TCRLA_Public/070720.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

            Friday, July 20, 2007, Vol. 8, Issue 143

                          Headlines

A R G E N T I N A

BALLY TECHNOLOGIES: Inks Casino & Slot Mgt. Pact with Mount Airy
BANCO SUPRVIELLE: To Issue US$75 Million of Perpetual Bonds
CASSANO DESIGN: Proofs of Claim Verification Is Until Sept. 12
CITY HALL: Proofs of Claim Verification Ends on Sept. 3
COMERCIAL ZOMA: Reorganization Proceeding Has Ended

CONTEMPOR ART: Proofs of Claim Verification Is Until Sept. 11
DELTA AIR: Will Launch Service to Heathrow Int'l Airport
ESCALA SUR: Proofs of Claim Verification Is Until Oct. 2
FORD MOTOR: Tata Motors May Bid for Jaguar & Land Rover Brands
GENERAL MOTORS: Investing US$500 Million in Argentina & Brazil

NEPILCOR SRL: Proofs of Claim Verification Deadline Is Aug. 27
RAVIMADA SA: Proofs of Claim Verification Deadline Is October 9
SANATORIO SAN LORENZO: Claims Verification Deadline Is Aug. 1
YPF SA: Central Puerto Files Suit Over Gas Supply Contract

* ARGENTINA: Gets Additional US$45-Million Loan from World Bank


B A R B A D O S

HILTON HOTELS: Signs Management Agreement with RAK Properties


B E R M U D A

BAILEY COATES: Proofs of Claim Filing Deadline Is July 27
FOSTER WHEELER: Unit Bags Global Power Contract with Soderenergi
JUPITER POWER: Sets Final General Meeting for July 30
SCOTTISH RE: Names George Zippel as President & Global CEO


B O L I V I A

* BOLIVIA: Glencore Submits Offer to Buy Crude from State Firm
* BOLIVIA: May Form Joint Venture with Petroleos de Venezuela


B R A Z I L

ALLISON TRANSMISSION: S&P Assigns B+ Corporate Credit Rating
AMR CORPORATION: Earns US$317 Million in 2007 Second Quarter
BANCO NACIONAL: Board Okays BRL1.6-Bil. Loan to Foz do Chapeco
BANCO NACIONAL: Supporting Madeira Hydroelectric Project
BRASIL TELECOM: Telecom Italia Sells Stake for US$515 Million

DELPHI CORP: Seeks Court Approval on DAS Espana Severance Deal
DELPHI CORP: Inks New Plan Framework Agreement with Appaloosa
ELETROPAULO METROPOLITANA: Issuing Up to BRL600MM in Debentures
NOBLE GROUP: Acquires 30% Stake in Mhag Servicos for US$60 Mil.
NOMURA HOLDINGS: Finalizes Details of Stock Acquisition Rights

TAM SA: Shares Fall After Plane Crashes in Sao Paulo


C A Y M A N   I S L A N D S

APPALOOSA ARBITRAGE: Sets Final Shareholders Meeting for Aug. 10
AS ASSIST: Will Hold Final Shareholders Meeting on Aug. 10
CORSAIR II: Proofs of Claim Must be Filed by August 13
GULF INSURANCE: Proofs of Claim Must be Filed by August 13
H3 GLOBAL: Sets Final Shareholders Meeting for August 10

H3 GLOBAL: Proofs of Claim Must be Filed by August 10
HMTF-AMI: Proofs of Claim Filing Ends on August 10
IVY ENHANCED: Will Hold Last Shareholders Meeting on August 10
MICROPORT MEDICAL: Sets Last Shareholders Meeting for August 10
OASIS OFFSHORE: Proofs of Claim Must be Filed by August 13

OASIS OFFSHORE: Sets Final Shareholders Meeting for August 13
VOLCUN FORTUNA: Will Hold Final Shareholder Meeting on August 10
ZAIS STRUCTURED: Proofs of Claim Filing Ends on August 10
ZAIS STRUCTURED CREDIT: Final Shareholders Meeting Is on Aug. 10
ZESTY CO: Will Hold Final Shareholders Meeting on August 10


C H I L E

EASTMAN KODAK: Board Picks Niceletta Zongrone as Vice President


C O L O M B I A

KNOLL INC: Second Quarter Net Income Up 18.2% to US$17.5 Mil.


C U B A

* CUBA: Wrapping Up Stainless Steel JV Pact with Venezuela


E C U A D O R

UNIVERSAL COMPRESSION: Closes US$233-Mil. Contract & Units Buy

* ECUADOR: Plans to Build Oil Refinery with Venezuela


G R E N A D A

DIGICEL GROUP: Cellular Towers Safe, Says Study


G U A T E M A L A

BRITISH AIRWAYS: Launches US$329 Bermuda-London Travel Promo


H A I T I

DYNCORP INTERNATIONAL: Hires Anthony Zinni as Executive VP


H O N D U R A S

* HONDURAS: Moody's Issues Annual Report


J A M A I C A

GOODYEAR TIRE: Conversion Period for Sr. Notes Is Until Sept. 28


M E X I C O

AVNET INC: Promotes Teri Radosevich as VP-Community Relations
AXTEL SAB: Reports MXN356.1 Mil. of Operating Income in 2nd Qtr.
BANCO INTERACCIONES: Moody's Puts Ba2 Rating on MXN700MM Notes
BEST MANUFACTURING: Trustee Hires Sobel as Forensic Accountants
CARDTRONICS INC: Prices US$100 Million Senior Notes Offering


N I C A R A G U A

* NICARAGUA: State Firm Forms Joint Venture with Venezuelan Co.


P E R U

* PERU: Cancels Egechilca's License for Chilca Thermo Project
* PERU: Moody's Ups Ba2 Discount Notes' Rating to Ba2


P U E R T O   R I C O

AVNET INC: Signs Deal to Acquire Magirus Enterprise Division
OSCAR ROJAS: Case Summary & Eight Largest Unsecured Creditors
SEARS HOLDINGS: Taps Richard Gerstein as Chief Marketing Officer
STERICYLCE INC: S&P Withdraws BB+ Corporate Credit Rating


T R I N I D A D   &   T O B A G O

DIGICEL GROUP: Finalizing Interconnection Rates with TSTT


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Subsidiary Forms Albanisa with Petronic
PETROLEOS DE VENEZUELA: May Form Joint Venture with Bolivia

* VENEZUELA: Plans to Build Oil Refinery with Ecuador
* VENEZUELA: Wrapping Up Stainless Steel JV Pact with Cuba


                            - - - - -

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


BALLY TECHNOLOGIES: Inks Casino & Slot Mgt. Pact with Mount Airy
----------------------------------------------------------------
Bally Technologies Inc. has signed a contract with Mount Airy
Casino Resort to provide a complete slot and casino management
system, an advanced suite of Bally Power Bonusing(TM) products
and an initial order of 2,500 iVIEW(TM) interactive displays for
all of the slot machines planned for the Pennsylvania resort's
opening in Fall 2007.

In addition, Bally secured an order for 28 percent of the
initial slot floor for a total of 695 units that will include a
wide variety of premium titles, ALPHA Elite(TM) S9C and S9E
reel-spinners and ALPHA Elite V20/20 and CineVision(TM) wide-
screen video slots.

Mount Airy will utilize Bally Slot Management Systems
(SMS(TM)) / Casino Management Systems technologies and Bally
eTICKET(TM) cashless functionality.  It will also offer Bally
Power Winners(TM), a configurable random progressive jackpot
technology that rewards players using their player's club card.  
Bally Power Winners allows for stand-alone or multi-property
progressive jackpots to carded players and supplemental rewards
to those players using their player's club card when a jackpot
hits.

To complement the Bally Power Bonusing suite of products, Mount
Airy Casino Resort will integrate the iVIEW displays in the slot
machine to create a personalized multimedia experience for each
patron as they play.

"The combination of Bally's seamless integration of casino,
hotel and resort operations and proven track record of
successful go-lives in the state of Pennsylvania was the key for
us," said Jacqui Bloh, Executive Director of Marketing, of Mount
Airy Casino Resort.  "The commitment Bally has to the East
Region through its established structure and support network was
also something we took into consideration during our decision-
making process.  We look forward to working together to offer
our guests a premier gaming and entertainment experience."

Located in Paradise Township in the Pocono Mountain region, the
Mount Airy Casino Resort will be located at the site of the
famous Mount Airy Lodge.  The casino was awarded a slots license
by the Pennsylvania Gaming Control Board in December 2006.  
Phase 1 of construction represents an investment that commenced
in July 2006.  Upon opening in Fall 2007, Mount Airy Casino
Resort will offer a 188-room hotel, restaurants, entertainment
venues, retail shopping, meeting space, a spa and salon and a
casino with up to 2,500 slot machines.  Construction will
continue after the opening, providing for an additional 212
hotel rooms, up to 3,000 slot machines and an enclosed pool by
the completion of the first year of operations.  The master plan
for the site also provides for nearly 550 acres of permanently
preserved green space that includes biking and walking trails.

"It is very gratifying to work with a partner that recognizes
the combined strength of both our gaming and systems divisions,"
said Richard Haddrill, CEO of Bally Technologies.  "The 28
percent of the slot floor is indicative of our growing ship-
share success, while the systems deal is a reflection of our
market leadership and a technology portfolio that can
effectively manage the complex, high-volume casino-resort
operation that Mount Airy promises to be."

Recognized as the industry systems leader with more than 366,500
machines and 693 casino, bingo, Class II, central determination
and lottery locations worldwide -- including more than 190
locations currently running Bally eTICKET(TM) on more than
228,000 slot machines -- the Bally Technologies systems product
line offers slot machine cash monitoring, table management,
cashless, accounting, security, maintenance, marketing,
promotional and bonusing capabilities, enabling operators to
accurately analyze performance and accountability while
providing an enhanced level of customer service.

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

                        *     *     *

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


BANCO SUPRVIELLE: To Issue US$75 Million of Perpetual Bonds
-----------------------------------------------------------
A Banco Supervielle source told Business News Americas that the
bank is lining up a US$75 million perpetual bond issue.

The source said that details of the placement won't be revealed
until August 2007, BNamericas notes.

Published reports say that Banco Supervielle could consider
"issuing a US$25-million, 30-year bond and then sell the
remaining US$50-million tranche with a 15-year maturity."

Proceeds from Banco Supervielle's issue will be used to
"strengthen its equity for regulatory purposes and obtain
longer-term funding," BNamericas relates.

Banco Supervielle -- http://www.supervielle.com.ar/-- is owned   
by Banco Banex S.A., and together they form the Supervielle
Group, the sixth-largest private banking group in Argentina.  
The bank operates 122 branches and payment centers, which are
mainly concentrated in the provinces of Buenos Aires, Cordoba,
Mendoza, San Luis, and Santa Fe.  Banco Supervielle focuses on
individuals and the middle-market clients and corporate segments
in Argentina, including American and European corporations in
the country.  It specializes in consumer loans, credit cards,
payroll payments, factoring, trade, leasing, and financial
trustees, and it holds a diversified portfolio in retail, auto
parts, civil construction, agrochemical, manufacturing, and
other industries.  Joining IFC's Global Trade Finance Program
will help Banco Supervielle expand, helping serve the trade
finance needs of the country's small and medium enterprises.  It
will also help the bank to consolidate its business in other
segments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 7, 2007, Moody's Investors Service confirmed that it raised
its bank financial strength rating on Banco Supervielle S.A. to
D- from E+, in connection with the rating agency's
implementation of its refined joint default analysis and updated
BFSR methodologies for banks in Argentina.  Banco Supervielle's
Local Currency Deposit Rating was upgraded to Ba2 from B1.  Its
Foreign Currency Deposit Rating was affirmed at Caa1, with
positive outlook.  The company's long term Argentine National
Scale Rating for Local Currency Deposits was raised to Aa2.ar
from Aa3.ar and its long term Foreign Currency deposit rating in
National Scale was affirmed at Ba1.ar.


CASSANO DESIGN: Proofs of Claim Verification Is Until Sept. 12
--------------------------------------------------------------
Luis Juan Kuklis, the court-appointed trustee for Cassano Design
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 12, 2007.

Mr. Kuklis will present the validated claims in court as
individual reports.  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 Cassano
Design 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 Cassano Design's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission dates.

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

The trustee can be reached at:

          Luis Juan Kuklis
          Lavalle 1619
          Buenos Aires, Argentina


CITY HALL: Proofs of Claim Verification Ends on Sept. 3
-------------------------------------------------------
Bartolome Horacio Bavio, the court-appointed trustee for City
Hall S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 3, 2007.

Mr. Bavio will present the validated claims in court as
individual reports on Oct. 16, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by City Hall 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 City Hall's
accounting and banking records will be submitted in court on
Nov. 27, 2007.

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

The trustee can be reached at:

          Bartolome Horacio Bavio
          Avenida de Mayo 1324  
          Buenos Aires, Argentina


COMERCIAL ZOMA: Reorganization Proceeding Has Ended
---------------------------------------------------
Liga Argentina Contra La Tuberculosis Asociacion Civil's
reorganization proceeding has been completed.  Data published by
Infobae on its Web site indicated that the process was concluded
after a court in Buenos Aires approved the debt agreement signed
between the company and its creditors.


CONTEMPOR ART: Proofs of Claim Verification Is Until Sept. 11
-------------------------------------------------------------
Liliana Maria Montoro, the court-appointed trustee for Contempor
Art S.R.L's bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 11, 2007.

Ms. Montoro will present the validated claims in court as
individual reports on Oct. 23, 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 Contempor Art 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 Contempor Art's
accounting and banking records will be submitted in court on
Dec. 4, 2007.

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

The trustee can be reached at:

          Liliana Maria Montoro
          Sarmiento 517
          Buenos Aires, Argentina


DELTA AIR: Will Launch Service to Heathrow Int'l Airport
--------------------------------------------------------
Delta Air Lines Inc. Chief Operating Officer Jim Whitehurst told
Rachel Tobin Ramos at the Atlanta Business Chronicle that he
will have an announcement soon about launching service to
London's Heathrow International Airport in March 2008.

"We are currently in negotiations for Heathrow slots and should
have an announcement soon," Mr. Whitehurst commented to the
Business Chronicle.

Heathrow and two routes to China are British Airways' main
international focus.  International capacity for Delta Air will
be increased to 18% from 16% this year.  Meanwhile, domestic
capacity continues to decrease by 2% to 4%, Mr. Whitehurst told
the Business Chronicle.

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

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

                        *     *     *

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2007, Fitch Ratings initiated coverage of Delta Air
Lines, Inc. (NYSE: DAL) with the assignment of these debt
ratings.

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

The issue ratings apply to US$2.5 billion of committed credit
facilities.  Fitch said the rating outlook is stable.


ESCALA SUR: Proofs of Claim Verification Is Until Oct. 2
--------------------------------------------------------
Oscar Chapiro, the court-appointed trustee for Escala Sur SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Oct. 2, 2007.

Mr. Chapiro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Escala Sur 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 Escala Sur's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

          Escala Sur SA
          Alsina 1433
          Buenos Aires, Argentina
          
The trustee can be reached at:

          Oscar Chapiro
          V. del Pino 1739
          Buenos Aires, Argentina


FORD MOTOR: Tata Motors May Bid for Jaguar & Land Rover Brands
--------------------------------------------------------------
Indian carmaker Tata Motors is in the early stages of evaluating
a bid for Jaguar and Land Rover, which, if successful, could
potentially be one of India's biggest overseas takeover deals,
The Daily Telegraph relates.

