TCRLA_Public/070718.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

            Wednesday, July 18, 2007, Vol. 8, Issue 141

                          Headlines

A R G E N T I N A

ALLIS-CHALMERS: Strata Enters New Employment Agreement with CEO
COMPANIA DEFENSORA: Trustee to File Individual Reports Tomorrow
COOPERATIVA DE VIVIENDA: Trustee To File General Report Today
DISTAR SRL: Proofs of Claim Verification Is Until Today
DISTRIBUIDORA INTERPROVINCIAL: Individual Reports Due Today

FORD MOTOR: Dismisses Speculations on Possible Volvo Sale
LA CAPILLA: Will Hold Informative Assembly Tomorrow
PACEY SA: Proofs of Claim Verification Ends Today
PLAST SAICI: Trustee To File General Report in Court Tomorrow
SATELITAL SA: Trustee To File Individual Reports Tomorrow

POLYMER GROUP: Appoints Two Executives on Global Positions
TELEFONICA DE ARGENTINA: Adds La Plata to Digital Program
TYSON FOODS: China Bans Import of Meat Products

* ARGENTINA: Felisa Miceli Resigns as Economy Minister


B E R M U D A

DRESDNER RCM: Proofs of Claim Filing Is Until July 27
JUPITER POWER: Sets Final General Meeting for July 30


B O L I V I A

* BOLIVIA: Nationalizing Railroads, President Morales Says


B R A Z I L

AMERICAN AIRLINES: Offers Discounted Caribbean & Mexican Flights
BANCO VOTORANTIM: Launching Investment Banking Unit
BASELL AF: Fitch Confirms Senior Notes Rating at B+
GOL LINHAS: Signs Interline Agreement with Aerolinas Argentinas
HERCULES INC: Enters Into H2H Innovations Venture with Heartland

KENDLE INTERNATIONAL: Closes US$200 Mil. Senior Notes Offering

* BRAZIL: Anatal To Issue Mobile License Bidding Rules in Oct.


C A Y M A N   I S L A N D S

ABACUS FUND: Proofs of Claim Filing Ends on July 27
AMMC CDO: Proofs of Claim Must be Filed by July 26
ANTHRACITE BALANCED: Proofs of Claim Filing Ends on July 25
ANTHRACITE BALANCED: Sets Final Shareholders Meeting for July 25
AS ASSIST: Proofs of Claim Filing Deadline Is July 21

BAILEY COATES: Proofs of Claim Filing Ends on July 27
BT BRAM: Proofs of Claim Filing Deadline Is July 27
BT INVESTMENTS: Proofs of Claim Filing Is Until July 27
BT YOSEMITE: Proofs of Claim Must be Filed by July 27
CARRERAS CONSULTING: Final Shareholders Meeting Is on Sept. 21

CARRERAS CONSULTING: Proofs of Claim Must be Filed by Sept. 21
DEUTSCHE AOTEAROA: Proofs of Claim Filing Deadline Is July 27
EUREKA INTERACTIVE: Sets Final Shareholders Meeting for Oct. 19
HEXA PROPERTIES: Proofs of Claim Filing Ends on July 21
IVY ENHANCED: Proofs of Claim Must be Filed by July 29

JAPAN OFFICE: Proofs of Claim Filing Deadline Is July 29
MANLEY INVESTMENT: Proofs of Claim Filing Ends on July 22
MARBLE LIMITED: Proofs of Claim Must be Filed by July 30
MARBLE LIMITED: Sets Final Shareholders Meeting for Aug. 6
QUARTZ LIMITED: Proofs of Claim Filing Ends on July 30

QUARTZ LIMITED: Sets Final Shareholders Meeting for Aug. 6
ZESTY CO: Proofs of Claim Must be Filed by July 25


C H I L E

BCBG MAX: Moody's Cuts Rating to B3 Due to Waning Profitability
BOSTON SCIENTIFIC: To Pay US$195 Mil. to Settle Product Lawsuits


C O L O M B I A

BANCOLOMBIA SA: Buys Mortgage-Backed TIPS for COP204.3 Billion
BANCOLOMBIA: Prices 8.4 Mil. American Depositary Shares Offering


C O S T A   R I C A

ALCATEL-LUCENT: To Deploy First WiMAX Network in France


D O M I N I C A N   R E P U B L I C

ASHMORE ENERGY: Inks Joint Development Pact w/ Synthesis Energy

* DOMINICAN REPUBLIC: Radhames Segura Demands More Power Plants
* DOMINICAN REPUBLIC: Buying Super Tucano Aircraft from Embraer


E C U A D O R

DOLE FOOD: Court Starts Hearing Banana Workers' Claims

* GRENADA: IMF Praises Economy Recovery After Hurricanes


M E X I C O

ARMOR HOLDINGS: Bags US$518.5-Mil. Deal to Provide MRAP Vehicles
CEMEX SAB: Offer for All Rinker Shares & ADS Expires
CINRAM INTERNATIONAL: Declares July 2007 Cash Distribution
FREESCALE SEMI: First Minister Eyes Job Rescue at Scottish Plant
GREENBRIER COS: Matrix Research Downgrades Firm's Shares to Sell

LEAR CORP: Discloses Stockholders Annual Meeting Results
US STEEL: David Rintoul Replaces Mike Fedorenko as Gen. Manager
VITRO SAB: Two Glass Container Plants Resume Operations


N I C A R A G U A

* NICARAGUA: IMF To Propose New Poverty Reduction Program


P A N A M A

CHIQUITA BRANDS: To Renegotiate Prices with COOSEMUPAR
CHIQUITA BRANDS: Eyes Packed Vegetables as Good Business


P E R U

BANCO CREDITO: Moody's Pares Foreign Currency Rating to Ba3
GOODYEAR TIRE: Will Supply Network Truck Tires to Dart Transit

* PERU: Moody's Lowers Foreign Currency Rating to Ba2 from Ba3


P U E R T O   R I C O

ALBERTO DELGADO: Case Summary & 12 Largest Unsecured Creditors
DORAL FINANCIAL: Gets Approval Related to Holdings Transaction
ORESTE'S MANAGEMENT: Case Summary & 77 Largest Unsec. Creditors


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Matrix Research Downgrades Firm's Shares to Hold


V E N E Z U E L A

NORTHWEST AIRLINES: Inks Pact to Provide Content to Expedia

* VENEZUELA: May Buyback Debts in 4th Qtr, Finance Minister Says


                            - - - - -


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


ALLIS-CHALMERS: Strata Enters New Employment Agreement with CEO
---------------------------------------------------------------
Strata Directional Technology, Inc, a wholly owned subsidiary of
Allis-Chalmers Energy Inc., entered into a new employment agreement with
David K. Bryan, President and Chief Executive Officer of Strata, effective
July 1, 2007.

The term of the agreement is for three years.  Pursuant to the agreement,
Mr. Bryan is entitled to an annual base salary of
US$250,000 and will be eligible for an annual incentive bonus up to a
maximum of 100% of his base salary if the company achieves certain
performance goals.  Under the agreement, Mr. Bryan will also receive a
US$1,000 monthly car allowance.

If Mr. Bryan's employment is terminated without cause or if he resigns
within a six-month period of being constructively terminated, he will
receive

   i. his unearned salary for the remainder of the Agreement,

  ii. compensation for accrued, unused vacation as of the date
      of termination and

iii. any further compensation that may be provided by the terms
      of any benefit plans in which he participates and the
      terms of any outstanding equity grants.

                       About Allis-Chalmers

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

                        *     *     *

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


COMPANIA DEFENSORA: Trustee to File Individual Reports Tomorrow
---------------------------------------------------------------
Monica Olga Rajo, the court-appointed trustee for Compania Defensora de
Choferes S.A. MSYC's bankruptcy proceeding, will present creditors'
validated claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on
July 19, 2007.

The court will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and challenges
raised by Compania Defensora and its creditors.

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

Ms. Rajo verifies creditors' proofs of claim until June 5, 2007.

Ms. Rajo will also submit to court a general report containing an audit of
Todonavidad's accounting and banking records on Sept. 14, 2007.

The debtor can be reached at:

         Compania Defensora de Choferes S.A. MSYC
         Avda Corrientes 3023
         Buenos Aires, Argentina

The trustee can be reached at:

         Monica Olga Rajo
         Viamonte 2359
         Buenos Aires, Argentina


COOPERATIVA DE VIVIENDA: Trustee To File General Report Today
-------------------------------------------------------------
Norberto Aurelio Alvarez, the court-appointed trustee for Cooperativa de
Vivienda Credito y Consumo Almirante Brown Ltda.'s reorganization
proceeding, will file a general report containing an audit of the
company's accounting and banking records before the National Commercial
Court of First Instance in Buenos Aires on July 18, 2007.

Mr. Alvarez verified creditors' proofs of claim until
April 19, 2007.  He then presented the validated claims in court as
individual reports on June 4, 2007.

The informative assembly will be held on March 11, 2008.
Creditors will vote to ratify the completed settlement plan during the
assembly.

The debtor can be reached at:

          Cooperativa de Vivienda Credito y
          Consumo Almirante Brown Ltda.
          San Martin 201
          Buenos Aires, Argentina

The trustee can be reached at:

          Norberto Aurelio Alvarez
          Rodriguez Pena 189
          Buenos Aires, Argentina


DISTAR SRL: Proofs of Claim Verification Is Until Today
-------------------------------------------------------
Abraham Elias Gutt, the court-appointed trustee for Distar SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until July 18,
2007.

Mr. Gutt will present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 4 in Buenos Aires,
with the assistance of Clerk
No. 8, will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges that will
be raised by Distar and its creditors.

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

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

La Nacion did not state the reports submission dates.

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

The debtor can be reached at:

          Distar SRL
          Maipu 359
          Buenos Aires, Argentina

The trustee can be reached at:

          Abraham Elias Gutt
          Tucuman 1484
          Buenos Aires, Argentina


DISTRIBUIDORA INTERPROVINCIAL: Individual Reports Due Today
-----------------------------------------------------------
Hugo Edgardo Borgert, the court-appointed trustee for
Distribuidora Interprovincial S.A.'s bankruptcy proceeding, will present
creditors' validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on July 18, 2007.

The court will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and challenges
raised by Distribuidora Interprovincial and its creditors.

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

Mr. Borgert verifies creditors' proofs of claim until
June 5, 2007.

Mr. Borgert will also submit to court a general report containing an audit
of Distribuidora Interprovincial's accounting and banking records on Sept.
19, 2007.

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

The trustee can be reached at:

          Hugo Edgardo Borgert
          Montevideo 665
          Buenos Aires, Argentina


FORD MOTOR: Dismisses Speculations on Possible Volvo Sale
---------------------------------------------------------
Ford Motor Company is reviewing the future of its European operations and
is considering selling its Volvo Cars business in a deal that could be
worth GBP3.9 billion or US$8 billion, published reports claim, quoting
people familiar to the matter.

One of the company's spokespeople is quick to dismiss the speculations,
however, saying: "Ford is not in discussions with any companies in
relation to selling Volvo.  As we've been saying since last year, we
continue to assess all of our operations and are looking at our strategic
options."  A Volvo spokesman in Sweden referred questions about Volvo's
future ownership status to company spokesmen at Ford headquarters in
Dearborn, Michigan, the Wall Street Journal relates.

Ford had previously sold its Aston Martin luxury nameplate for US$848
million and is currently entertaining offers for its Jaguar and Land Rover
brands.  Those brands, along with Volvo, made up Ford's Premier Automotive
Group, which has suffered losses of US$4.8 billion since 2004, WSJ states.

A source in London has revealed that deliberations on Volvo's sale were
still at an early stage and may not even result in a sale.  News about the
potential sale of the Swedish brand, which Ford has repeatedly denied,
leaked into the British media over the weekend, reports say.

According to the Scotsman, speculation about a Volvo takeover was fuelled
by an interview in a German newspaper with BMW CFO Stefan Krause, who had
not ruled out takeovers of other carmakers or brands, although he said any
talk of a bid for Volvo Cars was "pure speculation."

The company has hired investment banks including Goldman Sachs, HSBC and
Morgan Stanley to explore the sale of its two British luxury brands, which
lost US$12.6 billion last year.

Ford Motor Company has set July 19, 2007, as the deadline for bidders to
present indicative bids for its Jaguar and Land Rover car brands.

                      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.


LA CAPILLA: Will Hold Informative Assembly Tomorrow
---------------------------------------------------
Susana Fernandez, the court-appointed trustee for La Capilla S.A.'s
reorganization proceeding, will hold an informative assembly on July 19,
2007.

