TCRLA_Public/070723.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, July 23, 2007, Vol. 8, Issue 144

                          Headlines

A R G E N T I N A

AGROPECUARIA SUDESTE: Trustee To File General Report Tomorrow
ALITALIA SPA: Gov't Halts Stake Sale After AP Holding Pullout
ALITALIA SPA: Gov't May Liquidate as Last Resort, Report Says
BANCO PATAGONIA: Raises ARS807MM Through Initial Public Offering
COMPANIA EXPORTADORA: Seeks for Reorganization Okay in Court

FORD MOTOR: Private Equity Firms May Bid for Jaguar & Land Rover
HUNTSMAN CORP: Inks Pact to Host New Biodiesel Plant in Texas
LA OCHAVA: Reorganization Proceeding Concluded
MAMISON SA: Proofs of Claim Verification Deadline Is Sept. 7
PRODUCTOS SOLVAR: Proofs of Claim Verification Ends on Sept. 17

SANATORIO PROFESOR: Reorganization Proceeding Concluded
ZEOX SA: Trustee To File Individual Reports in Court on Oct. 2


B A R B A D O S

DIGICEL GROUP: Files Lawsuit Against Cable & Wireless
DIGICEL GROUP: Launches Push To Talk Service for Corp. Clients
INTERPOOL INC: Purchase Deal Prompts Moody's to Withdraw Ratings


B E R M U D A

BELL ATLANTIC: Proofs of Claim Filing Is Until Tomorrow
BMS ALPHA: Will Hold Final General Meeting Tomorrow
GLOBAL CROSSING: To Provide Broadband Connectivity in St. Croix
REFCO INC: Bawag's US$140-Mil. Case Settlement Gets Final Okay
REFCO INC: Examiner Says Auditors & Counsel May Face Claims


B O L I V I A

* BOLIVIA: State Firm Awards Crude Sale Contract to Glencore


B R A Z I L

BANCO NACIONAL: Grants BRL58.7 Bil. in New Loans in June 2007
BANCO DO BRASIL: Pension Funds May Sell 5 Percent of Capital
BANCO NACIONAL: Unit Mulls Sale of Banco Do Brasil Voting Shares
COMPANHIA SIDERURGICA PAULISTA: Moody's Ups Corp. Rating to Ba1
FERRO CORP: Names Roland Simon as Chief Purchasing Officer

SENSATA TECHNOLOGIES: Appoints Jeff Cote as Exec. Vice President
TAM SA: Aircraft Insurance Coverage Is US$1.5 Billion
TAM SA: S&P Says BB Corp. Credit Rating Unmoved by Plane Crash
USINAS SIDERURGICAS: Moody's Ups Rating on US$875MM Notes to Ba1


C A Y M A N   I S L A N D S

AHON BRIDGE: Proofs of Claim Filing Deadline Is July 26
AMMC CDO: Proofs of Claim Must be Filed by July 26
ANTHRACITE BALANCED: Proofs of Claim Filing Ends on July 25
ANTHRACITE BALANCED: Sets Final Shareholders Meeting for July 25
CABLE & WIRELESS: Facing Lawsuit from Digicel Group

ENRON INTERNATIONAL: Proofs of Claim Must be Filed by July 26
FAIRFIELD TRAFALGAR: Final Shareholders Meeting Is on July 26
FCT PACIFIC: Proofs of Claim Filing Deadline Is July 26
HILLARY LTD: Sets Final Shareholders Meeting for July 25
KENWALL LTD: Proofs of Claim Filing Deadline Is July 25

KKR FINANCIAL: Proofs of Claim Must be Filed by July 26
MERRILL LYNCH (EUR): Proofs of Claim Must be Filed by July 26
MERRILL LYNCH (USD): Proofs of Claim Filing Ends on July 26
SEAGATE TECH: Earns US$541 Million in Quarter Ended June 29
SUNCREEK INVESTMENTS: Final Shareholders Meeting Is on July 25

SUNCREEK INVESTMENTS: Proofs of Claim Must be Filed by July 25
TRIDENT GLOBAL: Proofs of Claim Filing Ends on July 26
VF CAYMANS: Proofs of Claim Must be Filed by July 26
VF CAYMANS II: Proofs of Claim Filing Is Until July 26
WINDING RIVER: Proofs of Claim Must be Filed by July 26

YVES LIMITED: Proofs of Claim Must be Filed by July 25
ZESTY CO: Proofs of Claim Must be Filed by July 25


C H I L E

SENSIENT TECH: Board Votes to Up Dividend to 18 Cents Per Share


C O L O M B I A

CHIQUITA BRANDS: Faces Lawsuit by Colombians
TGI INTERNATIONAL: Fitch Rates US$900-Mil. Senior Notes at BB


C O S T A   R I C A

ALCATEL-LUCENT: Inks Deal w/ NCR to Support Maintenance Services
BANCO BAC: Seeks Authorization To Absorb Two New Companies


E C U A D O R

PETROECUADOR: Will Sell Napo Crude to Three Companies

* ECUADOR: Rafael Correa Names Galo Chiriboga as Oil Minister


G U A T E M A L A

* GUATEMALA: Fitch Affirms Issuer Default Ratings at BB+


J A M A I C A

GOODYEAR TIRE: Will Launch Wrangler Tyre at Jamaican Unit
NATIONAL WATER: Buys 23 Standby Electric Generators


M E X I C O

BAUSCH & LOMB: Files Prelim Proxy Statement for Pending Merger
CEMEX SAB: Reports US$611 Mil. Net Income in 2007 Second Quarter
CORPORACION DURANGO: Extends Cash Tender Offer Period to July 26
GREENBRIER COS: KeyBanc Capital Puts Buy Rating on Firm's Shares
WARNER MUSIC: S&P Keeps BB Corp. Credit Rating on Negative Watch

WILLIAMS SCOTSMAN: Algeco Deal Cues S&P to Put Ratings on Watch
WILLIAMS SCOTSMAN: To be Acquired by Algeco for US$2.2 Billion
WILLIAMS SCOTSMAN: Moody's Puts Low B Ratings on Review


P A N A M A

BANCO LATINOAMERICANO: Net Income Rises 202% in Second Quarter

* PANAMA: Ethanol Boosts Beef & Poultry Prices, Farmers Say


P E R U

* PERU: Will Ink Block 126 Exploration Pact with Two Firms


P U E R T O   R I C O

DORAL FINANCIAL: Closes Sale of 968.2 Million Common Shares
DORAL FINANCIAL: Moody's Affirms B2 Senior Debt Rating