According to the report, Tata Motors has instructed advisers to
study the merits of a joint offer for the two brands, which Ford
Motor Company recently put on the block. People familiar with
the matter say, however, that Tata Motors' evaluation of a bid
was at an "exploratory" stage and may not lead to a formal
offer. One source said that Tata Motors had recently signed a
confidentiality agreement with Ford.

A spokesman for Tata Motors said the group did "not comment on
speculation about mergers and acquisitions," The Telegraph
notes.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business  
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations. Tata Motors has operations in Russia, and
the United Kingdom.

                      About Ford Motor Co.

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

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

                        *     *     *

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

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


GENERAL MOTORS: Investing US$500 Million in Argentina & Brazil
--------------------------------------------------------------
General Motors Corp told Reuters that it would invest about
US$500 million in its Argentine and Brazilian operations for the
development of small vehicles for Latin America and other
emerging markets.

Reuters relates that General Motors will allocate US$400 million
for the development of compact cars that would be made at the
firm's plant in Sao Caetano in Sao Paulo, Brazil, and in
Rosario, Argentina.

According to Reuters, General Motors expects the cars to be on
the market by 2011.

General Motors Chief Executive Rick Wagoner told Reuters that
the firm will invest some US$100 million in its technology
center in Sao Caetano and Indaiatuba in Sao Paulo.

Mr. Wagoner commented to Reuters, "We have been growing our
engineering resources in key emerging markets like Brazil, China
and India, not only for development of vehicles for their own
markets, but for other emerging markets as well.  This
investment will enable us to take full advantage of the
expertise we have in Brazil and support our planned local and
global sales growth."

General Motors' sales in Brazil increased 18% in the first two
quarters of 2007, compared to the same period last year.  
Meanwhile, sales in Argentina grew 16%, Reuters states.

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

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

                        *     *     *

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

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.  
S&P says the rating outlook remained negative.


NEPILCOR SRL: Proofs of Claim Verification Deadline Is Aug. 27
--------------------------------------------------------------
Leonor Haydee Veiga, the court-appointed trustee for Nepilcor
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Aug. 27, 2007.

Ms. Veiga will present the validated claims in court as
individual reports on Oct. 8, 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 Nepilcor 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 Nepilcor's accounting
and banking records will be submitted in court on Nov. 20, 2007.

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

The trustee can be reached at:

          Leonor Haydee Veiga
          B. Mitre 1711
          Buenos Aires, Argentina


RAVIMADA SA: Proofs of Claim Verification Deadline Is October 9
---------------------------------------------------------------
Jorge Roberts, the court-appointed trustee for Ravimada SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Oct. 9, 2007.

Mr. Roberts will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Ravimada 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 Ravimada's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

          Ravimada SA
          Avenida R. Scalabrini Ortiz 3096
          Buenos Aires, Argentina
          
The trustee can be reached at:

          Jorge Roberts
          Hernandarias 953
          Buenos Aires, Argentina


SANATORIO SAN LORENZO: Claims Verification Deadline Is Aug. 1
-------------------------------------------------------------
Bua-Strickler-Moreira, the court-appointed trustee for Sanatorio
San Lorenzo S.A.'s reorganization proceeding, verifies
creditors' proofs of claim until Aug. 1, 2007.

Bua-Strickler-Moreira will present the validated claims in court
as individual reports on Sept. 17, 2007.  The National
Commercial Court of First Instance in San Lorenzo, Santa Fe,
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 Sanatorio San Lorenzo 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 Sanatorio San
Lorenzo's accounting and banking records will be submitted in
court on Oct. 31, 2007.

The debtor can be reached at:

         Sanatorio San Lorenzo S.A.
         San Martin 1318, San Lorenzo
         Santa Fe, Argentina

The trustee can be reached at:

         Bua-Strickler-Moreira
         Tucuman 575, San Lorenzo
         Santa Fe, Argentina


YPF SA: Central Puerto Files Suit Over Gas Supply Contract
----------------------------------------------------------
A spokesperson of Argentine thermo generator Central Puerto told
Business News Americas that the company has taken YPF SA to
arbitration before the International Chamber of Commerce's
commercial dispute resolution court.

BNamericas relates that Central Puerto will ask the court to
have YPF fulfill the natural gas supply contracts it has with
Central Puerto's Puerto Nuevo and Nuevo Puerto thermo plants.

"The contract included a confidentially clause so further
information cannot be released at the moment.  It's a typical
contract to supply natural gas though.  The idea is to make YPF
meet its end of the contract.  As of now, we are not looking for
economic compensation, just that they send us the volumes of
natural gas stipulated in the contract," The spokesperson told
BNamericas.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                        *     *     *

Fitch Ratings assigned BB+ long-term issuer default rating on
YPF SA.  Fitch said the outlook is stable.

Moody's Investors Service assigned these ratings on YPF SA:

          -- B2 long-term foreign currency corporate family
             rating; and

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook was negative.


* ARGENTINA: Gets Additional US$45-Million Loan from World Bank
---------------------------------------------------------------
The World Bank approved additional financing for US$45 million
to finance cost associated with increasing activities of the
Small Farmer Development Project, a well performing project that
supports the Argentine government's strategy to reduce rural
poverty by improving the productive and organizational capacity
of poor rural communities and strengthening national and
provincial rural development policy.

"We are excited to expand the support to the Small Farmers
Development project, the only Rural Development Program that
provides direct assistance to the rural poor," said Pedro Alba,
World Bank Country Director for Argentina, Chile, Paraguay and
Uruguay.  "The project reaches some 250,000 people and supports
rural producers to increase their incomes, to improve their
investment management skills and to create participatory
mechanisms to build social capital and represent the view of the
rural poor in the discussion of the national and provincial
rural agenda."

The additional financial support extends the coverage of rural
households from the original project target of 30,000 households
to 72,000 households.  The original loan agreement in the amount
of US$75.0 million was approved in July 1997 and has three
components: Rural Investment, Strengthening Rural Policy
Development Policy Formulation and Project Administration and
Monitoring and Evaluation.  All major project outputs have been
met or exceeded.

For the scale-up project activities, the Government's
contribution is expected to be US$9.00 million of the project
cost of US$54.0 million.  The Fixed-Spread Loan from the
International Bank for Reconstruction and Development has a
15-year maturity and a five-year grace period.

                        *     *     *

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




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


HILTON HOTELS: Signs Management Agreement with RAK Properties
-------------------------------------------------------------
Hilton Hotels Corporation disclosed the signing of a management
agreement with RAK Properties that will see a new integrated
lifestyle development, Hilton Mina Al Arab Resort, open in Ras
Al Khaimah in the United Arab Emirates in the first quarter of
2010.

"The Arabian Peninsula is a key development market for us; there
is so much potential that is untapped.  Ras Al Khaimah
epitomises this situation, and we are pleased to be able to
bring out its most inviting qualities.  This new Worldwide
Resort in Ras Al Khaimah is integral to our development strategy
in the Middle East, where we plan to double our current
portfolio of 34 hotels within the next five years," said Jean-
Paul Herzog, President, Hilton Hotels, Middle East & Africa.

Hilton Mina Al Arab Resort will be Hilton's third property in
the Emirate; all 400 rooms will face the Arabian Sea set onto a
natural beach spanning 300 metres, while its design incorporates
the distinctive Venetian style of arched doorways, neutral tones
and mosaic friezes.

Mohammed Sultan Al Qadi, Managing Director of RAK Properties
said: "We are proud to be driving the development of Ras Al
Khaimah's tourism infrastructure through path-breaking projects
and productive partnerships.  To partner with Hilton is to gain
the backing of a world-renowned company with considerable
international experience, a proven track record in emerging
markets, and a reputation for sustainable destination
management."

Mina Al Arab, an AED10 billion freehold development, has been
designed as a gated, waterfront resort community where homes and
hotels will be set amidst lush landscaping, protected coastal
wetlands, pristine beaches and world-class amenities.

The new Hilton resort will raise tourism standards in the
Emirate in the same way that the Hilton Ras Al Khaimah and the
newly opened Hilton Ras Al Khaimah Resort & Spa have done.  Ras
Al Khaimah has all the elements of a world-class destination:
the mountains, the ocean, proximity to international airports,
and now the hotel properties to bring these elements together.

Additional Hilton properties are under development in the U.A.E,
with the Residence, Beach Club and Conrad - all in Dubai, and in
Abu Dhabi with its first Conrad, in addition to Qatar, Kuwait,
Lebanon and Jordan.  Furthermore, the new-look Hilton Luxor
Resort & Spa will open after a complete facelift in 2008.

                       About Hilton Hotels

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

                          *     *     *

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

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




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


BAILEY COATES: Proofs of Claim Filing Deadline Is 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


FOSTER WHEELER: Unit Bags Global Power Contract with Soderenergi
----------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary of its Global Power Group has
been awarded a contract by Soderenergi AB for a 240 megawatt
thermal circulating fluidized-bed boiler island to be located at
the Igelsta combined heat and power plant in Sodertalje, Sweden.  
The Igelsta CHP unit will be Sweden's largest bio-fuelled
combined heat and power unit.

Foster Wheeler has received a full notice to proceed on this
contract, which will be included in Foster Wheeler's second-
quarter 2007 bookings.

Foster Wheeler will supply the 240 thermal megawatt CFB boiler
and auxiliary equipment, and will carry out the erection and
commissioning of the boiler island.  The boiler will be designed
to burn biomass fuels, demolition wood and refuse extracted
fuels.  Commercial operation of the new boiler is scheduled for
the end of 2009.

"This award continues to confirm our customers' confidence in
our CFB technology, which is ideally suited to burning biomass
efficiently and with low emissions," said James E. Stone,
president and chief executive officer, Foster Wheeler Power
Group Europe.  "This latest award demonstrates that we provide
environmentally sound and cost-effective solutions to our
customers."

"We are looking forward to cooperating with Foster Wheeler, a
company we consider to be very competent in this field," said
Leif Bodinson, CEO of Soderenergi.

Soderenergi AB is an energy company that was set up for
generating heat for district heating, and it supplies heat to
around 70,000 households, industrial plants and offices.

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

                        *     *     *

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

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


JUPITER POWER: 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.


SCOTTISH RE: Names George Zippel as President & Global CEO
----------------------------------------------------------
Scottish Re Group Limited has appointed George Zippel as
President and Global Chief Executive Officer, effective Aug. 10.  
He will be joining the company immediately, serving in a
transition role.  Mr. Zippel will be based at the company's
Hamilton, Bermuda headquarters.

Paul Goldean, who has been serving as President and Chief
Executive Officer for the past year, will continue with Scottish
Re, assuming the role of Chief Administrative Officer, effective
Aug. 10.

Mr. Zippel was most recently President and CEO of Genworth
Financial's Protection segment, which included the company's
life insurance, long-term care insurance, employee benefit, and
payment protection insurance businesses.  In this role, he was
responsible for 4,000 employees in 17 countries, and in 2006,
oversaw efforts that resulted in over US$6 billion in revenue
and US$600 million in operating net income.

Jonathan Bloomer, a Scottish Re Board of Directors member noted,
"George has an impressive background and proven track record
with broad and significant experience in the insurance industry.  
He will be a tremendous asset for our future growth and we look
forward to his contributions to the company."

Mr. Zippel commented, "I'm excited to be joining Scottish Re and
look forward to working with the team to drive disciplined
management processes that will help us satisfy client needs and
meet our financial targets.  The company has been through a
challenging year, but has strong capabilities that we can build
on for our future."

Prior to joining Genworth as part of its initial public offering
in May 2004, Mr. Zippel held various senior management,
operations and financial roles with the General Electric
Company.  He joined GE Financial in 1999 as President and CEO of
First Colony Life Insurance Company.

A native of Westbury (Long Island), New York, Mr. Zippel holds a
B.A. in Economics from Hamilton College. He was most recently a
board member of the American Council of Life Insurers and served
on the Boards of Directors of Centra Health, Amazement Square --
The Rightmire Children's Museum, STEP with Links, and the NAILBA
Charitable Foundation.

At the Scottish Re Board of Directors meeting scheduled for
Aug. 1, it is expected that Mr. Zippel will also be named to the
Board.

                      About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a      
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                        *     *     *

As reported on June 8, 2007, Fitch Ratings has upgraded Scottish
Re Group Ltd.'s (NYSE: SCT) Issuer Default Rating to 'BB-' from
'B+' and the Insurer Financial Strength ratings of its primary
operating subsidiaries to 'BBB-' from 'BB+'.  Fitch has removed
the ratings from watch positive and assigned a stable outlook.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Moody's Investors Service disclosed that it
continues to review the ratings of Scottish Re Group Ltd. with
direction uncertain following the announcement by the company
that it has entered into an agreement to sell a majority stake
to MassMutual Capital Partners LLC, a member of the MassMutual
Financial Group and Cerberus Capital Management, L.P., a private
investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

These ratings continue on review with direction uncertain:

   Scottish Re Group Limited

   -- senior unsecured debt of Ba3;

   -- senior unsecured shelf of (P)Ba3; subordinate shelf of
      (P)B1;

   -- junior subordinate shelf of (P)B1;

   -- preferred stock of B2; and

   -- preferred stock shelf of (P)B2.

   Scottish Holdings Statutory Trust II

   -- preferred stock shelf of (P)B1

   Scottish Holdings Statutory Trust III

   -- preferred stock shelf of (P)B1

   Scottish Annuity & Life Insurance Co (Cayman) Ltd.

   -- insurance financial strength of Baa3

   Premium Asset Trust Series 2004-4

   -- senior secured debt of Baa3 (based on IFS of SALIC)

   Scottish Re (U.S.), Inc.

   -- insurance financial strength of Baa3

   Stingray Pass-Through Certificates

   -- senior secured debt of Baa3 (based on IFS rating of
      SALIC)

On Sept. 5, 2006, Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.




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


* BOLIVIA: Glencore Submits Offer to Buy Crude from State Firm
--------------------------------------------------------------
Bolivian state-run oil firm Yacimientos Petroliferos Fiscales
Bolivianos' Operations Vice President Sebastian Daroca told
state news agency Agencia Boliviana de Informacion that Swiss
resources group Glencore is the sole bidder for the purchase of
300,000 barrels of "reconstituted crude" from the company.

According to ABI, a review committee will review the offer and
present its recommendation to YPFB's "leadership."

YPFB offered 300,000 barrels, which is the maximum amount that
can be loaded onto a ship at Chilean port Arica.  The company
launches such tenders at least once a month, Business News
Americas states, citing Mr. Daroca.

                         *     *     *

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


* BOLIVIA: May Form Joint Venture with Petroleos de Venezuela
-------------------------------------------------------------
Bolivian state oil firm Yacimientos Petroliferos Fiscales
Bolivianos told Petroleumworld that it is negotiating with
Venezuelan counterpart Petroleos de Venezuela SA and Gazprom to
create a joint venture for the development of reserves in
Bolivia.

YPFB Chief Executive Officer Guillermo Aruquipa told Bloomberg
News that the company entered into an accord with Petroleos de
Venezuela on oil and gas prospecting in one of the four new
blocks that the Bolivian government is offering.

The drafting of an accord on all hydrocarbons will have to wait
until the Bolivian congress ratifies an oil and gas special law,
Petroleumworld states.