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

The debtor can be reached at:

         La Capilla S.A.
         Virrey Ceballos
         Buenos Aires, Argentina

The trustee can be reached at:

         Susana Fernandez
         Florida 520
         Buenos Aires, Argentina


PACEY SA: Proofs of Claim Verification Ends Today
-------------------------------------------------
Estudio Polito - Lagorio, the court-appointed trustee for Pacey S.A.'s
reorganization proceeding, verifies creditors' proofs of claim until July
18, 2007.

Estudio Polito will present the validated claims in court as individual
reports on Sept. 18, 2007.  The National Commercial Court of First
Instance in Buenos Aires will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the objections
and challenges that will be raised by Pacey and its creditors.

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

A general report that contains an audit of Pacey's accounting and banking
records will be submitted in court on Nov. 2, 2007.
The informative assembly will be held on May 2, 2008.  Creditors will vote
to ratify the completed settlement plan during the assembly.

The trustee can be reached at:

          Estudio Polito - Lagorio
          Avenida Corrientes 1515
          Buenos Aires, Argentina


PLAST SAICI: Trustee To File General Report in Court Tomorrow
-------------------------------------------------------------
Maria del Pilar Enriquez, the court-appointed trustee for
Plast S.A.I.C.I. y F.'s bankruptcy proceeding, will file a general report
containing an audit of the company's accounting and banking records before
the National Commercial Court of First Instance in Buenos Aires on July
19, 2007.

Ms. Enriquez verified creditors' proofs of claim until
April 20, 2007.  She then presented the validated claims in court as
individual reports on June 5, 2007.

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

The debtor can be reached at:

          Plast S.A.I.C.I. y F.
          Moreno 455
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria del Pilar Enriquez
          Adolfo Alsina 1495
          Buenos Aires, Argentina


SATELITAL SA: Trustee To File Individual Reports Tomorrow
---------------------------------------------------------
Cristina Mattioni, the court-appointed trustee for Satelital S.A.'s
bankruptcy proceeding, will present creditors' validated claims as
individual reports in the National Commercial Court of First Instance in
Buenos Aires on July 19, 2007.

The court will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and challenges
raised by Satelital and its creditors.

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

Ms. Mattioni creditors' proofs of claim until June 4, 2007.

Mr. Mattioni will also submit to court a general report containing an
audit of Satelital's accounting and banking records on Sept. 14, 2007.

The debtor can be reached at:

          Satelital S.A.
          Avenida Libertador 2687
          Buenos Aires, Argentina

The trustee can be reached at:

          Cristina Mattioni
          Uruguay 385
          Buenos Aires, Argentina


POLYMER GROUP: Appoints Two Executives on Global Positions
----------------------------------------------------------
Polymer Group, Inc., as part of its growth as a global company, disclosed
a new leadership structure that establishes key corporate functions,
including operations and research and development, on a worldwide basis.

The company has named two veteran executives to the newly created global
positions of chief operating officer and vice president of research and
development.  Under the leadership of chief executive officer Veronica
"Ronee" M. Hagen, who was appointed in April 2007, the new structure
positions PGI for its next stage of growth.

"This new structure takes a more global view of our business and brings
our strong regional business units closer together to drive cost
efficiency, share best practices, and optimize global customer and
supplier strategies," said Mr. Hagen.  "It will organize PGI for future
strong growth, foster greater innovation and manufacturing excellence, and
give us an advantage over regional competitors as we continue our pursuit
of industry leadership."

Mike Hale, who has been with the company for 35 years, has been named COO
and will manage operations for all of PGI's regional businesses in the
U.S., Europe, Latin America, Canada and Asia.  He most recently was vice
president and general manager for U.S. and Europe.

Bob Dale, with PGI for 16 years, has been tapped as vice president of
research and development and will lead the company's R&D activities and
customer-focused innovation strategies taking place around the world.  He
previously was vice president of sales and marketing for U.S. Nonwovens.

The company also established a new position of vice president of global
marketing, with responsibility for global coordination of the company's
marketing initiatives.  PGI is actively in the process of filling this
executive leadership role.

Additionally, PGI named company veteran Fernando Espinosa to the position
of senior vice president and general manager, Europe reporting to the COO.
In this role, Mr. Espinosa will bring over 30 years of industry
experience in PGI's fastest growing region of Latin America to the
European region with a focus on market leadership and growth.

Polymer Group, Inc., -- http://www.polymergroupinc.com/--
(OTC Bulletin Board: POLGA/POLGB) develops, manufactures and
markets engineered materials.  The company operates 22
manufacturing facilities in 10 countries throughout the world.
The company has manufacturing offices in Argentina, China and
France, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Standard & Poor's Ratings Services revised its outlook on
Polymer Group Inc. to negative from stable.  All ratings,
including the 'BB-' corporate credit rating, were affirmed.

The outlook revision followed several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.  Also contributing to the disappointing results were
several one-time items such as costs related to technical
problems associated with new equipment, an acquisition that was
not consummated, the closing of manufacturing capacity, and
moving the company's headquarters.


TELEFONICA DE ARGENTINA: Adds La Plata to Digital Program
---------------------------------------------------------
Telefonica de Argentina SA said in a statement that it has extended its
digital inclusion program "Ciudades Digitales" to La Plata, Buenos Aires.

Business News Americas relates that Ciudades Digitales concentrates
chiefly on creating "e-government and e-learning platforms and
facilitating access to information and communications technology."

According to BNamericas, the program for La Plata is based on an accord
the local municipality signed with the telecommunications ministry SeCom,
the Ibero-American carriers' organization Ahciet and Swedish telecoms
equipment provider Ericsson.

Under the program, Telefonica de Argentina will develop e-government
systems so administrative procedures can be conducted by telephone or
online, BNamericas states.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating).  The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.


TYSON FOODS: China Bans Import of Meat Products
-----------------------------------------------
China's General Administration of Quality Supervision, Inspection and
Quarantine has suspended the import of meat products from seven U.S.
companies, including Tyson Foods Inc, China Daily reports.

According to the report, the meat products were banned after it was found
that the main ingredients of some Chinese delicacies such as pig ears and
chicken feet, which are imported from the U.S., contained salmonella, feed
additives and veterinary drugs.

The other U.S. companies on the ban list are:

    -- Sanderson Farms Inc
    -- Intervision Foods
    -- AJC International Inc
    -- Cargill Meat Solutions Corp
    -- Van Luin Foods USA Inc and
    -- "Thumph Foods", which most likely is Missouri-based
       Triumph Foods.

The last three firms have been given 45 days to get their products in
order, China Daily says, but the suspension period for the other companies
has not been specified.


Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of chicken,
beef, and pork.  The company produces a wide variety of protein-based and
prepared food products, which are marketed under the "Powered by
Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South Korea, and
Taiwan.  In Latin America, Tyson Foods has operations in Argentina.

                        *     *     *

On Sept. 25, 2006, Moody's Investors Service took a number of
rating actions in relation to Tyson, including the assignment of
a Ba1 rating to the company's:

   -- US$1 billion senior unsecured bank credit facility; and

   -- US$345 million senior unsecured bank term loan for its
      Lakeside Farms Industries Ltd. subsidiary, under a full
      Tyson Foods, Inc. guarantee.


* ARGENTINA: Felisa Miceli Resigns as Economy Minister
------------------------------------------------------
Argentine Economy Minister Felisa Miceli has resigned after being
questioned about keeping US$64,000 in her "office toilet," BBC News
reports.

Published reports say that in June 2007 the police found a large amount of
cash -- in Argentine pesos and US dollars -- stored in a bathroom cabinet
inside Ms. Miceli's office at the economy ministry.

Ms. Miceli told BBC News that the cash was lent to her by her brother for
the purchase of a house in Buenos Aires.

"I was naive, clumsy.  It was a mistake... there could have been
negligence but I am sure I haven't committed any crime," Ms. Miceli
commented to news daily Clarin.

BBC News notes that a "prosecutor investigating the case called on Ms.
Miceli to be questioned under oath about the money."  The case brought
embarrassment to the Argentine government.

The prosecutor explained to BBC News that he had traced the origin of the
money and implied in a statement that Ms. Miceli had been involved in a
cover up, and was suspected of destroying documents.

Ms. Miceli commented to BBC News, "It's a political attack, not against
me, but against the government during a political year."

Ms. Miceli told La Nacion that the "affair" makes her look suspicious.
She claimed that the situation is much more simple and normal."

BBC News says that President Nestor Kirchner initially defended Ms.
Miceli, who presided over a period of dramatic economic growth in
Argentina.  Tax evasion is common and officials are often suspected of
corruption in Argentina.

However, Ms. Miceli failed to provide any credible explanation and in the
end her position became untenable, says BBC News' Daniel Schweimler.

According to BBC News, the government appointed industry secretary Miguel
Peirano to take the place of Ms. Miceli.

Ms. Miceli was named as Argentina's economy minister in November 2005, BBC
News states.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


DRESDNER RCM: Proofs of Claim Filing Is Until July 27
-----------------------------------------------------
Dresdner RCM Oriental Income Fund Ltd.'s creditors are given until July
27, 2007, to prove their claims to Mark W.R. Smith, Derek Lai and Darach
Haughey, 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.

Dresdner RCM's shareholders agreed on July 2, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Mark W.R. Smith
         Derek Lai
         Darach Haughey
         Deloitte & Touche
         Corner House, Church & Parliament Streets
         P.O. Box 1556
         Hamilton HM FX,
         Bermuda


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

         Canon's Court
         22 Victoria Street
         Bermuda

These matters will be taken up during the meeting:

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

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

     -- passing of a resolution dissolving the company.




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


* BOLIVIA: Nationalizing Railroads, President Morales Says
----------------------------------------------------------
Bolivian President Evo Morales has disclosed his plans to nationalize the
country's railroads, the Associated Press reports.

This latest move is part of the government's plans to recover control of
companies that are run by foreign firms.  In May last year, the country's
hydrocarbons sector was the first to get nationalized, followed by the
telecommunications industry.

President Morales said that he aims to take control of former state rail
company, Empresa Nacional de Ferrocarriles, which was privatized in 1996
through a majority stake sale to Chile's Cruz Blanca, AP relates.

                         *     *     *

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
===========


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

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

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

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

         -- Miami to Grand Cayman or San Juan, US$69; and

         -- Miami to Barbados or Curacao, US$119.

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

                       *     *     *

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


BANCO VOTORANTIM: Launching Investment Banking Unit
---------------------------------------------------
Banco Votorantim SA is establishing an investment-banking unit in Brazil
to capture the stock and bond markets in the region's biggest economy,
Guillermo Parra-Bernal and Telma Marotto at Bloomberg News reports.

The new unit will focus on the sugar, biofuel and real estate industries,
Bloomberg says, citing bank executives Pedro Thomazoni and Silvia
Benvenuti.

"Our aim is not topping the league tables, our aim is bottom-line
results," Ms. Benvenuti, who managed structured finance for Deutsche Bank
AG in Sao Paulo before joining Votorantim in 2004, told Bloomberg.

"The weakest link may be that Votorantim lacks international presence and
enough capital to make a Brazilian company global," Cleveland Prates
Teixeira, a finance professor at Sao Paulo-based Fundacao Getulio Vargas
and a former director of Brazil's
antitrust agency, noted to Bloomberg.

Headquartered in Sao Paulo, Brazil, Banco Votorantim, ranked as the 10th
largest bank in the Brazilian banking system by asset size, with BRL55
billion in assets as of December 2006
(approximately US$26.5 billion).  BV has a well-established
wholesale franchise and has increasingly expanded its operations into
consumer finance, in a move that enhances earnings diversification and
recurrence.

Moody's Investors Service upgraded BV's financial strength rating to D+ in
December 2006, and confirmed its Ba1 global local currency rating to
reflect the improvement in BV's earnings quality as the bank diversifies
into consumer lending, while still boasting its very low cost base.

On Mar 27, 2007, Moody's assigned Ba1/Not Prime long-and short-term
foreign currency ratings to the bank's existing
US$2 billion Global Medium Term Note Program.  Moody's said the outlook on
the ratings is stable.


BASELL AF: Fitch Confirms Senior Notes Rating at B+
---------------------------------------------------
Fitch Ratings has affirmed Netherlands-based Basell AF SC's Long-term
Issuer Default Rating at 'BB-', senior secured rating at 'BB+' and senior
notes at 'B+' and removed them from Rating Watch Negative.  The Short-term
IDR is affirmed at 'B'.   This follows Huntsman Corporation's July 12,
2007 termination of its merger agreement with Basell dated 26 June 2007.
A Stable Outlook is assigned to the Long-term IDR.