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Completes Sale of Eight European Hotels


U R U G U A Y

SENSIENT TECH: Improved Performance Spurs S&P to Revise Outlook


V E N E Z U E L A

DAIMLERCHRYSLER: BMW Sells 50% Tritec Motors Stake to Chrysler
DAIMLERCHRYSLER: Cerberus May Pay More Interest in Chrysler Deal
PETROLEOS DE VENEZUELA: ConcoPhillips Head Negotiating with Firm
PETROLEOS DE VENEZUELA: Taiwan's CPC To Defend Oil Rights


                            - - - - -

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


AGROPECUARIA SUDESTE: Trustee To File General Report Tomorrow
-------------------------------------------------------------
Ricardo Jorge Randrup, the court-appointed trustee for
Agropecuaria Sudeste S.A.'s bankruptcy proceeding, will file a
general report containing an audit of the company's accounting
and banking records with the National Commercial Court of First
Instance in Mar del Plata on July 24, 2007.

Mr. Randrup verified creditors' proofs of claim until
April 26, 2007.  He then presented the validated claims in court
as individual reports on June 11, 2007.

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

The debtor can be reached at:

         Agropecuaria Sudeste S.A.
         Avda Luro 8568 Mar del Plata
         Buenos Aires, Argentina

The trustee can be reached at:

         Ricardo Jorge Randrup
         Ortiz de Zarate 6450 Mar del Plata
         Buenos Aires, Argentina


ALITALIA SPA: Gov't Halts Stake Sale After AP Holding Pullout
-------------------------------------------------------------
The Italian government has terminated the sale process for its
39.9% stake in national carrier Alitalia S.p.A., Adrian Michaels
writes for the Financial Times.

Italy ended the sale process after AP Holding S.p.A., a
consortium of AirOne S.p.A. and Intesa-San Paolo S.p.A.,
withdrew its bid to acquire the stake.

AP Holding has said that after reviewing the terms and
conditions of the sale, it will not submit a binding offer for
the stake.

The consortium is the latest to drop out from the bidding melee
after the team of OAO Aeroflot and Unicredit Italiano S.p.A.
left the bidding process.  A consortium of TPG Capital,
MatlinPatterson Global Advisers LLC and Mediobanca S.p.A. had
also pulled out from the race before MatlinPatterson re-entered
with its own bid.

The FT had suggested that TPG Capital may re-enter the race and
regroup with MatlinPatterson for a joint bid.  Government
officials, however, revealed to the FT that MatlinPatterson was
no longer involved in the bidding.

The bidders had been apprehensive of the bidding conditions set
by the Italian government and had cited these requirements as
reasons for their withdrawal.

Italian Prime Minister Romano Prodi told the FT that Alitalia's
sale process was not concluded as the government expected,
adding that they are currently reviewing options to salvage the
carrier.

Though Italy has resisted bankruptcy or administrative
proceedings for Alitalia, observers suggest that it might resort
to more drastic action following the collapse of the sale
process, the FT relates.

Some government ministers have suggested refreshing talks with
Alitalia's former bidders like TPG Capital, the FT says.  

                        About Alitalia

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

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


ALITALIA SPA: Gov't May Liquidate as Last Resort, Report Says
-------------------------------------------------------------
The Italian government pledged to exhaust all options to sell
its 39.9% stake in Alitalia S.p.A. before sending the national
carrier either into liquidation or bankruptcy, Corriere della
Sera reports citing Finance Minister Tommaso Padoa-Schioppa.

Italy terminated the sale process after AP Holding S.p.A., a
consortium of AirOne S.p.A. and Intesa-San Paolo S.p.A.,
withdrew its bid to acquire the stake.

Italian Prime Minister Romano Prodi told the Financial Times
that Alitalia's sale process was not concluded as the government
expected, adding that they are currently reviewing options to
salvage the carrier.

Mr. Padoa-Schioppa reiterated Mr. Prodi's stand, saying that
making the airline attractive to investors has been tougher than
the government expected, Bloomberg News adds.

                             Options

Transport Minister Alessandro Bianchi said following the
collapse of the sale process, Italy may hold direct talks with
former Alitalia bidders, which include OAO Aeroflot and TPG
Capital and MatlinPatterson Global Advisers LLC, Bloomberg News
reports.

According to the report, Justice Minister Clemente Mastella
mirrored Mr. Bianchi's call for direct talks, adding that there
must be an "elimination of ties and tangles which have caused
all aspiring buyers to flee the scene."

Other options include re-nationalizing Alitalia and placing the
carrier into administration.

Should a sale remains elusive, the government may liquidate
Alitalia, Mr. Padoa-Schioppa noted.

"The government now can sell the company to anyone," Mr. Padoa-
Schioppa told Corriere della Sera.  "It's a loss-making company
in which the State can no longer inject capital."

The European Commission warned the state on July 18, 2007, that
it could no longer provide any more state aid to Alitalia.

                          About Alitalia

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

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


BANCO PATAGONIA: Raises ARS807MM Through Initial Public Offering
----------------------------------------------------------------
Banco Patagonia said in a filing with the Buenos Aires stock
exchange that it raised some ARS807 million through an initial
public offering conducted on the Argentine, Brazilian and U.S.
stock exchanges.

Business News Americas relates that Banco Patagonia sold about
200 million shares at ARS4.03 each.  Some 37.5 million new
shares were sold on both the Argentine and Brazilian markets.  

The report says that the remaining 125 million shares will be
issued as American Depositary Shares.

According to BNamericas, Banco Patagonia had set a price
estimate of up to ARS4.62 per share for the primary offer.

Argentine brokerage Allaria Ledesma analyst Guido Bizzozero
commented to BNamericas, "The price was attractive for the
investor who got in.  However, the issue seemed to be very much
oversubscribed and the prorate could even be as low as 10% to
15% of bids."

Mr. Bizzozero said that the price is also attractive, comparing
Banco Patagonia's "multiples with those of other local banks
that trade on the Buenos Aires stock exchange" like BBVA Banco
Francs and Banco Macro, BNamericas says.

Banco Patagonia's shares will debut on the Buenos Aires and Sao
Paulo stock exchanges under the ticker symbols BPAT and BPAT11,
respectively, BNamericas states.

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

                        *     *     *

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


COMPANIA EXPORTADORA: Seeks for Reorganization Okay in Court
------------------------------------------------------------
Compania Exportadora Argentina S.A. has requested for
reorganization approval after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.