                 About Petroleos de Venezuela

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

                         *     *     *

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
===========


ALLISON TRANSMISSION: S&P Assigns B+ Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Indianapolis, Ind.-based Allison Transmission
Inc., a commercial vehicle transmission manufacturer that is
being acquired from General Motors Corp. (B/Negative/B-3) in a
leveraged buyout by The Carlyle Group and Onex Corp.  The
outlook is stable.
     
Standard & Poor's also assigned its 'BB-' bank loan rating (one
notch above the corporate credit rating) and '2' recovery
ratings to the company's proposed US$400 million revolving
credit facility and US$3.1 billion first-lien senior secured
term loan.  The '2' recovery rating indicates expectation of
substantial (70%-90%) recovery in the event of a default.  
     
In addition, S&P assigned a 'B-' rating to the company's
proposed US$1.1 billion senior unsecured notes.
      
"The ratings reflect Allison's highly leveraged financial
profile following the proposed acquisition, which more than
offsets the company's end-market diversity, leading market
shares, and good profitability as a leading supplier of
automatic transmissions," said Standard & Poor's credit analyst
Gregg Lemos-Stein.  Still, the business risk profile is
considered weak, reflecting the cyclicality, high fixed costs,
customer concentration, and raw-material price sensitivity of
the commercial vehicle supplier business.
     
Allison had 2006 revenues of US$2.4 billion, with about 54% of
the total coming from sales of automatic transmissions for new
North American commercial trucks, buses, and motor homes.  
Demand in these various segments is cyclical, driven by a number
of factors, including the economy and regulatory changes.  
Heavy-truck sales in North America will be down sharply in 2007
as recent changes in emissions standards will create significant
demand swings from cyclical peak to trough.
     
Allison's business risk profile benefits from strong market
shares, which are supported by long-standing relationships with
its customers, many of whom enter multiyear exclusive supply
arrangements.  Another positive is the trend toward automatic
transmissions in the North American commercial market, where
nearly all school buses and motor homes and a growing percentage
of medium- and heavy-duty trucks have automatic transmissions.  
One exception is the class 8 line-haul truck market, which
relies almost exclusively on manual transmissions; however,
Allison does target fleets that use class 8 trucks for shorter
distances or within metro areas.

Allison Transmission, is the world leader in the design,
manufacture and sales of commercial-duty automatic
transmissions, hybrid propulsion systems, and related parts and
services for on-highway trucks and buses, off-highway equipment
and military vehicles.  Having literally invented the category,
today the company continues to dominate with an 80% market share
of all medium- and heavy-duty commercial fully automatic
transmissions produced.

Allison Transmission is headquartered in Indianapolis, Indiana,
and has five international regional offices: Sliedrecht, The
Netherlands; Tokyo, Japan; Beijing, China; Singapore; and Sao
Paulo, Brazil.  Allison Transmission also has a presence in more
than 80 countries, which includes over 1,500 distributors and
dealers.  This support network provides service and technical
support worldwide to the division's 250 OEMs, and the many fleet
owners and operators, and end users.  Allison Transmission has a
workforce of over 4,000 salaried and hourly employees.


AMR CORPORATION: Earns US$317 Million in 2007 Second Quarter
------------------------------------------------------------
AMR Corporation disclosed a net profit of US$317 million for the
second quarter of 2007, compared to a net profit of US$291
million in the second quarter of 2006.

"Our company overcame exceptional weather challenges and
historically high fuel prices to earn our fifth consecutive
quarterly profit and our largest quarterly net profit since we
launched our Turnaround Plan more than four years ago," said AMR
Chairman and CEO Gerard Arpey.  "Weather has been an enormous
obstacle this year, but our employees have stepped up to help
take care of customers and continue our momentum toward long-
term success.  Our improved performance has allowed us to
strengthen our balance sheet and reinvest in products and
services to create a stronger company, but we must remain
mindful that painfully high fuel prices and continuing intense
competition present formidable challenges for the remainder of
the year and beyond."

                     Operational Performance

American's mainline passenger revenue per available seat mile
(unit revenue) increased by 3.6 percent in the second quarter
compared to the year-ago quarter.

American's mainline load factor -- or the percentage of total
seats filled -- was a record 83.6 percent during the second
quarter, compared to 82.6 percent in the second quarter of 2006.  
American's second-quarter yield, which represents average fares,
increased 2.3 percent compared to the second quarter of 2006,
its ninth consecutive quarter of year-over-year yield increases.

AMR reported second quarter consolidated revenues of
approximately US$5.9 billion, a decrease of 1.6 percent year
over year.  AMR estimates that severe weather disruptions
reduced second quarter consolidated revenue by nearly US$50
million and reduced its net profit for the second quarter by
approximately US$0.12 per diluted share.

American's mainline cost per available seat mile (unit cost) in
the second quarter increased 2.4 percent year over year, which
was 1.2 percentage points higher than it would have been if not
for the significant weather impact.  Excluding fuel, mainline
unit costs in the second quarter increased by 3.5 percent year
over year.

Due to weather impact and as previously disclosed on June 22,
2007, during the period from April 1 through June 20 American
cancelled 1.8 percent of its scheduled second quarter mainline
departures.  Thereafter, American had more than 1,000 weather-
related cancellations during the last 10 days of June,
increasing total weather-related cancellations during the
quarter to 2.1 percent of second quarter scheduled mainline
departures.

Mainline capacity, or total available seat miles, in the second
quarter decreased by 4.4 percent compared to the same period in
2006.

"While our year-over-year capacity decline in the second quarter
includes some impact from weather cancellations, we believe that
our disciplined and careful approach to managing capacity has
been an important factor in our improved financial performance,"
Mr. Arpey said.  "This approach has helped us to improve
profitability and generate better returns on our investments in
the business."

                    Balance Sheet Improvement

Mr. Arpey noted that AMR continued to strengthen its balance
sheet in the second quarter by reducing debt and improving its
liquidity position.

AMR ended the second quarter with approximately US$6.4 billion
in cash and short-term investments, including a restricted
balance of US$470 million, compared to a balance of US$5.7
billion in cash and short-term investments, including a
restricted balance of US$525 million, at the end of the second
quarter of 2006.

AMR reduced Total Debt, which the Company defines as the
aggregate of its long-term debt, capital lease obligations, the
principal amount of airport facility tax-exempt bonds, and the
present value of aircraft operating lease obligations, to
US$17.3 billion at the end of the second quarter of 2007,
compared to US$19.4 billion a year earlier.  AMR reduced Net
Debt, which the Company defines as Total Debt less unrestricted
cash and short-term investments, from US$14.2 billion at the end
of the second quarter of 2006 to US$11.4 billion at the end of
the second quarter of 2007.  The Company's interest expense was
US$235 million in the second quarter of 2007, a 9.6 percent
year-over-year decrease.

AMR contributed US$118 million to its employees' defined benefit
pension plans in the second quarter and contributed an
additional US$86 million on July 13, 2007.  The company has
contributed a total of US$266 million to these plans in 2007 as
part of its expected full-year contribution amount of
US$364 million.

Second Quarter Highlights:

   -- American accelerated the delivery of six additional Boeing
      737-800 aircraft into the first half of 2009 as the
      company moves forward on fleet renewal and the MD-80
      replacement process while working toward its goal of
      improving fleet fuel efficiency by more than 20 percent by
      2020.  The announcement means that American has
      accelerated a total of nine 737s for delivery in the first
      half of 2009.

   -- Overhaul & Maintenance Magazine honored American and the
      Transport Workers Union (TWU) with its Outstanding
      Achievement Award for their work together as partners to
      transform the airline's Maintenance & Engineering
      organization from a cost center to a profit center.

   -- American announced plans to make upgrades on its entire
      fleet of 124 Boeing 757 aircraft, including installation
      of new seats, new cabin interiors and updated in-flight
      entertainment systems.

   -- American announced that it is providing new in-flight
      personal entertainment media players that offer free on-
      demand video and audio options for passengers in its
      premium-class cabins on transcontinental flights.
      American also began conducting an entertainment media
      player test on some of its MD-80 aircraft that fly between
      Los Angeles and Chicago.

   -- AMR continued to improve its balance sheet by refinancing
      the US$442 million floating rate term loan portion of its
      credit facility, refinancing US$236 million in airport
      facility bonds, and prepaying US$48 million in aircraft
      debt.  These actions are expected to eliminate
      approximately US$12 million in annual net interest
      expense.

   -- American announced and implemented a significant upgrade
      to AA.com that offers customers a faster and easier way to
      shop for and purchase travel.  The new shopping and ticket
      purchase functionality on AA.com empowers customers to
      quickly evaluate flight options by providing a convenient
      display of schedule, price and levels of service
      combinations.

                 Third Quarter and 2007 Guidance

Mainline And Consolidated Capacity

AMR expects its full-year mainline capacity to decrease by 2.1
percent in 2007 compared to 2006, with a 2.6 percent reduction
in domestic capacity and a 1.3 percent decrease in international
capacity.  On a consolidated basis, AMR expects full-year
capacity to decrease by 1.9 percent in 2007 compared to 2006.  
The impact of weather-related cancellations that occurred in the
first and second quarters is included in mainline and
consolidated capacity forecasts for 2007.

AMR expects mainline capacity in the third quarter of 2007 to
decrease by 2.4 percent year over year.  It expects consolidated
capacity to decrease by 2.3 percent in the third quarter of 2007
compared to the prior-year period.

Fuel Expense And Hedging

While the cost of jet fuel remains volatile, as of now AMR is
planning for an average system price of US$2.24 per gallon in
the third quarter and US$2.11 per gallon for all of 2007.  AMR
has 35 percent of its anticipated third quarter fuel consumption
capped at an average crude equivalent of US$62 per barrel (jet
fuel equivalent of US$1.94 per gallon), with 31 percent of its
anticipated full-year consumption capped at an average crude
equivalent of US$63 per barrel (jet fuel equivalent of US$1.96
per gallon).  Consolidated consumption for the third quarter is
expected to be approximately 800 million gallons of jet fuel.

Mainline And Consolidated Unit Costs

AMR expects mainline unit costs excluding fuel to be 1.3 percent
higher in 2007 versus 2006 while 2007 consolidated unit costs
excluding fuel are expected to increase 1.9 percent year over
year.

In the third quarter, mainline unit costs excluding fuel are
expected to increase 1.9 percent year over year while
consolidated unit costs excluding fuel are expected to increase
2.7 percent from the third quarter of 2006.

Following the weather impact in the first and second quarters,
full-year mainline unit costs are expected to increase 2.3
percent in 2007 compared to 2006, while full-year consolidated
unit costs are expected to increase 2.7 percent in 2007 compared
to 2006.

For the third quarter, mainline unit costs are expected to
increase 2.4 percent compared to the third quarter of 2006,
while third quarter consolidated unit costs are expected to
increase 2.9 percent compared to the third quarter of 2006.

AMR continues to target US$300 million in incremental savings
for 2007, driven by such cost initiatives as distribution cost
savings, schedule simplification and on-going fuel conservation
initiatives.

                      About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger     
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia, including Belgium,
Brazil, Japan, among others.  American is also a scheduled
airfreight carrier, providing freight and mail services
to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service assigned a rating of Caa1 to the
Chicago O'Hare International Airport Special Facility Revenue
Refunding Bonds, Series 2007 (American Airlines Inc. Project).  
Moody's affirmed all ratings of AMR Corporation and its
subsidiaries, corporate family rating at B2, and the outlook
remained stable.


BANCO NACIONAL: Board Okays BRL1.6-Bil. Loan to Foz do Chapeco
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
board of directors approved a BRL1.6 billion financing to Foz do
Chapeco Energia S/A for the construction of the Foz do Chapeco
hydroelectric power plant. This is the fifth hydroelectric power
project included in the Program for Accelerated Growth approved
by BNDES.  The project is one of the most relevant under
implementation, currently, both for its size and for ensuring
power supply to the Country by 2010 for a BRL 2.2 billion
investment.

The new hydroelectric power plant, located in river Uruguay,
bordering the States of Rio Grande do Sul and Santa Catarina,
with installed capacity of 855 megawatts and an associated
transmission system.  The first turbine is forecast to start up
in August 2010, while the fourth and last one, by March 2011.

The Bank's support shall be carried out by means of the Project
Finance and a mixed operation, in which, part of the credit,
BRL1.1 billion, will be disbursed by BNDES directly, while the
other part, BRL 552 million, via the financial agents, Bradesco,
Santander, Banco do Brasil and Banco Safra.  The amount financed
shall be equivalent to 75% of the total project investment.

Foz do Chapeco Energia S/A is a Special Purpose Entity created
specially for the development of this project.  The SPE is
controlled by CPFL Geracao de Energia, one of the major private
sector participants, Companhia Estadual de Geracao e Transmissao
de Energia Eletrica and Chapecoense Geracao (a company created
by Furnas Centrais Eletricas and Pentagono).

The power plant is located in a region served by paved roads
connecting the hydroelectric power plant to Curitiba,
Florianopolis and Porto Alegre and to Itajai, Sao Francisco do
Sul, Paranagu  and Rio Grande ports.  The reservoir shall have
79.2 square kilometers, of which, 40 square kilometers
correspond to the natural riverbed.  The integration to the
Sistema Interligado Nacional [National Interconnected System]
shall take place at a 230 kV voltage, by means of a sub-station
and two 70-kilometer lines.

                    Energy Commercialization

Since 2002, the Foz do Chapeco hydroelectric power plant already
has 40% of its assured energy commercialized by two CPFL group
distributors.  The remainder 60% of energy not yet contracted
shall be placed in the market upon long-term contracts
previously accepted by BNDES.

                           Environment

The Evaluation of Environmental Impact for the power plant
resulted in a 16 environmental program proposal to be
implemented by the entrepreneur.  The Area of Permanent
Preservation to be created in the areas surrounding the
reservoir, in compliance with the environmental legislation,
will aggregate 3.1 hectares of forests.

The 13 municipalities reached by the project have constituted
their negotiation committees, formed by representatives elected
by the affected families and signed an instrument of agreement
which sets the criteria for reallocation of the population
affected by the power plant.  The total area to be acquired and
which is forecast to absorb the population to be reallocated
shall comprise over 25 thousand hectares.  The total area shall
be around six to seven times the area to be flooded by the
reservoir.

BNDES and PAC -- The Bank holds, currently, 20 hydroelectric
power plants included in PAC, which total investments amount to
BRL20.3 billion and foresee financings of BRL13.3 billion with
BNDES funds.  The new power plants shall generate 7.6 thousand
MW.

BNDES reduced by 60% the costs of its financings of PAC projects
in the area of energy, so as to encourage investments in the
sector.  The basic spread for hydroelectric and thermoelectric
power plant projects declined from 2.5% in 2005 to 1% in 2007.  
The reduction of spreads reached 80% in the cases of financings
to hydroelectric power plants with generation capacity above 2
thousand MW.

                         About BNDES

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                        *     *     *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.


BANCO NACIONAL: Supporting Madeira Hydroelectric Project
--------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's President
Luciano Coutinho told reporters that the bank is ready to
provide full support to the winning bid for the Madeira
hydroelectric project.
    
Mr. Coutinho commented to Business News Americas, "BNDES [Banco
Nacional] is ready and able for the consortium awarded the
project."

Mr. Coutinho didn't clarify to BNamericas whether Banco Nacional
would support Madeira by extending funds or by being a
shareholder.