On June 26, 2007, Basell and US-based chemicals and pigments producer
Huntsman jointly announced the signing of a definitive agreement of Basell
to acquire Huntsman.  The transaction was valued at around US$9.6 billion,
including the assumption of Huntsman's debt.  Following this announcement,
Huntsman received a merger proposal by Hexion Specialty Chemicals, Inc.,
an entity owned by an affiliate of Apollo Management L.P., which resulted
in Huntsman terminating the agreement with Basell and in turn agreeing to
a definitive merger agreement with Hexion, based on a transaction value of
US$10.6 billion including assumed debt.

Fitch understands that Basell confirms its offer (and therefore does not
intend to increase its original offer in excess of Hexion's).  Thus,
Basell is entitled to receive a break-up fee of US$200 million due to the
termination of the merger agreement by Huntsman.

Fitch sees Basell's business performance improving and notes that the
company has de-leveraged its balance sheet considerably. However, the
ratings are constrained by Fitch's expectation that Basell will continue
to aim for external growth by acquisitions, as seen in its sizeable bids
for GE's Plastics unit and for Huntsman.  While Fitch views M&A in general
as event risk to be evaluated on a case-by-case basis, Basell's ambition
for external growth increases the likelihood for a re-leveraging of
Basell's balance sheet, which could challenge its ratings.

Headquartered in The Netherlands, Basell AF SCA -- http://www.basell.com/
-- is the producer of polypropylene and advanced polyolefins products, a
leading supplier of polyethylene and catalysts, and a global leader in the
development and licensing of polypropylene and polyethylene processes.
The company, together with its joint ventures, has manufacturing
facilities around the world and sells products in more than 120 countries.
With research and development activities in Europe, North America and the
Asia-Pacific region, Basell is continuing a technological heritage that
dates back to the beginning of the polyolefins industry.  In 2006, the
Company reported Revenues of EUR10.5 billion and EBITDA of
EUR1.1 billion.

Basell has regional offices in Belgium, Germany, the United States, Brazil
and Hong Kong, as well as sales offices in the major markets around the
globe.


GOL LINHAS: Signs Interline Agreement with Aerolinas Argentinas
---------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazil's low-cost airlines GOL Transportes Aereos S.A. and VRG Linhas
Aereas S.A., has entered into an interline agreement with Aerolineas
Argentinas.

Passengers traveling on Aerolineas Argentinas will be able to purchase
tickets through the airline or participating travel agencies for all 58
destinations served by GOL in Brazil and South America.

This is the third interline agreement GOL has entered into international
carriers in 2007.  North American-based Continental and Delta airlines all
currently sell GOL tickets through their reservation systems.  GOL does
not sell tickets for partner airlines' flights.  In addition to these
interlines, GOL maintains a code-share agreement with Panamanian-based
Copa Airlines since August 2005.

"The agreement gives Aerolineas Argentinas' passengers access to GOL's
integrated route network and low fares, while also increasing the overall
market reach for both airlines," says Wilson Maciel Ramos, Vice-President
of Planning and Information Technology at GOL.

                        About GOL

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                     *     *     *

On March 7, 2007, Fitch Ratings assigned its BB+ rating to GOL
Intelligent Airlines' senior unsecured debt.


HERCULES INC: Enters Into H2H Innovations Venture with Heartland
----------------------------------------------------------------
Hercules Incorporated and Heartland Resource Technologies LLC announced a
new research and development venture called H2H Innovations.  H2H
Innovations plans to leverage existing soy-based adhesive technologies
from both companies to accelerate the development of new adhesive products
for the wood products industry.

Development efforts will focus on cost competitive, formaldehyde-free
resins for decorative plywood, wood flooring, particleboard, and medium
density fiberboard markets.  The venture will also offer technologies for
oriented strand board manufacturers that allow traditional phenolic resins
to be extended, resulting in lower cost adhesives with reduced
formaldehyde content.

H2H Innovations, which will be 51% owned by Hercules, will utilize
technical resources of both Hercules and Heartland.  Wood adhesive
products developed by H2H Innovations will be manufactured and sold by
Hercules and may also be licensed to third parties.

Commenting on the venture, Craig Rogerson, President and Chief Executive
Officer of Hercules, said, "The combined resources of both companies
should allow Hercules to offer novel adhesive technologies to the wood
products industry and accelerate the growth of our business.  Customers
will benefit from this union as H2H Innovations delivers new and improved
technologies that address industry needs."

Frank Trocino, Chief Executive Officer of Heartland Resource Technologies,
said, "This collaborative relationship is complementary and mutually
beneficial - both strategically and synergistically - for Heartland and
Hercules.  The building products industry should expect important
developments from H2H Innovations in the near future."

Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures and
markets chemical specialties globally for making a variety of products for
home, office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility in
Brazil.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on July 2,
2007, Standard & Poor's Ratings Services revised its outlook on
Wilmington, Delaware-based Hercules Inc. to positive from stable and
affirmed the existing 'BB' corporate credit rating.


KENDLE INTERNATIONAL: Closes US$200 Mil. Senior Notes Offering
--------------------------------------------------------------
Kendle International Inc. has completed its underwritten public offering
of US$175,000,000 aggregate principal amount of 3.375% Convertible Senior
Notes due 2012 as well as the closing of an additional US$25,000,000
aggregate principal amount of notes in connection with the underwriter's
exercise in full of its over-allotment option.

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

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

In connection with the offering, Kendle entered into convertible note
hedge transactions with certain dealers.  These transactions are intended
to reduce the potential dilution to the company's shareholders upon any
future conversion of the notes.  The company also entered into warrant
transactions concurrently with the offering, pursuant to which it sold
warrants to purchase Kendle common stock to the same dealers that entered
into the convertible note hedge transactions.  The convertible note hedge
and warrant transactions generally have the effect of increasing the
conversion price of the convertible notes to approximately US$61.22 per
share of Kendle common
stock, representing approximately a 70% premium based on the closing sales
price as reported on The Nasdaq Global Market on July 10, 2007, of
US$36.01 per share.

Kendle estimates net proceeds from the sale of the notes of approximately
US$193.6 million after deducting the underwriter's discounts and
commissions and estimated expenses of the offering payable by Kendle.  In
addition, Kendle used approximately US$18.2 million of the net proceeds of
the offering to pay the net cost of the convertible note hedge
transactions and the warrant transactions. Kendle is required to pay at
least 75% of the net proceeds (approximately US$146 million) of this
offering toward repayment of amounts owed under the term loan under its
credit agreement.  Kendle intends to use the remaining net proceeds from
this offering for other general corporate purposes, which may include
repayment of other indebtedness, working capital and acquisitions or
investments in businesses, products or technologies that are complementary
to those of Kendle.

                        About Kendle

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

                        *     *     *

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

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


* BRAZIL: Anatal To Issue Mobile License Bidding Rules in Oct.
--------------------------------------------------------------
The Brazilian telecoms regulator Anatel would issue bidding rules for the
auction of 3G mobile licenses in October 2007, news daily Estado de S
Paulo reports.

Business News Americas relates that Anatel five board members held a
meeting on July 12.  The meeting resulted to the regulator's announcement
of preliminary details of the auction set for November 2007.

According to BNamericas, Anatel will hold a public hearing to discuss the
preliminary rules.  Proposed amendments can be presented until Aug. 20.

BNamericas notes that Brazilians should have access to 3G technologies by
the second half next year.  They will be able to use mobile phones to send
and receive high-speed data like video, games and music.  Anatel seeks to
encourage firms to provide 3G coverage across Brazil to include rich and
poor areas.

The report says that firms that bid for a license in Sao Paulo will also
be responsible in providing 3G services in poorer parts of the north or
northeast of Brazil.

There will be four licenses available in each of the 11 regions, Estado de
S 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
===========================


ABACUS FUND: Proofs of Claim Filing Ends on July 27
---------------------------------------------------
Abacus Fund Ltd.'s creditors are given until July 27, 2007, to prove their
claims to John Cullinane and Derrie Boggess, the company's liquidators, or
be excluded from receiving any distribution or payment.

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

Abacus Fund's shareholders agreed on June 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


AMMC CDO: Proofs of Claim Must be Filed by July 26
--------------------------------------------------
AMMC CDO II Ltd.'s creditors are given until July 26, 2007, to prove their
claims to Mora Goddard and Joshua Grant, 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.

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

The liquidators can be reached at:

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


ANTHRACITE BALANCED: Proofs of Claim Filing Ends on July 25
-----------------------------------------------------------
Anthracite Balanced Company (Libgdf4) Ltd.'s creditors are given until
July 25, 2007, to prove their claims to Scott Aitken and Connan Hill, 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.

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

The liquidators can be reached at:

        Scott Aitken
        Connan Hill
        P.O. Box 1109
        George Town, Grand Cayman
        Cayman Islands
        Tel: (345) 949-7755
        Fax: (345) 949-7634


ANTHRACITE BALANCED: Sets Final Shareholders Meeting for July 25
----------------------------------------------------------------
Anthracite Balanced Company (Libgdf4) Ltd. will hold its final
shareholders meeting on July 25, 2007, at 10:00 a.m., at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

        Scott Aitken
        Connan Hill
        P.O. Box 1109
        George Town, Grand Cayman
        Cayman Islands
        Tel: (345) 949-7755
        Fax: (345) 949-7634


AS ASSIST: Proofs of Claim Filing Deadline Is July 21
----------------------------------------------------
As Assist Holdings Inc.'s creditors are given until
July 21, 2007, to prove their claims to John Cullinane and Derrie Boggess,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

As Assist's shareholders agreed on June 21, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


BAILEY COATES: Proofs of Claim Filing Ends on July 27
-----------------------------------------------------
Bailey Coates (Cayman) Ltd. creditors are given until
July 27, 2007, to prove their claims to Gordon I. MacRae and Naul C.
Bodden, 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.

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

The liquidator can be reached at:

        Gordon I. Macrae
        Attention: Korie Drummond
        Kroll (Cayman) Limited
        4th Floor Bermuda House
        Dr. Roy's Drive
        Grand Cayman KY1 - 1102
        Cayman Islands
        Tel: +1 (345) 946-0081
        Fax: +1 (345) 946-0082


BT BRAM: Proofs of Claim Filing Deadline Is July 27
---------------------------------------------------
BT Bram Ltd.'s creditors are given until July 27, 2007, to prove their
claims to Jeremy Simon Spratt and Finbarr Thomas O'Connell, 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.

BT Bram's shareholders agreed on May 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

        Jeremy Simon Spratt
        Finbarr Thomas O'Connell
        Attention: Ray Levy
        8 Salisbury Square, London EC4Y 8B
        United Kingdom
        Tel: 01144 207 694 3201
        Fax: 01144 207 694 3533


BT INVESTMENTS: Proofs of Claim Filing Is Until July 27
-------------------------------------------------------
BT Investments (Cayman) NO.1 Ltd.'s creditors are given until July 27,
2007, to prove their claims to Jeremy Simon Spratt and Finbarr Thomas
O'Connell, 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.

BT Investments shareholders agreed on May 21, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

        Jeremy Simon Spratt
        Finbarr Thomas O'Connell
        Attention: Ray Levy
        8 Salisbury Square, London EC4Y 8B
        United Kingdom
        Tel: 01144 207 694 3201
        Fax: 01144 207 694 3533


BT YOSEMITE: Proofs of Claim Must be Filed by July 27
------------------------------------------------------
BT Yosemite creditors are given until July 27, 2007, to prove their claims
to Jeremy Simon Spratt and Finbarr Thomas O'Connell, 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.

BT Yosemite's shareholders agreed on May 21, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

        Jeremy Simon Spratt
        Finbarr Thomas O'Connell
        Attention: Ray Levy
        8 Salisbury Square, London EC4Y 8B
        United Kingdom
        Tel: 01144 207 694 3201
        Fax: 01144 207 694 3533


CARRERAS CONSULTING: Final Shareholders Meeting Is on Sept. 21
--------------------------------------------------------------
Carreras Consulting will hold its final shareholders meeting on Sept. 21,
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,

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

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

The liquidators can be reached at:

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


CARRERAS CONSULTING: Proofs of Claim Must be Filed by Sept. 21
--------------------------------------------------------------
Carreras Consulting's creditors are given until Sept. 21, 2007, to prove
their claims to MBT Trustees Limited, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Carreras Consulting's shareholders agreed on June 21, 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


DEUTSCHE AOTEAROA: Proofs of Claim Filing Deadline Is July 27
-------------------------------------------------------------
Deutsche Aotearoa Ltd. creditors are given until July 27, 2007, to prove
their claims to Jeremy Simon Spratt and Finbarr Thomas O'Connell, 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.