The debtor can be reached at:

          Compania Exportadora Argentina S.A.
          A. Moreau de Justo 740
          Buenos Aires, Argentina


FORD MOTOR: Private Equity Firms May Bid for Jaguar & Land Rover
----------------------------------------------------------------
Ford Motor Company is expected to receive six indicative bids
for Jaguar and Land Rover from interested parties that include
Cerberus Capital Management, Ripplewood Holdings and One Equity
Partners, The Financial Times reports.

Indian carmaker Tata Motors is in the early stages of evaluating
a bid for Jaguar and Land Rover.  The FT observes that Tata
Motors seems to be the most likely contender for the assets.

Meanwhile, Renault Nissan of France has reportedly backed away  
and Hyundai of South Korea early this morning said it had "no
interest whatsoever" in buying another brand, the FT reveals.  
Alchemy Partners, which bid for Land Rover in the UK seven years
ago, and Carlyle, which owns a string of auto suppliers, have
ruled out making bids, the report says.

The auction could progress quickly, with Ford hoping to select
two final bidders in the next few weeks to begin due diligence
on Jaguar and Land Rover, FT relates.  Ford prefers selling the
two brands together although it is prepared for separate deals.

                      About Ford Motor Co.

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

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

                        *     *     *

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

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


HUNTSMAN CORP: Inks Pact to Host New Biodiesel Plant in Texas
-------------------------------------------------------------
Huntsman Corporation has reached an agreement with RBF Port
Neches LLC to operate a newly-constructed biodiesel plant to be
located at Huntsman's Port Neches, Texas site.

Under the arrangement, RBF will design, finance, build and own
the new plant, which will have an initial capacity of 89 million
gallons of biodiesel per year, with plans to expand to nearly
180 million gallons per year of production.  The new plant is
expected to be operational in mid-2008 after which the facility
will be operated and maintained by Huntsman, while RBF will be
responsible for the marketing of the output of the plant.

"RBF chose Huntsman for its industry-leading expertise in
operating multiple process technologies and the Port Neches site
for its superior logistics," said Don Stanutz, President of
Huntsman's Performance Products division.  "This alliance will
enable each company to take advantage of synergies in our
respective operations and to spread fixed costs across both
businesses."

With Huntsman's option to purchase crude glycerin produced as a
by-product at the biodiesel plant, the agreement also represents
an important step in Huntsman's recently announced plan to
commercialize its proprietary process for manufacturing
propylene glycol from glycerin, a renewable raw material.  
Huntsman also continues to develop other glycerin-based
technologies at its Advanced Technology Center in The Woodlands,
Texas.

"The need for sustainable options is a critical challenge facing
today's world and we're proud to be at the forefront of
sustainable chemistry," said CEO Peter Huntsman.  "With our
proprietary process to make bio-based propylene glycol and our
broader commitment to find new developments in the field of
sustainable chemistry, we intend to be an industry leader in
addressing this challenge."

Examples of Huntsman's other sustainable chemistry products
include propylene carbonate-based solvents that reduce toxicity
in applications from agriculture to industrial cleaning agents,
carbonates that reduce volatile organic compounds in paints,
wood preservatives that replace a known human carcinogen,
waterborne paint primers, non-brominated flame retardants and
catalysts that eliminate emissions from insulation foams.

Affiliates of MatlinPatterson will hold a significant portion of
the equity interest in RBF Port Neches, LLC.

                        About Huntsman

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

                        *     *     *

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


LA OCHAVA: Reorganization Proceeding Concluded
----------------------------------------------
La Ochava S.A.'s reorganization proceeding has ended.  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.


MAMISON SA: Proofs of Claim Verification Deadline Is Sept. 7
------------------------------------------------------------
Arturo Oubina, the court-appointed trustee for Mamison S.A.'s
bankruptcy proceeding, will verify creditors' proofs of claim
until Sept. 7, 2007.

Mr. Oubina 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 Mamison 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 Mamison's accounting
and banking records will be submitted in court.

Infobae didn't state the reports submission dates.

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

The trustee can be reached at:

          Arturo Oubina
          Uruguay 750
          Buenos Aires, Argentina


PRODUCTOS SOLVAR: Proofs of Claim Verification Ends on Sept. 17
---------------------------------------------------------------
Alberto Eduardo Scravaglieri, the court-appointed trustee for
Productos Solvar S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Sept. 17, 2007.

Mr. Scravaglieri 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 Productos
Solvar 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 Productos Solvar's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission dates.

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

The trustee can be reached at:

          Alberto Eduardo Scravaglieri
          Roque Saenz Pena 651
          Buenos Aires, Argentina


SANATORIO PROFESOR: Reorganization Proceeding Concluded
-------------------------------------------------------
Sanatorio Profesor Itoiz S.A.'s reorganization proceeding has
ended.  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.

The debtor can be reached at:

          Sanatorio Profesor Itoiz S.A.
          Cramer 1764
          Buenos Aires


ZEOX SA: Trustee To File Individual Reports in Court on Oct. 2
--------------------------------------------------------------
Natalio Kinsbrunner, the court-appointed trustee for Zeox S.A.'s
bankruptcy proceeding, will present creditors' validated claims
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on Oct. 2, 2007.

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

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

Mr. Kinsbrunner verifies creditors' proofs of claim until
Aug. 21, 2007.

Mr. Kinsbrunner will also submit to court a general report
containing an audit of Zeox's accounting and banking records on
Nov. 13, 2007.

The trustee can be reached at:

         Natalio Kinsbrunner
         Marcelo T. de Alvear 1671
         Buenos Aires, Argentina

         


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


DIGICEL GROUP: Files Lawsuit Against Cable & Wireless
-----------------------------------------------------
Digicel Group told Dow Jones Newswires that it has filed a
lawsuit against rival Cable & Wireless PLC for illegally
delaying its entry into the Caribbean markets.

According to Dow Jones, Digicel said it is seeking  
"multimillion pounds" in damages.

The report says that Digicel claims former Cable & Wireless, a
former monopoly in the Caribbean and Central American markets,
tried to prevent the company from launching competing mobile
phone networks in eight markets, which include:

          -- St. Lucia,
          -- Grenada,
          -- Barbados,
          -- Cayman Islands, and
          -- Trinidad & Tobago.

The obstructions happened between 2002 and 2006, causing the
company substantial losses, Dow Jones notes, citing Digicel.

Digicel told Dow Jones that it expects the claim to come to the
English High Court next year.  

