TCRLA_Public/070717.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

            Tuesday, July 17, 2007, Vol. 8, Issue 140

                          Headlines

A R G E N T I N A

ARINC INC: Carlyle Agreement Cues Moody's to Review Ratings
ARINC INC: Company Sale Cues S&P to Revise Watch to Negative
BIOMET INC: LVB Acquisition Completes Tender Offer for Shares
CASSANO DESING: Seeks Bankruptcy Approval from Court
DELTA AIR: Fitch Puts Issuer Default Rating at B

MICROCOMP SA: Seeks for Reorganization OK in Buenos Aires Court
NEUQUEN PRODUCE: Seeks for Reorganization Approval

* ARGENTINA: Restores NatGas Exports to Chile


B A H A M A S

WINN-DIXIE STORES: Hires Dan Portnoy as Senior Vice-President
WINN-DIXIE STORES: Lawsuit Still Stayed Pending Bankruptcy Exit


B A R B A D O S

HILTON HOTELS: Faces Suit in Del. Over US$20B Sale to Blackstone


B E R M U D A

BMS ALPHA: Final General Meeting Is Set for July 24


B O L I V I A

INTERNATIONAL PAPER: Selects Tim Nicholls as CFO & Senior VP

* BOLIVIA: Forms Senarecom To Control Mineral & Metal Trade
* BOLIVIA: Seeks Foreign Investments in Oil Sector
* BOLIVIA: State Firm Opens Liquids Separation Plant Data Room


B R A Z I L

CYRELA BRAZIL: Fitch Assigns BB Rating on BRL500-Million Notes
CYRELA BRAZIL: S&P Places BB Rating on BRL500-Million Notes
FORD MOTOR: Investing US$100MM to Boost Russian Assembly Plant
HEXCEL CORP: Jeffrey Graves Joins Board of Directors
MRS LOGISTICA: Transporting Up to 1MM Tons of Pig Iron in 2007

RHODIA SA: Will Record EUR30 Million Cost for 2Q 2007 Bad Debts

* BRAZIL: Sao Paulo Launches Landfill Location Studies


C A Y M A N   I S L A N D S

ACORN ALTERNATIVE: Sets Final Shareholders Meeting for Aug. 17
ADC INT'L: Will Hold Final Shareholders Meeting on Sept. 19
ADC INTERNATIONAL: Proofs of Claim Filing Is Until Sept. 19
AMMC CDO: Will Hold Final Shareholders Meeting on Aug. 23
ASAP FUNDING: Sets Final Shareholders Meeting for Sept. 20

ASIAN FUNDING: Will Hold Final Shareholders Meeting on Sept. 10
ASPECT CURRENCY: Sets Final Shareholders Meeting for Sept. 20
ASPECT TRADING: Will Hold Final Shareholders Meeting on Sept. 20
BRITANNIC WORLD: Proofs of Claim Filing Is Until Aug. 20
BRITANNIC WORLD: Proofs of Claim Must be Filed by Aug. 20

CHESHIRE FINANCE: Sets Final Shareholders Meeting for Sept. 20
CORSAIR II: Will Hold Final Shareholders Meeting on Aug. 15
DRAGON MBS: Sets Final Shareholders Meeting for Sept. 20
EUREKA INTERACTIVE: Proofs of Claim Filing Is Until Aug. 31
HFT REAL: Sets Final Shareholders Meeting for Sept. 20

MECKLENBERGH INVESTMENT: Proofs of Claim Filing Ends on Aug. 20
MORGAN STANLEY: Will Hold Final Shareholders Meeting on Sept. 20


C O L O M B I A

BANCOLOMBIA: Criminal Investigation Against Officers Continues
CASCADES INC: Moody's Rates CND$100 Mil. Credit Facility at Ba3
SOLUTIA INC: Files Second Amended Plan & Disclosure Statement
SOLUTIA INC: Wants Court Nod on Hal Wallach as HR Senior VP

* COLOMBIA: President Asks Officials To Ink Port Dev't Contracts


C O S T A  R I C A

ALCATEL-LUCENT: To Publish 2nd Quarter Results on July 31


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Julio Ortega Tous Testifies in Court

* DOMINICAN REPUBLIC: Transport Unions Call for Lesser Taxes


E C U A D O R
PETROECUADOR: Launches Assets & Installations Insurance Tender
PETROECUADOR: Manabi Plant Construction Will Take Up to 4 Years


J A M A I C A

DIGICEL GROUP: Hires Mark Linehan as New CEO for Guyana Unit


M E X I C O

CABLEMAS: Televisa Must Share Free Channels, Antitrust Says
DURA AUTOMOTIVE: Files Plan Term Sheet & Backstop Agreement
MAXCOM TELECOMUNICACIONES: Files Complaint Against Televisa
ODYSSEY RE: Secures US$200 Million Credit Facility
RIO VISTA: Makes Quarterly Distribution of US$0.25 Per Unit

RIO VISTA: Will Acquire Interests in Oil Producing Properties
SR TELECOM: Inks Pact with Lenders for New US$45-Million Loan


G U A  T E M A L A

IMAX CORP: Cede & Co. Issues Default Notice Under Sr. Indenture
IMAX CORP: Default Notice Prompts S&P to Junk Ratings


P A N A M A

* PANAMA: Asks U.S. Congress to Ratify Free Trade Deal


P E R U

NUTRO PRODUCTS: Notes Redemption Cues S&P to Withdraw Ratings

* PERU: Perupetro To Explore Block 127 with Loon Energy


T R I N I D A D   &   T O B A G O

MIRANT CORP: Unit to Pay US$11 Mil. to Resolve Criminal Charges


U R U G U A Y

PAN AMERICAN: Inks US$550-Million Loan Deal with IFC

* URUGUAY: State Insurer Earns UYU72.1MM in First Quarter 2007


V E N E Z U E L A

CITGO PETROLEUM: Court Dismisses Two Federal Counts Against Firm
PETROLEOS DE VENEZUELA: Takes in Over 700 Private Firm Employees
* VENEZUELA: Continues Talks with ExxonMobil & ConocoPhillips
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ARINC INC: Carlyle Agreement Cues Moody's to Review Ratings
-----------------------------------------------------------
Moody's Investors Service is reviewing the ratings of Arinc for
possible downgrade in response to the announcement that the
Carlyle Group entered into an agreement to purchase Arinc
Incorporated from the consortium of airlines.  Arinc has a
Corporate Family Rating of Ba3.

Moody's review will focus on the impact the proposed transaction
will have on the entity's future capital structure, financial
strategy and credit metrics.  The review will also assess the
degree to which the company's operating strategy will be able to
sustain earnings, cash flow generation and liquidity to support
the new capital structure, which may be comprised of
significantly more debt.  The current debt is primarily composed
of bank debt -- a revolving line of credit and a term loan B.
Moody's expects that Arinc's existing bank credit facility will
be repaid upon close.  If the bank debt is redeemed in its
entirety, Moody's will withdraw all ratings at the close of the
transaction, expected late in the third quarter.

On review for possible downgrade:

Issuer: Arinc Incorporated

   -- Probability of Default Rating, placed on review for
      possible downgrade, currently Ba3

   -- Corporate Family Rating, placed on review for possible
      downgrade, currently Ba3

   -- Senior Secured Bank Credit Facility, placed on review for
      possible downgrade, currently 48 - LGD3

Outlook Actions:

Issuer: Arinc Incorporated

   -- Outlook, changed to rating under review from stable

Annapolis, Maryland-based, ARINC Inc. -- http//www.arinc.com/ --
provides communications and IT services to the global aviation
industry and the U.S. military and other government agencies.

The company has locations in Argentina, Germany, Spain, China, Japan,
Taiwan, Thailand and Singapore, among others.


ARINC INC: Company Sale Cues S&P to Revise Watch to Negative
------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch implications on
the 'BB' corporate credit rating and other ratings on ARINC Inc. to
negative from developing.

"The revision follows the announcement that ARINC will be sold to the
Carlyle Group," said Standard & Poor's credit analyst Christopher
DeNicolo.  Although the financial terms were not disclosed, the positive
scenario of an IPO or minority equity investment is no longer possible and
leverage could increase.  The transaction is subject to customary
regulatory approvals and is expected to close in the third quarter of
2007.  ARINC is currently owned primarily by several large U.S. airlines.
Ratings could be withdrawn if rated debt is repaid.

Annapolis, Maryland-based ARINC is a leading provider of mission-critical
communications and IT services to the global aviation industry (40%-45% of
revenues) and engineering services to the U.S. military and other
government agencies (55%-60%).  ARINC networks carry more than half of all
air-ground messages in the world between commercial aircraft and airline
operations centers.  Other commercial transportation products include
airport check-in and boarding systems, flight display and information
systems, commuter rail control and information systems, and mobile private
digital networks and ground communications systems.  ARINC is granted the
exclusive right by the FCC to manage and license the radio frequencies
used by the airlines.  This function has been transferred to a separate
legal entity that will continue to be owned by the U.S. airlines.

The company has operations in Argentina, Germany, Spain, China, Japan,
Taiwan, Thailand and Singapore, among others.


BIOMET INC: LVB Acquisition Completes Tender Offer for Shares
-------------------------------------------------------------
LVB Acquisition LLC and LVB Acquisition Merger Sub Inc. completed a tender
offer for all outstanding common shares of Biomet Inc.  LVB Acquisition
LLC and LVB Acquisition Merger Sub Inc. are indirectly owned by investment
partnerships directly or indirectly advised or managed by The Blackstone
Group, Goldman, Sachs & Co., Kohlberg Kravis Roberts & Co. and TPG.  The
tender offer expired, as scheduled, at 12 midnight, New York City time, on
July 11, 2007.

The depositary for the offer has advised that, as of the expiration of the
offer, a total of about 203,573,642 Biomet shares were validly tendered
and not withdrawn in the offer, representing about 82.85% of Biomet's
outstanding shares.  LVB
Acquisition Merger Sub Inc. has accepted for payment all Biomet shares
that were validly tendered in the offer.

Pursuant to the terms of the previously announced merger agreement, LVB
Acquisition LLC and LVB Acquisition Merger Sub Inc. expect to effect a
merger of LVB Acquisition Merger Sub Inc. with and into Biomet.

In the merger, LVB Acquisition LLC and LVB Acquisition Merger Sub Inc.
will acquire all other Biomet shares at the same $46 per share price,
without interest and less any required withholding taxes, that was paid in
the tender offer.

As a result of the merger, Biomet will become a wholly owned subsidiary of
LVB Acquisition LLC.  LVB Acquisition LLC and LVB
Acquisition Merger Sub Inc. intend to complete the merger as soon as
practicable following the satisfaction of the conditions in their merger
agreement with Biomet.

                   About The Blackstone Group

The Blackstone Group -- http://www.blackstone.com/-- is a global
alternative asset manager and provider of financial advisory services.
The Blackstone Group is an independent alternative asset managers in the
world. Its alternative asset management businesses include the management
of corporate private equity funds, real estate opportunity funds, funds of
hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds
and closed-end mutual funds.  The Blackstone Group also provides various
financial advisory services, including mergers and acquisitions advisory,
restructuring and reorganization advisory and fund placement services.

                    About Goldman Sachs & Co.

Founded in 1869, Goldman Sachs is one of the oldest and largest investment
banking firms.  Goldman Sachs is also a global leader in private corporate
equity and mezzanine investing.  Established in 1991, the GS Capital
Partners Funds are part of the firm's Principal Investment Area in the
Merchant Banking Division, which has formed 13 investment vehicles
aggregating US$56 billion of capital to date.

                   About Kohlberg Kravis Roberts

Kohlberg Kravis Roberts & Co. is one of the world's oldest and most
experienced private equity firm specializing in management buyouts.
Founded in 1976, it has offices in New York, Menlo Park, London, Paris,
Hong Kong, and Tokyo.  Throughout its history, KKR has brought a long-term
investment approach to its portfolio companies, focusing on working in
partnership with management teams and investing for future competitiveness
and growth. Over the past 30 years, KKR has completed over 150
transactions with a total value of over US$294 billion.

                            About TPG

TPG -- http://www.tpg.com/-- is a private investment partnership that was
founded in 1992 and currently has more than US$30 billion of assets under
management.  With offices in San Francisco, London, Hong Kong, New York,
Minneapolis, Fort Worth, Melbourne, Menlo Park, Moscow, Mumbai, Shanghai,
Singapore and Tokyo, TPG has extensive experience with global public and
private investments executed through leveraged buyouts, recapitalizations,
spinouts, joint ventures and restructurings.  TPG's investments span a
variety of industries including healthcare, retail/consumer, airlines,
media and communications, industrials, technology and financial services.

                          About Biomet

Based in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and its subsidiaries
design, manufacture, and market products used primarily by musculoskeletal
medical specialists in both surgical and non-surgical therapy.  Biomet and
its subsidiaries currently distribute products in more than 100 countries,
including the Netherlands, Argentina and Korea.

Biomet Inc. and its subsidiaries design, manufacture, and market products
used primarily by musculoskeletal medical specialists in both surgical and
non-surgical therapy.  Biomet's product portfolio encompasses
reconstructive products, fixation products, spinal products, and other
products.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Moody's Investors Service confirmed the provisional ratings
of Biomet Inc. ((P)B2 Corporate Family Rating.)

The confirmation is based on Moody's expectation that the consortium of
equity sponsors will finance the incremental purchase price (US$500
million) with common stock.  The rating action assumes that the company
will not use incremental debt - including draws on its revolving credit
facility - to fund a dividend in conjunction with this incremental
purchase price.  The rating outlook was negative.  This concludes Moody's
rating review that was initiated on June 7, 2007.


CASSANO DESING: Seeks Bankruptcy Approval from Court
----------------------------------------------------
The National Commercial Court of First Instance No. 6 in Buenos Aires is
studying the merits of Cassano Desing S.A.'s request to enter bankruptcy
protection.

Cassano Desing filed a "Quiebra Decretada" petition following cessation of
debt payments.

The petition, once approved by the court, will transfer control of the
company's assets to a court-appointed trustee who will supervise the
liquidation proceedings.

Clerk No. 12 assists the court on this case.