Deutsche Aotearoa's shareholders agreed on May 21, 2007, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

        Jeremy Simon Spratt
        Finbarr Thomas O'Connell
        Attention: Ray Levy
        8 Salisbury Square, London EC4Y 8B
        United Kingdom
        Tel: 01144 207 694 3201
        Fax: 01144 207 694 3533


EUREKA INTERACTIVE: Sets Final Shareholders Meeting for Oct. 19
---------------------------------------------------------------
The Eureka Interactive Fund Ltd. will hold its final shareholders meeting
on Oct. 19, 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,

   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:

          John Sutlic
          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


HEXA PROPERTIES: Proofs of Claim Filing Ends on July 21
-------------------------------------------------------
Hexa Properties Cayman Inc.'s creditors are given until
July 21, 2007, to prove their claims to John Cullinane and Derrie Boggess,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

Hexa Properties shareholders agreed on June 21, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


IVY ENHANCED: Proofs of Claim Must be Filed by July 29
------------------------------------------------------
Ivy Enhanced Alpha Feeder Fund Ltd.'s creditors are given until July 29,
2007, to prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any distribution or
payment.

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

Ivy Enhanced shareholders agreed on June 29, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


JAPAN OFFICE: Proofs of Claim Filing Deadline Is July 29
--------------------------------------------------------
Japan Office Capital 3 Ltd.'s creditors are given until
July 29, 2007, to prove their claims to John Cullinane and Derrie Boggess,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

Japan Office's shareholders agreed on June 29, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MANLEY INVESTMENT: Proofs of Claim Filing Ends on July 22
---------------------------------------------------------
Manley Investment Partners Offshore Fund Ltd.'s creditors are given until
July 22, 2007, to prove their claims to John Cullinane and Derrie Boggess,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

Manley Investment's shareholders agreed on June 22, 2007, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MARBLE LIMITED: Proofs of Claim Must be Filed by July 30
--------------------------------------------------------
Marble Ltd.'s creditors are given until July 30, 2007, to prove their
claims to Cane Pickersgill, 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.

Marble Ltd.'s shareholders agreed on June 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Cane Pickersgill
        35 Great St Helen's
        London EC3A 6AP
        Tel: +44 (0) 207 398 6300
        Fax: +44 (0) 207 398 6325


MARBLE LIMITED: Sets Final Shareholders Meeting for Aug. 6
----------------------------------------------------------
Marble Ltd. will hold its final shareholders meeting on
Aug. 6, 2007, at 4:00 p.m., at:

          35 Great St Helen's
          London EC3A 6AP

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Cane Pickersgill
          35 Great St Helen's
          London EC3A 6AP
          Tel: +44 (0) 207 398 6300
          Fax: +44 (0) 207 398 6325


QUARTZ LIMITED: Proofs of Claim Filing Ends on July 30
------------------------------------------------------
Quartz Ltd.'s creditors are given until July 30, 2007, to prove their
claims to Cane Pickersgill, 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.

Quartz Ltd.'s shareholders agreed on June 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Cane Pickersgill
        35 Great St Helen's
        London EC3A 6AP
        Tel: +44 (0) 207 398 6300
        Fax: +44 (0) 207 398 6325


QUARTZ LIMITED: Sets Final Shareholders Meeting for Aug. 6
----------------------------------------------------------
Quartz Ltd. will hold its final shareholders meeting on
Aug. 6, 2007, at 3:30 p.m., at:

          35 Great St Helen's
          London EC3A 6AP

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Cane Pickersgill
          35 Great St Helen's
          London EC3A 6AP
          Tel: +44 (0) 207 398 6300
          Fax: +44 (0) 207 398 6325


ZESTY CO: Proofs of Claim Must be Filed by July 25
--------------------------------------------------
Zesty Co. Ltd.'s creditors are given until July 25, 2007, to prove their
claims to John Cullinane and Derrie Boggess, the company's liquidators, or
be excluded from receiving any distribution or payment.

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

Zesty Co'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:

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




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


BCBG MAX: Moody's Cuts Rating to B3 Due to Waning Profitability
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of BCBG
Maz Azria Group, Inc., to B3 from B1 and assigned a negative outlook.

The downgrade reflects the company's significant decline in profitability
as a result of the operating losses and cash burn generated by the Max
Rave division (nearly 24% of sales), which has resulted in sizable erosion
in cash flow from operations. The downgrade with a negative outlook also
reflects the company's inability to provide its bank group with its fiscal
year 2006 financial statements and Moody's expectation that the company
will likely need an amendment to or waiver of its financial covenants.  In
addition, Moody's withdrew the rating on two of BCBG's credit facilities
which have been replaced with new, unrated facilities.

These ratings have been downgraded:

   -- Corporate family rating to B3 from B1;

   -- Probability of default rating to B3 from B1;

   -- US$159.5 million senior secured term loan B to B3; LGD3-
      47% from B1; LGD3-48%.

These ratings have been withdrawn:

   -- US$150 million senior secured revolving credit facility at
      Ba2; LGD2-20%;

   -- US$80 million senior secured third lien term loan at B3;
      LGD5-76%.

BCBG acquired the assets of Max Rave (formerly G+G Retail) in February
2006 after the company had undergone a distressed debt exchange and a
bankruptcy filing.  The acquisition was financed with approximately 38%
equity and 62% debt.  Since the acquisition has closed, the Max Rave
division has been generating significant operating losses versus original
expectations of turning profitable during 2006.

As a result of the purchase accounting requirements surrounding the Max
Rave acquisition, the new US$150 million second lien financing (unrated),
and the new US$200 million Asset Based Revolving credit facility
(unrated), the company's completion of its 2006 audited statements has
been delayed.  The company has received the necessary waivers to extend
the filing of its audited statements with the bank group until July 31,
2007. However, given its performance trend, Moody's expects that BCBG will
likely need an additional amendment or waiver to its financial covenants
as well.

The B3 corporate family rating reflects the underperformance of the
company's Max Rave division, which has resulted in a significant cash burn
at the company and significant deterioration in credit metrics, including
Debt/EBITDA that Moody's estimates to be over six times and negative free
cash flow.  The rating category also reflects the company's very high
business risk as a fashion forward women's apparel retailer, as well as
its high seasonality and small scale.  While profitability has eroded due
to the underperformance of Max Rave, BCBG continues to generate margins
ahead of its peer group as a result of the continued solid performance of
the BCBG core business.  In addition, the company continues to maintain a
credible market position as reflected by its stable of well- recognized
brand names.  The ratings also consider the company's strong reliance on
its founder Max Azria, as well as BCBG's status as a private company,
which excludes it from SEC requirements such as Sarbanes-Oxley and the
reporting of material events.

The negative outlook reflects Moody's expectation that the company will
likely need an additional waiver or amendment as a result of a violation
of its financial covenants, as well as the risk that the company will be
unable to reduce the cash flow drain as a result of the operating losses
at Max Rave.  Given the negative outlook, it is highly unlikely that
ratings would be upgraded over the near term.  However, the rating outlook
could be stabilized should the company successfully obtain an amendment or
waiver to its financial covenants while evidencing an ability to turn
around the cash burn at the Max Rave division.

Headquartered in Vernon, California, BCBG Max Azria Group, Inc.
-- http://www.bcbg.com/-- is an apparel retailer and wholesaler.  It
operates over 530 retail stores, 57 factory stores, and 102 partnership
shops in the United States primarily under the BCBG and Max Rave
nameplates.  In addition, it distributes to over 400 wholesale doors under
the BCBGMaxAzria, TO THE MAX, Maxime, dorothee bis, Herve Leger, BCBGirls,
Parallel, and maxandcleo brand names.  Revenues for the LTM period ended
Sept. 30, 2006 were approximately US$645 million.

The company has international offices in Chile, Japan, Canada, France and
Venezuela.


BOSTON SCIENTIFIC: To Pay US$195 Mil. to Settle Product Lawsuits
----------------------------------------------------------------
Boston Scientific Corporation disclosed that an agreement has been reached
to settle claims associated with a series of product communications issued
by Guidant Corporation in 2005 and 2006.  Boston Scientific acquired
Guidant Corporation last year.  Under the terms of the agreement, subject
to certain conditions, Boston Scientific will pay a total of US$195
million.  The agreement includes approximately 4,000 claims of individuals
that have been consolidated in the U.S. District Court for the District of
Minnesota in a Multi-District Litigation.

The agreement was reached during mediation sessions conducted before U.S.
Magistrate Judge Arthur J. Boylan in Minneapolis.

As reported in the Troubled Company Reporter on June 15, 2007,
Boston Scientific's motions to dismiss some product-liability claims
against the company over implantable heart defibrillators has been
rejected by a federal court judge, Reuters said on its Web site.

In addition, the agreement includes an undetermined number -- but not all
-- of additional similar claims throughout the country.  As a result of
the agreement, the trials in the bellwether cases in the MDL scheduled to
start on July 30 have been suspended pending implementation of the
agreement.

"We are pleased by this resolution, which is in the best interest of all
involved," Jim Tobin, President and Chief Executive Officer of Boston
Scientific, said.  "It will better allow us to focus our time and
resources on developing innovative products to serve physicians and
patients."

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's placed Boston Scientific Corporation's ratings including
its Baa3 senior unsecured and Prime-3 short term, under review
for possible downgrade.  The rating action reflects Moody's
expectation that, absent any material debt reduction, financial
strength measures over the near term will be below those
identified for an investment grade company under Moody's Global
Medical Products & Device Industry Rating Methodology.




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


BANCOLOMBIA SA: Buys Mortgage-Backed TIPS for COP204.3 Billion
--------------------------------------------------------------
Bancolombia S.A. has purchased mortgage-backed TIPS, fixed rate in Pesos,
in a public offering made by Titularizadora Colombiana S.A.  The purchase
amounted to COP204,287,200,000.

These are the details of the purchased securities:

            Type                 Rate          Value (Ps)
            ----                 ----          ----------
   TIPS Pesos E-2 A 2017      10.14% EA     150,926,000,000

   TIPS Pesos E-2 A 2022      10.50% EA     31,661,300,000

   TIPS Pesos E-2 B 2022      11.50% EA     21,699,900,000

   Total                                    204,287,200,000

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.


BANCOLOMBIA: Prices 8.4 Mil. American Depositary Shares Offering
----------------------------------------------------------------
Bancolombia S.A. has priced its public offering of 8,411,470 American
Depositary Shares, representing 33,645,880 preferred shares, at US$33.25
per ADS amounting to US$279.7 million.

The Bank has also granted the underwriters the option to purchase up to an
additional 1,261,720 ADSs to cover over-allotments, if any.  The ADSs
trade on the New York Stock Exchange under the symbol "CIB."  The Equity
Offering is expected to close on July 20, 2007, subject to customary
closing conditions.

The aggregate amount of the Equity Offering combined with the aggregate
amount of the preemptive rights offering in Colombia that ended on July 9,
2007, will result in approximately US$445.0 million in proceeds to the
Bank, of which US$165.7 million were derived from the preemptive rights
offering in Colombia.

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

The ADSs are being offered pursuant to an effective shelf registration
statement (including a prospectus and prospectus supplement) filed with
the SEC.  Copies of the final prospectus supplement relating to the Equity
Offering, when available, may be obtained from:

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

                -- or --

          Merrill Lynch & Co.
          4 World Financial Center
          New York, NY 10080
          Tel: (212) 449-1000

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.




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


ALCATEL-LUCENT: To Deploy First WiMAX Network in France
-------------------------------------------------------
Alcatel-Lucent and SHD, a corporate joint venture between SFR and Neuf
Cegetel, had signed a two-year contract for the supply and installation of
the first next-generation WiMAX network in France, using standard
802.16e-2005.

Alcatel-Lucent will equip the planned sites of SHD's WiMAX network in the
Ile-de-France and Provence-Alpes-Cote d'Azur regions by mid-2009.  The
first sites are already operational in the Paris region due to a pilot
network deployed at the end of 2006 and will be operational in the PACA
region this summer, thanks to the second pilot network deployed by SHD and
Alcatel-Lucent.

Based on the latest standard IEEE 802.16e-2005, the new radio network will
use the 3.4 - 3.6 GHz frequency band.  It will enable professional and
residential subscribers alike to connect to broadband Internet in fixed
and nomadic environments in areas with little or no DSL coverage.
Alcatel-Lucent will provide its complete next-generation WiMAX solution so
that SHD's WiMAX network will benefit from one of the most advanced
technologies in terms of radio frequency management.