Digicel Chairperson Denis O'Brien said in a statement, "We are
extremely frustrated with the continual illegal obstructions
that we have encountered from Cable & Wireless.  We believe that
a successful claim will not only compensate Digicel for the
losses it has suffered but also that it will put an end to the
anticompetitive practices of Cable & Wireless."

Meanwhile, Cable & Wireless commented to Dow Jones, "We believe
the claim is without foundation and it will be vigorously
defended."

Dow Jones relates that Cable & Wireless said it is gaining
market share in the Caribbean and is a market leader in 10 out
of the 14 markets in the region that it operates in.

"We believe that the claim is no more than a deliberate spoiling
tactic by Digicel," Cable & Wireless said in a statement.

                    About Cable & Wireless

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

                     About Digicel Group

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.


DIGICEL GROUP: Launches Push To Talk Service for Corp. Clients
--------------------------------------------------------------
Digicel has launched the new "Push to Talk platform" for its
corporate customers, Stacia Browne at the Barbados Advocate
reports.

According to The Advocate, the new service allows the handset to
have dual use -- as a mobile phone and as a walkie-talkie.  It
brings an instant connection to all subscribers in any one
group.  It allows fast interaction and highly secure
connectivity for businesses, which leads to effective
communication between business executives.

The Advocate relates that the new service can be availed through
Nokia handsets.  It will be attractive to:

          -- companies in the construction,
          -- airlines, and
          -- other heavy industries.

Digicel's sales chief Alex Tasker told The Advocate that the new
service is an affordable software that provides tangible
benefits to businesses.   Barbados and Jamaica are the first
markets for this new software in the Caribbean.  This service
has become very popular in North America.  Digicel is the sole
telecommunications provider that has this service in Barbados.

Digicel is fully confident in the new service offering and has
put forward the Nokia 6070 as one of the options for businesses
looking to get the service, The Advocate says, citng Mr. Tasker.  
The service offers the option of using the walkie-talkie system
to deliver short succinct messages or your mobile phone to make
lengthy calls.

The Advocate notes that the new service will have island-wide
network coverage in Barbados and moreover secure connections.  

Mr. Tasker told The Advocate that each corporate customer will
have his or her own specific channel that won't be issued to
anyone else.  This guarantees safer connections, compared to the
use of normal walkie-talkies.  The handsets can be used both as
mobile unit and walkie-talkie.  

There will be no cross lines.  Through the service, the user can
contact a group in one single action through the walkie-talkie
mechanism.  The service will also be able to handle a large
amount of traffic, The Advocate states.

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.


INTERPOOL INC: Purchase Deal Prompts Moody's to Withdraw Ratings
----------------------------------------------------------------
Moody's Investors Service withdrew the corporate ratings on
Interpool, Inc., upon the announcement the company's
shareholders have approved the purchase of Interpool by certain
private equity funds managed by affiliates of Fortress
Investment Group, LLC.  As a part of the transaction, all
unsecured debt will be redeemed or fully tendered upon closure.
Due to the structure of the transaction, the purchaser has no
obligation to provide financial disclosure going forward.  This
action is associated with the corporate debt ratings on
Interpool and is not related to Moody's ratings on its
securitized funding.

The ratings have been withdrawn because Moody's believes it
lacks adequate information to maintain a rating.

These ratings were withdrawn:

Interpool, Inc.:

   -- Corporate Family (formerly rated B1)
   -- Senior Unsecured Notes (formerly rated B2)

Interpool Capital Trust:

   -- Capital Trust Securities (formerly rated Caa1)

Interpool, Inc. (NYSE: IPX) is a supplier of equipment and
services to the transportation industry.  It is a lessor of
intermodal container chassis and a world-leading lessor of cargo
containers used in international trade.  The company has
operations in Barbados, Singapore and Basel.




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


BELL ATLANTIC: Proofs of Claim Filing Is Until Tomorrow
-------------------------------------------------------
Bell Atlantic (Bermuda) Holdings Ltd.'s creditors are given
until June 24, 2007, to prove their claims to Jennifer Y.
Fraser, 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.

Bell Atlantic's shareholders agreed on June 1, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:
         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


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

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

The liquidator can be reached at:

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


GLOBAL CROSSING: To Provide Broadband Connectivity in St. Croix
---------------------------------------------------------------
Global Crossing has entered into a 15-year contract with the
University of the Virgin Islands Research and Technology Park
(RTPark) for high capacity broadband connectivity and colocation
space at Global Crossing's fiber switching facilities in St.
Croix, U.S. Virgin Islands.  Providing access to Global
Crossing's extensive and secure global fiber-optic network
allows RTPark to attract more e-commerce and software companies
offering multiple solutions and services, such as secure data
transport, hosting and other IP services.

RTPark was created to foster economic development in the Virgin
Islands by serving as a global technology center in St. Croix
for e-commerce and software businesses and other organizations
looking to establish operations in the region.  Under the
agreement, RTPark has direct access to the Global Crossing's
global IP network, which delivers services in more than 600
cities in 60 countries and provides, in turn, a compelling
foundation for the growth of bandwidth-based technology
businesses in the territory.

"This agreement provides unique strategic benefits to RTPark and
the U.S. Virgin Islands as we strive to increase technology-
based economic development in the territory," said David M.
Zumwalt, executive director of RTPark. "Global Crossing's
tier-1, carrier-class telecommunications network infrastructure
is a cornerstone in our mandate to facilitate e-commerce,
digital content and transaction processing businesses in the
USVI."

Under the terms of the agreement, Global Crossing is providing
colocation space to RTPark in St. Croix, which RTPark can
further extend to its customers and partners.  In addition, the
contract allows RTPark to extend high-capacity bandwidth
services via an authorized local access service provider as well
as its own network infrastructure in the USVI.

"This agreement underscores our position as the provider of
choice to research and educational institutions, as well as
public-private sector partnerships such as RTPark," said Dale
Miller, senior vice president for carrier sales in Latin America
and the Caribbean.  "By leveraging Global Crossing's solutions,
RTPark can quickly provide advanced capabilities to
international businesses wanting to establish a presence in a
region experiencing fast-pace growth.  We're proud to support
RTPark's initiatives fostering economic development in the U.S.
Virgin Islands."

Global Crossing Colocation Service offers customers access to
highly secure and reliable space, power and technical resources,
providing a cost-efficient way for customers to expand their
network infrastructure in key metropolitan centers without
having to incur separate real estate costs.