Mr. Coutinho told BNamericas, "Obviously BNDES does not plan
Brazil's energy policy, but it needs to be an important
financing vehicle for the energy sector."

BNamericas relates that Banco Nacional or another federal
organization could own up to 49% of the project.

The winning bidders must invest over BRL20 billion for the
construction of Madeira's 3,150-megawatt Santo Antonio and
3,300-megawatt Jirau complexes, BNamericas says, citing
government estimates.

"We need to reduce the uncertainty surrounding future energy
demand and future energy supply," Mr. Coutinho told BNamericas.

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                        *     *     *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.


BRASIL TELECOM: Telecom Italia Sells Stake for US$515 Million
-------------------------------------------------------------
Brazil's three largest pension funds have agreed to purchase
Telecom Italia SpA's stake in the country's third-largest fixed
line operator, Brasil Telecom Participacoes, for US$515 million,
Reuters reports.

Telecom Italia paid US$600 million for its stake in the
Brazilian company in 1998.

The sale of Telecom Italia's 38% stake to Previ, Petros and
Funcet will mark the end of years of legal dispute for control
of Brasil Telecom.  Reuters adds that as part of the sale
accord, the funds, Telecom Italia and other shareholders agree
to drop all charges in international arbitration courts.

The Financial Times says the stake sale could signal a merger
agreement between Brasil Telecom and Oi fka as Telemar.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company  
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

Brasil Telecom Participacoes' local currency long-term debt
carries Fitch's BB+ rating.

Moody's Investors Service placed a Ba1 local currency long-term
issuer rating on Brasil Telecom.


DELPHI CORP: Seeks Court Approval on DAS Espana Severance Deal
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the Honorable Robert
D. Drain of the U.S. Bankruptcy Court for the Southern District
of New York to authorize, but not direct, DAS Holding to provide
up to EUR130,000,000 to Delphi Automotive Systems Espana S.L.
through an equity contribution or other transaction.

As previously reported, DAS Espana announced in February 2007
the closure of its non-core automotive component plant at the
Puerto Real site in Cadiz, Spain, as part of the Debtors' global
portfolio and manufacturing realignment.  DAS Espana is a wholly
owned, Spanish, non-debtor subsidiary of Debtor Delphi
Automotive Systems (Holding), Inc.  The Cadiz Plant, which has
approximately 1,600 employees, is the primary asset and
liability of DAS Espana.

On March 20, 2007, DAS Espana filed a "Concurso" application for
a Spanish insolvency proceeding.  The Spanish Court subsequently
appointed Enrique Bujidos, Adalberto Canadas Castillo, and
Fernando Gomez Martin as receivers of DAS Espana.  The role of
the DAS Espana Receivers is to, among other things, address the
legal interests of employees, suppliers, and any other parties
affected by the closure of the Cadiz Plant; supervise and
approve expenditures of funds by DAS Espana during Concurso; and
provide consultation and support for DAS Espana's plan of
reorganization in Concurso.

John Wm. Butler, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Chicago, Illinois, informs Judge Drain that under
Spanish law, Delphi Corp. must provide employees affected by the
closure of the Cadiz Plant with a separation allowance.  The
minimum separation payment under Spanish law is 20 days of
salary per year of service.  The Cadiz workers councils,
assemblies, and the unions representing the affected employees,
however, assert that Spanish automotive industry standard is
approximately 45 to 60 days of salary per year of service, which
would cost DAS Espana between EUR115,000,000 and EUR155,000,000.

Mr. Butler notes that in late 2005, DAS Espana entered into a
labor agreement that provided for 60-day severance packages for
certain employees and continued jobs for the remaining 1,600
employees through the end of 2010.  Were the 2005 Industrial
Plan to be enforced, he relates, the cost of continuing wages
and severance payments would be approximately EUR374,000,000.

In the course of the Concurso process, DAS Espana commenced
negotiations on a social plan and a collective lay off procedure
-- an "ERE" -- related to the separation allowance with the
Cadiz Unions.  Absent an agreement by DAS Espana to fund and
implement a social plan on behalf of the affected employees by
July 31, 2007, the Spanish Court could dismiss the ERE, Mr.
Butler points out.  According to the DAS Espana Receivers, the
Spanish Court might order the implementation of the terms of
2005 Industrial Plan.  Regardless of the ultimate imposed
alternative, salaries will accrue for the time period during
which the Spanish Court is resolving the issue at a cost of
approximately EUR5,000,000 per month.

On July 4, 2007, DAS Espana, the Receivers, and the Cadiz
workers councils, assemblies and Unions, based on the efforts of
the Spanish Court, reached a settlement on a social plan funded
with EUR120,000,000 for a separation allowance of approximately
45 days of salary per year of service to each employee.  The
Separation Plan was approved by 89.4% of the Cadiz workers.

In consideration for providing the funds and subject to certain
conditions, the DAS Espana Receivers agree to release the
Debtors from any liability related to or arising out of DAS
Espana and its Concurso application.  In addition, each Cadiz
worker who accepts payment under the Separation Plan will be
required to confirm that his payment is in full satisfaction of
any claims he may have against the Debtors.

To fund the Separation Plan, DAS Espana requires EUR120,000,000
from its sole shareholder, DAS Holding, Mr. Butler tells Judge
Drain.

To protect their global credit reputation, particularly in
Europe, the Debtors have concluded that it is in their best
interest to provide EUR10,000,000 in additional funds for the
purpose of funding payment of the claims of DAS Espana's
suppliers and non-labor creditors.  DASHI will only furnish the
EUR10,000,000 only if DAS Espana's assets are insufficient to
fully fund payment of the supplier and non-labor claims.

Mr. Butler relates that the EUR130,000,000 Funding will come
from the repatriation of dividends from cash currently on hand
at non-Debtor entities in Asia and Europe.  The funds, he
assures the Court, will not come from the Debtors' DIP financing
facility.

The separation allowance to be paid under the Separation Plan,
Mr. Butler adds, is at the low end of Spanish automotive
industry standard.

Moreover, the consummation of the Separation Plan will reduce
the risk of costly and contentious litigation.  DASE believes
that if it does not accept the terms of the Separation Plan, the
Spanish court may dismiss the ERE.  If the Spanish court
dismisses the ERE, DAS Espana will be exposed to claims by the
affected employees for termination indemnities, or for claims
for breach of the 2005 Industrial Plan.  DAS Espana's creditors,
Mr. Butler points out, may assert damages claims against the DAS
Espana's directors for their conduct in creating or aggravating
DAS Espana's economic condition, which claims would be borne by
the Debtors.

                     About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single largest global  
supplier of vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.  
The company's technology and products are present in more than
75 million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
July 31, 2007. (Delphi Corporation Bankruptcy News, Issue No.  
75; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Inks New Plan Framework Agreement with Appaloosa
-------------------------------------------------------------
Delphi Corp. has accepted a new proposal for an Equity Purchase
and Commitment Agreement with affiliates of lead investor
Appaloosa Management L.P.; Harbinger Capital Partners Master
Fund I, Ltd.; Merrill Lynch, Pierce, Fenner & Smith Inc.; UBS
Securities LLC; Goldman Sachs & Co.; and Pardus Capital
Management, L.P., to invest up to US$2.55 billion in preferred
and common equity in the reorganized Delphi to support the
company's transformation plan announced on March 31, 2006 and
its plan of reorganization.

As reported in the Troubled Company Reporter on July 11, 2007,
Delphi formally terminated the Equity Purchase and Commitment
Agreement and related Plan Framework Support Agreement it
entered into in December 2006 with Cerberus Capital Management,
L.P. and other plan investors.

Delphi will file motions seeking an expedited hearing and
approval of the agreement with the U.S. Bankruptcy Court for the
Southern District of New York.  The company said the new
investment agreement is supported by both of Delphi's Statutory
Committees as well as General Motors Corp.

"[Wednes]day's equity purchase and commitment agreement -- and
the support that it has received from our statutory committees
and GM -- represents additional progress in our transformation
and provides further evidence to customers and other
stakeholders that Delphi should receive the financial support
necessary to emerge successfully from Chapter 11
reorganization," said John Sheehan, Delphi chief restructuring
officer.  "With the recent ratification of the UAW/Delphi/GM
memorandum -- still subject to court approval later this week --
Delphi is now focusing on reaching labor agreements with its
remaining U.S. unions and finalizing a settlement agreement with
GM.  We're pleased with our recent momentum.  We now expect to
file our plan of reorganization before the end of the third
quarter and to emerge from Chapter 11 reorganization by the end
of the year."

"We are happy to have a consensual agreement and are looking
forward to working with Delphi in the future," said David A.
Tepper, president of Appaloosa.

The proposed Equity Purchase and Commitment Agreement, which is
subject to Court approval, outlines the terms of the investment
and the expected treatment of the company's stakeholders in its
anticipated plan of reorganization and provides a framework for
several other aspects of the company's Chapter 11
reorganization.  The investment agreement also incorporates
Delphi's earlier commitment to preserve its salaried and hourly
defined benefit U.S. pension plans and will include an
arrangement to fund required contributions to the plans that
were not made in full during the Chapter 11 process.

                      Equity Investment

Under the terms of the Equity Purchase and Commitment Agreement,
the Plan Investors will commit to purchase US$800 million of
convertible preferred stock and approximately US$175 million of
common stock in the reorganized company.  Additionally, the Plan
Investors will commit to purchasing any unsubscribed shares of
common stock in connection with an approximately US$1.6 billion
rights offering that will be made available to existing common
stockholders subject to approval of the Bankruptcy Court and
satisfaction of other terms and conditions.  The rights offering
would commence following confirmation of Delphi's plan of
reorganization and conclude 30 days thereafter prior to Delphi's
emergence from Chapter 11 reorganization.  Altogether, the Plan
Investors could invest up to US$2.55 billion in the reorganized
company.

Unlike the prior terminated investment agreement, closing
conditions in the new agreement with the Plan Investors are not
subject to the completion of due diligence and the Plan
Investors no longer have the ability to make determinations
under the agreement in their sole discretion.  However, the
investment agreement is subject to the satisfaction or waiver of
numerous conditions and the non-exercise by either Delphi or the
Plan Investors of certain termination rights, all of which are
more fully described in the Equity Purchase and Commitment
Agreement.

              Plan of Reorganization Framework

The Equity Purchase and Commitment Agreement further outlines
Delphi's proposed framework for a plan of reorganization, which
includes distributions to be made to creditors and shareholders,
the treatment of GM's claims, and the corporate governance of
the reorganized company.  These provisions had been the subject
of a separate plan framework support agreement between Delphi,
GM and the plan investors in the earlier terminated transaction.  
The company previously reported that its discussions with GM on
a comprehensive global settlement agreement have entered the
documentation phase and that it expected that a settlement with
GM will be incorporated into the company's plan of
reorganization rather than filed with the Bankruptcy Court for
separate approval.

The proposed treatment of claims and interests in Delphi's
Chapter 11 plan of reorganization is, subject to adjustment for
allowed accrued interest after June 30, 2007:

    --  All senior secured debt would be refinanced and paid in
        full and all allowed administrative and priority claims
        would be paid in full.

    --  Trade and other unsecured claims and unsecured funded
        debt claims (exclusive of subordinated debt claims)
        would be satisfied in full with US$3.0 billion of common
        stock (66.7 million out of a total of 147.6 million
        shares) in the reorganized Delphi, at a deemed value of
        US$45 per share, and approximately US$1.2 billion in
        cash.  The framework requires that the amount of allowed
        trade and unsecured claims (other than funded debt
        claims and post-petition accrued interest claims) not
        exceed US$1.7 billion.

    --  In exchange for GM's financial contribution to Delphi's
        transformation plan, and in satisfaction of GM's claims
        against the company, GM will receive US$2.7 billion in
        cash, and an unconditional release of any alleged estate
        claims against GM.  In addition, as with other
        customers, certain GM claims would flow-through the
        Chapter 11 cases and be satisfied by the reorganized
        company in the ordinary course of business.  The plan
        framework anticipates that GM's financial contribution
        to Delphi's transformation plan would be consistent with
        the items identified in Delphi's former framework
        agreement announced on Dec. 18, 2006.  While the actual
        value of the potential GM contribution cannot be
        determined until the Delphi-GM global settlement
        agreement and master restructuring agreement are
        finalized, Delphi is aware that GM has publicly
        estimated its potential exposure related to Delphi's
        Chapter 11 filing.

    --  All subordinated debt claims would be allowed and
        satisfied with US$478 million of common stock (10.6
        million out of a total of 147.6 million shares) in the
        reorganized Delphi at a deemed value of US$45 per share.

    --  The equity securities class in Delphi's plan of
        reorganization would receive:

         1) US$66 million of common stock (1.5 million out of a
            total of 147.6 million shares) in the reorganized
            Delphi (at a deemed value of US$45 per share);

         2) warrants to purchase an additional 5 percent of the
            common stock of reorganized Delphi during a five-
            year period (at an exercise price of US$45 per
            share);

         3) rights to purchase approximately 41 million shares
            of common stock in the reorganized Delphi for
            US$1.6 billion at a deemed exercise price of
            approximately US$38 per share; and

         4) rights to purchase US$572 million of common stock
            (at an exercise price of US$45 per share), which
            will result in adjustments to the stock and cash
            distributions to be made to the unsecured creditors
            and Appaloosa.
    
Delphi cautioned that nothing in the plan investment agreement,
the Court or regulatory filings being made in connection with
the agreements or the company's public disclosures (including
this press release) shall be deemed a solicitation to accept or
reject a plan in contravention of the Bankruptcy Code nor an
offer to sell or a solicitation of an offer to buy any
securities of the company.

           Emergence Corporate Governance Structure

The Equity Purchase and Commitment Agreement also includes
certain corporate governance provisions for the reorganized
Delphi.  Under the terms of the proposed plan, the reorganized
Delphi would be governed by a nine-member Board of Directors
including an Executive Chairman and the company's CEO.  Subject
to certain conditions, a majority of the directors (6 of 9)
would be required to be independent of reorganized Delphi under
applicable exchange rules and independent of the Plan Investors.

A five-member selection committee will select the company's
post-emergence Executive Chairman, have veto rights over all
directors nominated by the plan investors and statutory
committees, and appoint directors to all Board committees.  The
selection committee will consist of John D. Opie, Delphi Board
of Directors' lead independent director, a representative of
each of Delphi's two statutory committees and a representative
from Appaloosa and one of the other co-investors.  Appaloosa,
through its proposed Series A-1 preferred stock ownership, would
have certain veto rights regarding extraordinary corporate
actions such as change of control transactions and acquisitions
or investments in excess of US$250 million in any twelve-month
period.

Executive compensation for the reorganized company must be on
market terms, must be reasonably satisfactory to the lead plan
investor, and the overall executive compensation plan design
must be described in the company's disclosure statement and
incorporated into the plan of reorganization.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single largest global  
supplier of vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.  
The company's technology and products are present in more than
75 million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
July 31, 2007.


ELETROPAULO METROPOLITANA: Issuing Up to BRL600MM in Debentures
---------------------------------------------------------------
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. said in
a filing with the Sao Paulo stock exchange Bovespa that its
management board has ratified plans to issue up to BRL600
million in debentures.

Eletropaulo Metropaulo seeks to refinance company debt, Business
News Americas relates, citing the minutes of the board's latest
meeting.

According to BNamericas, Eletropaulo Metropaulo's net debt in
March 2007 was BRL3.31 billion, about 25% lesser compared to
March 2006.