The debtor can be reached at:

         Cassano Desing S.A.
         Guido 1919
         Buenos Aires, Argentina


DELTA AIR: Fitch Puts Issuer Default Rating at B
------------------------------------------------
Fitch Ratings has initiated coverage of Delta Air Lines, Inc. (NYSE: DAL)
with the assignment of these debt ratings.

    -- Issuer Default Rating 'B';
    -- First-lien senior secured credit facilities 'BB/RR1';
    -- Second-lien secured credit facility (Term Loan B)
       'B/RR4'.

The issue ratings apply to US$2.5 billion of committed credit facilities.
The Rating Outlook is Stable.

The new ratings for Delta reflect progress made toward balance sheet
repair, operating cost reduction and route network re-alignment during the
carrier's Chapter 11 bankruptcy reorganization.  DAL emerged from Chapter
11 on April 30 with a substantially improved operating profile after
non-fuel unit operating costs were cut by approximately 25% through the
bankruptcy restructuring.  In addition, the carrier's balance sheet has
been strengthened by the reduction of over $9 billion in lease-adjusted
debt and the rejection, return or sale of over 180 aircraft in bankruptcy.
Moreover, DAL has taken steps to address a long-standing revenue problem
by cutting under-performing domestic routes and re-deploying long-haul
aircraft
such as the Boeing 767 to international markets that continue to generate
better returns.

The 'B' IDR reflects the high levels of debt and lease obligations that
remain in DAL's capital structure even after the restructuring, reduced
but still heavy cash obligations over the next several years and the
company's exposure to demand and fuel price shocks in an industry that
remains highly vulnerable to changes in the macroeconomic environment.
DAL's restructuring efforts have clearly paid off in delivering
dramatically improved margins and free cash flow generation potential.
However, the carrier will be hard pressed to meet its exit plan cash flow
levels if domestic revenue weakness extends into 2008 or if jet fuel
prices spike higher.  High growth rates in overseas markets may limit
international unit revenue improvement this year, slowing DAL's progress
in reducing the size of the revenue per available seat mile gap with the
rest of the U.S. legacy carriers.

DAL's liquidity position has been greatly improved not only by stronger
operating cash flow generation but also by the arrangement of US$2.5
billion in secured credit facilities, the termination of the pilot defined
benefit pension plan and reduced debt maturities through the end of the
decade.  With approximately US$4.2 billion of cash and available revolver
capacity at June 30, DAL is clearly in a better position to weather
event-driven shocks and swings in operating performance that frequently
undermine U.S. airline cash flow.

DAL's post-reorganization capital structure has been streamlined as a
result of pre-petition debt and lease rejection in Chapter 11.  Recovery
expectations for the first-lien revolver and term loan are superior to
those of the second lien term loan. Recovery expectations for first-lien
lenders are excellent, reflecting a deep collateral pool consisting of
aircraft, engines, spare parts and other assets, as well as a tight
covenant package protecting lenders via fixed charge coverage, minimum
liquidity and collateral coverage tests.  Taking into account the credit
facilities, aircraft-backed EETC obligations and private mortgage
agreements, DAL has virtually no unencumbered assets remaining to support
additional borrowing in the future.  However, secured financing for firm
aircraft deliveries (including Boeing 777-200s, Boeing 737 NGs and CRJ-900
regional jets) is likely to be readily available.

DAL's 19-month reorganization under Chapter 11 protection allowed the
carrier to tackle the key issues that brought on the liquidity crisis in
2005.  DAL had an operating cost structure that was unsustainable in light
of the sharp reduction in industry fares and unit revenue that occurred
after 2001.  Notably, pilot costs were the highest among U.S. legacy
carriers prior to the filing and the massively under-funded pilot defined
benefit pension plan was placing increasing pressure on the airline to
direct cash away from operating activities.  Moreover, Delta's fundamental
network problem (over-sized aircraft serving highly competitive
north-south markets in the East) had to be addressed in order to drive
RASM closer to the industry average.

The reorganization in bankruptcy gave DAL the tools to address its largest
cost problem by establishing competitive labor contracts to push wages and
benefit levels down to the low end of the legacy carrier group.  The pilot
DB plan was terminated and turned over to the PBGC, which received stock
in the reorganized DAL as part of the settlement.  In addition, DAL's
fleet was right-sized through the rejection of aircraft, reducing the size
of the airline's fleet and forcing out older, less fuel-efficient aircraft
and allowing a redeployment of capacity to more attractive international
routes.

Fuel and RASM trends will be decisive in determining whether or not DAL
can meet the goals outlined in its post-exit business plan. Since March,
industry RASM trends have softened in response to slower U.S. economic
growth, demand elasticity in a higher-fare environment and modest industry
capacity growth (3%-4%).  To the extent that DAL has already responded to
the domestic revenue challenge by moving capacity overseas, it will feel
less pressure this summer as domestic yields and RASM grow more sluggishly
or even decline.  However, base case assumptions of low single digit RASM
growth in 2008 may prove unrealistic if demand cools further in a soft
U.S. economic scenario.  With respect to fuel, crude prices in the
US$70-75 per barrel range and current jet fuel prices above US$2.20 per
gallon are somewhat higher than DAL's reorganization plan assumptions.
With only modest fuel hedging in place for the remainder of 2007 and 2008,
a major run-up in energy prices could absorb much of the free cash flow
projected in the post-exit financial turnaround plan, which would slow
progress toward further balance sheet repair.

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.

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.


MICROCOMP SA: Seeks for Reorganization OK in Buenos Aires Court
---------------------------------------------------------------
Microcomp S.A. has requested for reorganization approval after failing to
pay its liabilities since June 30, 2007.

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

The case is pending in the National Commercial Court of First Instance No.
12 in Buenos Aires.  Clekr No. 23 is assisting the court.

The debtor can be reached at:

          Microcomp S.A.
          Donado 2544
          Buenos Aires, Argentina


NEUQUEN PRODUCE: Seeks for Reorganization Approval
--------------------------------------------------
Neuquen Produce S.A. has requested for reorganization approval after
failing to pay its liabilities since June 27, 2007.

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

The case is pending in the National Commercial Court of First Instance No.
2 in Buenos Aires.  Clekr No. 3 is assisting the court.

The debtor can be reached at:

          Neuquen Produce S.A.
          Anchorena 672
          Buenos Aires, Argentina


* ARGENTINA: Restores NatGas Exports to Chile
---------------------------------------------
Argentina will resume natural gas exports to Chile, the Chilean energy
commission Comision Nacional de Energia said in a statement.

Business News Americas relates that a "wave of cold air" boosted demand
for electricity and natural gas in Argentina.  This led to "frequent
supply disruptions to Chile."

According to BNamericas, Argentina agreed on July 13, 2007, to export one
million cubic meters of natural gas through the trans-Andean Gas Andes
pipeline, which was enough to satisfy the demand in Chile's central zone.

Argentina has authorized one million cubic meters to be exported on July
14, 2007.  Chile gets up to 1.5 million cubic meters per day of natural
gas from Argentina, BNamericas 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 A H A M A S
=============


WINN-DIXIE STORES: Hires Dan Portnoy as Senior Vice-President
-------------------------------------------------------------
Winn-Dixie Stores, Inc., has hired Dan Portnoy as its senior vice
president and chief merchandising and marketing officer, in
connection with its realignment of its merchandising and marketing
departments.

Mr. Portnoy, who is set to join the company in mid-July, will be
responsible for leading the merchandising and marketing efforts of the
521-store chain which emerged from Chapter 11 bankruptcy
protection late last year.

Mr. Portnoy most recently served as president and chief executive officer
of Kings Super Markets in Parsipanny, New Jersey.  Prior to that, he was
senior vice president of Cott Corporation, the world's largest retailer
branded manufacturer.  He has also held numerous executive level positions
with companies such as Daymon Worldwide, American Stores, The Food
Emporium and Great Atlantic & Pacific Tea Company.

"Dan brings with him more than 30 years of experience in the food industry
on both the retail and manufacturing sides," said Peter Lynch, president,
CEO and chairman of the board for Winn-Dixie.  "Aligning our merchandising
and marketing departments under his leadership will allow us to strengthen
both of those functions and provide the framework to build a stronger and
more competitive company."

A native of Boston, Portnoy received his M.B.A. in Marketing and
Consumer Research from Bernard M. Baruch College, City University of New
York, and holds a B.S. in finance from Babson College in Wellesley,
Massachusetts.

Tom Robbins, who has served as Winn-Dixie's senior vice president of
merchandising since 2005, will be retiring.

"As a member of our senior management team, Tom has helped to
guide our Company through very difficult times and to lay the
groundwork for returning Winn-Dixie to profitability," said Lynch.  "The
support that he provided to me personally during this time was invaluable
and he will continue his support to Dan and all of us for the next couple
of months as we transition his role."

Dave Henry will continue to serve as the senior vice president of
marketing reporting directly to Mr. Portnoy.

                         About Winn-Dixie

Based in Jacksonville, Florida, Winn-Dixie Stores Inc. (Nasdaq:
WINN) -- http://www.winn-dixie.com/-- is one of the nation's
largest food retailers.  The company operates 527 stores in
Florida, Alabama, Louisiana, Georgia, and Mississippi.  The
Company, along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through
05-03840).

D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and
Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King & Spalding
LLP, represent the Debtors in their restructuring
efforts.  Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.

When the Debtors filed for protection from their creditors, they
listed US$2,235,557,000 in total assets and US$1,870,785,000 in total
debts.  The Honorable Jerry A. Funk confirmed Winn-Dixie's Joint Plan of
Reorganization on Nov. 9, 2006.  Winn-Dixie emerged from bankruptcy on
Nov. 21, 2006.


WINN-DIXIE STORES: Lawsuit Still Stayed Pending Bankruptcy Exit
---------------------------------------------------------------
A lawsuit pending in the U.S. District Court for the Middle District of
Florida against Winn-Dixie Stores, Inc., remains stayed pending the
conclusion of the company's Chapter 11 bankruptcy proceeding.

In February 2004, several putative class actions were filed in the U.S.
District Court for the Middle District of Florida against the Company and
certain present and former executive officers alleging claims under the
federal securities laws.

In March and April 2004, three other putative class actions were filed in
the District Court against the Company and certain present and former
executive officers and employees of the Company alleging claims under the
Employee Retirement Income Security Act of 1974, as amended related to the
Company’s
Profit Sharing/401(k) Plan.

By separate court orders, both the securities laws claims and the ERISA
claims were consolidated and were to proceed as separate, single actions.
The consolidated complaint has not yet been filed in either action.

As a result of the Company’s Chapter 11 filing, the automatic stay
prevented the plaintiffs in these class action lawsuits from proceeding
against the Company.

Any such claims against the Company were subordinated under the Plan
pursuant to the provisions of 11 U.S.C. Section 510(b) and were treated in
the same manner as the Company’s existing shares, which were cancelled
without any distribution, and such claims were discharged as against the
Company.  The discharge injunction imposed by the Plan will protect the
Company from the
assertion of these claims in the future.

As to the individual co-defendants, on May 10, 2005, the District Court
entered an order staying both lawsuits as to all parties and all issues in
light of the Company’s Chapter 11 filing.

Both lawsuits and the claims asserted against the individual co-defendants
remain pending, according to the company’s
May 14, 2007 Form 10-Q filing with the U.S. Securities and Exchange
Commission.

The ERISA suit is "In re: Winn-Dixie Stores, Inc. ERISA Litigation, Case
No. 3:04-cv-00194-HES-MCR," filed in the U.S.
District Court for the Middle District of Florida under Judge
Harvey E. Schlesinger.

Plaintiff firms in this litigation are:

         Murray, Frank & Sailer, LLP
         275 Madison Ave., Suite 801
         New York, NY 10016
         Phone: 212/682-1818

              -- and --

         Emerson Poynter LLP
         2228 Cottondale Ln., Suite 100
         Little Rock, AR 72202-2037
         Phone: 501/907-2555

Representing the defendants in both litigation are:

         King & Spalding LLP
         191 Peachtree St., Suite 4900
         Atlanta, GA 30303-1763
         Phone: 404/572-4600

              -- and --

         Liles, Gavin, Costantino & Murphy
         225 Water St., Suite 1500
         Jacksonville, FL 32202
         Phone: 904/634-1100
         Fax: 904/634-1234




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


HILTON HOTELS: Faces Suit in Del. Over US$20B Sale to Blackstone
----------------------------------------------------------------
A shareholder is suing Hilton Hotels Corp. saying a
US$20 billion agreement to sell the company to Blackstone Group LP was
inadequate, reports say.

Stockholder David B. Shaev filed his complaint in Delaware Chancery Court.

The complaint asks the court in Wilmington to grant the lawsuit
class-action status and stop the sale, or, if the sale goes through, hold
a trial to determine how much more Hilton should be forced to pay
shareholders.  It was prepared by the New York law firm Hardwood Feffer
and the Wilmington firm Rigrodsky & Long, P.A.

Rigrodsky & Long, P.A. can be reached at http://www.rigrodskylong.com/

As reported in the TCR-Europe on July 6, 2007, Hilton Hotels entered into
a definitive merger agreement with The Blackstone Group's real estate and
corporate private equity funds in an all-cash transaction valued at around
US$26 billion.

Under the terms of the agreement, Blackstone will acquire all the
outstanding common stock of Hilton for US$47.50 per share.  The price
represents a premium of 40% over yesterday's closing stock price.

Hilton's Board of Directors approved the transaction on July 3, 2007.  It
is anticipated that the transaction will close during the fourth quarter
of 2007; completion is subject to the approval of Hilton's shareholders,
as well as other customary closing conditions.  A special shareholders
meeting will be scheduled at a later date.

                      About Hilton Hotels

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

                          *     *     *

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

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

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





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


BMS ALPHA: Final General Meeting Is Set for July 24
---------------------------------------------------
BMS Alpha Bermuda Manufacturing Finance Ltd.'s final general
meeting will be at 9:00 a.m. on July 24, 2007, or as soon as
possible, at the liquidator's place of business.

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

The liquidator can be reached at:

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




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


INTERNATIONAL PAPER: Selects Tim Nicholls as CFO & Senior VP
------------------------------------------------------------
International Paper Co. has elected Timothy S. Nicholls as its senior vice
president and chief financial officer, effective Dec. 1, 2007.

"Tim's global business, finance and operations experience make him an
excellent choice to be our next CFO," said International Paper Chairman
and Chief Executive Officer John Faraci.  "He will be a strong addition to
our leadership team as we continue to execute our transformation plan."