Connection to Global Crossing's IP network using high-speed
connectivity and International Private Line service will enable
RTPark to offer global connectivity.  Global Crossing's wholly-
owned facility in St. Croix is a key gateway that connects South
America and Mexico to the rest of the world via its sub-sea
cable system in the Mid-Atlantic, which also connects with two
other major metropolitan cities in the U.S. -- Miami and
New York.

Global Crossing has extensive experience providing IP network
services to operators of research and educational networks
worldwide.  Customers include SURFnet in the Netherlands; DANTE,
operators of the GEANT network in Europe; HEAnet in the Republic
of Ireland; ITAM, Instituto Tecnologico Autonomo de Mexico, in
Mexico; and the Brazilian National Research and Education
Network and Fundacao de Amparo a Pesquisa do Estado de Sao
Paulo, the two largest academic research institutions in Brazil.  
Global Crossing also was responsible for the creation of the
America Latina Interconectada con Europa network that
interconnects the research and educational community in Latin
America.

                       About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides  
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, and the United Kingdom.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

At Dec. 31, 2006, Global Crossing Ltd.'s balance sheet showed a
US$195 million stockholders' deficit, compared to a US$173
million stockholders' deficit at Dec. 31, 2005.


REFCO INC: Bawag's US$140-Mil. Case Settlement Gets Final Okay
--------------------------------------------------------------
The U.S. District Court for the Southern District of New York
granted final approval to a US$140 million settlement by
Austria's bank BAWAG P.S.K. Bank Fuer Arbeit und Wirtschaft und
Osterreichische Postsparkasse Aktiengesellschaftand of claims it
faces in a suit over the collapse of Refco Inc., according to
the Associated Press.

Judge Gerard F. Lynch signed the agreement wherein Bawag will
pay US$140 million to its investors as well as support them in
going after Refco's former chief executive Philip R. Bennett and
other officers.  Bawag is accused of helping Mr. Bennett and
others conceal Refco's true financial position.

The settlement covers persons or entities that purchased or
otherwise acquired Refco Group Ltd., LLC/ Refco Finance Inc. 9%
Senior Subordinated Notes due 2012 (CUSIP Nos. 75866HAA5 and/or
75866HAC1) and/or Refco, Inc. common stock (CUSIP No. 75866G109)
between Aug. 5, 2004, and Oct. 17, 2005.

In the partial settlement, Bawag agreed to pay US$675 million as
well as US$337.5 million payment to its aggravated shareholders
through a compensation fund.  

Bawag also made the Justice Department sign a non-prosecution
agreement.

Plaintiffs' lawyer John P. Coffey said that they will continue
to pursue the remaining defendants -- Mr. Bennett, Bawag's
former chief financial officer Robert C. Trosten and former
president Tone N. Grant -- wherein a civil trial is expected
sometime in 2008.

                       Case Background

The suit, filed in the U.S. District Court for the Southern
District of New York, was consolidated in April 2006 (Class
Action Reporter, April 7, 2006).  

It claimed the collapsed commodity brokerage hid more than
US$5 billion off its books, far more than previously thought.  
It also accuses company executives, company auditors, and
investment bankers of negligence.

This discovery of the bad debts caused the collapse of the
company a mere two months after its Aug. 10, 2005, initial
public offering of common stock, and only 14 months after its
issuance of 9% Senior Subordinated Notes due 2012.  The company
filed the fourth largest bankruptcy in U.S. history as a result.

The suit is "In re Refco, Inc. Securities Litigation, Master
File No. 05 Civ. 8626 (GEL)," filed in the U.S. District Court
for the Southern District of New York under Judge Gerard E.
Lynch.

Representing the plaintiffs are:

     (1) Max W. Berger (MB-5010), John P. Coffey  (JC-3832),
         John C. Browne (JB-0391) and Noam N. Mandel (NM-0203)
         of Bernstein Litowitz Berg & Grossmann, LLP, 1285
         Avenue of the Americas, New York, NY 10019, Phone:
         (212) 554-1400, Fax: (212) 554-1444; and

     (2) Stuart M. Grant (SG-8157), James J. Sabella (JS-5454),
         Megan D. McIntyre, Jeff A. Almeida, Christine M.
         Mackintosh and Jill Agro of Grant & Eisenhofer, P.A.,
         Phone: (646) 722-8500 and (302) 622-7000, Fax: (646)
         722-8501 and (302) 622-7100

For more details, contact:

         Refco, Inc. Securities Litigation
         c/o The Garden City Group, Inc.
         P.O. Box 9087
         Dublin, OH 43017-0987
         Web site: http://www.refcosecuritieslitigation.com/

                         About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operationsin 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  Refco has operations in Bermuda.


REFCO INC: Examiner Says Auditors & Counsel May Face Claims
-----------------------------------------------------------
Joshua R. Hochberg, the independent examiner appointed by the
Court overseeing the bankruptcy proceedings of Refco, Inc., and
23 of its affiliated companies, delivered to the U.S. Bankruptcy
Court for the Southern District of New York a final report
documenting his findings and conclusions on potential causes of
action that led to the Debtors' filing for Chapter 11 protection
on Oct. 17, 2005.

The Final Report, which was previously filed under temporary
seal, was filed as a public record in accordance with the Hon.
Robert D. Drain's order to unseal the "highly confidential
information" contained in the report.

The scope of the examination included the investigation of, and
reporting on, potential claims which might be brought by the
Debtors' estates against any of Refco's prepetition
professionals, and any causes of action that might be brought to
recover the US$82,200,000 dividend paid in connection with the
initial public offering, or damages arising from its payment.

The examination also included consideration of how the alleged
fraud was perpetrated through the use of certain "Round Trip
Loans" in order to understand whether or not the professionals
were negligent or complicit.

Under the Final Report, the Examiner evaluated potential
liability with respect to these entities and subject matters:

  (1) Arthur Andersen LLP was Refco's outside auditor from at
      least the late 1980's to 2002.

  (2) Grant Thornton LLP was Refco's outside auditor from
      October 2002 until the Petition Date.

  (3) Ernst & Young LLP provided various services to Refco
      entities, including tax accounting and consulting
      services, from 1991 until 2004.

  (4) Levine Jacobs & Company, L.L.C. provided tax accounting
      services to various Refco entities from 2004 to 2005.

  (5) Mayer, Brown, Rowe & Maw LLP served as the main outside
      counsel for Refco and its related entities from 1994
      until the Petition Date.

  (6) Weil, Gotshal & Manges LLP represented various Thomas
      H. Lee entities in connection with the LBO in 2004, and
      thereafter represented both Thomas H. Lee and various
      Refco entities and certain members of Refco's Board of
      Directors in connection with various matters including
      Refco's IPO.