BNamericas states that these investment banks offered to
coordinate the debentures sale:

          -- Unibanco,
          -- Banco Itau BBA, and
          -- UBS Pactual.

Eletropaulo Metropolitana Eletricidade de Sao Paulo SA --
http://www.eletropaulo.com.br/-- provides electricity to more    
than 5 million customers in the Brazilian state of Sao Paulo.
Part of the privatization trend in Brazil, the company is one of
four created by the split of the former state-owned generation,
transmission, and distribution utility.  Brasiliana Energia, a
company jointly held by US independent power producer AES and
Brazilian national development bank BNDES through Brasiliana,
owns approximately 99% of Eletropaulo.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Fitch Ratings affirmed these ratings of
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.:

     -- Local currency Issuer Default Rating 'BB-';

     -- Foreign currency Issuer Default Rating 'BB-';

     -- Long-term national scale rating 'A(bra)';

     -- Senior unsecured notes due 2010 'BB-';

     -- Bank credit certificate (cedula de credito bancario
        - CCB) due 2015: 'A(bra)';

     -- Eighth issuance of debentures due 2010 'A(bra)';

     -- Ninth issuance of debentures due 2013 'A(bra)'.

Fitch said the rating outlook on Eletropaulo's foreign and local
currency IDRs, senior unsecured notes and long-term national
scale rating is stable.


NOBLE GROUP: Acquires 30% Stake in Mhag Servicos for US$60 Mil.
---------------------------------------------------------------
Noble Group bought a 30% stake in Brazilian iron ore miner, Mhag
Servicos E Mineracao, for US$60 million, reports say, citing the
company's statement.

"With estimated reserves of 3.8 billion tons in five areas in
the states of Rio Grande do Norte and Paraiba, MHAG is becoming
a substantial producer of iron ore for export," Noble was quoted
by news agencies as saying in a statement.

In addition, the Brazilian miner has plans to increase,
immediately, production of iron ore to 3.6 million tons per
year, with output to reach 10 million tons per year by 2009, it
said.

"The acquisition represents another significant step in the
implementation of Noble Group's pipeline strategy, which extends
to the purchase of the physical assets needed to supply
commodities to end users," Noble said.

Headquartered in Hong Kong and listed on the Singapore Stock
Exchange, Noble Group Ltd is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  It has over 70 offices in 42 countries
including Argentina, Brazil, Canada, Italy, Portugal, Spain,
Switzerland, Turkey, and the United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service affirmed the Ba1
corporate family rating and senior unsecured bond rating of
Noble Group Ltd.  Moody's said the outlook on both ratings is
stable.


NOMURA HOLDINGS: Finalizes Details of Stock Acquisition Rights
--------------------------------------------------------------
Nomura Holdings, Inc., disclosed that its Group Executive
Management Committee has finalized the details of the issuance
of stock acquisition rights as stock options.

The Group Executive Management Committee consists of a number of
representative executive officers and, via Board of Directors
resolutions, decides important business matters including the
issuance of stock acquisition rights.

The details regarding the stock options can be viewed for free
at:

http://www.nomuraholdings.com/news/nr/holdings/20070712/20070712
.pdf

                    About Nomura Holdings

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

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


TAM SA: Shares Fall After Plane Crashes in Sao Paulo
----------------------------------------------------
TAM SA's shares dropped following the July 17 crash in Congonhas
airport in Sao Paulo.  Investor confidence has dropped over
concerns in Brazil's airport infrastructure and slow travel,
Bloomberg News reports.   

The shares were pared 9.1%, lowering the benchmark Bovespa
index, Bloomberg says.  About 4.5 million shares changed hands,
more than six times the daily average in the last three months.

TAM's aircraft skidded off a wet runway, hitting a gas station
and a building.  An estimated 200 people are believed to be
killed because of the incident.

TAM has grown as Brazil's biggest airline after Varig SA went
bankrupt.  It now accounts for 70% of international flights and
49% of domestic flights, Bloomberg relates.

Congonhas is Brazil's busiest airport handling 18.5 million
passengers, Bloomberg says.

TAM S.A. -- http://www.tam.com.br/-- operates regular flights  
to 47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.  
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.  
Currently, the program has over 3.3 million subscribers and has
awarded more than 3.6 million tickets.

TAM SA carries Fitch's BB issuer default ratings.  The ratings,
with stable outlook, were assigned on Aug. 8, 2006.




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


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

          Fourth Floor, One Capital Place
          P.O. Box 847
          George Town, Grand Cayman
          Cayman Islands
          
These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


CORSAIR II: Proofs of Claim Must be Filed by August 13
------------------------------------------------------
Corsair II Offshore Cayman Ltd.'s creditors are given until
Aug. 13, 2007, to prove their claims to Amy Soeda, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

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


GULF INSURANCE: Proofs of Claim Must be Filed by August 13
----------------------------------------------------------
Gulf Insurance Co. Ltd.'s creditors are given until
Aug. 13, 2007, to prove their claims to Glen Trenouth, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


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

          Third Floor, Harbour Centre
          P.O. Box 1348, Grand Cayman KY1-1108
          Cayman Islands
          
These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


H3 GLOBAL: Proofs of Claim Must be Filed by August 10
-----------------------------------------------------
H3 global advisors creditors are given until Aug. 10, 2007, to
prove their claims to Q&H Nominees Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

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


HMTF-AMI: Proofs of Claim Filing Ends on August 10
--------------------------------------------------
HMTF-AMI (Sp) Ltd.'s creditors are given until Aug. 10, 2007, to
prove their claims to David W. Knickel, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

HMTF-AMI's shareholders agreed on June 26, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


IVY ENHANCED: Will Hold Last Shareholders Meeting on August 10
--------------------------------------------------------------
Ivy Enhanced Alpha Feeder Fund Ltd. will hold its final
shareholders meeting on Aug. 10, 2007, at 12:30 p.m., at the
office of the company.
         
These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


OASIS OFFSHORE: Proofs of Claim Must be Filed by August 13
----------------------------------------------------------
Oasis Offshore Multistrategy Ltd.'s creditors are given until
Aug. 13, 2007, to prove their claims to Andrew Hersant and Chris
Humphries, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


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

        36A Dr Roy's Drive
        Grand Cayman
        Cayman Islands
          
These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


VOLCUN FORTUNA: Will Hold Final Shareholder Meeting on August 10
----------------------------------------------------------------
Volcun Fortuna Ltd. will hold its final shareholder meeting on
Aug. 10, 2007, at the office of the company.
          
These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


ZAIS STRUCTURED: Proofs of Claim Filing Ends on August 10
---------------------------------------------------------
Zais Structured Credit Master Fund Ltd.'s creditors are given
until Aug. 10, 2007, to prove their claims to Tim Fitzgerald,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


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

           Elizabethan Square
           George Town, Grand Cayman KY1-1104
           Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


ZESTY CO: Will Hold Final Shareholders Meeting on August 10
-----------------------------------------------------------
Zesty Co. Ltd. will hold its final shareholders meeting on
Aug. 10, 2007, at 11:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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




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


EASTMAN KODAK: Board Picks Niceletta Zongrone as Vice President
---------------------------------------------------------------
Eastman Kodak Company's Board of Directors has elected Nicoletta
A. Zongrone as Vice President of the company, effective
immediately.

Ms. Zongrone is General Manager, Worldwide Kiosk Systems and
Services, Consumer Digital Imaging Group, a position she was
appointed to in November 2005.  In this role, Ms. Zongrone leads
an organization that includes research and development, product
planning, marketing and manufacturing strategy, and business
operations.

MS. Zongrone joined Kodak as a chemist in 1981, and has held
positions in research and development, manufacturing, product
engineering, and in Kodak's Graphic Communications Group
(formerly Graphics and Commercial Printing).  Prior to her
current position, she was Worldwide Operations Manager for the
company's Consumer Output business (2004-2005), General Manager,
Inkjet Media/Home Printing (2003-2004); and General Manager,
Inkjet Media (2000-2003).

Ms. Zongrone earned a Bachelor of Science degree in Chemistry
with high honors from Rochester Institute of Technology in 1980,
and completed RIT's Executive Development Program in 1993.  She
holds three U.S. patents for work on digital printing plates.  
Ms. Zongrone lives in Rochester, NY.

                        About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and  
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has upgraded Eastman Kodak Company's
senior unsecured debt to 'B/RR4' from 'B-/RR5' due to improved
recovery prospects following the company's redemption on
May 3, 2007, of a US$1.15 billion secured term loan funded with
a portion of the proceeds from the sale of its Health Group to
Onex Healthcare Holdings, Inc., for US$2.35 billion on
April 30, 2007.

In addition, Fitch has affirmed these Kodak ratings:

     -- Issuer Default Rating 'B';
     -- Secured credit facility 'BB/RR1'.




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


KNOLL INC: Second Quarter Net Income Up 18.2% to US$17.5 Mil.
-------------------------------------------------------------
Knoll Inc. recorded net sales of US$272.1 million for the three
months ended June 30, 2007, compared to net sales of US$247.5
million for the same period in 2006, an increase of 9.9% from
second quarter 2006.  Operating income was US$37.6 million, or
13.8% of net sales, an increase of 28.8% from the second quarter
2006 and net income was US$17.5 million, an increase of 18.2%
over the second quarter 2006.

"We are very pleased with our strong second quarter results,"
said Andrew Cogan, Chief Executive Officer. "Not only did we
continue to generate better than industry top line growth but we
were able to expand our industry leading operating margins as
well."

"Looking ahead to the second half of the year, in spite of
continued positive macro-economic fundamentals, we see orders
growth flattening out as a combination of factors including low
vacancy rates and rapidly rising rents dampen demand in certain
key markets.  It is our belief that as we enter 2008 an
increased supply of new office space coupled with designs we
introduced at last month's NeoCon trade show will rekindle
growth in North America."

The increased net sales over the second quarter of 2006
representing increased volume across all product categories and
price realization from previously implemented price increases.

Backlog of unfilled orders at June 30, 2007 was US$174.1
million, an increase of US$4.5 million, or 2.7% compared to
unfilled orders at June 30, 2006.

Gross profit for the second quarter of 2007 was US$93.4 million,
an increase of US$14.4 million or 18.2%, over the same period in
2006.  Gross margin increased to 34.3% from 31.9% in the same
quarter of 2006 and sequentially increased from 34.1% in the
first quarter of 2007.  The increase from the second quarter of
2006 largely resulted from better pricing, moderating inflation
and improved factory performance.

Operating expenses for the quarter were US$55.8 million, or
20.5% of sales, compared to US$49.7 million, or 20.0% of sales,
for the second quarter of 2006.  The increase in operating
expense dollars during the second quarter of 2007 was due to
investments in growth initiatives and higher variable sales and
incentive compensation as a result of increased sales levels and
higher operating profits.

The company's operating income increased by 200 basis points to
13.8% of sales from 11.8% of sales in the same period in the
prior year.

Interest expense increased US$1.0 million over the second
quarter 2006 due to increased average debt for the quarter
coupled with higher average interest rates. Other expense for
the second quarter 2007 was US$2.7 million.  This included
US$1.2 million related to the write-off of deferred financing
fees as we implemented the refinancing of our old credit
facility with a new US$500 million revolving credit facility on
June 29, 2007.  Other expense also includes US$1.7 million of
losses from foreign currency translations offset by other
income.  Other income for the second quarter 2006 approximated
US$500 thousand and consisted of losses on foreign currency
translations offset by unrealized derivative income.

The effective tax rate was 38.4% for the quarter, as compared to
39.3% for the same period last year.  The decrease in the
effective tax rate is largely due to the mix of pretax income in
the countries in which the company operates.

Cash generated from operations during the second quarter 2007
was US$35.1 million, compared to US$21.2 million in the same
period of 2006.  Capital expenditures for the second quarter
2007 totaled US$3.9 million compared to US$2.0 million for 2006.  
The company repurchased approximately 0.7 million shares of its
stock for US$16.3 million during the second quarter of 2007
compared to 0.5 million shares for US$10.2 million during the
second quarter of 2006.  The company repaid US$28.0 million of
debt during the second quarter of 2007 compared to repayments of
US$8.1 million during 2006.  The company also paid a quarterly
dividend of US$5.3 million or US$0.11 per share in the second
quarter of 2007 compared to US$5.1 million or US$0.10 per share
in the second quarter of 2006.

Barry L. McCabe, Chief Financial Officer said, "Our new bank
facility gives us increased flexibility to invest in new
products, strategic acquisitions, stock buybacks and/or
increased cash dividends.  The improved interest rates in the
new facility also provide for reduced borrowing costs allowing
us to put our excess cash to better use."

            Third Quarter and Full Year 2007 Outlook

The company stated that it expects third quarter 2007 revenue to
be in the range of US$243 to 253 million, an increase of 0% to
4% from the third quarter of 2006.  Earnings per share estimates
are between US$0.33 and US$0.36.  For the full year, the company
expects sales to be in the range of US$1,020 to US$1,040 million
and adjusted earnings per share to be between US$1.35 and
US$1.45.

                         About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures   
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                          *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's USUS$200 million senior secured
revolver and USUS$250 million senior secured term loan carry
Moody's Ba2.   Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.




=======
C U B A
=======


* CUBA: Wrapping Up Stainless Steel JV Pact with Venezuela
----------------------------------------------------------
The Cuban government is wrapping up the details of an accord
with its Venezuelan counterpart for the installation of a
stainless steel joint venture operation in Monagas, Venezuela,
Business News Americas reports.

A spokesperson from Venezuela's basic industries and mining
ministry Mibam told BNamericas, "Representatives from the two
governments are together in Caracas drawing up a timeline for
feasibility and economic studies at the company."

BNamericas notes that Mibam said in April 2007 that it would
"tag US$3.4 million for the plant to be installed in Monagas due
to its proximity to projects like the southern gas pipeline and
a new bridge over the Orinoco river."

The new plant will be part of Venezuela's trade and cooperation
model for Latin America and the Caribbean Alba -- a JV owned 51%
by Venezuela and 49% by Cuba during the pre-investment stage,
BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


UNIVERSAL COMPRESSION: Closes US$233-Mil. Contract & Units Buy
--------------------------------------------------------------
Universal Compression Partners LP has completed its acquisition
of a fleet of compressor units and customer contracts from
Universal Compression Holdings Inc. for approximately US$233
million.

As of March 31, 2007, the acquired assets were comprised of
approximately 715 compressor units, representing approximately
270,000 horsepower, or approximately 13% of available horsepower
of Universal Compression Holdings' and Universal Compression
Partners' combined domestic contract compression business.  

These assets serve the compression-service needs of eight
customers that became customers of Universal Compression
Partners upon the closing of the transaction.

Universal Compression Partners financed the acquisition with
approximately US$90 million of additional borrowings under its
expanded US$315 million revolving credit facility and the
issuance of approximately US$140 million of common units
representing limited partner units, including approximately
2 million units issued to Universal Compression Holdings and
approximately 2 million units issued to institutional investors
in a private placement.

Universal Compression Holdings maintained its 2% general partner
interest in Universal Compression Partners.  Universal
Compression Partners used a portion of the cash proceeds from
these sources to retire approximately US$160 million of debt
that Universal Compression Partners assumed from Universal
Compression Holdings in conjunction with this acquisition.