Mr. Nicholls is currently vice president and executive project leader on
special assignment related to the company's potential joint venture with
Russian pulp and paper company, Ilim Pulp.  He has also served as vice
president and chief financial officer of the company's European
operations, based in Brussels, Belgium, and as president of the company's
former Canadian pulp and wood products business.

Mr. Nicholls began his career in the paper industry with Union Camp
Corporation in 1991, where he held positions in finance, business
management, and planning and development in both U.S. and non-U.S.
packaging operations.  When International Paper acquired Union Camp in
1999, he became general manager of the emerging markets segment of the
combined company's corrugated packaging business and later became director
of finance and planning for the industrial packaging sector.

Mr. Nicholls earned his Bachelor's degree in Business Administration from
the University of South Carolina in Spartanburg, and has an MBA from the
University of Georgia in Athens.

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.


* BOLIVIA: Forms Senarecom To Control Mineral & Metal Trade
-----------------------------------------------------------
A Bolivian mining ministry spokesperson told Business News Americas that
the government has created Senarecom, a national registry and control
service for mineral and metal trade, to run the marketing of tin in
Bolivia.

Ministry spokesperson Alfredo Zaconeta commented to BNamericas, "Besides
providing more control over movement of the mineral, it establishes that
Vinto will be the only company able to treat tin concentrates in the
country."

According to BNamericas, Mr. Zaconeta said that the government decided to
form the regulator when the Colquiri mine, Swiss company Glencore's unit,
stopped selling tin concentrates to the Vinto metallurgical complex.

BNamericas notes that Vinto has been receiving 90% of its supply from the
Huanuni mining firm and 10% from some independent cooperatives.

Mr. Zaconeta told BNamericas that Senarecom will supervise all trading
firms and the buying and selling of tin.  He said, "It will have to
monitor everything that is being produced."  With the measure, the
Bolivian government wants to optimize Huanuni's production "since mineral
theft each month comes to nearly US$2 million."  According to the
spokesperson, that situation "stymies reliable production figures so the
new organization will take stock of production from the mine to the moment
the tin is exported."

BNamericas relates that the government wants to increase the mining areas
of Santa Elena and Machacamarca "so they can treat more mineral."

Mr. Zaconeta told BNamericas that the areas process up to 700 tons per
day.  The expansion plan is to process some 1,000 tons per day at Santa
Elena and 200 tons per day at Machacamarca, "for a total for 1,200 tons,
which is exactly what the government is shooting for: to treat more ore."

The Huanuni mine resumed operations after halting operations since July 2,
2007, when workers launched protests to demand that a decree to transfer
control of the district's Posokoni tin deposit to state-run mining firm
Comibol become law, BNamericas states.

                      *     *     *

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


* BOLIVIA: Seeks Foreign Investments in Oil Sector
--------------------------------------------------
The Bolivian government is looking for new investments in its oil industry
14 months after it declared the nationalization of the sector.  On May 1,
2006, President Evo Morales issued a decree that orders the transfer of
control on oil fields to the government from multinationals.  The move has
stunted investments and caused several foreign oil majors to leave the
country and turn over their operations to the government.

The nationalization has caused tension between Bolivia and its biggest oil
consumer, Petroleos Brasileiro SA.  This resulted to Petrobras' selling of
its two plants in the country.

Bolivian Energy Minister Carlos Villegas has disclosed that he spent the
past couple of weeks to talk business with foreign companies like
Petrobras in order to reduce "obstacles" to investments, Bill Faries and
Jeb Blount at Bloomberg News reports.

According to Bloomberg, natural gas exploration and production investments
has plunged in the wake of the 2006 nationalization and contract
revisions.  Without new sources of gas, Argentina, Chile and Brazil,
Bolivia's biggest gas customer, face a growing prospect of energy
shortages and rationing, the same report adds.

Bolivia's US$1.5 billion oil and gas contract with state oil firm
Petroleos de Venezuela SA, inked last year, has not materialized yet.

                      *     *     *

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


* BOLIVIA: State Firm Opens Liquids Separation Plant Data Room
--------------------------------------------------------------
Bolivian state-run oil firm Yacimientos Petroliferos Fiscales Bolivianos
said in a statement that it has opened a data room for a US$450-million
liquids separation plant in the "lead-up to the Aug. 3 bidding launch of
basic plant engineering."

Business News Americas relates that the plant is part of the
Argentine-Bolivian US$2-billion bilateral gas pipeline project.  Bidding
for the project was launched in June 2007.

According to BNamericas, the pipeline will have capacity to transport
about 27.7 million cubic meters per day of natural gas to Argentina.  It
will benefit these provinces that lack gas services:

          -- Chaco,
          -- Corrientes,
          -- Formosa,
          -- Santa Fe, and
          -- Missiones.

BNamericas notes that Argentina's stretch of the pipeline will be 1,500
kilometers long, while Bolivia's will be 90 kilometers.

The pipeline will be able to transport eight million cubic meters per day
to Argentina's national network by the end of 2008.  The pipeline would be
completed by 2010, BNamericas states.

                         *     *     *

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: Fitch Assigns BB Rating on BRL500-Million Notes
--------------------------------------------------------------
Fitch Ratings has assigned a Foreign and Local Currency Issuer Default
Rating 'BB' to Cyrela Brazil Realty S.A. Empreendimentos e Participacoes.
Fitch also has assigned a rating of 'BB' to its issuance of approximately
BRL500 million real-denominated unsecured notes due 2017, with payments of
the notes in U.S. dollars based on prevailing exchange rate of Reals per
U.S. dollar.  Proceeds of the issuance will be used to acquire land and
launch new developments, to provide more customer financing, to pay debt,
and also for other general corporate purposes.  The Rating Outlook is
Stable.

The credit ratings of Cyrela reflect the company's leading position in the
Brazilian homebuilding market and its competitive advantage due to its
large land inventory.  The ratings further factor in the company's
moderate but growing leverage and liquidity position.  Balanced against
these positive factors are the inherent risks of operating in Brazil's
nascent homebuilding sector.  The largest of these risks is the volatility
of the Brazilian economy and the close correlation between the sector and
health of the economy as well as the construction risks and the lead times
associated with residential construction projects in Brazil.  The recent
IPOs in the industry have also improved liquidity within the sector and
could result in rising land costs.

Like other Brazilian homebuilders, Cyrela should benefit from an
improvement in Brazil's regulatory and legal framework.  The recent reform
of Brazil's bankruptcy law has improved creditor rights.  As a result,
banks have become more proactive in providing credit to individuals who
purchase houses.  Increased bank activity has in turn led to more flexible
terms and conditions for borrowers, including fixed installment loans that
avoid the risk of inflation indexation.  Additionally, the stability of
local currency and domestic economy growth should continue to benefit the
Brazilian economy.

Cyrela has consolidated its market position over the last few years,
placing it in a solid competitive position.  The company's management
faces the challenge of diversifying its market presence, and maintaining
its profit margins and sales volumes in the face of a highly competitive
environment, marked by the recent capitalization and expansion of its
competitors.  Cyrela has the advantage of not being subject to pressure
for land acquisition, when compared to its main competitors.  Its current
land holdings are sufficient to ensure five years of new projects, which
allows the company to seek opportunities in a reasonable manner.

Cyrela should end 2007 with a net debt-to-EBITDA ratio, excluding Housing
Financing System debt, of approximately 1.4 times, and net debt-to-EBITDA
of approximately 2.8x following increased borrowing to fund its rapid
growth.  Over the next two to three years, net debt-to-EBITDA (excluding
SFH debt) and net debt-to-EBITDA are expected to decrease to less than 2x
and 1x, respectively, in line with the current rating category.  SFH debt
is on-balance-sheet debt, provided by Brazilian banks, that is secured by
pre-completion accounts receivables.  Once the construction of a
particular unit is complete and is delivered to the homebuyer, the banking
debt is transferred directly to the homebuyer, which reduces liquidity,
refinancing and homeowner credit risks, similar to a pre-approved
mortgage.  Total debt levels are expected to increase to BRL1 billion due
to this and other recent debt issuances; the newly added debt is mainly
earmarked for new land acquisition, development of new residential
projects, and the financing of residential real estate buyers.

The company financial strategy is to finance its growing portfolio of
residential development projects with credit lines sufficient to fund a
majority of construction costs.  The main funding source for expansion in
the low middle- income real estate segment should come from SFH.  The
company's pre-sale strategy of selling more than 50% of the units before
construction launch lowers financial risks as well.

Cyrela should continue to maintain an adequate liquidity position.  The
company does not plan to exceed the expected BRL1 billion in total debt
and intends to maintain a minimum BRL300 million cash reserve with a view
to providing the financing of its operations during the next four years of
residential project development.  In April 2007, Cyrela issued BRL500
million in debentures maturing 2014, with the first payment due in 2012.
The current issue, to be amortized only in 2017, will add an additional
BRL500 million to the company's cash.  The public offerings of shares in
September 2005 and July 2006 boosted the company's equity capital and
strengthened the company's financial structure, resulting in a total
BRL1.2 billion cash inflow.

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.


CYRELA BRAZIL: S&P Places BB Rating on BRL500-Million Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to the 10-year
unsecured and unsubordinated notes denominated in Brazilian reals and
payable in US dollars, in the aggregate amount of BRL500 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 reais BRL500
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 Sao 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, S&P
expects 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 S&P’s 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.


FORD MOTOR: Investing US$100MM to Boost Russian Assembly Plant
--------------------------------------------------------------
Ford of Europe intends to increase the capacity of its St. Petersburg
Assembly Plant in Russia and to start building the new Ford Mondeo for the
Russian market under its latest expansion plan.

The capacity increase would represent an incremental investment of more
than US$100 million, lifting Ford Motor Company'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," said Ford of Europe President and CEO John Fleming.  "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.

                     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.


HEXCEL CORP: Jeffrey Graves Joins Board of Directors
----------------------------------------------------
Hexcel Corporation has named Dr. Jeffrey A. Graves to its board of
directors.  Dr. Graves is the President, Chief Executive Officer and a
director of C&D Technologies, Inc., a leading manufacturer of power
storage systems and leading producer of electronic power supply and
conversion products.  Dr. Graves has been with C&D since July 2005, and
prior to joining C&D was employed by Kemet Electronics Corporation, a
manufacturer of high performance capacitor solutions, from 2001 to July
2005, where he last held the position of Chief Executive Officer.  From
1994 to 2001, Dr. Graves held a number of key leadership positions with
General Electric Company’s Power Systems Division and Corporate Research &
Development Center.  Prior to working for GE, Dr. Graves held various
positions of increasing responsibility at Rockwell International
Corporation and Howmet Corporation.  Dr. Graves currently serves on the
board of Teleflex Incorporated, as well as a variety of private companies
and other business and non-profit organizations.

Mr. David E. Berges, Hexcel’s Chairman and Chief Executive Officer, said
“Jeffrey Graves brings to the Hexcel board a unique combination of diverse
managerial experience and a strong engineering background.  His prior
scientific experience in the aerospace industry along with his managerial
background at GE makes him exceptionally qualified to serve on our board.
Dr. Graves also has valuable experience as a CEO of two NYSE-listed public
companies. On behalf of the entire board, we look forward to working with
him.”

                   About Hexcel Corporation

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  The ratings outlook was Stable.


MRS LOGISTICA: Transporting Up to 1MM Tons of Pig Iron in 2007
--------------------------------------------------------------
MRS Logistica's general cargo corporate manager Fernando Poca told
Business News Americas that the company wants to transport up to one
million tons of pig iron from Minas Gerais to Rio de Janeiro this year.

BNamericas notes that production will be sent to the Rio port to be exported.

The report says that last year MRS Logistica transported some 550,000 tons
of the steel making material.

Mr. Poca told BNamericas that the increase would indicate "a higher level
of trust among pig iron producers to transport their products.  They are
happy with our service."

Mr. Poca told BNamericas that MRS Logistica wants to "go further."  It
eyes about two million tons per year in iron ore shipments in the near
future.

"But this is not something we will achieve next year, it could occur in
three to four years," Mr. Poca commented to BNamericas.

The MRS consortium is a railway freight transport company
established in 1996 to operate approximately 1,700 kilometers of
track in the states of Minas Gerais, Rio de Janeiro e Sao Paulo.
MRS's rail network is also linked to the Central Atlantic,
Vitoria-Minas and Sao Paulo Railroads, offering intramodal
transportation options to the other parts of the country.  The
company mainly transports cargo for its principle shareholders.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 24, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based railroad
company MRS Logistica S.A.  S&P revised the outlook to positive
from stable.


RHODIA SA: Will Record EUR30 Million Cost for 2Q 2007 Bad Debts
---------------------------------------------------------------
Rhodia SA will enter a EUR30 million cost on its second quarter 2007
accounts to make provision for bad debts, The Financial Times reports,
citing Les Echos as its source.

According to the report, the company wants its accounts to reflect the
fact that its former subsidiary Nylstar, which it still supplies, has gone
into receivership.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals company
partnering with major players in the automotive, electronics,
pharmaceuticals, agrochemicals, consumer care, tires, and paints and
coatings markets.  Rhodia offers tailor-made solutions combining original
molecules and technologies to respond to customers' needs.  The group
generated sales of EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock Exchange.  The
company has operations in Brazil.

                            *   *   *

As reported in the TCR-Europe on April 26, 2007, Fitch Ratings affirmed
Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to
Positive from Stable.  Fitch has assigned Rhodia SA's proposed issue of up
to EUR595.125 million bonds convertible and/or exchangeable for new and/or
existing shares an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's Investors Service
upgraded Rhodia S.A. corporate family rating to Ba3 and assigned
Probability-of-Default rating for the group at Ba3; Moody's also upgraded
senior secured notes at Rhodia S.A. to B1 and assigned LGD assessment at
LGD4 (69%).  The proposed convertible notes are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term corporate credit
rating on Rhodia to BB- from B+, and its long-term debt rating on the
group to B from B-.  At the same time, Standard & Poor's assigned its B
senior unsecured debt rating to Rhodia's proposed new bond, which will be
used for refinancing purposes.


* BRAZIL: Sao Paulo Launches Landfill Location Studies
------------------------------------------------------
Sao Paulo Mayor Gilberto Kassab told the press that the city has launched
studies to determine when and where to construct new landfills.

