

Total debt at June 30, 2007, is expected to approximate
US$9.7 billion and consolidated cash is expected to approximate
US$2 billion, compared with US$12.0 billion in total debt and
US$3.1 billion in consolidated cash, at March 31, 2007.

FCX expects to record a charge of about US$31 million to net income in the
third quarter of 2007 for the early extinguishment of the Term B loan.

                      About Freeport-McMoRan

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.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Fitch Ratings upgrades these ratings of Freeport-McMoRan
Copper & Gold Inc.:

  -- 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-'.

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+'.


GENERAL MOTORS: Canadian Arm’s June Sales Drop 6.3% to 42,466
-------------------------------------------------------------
For June 2007, General Motors of Canada dealers delivered a total of
42,466 units, down 6.3% for June 2006.

"June capped off a successful first half of the year for GM with retail
sales up slightly calendar year to date and up 4% during the second
quarter," said Marc Comeau, GM of Canada’s vice-president of sales,
service, and marketing.  "We expect to continue this trend in the second
half of the year as the recently launched GMC Acadia and Buick Enclave
crossovers build momentum and we launch the highly anticipated new
Chevrolet Malibu this fall."

"Saturn continues to be the big news for GM with its second consecutive
record sales month, up 87.5%.  The Sky was up 83% over last June and the
Aura sedan and Outlook crossover continue to sell beyond expectations.
The new 2008 Vue is also creating buzz as it begins to arrive in retail
showrooms," Mr. Comeau added.

                   About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others. It has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                            *    *    *

Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed $1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed $1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the US machinery
and equipment, and special tools of GM and Saturn Corporation.


PETROLEOS DE VENEZUELA: Hires Former Workers of Drill Firms
-----------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said in a
statement that it has employed 85% of the workers who previously worked
for private drill operators.

Business News Americas relates that Petroleos de Venezuela nationalized in
2007 about 46 drills in eastern and western parts of Venezuela.  It
admitted that it had difficulties in absorbing the former workers of
private companies that had been operating them.

Published reports say that drill employees in western Venezuela had
blocked traffic on the Lara-Zulia highway earlier last week, accusing
Petroleos de Venezuela of massive dismissals.

BNamericas notes that Petroleos de Venezuela was able to reach an
agreement with union leaders, putting the protests to an end.

Petroleos de Venezuela denied to BNamericas press accounts of labor
disputes in western parts of Venezuela.  According to the firm, they were
part of a "disinformation campaign" of those who are against the
nationalization of the 46 drills.

Petroleos de Venezuela said in a statement that operations were completely
normal.

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: Hires Brian Ferraioli as Finance Executive VP
---------------------------------------------------------
The Shaw Group Inc. disclosed that Brian K. Ferraioli has accepted an
offer to join the company as an executive vice president, Finance and will
begin work at the end of July.
He will assume the role of chief financial officer before the company
reports its fourth quarter 2007 financial results.  Until that time, Dirk
Wild continues in the role of interim chief financial officer.  Mr.
Ferraioli will relocate to The Shaw Group’s headquarters in Baton Rouge,
La., and report directly to J.M. Bernhard, the company’s chairman,
president
and chief executive officer.

Mr. Ferraioli was vice president and Controller for Foster Wheeler, Ltd.,
since 2002, where he had responsibility for worldwide financial reporting
and internal control functions.  From July 2000 until November 2002, Mr.
Ferraioli served as vice president and chief financial officer of Foster
Wheeler USA Corporation and, from July 1998 to July 2000, he served as
vice president and chief financial officer of Foster Wheeler Power
Systems, Inc.  He implemented all of the company’s Sarbanes-Oxley policies
and procedures and possesses significant Securities and Exchange
Commission reporting expertise from his 28-year tenure in the engineering
and construction industry.

Mr. Ferraioli holds an MBA from Columbia University and a bachelor of
science in Accounting from Seton Hall University.  He is a member of the
American Institute of Certified Public Accountants.

The Shaw Group also announced that Robert L. Belk will assume the role of
executive vice president following the completion of his medical leave.
In his new role, Mr. Belk will continue reporting to Mr. Bernhard and his
responsibilities will include executive sponsorship of significant client,
investor, banking and governmental relationships.

“Mr. Ferraioli brings significant global financial planning, forecasting
and analysis expertise to The Shaw Group at a moment in our history when
our project capabilities continue to expand our domestic and international
wins,” Mr. Bernhard said.  “We also anticipate his considerable Wall
Street credibility will enhance our strong relationships with the analyst
community.

“I also look forward to Bob Belk’s return to the organization,” Bernhard
said. “Bob was instrumental in steering our substantial growth as chief
financial officer and the company will continue to maximize his historical
perspective and the institutional relationships gained during the past few
years.”

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.


SHAW GROUP: Expects to File Restated Financials on July 31
----------------------------------------------------------
The Shaw Group Inc. plans to file its first quarter fiscal 2007 amended
Quarterly Report on Form 10-Q/A for the three months ended Nov. 30, 2006,
and its second quarter fiscal 2007 Form
10-Q for the three months ended Feb. 28, 2007 by July 31, 2007.

Shaw expects its restated first quarter fiscal 2007 results to be a loss
of approximately US$23.8 million after taxes, compared to the previously
reported loss of US$20.3 million after taxes.  The restated loss includes
additional charges of approximately
US$6.5 million, US$3.5 million after taxes, for the increase in estimated
costs of a domestic chemicals industry project, slightly below the
previously estimated range.