In connection with the proposed merger of Universal Compression
Holdings and Hanover Compressor Company, a registration
statement of the new company, Exterran Holdings, Inc., which
includes preliminary proxy statements of Universal Compression
Holdings and Hanover, and other materials, was filed with the
SEC.

Investors and security holders may obtain a free copy of the
preliminary proxy statement/prospectus and the definitive proxy
statement/prospectus by directing a request to either Investor
Relations, Universal Compression Holdings, Inc., (7130 335-7000
or to Investor Relations, Hanover Compressor Company, (832) 554-
4856.

               About Universal Compression Partners

Universal Compression Partners was formed by Universal
Compression Holdings to provide natural gas contract compression
services to customers throughout the United States.  Universal
Compression Holdings owns approximately 51% of Universal
Compression Partners.

                About Universal Compression Holdings

Headquartered in Houston, Texas, Universal Compression Holdings
Inc. -- http://www.universalcompression.com/ -- is a natural  
gas compression services company, providing a full range of
contract compression, sales, operations, maintenance and
fabrication services to the domestic and international natural
gas industry.

The company operates internationally in Argentina, Australia,
Bolivia, Brazil, Canada, China, Colombia, Ecuador, Indonesia,
Mexico, Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia
and Venezuela.  The company's primary fabrication facilities are
located in Houston, Texas, and Calgary, Alberta.

                        *     *     *

Standard & Poor's rated Universal Compression Holdings' long
term foreign and local issuer credit BB.  S&P said the outlook
is stable.


* ECUADOR: Plans to Build Oil Refinery with Venezuela
-----------------------------------------------------
The Ecuadorian and Venezuelan governments are considering the
construction of a US$5 billion refinery that will be financed by
the proposed Bank of the South, a development bank that will be
established in the region using capital from Latin American
nations.

"The refinery is a priority, urgent project, and we are making
strides in an agreement to organize a joint venture with state-
run oil holding Petroleos de Venezuela (Pdvsa)," Acting
Ecuadorian Energy Minister Jorge Alban told AFP.

The construction of the refinery would take five to six years,
El Universal says.

                       *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


DIGICEL GROUP: Cellular Towers Safe, Says Study
-----------------------------------------------
Driselle Ramjohn and Kristy Ramnarine at the Trinidad & Tobago
Express reports that a study by the Telecommunications Authority
of Trinidad and Tobago -- TATT -- has found that the radiation
emitted by cellular towers of Digicel Group and TSTT are safe,
or at least "well within" international prescribed standards.

The Express notes that interest groups and concerned citizens
have claimed that TATT's findings are erroneous.  They are
positive that the cell towers are harmful to health and must be
removed from "populated areas."

Dr. Stephan Gift, The University of the West Indies Deputy Dean
in the Faculty of Engineering, commented to The Express, "I am
saying and have said repeatedly to TATT in writing and in also
face-to-face meetings that I had with them, is that the standard
used (in the study) is a flawed standard. That standard is based
on the premise that the radiation causes only heating and no
other effects and that is entirely incorrect.  I have probably
over 100 references in the scientific literature where
experiments have confirmed beyond a shadow of a doubt that
radiation causes all kinds of biological effects other than
heating.  Because TATT's standard is based on only heating
effects it is flawed.  Radiation has been known to cause
numerous other effects like tumors, cancer, problems with the
heart, problems with the brain, problems with all kinds of
things in the body and this is well established in the
literature.  The standard they (TATT) have used protects no
one."

The radio frequency radiation field strength measurements for
100 cellular mobile sites were between 400 to 2,000 times lower
than the maximum permissible exposure limited recommended by the
authority, The Express says, citing TATT's acting executive
director Chris Seecharan.

The officers of the authority recorded the measurements during
the period April 2007 through June 2007, Mr. Seecharan told The
Express.

Meanwhile, Digicel and TSTT said that they have been vindicated
by the results of the TATT's radio frequency radiation tests at
cell sites, which indicate that the cell towers are "safe," The
Gleaner notes.

Digicel Group Chief Operations Officer Kevin White commented to
The Express, "We have said this in that past.  We are obviously
concerned if the public is concerned about these cell towers.  
But the reality is that all the reports globally and now locally
with the TATT Radio Frequency Guidelines, states that we are
well within the health guidelines on Radio Frequency Emissions
and there is no risk with the presence of these cell towers."

"It's good that the body which is really charged with regulating
this, the Telecommunications Association of Trinidad and Tobago,
conducted the survey.  Presenting these measurements really
substantiates what we have been saying all along.  We are glad
to see that an independent body is substantiating what we said,"
TSTT's corporate communications manager Camille Salandy told The
Express.

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

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.




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


BRITISH AIRWAYS: Launches US$329 Bermuda-London Travel Promo
------------------------------------------------------------
British Airways has launched a travel sale of US$329 for a
one-way ticket from Bermuda to London, Alex Wright at the Royal
Gazette reports.

According to The Gazette, roundtrip midweek fares are US$658
when passengers book seven days in advance and will be valid for
sale until Sept. 5.

The report says that the ticket's true cost is US$929.01 after
taxes and other fares of US$271.01 are added.

British Airways is running a daily service throughout the summer
with its Boeing 777, The Gazette notes.

"We know many residents are hoping to travel to the UK this
summer.  Roundtrip midweek fares at US$658 must be booked and
purchased seven days in advance and will be valid for sale until
Sept. 5.  Weekend surcharge (Thursday to Sunday) applies at
US$30 each way and there are additional government taxes and
fees.  The last departure day will be
Sept. 30.  There is a minimum stay of Saturday night and maximum
stay of 11 months.  This ticket is non-refundable and other
restrictions apply," British Airways Bermuda's customer service
manager Marianne Wilcox told The Gazette.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways Plc

                                                      Projected
                           Old      New      LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%




=========
H A I T I
=========


DYNCORP INTERNATIONAL: Hires Anthony Zinni as Executive VP
----------------------------------------------------------
DynCorp International has named Gen. Anthony C. Zinni
(USMC-Ret.) to the position of executive vice president,
effective July 16.  As executive vice president, Mr. Zinni will
be a member of the Office of the Chief Executive, along with
President and CEO Herbert J. Lanese.  Gen. Zinni's primary
responsibilities will be for directing the company's energies in
business development, business strategy, communications, and
product branding.

"I am extremely pleased that Tony Zinni has agreed to assume a
full-time position with our company," said CEO Herb Lanese.  
"During the last ten months, he's served as a senior adviser to
DynCorp International, helping us build relationships with key
leaders throughout the world and develop new business
opportunities.  His valuable insights and his notable experience
in the Middle East have made him a trusted friend and adviser."

DynCorp International Chairman Robert B. McKeon said, "I have
worked with General Zinni since 2001, and I have grown to
appreciate the strategic perspective he brings to every
situation.  I look forward to his increased role with our
company, and I am confident he will have a very positive impact
on our business of providing critical services to government
customers worldwide."

Gen. Zinni retired from the U.S. Marine Corps in September 2000
after 39 years of service.  During his military career, he
served as the Commanding General of the First Marine
Expeditionary Force from 1994 to 1996, and as Commander-in-Chief
of the U.S. Central Command from 1997 to 2000.  In November
2001, he was appointed senior adviser and U.S. envoy to the
Middle East by Secretary of State Colin Powell.

Gen. Zinni has served on the Advisory Board of Veritas Capital
and the board of directors of DynCorp International, of which
Veritas Capital is the majority shareholder, as well as boards
of other private companies.  He has resigned from DynCorp
International's board of directors to assume the position of
executive vice president.

DynCorp International Inc. -- http://www.dyn-intl.com/-- (NYSE:  
DCP) through its operating company DynCorp International LLC, is
a provider of specialized mission-critical technical services,
mostly to civilian and military government agencies.  It
operates major programs in law enforcement training and support,
security services, base operations, aviation services and
operations, and logistics support worldwide.  Headquartered in
Falls Church, Virginia, DynCorp International LLC has
approximately 14,600 employees worldwide including Haiti.

                        *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.




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


* HONDURAS: Moody's Issues Annual Report
----------------------------------------
In its annual report on Honduras, Moody's Investors Service says
the country's B2 foreign currency government bond rating and
stable outlook are supported by debt relief from bilateral and
multilateral creditors as well as strong family remittance
inflows.

The bond rating, along with Moody's assessment of a low risk of
a payments moratorium in the event of a government default,
serves as the basis for Honduras' Ba3 foreign currency country
ceiling for bonds.

"The government's limited financial maneuverability represents a
constraint to the rating," said Moody's VP Mauro Leos, author of
the report.  "Budget flexibility is severely restricted, with
more than half of the government's revenue allocated to cover
payroll expenses."

He said in the external sector, the current account reported a
moderate deficit (1.6% of GDP), as family remittances estimated
at some US$2.5 billion (more than 25% of GDP) were able to
partly compensate for higher imports reflecting the economic
recovery and a larger oil bill.

"A capital account surplus reflecting official capital inflows
and complemented by FDI flows proved sufficient to permit a
US$430 million increase in international reserves last year,"
said Mr. Leos.

The reported reduction in the ratio of government debt to GDP,
which declined nearly 20% last year, was a direct consequence of
debt relief received in the context of the MDRI implemented by
the IMF and World Bank.  "Recent announcements by the IADB
indicating its intention to join the MDRI suggest additional
debt reductions during 2007," said Mr. Leos.

In addition, government revenues reported a 12% increase in real
terms.  "This increase was driven by the ongoing recovery in
economic activity and tax administration measures that helped
increase tax collections, estimated at 18% of GDP, during 2006,"
said the analyst.  "Still, in spite of the improved revenue
performance, the fiscal accounts deteriorated moderately due to
increased energy subsidies and transfers to state-owned
enterprises experiencing weakening financial performance."

Additional pressures on fiscal management are likely to emerge
during 2007 due to, in large part, the anticipated increase in
the wage bill of the public sector as a result of wage
agreements reached last year said Leos.

The rating agency's report, "Honduras: 2007 Credit Analysis," is
a yearly update to the markets and is not a rating action.




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


GOODYEAR TIRE: Conversion Period for Sr. Notes Is Until Sept. 28
----------------------------------------------------------------
The Goodyear Tire & Rubber Company reported that its 4.00%
Convertible Senior Notes due June 15, 2034, are now convertible
at the option of the holders and will remain convertible through
Sept. 28, 2007, the last business day of the current fiscal
quarter.

The notes became convertible because the last reported sale
price of the company's common stock for at least 20 trading days
during the 30 consecutive trading-day period ended July 17, 2007
(the 11th trading day of the current fiscal quarter), was
greater than 120 percent of the conversion price in effect on
such day.  The notes have been convertible in previous fiscal
quarters.

The company will deliver shares of its common stock or pay cash
upon conversion of any notes surrendered on or prior to
Sept. 28, 2007.  If shares are delivered, cash will be paid in
lieu of fractional shares only.  Issued in June 2004, the notes
are currently convertible at a rate of 83.0703 shares of common
stock per US$1,000 principal amount of notes, which is equal to
a conversion price of US$12.04 per share.

There is approximately US$350 million in aggregate principal
amount of notes outstanding.

If all outstanding notes are surrendered for conversion, the
aggregate number of shares of common stock issued would be
approximately 29 million.  The notes could be convertible after
Sept. 30, 2007, if the sale price condition described above is
met in any future fiscal quarter or if any of the other
conditions to conversion set forth in the indenture governing
the notes are met.

                     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.




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


AVNET INC: Promotes Teri Radosevich as VP-Community Relations
-------------------------------------------------------------
Avnet, Inc., has promoted Teri Radosevich to vice president of
community relations.

In her seven years as Avnet's director of Community Relations,
Mrs. Radosevich took the company's community relations programs
to a new level by expanding them from sponsorships to focused
efforts that rallied the company's suppliers, customers and
vendors to help students of all ages use or benefit from
technology.  The Avnet Tech Games and Avnet Science and
Technology Fair, both launched under Mrs. Radosevich's
direction, have been particularly effective at raising Avnet's
profile inside and outside the company.

"Thanks to Teri's leadership and refinement of Avnet's community
relations strategy, Avnet enjoyed a 37 percent increase in brand
awareness within the Phoenix area, and more importantly, now
enjoys a greater commitment to community relations from company
executives and employees alike," said Al Maag, Avnet's chief
communications officer.  "Moreover, she has kept Avnet at the
forefront of many government programs and local issues including
corporate social responsibility - so much that companies in
Phoenix and in the industry often seek her advice.  Avnet is
fortunate to have her and looks forward to seeing what she can
accomplish as she sets her sights on expanding community
relations efforts around the world."

Traveling to Avnet locations to share best practices and advise
them on community relations implementation is only part of Mrs.
Radosevich's new responsibilities, which also include publishing
a bi-monthly community relations newsletter to keep employees
informed about company efforts while also alerting them about
additional ways they can make a difference in their cities.

A recent graduate of the Valley Leadership program and winner of
the PR News Corporate Social Responsibility Award, Mrs.
Radosevich has served on the boards of Free Arts for Abused
Children and the Arizona Foundation for Women.  In addition to a
Master's degree from Western International University and a
bachelor's degree from Eastern Illinois University, she received
community relations certification from The Center for Corporate
Community Relations at Boston College.

                         About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components   
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden, Brazil, Mexico and Puerto Rico.

                        *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


AXTEL SAB: Reports MXN356.1 Mil. of Operating Income in 2nd Qtr.
----------------------------------------------------------------
Axtel, S.A.B. de C.V. reported its unaudited second quarter
results ended June 30, 2007.  Figures in this release are based
on Mexican GAAP, as of June 30, 2007.  Comparisons in
pesos are in real terms, that is, adjusted for inflation.

    Highlights:

    * AXTEL's geographic expansion continued during the quarter,
      with operations commencing in Morelia, Merida and Xalapa,
      reaching twenty-two cities with integrated voice, data and
      Internet services.

    * Adjusted EBITDA Margin expansion of approximately 300 bps
      versus the previous quarter as a result of continued
      operational efficiencies.

    * The continued growth of Adjusted EBITDA, as well as
      reduced debt levels during the quarter, improved AXTEL's
      total debt and net debt to run-rate Adjusted EBITDA ratios
      to 1.9x and 1.6x, respectively.

                         Local services

Local service revenues contributed with 43% of total revenues
during the second quarter, compared with 71% in the second
quarter of 2006.  The 24% growth reported in the second quarter
of 2007 versus year-earlier quarter is explained by significant
increases in monthly rents, cellular revenues and measured
service revenues.  For the twelve-month period ended June 30,
2007, revenues from local services totaled MXN4,715.7 million,
an annual increase of MXN797.2 million, or 20%, from MXN3,918.5
million recorded in the same period in 2006.  Monthly rents
represented 44% of local revenues during the twelve-month period
ended June 30, 2007.

                     Long Distance Services

Long distance service revenues totaled MXN406.1 million in the
quarter ending June 30, 2007, representing an increase of
MXN280.3 million or 223%, from MXN125.7 million in the same
quarter in 2006.  For the twelve month period ended June 30,
2007, long distance services grew to MXN1,125.5 million from
MXN480.1 million registered in the same period in 2006, an
increase of MXN645.4 million or 134%.

                         Data & Network

Driven by managed Internet services and virtual private
networks, data and network revenues grew to MXN608.4 million for
the three-month period ended June 30, 2007, compared to
MXN66.9 million in the same period in 2006, an increase of
MXN541.6 million.  Managed Internet and VPNs represented 89% of
data & network revenues during the quarter.  For the twelve
month period ended June 30, 2007, data and network services
revenues totaled MXN1,527.2 million from MXN237.5 million
registered in the same period in 2006, an increase of MXN1,289.7
million.