The project would include waste-to-power generation units, reporters say,
citing Mayor Kassab.

Business News Americas relates that Sao Paulo waste management firm
Limpurb is conducting the studies.

According to BNamericas, the new plants will be similar to the existing
projects in these two operational landfills in Sao Paulo:

          -- Bandeirantes, and
          -- Sao Joao.

BNamericas notes that the landfills under study will have power generation
capacity from the start.  Sao Joao developed generation units after the
landfills began operating.

The report says that Sao Joao's two methane-burning projects are run by
the local unit of Dutch engineering company Arcadis Logo.  They have
combined capacity of 43 megawatts.

Mayor Kassab commented to BNamericas, "We don't yet know the power
generation potential [for the Sao Paulo projects] but we will start
studies to see how long the existing landfills will last."

Brazil has the potential to generate up to 400 megawatts from landfill gas
projects, the report says, citing estimates from the Campinas Unicamp
University.

The Brazilian government grants incentives to landfill gas projects.  It
helps register them as clean development mechanisms, which helps the
projects raise revenues from the sale of carbon credits, BNamericas
states.


                        *     *     *

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


ACORN ALTERNATIVE: Sets Final Shareholders Meeting for Aug. 17
--------------------------------------------------------------
Acorn Alternative Strategies (Overseas) Ltd. will hold its final
shareholders meeting on Aug. 17, 2007, at 9:00 a.m., at:

          4th Floor Harbour Place
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


ADC INT'L: Will Hold Final Shareholders Meeting on Sept. 19
-----------------------------------------------------------
ADC International Corp. will hold its final shareholders meeting on Sept.
19, 2007, at 12:00 noon, at:

          3rd Floor, Piccadilly Center
          Elgin Avenue, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          MBT Trustees Ltd.
          P.O. Box 30622SMB
          Grand Cayman
          Cayman Islands
          Tel: 945-8859
          Fax: 949-9793/4


ADC INTERNATIONAL: Proofs of Claim Filing Is Until Sept. 19
-----------------------------------------------------------
ADC International Corp.’s creditors are given until
Sept. 19, 2007, to prove their claims to MBT Trustees 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.

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

The liquidator can be reached at:

        MBT Trustees Ltd.
        P.O. Box 30622SMB
        Grand Cayman
        Cayman Islands
        Tel: 945-8859
        Fax: 949-9793/4


AMMC CDO: Will Hold Final Shareholders Meeting on Aug. 23
---------------------------------------------------------
AMMC CDO II Ltd. will hold its final shareholders meeting on Aug. 23,
2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


ASAP FUNDING: Sets Final Shareholders Meeting for Sept. 20
----------------------------------------------------------
Asap Funding Ltd. will hold its final shareholders meeting on Sept. 20,
2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


ASIAN FUNDING: Will Hold Final Shareholders Meeting on Sept. 10
---------------------------------------------------------------
Asian Funding For Tags will hold its final shareholders meeting on Sept.
10, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


ASPECT CURRENCY: Sets Final Shareholders Meeting for Sept. 20
-------------------------------------------------------------
Aspect Currency Fund will hold its final shareholders meeting on Sept. 20,
2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


ASPECT TRADING: Will Hold Final Shareholders Meeting on Sept. 20
----------------------------------------------------------------
Aspect Trading Fund will hold its final shareholders meeting on Sept. 20,
2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


BRITANNIC WORLD: Proofs of Claim Filing Is Until Aug. 20
--------------------------------------------------------
Britannic World Markets Master Fund Ltd.’s creditors are given until Aug.
20, 2007, to prove their claims to S.L.C. Whicker and K.D. Blake, 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.

Britannic World’s shareholders agreed on June 25, 2007, to place the
company into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

        S.L.C. Whicker
        P.O. Box 493
        Attention: Blair Houston
        Grand Cayman KY1-1106
        Cayman Islands
        Tel: 345-914-4334
        Fax: 345-949-7164


BRITANNIC WORLD: Proofs of Claim Must be Filed by Aug. 20
---------------------------------------------------------
Britannic World Markets Fund Ltd.’s creditors are given until
Aug. 20, 2007, to prove their claims to S.L.C. Whicker and K.D. Blake, 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.

Britannic World’s shareholders agreed on June 25, 2007, to place the
company into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

        S.L.C. Whicker
        P.O. Box 493
        Attention: Blair Houston
        Grand Cayman KY1-1106
        Cayman Islands
        Tel: 345-914-4334
        Fax: 345-949-7164


CHESHIRE FINANCE: Sets Final Shareholders Meeting for Sept. 20
--------------------------------------------------------------
Cheshire Finance Ltd. will hold its final shareholders meeting on Sept.
20, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CORSAIR II: Will Hold Final Shareholders Meeting on Aug. 15
-----------------------------------------------------------
Corsair II Offshore Cayman Ltd. will hold its final shareholders meeting
on Aug. 15, 2007, at:

          717 Fifth Avenue
          24th Floor
          New York, NY 10022
          USA

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


DRAGON MBS: Sets Final Shareholders Meeting for Sept. 20
--------------------------------------------------------
Dragon MBS Ltd. will hold its final shareholders meeting on Sept. 20,
2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


EUREKA INTERACTIVE: Proofs of Claim Filing Is Until Aug. 31
-----------------------------------------------------------
The Eureka Interactive Fund Ltd.’s creditors are given until
Aug. 31, 2007, to prove their claims to John Sutlic and Jeffrey Arkley,
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.

Eureka Interactive’s shareholders agreed on March 30, 2007, to place the
company into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

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


HFT REAL: Sets Final Shareholders Meeting for Sept. 20
------------------------------------------------------
HFT Real Estate CDO 2006-III Ltd. will hold its final shareholders meeting
on Sept. 20, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


MECKLENBERGH INVESTMENT: Proofs of Claim Filing Ends on Aug. 20
---------------------------------------------------------------
Mecklenbergh Investment & Finance Company Ltd.’s creditors are given until
Aug. 20, 2007, to prove their claims to Cereita Lawrence and Scott Aitken,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

Mecklenbergh Investment’s shareholders agreed on June 25, 2007, to place
the company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MORGAN STANLEY: Will Hold Final Shareholders Meeting on Sept. 20
----------------------------------------------------------------
Morgan Stanley Alternatives Managed Futures Ltd. will hold its final
shareholders meeting on Sept. 20, 2007, at:

          3rd Floor, Piccadilly Center
          Elgin Avenue, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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




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


BANCOLOMBIA: Criminal Investigation Against Officers Continues
--------------------------------------------------------------
The Constitutional Court (Sala Plena) did not revoke the decision that
ordered the reopening of the criminal investigation against some officers
of Bancolombia S.A.

Bancolombia told Business News Americas that the court's decision confirms
that the criminal investigation against some of Bancolombia's officers
will continue.

                      Scope of the Decision

The decision, upheld decision No. 171 dated March 7, 2006 of one of the
Revision Divisions (Sala de Revision) of that Court, confirms that the
criminal investigation against some of Bancolombia's officers will
continue.

It will be noted that both the affected officers of Bancolombia and the
Prosecutor (Procuraduria General de la Nacion) have appealed the decision
of the Attorney General's Office (Fiscalia Octava Delegada), dated January
4, 2007.

On its appeal, the officers of Bancolombia argue the lack of evidence of
Attorney General's Office decision violating due process and most
importantly, disregarding the principle of res judicata.

The Prosecutor's appeal also requests the nullity of the Attorney
General's Office decision.

As a consequence, while those appeals are pending, the Attorney General's
Office decision dated Jan. 4, 2007, will be suspended.

Bancolombia intends, in support of its officers, to reaffirm the decision
to prove before any court the absolute transparency of the acquisition of
Banco de Colombia and the subsequent merger with Banco Industrial
Colombiano, as it was reviewed and confirmed by different judicial levels
at the time.

Bancolombia reaffirms its respect to the authorities as fundamental bases
for the rule of law as a socially responsible entity that respects and
values the institutions.

BNamericas notes that local brokerage Invercol analyst Jose Fernando
Restrepo said that the court's decision may trigger the reopening of the
case in the US, which was dismissed in February 2007.  It would not be
good for Bancolombia given the Gilinski's monetary demands.

Bancolombia told BNamericas that it will reaffirm the decision to prove
before any court "the absolute transparency of the acquisition."

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.


CASCADES INC: Moody's Rates CND$100 Mil. Credit Facility at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 (LGD5, 72%) rating to Cascades'
Inc.'s new CND$100 million senior unsecured revolving credit facility.

At the same time Moody's affirmed Cascades' Ba2 corporate family rating,
its probability of default rating of Ba2, its Baa3 senior secured ratings,
and its Ba3 senior unsecured ratings.  The senior unsecured ratings of Ba3
reflect a loss given default of LGD-5 (72%) and the senior secured ratings
of Baa3 reflect a loss given default of LGD-2 (18%).  The rating outlook
is stable.

Cascades' Ba2 corporate family rating reflects the diversity derived from
its boxboard, packaging and tissue businesses, its significant position in
the Canadian containerboard segment and its relatively stable earnings and
cash flow.  The rating also considers Cascades' debt protection measures,
which are weak for the rating and Cascades' exposure to the strong
Canadian dollar, to cyclical pricing, particularly in the containerboard
and boxboard segments, and to volatile raw material costs, especially
recycled fibers, as well as energy and chemicals.  The ratings also
reflect the company's penchant for conducting relatively small, but debt
financed acquisitions. The rating outlook is stable.

Rating Assigned:

-- CND$100 million senior unsecured revolver, Ba3, LGD5, 72%

Ratings Affirmed:

-- Corporate Family Rating: Ba2
-- PDR: Ba2
-- CND$675mm Sr. Unsecured Notes due 2013, Ba3, LGD5, 72%
-- CND$250mm 6.75% Sr. Unsecured Notes due 2013, Ba3, LGD5, 72%

The most recent rating action for Cascades was to confirm Cascades' Ba2
corporate family rating and assign a Baa3 rating to senior secured debt on
Dec. 20, 2006.

Headquartered in Kingsey Falls, Quebec, Cascades Inc. --
http://www.cascades.com/-- produces, transforms, and markets packaging
products, tissue paper and fine papers, composed mainly of recycled
fibres.  Cascades employs nearly 15,600 men and women who work in some 140
modern and flexible production units located in North America, in Europe
and in Asia.  The Cascades shares trade on the Toronto stock exchange
under the ticker symbol CAS.  The company has operations in Hong Kong,
Colombia, and the United Kingdom.


SOLUTIA INC: Files Second Amended Plan & Disclosure Statement
-------------------------------------------------------------
Solutia Inc., and its debtor-affiliates delivered to the United States
Bankruptcy Court for the Southern District of New York, on July 9, 2007,
their Second Amended Plan of Reorganization and accompanying Disclosure
Statement.

                 Solutia Rejects Investment Offer

The Debtors disclose that an investor group of Solutia's equity holders
with the support of the Official Committee of Equity Security Holders
presented investment proposal on June 21, 2007, consisting of:

  (a) a US$250,000,000 cash investment in exchange for an
      initial 26.2% of the convertible preferred stock of
      Reorganized Solutia; and

  (b) a fully backstopped US$200,000,000 rights offering.

The Investment Proposal contemplates the sale of certain of
Solutia's businesses and for Reorganized Solutia to acquire an
approximately US$1,400,000,000 debt facility, with US$1,250,000,000
expected to be drawn at closing based on a
June 30, 2007 reference point.

The Equity Committee Investment Proposal requires Monsanto
Company to accept a recovery of 13.5% of the New Common Stock -- as
compared to 20% of the New Common Stock under its settlement agreement
with Solutia.

Solutia and its advisors considered the Investment Proposal and decided
against pursuing it because of several deficiencies associated with the
proposal.  The Investment Proposal is another attempt to force Solutia to
explore the potential of selling certain businesses to generate additional
value, which Solutia, in its business judgment, does not believe will
increase value.

Solutia believes that the Investment Proposal fails for at least these
reasons:

  (a) the proposal does not address the reallocation of the
      Legacy Liabilities, which is key to any successful
      reorganization of Solutia,

  (b) the proposal requires a sale of one of Solutia's
      businesses to an unknown purchaser at a price above
      indications received for that business from the
      exploratory sale process conducted in Fall of 2006, and

  (c) the proposal is contingent on Monsanto accepting 13.5% of
      the New Common Stock of a company much smaller than
      Reorganized Solutia.

                Monsanto & Retiree Pacts Critical

The Debtors declare that their Second Amended Plan is hinged on the
approval of a settlement among Monsanto, Solutia, the
Official Committee of Unsecured Creditors, the Ad Hoc Trade
Committee and the Official Committee of Retirees; and a separate agreement
between the Debtors and the Retiree Committee.

Monsanto has agreed to take financial responsibility as between itself and
Solutia for all of Solutia's legacy tort liabilities and a substantial
portion of its legacy environmental liabilities.

Roughly 8,500 Tort Claims were filed in Solutia's cases asserting more
than US$17,000,000,000 in the aggregate.  Solutia currently estimates that
the ultimate liability for asserted Tort Claims will range between
US$15,000,000 and US$40,000,000.  The estimate does not account for: (a)
future Tort Claims that could be asserted for pre-Spinoff conduct; (b) the
hundreds of additional lawsuits asserting thousands of claims, which have
been commenced directly against Monsanto -- for which Monsanto, under the
Distribution Agreement, could have asserted potentially billions in
dollars in surrogate claims against Solutia's Estates absent the Monsanto
Settlement -- and (c) defense costs.

Roughly US$4,000,000,000 in Environmental Claims have been asserted
against Solutia.

Solutia will remain responsible for the environmental liabilities at sites
that it owned or operated after the Spinoff.  Solutia projects that it
will incur US$82,000,000 in remediation costs for the Retained Sites over
the next five years.

Monsanto will assume responsibility for sites that were transferred to
Solutia pursuant to the Spinoff, but with respect to which Solutia was
never an owner/operator.  Solutia estimates that Monsanto's agreement to
take financial responsibility for the Legacy Sites will remove roughly
US$150,000,000 worth of complex environmental claims from Solutia's
Estates.  Monsanto will also be responsible for remediation of dioxin
contamination in the Kanawha River and surrounding areas.