"This first deployment of a WiMAX 802.16e-2005network in France follows
several similar contracts won by Alcatel-Lucent in other European
countries since the beginning of the year", said Olivier Picard, President
of Alcatel-Lucent's Europe and South activities.  "This first WiMAX
reference in France confirms Alcatel-Lucent's commitment to this
technology, which is at the core of our universal broadband access
strategy.  It shows moreover that we are devoting the best of our R&D
resources to satisfy our customers in France and throughout the world."

"This contract follows on from the success of the first pilot WiMAX
network deployed by Alcatel-Lucent for SHD last December on ten sites in
the Paris region," commented Frederic Laforest, Executive Vice-President
of SHD.  "WiMAX gives the possibility of distributing state-of-the-art
services, particularly in rural or urban regions that today lack
sufficient connectivity. We considered that Alcatel-Lucent's solution
offered the best performance and was the most innovative."

Alcatel-Lucent will also qualify advanced WiMAX terminals complying with
standard IEEE 802.16e-2005, aided by one of the world's leading suppliers.

                          About SHD

SHD, Societe du Haut Debit, is a corporate joint venture held by SFR and
Neuf Cegetel, and partnered by the Group Groupe CANAL+. In July 2006 SHD
received licenses to use WiMAX radio local loop frequencies in the
Ile-de-France and Provence-Alpes-Cote d'Azur regions.  Its missions are to
deploy and operate a WiMAX network in these two regions and propose
wholesale offerings to the operators for the ultimate benefit of private
and corporate subscribers.

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


ASHMORE ENERGY: Inks Joint Development Pact w/ Synthesis Energy
---------------------------------------------------------------
Ashmore Energy International has signed a joint development agreement with
Synthesis Energy Systems, Inc., a coal gasification company involved in
the conversion of low cost fuels into clean energy and chemical products
using the U-GAS(R) gasification technology.  Under the terms of the
agreement, Ashmore Energy and Synthesis Energy will have the opportunity
to identify and jointly develop various projects using the U-GAS
technology in emerging markets around the world, other than in North
America, certain countries in the European Union, Japan, Australia, and
New Zealand.

Synthesis Energy, through a long-term exclusive license, utilizes U-GAS
technology to cleanly turn solid hydrocarbon fuels such as coal, biomass,
or petroleum coke into synthesis gas, which is a mixture of hydrogen,
carbon monoxide and other products, and is commonly referred to as
"syngas."  Syngas can be utilized to generate thermal energy and, in
gas-fired power plants, to produce electricity.  It can also be converted
into feedstock for the production of alternative fuel, such as
coal-derived methanol, which can be used to produce DME, an alternative to
liquefied petroleum gas, liquid natural gas, diesel and gasoline.

"We are excited about working with Synthesis Energy and their U-GAS
technology and welcome the opportunity to be a meaningful participant in
this industry," said Emilio Vicens, Ashmore Energy's Vice President of
Business Development.  "As a complement to Ashmore Energy's existing and
potential future businesses, this partnership fits with its growth
strategy to continue reinforcing its business lines, and we believe it
strengthens Ashmore Energy's competitiveness in potential new greenfield
projects."

                      About Ashmore Energy

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook was
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.


* DOMINICAN REPUBLIC: Radhames Segura Demands More Power Plants
---------------------------------------------------------------
Radhames Segura, the executive vice-president of the State group of
electric companies or CDEEE, told Dominican Today that the Dominican
Republic must install several electrical power plants to avert a serious
deficit in two years.

Mr. Segura explained to Dominican Today that he is in favor of the
Dominican government's decision to contract the Sichuan and Emirates Power
firms to construct two coal fired plants in Manzanillo, Montecristi and
Hatillo, in Azua due to the threat of electrical power deficit.

Mr. Segura told Channel 9 that he was willing to go wherever the senators
of the opposition party want him to.  The opposition objects the US$30
million letter of credit that the CDEEE presented to the congress to meet
a demand of the Sichuan company.

The Dominican Republic's best electric energy sales contract is the one
signed with Sichuan.  The company will sell energy to the CDEEE at 2.9
cents the dollar.  It doesn't charge for installed capacity, Dominican
Today says, citing Mr. Segura.  The letter of credit is a type of deposit
that ensures the payment to the company for the energy supplied in case
the government delays payment.

The opposition party senators' argument isn't sustained, Mr. Segura
commented to Dominican Today.   After a senate commission ratified the
"report on the initiative, another dissident report again appears."

The International Monetary Fund and the World Bank recognize the need to
deploy new power plants due to increasing and constant demand, Mr. Segura
told Dominican Today.  Several power parks are "in decay, in many cases
with plants already obsolete and others are inoperable due to their high
operating cost."  The electrical energy's demand exceeds 2,000 megawatts,
while current generation is at 3,198 megawatts.  Only 1,000 megawatts can
be considered stable generation.  Of the 3,198 megawatts, about 700
megawatts are from gas turbines, which is "untenable because the diesel
used is over US$80 per barrel."

According to Domincian Today, Mr. Segura said that two plants are still in
the Haina power park.  The Ege Haina firm wants to dismantle the park to
construct a coal plant.  The Itabo park is also "battered, and puts out
only 250 megawatts, or only half its capacity."

Hydroelectric dams contribute 455 megawatts.  However, the power generated
is not permanent energy.  It used solely in peak hours.  It is regulated
for irrigation, potable water and lastly to produce energy, Dominican
Today states, citing Mr. Segura.

                        *     *     *

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.


* DOMINICAN REPUBLIC: Buying Super Tucano Aircraft from Embraer
---------------------------------------------------------------
Jackson Flores, Jr., at the Flight International, reports that the
Dominican Republic would sign a contract with Brazilian manufacturer
Embraer this month to acquire eight EMB-314 Super Tucano light strike
aircraft.

According to the Flight International, the aircraft could be delivered to
the Dominican Republic in December 2007.

The report says that the Dominican Republic's air force stopped using its
last five Cessna OA-37B strike aircraft in 2002, "removing its only
fixed-wing combat capability and restricting its effectiveness in
maintaining border surveillance."

The Super Tucano deal will allow the air force to resume its surveillance
duties, the Flight International notes.

The new aircraft's main missions would be to combat narcotics operations
of drug-running ships and aircraft, air force sources told the Flight
International.

                        *     *     *

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


DOLE FOOD: Court Starts Hearing Banana Workers' Claims
------------------------------------------------------
Jahir Lombana at Fresh Plaza reports that a court in Los Angeles, Calif.,
will start to hear the demands by Nicaraguan workers against Dole Food and
two other firms.

Nicaraguan banana workers claim that the pesticide Nemagon caused
sterility, Fresh Plaza notes.  Amvac Chemical Corp., Dow Chemical and Dole
Food were denounced in the process.  However, only two firms will take
part on the process.

According to Fresh Plaza, Amvac Chemical reached an extra-judicial deal
with 13 peasants who received US$300,000.

Dow Chemical and Dole Food were condemned five years ago to pay US$490
million in a Nicaraguan court.  However, prosecutors claimed that the
money was never paid.

Dole Food External Relations Vice-President Mary Odman told news daily La
Opinion that Nemagon wasn't the cause of sterility to the peasants, Fresh
Plaza states.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the U.S.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook was stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.




=============
G R E N A D A
=============


* GRENADA: IMF Praises Economy Recovery After Hurricanes
--------------------------------------------------------
The International Monetary Fund has praised Grenada for being able to
recover from the devastation caused by Hurricanes Ivan and Emily.

Nancy Wagner, the head of an IMF staff mission to Grenada, said in a
statement, "An IMF mission visited Grenada from July 9 to July 16, 2007,
to conduct the 2007 Article IV Consultation discussions.  The mission held
productive discussions with the Prime Minister, the Deputy Prime Minister,
other senior government officials, the opposition, and representatives of
the business community, trade unions, and civil society."

"Grenada's economy has made a remarkable recovery after the unprecedented
devastation caused by Hurricanes Ivan and Emily," Ms. Wagner noted.  "Led
by reconstruction activity, Cricket World Cup preparations, and the
recovery of the tourism sector, real GDP growth averaged 7% per year
during 2005-06.  Moreover, inflation has fallen markedly, from a high of
5.8% (on a year-on-year basis) in late 2005 to only 2.2% by April 2007.
This impressive rebound is a testament to the combined efforts of the
Grenadian people, the government, and the creditor and donor communities."

Ms. Wagner stated, "In the aftermath of the hurricanes' destruction, the
government recognized that public debt was unsustainable and initiated a
collaborative debt restructuring process (now largely completed).  They
also launched a home-grown comprehensive medium-term reform program, with
the key objectives of sustaining high economic growth, restoring fiscal
and debt sustainability, reducing vulnerabilities, and alleviating
poverty."

Ms. Wagner said "Progress has been made on each of these objectives of the
reform program.  On sustaining high economic growth, the country's main
road infrastructure has been rebuilt, the agricultural sector is gradually
recovering, and several major tourism projects are now coming on stream,
which should raise Grenada's profile as an upmarket tourist destination.
A National Export Strategy has begun to be implemented, with the aim of
diversifying the economic base.  Thus, the economic outlook appears highly
favorable.  On restoring fiscal and debt sustainability, a number of
measures have been implemented to address the difficult fiscal situation,
including introducing the National Reconstruction Levy, adopting a
flexible fuel pricing mechanism to isolate revenues from oil price
fluctuations, and strengthening the collection of tax arrears.  The
government's highly successful debt restructuring has resulted in
substantial debt service savings, and the government has maintained its
strategy of not contracting any further commercial external debt.  On
reducing vulnerabilities, Grenada was the first ECCU member to establish a
single supervisory agency-the Grenada Authority for the Regulation of
Financial Institutions (GARFIN)-to strengthen supervision over the
non-bank financial sector.  To mitigate the impact of natural disasters,
Grenada is working to strengthen the enforcement of the Building Code and
is participating in the World Bank's Caribbean Catastrophe Risk Insurance
Facility. The government also plans to enact a new Insurance Act by
end-year.  On alleviating poverty, work is underway on a Country Poverty
Assessment to underpin a full-fledged Poverty Reduction Strategy (PRS),
and targeted assistance is being provided to the most vulnerable groups
(including transport assistance to tertiary-level students and monthly
transfers for the needy elderly) to mitigate the impact of high fuel
prices.  The government has also been working closely with importers of
basic food items to bring down prices."

"The IMF mission commends the government for its progress with these
important elements of its reform program," Ms. Wagner noted.  "But
substantial challenges remain, particularly on the fiscal and debt fronts.
The 2006 fiscal outturn was worse than expected. Spending on goods and
services was greater than projected, reflecting higher utility costs and
transfers to households. Government investment reached 20% of GDP [gross
domestic product], about five percentage points higher than envisaged, on
the back of higher-than-expected costs for reconstruction and preparations
for the CWC.  These expenditure overruns led to a primary deficit almost
seven percentage points of GDP higher than targeted.  As a result, the
debt-to-GDP ratio increased from 121% at end-2005 to 126 percent by
end-2006."

"Data through the first half of 2007 indicate that fiscal slippages have
continued this year, with capital expenditure outpacing grant financing
owing to substantial shortfalls in grants relative to pledges. On present
policies, the overall fiscal deficit could reach 3.5% of GDP this year,"
according to Ms. Wagner.

Ms. Wagner said, "Grenada's current public debt level remains high,
reducing the country's flexibility to respond to future shocks, such as
natural disasters.  Placing debt firmly on a sustainable trajectory will
require a determined effort, all the more so in light of the fiscal
slippages.  With reconstruction almost completed, capital spending in 2007
and beyond should be brought in line with identified financing.  In this
regard, the IMF mission encourages the government to enhance their
capacity with intensive training in prioritization and implementation of
the public sector investment program, to strengthen their procedures for
cash management and expenditure control, and to avoid unsustainable
financing sources such as the overdraft facility, the drawdown of bank
deposits, or the accumulation of domestic arrears.  The mission urges the
trade unions and government to contain wage growth in line with consumer
price inflation as an important step in addressing the difficult fiscal
situation.  The possibility of substantial divestment or privatization
proceeds would allow the government to begin decisively tackling the
rising debt ratio by paying down the most expensive debt."

"The pace of structural reforms also needs to be accelerated to
consolidate the growth momentum and to allow Grenada to compete
effectively in the challenging external environment," Ms. Wagner stated.
"The current strong investor interest in Grenada provides an opportune
time to undertake improvements in the business environment.  The IMF
mission encourages the government to push ahead with creating a one-stop
shop for investors, facilitating land transactions, adopting the new
Investment Act (including reforming the regime for tax concessions), and
implementing the action plan to address the deficiencies identified in the
World Bank's "Doing Business Indicators" report. Other critical
reforms-introducing the VAT, strengthening tax administration, modernizing
the public sector, enhancing the financial sector's regulatory framework,
and using the forthcoming PRS to integrate and prioritize the social
development agenda within the budget framework-will ultimately ensure
Grenada's future economic success."