                   The RGHI Receivable Scheme

According to the Examiner, Messrs. Bennett, Trosten, and Grant
are individuals under indictment for orchestrating and
participating in a massive fraudulent scheme designed to
manipulate the financial statements of various Refco companies
that were publicly reported and supplied to lending institutions
and to regulators.  Those Refco companies' financial statements
were prepared on a consolidated basis under Refco Group Ltd.,
LLC.  The financial information of Refco Group Holdings, Inc., a
holding company owned principally by Mr. Bennett, was not
consolidated with Refco and was not public, the Examiner says.

In August 2005, the Examiner relates, Refco made an Initial
Public Offering of its stock and was subsequently listed on the
New York Stock Exchange.  In October 2005, he notes, revelations
concerning the "fraudulent manipulation of Refco's financial
statements" precipitated the company's bankruptcy and losses of
hundreds of millions of dollars by creditors and equity holders.

The roots of the scheme that was used to conceal losses and
money owed to Refco by RGHI began at least in 1997 or 1998, the
Examiner continues.  At that time, he says, Refco suffered
millions of dollars in losses as certain of its customers could
not make good on their own trading losses.

"There is evidence that [Mr.] Bennett and others caused these
bad debts to be sold or transferred from Refco entities to the
unconsolidated parent company, RGHI," the Examiner states.  "As
a result, the bad debts would not have to be recognized as
losses on the books of a Refco company.

The "sale" price of the bad debt transferred directly or
indirectly to RGHI was treated as a receivable, due from RGHI,
on Refco's books, the Examiner notes.  Over time, the amount of
the RGHI Receivable fluctuated as interest accrued, other bad
debts were transferred to RGHI, and certain fees and computer
expenses were also transferred out of the consolidated reporting
Refco companies.

                        Round Trip Loans

To hide the RGHI Receivable, as each reporting period came to a
close, Mr. Bennett, et al., caused the consolidated reporting
Refco companies to manipulate their books through a series of
transactions commonly referred to as "Round Trip Loans," the
Examiner states in the Final Report.

"The loans made it appear that the RGHI Receivable was due from
unrelated third parties rather than from RGHI," the Examiner
says.  "This concealment of the true nature of the RGHI
Receivable also provided comfort to outsiders that the
receivable was collectible."

The Round Trip Loans were two short-term loans of several weeks
duration that spanned the end of Refco's fiscal year-end or
quarterly financial reporting periods, the Examiner explains.
The first loan was made by a Refco entity to a third party at a
certain interest rate for a certain period of time.  The second
one was made by that same third party to RGHI for the same
period of time, but at a higher interest rate.  The repayment of
the loan by RGHI to the third party was guaranteed by RGL and
the third party was also indemnified by RGL against any loss or
expense for entering into the Round Trip Loan.

The Examiner states that the funds or credit advanced for the
loan to the third party were deposited into the third party's
account with RCM.  Those funds were then transferred at the
third party's request from the third party's account at RCM to
RGHI's account at RCM.

The effect of those transactions was to reduce RGHI's receivable
balance owed to RCM by the amount of the Round Trip Loan, and to
substitute a receivable in that amount from the third party, the
Examiner states.  In most cases, those were bookkeeping entries
and no cash actually "moved," he relates.  After the end of the
applicable reporting period, the process was reversed and
unwound, he says.

"These Round Trip Loans were sham transactions with no economic
substance which were entered into solely to 'dress up' Refco's
consolidated financial statements," the Examiner states.  "The
loans involved no risk to the third party because they included
secret guarantees by Refco that were not reflected on Refco's
books.  The guarantees obligated Refco to pay back RGHI's
obligation in case RGHI defaulted."

The loans were also falsely reported to be "repo" transactions
when, in fact, unlike a true repo, there was no security on
deposit at Refco to act as collateral for the loan, the Examiner
adds.  The effect of the loans was to expose Refco to risk and
to cause Refco to pay interest, with no resulting economic
benefit to Refco.

The Examiner further states: "Mr. Bennett, et al., caused Refco
to engage in those schemes at every annual reporting period from
at least 1998 through 2005.  Starting in 2000, attorneys at
Mayer Brown prepared the loan documentation and the guarantee
and otherwise assisted with the loan process for virtually every
Round Trip Loan.  At the end of each financial reporting period,
Arthur Andersen and later, Grant Thornton, audited RGL's books
and issued unqualified audit opinions that did not disclose the
Round Trip Loans or the full extent of the related-party RGHI
Receivable."

The Examiner points out that the scheme to conceal the large
related-party receivable went undetected during the course of a
leveraged buyout transaction in August 2004.  It was also
undetected when certain senior subordinated notes issued by
Refco were registered with the SEC in April 2005 in a public
exchange offering, and during the IPO in August 2005, the
Examiner notes.  After the IPO, a new Refco employee discovered
the irregularities on the books and finally brought them to the
attention of RGL's Audit Committee, he reveals.

            Examiner Points Fingers at Top Law Firms

The Examiner concludes in his Final Report that the Debtors'
estates could assert claims for relief, sufficient to withstand
a motion to dismiss, against certain of Refco's prepetition
professionals who contributed to, or failed to prevent, the harm
suffered by Refco, including:

  (a) claims for professional negligence against Grant Thornton,
      Ernst & Young, and Mayer Brown;

  (b) claims for aiding and abetting fraud and breaches of
      fiduciary duty against Mayer Brown and, although it is a
      close question, Ernst & Young; and

  (c) claims for avoidance and recovery of preferential
      transfers against Refco's professionals who received
      payments on or within the 90-days before the Petition
      Date.

As to Weil Gotshal, although it is a close question, the
Examiner concludes that there are facts that could support an
allegation that the firm failed to adhere to the standard of
care applicable to its representation of Refco.

The Examiner determines that additional claims might be asserted
against certain of the directors responsible for the declaration
of the US$82,200,000 Dividend and those who received the
dividend,
including:

  -- claims for breaches of fiduciary duties and violation of
     Delaware General Corporate Law against Mr. Bennett; and

  -- claims for avoidance and recovery of fraudulent conveyances
     and preferential transfers, and damages, against Mr.
     Bennett or RGHI and Thomas H. Lee entities as the
     recipients of the Dividend.

The Examiner believes further investigation is warranted to
determine whether evidence exists to support other claims,
including:

  * claims for aiding and abetting fraud and breaches of
    fiduciary duty against Arthur Andersen and Grant Thornton;
    and

  * claims for damages arising out of the declaration of the
    Dividend against certain other members of Refco's Board
    of Directors.