Solutia and Monsanto will share responsibility with respect to the
Anniston, Alabama and Sauget, Illinois sites.  Solutia projects that the
aggregate remediation costs at the Shared Sites will be roughly
US$104,000,000through 2011.  Although the EPA has not yet determined final
remedies for the sites, Solutia estimates that remediation costs at Sauget
and Anniston will increase to about US$25,000,000per year from 2012
through 2016.
After 2016, their costs should decrease.

The Retiree Settlement effectuates a comprehensive settlement between
Solutia and the Retirees' Committee regarding Solutia's medical and other
post-employment benefits obligations.

The Debtors note that Monsanto's contributions made possible
Solutia's Settlement with its roughly 20,000 Retirees concerning the
provision of future medical and other benefits at modified levels.

The two settlements are interdependent.  If either the Monsanto
Settlement or the Retiree Settlement is denied, Solutia's accomplishment
in reallocating significant Legacy Liabilities back to Monsanto will be
lost.  Solutia will need to go back to the proverbial "drawing board" to
determine how to appropriately reallocate the Legacy Liabilities.  Solutia
believes negotiating
a new agreement on the reallocation and satisfaction of the
Legacy Liabilities would be very difficult.

The Court will convene a hearing to consider approval of the  Monsanto
Settlement and the Retiree Settlement Sept. 5, 2007.  Solutia is seeking
acceptances of the terms of the Amended Plan in advance of approval of the
Monsanto Settlement and the Retiree Settlement.

                   Recovery Under Amended Plan

The Debtors relate that Claims in Classes 1, 2, 4, 6, 7, 8, 9 and 10 will
be paid in Cash in full on the Effective Date, will be Reinstated or will
otherwise not be impaired by the terms of the Amended Plan.  Claims in
Classes 3 and 5 will be paid in Cash in full on the Effective Date, but
are deemed impaired by the terms of the Amended Plan.  Claims in Classes
18 and 19 will not receive any Distribution under the Amended Plan.

Claims in Class 16 will receive a Distribution under the Amended Plan and
the holders of those claims are deemed to accept the Amended Plan.  Claims
in Class 17 will not receive a
Distribution and are deemed to accept the Amended Plan.

Claims in Classes 11, 12, 13, 14 and 15 will receive Distributions of
shares of New Common Stock or other Distributions under the terms of the
Amended Plan.  Holders of
Allowed Noteholder Claims in Class 12 will receive their Pro Rata share,
inclusive of Allowed General Unsecured Claims, of the Stock Pool
consisting of 49.9% of the New Common Stock of
Reorganized Solutia.  Each Holder of an Allowed Noteholder Claim will also
be entitled to participate in the Rights Offering.

Holders of Allowed Noteholder Claims in Class 12 that do not participate
in the Rights Offering will receive a 74.8% recovery on account of their
Claims.  Those that participate in the Rights Offering will receive an
85.3% recovery.

Monsanto will receive 20% of the New Common Stock, which Solutia
estimates will be worth roughly US$240 million at the midpoint
of total enterprise value.

Holders of Allowed General Unsecured Claims in Class 13 will receive their
Pro Rata share, inclusive of Allowed Noteholder
Claims, of the Stock Pool consisting of 49.9% of the New Common
Stock.  Each Holder of an Allowed General Unsecured Claim that is an
Eligible Holder will be entitled to participate in the Rights Offering.

Holders of Allowed General Unsecured Claims in Class 13 that do not
participate in the Rights Offering will receive a 74.8% recovery.  Those
that participate will receive an 85.3% recovery.

In accordance with the terms of the Retiree Settlement, the
Retirees, as a class, will receive 2.2% of the New Common Stock, resulting
in a 74.8% recovery.

Holders of Common Stock in Solutia Inc. will receive their Pro
Rata share of Warrants to purchase up to 3.5% of the New Common
Stock with a strike price of US$14.16, provided that Holders of
Claims or Equity Interests in each of Classes 11, 12, 13, 14, 15 and 20
vote to accept the Amended Plan.  If any of Classes 11,
12, 13, 14, 15 and 20 vote to reject the Amended Plan, then Class 20 will
not receive any Distributions under the Plan.

The estimated aggregate amount of Claims and Equity Interests in each of
Classes 3, 5, 11, 12, 13, 14, 15 and 20:

  Claim                                  Solutia's Estimate
  -----                                  ------------------
  Senior Secured Notes Claims               US$208,000,000
  CPFilms Claims                              US$8,400,000
  Monsanto Claim                            US$824,500,000
  2027/2037 Notes                           US$455,400,000
  General Unsecured Claims          between US$317,000,000
                                         to US$367,000,000
  Retiree Claim                              US$35,000,000

                 Wallach Joins Management Team

The Debtors also disclose that Hal E. Wallach, Jr. joined the company as
Senior Vice President of Human Resources in July 2007.  For seven years,
Mr. Wallach served as a principal and head of the St. Louis office of
Mercer Human Resources Consulting.  Prior to joining Mercer, Mr. Wallach
held management positions with two other human resources consulting firms,
Buck Consultants and Hewitt Inc.

The Debtors anticipate that all of their senior management team will
continue to work for Reorganized Solutia in their current capacity after
emergence.

Under the Amended Plan, certain executives and two other key employees of
the Debtors have a component of their Annual
Incentive Plan which is linked to Solutia's emergence from bankruptcy.
The Debtors disclose that the emergence metric applies to:

  -- Jeffry N. Quinn, the Debtors' president, chief executive
     officer and chairman of the board of directors;

  -- Kent J. Davies, senior vice president and president of
     CPFilms;

  -- Luc De Temmerman, senior vice president and president of
     Performance Products of Solutia;

  -- James R. Voss, senior vice president and president of
     Flexsys;

  -- Jonathon P. Wright, senior vice president and president of
     Integrated Nylon;

  -- Robert T. DeBolt, senior vice president of Business
     Operations;

  -- Rosemary L. Klein, senior vice president, secretary and
     general counsel;

  -- James M. Sullivan, senior vice president and chief
     financial officer; and

  -- two other key employees.

The Emergence Metric for each Emergence Metric Employee is based solely on
objective factors, and is not discretionary, the
Debtors relate.

               Valuation of Reorganized Solutia

The Debtors also filed with the Court valuation materials prepared by
Rothschild, Inc., their financial advisor and investment banker.

Rothschild has estimated the midpoint enterprise value for
Reorganized Solutia to be roughly US$2,850,000,000 assuming pro forma net
debt of roughly US$1,700,000,000.  Reorganized Solutia's implied midpoint
equity value available for distribution to creditors is approximately
US$1,200,000,000.

The financial advisor to the Official Committee of Equity
Security Holders, however, believes that Solutia's value may be
significantly higher than the Debtors' estimate.  The Equity
Committee intends to vigorously challenge the Debtors' valuation at
confirmation.

A full-text copy of Rothschild's Valuation Analysis is available at no
charge at http://ResearchArchives.com/t/s?218c

                         Plan Is Feasible

The Debtors believe that confirmation of the Amended Plan is not likely to
be followed by the liquidation, or the need for further financial
reorganization.  Solutia's management, with the assistance of Rothschild,
has prepared Projected Consolidated Income Statement, Projected
Consolidated Balance Sheet and Projected Consolidated Cash Flow Statement
for Reorganized Solutia's five year period from 2007 through 2011.

A full-text copy of the Debtors' five-year Financial Projections is
available at no charge at http://ResearchArchives.com/t/s?218d

                Reorganization Beats Liquidation

The Debtors believe that, under the Amended Plan, each Holder of
Impaired Claims will receive property of a value not less than the value
the Holder would receive in a liquidation under Chapter 7 of the
Bankruptcy Code.  The Debtors delivered to the Court an updated
liquidation analysis reflecting changes to the liquidation analysis since
Feb. 14, 2006.

A full-text copy of the Debtors' Liquidation Analysis is available at no
charge at http://ResearchArchives.com/t/s?218e

                     Equity Panel's View

The Amended Disclosure Statement also presents the Equity Committee's view
of its complaint against Monsanto and Pharmacia.  The Equity Committee
commenced an action against Monsanto and Pharmacia in 2005 seeking
disallowance of the claims filed by Monsanto and Pharmacia against
Solutia's bankruptcy Estates and a reallocation of hundreds of millions of
dollars of the Legacy Liabilities from Solutia's balance sheet to that of
Monsanto and Pharmacia, based on alleged wrongful and inequitable conduct
by Monsanto and Pharmacia.

The Equity Committee does not believe that the Amended Plan is in the best
interests of all creditors or of the estates.  The
Equity Committee believes that the Amended Plan is far too generous to
Monsanto and Pharmacia, because, like the Spinoff, affords Monsanto and
Pharmacia significant continuing protection from the Legacy Liabilities.

The Equity Committee intends to object to the reasonableness of the
Monsanto and Retiree Settlements at that hearing.

The Equity Committee has also argued that the Amended Plan and the
Debtors' Projections substantially undervalue Solutia.  The Equity
Committee's financial advisors believe that Solutia's total enterprise
value is significantly higher than US$2,800,000,000.

Based on indications of interest the Debtors received for
various businesses, the Equity Committee's financial advisors believe that
the Debtors' enterprise value is at least US$3,200,000,000.  According to
the Equity Committee, the figure essentially sums up the actual price
indications already offered to Solutia from interested, financially strong
potential buyers.  The panel notes that the offers were unsolicited;
Solutia did not encourage potential buyers to bid on individual business
segments.

The Equity Committee has also noted that the US$3,200,000,000 figure does
not reflect the ultimate purchase prices that may be achieved through a
competitive sale process open to financially strong parties who are
willing to engage in rigorous negotiations.  Thus, the Equity Committee's
financial advisors believe that the Debtors' true enterprise value is well
above US$3,200,000,000.  Recognition of the true value of Solutia would
provide creditors with a full recovery on account of their
Claims.

The Equity Committee will challenge the valuation as it allows
Monsanto and other unsecured creditors to receive a substantial windfall
while depriving public shareholders of value to which they are legally
entitled.

The Debtors, however, note that selected preliminary non-binding
indications of interest received from potential strategic and financial
buyers do not sum to an enterprise value of US$3,200,000,000.  In
addition, the preliminary, non-binding indications of interest that were
received assume a consensual settlement with Monsanto concerning certain
environmental, mass tort, OPEB and pension liabilities consistent with the
Global Settlement -- a settlement that is not available under a multiple
sale scenario.  The Debtors also point out that the Equity Committee
neglects to acknowledge the magnified execution risk related to multiple
potential sales and the potential ramifications of only a partial sale
scenario.

A full-text copy of the Debtors' Second Amended Plan is available at no
charge at http://ResearchArchives.com/t/s?218f

A full-text copy of the Debtors' Second Amended Disclosure
Statement is available at no charge at:

                http://ResearchArchives.com/t/s?2190

             Disclosure Statement Hearing Adjourned

Judge Beatty has continued the hearing to consider approval of the
Debtors' disclosure statement to July 17, 2007, Bill Rochelle at Bloomberg
News reports.  She directed the Debtors to provide additional disclosure
regarding the proposed releases provided to Monsanto and better
explanation regarding the treatment of retiree claims.

                        About Solutia

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

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

The hearing to consider approval of the Disclosure Statement describing
Solutia's First Amended Reorganization Plan started on July 10, 2007.  The
Debtors' exclusive period to file a plan expires on July 30, 2007.

(Solutia Bankruptcy News, Issue No. 92; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SOLUTIA INC: Wants Court Nod on Hal Wallach as HR Senior VP
-----------------------------------------------------------
Solutia Inc. and its debtor-affiliates seek the U.S. Bankruptcy Court for
the Southern District of New York's approval to employ Hal E. Wallach,
Jr., as senior vice president of human resources.

As a result of the promotion of Mr. James R Voss, who served as senior
vice president of business operations, to president of
Flexsys, Solutia's newly acquired rubber chemicals business, and the
resignation of the company's vice president of human resources, Solutia
conducted a search to fill the human resources position at the senior
level.

Mr. Wallach will have global responsibility for the human resources
function, including, but not limited to, the areas of compensation and
benefits, development and implementation of global human resource policies
and procedures and training, as well as staffing and recruiting.  Mr.
Wallach will also assist the Executive Compensation and Development
Committee of Solutia's Board of Directors with its duties and
responsibilities regarding executive compensation and benefits.  He will
also assist the Board's Governance Committee with its duties and
responsibilities regarding non-employee director compensation.  Mr.
Wallach will be based at Solutia's headquarters in St. Louis, Missouri,
and will report directly to Solutia's chief executive officer.

The Board of Directors has authorized Solutia, subject to the
Bankruptcy Court's approval, to enter into its standard senior executive
employment agreement with Mr. Wallach.

Pursuant to the Wallach Agreement, Mr. Wallach will earn an annual base
salary of not less than US$300,000, and will participate in Solutia's
annual incentive program, or any successor annual bonus plan, with a
target bonus opportunity of not less than 75% of his annual base salary.

In addition, Mr. Wallach will be entitled to participate in all long-term
and other incentive plans, practices, policies and programs generally
applicable to senior executive officers of Solutia.  Mr. Wallach, however,
will not participate in the emergence bonus program currently in place
with respect to
Solutia's other senior executives.

Prior to joining Solutia, Mr. Wallach served as a principal at consulting
firm Mercer Human Resources Consulting.  As the head of Mercer's St. Louis
office and its St. Louis Client Management practice, Mr. Wallach's
responsibilities include leading multi- practice global teams to assist
organizations, including public companies, to design, implement and
administer human resource strategies, programs and policies.   Prior to
joining Mercer,
Mr. Wallach spent 10 years in management positions with two other
consulting firms, Buck Consultants and Hewitt Inc.

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

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

The hearing to consider approval of the Disclosure Statement describing
Solutia's First Amended Reorganization Plan started on July 10, 2007.  The
Debtors' exclusive period to file a plan expires on July 30, 2007.

(Solutia Bankruptcy News, Issue No. 92; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


* COLOMBIA: President Asks Officials To Ink Port Dev't Contracts
----------------------------------------------------------------
Colombia's President Alvaro Uribe has asked government officials to sign
three port development contracts by Aug. 10, Business News Americas
reports.

According to BNamericas, President Uribe will meet with the national
industrial producers association ANDI on Aug. 10.