"The IMF mission is grateful to the Grenadian government officials and the
other stakeholders in the economy for the constructive dialogue that
enhanced its understanding of the economic challenges facing Grenada.  The
mission wishes the people of Grenada great success in their efforts.
Grenada's future looks promising, indeed," Ms. Wagner said.

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Standard & Poor's Ratings Services lowered its long-term
foreign and local currency sovereign credit ratings on Grenada to 'CCC+'
from 'B-' because of increasing fiscal pressures and a deteriorating
payment culture, demonstrated by intermittent (currently cured) arrears on
domestic commercial bank debt.  S&P said the outlook was stable.




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


ARMOR HOLDINGS: Bags US$518.5-Mil. Deal to Provide MRAP Vehicles
----------------------------------------------------------------
Armor Holdings Inc. received a new prime contract award by the U.S. Navy
for US$518.5 million to provide Mine Resistant Ambush Protected vehicles.
Work will be performed in 2007 and early 2008 by the Armor Holdings
Aerospace and Defense Group at its facilities located in Fairfield, Ohio
and Sealy, Texas.

Robert Schiller, President of Armor Holdings, Inc., said, "We are
extremely proud that the Armor Holdings "Caiman" MRAP offering, which
maximizes commonality with the U.S. Army's Family of Medium Tactical
Vehicles, has been selected by the U.S. Navy and Department of Defense
leadership.  We also look forward to our continued support for other MRAP
vehicle suppliers and to the continuation of the FMTV and Up-Armored HMMWV
programs.  This new "Caiman" MRAP award adds to our customer's ability to
provide additional quantities of deployable MRAP vehicles by year-end and
we are honored to be such a significant participant in this vital
program."

                    About Armor Holdings Inc.

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

                        *     *     *

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


CEMEX SAB: Offer for All Rinker Shares & ADS Expires
----------------------------------------------------
CEMEX, S.A.B. de C.V.'s offer to acquire all of the ordinary shares, and
all of the American depositary shares representing ordinary shares, in
Rinker Group Limited has expired at 7 p.m. (Sydney Time); 5 a.m. (New York
Time) on July 16, 2007.

Securities representing approximately 855,846,390 Rinker Shares (or 95.62%
of the outstanding Rinker Shares) were validly tendered and accepted for
payment, including approximately 795,530,900 Rinker Shares and
approximately 12,063,098 Rinker ADSs (representing approximately
60,315,490 Rinker Shares).

In addition, Notices of Guaranteed Delivery were received with respect to
approximately 72,170 Rinker ADSs (representing approximately 360,850
Rinker Shares).  Pursuant to the terms of the offer, Rinker ADSs listed in
a Notice of Guaranteed Delivery must be validly tendered within 3 trading
days following the delivery of such notice in order to be accepted for
payment.

As announced on July 10, 2007, CEMEX has commenced a compulsory
acquisition under Australian law for the remaining Rinker Shares.

CEMEX SA -- http://www.CEMEX.com/-- is a growing global
building solutions company that provides high quality products
and reliable service to customers and communities in more than
50 countries throughout the world.  Commemorating its 100th
anniversary in 2006, CEMEX has a rich history of improving the
well-being of those it serves through its efforts to pursue
innovative industry solutions and efficiency advancements and
to promote a sustainable future.

                        *     *     *

On May 30, 2005, Moody's Investors Service revised the
ratings outlook on Cemex S.A. de C.V.'s Ba1 ratings to positive
from stable.  Ratings affected include the company's Ba1 ratings
on approximately US$110 million in senior unsecured Euro notes
and its senior implied rating.


CINRAM INTERNATIONAL: Declares July 2007 Cash Distribution
----------------------------------------------------------
Cinram International Income Fund has declared a cash distribution of
CDN$0.2708 per unit for the month of July 2007, payable on Aug. 15, 2007,
to unitholders of record at the close of business on July 31, 2007.

Cinram International Limited Partnership also has declared a cash
distribution of CDN$0.2708 per Class B limited partnership unit for the
month of July 2007, payable on Aug. 15, 2007, to unitholders of record at
the close of business on July 31, 2007.

The Fund and the Partnership's current annualized distribution rate is
CDN$3.25 per unit, payable in monthly distributions of CDN$0.2708 per
unit.  In accordance with the distribution policy of both the Fund and the
Partnership, unitholders of record at the close of business on the last
business day of each calendar month are paid a distribution on or about
the 15th day of the following month.

                    About Cinram International

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world.  The company has sales offices in Mexico.

                        *     *     *

Cintram International Income Fund carries Moody's B1 long-term
corporate family and bank loan debt rating.  Moody's said the ratings
outlook is stable.


FREESCALE SEMI: First Minister Eyes Job Rescue at Scottish Plant
----------------------------------------------------------------
Scotland's First Minister Alex Salmond believes there is still time to
save the 900 jobs threatened by the possible closure of Freescale
Semiconductor Inc. plant in East Kilbridge, the Scotsman reports.

"My officials are helping the company with their strategic plans and were
doing everything possible to retain and protect the jobs in Scotland.  The
firm has spoken to their employees in terms of their plans, but it would
be far too early to write off the manufacturing prospects of the company
in Scotland," Mr. Salmond was quoted by the Scotsman as saying.

According to the report, East Kilbridge's MP Adam Ingram stated that he is
ready to go to the United States to discuss the plant and the GBP3 million
regional selective assistance grant Freescale accepted in March 2007.

                    About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and manufactures
embedded semiconductors for the automotive, consumer, industrial,
networking and wireless markets. Freescale Semiconductor became a publicly
traded company in July 2004.  The company has design, research and
development, manufacturing or sales operations in more than 30 countries.
In Latin America, Freescale Semiconductor has operations in Argentina,
Brazil and Mexico.  In Europe, the company has operations in Czech
Republic, France, Germany, Ireland, Italy, Romania, Turkey and the United
Kingdom.  Revenues for the 12 months ended
March 31, 2007 were US$6.2 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2007, Moody's Investors Service affirmed the ratings of
Freescale Semiconductor, Inc., and changed the outlook to
negative.

These ratings/assessments were affirmed:

   -- Corporate Family Rating (New) -- Ba3;

   -- Probability of Default Rating -- Ba3;

   -- US$750 Million Senior Secured Revolving Credit Facility
      due 2012 -- Baa3 (LGD-2, 16%);

   -- US$3.50 Billion Senior Secured Term Loan B Facility due
      2013 -- Baa3 (LGD-2, 16%);

   -- US$2.85 Billion Senior Unsecured Notes due 2014 -- B1
     (LGD-4, 63%);

   -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014 --
      B1 (LGD-4, 63%);

   -- US$1.60 Billion Senior Subordinated Unsecured Notes due
      2016 -- B2 (LGD-6, 91%); and

   -- Speculative Grade Liquidity Rating -- SGL-1.


GREENBRIER COS: Matrix Research Downgrades Firm's Shares to Sell
----------------------------------------------------------------
Matrix Research analysts have downgraded Greenbrier Companies Inc's shares
to "sell" from "hold," Newratings.com reports.

The analysts said in a research note that Greenbrier's acquisition of
railcar maintenance businesses in 2006 increased its debt, which then
adversely affected its "EVA fundamentals."

The outlook for railroads looks positive.  Greenbrier might continue to
lessen costs "to realize benefits from the acquisitions, the company's
stock seem to be overvalued, following over 25% appreciation in the
company's share price over the past week," Matrix Research told
Newratings.com.

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

                        *     *     *

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

Downgrades:

   Issuer: Greenbrier Companies, Inc. (The)

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

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

     -- Corporate Family Rating, Downgraded to B1 from Ba3

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

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

Outlook Actions:

   Issuer: Greenbrier Companies, Inc. (The)

     Outlook, Changed To Stable From Rating Under Review


LEAR CORP: Discloses Stockholders Annual Meeting Results
--------------------------------------------------------
Lear Corporation reported that at its Annual Meeting of Stockholders held
today in Wilmington, Del., an insufficient number of shares were voted in
favor of the merger proposal with American Real Estate Partners L.P.
(AREP).  As a result of this vote by stockholders, Lear's Merger Agreement
with AREP will terminate in accordance with its terms and Lear will
continue to operate as a standalone publicly-traded company.

"We respect the stockholder majority and intend to operate our business
going forward with the same high level of intensity and commitment to
customer satisfaction and stockholder value we have always had," said Bob
Rossiter, Lear's chairman and chief executive officer.  "At the time we
entered into the Merger Agreement with AREP, we had a clear strategy and
business plan for the future. We will continue to execute that plan."

Mr. Rossiter continued: "In the end, while there were many different
viewpoints on the transaction, the decision came down to each individual
owner's investment perspective, outlook for the future and assessment of
the risks.  What we all can take away from this proposed transaction and
ultimate vote is that both Mr. Icahn and our present stockholders share a
common positive view of Lear's long-term prospects."

Additionally, stockholders voted on the following items:

   -- For the reelection of three directors, Larry W. McCurdy,
      Roy E. Parrott and Richard F. Wallman;

   -- For amendments to Lear's Amended and Restated Certificate
      of Incorporation in order to eliminate the current
      classified structure of the Board and phase in over a
      three year period the annual election of each member of
      the Board;

   -- For the appointment of Ernst & Young LLP as Lear's
      independent registered public accounting firm;

   -- For a non-binding stockholder proposal to initiate a
      process to amend the Corporate governance documents to
      provide that director nominees shall be elected by
      affirmative vote of the majority of votes cast at the
      annual meeting of stockholders, with a plurality vote
      standard retained for the contested director elections,
      that is, when the number of nominees exceeds the number of
      board seats;

   -- Against a non-binding stockholder proposal on Global Human
      Rights Standards.

                      About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, Singapore, South Korea, and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service confirmed Lear Corp.'s existing
ratings consisting of a B2 corporate family rating, B3 senior
unsecured notes, and B2 secured bank term loan.


US STEEL: David Rintoul Replaces Mike Fedorenko as Gen. Manager
---------------------------------------------------------------
United States Steel Corporation has hired David J. Rintoul as its general
manager-Granite City (Illinois) Works, succeeding Michael A. Fedorenko,
who has been appointed general manager-engineering.  In his new position,
Mr. Fedorenko will be responsible for overseeing engineering projects at
all of U.S. Steel's domestic operations and will report to Anthony R.
Bridge, vice president-engineering and technology.  Mr. Rintoul will
manage the day-to-day operations of Granite City Works, U.S. Steel's
integrated steelmaking operation near St. Louis.  He will report to George
F. Babcoke, vice president-plant operations.  Both appointments are
effective July 16.

Mr. Fedorenko graduated from the University of Pittsburgh in 1976 with a
bachelor's degree in mechanical engineering and began his career with U.S.
Steel that same year.  He advanced through a series of engineering
positions at operations in Pennsylvania and Ohio, and in 1986, he moved
into the purchasing department at the company's headquarters in
Pittsburgh.  In 1988, he was promoted as purchasing manager at Fairless
Works near Philadelphia.

Mr. Fedorenko was transferred to Fairfield Works in Alabama in 1990, where
he served as manager for engineering.  In 1996, he was named senior area
manager-sheet products, and in 1998, he was named division manager for
utilities, shops and services.  He returned to Pittsburgh in 2000, when he
was named plant manager of Mon Valley Works' Irvin Plant.

In September 2003, Mr. Fedorenko was named vice president-technology at
U.S. Steel Kosice (USSK), U.S. Steel's steelmaking operation in the Slovak
Republic, and in March 2005 was appointed vice president & general
director-U.S. Steel Serbia, d.o.o and affiliated companies.  He was named
general manager-Granite City Works in May 2006.

Mr. Fedorenko and his wife, Kathy, and their two children, Mark and
Kristine, will be returning to his hometown, Pittsburgh, where the
company's headquarters is located.

Mr. Rintoul, 50, brings to U. S. Steel a broad range of steelmaking
expertise and experience gained during 30 years working in the steel
industry.