              Claims Defense & Counter-Defenses

The Examiner tells the Court that several significant factual
and legal defenses are potentially available to all parties
against whom claims may be asserted.  Among the most significant
potential defenses, he says, are the "Wagoner" rule and, in some
cases, the statute of limitations.

The Wagoner rule, or the doctrine of in pari delicto, the
Examiner explains, may preclude a bankruptcy trustee from
asserting claims on behalf of the company against third parties
for injuries that arise out of wrongful acts or misconduct
committed by the company's controlling managers.

According to The Financial Times Ltd., Ernst & Young said in a
statement: "We believe our tax work fully complied with
professional standards.  We resigned in 2003, well before
Refco's 2005 public offering, after the company's former
management refused to allow us to meet with its outside
auditors."

Financial Times also reports that Grant Thornton, which served
as Refco's auditors, commented: "Responsibility for the Refco
collapse lies [with the firm's former management] . . . Our
audit work met professional standards and statements by the
examiner for the bankruptcy estate do not reflect the context or
the facts as we know them to be."

Mayer Brown was unavailable for comment, Financial Times
discloses.

The Examiner's appointment was approved by the Court on
March 22, 2006.  McKenna Long & Aldridge LLP was retained as the
Examiner's counsel.

A full-text copy of the Examiner's 416-page Final Report is
available at no charge at:

http://www.bankrupt.com/misc/refcoexaminerfinalreport.pdf

                           About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operationsin 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 65; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).  Refco has operations in Bermuda.




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


* BOLIVIA: State Firm Awards Crude Sale Contract to Glencore
------------------------------------------------------------
State-run firm Yacimientos Petroliferos Fiscales Bolivianos has
awarded Swiss resources group Glencore International the
contract to buy 300,000 barrels of reconstituted crude, Business
News Americas reports.

As reported in the Trouble Company Reporter-Latin America on
July 20, 2007, Yacimientos Petroliferos' Operations Vice
President Sebastian Daroca said that Glencore is the sole bidder
for the purchase of 300,000 barrels of "reconstituted crude"
from the company.  A review committee would review the offer and
present its recommendation to YPFB's "leadership."  YPFB offered
300,000 barrels, which was the maximum amount that can be loaded
onto a ship at Chilean port Arica.  The company launches such
tenders at least once a month, according to Mr. Daroca.

Glencore will pay the West Texas Intermediate price less US$6.34
per barrel.  The WTI price is a gauge of world oil prices.  The
fuel will be loaded at Chilean port Arica, Yacimientos
Petroliferos said in a statement.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                   Rating    Rating Date

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




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


BANCO NACIONAL: Grants BRL58.7 Bil. in New Loans in June 2007
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social S.A. said
in a statement that the new loans it granted increased by 30% to
BRL58.7 billion in the 12 months ended June 2007, compared to
the previous 12-month period.

Banco Nacional told Business News Americas that loan approvals
grew 53% to BRL88.3 billion in the 12 months ended June 2007,
compared to the previous 12-month period.  Requests for loans
rose 44% to BRL123 billion.

BNamericas relates that new loans to the industrial sector
increased 38% to BRL30.1 billion in the 12 months ended June
2007, compared to the 12 months ended June 2006.  Lending for
infrastructure rose 32% to BRL19.0 billion.

According to BNamericas, loans to the service industry grew 80%
to BRL4.58 billion in June 2007, from June 2006.  Credit for
agribusinesses rose 14% to BRL4.12 billion.

Small and medium-sized enterprise lending increased 30% to
BRL9.65 billion in June 2007, compared to June 2006, BNamericas
says.  Retail lending grew 4% to BRL3.44 billion, reversing a
decline from earlier this year.

BNamericas states that Banco Bradesco "passed along" BRL6.62
billion in new loans from Banco Nacional, followed by Banco do
Brasil with BRL6.02 billion and Unibanco with BRL3.38 billion.

Brazilian banks handled BRL34.8 billion in Banco Nacional loans
from July 2006 to June 2007, BNamericas reports.

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 DO BRASIL: Pension Funds May Sell 5 Percent of Capital
------------------------------------------------------------
Brazilian federal bank Banco do Brasil said in a filing with the
local securities regulator, Comissao de Valores Mobiliarios,
that its workers' pension fund Previ and BNDESpar, the private
equity arm of Banco Nacional de Desenvolvimento Economico e
Social SA, are considering a "follow-on offering" of the bank's
voting shares before the end of 2007.

According to Banco do Brasil's statement, the offering will
involve up to 5% of its capital.

Business News Americas relates that Banco do Brasil raised its
free float to 14.8% from 6.90% in a secondary share offering in
June 20006.  It was granted three years to meet the minimum 25%
free float requirements of Sao Paulo stock exchange Bovespa's
Novo Mercado index.

BNamericas notes that foreign investors purchased almost 51% of
the shares offered after Brazilian President Luiz Inacio Lula da
Silva signed a decree to let foreign holdings in Banco do Brasil
to rise to 12.5% from 5.60%.

Banco do Brasil disclosed in January 2007 a stock split to
create three shares for every existing share, BNamericas says.

Banco do Brasil was preparing to list shares outside Brazil by
2009, local news agency Agencia Estado reports.

                     About Banco Nacional

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.

                    About Banco do Brasil

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and over 7,000 points
of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

As reported on May 22, 2007, Standard & Poor's Ratings Services
raised its long-term foreign currency counterparty credit rating
on Brazilian government-related entity Banco do Brasil to 'BB+'
from 'BB', after Brazil's foreign currency sovereign credit
rating was upgraded to BB+.


BANCO NACIONAL: Unit Mulls Sale of Banco Do Brasil Voting Shares
----------------------------------------------------------------
Brazilian federal bank Banco do Brasil said in a filing with the
local securities regulator, Comissao de Valores Mobiliarios,
that its workers' pension fund Previ and BNDESpar, the private
equity arm of Banco Nacional de Desenvolvimento Economico e
Social SA, are considering a "follow-on offering" of the bank's
voting shares before the end of 2007.

According to Banco do Brasil's statement, the offering will
involve up to 5% of its capital.

Business News Americas relates that Banco do Brasil raised its
free float to 14.8% from 6.90% in a secondary share offering in
June 20006.  It was granted three years to meet the minimum 25%
free float requirements of Sao Paulo stock exchange Bovespa's
Novo Mercado index.