                      International Traffic

In the second quarter of 2007, International traffic revenues
totaled MXN319.9 million, up MXN198.5 million or 164% versus
results for the year-earlier quarter.  For the twelve month
period ended June 30, 2007, international traffic revenues grew
to MXN902.6 million from MXN478.5 million registered in the same
period in 2006, an increase of MXN424.1 million or 89%.

                         Other Services

Revenue from other services accounted for 13% or MXN398.6
million of total revenues in the second quarter of 2007, an
increase of MXN282.2 million from MXN116.5 million registered in
the same period in 2006.  This change is primarily explained by
an MXN118.8 million increase in integrated services and customer
premise equipment sales, among others. Other services revenue
increased to MXN1,295.7 million for the twelve month period
ended June 30, 2007, from MXN418.8 million for the same period
in year 2006, an increase of MXN876.9 million.

                           Consumption

Local calls totaled 609.7 million in the three-month period
ended June 30, 2007, an increase of 129.7 million, or 27%, from
480.0 million recorded in the same period in 2006.  A higher
number of lines in service and the contribution of Avantel not
recorded in the second quarter of 2006 were the main drivers for
this increase.  For the twelve month period ended June 30, 2007,
local calls increased to 2,246.6 million from 1,798.2 million
registered in the same period in 2006, an increase of 448.4
million calls or 25%.

Minutes of use of calls completed to a cellular line amounted to
265.7 million in the three-month period ended June 30, 2007,
compared to 190.2 million in the same period in 2006, a 40%
improvement equivalent to 75.5 million minutes.  For the twelve
month period ended June 30, 2007, cellular minutes grew 243.9
million, or 35%, from 689.5 million registered in the twelve-
month period ended June 30, 2006, to 933.4 million in the same
period in 2007.

Outgoing long distance minutes increased to 512.9 million for
the three-month period ended June 30, 2007, from 144.4 million
in the same period in 2006, 368.5 million minutes above.  This
significant increase is explained by the consolidation of
Avantel not reflected in 2006 and by the continued penetration
of bundled commercial offers that incorporate long distance
minutes.  Domestic long distance minutes represented 94% of
total traffic during the quarter.  For the twelve month period
ended June 30, 2007, outgoing long distance minutes amounted
1,483.0 million, compared to 523.8 million registered in the
same period in 2006, an increase of 959.2 million of minutes, or
183%.

                         Operating Data

Lines in Service

As of June 30, 2007, lines in service totaled 843.8k, an
increase of 146.8k from the same date in 2006.  During the
second quarter of 2007, net additional lines from five new
cities launched in 2007 totaled 5,735.  Lines in service from
these new cities represented 1% of total lines in service.

Line Equivalents (E0 Equivalents)

The company offers from 64 kilobytes per second (kbps) up to 100
megabytes per second (Mbps) dedicated data links in all of our
existing cities.  The company accounts for data links by
converting them to E0 equivalents in order to standardize our
comparisons versus the industry.  As of June 30, 2007, line
equivalents totaled 425.0k, an increase of 394.9k from the same
date in 2006.

Internet Subscribers

As of June 30, 2007, Internet subscribers totaled 107,644, an
increase of 92%, from 56,126 recorded on the same date in 2006.
Non dial-up subscribers represented 61% or 65,283.  The company
continues its focus to grow our broadband access solutions to
existing and new customers.

                        Cost Of Revenues

For the three-month period ended June 30, 2007, the cost of
revenues grew MXN682.9 million, compared with the same period of
year 2006, primarily due to MXN348.5 million and MXN239.4
million increases in domestic long distance interconnection and
links & co-location costs, respectively.  For the twelve month
period ended June 30, 2007, the cost of revenues reached
MXN3,400.6 million, an increase of MXN1,701.2 million in
comparison with the same period in year 2006.

                          Gross Profit

Gross profit is defined as revenues minus cost of revenues.  For
the second quarter of 2007, the gross profit accounted for
MXN1,885.8 million, an increase of MXN871.8 million or 86%,
compared with the same period in year 2006.  For the twelve
month period ended June 30, 2007, our gross profit totaled
MXN6,166.1 million, compared to MXN3,834.1 million recorded in
the same period of year 2006, a gain of MXN2,332.0 million or
61%.

                       Operating Expenses

For the second quarter of year 2007, operating expenses grew
MXN364.3 million, or 74%, totaling MXN858.3 million compared to
MXN494.0 million for the same period in year 2006.  Among
others, increases of MXN187.6 million and MXN64.6 million in
personnel and building and equipment maintenance, respectively,
related to the new size of the company explain this growth.  For
the twelve month period ended June 30, 2007, operating expenses
totaled MXN3,009.2 million, coming from MXN1,853.3 million in
the same period in 2006, an increase of MXN1,155.8 million.  
Personnel represented 46% of total operating expenses during the
twelve month period ended June 30, 2007.

                         Adjusted EBITDA

The Adjusted EBITDA totaled MXN1,027.5 million for the three-
month period ended June 30, 2007, compared to MXN520.1 million
for the same period in 2006, an increase of 98%. As a percentage
of total revenues, adjusted EBITDA represented 34.1% in the
second quarter of 2007.  For the twelve-month period ended June
30, 2007, adjusted EBITDA amounted to MXN3,156.9 million,
compared to MXN1,980.8 million in the same period in year 2006,
a positive variation of MXN1,176.1 million, or 59%.

                  Depreciation And Amortization

Due to the organic expansion during the first half of the year
and the consolidation of Avantel, depreciation and amortization
totaled MXN671.5 million in the three-month period ended
June 30, 2007 compared to MXN343.3 million for the same period
in year 2006, an increase of MXN328.1 million or 96%.  
Depreciation and amortization for the twelve-month period ended
June 30, 2007 reached MXN2,179.6 million, from MXN1,316.3
million in the same period in year 2006, an increase of MXN863.3
million, or 66%.

                     Operating Income (Loss)

Operating income totaled MXN356.1 million in the three-month
period ended June 30, 2007 compared to an operating income of
MXN176.7 million registered in the same period in year 2006, an
increase of MXN179.3 million or 101%.  For the twelve month
period ended June 30, 2007 our operating income reached MXN977.3
million when compared to the result registered in the same
period of year 2006 of MXN664.4 million, MXN312.8 million or 47%
above.

                 Comprehensive Financial Result

The comprehensive financial loss was MXN125.2 million for the
three-month period ended June 30, 2007, compared to a loss of
MXN92.8 million for the same period in 2006.  A net interest
expense increase of MXN144.2 million due to incremental
indebtedness offset by an FX gain of MXN108.6 million during the
quarter due to the appreciation of the peso, explain the
majority of the CFR increase.  For the twelve-month period ended
June 30, 2007, the loss is explained by a net interest expense
increase of MXN206.3 million offset by a MXN138.8 million
increase of FX gain during the period.

                              Debt

During the second quarter of 2007, the company repaid a MXN247.2
million short-term loan facility.  The MXN5,851.3 million of
incremental debt versus year-earlier quarter is due to the
December 2006 acquisition of Avantel.

                       Capital Investments

Continuing with its growth strategy, the company launched new
cities in May, June and early July, plus additional coverage in
existing cities, where the majority of the investments are
assigned to access or last- mile assets.  In the second quarter
of 2007, capital investments totaled MXN687.5 million, versus
MXN392.2 million in the year-earlier quarter.

                        About Axtel

Headquartered in Monterrey, Mexico, AXTEL is a Mexican
telecommunications company that provides local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Standard & Poor's Ratings Services assigned its
'BB-' rating to Axtel SAB de CV's USUSUS$250 million Senior
Unsecured Notes due January 2017.  It also affirmed its 'BB-'
long-term corporate credit rating on Axtel.  S&P said the
outlook is negative.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2007, Moody's Investors Service has confirmed Axtel,
S.A.B. de C.V.'s Ba3 corporate family rating and changed the
rating outlook to stable.


BANCO INTERACCIONES: Moody's Puts Ba2 Rating on MXN700MM Notes
--------------------------------------------------------------
Moody's Investors Service is expected to assign a Ba2 long-term
global local currency subordinated debt rating to Banco
Interacciones, S.A.'s MXN700 million of non-convertible Tier-2
subordinated notes due in 2017.  At the same time, Moody's de
Mexico is expected to assign an A2.mx Mexican National Scale
rating to the notes.

Moody's noted that the Ba2 subordinated debt rating is one notch
below the bank's GLC deposit rating of Ba1, according to Moody's
notching guidelines for junior securities.

These ratings are expected to be assigned to Banco
Interacciones' MXN$700 million of subordinated obligations:

   * Global local currency subordinated debt rating: Ba2
   * Mexican National Scale subordinated debt rating: A2.mx

Banco Interacciones is headquartered in Mexico City providing
finance to states and municipalities as well as infrastructure
projects.


BEST MANUFACTURING: Trustee Hires Sobel as Forensic Accountants
---------------------------------------------------------------
The United States Bankruptcy Court for the District of New
Jersey gave Stacey L. Meisel, the appointed Chapter 7 Trustee
for Best Manufacturing LLC and its debtor-affiliates' bankruptcy
cases, permission to employ Sobel & Co. LLC as her forensic
accountants.

As the Trustee's forensic accountants, the firm is expected
to perform expert testimony in Court, forensic accounting, and
investigation relating to avoidance action.

The firm's professionals billing rates:

     Designation           Hourly Rate
     -----------           -----------
     Managing Partner        US$365
     Partner                 US$345
     Senior Manager          US$265
     Supervisor          US$170 - US$260
     Senior Accountant   US$140 - US$165
     Staff Accountant     US$90 - US$105

Darryl S. Neier, a certified fraud examiner of the firm, assures
the Court that he does not hold any interest adverse to the
Debtors' estates and creditors as defined in Section 101(14) of
the Bankruptcy Code.

Mr. Neier can be reached at:

     Darryl S. Neier
     Sobel & Co., LLC
     293 Eisenhower Parkway, Suite 290
     Livingston, NJ 07039
     Tel: (973) 994-9494
     Fax: (973) 994-1571
     http://www.sobel-cpa.com/

Headquartered in Jersey City, New Jersey, Best Manufacturing
Group LLC -- http://www.bestmfg.com/-- and its subsidiaries
manufacture and distribute textiles, career apparel and other
products for the hospitality, healthcare and textile rental
industries with satellite operations located across the United
States, Canada, Mexico, the United Kingdom, and the Philippines.

The company and four of its subsidiaries filed for chapter 11
protection on Aug. 9, 2006 (Bankr. D. N.J. Case No. 06-17415).  
The case was converted to Chapter 7 on May 3, 2007.

Stacey L. Meisel was appointed as Chapter 7 Trustee on
May 4, 2007.  Michael D. Sirota, Esq., at Cole, Schotz, Meisel,
Forman & Leonard, P.A., represents the Debtors.  Scott L. Hazan,
Esq., at Otterbourg, Steindler, Houston & Rosen, and Brian L.
Baker, Esq., and Stephen B. Ravin, Esq., at Ravin Greenberg PC,
represent the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
estimated assets and debts of more than US$100 million.


CARDTRONICS INC: Prices US$100 Million Senior Notes Offering
------------------------------------------------------------
Cardtronics Inc. priced its private offering of US$100 million
aggregate principal amount of 9-1/4% senior subordinated notes
due 2013 - Series B at 97% of par.

The notes are being offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933.  The notes have not been registered under the
Securities Act and may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements.

The company expects closing to occur on July 20, 2007.  Net
proceeds from the offering will be about US$93.5 million.  The
company intends to use the net proceeds from this offering,
together with available cash and borrowings under its revolving
credit facility, to fund its previously announced acquisition of
substantially all of the assets of the financial services
business of 7-Eleven Inc., which is also expected to close on
July 20, 2007.

                     About Cardtronics

Headquartered in Houston, Texas, Cardtronics Inc.--
http://www.cardtronics.com/-- is a non-bank owner/operator of  
ATMs with more than 25,000 locations.  The company operates in
every major U.S. market, at approximately 1,500 locations
throughout the U.K. and over 500 locations in Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 12, 2007, Moody's Investors Service assigned a Caa1 rating
to Cardtronics, Inc.'s proposed additional US$125 million "tack-
on" high yield subordinated notes, which will be used to fund
the US$135 million acquisition of the assets of financial
services business of 7-Eleven.




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


* NICARAGUA: State Firm Forms Joint Venture with Venezuelan Co.
---------------------------------------------------------------
PDV Caribe, a unit of Venezuelan state-owned oil firm Petroleos
de Venezuela SA and Nicaraguan counterpart PETRONIC, created the
joint venture ALBA de Nicaragua S.A., or ALBANISA, Prensa Latina
reports.

Venezuela holds 55% in the joint venture, while Nicaraguan owns
45%, ALBANISA head Asdrubal Chavez told Prensa Latina.

According to Prensa Latina, ALBANISA will be responsible in:

          -- supplying fuel to Nicaragua,
          -- constructing a refinery in Nicaragua, and
          -- amplifying the electric power distribution and
             storage of hydrocarbons.

The creation of the joint venture is part of Venezuela's
cooperation and economic complementation with Nicaragua, Prensa
Latina notes, citing Mr. Chavez.  This is in line with the
Venezuelan project to share its oil with those nations that
don't have it but have other resources that can be shared.

The studies for the construction of a plant that can process
150,000 barrels of oil per day "are quite developed," Mr. Chavez
told Prensa Latina.

                 About Petroleos de Venezuela SA

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

                        *     *     *

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 E R U
=======


* PERU: Cancels Egechilca's License for Chilca Thermo Project
-------------------------------------------------------------
The Peruvian energy and mines ministry has revoked generator
Egechilca's authorization to develop the 597-megawtt Chilca
thermo project, according to a report by Peru's official
gazette.

The official gazette notes that the ministry awarded Egechilca
the project in 2005.  Works were scheduled to begin in June
2005, while operations were slated for April 2007.  Due to force
majeure, the ministry then ratified an extension for operations
startup to May 2008.

The gazette relates that in April 2007 Egechilca presented
documents "conditioning project implementation to the
publication of regulations related to the early recovery of the
general sales tax."

According to the gazette, authorities cancelled the
authorization after deciding that it was impossible to ensure
that the project would launch operations by May 2008.


* PERU: Moody's Ups Ba2 Discount Notes' Rating to Ba2
-----------------------------------------------------
Moody's Investors Service has upgraded to Ba2 with a stable
outlook from Ba3 the foreign currency senior secured discount
Notes issued by Peru Enhanced Pass-Through Finance Limited.  
This action follows Moody's upgrade of the foreign currency bond
rating of the Government of Peru to Ba2 from Ba3 with a stable
outlook.

The rating on the Notes reflects the importance of the toll road
projects that are the subject assets for the 25 year Concession
Agreements between the concession companies -- Concesionaria
Interoceanica Sur, Tramo 2 S.A. and Concesionaria Interoceanica
Sur, Tramo 3 S.A. -- and the Government of Peru for two segments
of the Corridor Vial Interoceanica Sur Toll Road.  The
concession agreements provide for the construction, maintenance
and operation of the toll road segments.  However, the sources
of repayment of the senior secured Notes are annual payments
from the GOP.  As construction milestones are achieved, the GOP
will issue payment obligations certificates, which represent
annual payment obligations of the Ministry of Transportation and
Communications in accordance with Law 28411.  Payments under the
government certificates -- once issued -- are not subject to any
conditionality with respect to the concession company's
performance or condition of the toll road segments.  The Notes
benefit from a debt service reserve account equal to six months
of debt service payments.