He began his steelmaking career in 1979 in plate and strip rolling and
finishing operations at Algoma Steel Corporation in Sault Ste. Marie,
Ontario, where he rose through increasingly responsible assignments to the
position of superintendent.  In 1993, he joined Rouge Steel Corporation in
Dearborn, Mich., as superintendent-cold mill.  Mr. Rintoul moved to Acme
Steel Company in Riverdale, Illinois, in 1995 as manager-hot strip mill at
the company's Compact Strip Plant.  He became general manager-Compact
Strip Plant in 1997 and general manager-steel manufacturing in 1999, a
position he held until he was named vice president-operations at North
Star BlueScope Steel in 2001.  In 2005, he became vice
president-operations at BlueScope's Butler Manufacturing Company in Kansas
City, Missouri, his most
recent position before joining U.S. Steel.

A native of Sault Ste. Marie, Ontario, Mr. Rintoul earned an associate's
degree in mechanical engineering technology from Sault College of Applied
Arts and Technology in Sault Ste. Marie, Ontario, in 1979.  He graduated
with a bachelor's degree in business administration from Lake Superior
State University in Sault Ste. Marie, Michigan, in 1983 and received a
master's degree in business administration from the University of Notre
Dame (Ind.) in 2006.

Mr. Rintoul and his wife, Mary, will relocate to the Granite City area.

                      About U.S. Steel

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

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

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

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


VITRO SAB: Two Glass Container Plants Resume Operations
-------------------------------------------------------
Vitro, S.A.B. de C.V. said that its glass container production facilities
located in Queretaro and Guadalajara in Mexico have restarted operations
on July 13 and July 14, 2007, respectively.  Operations at both plants had
been temporarily interrupted as a result of a failure in natural gas
supply caused by recent incidents at some of PEMEX gas pipelines.

As reported on the Troubled Company Reporter-Latin America on July 13,
2007, necessary measures are being implemented at both facilities to
minimize the impact to their glass containers customer supply programs.
These facilities are being supported by Vitro's four other domestic
production plants.

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

                        *     *     *

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

The rating assigned:

   Vitro, SAB de CV:

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

The ratings affirmed:

Vitro, SAB de CV:

  -- Corporate Family at B2;

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




=================
N I C A R A G U A
=================


* NICARAGUA: IMF To Propose New Poverty Reduction Program
---------------------------------------------------------
The International Monetary Fund will launch a new Poverty Reduction and
Growth Facility-supported program for Nicaragua to its executive board.

The IMF mission visited Managua, Nicaragua, from June 25 to
July 6.

The IMF said, "An IMF mission led by Vikram Haksar visited Managua over
the past two weeks to discuss the authorities' medium-term economic
program for which they have requested IMF support through a new three year
arrangement under the Poverty Reduction and Growth Facility.  The mission
met with the authorities' economic team as well as with Ministers of
social sectors, and the donor budget support group, and worked closely
also with staff from the World Bank and Inter-American Development Bank."

"The discussions have been very productive," the IMF commented.  "The
mission reached understandings, subject to final agreement, on a draft
letter of intent for a new PRGF-supported program, outlining the
authorities' plans to reduce poverty while maintaining macroeconomic
stability over the next three years.  The mission supports the key
elements of the authorities' macroeconomic framework for 2007-10. Proposed
macroeconomic policies are consistent with entrenching stability and
supporting confidence over the medium term, while creating additional
fiscal space for moving forward towards achieving the Millennium
Development Goals.  The authorities' policy agenda prioritizes addressing
the challenges in the energy sector, strengthening the transparency and
governance of public sector institutions, as well as developing future
options for social security reform, among other areas."

"In the coming weeks, the authorities and Fund staff will work to complete
remaining technical work on the proposed economic program.  The
authorities are also seeking to complete the Annual Progress Report on
Nicaragua's National Development Plan.  Once the work on the final details
has been concluded, the new PRGF-supported program will be presented to
the IMF Executive Board," the IMF stated.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date
                     ------     -----------
   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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


CHIQUITA BRANDS: To Renegotiate Prices with COOSEMUPAR
------------------------------------------------------
Jahir Lombana at Fresh Plaza reports that the Cooperativa de Servicios
Multiples de Puerto Armuelles, or COOSEMUPAR, wants to start talks with
Chiquita Brands International on a new reference price for the banana
boxes and a whole evaluation of the framework accord signed with the firm.

According to Fresh Plaza, the agreement will end on
Sept. 30, 2007.  It would be renegotiated between Chiquita Brands and
COOSEMUPAR.

Fresh Plaza notes that the cost of raw materials increased production
costs up to US$7.30 per box of 40 pounds.  Producers get up to US$5.50 per
box of 40 pounds.

Reynaldo Rivera, the Labor and Labor Development Minister and President of
the high level Commission that will help resolve disputes between Chiquita
Brands and COOSEMUPAR, informed the company of the cooperative's
willingness to communicate, Fresh Plaza states.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


CHIQUITA BRANDS: Eyes Packed Vegetables as Good Business
--------------------------------------------------------
Chiquita Brands International official Michael Mitchell told the
Associated Press that the firm foresees packed vegetables as a good
business opportunity.

Jahir Lombana at Fresh Plaza relates that Chiquita Brands "could abandon
the dependency on bananas with a new portfolio of core products."

Fresh Plaza notes that Panamanian producers got worried with the
official's announcement since Chiquita Brands markets almost 98% of
Panama's banana production.

The producers suggested trade with Dole Food as alternative, Fresh Plaza
states.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.




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


BANCO CREDITO: Moody's Pares Foreign Currency Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service has upgraded the long term foreign currency
deposit rating of Banco de Credito del Peru to Ba3 from B1, following the
same action on the sovereign ceiling for foreign currency deposits.

Moody's also raised its rating for Banco de Credito del Peru's Panama
branch's foreign currency subordinated notes maturing in 2021 to Ba1 from
Ba2, based on the upgrade of Peru's foreign currency bond ceiling.

Both ratings had been placed on review for upgrade on
March 8, 2007.  Both now have stable outlooks.

The bank's financial strength rating was not affected by this action.

These ratings were raised:

Banco de Credito del Peru:

  -- Long term foreign currency deposit rating to Ba3 from B1,
     with stable outlook

Banco de Credito del Peru, Panama Branch:

  -- Long term foreign currency subordinated notes to Ba1 from
     Ba2, with stable outlook.

Banco de Credito del Peru is Peru's largest bank, with a dominating market
share of over 30% of deposits, and boasts total consolidated assets of
US$9.6 billion and equity of US$780 million as of June 30, 2006.  It is
the principal operating company within Credicorp, Peru's largest financial
services company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.


GOODYEAR TIRE: Will Supply Network Truck Tires to Dart Transit
--------------------------------------------------------------
The Goodyear Tire & Rubber Company has been awarded a supply arrangement
by Dart Transit Company, the nation's 14th largest truckload dry-van
carrier, and its network of companies, based in Eagan, Minnesota.

Under the arrangement, Goodyear will supply replacement and retread truck
tires and tire services in North America for the Dart Network through
2008.

Steve McClellan, Goodyear vice president of commercial tire systems, said,
"We're obviously excited to be working with the Dart Network.  Our ability
to offer a comprehensive service package of original equipment,
replacement and retread tires as well as value-added services are key to
this new agreement."

More than 2,700 tractors power Dart, which once operated primarily east of
the Rockies.  However, in May, the privately held company expanded its
service in seven Western states.

"We believe that by using our national network of independent dealers,
Dart will improve its efficiency in maintaining its fleet.  Our collection
of fleet management tools puts Dart management in complete control of its
tire costs," Mr. McClellan said.

Goodyear is supplying commercial tires to the Dart Network from its plants
in Danville, Virginia; Buffalo, New York; and Topeka, Kansas.

                       About Dart Transit

For more than 70 years, Dart Transit -- http://www.dart.net/-- has
provided its customers with quality-driven solutions and results to their
trucking and transportation needs.  The Dart Network runs 2,750 trucks and
7,600 trailers.

                       About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.

Goodyear maintains Asia-Pacific facilities in Australia, China
and Korea.  Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom.
Goodyear's Latin-American operations are located in Argentina,
Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch Ratings has upgraded the Issuer Default
Rating for The Goodyear Tire & Rubber Company to 'B+' from 'B'.
In addition, these debt ratings have been upgraded:

  The Goodyear Tire & Rubber Company

     -- Issuer Default Rating 'B+' from 'B';

     -- US$1.5 billion first lien credit facility to 'BB+/RR1'
        from 'BB/RR1';

     -- US$1.2 billion second lien term loan to 'BB+/RR1' from
        'BB/RR1';

     -- US$300 million third lien term loan to 'BB-/RR3' from
        'B/RR4';

     -- US$650 million third lien senior secured notes to 'BB-
        /RR3' from 'B/RR4';

     -- Senior unsecured debt to 'B-/RR6' from 'CCC+/RR6'.

  Goodyear Dunlop Tires Europe B.V.

     -- EUR505 million European secured credit facilities to
        'BB+/RR1' from 'BB/RR1'.

Fitch said the rating outlook is positive.  Goodyear Tire had
approximately US$5.8 billion of debt outstanding at
March 31, 2007.


* PERU: Moody's Lowers Foreign Currency Rating to Ba2 from Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded the foreign-currency bond rating of
the government of Peru to Ba2 from Ba3 in light of a gradual convergence
of the country's external debt indicators supported by a strong export
performance over an extended period of time.  The rating has a stable
outlook.

"External debt ratios have moved towards those observed in other Ba-rated
countries, while the share of foreign-currency denominated government debt
and the degree of financial dollarization in the Peruvian banking system
have reported steady reductions," said Moody's Vice President Mauro Leos.
"The rating action is also consistent with Moody's emphasis on the need to
more closely align foreign- and domestic-currency bond ratings."
Domestic-currency government bonds are rated Baa3, and were not affected
by this rating action.

Peru's foreign currency country ceiling for bonds was upgraded to Ba1 from
Ba2, and the foreign currency country ceiling for bank deposits was also
upgraded to Ba3 from B1.  Both ceilings have a stable outlook.

"The strong export performance reflects a combination of increased export
volumes and higher export prices," said Mr. Leos.  He said robust volume
growth in non-traditional exports has become a distinct feature of Peru's
export profile in recent years, operating as an important complement to
increased export revenues that continue to be dominated by traditional,
mostly mining, exports.

Also contributing to Peru's rating upgrade is the reduction in the share
of foreign-currency denominated government debt as the authorities have
promoted a gradual, yet steady, decline in external debt.

"Liability management operations have been an important component of this
strategy, including prepayments of Paris Club debt increasingly funded by
local-currency denominated debt placements," said Mr. Leos.

The analyst explained that a declining degree of financial dollarization,
as measured by the share of dollar-denominated loans and deposits in the
banking system, represents another factor supporting Moody's perception of
Peru's reduced credit risks.  Additionally, he said, banking regulations
introduced in recent years have been effective in reducing the exposure to
dollarization-related systemic risks.

"Peru's foreign currency ratings remain constrained by the country's
exposure to adverse external conditions, reflecting the sensitivity of
commodity-based exports to changes in international prices," said Mr.
Leos.  "While somewhat mitigated, credit risks derived from financial
dollarization continue to constrain the ratings, marking a difference with
respect to similarly rated countries that do not experience this
condition," said Mr. Leos.

In spite of years of uninterrupted growth and macroeconomic stability, he
said significant socio-economic problems persist, including the need to
more aggressively reduce poverty levels.  As evidenced by last year's
contentious electoral process, he said, this condition could pose
potential political risks to Peru' medium-term outlook, highlighting the
significance of the government's ability to effectively deliver on its
social agenda while preserving conditions that support economic growth and
stability.

The governments' local currency government bond rating remains at Baa3.
Peru's local currency guideline - the highest possible rating that could
be assigned to obligors and obligations denominated in local currency
within the country -is A3.  Both ratings have a stable outlook.