President Uribe told BNamericas that officials must sign the contracts
with the operators of ports Buenaventura, Santa Marta and Barranquilla.

Private companies will invest more than US$450 million in Buenaventura.
They will invest about US$126 million in Santa Marta, and US$178 million
in Barranquilla, BNamericas says, citing President Uribe.

President Uribe told BNamericas that among the measures the government
decided not to implement was to grant more tax benefits to the port
operators, where concessionaires enjoy a tax deduction of over 12% off the
amount invested.

Government officials are drafting a master development plan for the
construction of a Urabi deepwater port, BNamericas states, citing
President Uribe.

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




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


ALCATEL-LUCENT: To Publish 2nd Quarter Results on July 31
---------------------------------------------------------
Alcatel-Lucent will publish its second quarter 2007 results on July 31,
2007.  The press release will be sent at 1:00PM CEST.

Patricia Russo, CEO of Alcatel-Lucent, will present the second quarter
2007 results during a live audio Web cast and conference call for
financial analysts and media, which will be held at 2:00PM CEST.  The
audio Web cast will be available at http://www.alcatel-lucent.com/2q2007

Dial-in instructions for analysts and journalists who wish to participate
in the Q&A session are listed below:

   From the USA:                     888 428 44 79

   From other countries:           +1 612 332 1214

Please ask for the "Alcatel-Lucent" teleconference and state your name.
We advise you to dial in 15 minutes before the start of the conference
call.

The conference call will be available for digital replay from July 31,
2007, at 7:15 p.m. CEST, ending on August 15, 2007, at 5:59 a.m. CEST at
the following call in numbers:

From the USA: 800 475-6701                                                
      access code: 880302

From other countries: + 1 320 365-3844                                    
   access code: 880302

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                          *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

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

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




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


BANCO INTERCONTINENTAL: Julio Ortega Tous Testifies in Court
------------------------------------------------------------
The Dominican Republic's National District First Collegiate Court has
heard Banco Intercontinental defense witness Julio Ortega Tous' testimony
"behind closed doors," Dominican Today reports.

Dominican Today relates that Mr. Tous was cross-examined for an hour and
20 minutes behind closed doors, after the court accepted a motion from
Banco Intercontinental former head Ramon Baez Figueroa's legal
representatives, who claimed that Mr. Tous' testimony could affect the
Dominican Republic’s banks.

The report says that the Justice Ministry’s prosecutors and the attorneys
for the plaintiff accepted the request.

According to Dominican Today, "several articles of the Penal Procedural
Code stipulate the measure."

Dominican Today notes that the press was asked to leave the courtroom.

Mr. Ortega, the Dominican ambassador in Colombia, is a witness in favor of
Mr. Figueroa, who was charged of fraud in the Banco Intercontinental
collapse, Dominican Today states.

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


* DOMINICAN REPUBLIC: Transport Unions Call for Lesser Taxes
------------------------------------------------------------
Dominican Today reports that the National Association of Gasoline
Retailers, or Andegas, and transport leaders are demanding for a reform of
the Law 112-00 on Hydrocarbons with to reduce taxes and prevent further
price rises.

Transport unions Fenatrano and the CNTU told Dominican Today that they
aren't planning fare increases.  However, this might have to happen if
fuel prices continue to rise.

The report says that the unions held meetings with the National Federation
of Dominican Transport and the Alternative Social Forum over the weekend
to discuss the proposed law reform.

CNTU head Ramon Perez Figuereo told Dominican Today that the group "would
be starting the process of asking for a modification to the law in
Congress and at the Supreme Court of Justice."

The law has a “systematic violation” each week with its continuing price
increases, Dominican Today says, citing Mr. Figuereo.

The Dominican central bank told Dominican Today that the price
hikes in basic consumer items during the first six months of
2007 resulted from fuel price increases.

Anadegas leader Juan Ignacio Espaillat commented to Dominican Today that
Law 112-00 had to be changed with input from all sectors to prevent
misleading the consumer.

The law is "inflationary."  It affects every citizen, Dominican Today
notes, citing Mr. Espaillat.

Price variations should be set on a monthly, not weekly level.
Methodology should be used for calculating the prices needed to be
changed, Mr. Espaillat told Dominican Today.

                        *     *     *

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




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


PETROECUADOR: Launches Assets & Installations Insurance Tender
--------------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador has launched an insurance
tender to cover its assets and installations, Business News Americas
reports.

Petroecuador said in a statement that insurance firms are given until Aug.
22, 2007 to present offers.

BNamericas notes that Petroecuador launched insurance tenders in December
2006 and June 2007.  However, the firm declared them void.

According to BNamericas, Petroecuador changed some terms of the original
tender after the first insurance tender was declared void.  The firm
eliminated the obligatory use of an international reinsurance broker.

The report says that the "terms of reference for the current process are
the same used in the second failed process."

Petroecuador has ratified two 90-day extensions on its current insurance
policy, which will expire in October 2007.  It was initially due to expire
on April 11, 2007, BNamericas states.

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


PETROECUADOR: Manabi Plant Construction Will Take Up to 4 Years
---------------------------------------------------------------
An official of Ecuador's state-owned oil firm Petroecuador told Business
News Americas that the company's 300,000-barrel per day Manabi refinery
will take up to four years to construct.

The project would need US$5 billion, BNamericas relates, citing
Petroecuador Vice President Marco Calvopina.  It will substitute imported
derivatives.

BNamericas notes that Petroecuador is seeking for a partner for the Manabi
refinery.  It could work with Colombian state oil firm Ecopetrol or
Venezuela's Petroleos de Venezuela.

Mr. Calvopina told BNamericas that Petroperu, China's Sinopec and Chile's
Enap have expressed interest in the project.

Petroecuador is also upgrading its Esmeraldas plant.  The basic and
detailed engineering for the project would be completed this year.
Construction can begin next year, BNamericas states, citing Mr. Calvopina.

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




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


DIGICEL GROUP: Hires Mark Linehan as New CEO for Guyana Unit
------------------------------------------------------------
Digicel Group has appointed Mark Linehan as new Chief Executive Officer of
Digicel Guyana to lead the company into its next stage of dynamic growth.
Reporting to Kevin White, Chief Operations Officer, Mr. Linehan assumes
the new CEO role, effective August 1.  Other new appointments to the
management team include Gabi Geva as Marketing Director and Gregory Dean
as Financial Director.

Since joining Digicel Group in January 2002, Mr. Linehan has held many
senior management positions and played an instrumental role in the
development and success of operations in the Eastern Caribbean, Trinidad &
Tobago, Haiti and most recently French Guiana where he served as General
Manager.  Tim Bahrani, former Digicel Guyana CEO who successfully led
Digicel’s launch in Guyana, moves on to pursue other business
opportunities.

“We are pleased to promote Mark to the role of CEO for Digicel Guyana,”
said Digicel Group CEO. Colm Delves.  “We are confident that Mark will
follow the tremendous work led by Tim Bahrani in growing the Guyana
business at such a phenomenal rate.  As our business in Guyana continues
to grow, Mark along with all our Guyana management and staff will ensure
that our customers continue to be our number one priority.”

Guyanese-born Gregory Dean brings eight years of international experience
to his role as Financial Director for Digicel Guyana.  Mr. Dean has
returned to Guyana from the UK where he held various financial roles in
the healthcare and retail industries, most recently as Financial
Controller for Habitat UK Limited.

Marketing and Sales Director, Mr. Geva, has more than 19 years experience
in Sales and Marketing and has previously held senior management positions
in international telecommunications companies, including GTS Group in
South Africa, Angola Telecoms and SciTex Vision in the USA, Mexico and
Brazil.

Digicel Guyana launched under the Digicel brand name on February 14th,
2007, after Digicel acquired Cel*Star U Mobile, the second wireless
operator in Guyana, in November 2006.  The operation had 14,800
subscribers at the date of acquisition, which has now become more than
100,000 customers as of March 31st, 2007.  Employment has also increased
from 110 to 159 employees.

With investments exceeding US$60 million, Digicel Guyana has been
responsible for introducing strong competition into the market and driving
mobile penetration through superior services, reliable coverage and high
value offerings.  The company also offers a wide range of brand new
handsets at affordable prices and it was the first to bring to Guyana
innovative products and services such as per second billing, rollover
minutes and free voicemail.

Digicel Group Limited -- http://www.digicelgroup.com/-- is a
wireless services provider in the Caribbean region.  The company
is a newly created Bermuda incorporated company formed by Mr.
Denis O'Brien, who previously owned 78% of the shares of Digicel
Limited on a fully diluted basis.  The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in 22 markets primarily in the Caribbean including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, Curacao, Martinique, Guadeloupe, Trinidad and Tobago and
Haiti among others.

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.




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


CABLEMAS: Televisa Must Share Free Channels, Antitrust Says
-----------------------------------------------------------
Grupo Televisa gets conditional approval from Mexico's antitrust agency in
its bid to buy a 49% stake in Cablemas SA.

Mexico's Federal Competition Commission said in an e-mailed statement to
Bloomberg News that Televisa must share its free channels with all pay-TV
providers and must also carry free channels from other companies in order
for its stake purchase to get approved.

Televisa has inked in November 2006 a stake purchase pact with Cablemas
for US$258 million.

Bloomberg relates that Televisa wants to buy cable companies to offer
packaged television, phone and Internet services and compete with
telephone carriers.  The company, which owns a cable operation in Mexico
City with 497,000 subscribers, this month began offering telephone
services in the area.  It reported US$1.9 billion of broadcasting revenue
for 2006.

                     About Grupo Televisa

Mexico-based Grupo Televisa, S.A.B. has interests in television production
and broadcasting, production of pay television networks, international
distribution of television programming, direct-to-home satellite services,
publishing and publishing distribution, cable television, radio production
and broadcasting, professional sports and live entertainment, feature film
production and distribution, gaming, and the operation of a horizontal
internet portal.

                        About Cablemas

Cablemas SA de CV -- http://www.cablemas.com-- is the second-largest
cable television operator in Mexico based on the number of subscribers and
homes passed.  As of June 30, 2005, the company's network served over
546,000 cable subscribers and in excess of 87,000 high-speed Internet
subscribers, with more than
1,647,000 homes passed.  It is the concessionaire with the broadest
coverage in Mexico, operating in 46 cities throughout the country's oil,
maquiladora and tourist regions.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb. 15,
2007, Fitch Ratings has affirmed these ratings for Cablemas with a Stable
Rating Outlook:

  -- Foreign Currency Issuer Default Rating 'BB-';
  -- Local Currency Issuer Default Rating 'BB-';
  -- US$175 million senior notes due 2015 'BB-'; and
  -- National scale 'A(mex)'.


DURA AUTOMOTIVE: Files Plan Term Sheet & Backstop Agreement
-----------------------------------------------------------
DURA Automotive Systems, Inc., Friday, filed with the U.S. Bankruptcy
Court for the District of Delaware a plan of reorganization term sheet and
backstop purchase agreement for an equity rights offering.  The rights
offering will provide capital to help fund the company's exit from Chapter
11 by
year-end 2007.

Three of DURA's senior noteholders - Pacificor, LLC, Bennett Management
Corporation, and Wilfrid Aubrey LLC - have agreed to underwrite the rights
offering DURA has contemplated as part of its Chapter 11 reorganization.
The rights offering provides the right for DURA's senior noteholders to
purchase shares in a reorganized DURA.  DURA's plan term sheet calls for
the sale of 39.4 percent to 42.6 percent of new common stock in the
reorganized company.

"This agreement provides financing for the company's emergence from
bankruptcy later this year and demonstrates confidence from our financial
partners in DURA's future sustainability," said Larry Denton, DURA
Automotive's chairman and chief executive officer.  "We look forward to
building on this positive momentum as we continue on our path towards
emergence."

The backstop agreement guarantees that DURA will generate between US$140
million to US$160 million from the rights offering.

The term sheet also contemplates among other elements of the reorganization:

    * additional financing through an exit credit facility;

    * payment of all DIP claims, administrative expenses and
      certain priority claims;

    * payment in full of second-lien claims; and

    * conversion of all senior notes and general unsecured
      claims into new common stock in a reorganized DURA.

                    About DURA Automotive

Rochester Hills, Michigan-based DURA Automotive Systems Inc. (OTC: DRRAQ)
-- 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.


MAXCOM TELECOMUNICACIONES: Files Complaint Against Televisa
-----------------------------------------------------------
Published reports in Mexico say that Maxcom Telecomunicaciones has filed a
anticompetitive practices complaint with the antitrust commission Cofeco
against broadcaster Televisa.

Business News Americas relates that the case revolves around Maxcom
Telecomunicaciones' "attempts to secure national content for an IPTV
rollout in Puebla."

According to BNamericas, Maxcom Telecomunicaciones reached accords with
other content providers like TV Azteca.

The report says that Maxcom Telecomunicaciones claimed that "Televisa is
the only one that is stalling."

Maxcom Telecomunicaciones Chief Executive Officer Rene Sagastuy told
reporters, "We have been negotiating over the last nine months with all of
the content providers, both national and foreign, and have been able to
close deals under favorable competitive conditions with all [the others]."

BNamericas notes that Maxcom Telecomunicaciones invested some US$40
million in network upgrades to prepare for IPTV services.  The company
will launch the services in all of its coverage areas over the next 18
months.

Cofeco said that "availability of content" was one of several strict
conditions imposed on Televisa when the company acquired cable operator
Cablemas, BNamericas states.

Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones,
SA de CV, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom Telecomunicaciones
launched commercial operations in May 1999 and is currently
offering Local, Long Distance and Internet & Data services in
greater metropolitan Mexico City, Puebla and Queretaro.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Standard & Poor's Ratings Services assigned its
'B' long-term corporate credit rating to Mexico City-based
Maxcom Telecomunicaciones SA de CV.  S&P said the outlook was
stable.

At the same time, Standard & Poor's assigned its 'B' rating to
Maxcom's proposed transaction of up to US$200 million 144-A
senior unsecured notes maturing in 2016.  The notes will be
guaranteed by substantially all of Maxcom's subsidiaries.
Proceeds from the proposed offering of notes will be used to
refinance all the existing indebtedness, including vendor
financing, and to prefund approximately US$84 million of capital
expenditures for additional growth.