Concesionaria Interoceanica Sur, Tramo 2 S.A. and Concesionaria
Interoceanica Sur, Tramo 3 S.A. are owned by a consortium
consisting of Constructora Norberto Odebrecht S.A., Odebrecht
Investimentos em Infra-Estructura Ltda., Grana y Montero S.A.A,
JJC Contratistas Generales S.A. and Ingenieros Civiles y
Contratistas S.A.




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


AVNET INC: Signs Deal to Acquire Magirus Enterprise Division
------------------------------------------------------------
Avnet Inc. has entered into a definitive agreement to acquire
the European Enterprise Infrastructure Division of value-added
distributor Magirus Group.  With annual revenues of
approximately US$500 million, the acquired business will be
integrated into the European operations of Avnet Technology
Solutions, the IT distribution group of Avnet, Inc.  The
agreement covers the distribution of servers, storage systems,
software and services of IBM and Hewlett-Packard to resellers in
seven European countries and Dubai.  With this transaction,
Magirus is exiting the IBM and HP enterprise business and will
in the future concentrate on building other segments of its
business.

Subject to customary regulatory approval, the transaction is
expected to close in October 2007 and the business integration
is expected to be complete by June 2008.  This acquisition
brings Avnet approximately 140 talented employees responsible
for marketing and sales in Austria, Denmark, Germany, Italy,
Sweden, Switzerland, the United Kingdom and Dubai, along with
1300 established value-added reseller customers.  The
transaction is expected to meet the company's stated return-on-
capital-employed goal and should be accretive to Avnet's
earnings per share by roughly 8 cents in calendar 2008.

Roy Vallee, Avnet's chairman and chief executive officer,
commented, "With this acquisition, Avnet Technology Solutions
will be the largest value-added distributor for enterprise
solutions in Europe.  This strategic investment in our
Technology Solutions business in EMEA (Europe Middle East and
Africa) is consistent with our stated desire to expand our
successful TS business model globally."

"This acquisition significantly expands our presence and product
offerings with both IBM and HP in Europe," said Dick Borsboom,
president of Avnet Technology Solutions, EMEA.  "Not only does
this acquisition broaden our geographic coverage, it also
enhances our market position by combining the strengths of both
organizations.  For example, whilst Magirus addresses the high-
end server market with HP solutions in Germany, Avnet has until
now focused on Intel-oriented server resellers, along with
storage and monitors in that country.  Combining the two
organizations gives customers the benefit of being able to
select the solution that best meets their needs and gives Avnet
a much broader reseller base to grow with.  In Austria,
Switzerland, Denmark, Italy and Dubai, Avnet will be adding HP
to its offerings and will now represent HP in seven European
countries.  There were already plans at Avnet to build the
enterprise, solutions and services business in Scandinavia, and
this acquisition creates a good platform for us to start doing
so in Denmark and Sweden," Borsboom added.

Manufacturers of enterprise infrastructure solutions will also
benefit from the move by making it possible for them to work
with fewer large distributors with the services and capital to
accelerate growth on a pan-European basis.  This will also make
it easier and more efficient for them to do business through the
channel.  The acquisition builds on Avnet's previous
transactions in the region, including the acquisition of Belgian
auto-ID distributor Printex in March last year, the acquisition
of certain assets of the German storage wholesaler Zeta in June,
and the acquisition of Sun specialist Access Distribution at the
beginning of this calendar year.

"The most critical task after the transaction is closed is
integrating the organization without any disruption to our
customer and supplier partners," said John Paget, president,
Avnet Technology Solutions, Global.  "We welcome the new
employees who we know bring strong technical skills and talents,
along with excellent customer and vendor relationships. Their
added expertise will help us accelerate growth by offering
increased value to the marketplace."

Banc of America Securities LLC acted as a financial advisor and
Allen & Overy LLP acted as legal counsel to Avnet in connection
with this transaction.

                         About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components   
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden, Brazil, Mexico and Puerto Rico.

                        *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


OSCAR ROJAS: Case Summary & Eight Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Oscar Vaz Rojas
        P.O. Box 1823
        San Juan, PR 00936-1823

Bankruptcy Case No.: 07-04015

Chapter 11 Petition Date: July 17, 2007

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  P.O. Box 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867
                  Fax: (787) 724-2463

Total Assets: US$1,983,070

Total Debts:  US$2,542,943

Debtor's List of its Eight Largest Unsecured Creditors:

   Entity                        Nature of Claim    Claim Amount
   ------                        ---------------    ------------
Maritza Villamil                 Property           US$1,062,000
Cond. Playa Serena               Settlement
7063 Carr. 187 Apartment 503
Carolina, PR 00979-7033

Turaser Inc.                     Loan                 US$405,602
Calle Beleares Suite 352- Altos
Esquina FD Roosevelt
San Juan, PR 00920

Viajes Galiana, Inc.             Loan                 US$120,693
P.O. Box 195499
San Juan, PR 00919-5499

First Bank                       Personal Loan         US$54,078

Dova Construction                Civil Action           US23,000

Banco Popular de Puerto Rico     Credit Card           US$10,781

First Bank PR                    Bank Loan              US$7,000

BBVA                             Credit Card            US$1,109


SEARS HOLDINGS: Taps Richard Gerstein as Chief Marketing Officer
----------------------------------------------------------------
Sears Holdings Corporation related that Richard Gerstein will
join the company as chief marketing officer for its Sears,
Roebuck and Co. subsidiary.  Mr. Gerstein comes to Sears from
Alberto Culver Beauty, where he served as global chief marketing
officer and senior vice president of the U.S. Business.  
Gerstein, who will have overall responsibilities for executing
Sears' brand marketing strategies and programs, will report to
Maureen McGuire, Sears Holdings' chief marketing officer.

"With Richard's hiring, we add another seasoned executive to our
bench of talent, and someone who has the creativity, talent and
experience to help Sears reconnect with its loyal customers and
attract former customers back to Sears.  We started that work
with the announcement in May of Sears' new integrated marketing
campaign," said McGuire.  "Richard will be charged with helping
consumers better understand the unique products and services
Sears offers that can inspire them to imagine and fulfill new
possibilities for every chapter in their lives and to help
improve the customer experience."

While at Alberto Culver Beauty, Gerstein reorganized and
energized the marketing organization, attracted top new talent,
and created new marketing capabilities to accelerate brand
growth and launched new brands into mass retail.  During his 20-
year career, he has also served in senior leadership and
marketing positions at Reflect True Custom Beauty (a Procter &
Gamble spin-off) and at Procter & Gamble.

Mr. Gerstein will join Sears on Aug. 6.

                     About Sears Holdings

Based in Hoffman Estates, Illinois, Sears Holdings Corp.
(NASDAQ: SHLD) -- http://www.searsholdings.com/-- is a  
broadline retailer, with approximately US$55 billion in annual
revenues, and with approximately 3,800 full-line and specialty
retail stores in the United States, Canada and Puerto Rico.
Sears Holdings is a home appliance retailer as well as a
retailer of tools, lawn and garden, home electronics, and
automotive repair and maintenance.  Key proprietary brands
include Kenmore, Craftsman and DieHard, and a broad apparel
offering, including well-known labels as Lands' End, Jaclyn
Smith, and Joe Boxer, as well as the Apostrophe and Covington
brands.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Fitch Ratings affirmed its ratings of Sears
Holdings Corporation as:

Sears Holdings Corporation

    -- Issuer Default Rating at 'BB';
    -- Senior Notes at 'BB';
    -- Secured Bank Facility at 'BBB-'.

Sears, Roebuck and Co.

    -- IDR at 'BB';
    -- Senior Notes at 'BB'.

Sears Roebuck Acceptance Corp.

    -- IDR at 'BB';
    -- Senior Notes at 'BB';
    -- Commercial Paper at 'B'.

Sears DC Corp.

    -- IDR at 'BB'
    -- Senior Notes at 'BB'.

Fitch said the rating outlook is stable.


STERICYLCE INC: S&P Withdraws BB+ Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' corporate
credit rating on Lake Forest, Ill.-based Stericycle Inc. at the
company's request.

Lake Forest, Illinois-based Stericycle, Inc. (NASDAQ: SRCL) --
http://www.stericycle.com/-- is engaged in the management of  
medical waste, infection control and pharmaceutical returns and
the provision of related compliance services.  The company's
product and service offerings include Stericycle medical waste
management services; Bio Systems sharps management services that
reduce the risk of needle sticks in hospitals; an assortment of  
products for infection control, and Direct Return pharmaceutical
returns and product recall management services under the
Stericycle Pharmaceutical Services unit.  Stericycle is a
regulated medical waste management company in North America,
serving approximately 333,000 customers throughout the U.S.,  
Puerto Rico, Canada, Mexico and the United Kingdom.  During the
year ended Dec. 31, 2005, Stericycle, Inc. acquired four
pharmaceutical returns and product recall businesses: Automated
Health Technologies, Inc., Universal Solutions, Inc., L.L.
Horizons, Inc and NNC Group, LLC.




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


DIGICEL GROUP: Finalizing Interconnection Rates with TSTT
---------------------------------------------------------
Digicel Group chief operations officer Kevin White told Driselle
Ramjohn at the Trinidad & Tobago Express that interconnection
rates between the company and the TSTT should be finalized by
year-end.

According to The Express, the interconnection rate is the charge
telecom operators pay each other to allow their subscribers to
make and receive calls between each other's network.

The Telecommunications Authority of Trinidad and Tobago had set
up a dispute panel to come up with interconnection rates by the
end of 2007, The Express notes, citing Mr. White.

The report says that the networks of TSTT and Digicel were
interconnected on March 31, 2006.  However, the two firms have
been in talks on interconnection rates since January 2006.  A
working accord between the companies has yet to be finalized.

Mr. White told The Express, "In the many conversations we have
had with the minister, (Minister of Public Administration and
Information Dr Lenny Saith) he indicated that he wanted this
done expeditiously but we are disappointed that it is taking so
long."

If rates were to be decided by year-end it possibly wouldn't be
implemented until 2008, The Express notes, citing Mr. White.

Mr. White told The Express, "Again we want to call on the
minister to do what he can to bring this date forward."

According to the report, Mr. White said that the lack of an
interconnection accord affected the text messaging function
between Digicel and TSTT.

"Many of our customers want to be able to send text messages to
people on the other network.  This will not take place until we
have an interconnect rate in place," Mr. White told The Express.

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

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.




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


PETROLEOS DE VENEZUELA: Subsidiary Forms Albanisa with Petronic
---------------------------------------------------------------
Petroleos de Venezuela SA disclosed that energy integration
among countries belonging to the Bolivarian Alternative for the
Americas (ALBA) has in the mixed company ALBA de Nicaragua, S.A.
(Albanisa), a new tool.

According to the company, the partnership was made between PDV
Caribe (55%), a subsidiary of PDVSA, and Petronic (45%), the
state-run Nicaraguan power company.  This company will supply
fuel to Nicaragua, develop the new refinery in that country, as
well as extend Nicaragua's electrical power distribution system
and its hydrocarbon storage capacity.  "Always following the
guidelines of the policies set by the President of the Republic,
Hugo Chavez Frias, as is the creation of great national
companies in the region," explained Asdrubal Chavez, vice-
president of PDVSA Refining, Trade, and Supply and president of
PDV Caribe.

"We continue to advance with the process of unity with the
Caribbean and Central America, with the idea of strengthening
ties of cooperation and economic support with the government of
Nicaragua, sharing the resource of oil with those who don't have
it, but that have other resources that we can exploit together,"
added Asdrubal Chavez.  

                  Sandino and Bolivar for Unity

The president of Albanisa also informed that the plans for the
construction of the Sandino-Bolivar refinery are well advanced.  
It is estimated that the refinery will process 150 thousand
barrels of Venezuelan crude oil per day.  

Francisco Lopez, president of Petronic and vice-president of
Albanisa, announced that the first stage of the project will
call for the development of a tank yard which will receive the
Venezuelan supply, which is currently at 14 thousand barrels per
day, with 40% of the bill financed.  Through ALBA energy
agreements, this figure could increase to 27 thousand barrels a
day with 50% financing.  

At the same time, the Nicaraguan Minister of Energy, Emilio
Rapacciolli, stated that the ALBA initiative translates to jobs,
social development, reducing poverty, and with time, will lead
to the economic independence of the Central American region.  

He also mentioned that other areas of energy cooperation with
Venezuela include the installation of a group of power
generators that are currently generating 60 megawatts, which has
significantly reduced the problem with power outages in
Nicaragua and given the country's electrical system more
stability.  Both countries are also studying the use of
alternative energy sources in order to take advantage of the
great geothermal and hydroelectric potential that Nicaragua has.

Venezuela and Nicaragua's progress in the development of these
projects, ratifies their efforts aimed at building a pluri-polar
world and increasing the wellbeing of the people of the region,
based on the principles of solidarity and complementarity
between nations.  

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

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


PETROLEOS DE VENEZUELA: May Form Joint Venture with Bolivia
-----------------------------------------------------------
Bolivian state oil firm Yacimientos Petroliferos Fiscales
Bolivianos told Petroleumworld that it is negotiating with
Venezuelan counterpart Petroleos de Venezuela SA and Gazprom to
create a joint venture for the development of reserves in
Bolivia.

YPFB Chief Executive Officer Guillermo Aruquipa told Bloomberg
News that the company entered into an accord with Petroleos de
Venezuela on oil and gas prospecting in one of the four new
blocks that the Bolivian government is offering.

The drafting of an accord on all hydrocarbons will have to wait
until the Bolivian congress ratifies an oil and gas special law,
Petroleumworld states.

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

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


* VENEZUELA: Plans to Build Oil Refinery with Ecuador
-----------------------------------------------------
The Ecuadorian and Venezuelan governments are considering the
construction of a US$5 billion refinery that will be financed by
the proposed Bank of the South, a development bank that will be
established in the region using capital from Latin American
nations.

"The refinery is a priority, urgent project, and we are making
strides in an agreement to organize a joint venture with state-
run oil holding Petroleos de Venezuela (Pdvsa)," Acting
Ecuadorian Energy Minister Jorge Alban told AFP.

The construction of the refinery would take five to six years,
El Universal says.

                        *     *     *

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


* VENEZUELA: Wrapping Up Stainless Steel JV Pact with Cuba
----------------------------------------------------------
The Venezuelan government is wrapping up the details of an
accord with its Cuban counterpart for the installation of a
stainless steel joint venture operation in Monagas, Venezuela,
Business News Americas reports.

A spokesperson from Venezuela's basic industries and mining
ministry Mibam told BNamericas, "Representatives from the two
governments are together in Caracas drawing up a timeline for
feasibility and economic studies at the company."

BNamericas notes that Mibam said in April 2007 that it would
"tag US$3.4 million for the plant to be installed in Monagas due
to its proximity to projects like the southern gas pipeline and
a new bridge over the Orinoco river."

The new plant will be part of Venezuela's trade and cooperation
model for Latin America and the Caribbean Alba -- a JV owned 51%
by Venezuela and 49% by Cuba during the pre-investment stage,
BNamericas states.

                        *     *     *

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


                         ***********


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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