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


ALBERTO DELGADO: Case Summary & 12 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Alberto J. Toledo Delgado
        Liza A. Adorno Garcia
        H.C. 04 Box 30270
        Hatillo, PR 00659

Bankruptcy Case No.: 07-03764

Chapter 11 Petition Date: July 3, 2007

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Wigberto Lugo Mender, Esq.
                  Lugo Mender & Co.
                  Centro Internacional de Mercadeo
                  Road 165 torre 1, Suite 501
                  Guaynabo, PR 00968
                  Tel: (787) 707-0404

Total Assets: US$4,457,395

Total Debts:  US$4,035,780

Debtor's Twelve Largest Unsecured Creditors:

Entity                     Nature of Claim       Claim Amount
------                     ---------------       ------------
Eurobank                    value of collateral:    US$351,412
P.O. Box 191009             US$145,545
San Juan, PR
00919-1009

Farmer Home Farm Services                           US$155,226
Agency
1562 Avenue Miramar
Suite 2, Caribbean
Cinema Building
Arecibo, PR 00612

Federacion Asociaciones                             US$105,000
Pecuarias de PR
P.O. Box 2635
Mayaguez, PR
00681-2635

B.B.V.A.                    value of collateral:     US$85,000
                            US$51,700

A.P.L.H. Asociacion                                  US$60,000
Productores Leche Hatillo
P.O. Box 2635
Mayaguez, PR 00681-2635

Tender Mills, Inc.                                   US$50,000

Banco Popular de PR                                  US$33,938

U.S. Department of                                    US$2,478
Education
Direct Loan Servicing
Center

Manuel Valentin & Associates                          US$2,175

Money Express                                         US$1,956

Banco Popular de PR                                   US$1,181

Puerto Rico                                              US$66


DORAL FINANCIAL: Gets Approval Related to Holdings Transaction
--------------------------------------------------------------
Doral Financial Corporation disclosed that it obtained regulatory
approvals necessary to complete its proposed
US$610 million recapitalization transaction with Doral Holdings Delaware,
LLC:

   (1) approval of the transaction by the Board of Governors of
       the Federal Reserve System under the Bank Holding Company
       Act;

   (2) approval of the transaction by the Office of the
       Commissioner of Financial Institutions under the Puerto
       Rico Banking Law and Puerto Rico Mortgage Institutions
       Act;

   (3) approval of the Federal Deposit Insurance Corporation
       and the Puerto Rico Commissioner for Doral to transfer
       its portfolio of mortgage servicing rights to its
       principal banking subsidiary, Doral Bank Puerto Rico
       and to receive within one day after the closing of the
       transaction, at least US$150 million from the transfer;

   (4) written confirmation from the Department of the Treasury
       of Puerto Rico relating to the deferred tax agreement
       between Doral and the Department of the Treasury of
       Puerto Rico; and

   (5) approval for listing on the New York Stock Exchange of
       the shares to be issued to Holdings.

Doral also announced that approval has been received from the Office of
Thrift Supervision and the FDIC for Doral Bank, FSB to consummate the
previously announced sale of its New York bank branches.

The Holdings transaction remains subject to other conditions, including
the receipt of shareholder approval, court approval of the settlement
agreement in Doral's consolidated securities class action and shareholder
derivative litigation and certain additional regulatory confirmations.

The shareholder vote on the transaction will take place at Doral's annual
meeting of shareholders on July 17, 2007.

The hearing to consider approval of the settlement agreement in Doral's
consolidated securities class action and shareholder derivative litigation
is now scheduled to also take place on July 17, 2007.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *     *     *

As reported in the Troubled Company Reporter on May 21, 2007,
Fitch Ratings has lowered Doral Financial Corporation's ratings
as:

  Doral Financial Corporation

     -- Long-term Issuer Default Rating to 'B' from 'B+';
     -- Senior debt to 'B-' from 'B';
     -- Preferred stock to 'CCC' from 'CCC+';
     -- Individual to 'E' from 'D/E'.

  Doral Bank

     -- Long-term Issuer Default Rating to 'B+' from 'BB-';
     -- Long-term deposits to 'BB- from 'BB';
     -- Individual to 'D' from 'C/D'.

Fitch said the ratings remain on Rating Watch Negative.

Moody's Investors Service is continuing its review of Doral
Financial Corporation for possible downgrade.  The ratings have
been on review for possible downgrade since Jan. 5, 2007, when
Doral was downgraded to B2 from B1 for senior debt.  The review
has centered on Doral's prospects for refinancing US$625 million
of debt maturing in July.


ORESTE'S MANAGEMENT: Case Summary & 77 Largest Unsec. Creditors
---------------------------------------------------------------
Lead Debtor: Oreste's Management Corp.
             P.O. Box 1830
             Coamo, PR 00769

Bankruptcy Case No.: 07-03948

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Tequila's Mexican Bar & Grill              07-03949
        Oreste's Bar & Grill-Santa Isabel, Inc.    07-03950
        Wake Up Sport Bar, Inc.                    07-03952
        Edgardo O. Rivera Rodriguez                07-03954

Type of business: The Debtor owns and operates bars.

Chapter 11 Petition Date: July 13, 2007

Court: District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtors' Counsel: Modesto Bigas Mendez, Esq.
                  P.O. Box 7462
                  Ponce, PR 00732
                  Tel: (787) 844-1444

                            Estimated Assets     Estimated Debts
                            ----------------     ---------------
Oreste's Management Corp.   US$10,000 to         US$1 million to
                            US$100,000           US$100 million

Tequila's Mexican Bar &     US$100,000 to        US$1 million to
Grill                       US$1 million         US$100 million

Oreste's Bar & Grill-Santa  US$100,000 to        US$100,000 to
Isabel, Inc.                US$1 million         US$1 million

Wake Up Sport Bar, Inc.     US$100,000 to        US$100,000 to
                            US$1 million         US$1 million

Edgardo O. Rivera           US$1 million to      US$1 million to
Rodriguez                   US$100 million       US$100 million

A. Oreste's Management Corp's 17 Largest Unsecured Creditors:

Entity                      Nature of Claim      Claim Amount
------                      ---------------      ------------
Oreste's Service Station,                           US$371,752
Inc.
P.O. Box 1830
Coamo, PR 00769-1830

Internal Revenue Service                            US$230,142
Mercantil Plaza Office 914
2 Ponce de Leon, PDA 27 1/2
San Juan, PR 00918-1693

Tequila's Mexican Bar & Grill,                      US$222,718
Inc.
P.O. Box 1830
Coamo, PR 00769-1830

Banco Santander                                     US$210,793

Wake Up Sport Bar, Inc.                             US$172,177

Oreste's Bar & Grill                                US$163,628
Santa Isabel, Inc.

Departamento de Hacienda                            US$152,976

Oreste's Bar & Grill Coamo                           US$62,104

Eurolease                                            US$61,920

Banco Santander                                      US$42,462

Fondo del Seguro del Estado                          US$38,397

Departamento del Trabajo                             US$36,081
y Rec Hum

Liberty Financial, Inc.                              US$17,172

Banco Santander                                      US$10,378

A.I.C. Credit Corp.                                   US$2,887

Centennial                                              US$885

Puerto Rico Telephone Co.                                 US$6

B. Tequila's Mexican Bar & Grill's 19 Largest Unsecured Creditors:

Entity                      Nature of Claim      Claim Amount
------                      ---------------      ------------
Oreste's Management Corp.                           US$598,848
P.O. Box 1830
Coamo, PR 00769-1830

Internal Revenue Service                            US$145,837
Mercantil Plaza Ofic 914
2 Ponce de Leon, PDA 27 1/2
San Juan, PR 00918-1693

Banco Santander                                      US$91,632
P.O. Box 191080
San Juan, PR 00919-1080

Departamento de Hacienda                             US$73,094

Wake Up Sport Bar, Inc.                              US$69,231

Crim                                                 US$56,617

Oreste's Service Station, Inc.                       US$52,350

Oreste's Bar & Grill Coamo                           US$42,500

Oreste's Bar & Grill Santa                           US$33,298
Isabel, Inc.

Eurolease                                            US$30,536

American Express Corp.                               US$30,000

Plaza Santa Isabel                                   US$23,928

Fondo del Seguro del                                 US$22,016
Estado

AMEX                                                 US$20,000

Departamento de Trabajo Y                            US$14,970
Rec Hum

Ballester Hermanos, Inc.                             US$13,873

Provisiones Legrand                                  US$13,653

R.G. Premier Bank                                    US$12,000

Mendez & Company, Inc.                               US$10,345

C. Oreste's Bar & Grill-Santa Isabel, Inc's 17 Largest Unsecured Creditors:

Entity                      Nature of Claim      Claim Amount
------                      ---------------      ------------
Oreste's Management Corp.                           US$202,791
P.O. Box 1830
Coamo, PR 00769-1830

Gobierno Municipal de Santa                          US$96,346
Isabel Patente Municipal

Oreste's Bar & Grill Coamo                           US$40,731

Internal Revenue Service                             US$38,698

Tequila's Mexican Bar &                              US$31,098
Grill, Inc.

Departamento de Hacienda                             US$26,729

Crim                                                 US$16,577

Eurolease                                            US$16,498

Wake Up Sport Bar, Inc.                              US$16,410

Provisiones Legrand                                  US$10,284

Oreste's Service Station, Inc.                        US$9,598

Departamento del Trabajo Y                            US$8,032
Rec Hum

V. Suarez & Co.                                       US$6,759

Doral Bank                                            US$8,075

Ballester Hermanos, Inc.                              US$2,944

Internal Revenue Service                              US$2,568

Autoridad de Energia                                    US$634

D. Wake Up Sport Bar, Inc.'s 15 Largest Unsecured Creditors:

Entity                      Nature of Claim      Claim Amount
------                      ---------------      ------------
Credi-Coop San Blas                                 US$467,020
P.O. Box 319
Coamo, PR 00769-0319

Oreste's Management Corp.                           US$154,741
P.O. Box 1830
Coamo, PR 00769-1830

CACSI                                                US$23,349

Credi-Coop San Blas                                  US$20,613

Eurolease                                            US$15,719

Crim                                                  US$9,603

Oreste's Service Station, Inc.                        US$9,200

Orese's Bar & Grill Santa Isabel,                     US$8,170
Inc.

Tequila's Mexican Bar & Grill,                        US$6,763
Inc.

Provisiones Legrand                                   US$2,950

Ballester Hermanos, Inc.                              US$2,810

Autoridad de Energia                                  US$1,587

Destileria Serralles, Inc.                            US$1,217

Gobierno Municipal de Coamo                             US$586

Autoridad de Acueductos y                                US$92
Alcantarillados


E. Edgardo O. Rivera Rodriguez's Nine Largest Unsecured Creditors:

Entity                      Nature of Claim      Claim Amount
------                      ---------------      ------------
Oreste's Management Corp.                           US$205,048
P.O. Box 1830
Coamo, PR 00769-1830

Coop San Blas               loan; value of          US$120,000
P.O. Box 319 Coamo P.R.     collateral:
00769-0319                  $225,000

                                                     US$25,000

Coop CACSI                                           US$25,000
P.O. Box 812
Santa Isabel, PR 00757-0812

Coop Valvarena                                        US$6,500

Banco Bilbao Viscaya-PR                               US$4,008

Doral Bank                                            US$2,500

Fondo Del Seguro Del Estado                           US$2,423

Banco Popular                                         US$1,309

Crim                                                    US$767




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


HILTON HOTELS: Matrix Research Downgrades Firm's Shares to Hold
---------------------------------------------------------------
Matrix Research analysts have downgraded Hilton Hotels Corp's shares to
"hold" from "buy," Newratings.com reports.

The analysts said in a research note that the downgrade in rating is based
on valuation.

The analysts told Newratings.com that Hilton Hotels agreed to an
acquisition offer of US$47.50 per share from Blackstone Group and its
share price has increased since then by 27%.

The offer price is lower than the "intrinsic value."  Hilton Hotels is
unlikely to get other bids, since it has agreed to pay US$560 million to
Blackstone in case the deal isn't pushed through, Newratings.com states,
citing Matrix Research.

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

                        *     *     *

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

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

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




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


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

Contractual terms are not being disclosed.

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

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

When the Debtors filed for bankruptcy, they listed US$14.4 billion in
total assets and US$17.9 billion in total debts.  On Jan. 12, 2007 the
Debtors filed with the Court their Chapter 11 Plan.  On Feb. 15, 2007,
they Debtors filed an Amended Plan & Disclosure Statement.  The Court
approved the adequacy of the Debtors' Disclosure Statement on March 26,
2007.  On
May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan will take effect May 31, 2007.

                         *     *     *

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


* VENEZUELA: May Buyback Debts in 4th Qtr, Finance Minister Says
----------------------------------------------------------------
Venezuelan Finance Minister Rodrigo Cabezas told Bloomberg News in an
interview that his government may repurchase some of its foreign debts
later this year.

The Venezuelan government has strived to cut international indebtedness by
repurchases and redemptions.

"We plan to continue carrying out a set of operations, within the
framework of debt management, that allow us to continue reducing our
balance of debt," the finance minister explained to Bloomberg.

When asked about the country's plan to exit the International Monetary
Fund, the finance minister told Bloomberg that such a move won't happen in
the short-term.  Venezuelan President Hugo Chavez said early this year
that his nation would withdraw from the IMF, a move that could cause
technical defaults on some of its debts.

                        *     *     *

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.


                            ***********


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 de los Santos, and
Christian Toledo, Editors.

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

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           * * * End of Transmission * * *