ODYSSEY RE: Secures US$200 Million Credit Facility
--------------------------------------------------
Odyssey Re Holdings Corp. as entered into a five-year, US$200 million
credit facility with a syndicate of lenders.  The credit facility replaces
OdysseyRe's existing three-year, US$150 million facility, which was
entered into in September 2005.  The credit facility was arranged by
Wachovia Capital Markets, LLC and KeyBanc Capital Markets, acting as joint
lead arrangers.

Odyssey Re Holdings Corp. (NYSE: ORH) is an underwriter of property and
casualty treaty and facultative reinsurance, as well as specialty
insurance.  Odyssey Re operates through its subsidiaries, Odyssey America
Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through offices in the
United States, London, Paris, Singapore, Toronto and Mexico City.  Odyssey
Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2006,
Standard & Poor's affirmed its 'BBB-' counterparty credit and
'BB' preferred stock ratings on Odyssey Re Holdings Corp. and removed them
from CreditWatch negative.


RIO VISTA: Makes Quarterly Distribution of US$0.25 Per Unit
-----------------------------------------------------------
Rio Vista Energy Partners L.P. has scheduled a cash distribution to its
common unit holders.  The distribution, covering the second quarter ended
June 30, 2007, is expected to be in an amount equal to US$0.25 per common
unit.  The distribution is scheduled to be paid on July 31, 2007, to all
holders of record of Rio Vista common units as of the close of business on
July 24, 2007.

                     Going Concern Doubt

As reported on the Troubled Company Reporter on May 5, 2006,
Burton Mccumber & Cortez, L.L.P., in Brownsville, Texas, raised
substantial doubt about the ability of Rio Vista Energy Partners
L.P. to continue as a going concern after auditing the Company's
consolidated financial statements for the years ended
Dec. 31, 2004, and 2005.

                       About Rio Vista

Headquartered in Houston, Texas, Rio Vista Energy Partners L.P. (NASDAQ:
RVEP) buys, transports and sells liquefied petroleum gas.  Rio Vista owns
and operates terminal facilities in Brownsville, Texas and in Matamoros,
Tamaulipas, Mexico and approximately 23 miles of pipelines, which connect
the Brownsville Terminal Facility to the Matamoros Terminal Facility.  The
primary market for Rio Vista's LPG is the northeastern region of Mexico,
which includes the states of Coahuila, Nuevo Leon and Tamaulipas.


RIO VISTA: Will Acquire Interests in Oil Producing Properties
-------------------------------------------------------------
Rio Vista Energy Partners L.P. has entered into letters of intent to
acquire assets or stock including certain leasehold interests of oil and
gas producing properties and associated pipeline gathering systems from
four privately held companies based in East Central Oklahoma.

The Properties located in East-Central Oklahoma are situated in McIntosh,
Haskell and Pittsburg Counties.  The leases to be acquired comprise
approximately 22,000 gross HBP acres (Held By Production), a 25-mile
pipeline that gathers gas from multiple Properties located in Haskell and
Pittsburg Counties and a 40-mile pipeline that receives gas from leases in
the Texanna area north of Lake Eufaula and delivers to the ONG-R-900
intrastate pipeline in McIntosh County.  The Companies currently have a
majority interest in a total of 93 operated wells and 16 non-operated
wells primarily from Booch sand, Hartshorne Coal Bed Methane, George’s
Fork and Spiro wells.  The companies are presently involved in the
development for the shallow reserve targets.  There are an additional 114
identified drilling locations in the upper formations with upside
potential.  Rio Vista intends to explore the additional upside
opportunities that exist in the deeper formations located on the
Properties such as the Caney Shale and Woodford Shale.

Under the terms of the letters of intent, Rio Vista would pay a total of
US$9.4 million in cash, assume debt of approximately US$16.5 million, and
issue to the sellers approximately US$1.5 million of Rio Vista common
units.  The historical estimated monthly revenues before allocation of
interests were approximately US$486,000 plus pipeline income.

Under the terms of the letters of intent, all of the acquisitions from the
Companies must be closed simultaneously.  In addition, the acquisitions
are subject to customary due diligence related to financial, legal and
environmental matters, execution of definitive purchase and sale
agreements, assignment of permits and leases, consents from third parties
including existing secured lenders, and receipt of additional financing.
The transactions are also subject to the approval by the board of managers
of Rio Vista and other closing conditions.

“We believe the acquisition of these assets provides us with compelling
near-term production opportunities in historically proven areas of coal
bed methane (CBM) production,” said Ian Bothwell, Acting Chief Executive
Officer of Rio Vista.  “These fields in Oklahoma have produced large
amounts of natural gas.  With numerous additional attractive drilling
locations we have identified, combined with the shallow drilling required,
we believe that we can expand production with minimal capital risks.  In
addition, these acquisitions, if completed, will increase and further
diversify our production capabilities as we seek to grow our oil and gas
assets.”

Earlier this week, Rio Vista announced that it had entered into a letter
of intent to acquire substantially all of the assets, including leases,
contracts and other intangibles of Northport Production Company, a
privately held company, for US$18 million plus assumed debt of
approximately US$2 million.  Northport is an independent oil and gas
exploration firm with a production focus in the mid-continent region of
the United States. Founded in 1993 and based in Oklahoma City, Oklahoma,
Northport drills, operates and manages wells in Oklahoma, Texas, Kansas,
New Mexico, Alabama and West Virginia.  Since its inception, it has
drilled and acquired significant reserves and leases in Oklahoma and New
Mexico.  Presently, Northport owns and operates over 100 wells and has
non-operating joint venture interests in an additional 150 producing
properties.  Completion of the Northport acquisition is subject to
customary due diligence related to financial, legal and environmental
matters, execution of a definitive purchase and sale agreement, assignment
of permits, leases and consents from third parties including secured
lenders.  The transaction is also subject to the approval by the board of
managers of Rio Vista and other closing conditions.

                     Going Concern Doubt

As reported on the Troubled Company Reporter on May 5, 2006,
Burton Mccumber & Cortez, L.L.P., in Brownsville, Texas, raised
substantial doubt about the ability of Rio Vista Energy Partners
L.P. to continue as a going concern after auditing the Company's
consolidated financial statements for the years ended
Dec. 31, 2004, and 2005.

                       About Rio Vista

Headquartered in Houston, Texas, Rio Vista Energy Partners L.P. (NASDAQ:
RVEP) buys, transports and sells liquefied petroleum gas.  Rio Vista owns
and operates terminal facilities in Brownsville, Texas and in Matamoros,
Tamaulipas, Mexico and approximately 23 miles of pipelines, which connect
the Brownsville Terminal Facility to the Matamoros Terminal Facility.  The
primary market for Rio Vista's LPG is the northeastern region of Mexico,
which includes the states of Coahuila, Nuevo Leon and Tamaulipas.


SR TELECOM: Inks Pact with Lenders for New US$45-Million Loan
-------------------------------------------------------------
SR Telecom Inc. entered into an agreement with a syndicate of
lenders comprised of shareholders and lenders of the company
providing for a term loan of up to US$45 million, of which
US$35 million was drawn on July 3, 2007.  An additional US$10 million will
be available for drawdown for a period of up to one year from closing,
subject to certain conditions.

The term loan has a five-year term and is subject to the same
security as the existing loans under the company's existing credit
facility, but ranking senior to the existing loans.  The term loan bears
cash interest at a rate equal to the greater of 6.5% or the three-month US
dollar LIBOR rate plus 3.85% and additional interest that may be paid in
cash or in kind, at the option of the Company, at a rate equal to the
greater of 7.5% or the three-month US dollar LIBOR rate plus 4.85%.  The
cash portion of the interest will be payable in kind until December 2008.
A payout fee of 5% of the term loan will be paid to lenders upon repayment
or maturity of the loan.

"The level of support we have received from our shareholders
and lenders is a strong indication of their ongoing belief in SR
Telecom, its people, its products and its WiMAX strategy," said
Serge Fortin, SR Telecom's president and chief executive officer.  "While
it is clear that much remains to be done for SR Telecom to regain positive
and sustainable momentum, these additional funds will enable us to execute
on our growth strategy even though the delay in finalizing today's
announcement has had a negative impact on manufacturing schedules and
deliveries, and will have an unfavourable effect on second and third
quarter results."

                       Amendments to terms

In connection with entering into this new term loan, the syndicate of
lenders has agreed to amend some of the terms of the initial advances
under the credit facility and the convertible term loan.  The maturity
date has been amended to match the maturity date of this new financing and
the cash portion of the interest will be payable in kind until December
2008.

In addition, amendments were also made to the terms of the credit facility
and the convertible term loan for the portion of the debt held by two of
the lenders, who are not company insiders, whereby their respective
portions would be convertible into common shares of the company at a price
of $0.114 per share.  As well, the conversion price of the portion of the
convertible term loan held by one of the lenders was amended to the same
price.

As some of the parties participating in the financing are related parties
of the company, as defined by applicable securities legislation in Quebec
and Ontario, the financing is considered a related-party transaction.
However, it is exempt from the valuation and minority approval
requirements, as it is a loan to the company obtained on reasonable
commercial terms that are no less advantageous to the company than if the
loan had been obtained from persons that were dealing at arm's length with
the company.

The company will file a material change report less than 21 days
prior to the closing date of the financing, a shorter period that is
reasonable and necessary under the circumstances, which will allow the
company to complete the transaction in a timely manner in order to finance
its operations and execute on its growth strategy.

                    Status Update on Results

The company intends to update its financial statements and
accompanying management's discussion and analysis for the periods ended
Dec. 31, 2006, and March 31, 2007, in the coming days.

                       Going Concern Doubt

There is substantial doubt about the appropriateness of the use of the
going concern assumption because of the uncertainty concerning the outcome
of the company's financing initiatives and because of the company's losses
for the current and prior years, negative cash flows, reduced availability
of supplier credit and lack of operating credit facilities.

For the quarter ended March 31, 2007, the company realized a net
loss of CDN$12.2 million and used cash of CDN$12.4 million in its
continuing operating activities.  The company had a net loss of CDN$115.6
million and used cash of CDN$45.2 million in its continuing operations for
the year ended Dec. 31, 2006.

                         About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and Thailand.

                          *     *     *

SR Telecom's long-term credit rating carries Standard & Poor's
Ratings Services' D rating.




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


IMAX CORP: Cede & Co. Issues Default Notice Under Sr. Indenture
---------------------------------------------------------------
IMAX Corporation was issued on July 2, 2007, a notice of default
by Cede & Co., the nominee of the Depository Trust Company, on
behalf of Catalyst Fund Limited Partnership II, a significant
holder of 9.625% senior notes due Dec. 1, 2010, issued by IMAX.

Cede stated in the notice that DTC is informed by Mellon Trust of New
England, N.A., its participant, that US$62,237,000 principal amount of the
notes are beneficially owned by Catalyst Fund.  The notice further added
that Catalyst Fund's ownership of the notes represents more than 25% of
the outstanding notes under the indenture.

The notice states that defaults have occurred and continue to
occur under Sections 1019 and 1021 of the indenture governing the senior
notes, in that IMAX has failed to comply with financial reporting
requirements and failed to deliver timely and accurate officer
certificates.

IMAX has failed to file its quarterly report for the first quarter of
2007.  IMAX also has failed to file its annual report for the period ended
Dec. 31, 2006.

The defaults under Section 1019 were the subject of a prior
consent solicitation by IMAX, which IMAX claimed resulted in a
waiver of its defaults and an extension of its time to file its
required financial reports.

Catalyst disputes that the consent solicitation was valid or
effective.  The defaults under Section 1021, which were not the
subject of the prior consent solicitation, require unanimous
consent, which IMAX has not requested or obtained.

Cede demanded through the notice, on behalf of the beneficial
owner, that all the defaults be remedied.

This is the third notice of default sent to IMAX in the last two
months.  Separate notices with respect to these defaults were sent to IMAX
on May 3, 2007, and June 4, 2007.  The July 2, 2007 notice was sent on the
first day following the expiration of IMAX's claimed, though disputed,
extension of time to file its financial statements under Section 1019.

                      About IMAX Corporation

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


IMAX CORP: Default Notice Prompts S&P to Junk Ratings
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit and senior
unsecured debt ratings on IMAX Corp. to 'CCC+' from
'B-'.  The ratings remain on CreditWatch, with implications revised to
developing from negative, to indicate possible upward or downward movement
of the ratings.  The ratings were originally placed on CreditWatch with
negative implications on April 2, 2007.

The rating and CreditWatch actions follow the issuance of a notice of
defaults with respect to IMAX's $160 million 9.625% convertible senior
notes due 2010.  The notice relates to the company's failure to file its
SEC Form 10-K for 2006 and Form 10-Q for the first quarter of 2007.  IMAX
now has a 30-day cure period (through July 31, 2007) to make the filing.
If IMAX is unable to file during that time frame or obtain a waiver,
maturity on the notes may be accelerated.  In a press release issued by
IMAX on June 29, 2007, the company indicated that it expects shortly to be
able to file its 2006 Annual Report on Form 10-K and quarterly report on
Form 10-Q for the quarter ended March 31, 2007.

"Standard & Poor's believes that these financial risks have the potential
to lead to an eventual payment default," said Standard & Poor's credit
analyst Tulip Lim.  "However, we will raise the ratings if IMAX is able to
resolve this situation either through a timely filing or a receipt of
waivers by noteholders."




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


* PANAMA: Asks U.S. Congress to Ratify Free Trade Deal
------------------------------------------------------
Panama's Vice President Samuel Lewis calls on the U.S. Congress to ratify
a free trade deal between the two nations.  The accord seeks to eliminate
tariffs of goods.

The vice-president stresses that the trade deal is a win-win opportunity
for both countries, The Financial Times relates.

”The agreement does not threaten US jobs,” Mr. Lewis said in an interview
with The FT last week.  “It will only mean growth for both Panama and the
US.”

For the free trade deal to take effect, both countries' legislative bodies
must ratify the accord.  On Wednesday, Panamanian legislators voted in
favor of the deal.

Analysts quoted by the FT said that U.S. legislators would probably
approve the deal this quarter after Panama agreed to revise issues
concerning labor rights, intellectual property and investment protection.

                       *     *     *

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




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


NUTRO PRODUCTS: Notes Redemption Cues S&P to Withdraw Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on City of
Industry, California-based Nutro Products Inc. following the acquisition
of the company by Mars Inc. and redemption of the company's US$165 million
float notes due 2013 and US$150 million 10.75% notes due 2014, on July 9,
2007.