For second quarter fiscal 2007, Shaw estimates its financial results to be
a net loss of US$74 million after taxes.  The results primarily consisted
of net charges of approximately US$16 million after taxes for Shaw's
investment in Westinghouse segment; charges of approximately US$24 million
after taxes for the impairment of and charges related to Shaw's investment
in certain military housing privatization projects; plus a US$10 million
accrual for possible additional tax liabilities.

Second quarter results also included charges totaling approximately US$21
million after taxes for the settlement of claims with owners and vendors
and final estimates of revenues and costs for two major domestic EPC
projects, which resolves most major outstanding claims at May 31, 2007.
The balance of charges for the quarter were related to a number of
increased cost accruals on projects, adjustments to revenue estimates,
goodwill impairments, reversal of certain incentive fees, valuations of
other assets, and other items.

Revenues for the second quarter were approximately US$1.2 billion and
approximately US$2.5 billion for the six months ended Feb. 28, 2007.
Operating cash flow for the second quarter was approximately US$23 million
and for the six month period was approximately US$154 million.  Backlog at
Feb. 28, 2007 was approximately US$11.3 billion.

Shaw also reported that it expects to complete preparation of its third
quarter fiscal 2007 financial results and file its third quarter Form 10-Q
for the three months ended May 31, 2007 by Aug. 15, 2007.  Shaw estimates
its third quarter fiscal 2007 net income to be within a range of US$0.30
to US$0.35 per diluted share, which includes losses of approximately US$4
million after taxes or US$0.05 per share for Shaw's investment in
Westinghouse segment.  These estimates include an assumed effective tax
rate of approximately 40% and a preliminary estimate for the value of the
embedded derivative component of the put option for Shaw's investment in
Westinghouse.

Shaw's backlog for the quarter ending May 31, 2007 was approximately
US$13.3 billion, another record backlog for Shaw, reflecting continued
strength in the power generation and chemicals markets.  Estimated
revenues were US$1.6 billion for
third quarter fiscal 2007.  Operating cash flow for the third quarter is
expected to be approximately US$133 million, bringing operating cash flow
for the nine months ended May 31, 2007 to nearly US$300 million.

"Although it is taking longer than we had anticipated to get our financial
reporting filings up-to-date, we continue to be committed to providing
fully transparent, timely and accurate financial information, and we are
working diligently to file the quarterly reports for fiscal 2007 as soon
as possible," Dirk J. Wild, senior vice president, chief accounting
officer and interim chief financial officer of Shaw, said.

"As we continue to experience unprecedented growth, we are all working
extremely hard to improve our financial reporting processes,” J.M.
Bernhard, Jr., chairman, president, and chief executive officer of Shaw,
said.  “We believe we have taken appropriate steps to address concerns
regarding our project estimating process and remedial actions are
underway.  As for the second quarter, while the results are disappointing,
the loss reflects the resolution of a number of open matters, which will
allow us to focus our attention on the historic amount of work we see
ahead."

"Significant projects recently booked by our power and chemicals groups
have resulted in another record backlog of US$13.3 billion for the quarter
ending May 31, 2007,” Mr. Bernhard continued.  “We continued to have
strong cash collections in the third quarter, and now have nearly US$300
million in operating cash flow for the nine-month period.  With the
continued strength in our core markets, we look forward to reporting
improved operating results in the future."

Shaw also reported that it expects to obtain appropriate waivers under its
bank credit agreement with respect to covenants related to the delinquent
SEC filings.

Shaw has not completed its final review or final financial statements and
SEC filings have not been made as of this date for the first, second and
third quarters of fiscal 2007.

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.


* BOND PRICING: For the Week July 9 to July 13, 2007
----------------------------------------------------

Issuer                 Coupon   Maturity   Currency   Price
------                 ------   --------   --------   -----

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      75.00
Arg Boden               2.000    9/30/08     ARS      42.71
Argent-Par              0.630   12/31/38     ARS      52.98

CAYMAN ISLANDS
--------------
Vontobel Cayman        10.300   10/25/07     CHF      61.85
Vontobel Cayman        13.150   10/25/07     EUR      57.95
Vontobel Cayman        10.400   12/28/07     CHF      67.75
Vontobel Cayman        10.700   12/28/07     CFH      56.15
Vontobel Cayman        11.400   12/28/07     CFH      45.80
Vontobel Cayman        11.650   12/28/07     CHF      66.55
Vontobel Cayman        11.850   12/28/07     CHF      64.35
Vontobel Cayman        13.050   12/28/07     EUR      71.90
Vontobel Cayman        13.350   12/28/07     EUR      61.75
Vontobel Cayman        13.450   12/28/07     CHF      64.35
Vontobel Cayman        14.900   12/28/07     CHF      50.20
Vontobel Cayman        16.000   12/28/07     EUR      40.65
Vontobel Cayman        16.800   12/28/07     CHF      50.00
Vontobel Cayman        17.700   12/28/07     EUR      71.90
Vontobel Cayman        22.850   12/28/07     CHF      35.95
Vontobel Cayman         9.200     2/4/08     CHF      65.15
Vontobel Cayman        13.500    2/22/08     CHF      71.70

PUERTO RICO
-----------
Puerto Rico Cons        5.900    4/15/34     US       75.00

VENEZUELA
---------
Petroleos de Ven        5.375    4/12/27     US       67.00
Petroleos de Ven        5.500    4/12/37     US       64.75


                        ***********


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.


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