Ratings List

Nutro Products Inc.

Not Rated Action; CreditWatch Action

                             To         From
                             --         ----
Corporate Credit Rating      NR         B-/Watch Pos/--
Senior Secured
  Local Currency             NR         B/Watch Pos
Senior Unsecured
  Local Currency             NR         CCC/Watch Pos
Subordinated                NR         CCC/Watch Pos


                    About Nutro Products

Based in City of Industry, California, Nutro Products, Inc.
-- http://www.nutroproducts.com/-- formulates and manufactures
dry and canned food, biscuits, and treats for dogs and cats.
The company's brand names include Natural Choice, MAX, and
Gourmet Classics.  Its products are available in feed stores and
pet supply shops, such as Petco and PetSmart, across the U.S.
And Canada.  Nutro's products are also distributed worldwide,
including Indonesia, Peru and Austria, among others.


* PERU: Perupetro To Explore Block 127 with Loon Energy
-------------------------------------------------------
Peruvian President Alan Garcia has allowed state hydrocarbons promotion
agency Perupetro to sign the block 127 exploration and production contract
with Canadian oil and gas firm Loon Energy, according to a report by
Peru's official gazette.

Business News Americas relates that Perupetro's board ratified the
contract for the block in March 2007.

According to BNamericas, the block spans 966,674 hectares in the Maranon
basin.

Perupetro posted on its Web site that the work commitment during the first
24 months includes:

          -- acquiring, processing and interpreting 390
             kilometers of 2D seismic lines;

          -- reprocessing 2,000 kilometers of 2D seismic lines;
             and

          -- producing technical studies.

"Subsequent periods ranging from 12 to 18 months involve additional
seismic work and the drilling of wildcat wells," 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.




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


MIRANT CORP: Unit to Pay US$11 Mil. to Resolve Criminal Charges
---------------------------------------------------------------
Mirant Energy Trading LLC, a wholly owned subsidiary of Mirant Corporation
and successor to Mirant Americas Energy Marketing L.P., has entered into
an agreement with the U.S. Government resolving an ongoing federal
investigation into the submission of knowingly inaccurate reports by
former traders of MAEM, concerning the commodities market for natural gas.

The Assistant Attorney General Alice S. Fisher of the Criminal Division
and U.S. Attorney Scott Schools of the Northern District of California
said that Mirant Energy will pay an US$11 million penalty to the U.S.
Treasury under the terms of the deferred prosecution agreement.

Mirant Energy Trading has accepted and acknowledged responsibility for the
actions of MAEM's former employees, and is required by the agreement to
cooperate fully with the government's investigation. The Department of
Justice has agreed not to file criminal charges stemming from the
investigation for a 15-month period due, in part, to the bankruptcy
reorganization of the company, the company's cooperation and the payment
of fines to the U.S. government.  The Department of Justice can charge
Mirant Energy Trading with delivering knowingly inaccurate reports
concerning the commodities market for natural gas if Mirant Energy Trading
fails to comply fully with the terms of the agreement during that 15-month
period.

According to a statement of facts that accompanied the agreement, between
February 2000 and December 2000, traders at MAEM's natural gas trading
desks submitted knowingly inaccurate trade data, including fictitious
trades, incorrect volumes and prices, and incomplete trade reports to
industry publications, for the purpose of benefiting MAEM's natural gas
trading positions.  Natural gas traders use the published index prices to
price and settle certain physical and over-the-counter financial
derivative natural gas transactions.  Certain MAEM traders also attempted
to conceal the false nature of these submissions by providing misleading
and inaccurate information to industry publications in response to
requests to confirm reported trade information.  Mirant management alerted
government authorities after discovering the false reporting.

Three former MAEM traders -- Christopher McDonald, Michael Whalen and Paul
Atha -- pleaded guilty in the Northern District of California last year to
conspiracy to violate the Commodity Exchange Act.

"The Justice Department's efforts to combat corporate fraud are focused on
ensuring honesty and integrity in the marketplace, in this case in the
natural gas markets," said Assistant Attorney General Fisher.  "This
agreement properly recognizes the company's comprehensive disclosure of
violations and its written commitment to deterring illegal conduct in the
future.  I thank the criminal and antitrust prosecutors who worked on this
case, along with agents of the FBI and representatives of the Commodity
Futures Trading Commission."

"The provision of false information by Mirant employees in the natural gas
trading markets gave an unfair and illegal advantage to the company and
disrupted the appropriate functioning of those markets," said U.S.
Attorney Schools.  "This deferred prosecution agreement, with an US$11
million fine and a mechanism for future cooperation with authorities,
promotes a culture of compliance within the corporation and hopefully
deters other corporations from engaging in similar illegal conduct that
disrupts essential energy markets."

The Justice Department's investigation into the Mirant matter is being
conducted by the Fraud Section of the Criminal Division, the U.S.
Attorney's Office for the Northern District of California, and the Federal
Bureau of Investigation.  The investigation was also supported by the
Antitrust Division of the Department of Justice and the Commodity Futures
Trading Commission.

                        About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen
LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant New York
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, the ratings of Mirant Corp., with an Issuer
Default Rating of 'B+' by Fitch, and its subsidiaries remain on
Rating Watch Negative following the company's announced plans to
pursue alternative strategic options including a possible
purchase of Mirant by a third party.

These ratings remain on Watch Negative:

  Mirant Corp.

    -- Issuer Default Rating 'B+'.

  Mirant Mid-Atlantic LLC

     -- Issuer Default Rating 'B+';
     -- Pass-through certificates 'BB+/RR1'.

  Mirant North America, Inc.

     -- Issuer Default Rating 'B+';
     -- Senior secured bank debt 'BB/RR1';
     -- Senior unsecured notes 'BB-/RR1'.

  Mirant Americas Generation, LLC

     -- Issuer Default Rating 'B+';
     -- Senior unsecured notes 'B/RR5'.




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


PAN AMERICAN: Inks US$550-Million Loan Deal with IFC
----------------------------------------------------
Pan American Energy LLC, Argentine Branch, and International Finance
Corp., a member of the World Bank Group, signed a loan agreement to
support Argentina’s economic growth.  The US$550 million investment will
generate substantial benefits for Argentina through tax and royalty
revenues and employment in Pan American’s areas of operations.

The financing will support the company’s capital expenditure program for
operations in Cerro Dragon, located in the Golfo San Jorge Basin in
southern Argentina.

“The IFC investment will contribute to the company’s expansion, consistent
with our strategy to support the Argentine oil, gas, and mining sectors,”
said Yolande Duhem, IFC’s Senior Manager for Argentina and the Southern
Cone.  “PAE's development of its strategically located gas reserves will
continue to be instrumental in increasing the energy supply needed to
support Argentina’s economic growth.”

The loan package comprises a US$150 million loan for IFC’s own account and
US$400 million raised by IFC from commercial banks.  The 11-year term of
IFC’s US$150 million loan is the longest debt maturity extended to an
Argentine corporate borrower since the country’s economic crisis in
2001-2002.

“We have built on our partnership with Pan American to structure a
landmark financing in Argentina,” said Somit Varma, IFC’s Director for
Oil, Gas, Mining, and Chemicals.  “IFC is supporting a company that makes
a difference for the local communities in the regions where it operates,
and that provides a clean source of fuel for Argentina.”

Pan American, a joint venture between BP plc and Bridas Corporation, is
Argentina’s second-largest oil and gas producer, accounting for about 15%
of the country’s output.  The signing in Washington, D.C., marks the
continuation of a long-standing relationship between the two partners,
including IFC’s most recent financing to Pan American Energy in 2005.

“We are delighted to have built on our relationship with IFC. This
financing will allow us to continue to invest aggressively in support of
Argentina’s economic growth,” said Felipe Bayon, CEO of Pan American
Energy.

Rodolfo Berisso, Pan American’s Vice President of Finance and Planning,
added, “IFC’s team concluded this complex financing arrangement in a
highly efficient manner and a very fast turnaround time. With IFC’s
presence, we have been able to set a new benchmark for Argentine companies
in long-term financing from international commercial banks.”

                          About IFC

IFC – http://www.ifc.org/-- a member of the World Bank Group, fosters
sustainable economic growth in developing countries by financing private
sector investment, mobilizing capital in the international financial
markets, and providing advisory services to businesses and governments.
IFC’s vision is that poor people have the opportunity to escape poverty
and improve their lives.  In Fiscal Year 2006, IFC committed US$8.3
billion, including syndications, to 284 investments in 66 developing
countries.

                    About Pan American

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

                       *     *     *

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


* URUGUAY: State Insurer Earns UYU72.1MM in First Quarter 2007
--------------------------------------------------------------
Uruguayan state-owned insurer Banco de Seguros del Estado told Business
News Americas that its profits increased 161% to UYU72.1 million in the
first quarter 2007, from the first quarter of last year.

BNamericas relates that central bank figures indicate that financial gains
more than doubled to UYU54.2 million, increasing the insurer's operating
profits by 268% to UYU48.7 million in the first quarter 2007, compared to
the first quarter 2006.

The report says that Banco de Seguros' claim costs dropped 10.2% to UYU471
million in this year's first quarter, compared to last year's first
quarter.  Its underwriting profit increased fourfold to UYU48.7 million.

According to BNamericas, Banco de Seguros' net retained premiums rose
13.0% to UYU1.14 billion in the first quarter 2007, from the first quarter
2006.  Its car insurance premiums grew 1.62% to UYU324 million.

Banco de Seguros' life insurance premiums increased 37.6% to UYU243
million in the first quarter 2007, from the first quarter 2006.  Workplace
accident insurance premiums rose 24.4% to UYU419 million, BNamericas
states.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2007, Standard & Poor's Ratings Services revised its outlook on
Uruguay's 'B+' long-term sovereign credit rating to positive from stable.
The short-term sovereign credit rating was 'B'.

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing Sept. 14,
2018, at 'B+'.




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


CITGO PETROLEUM: Court Dismisses Two Federal Counts Against Firm
----------------------------------------------------------------
The Associated Press reports that Federal Judge John Rainey has dismissed
two of five counts alleging that Citgo Petroleum Corp. breached federal
bird protection laws.

Judge Rainey denied a request to dismiss the remaining three counts after
throwing out two of the charges last week, the AP notes.  Citgo, its
subsidiary Citgo Refining and Chemicals Co. and the refiner's
environmental manager Philip Vrazel now face three counts of breaching the
U.S. Migratory Bird Act.

According to the AP, the defendants allegedly removed dead, oil-coated
migratory birds from Tanks 116 and 117 at the Citgo East Plant in Corpus
Christi without reporting it to environmental authorities.

The AP relates that once the defendants are found guilty, each could be
fined up to US$15,000 for each bird.

A Texas Parks and Wildlife agent told the AP that he had recovered 17
birds as evidence.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-
owned oil company of Venezuela.

Petroleos de Venezuela 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.

                        *     *     *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp. in Feb. 14, 2006.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.
Fitch also rates the company's US$1.15 billion senior secured
revolving credit facility maturing in 2010 at 'BB+', its US$700
million secured term-loan B maturing in 2012 at 'BB+', and its
senior secured notes at 'BB+'.


PETROLEOS DE VENEZUELA: Takes in Over 700 Private Firm Employees
----------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's operative
manager Romer Valdez told Prensa Latina that the company has absorbed more
than 700 private company contract workers.

Venezuelan officials told Prensa Latina that the oil sector operations in
the west of Venezuela remain normal in the middle of a process of
nationalization.

The process will continue until 100% of those employees join the Petroleos
de Venezuela's "payroll definitely, before the nationalization date,"
Prensa Latina notes, citing Mr. Valdez.

Petroleos de Venezuela President & Venezuelan Energy Minister Rafael
Ramirez denied to Prensa Latina that there were interruptions in the oil
production due to conflicts with operators.

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

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


* VENEZUELA: Continues Talks with ExxonMobil & ConocoPhillips
-------------------------------------------------------------
Bernardo Alvarez, the Venezuelan ambassador to the US, told Business News
Americas that the Venezuelan government is negotiating  with oil companies
ExxonMobil and ConocoPhillips for compensation of their nationalized
assets in the Orinoco heavy crude belt.

Mr. Alvarez commented to reporters, "We have shown we believe in dialogue.
No one wants to go into litigation.  We want to reach a common
understanding with both companies."

A ConocoPhillips executive told BNamericas, "Negotiations are continuing
and we're hopeful we'll reach an amicable solution."

ConocoPhillips would take a second quarter charge of US$4.5 billion for
its Venezuelan assets, BNamericas notes, citing the official.

BNamericas relates that Venezuelan state oil firm Petroleos de Venezuela
SA increased its stake to 78% from 30% in joint ventures in the Orinoco
heavy crude belt.  ExxonMobil and ConocoPhillips decided to withdraw from
Venezuela than sign new contracts that granted the Venezuelan government
more stake in their operations.  They considered the terms in the new
contracts unfavorable.

According to published reports, ExxonMobil said it invested US$750 million
in Orinoco.

"ExxonMobil is disappointed we have been unable to reach an agreement on
the terms for migration to a mixed enterprise structure.  However, we
continue discussions with the Venezuelan government on a way forward," an
Exxon spokesperson told BNamericas.

                        *     *     *

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Total
                                Shareholders  Total
                                Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3      (8.88)      56.71
Kuala                    ARTE3     (33.57)      11.86
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (738.69)     456.86
Angel Estrada            ESTR      (68.23)      68.97
Estrada-A                ESTR5     (68.23)      68.97
Bombril Holding          FPXE3  (1,064.31)      41.97
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (233.64)      33.23
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3     (22.20)     478.81
Minupar                  MNPR3     (27.02)     206.98
Telebras-CM RCPT         RCTB30   (139.38)     235.03
Schlosser                SCL03     (55.17)      51.93
Telebras SA              TELB3    (139.38)     235.03
Telebras-CM RCPT         TELE31   (139.38)     235.03
Telebras SA              TLBRON   (139.38)     235.03
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (151.49)   1,914.18
WIEST                    WISA3    (107.73)      92.66


                          ***********


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
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Information contained herein is obtained from sources believed to be
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for the term of the initial subscription or balance thereof are US$25
each.  For subscription information, contact Christopher Beard at
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