BNamericas notes that foreign investors purchased almost 51% of
the shares offered after Brazilian President Luiz Inacio Lula da
Silva signed a decree to let foreign holdings in Banco do Brasil
to rise to 12.5% from 5.60%.

Banco do Brasil disclosed in January 2007 a stock split to
create three shares for every existing share, BNamericas says.

Banco do Brasil was preparing to list shares outside Brazil by
2009, local news agency Agencia Estado reports.

                    About Banco do Brasil

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and over 7,000 points
of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                     About Banco Nacional

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.


COMPANHIA SIDERURGICA PAULISTA: Moody's Ups Corp. Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency debt
ratings of Usinas Siderurgicas de Minas Gerais S.A. -- USIMINAS,
and Companhia Siderurgica Paulista -- COSIPA, to Ba1 from Ba2,
and assigned a corporate family rating of Ba1 on its global
scale and Aa1.br rating on the Brazilian national scale.  The
ratings outlook is positive .

Ratings upgraded are:

   -- US$175 million foreign currency notes due 2009 issued by
      Cosipa, guaranteed by Usiminas: upgraded to Ba1 from Ba2

   -- US$200 million senior unsecured foreign currency notes due
      2016 issued by Cosipa Commercial Ltd., jointly guaranteed
      by Usiminas and Cosipa: upgraded to Ba1 from Ba2

   -- US$500 million Senior Unsecured Global MTN Program:
      upgraded to Ba1 from Ba2

Ratings assigned are:

   -- Corporate Family Rating: Ba1 (Global scale); Aa1.br
      (Brazilian National scale)

Outlook for all ratings: positive

The rating action reflects the continued improvement in
Usiminas' debt protection metrics and liquidity position on a
consolidated basis, as evidenced by the substantive deleveraging
of its balance sheet, with Total Adjusted Debt to LTM EBITDA of
1.0x as of March 31, 2007.  It also reflects Usiminas' improved
debt maturity profile and its accumulation of a hefty cash
position of BRL3,053 million.

In Moody's view, the strengthened balance sheet gives Usiminas
room to finance its US$5.7 billion multi-year investment program
to modernize its mills, expand production capacity of crude
steel to about 12 million tons per year by 2011 from its current
capacity of 9.5 million tons, and improve its sales mix.  
Although it is expected that the investment program will be
substantially debt-funded, Moody's believes that Total Adjusted
Debt to EBITDA will remain below 2.0 times over the near term.  
The fact that Usiminas' production costs are competitive on a
global basis ensures healthy operating margins even during
cyclical downturns.

Usiminas' ratings take into consideration the management's risk
aversion and the track record of its plants having consistent
almost-full capacity utilization rates.  It also incorporates
the lack of ownership of key raw materials such as coal and iron
ore, and the company's dependency on the Brazilian economy.  The
execution risk inherent in the announced investment program is
also a constraint on Usiminas' ratings, although Moody's notes
that the company has a good track record in managing large
capital expenditure projects.

While the Ba1 global scale rating reflects the default and loss
expectation of Usiminas on a global basis, the Aa1.br national
scale rating reflects the standing of its credit quality
relative to other domestic issuers.  National Scale Ratings
(NSRs) are intended as relative measures of creditworthiness
among debt issues and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Brazil are designated by the ".br" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

The positive outlook reflects Moody's expectation that Usiminas
will continue to report healthy operating margins and strong
cash flow coverage metrics over the near term, while it
prudently manages its investment program.  Also, the positive
outlook incorporates Moody's belief that Usiminas will maintain
a moderate payout of dividends, and adequate liquidity.

Usiminas' ratings could be upgraded if debt protection metrics
are sustained at healthy levels over the near term as the
company executes its investment program, including CFO less
Dividends to Total Adjusted Debt above 40%, while maintaining a
solid liquidity position as measured by Cash Balance plus Unused
Committed Credit Facilities to Short-Term Debt in excess of
1.3x.

Should Total Adjusted Debt to EBITDA increase beyond 2.0x for an
extended period or should Usiminas' liquidity position
deteriorate significantly, the ratings' outlook could be changed
to stable from positive.  Also, a significant increase in
consolidated secured debt could also place negative pressure on
Usiminas' debt ratings.

Headquartered in Belo Horizonte, Brazil, the Usiminas Group,
comprising mainly Usiminas and Cosipa, is the largest fully
integrated flat steel manufacturer in Latin America, with 8.8
million tons of crude steel produced in 2006. Usiminas reported
consolidated net revenues of BRL 12,794 million (US$5,926
million) in the twelve months ended March 31, 2007.


FERRO CORP: Names Roland Simon as Chief Purchasing Officer
----------------------------------------------------------
Ferro Corporation has hired Roland Simon as its Chief Purchasing
Officer.

Mr. Simon joins Ferro after a 23-year career with Goodyear Tire
and Rubber Company where he worked in a variety of locations and
positions, most recently as General Manager, Chemicals
Purchasing.  He also served as Global Purchasing Manager for
Goodyear's Services and Retail division and, working in
Luxembourg, was Purchasing Director for European, Asian and
African operations.  Mr. Simon also acted as business manager
and plant manager for operations in Germany, Luxembourg and the
United Kingdom.

Mr. Simon graduated from Washington and Lee University in
Virginia with a Bachelor's degree in Physics and Engineering.  
He also holds an MBA from Durham Business School in County
Durham, England.  Mr. Simon reports to Vice President of
Operations Tom Austin. He is based at Ferro's corporate
headquarters in Cleveland.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of  
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


SENSATA TECHNOLOGIES: Appoints Jeff Cote as Exec. Vice President
----------------------------------------------------------------
Sensata Technologies Inc. has named Chief Financial Officer Jeff
Cote as a member of the board of directors and executive vice
president.

Sensata Technologies Chief Executive Officer and Chairman of the
Board Tom Wroe said, "We are pleased to recognize Jeff's ongoing
contribution to Sensata with this promotion.  His expertise in
the areas of financial reporting and investor relations has been
especially valuable to Sensata as we establish ourselves as a
stand-alone company."

Mr. Cote joined Sensata as a senior vice president and CFO in
January 2007.  Previously, he was the Chief Operating Officer at
Ropes & Gray LLP where he was responsible for the firm's
administrative and operational initiatives, including finance,
information technology, facilities management, human resources,
marketing and business development.  Mr. Cote also served as
Chief Operating, Financial and Administrative Officer for
Digitas, Inc., where he had similar responsibilities.

He has a breadth of experience with mergers and acquisitions,
regulatory and filing requirements and initial public offerings
and holds a bachelor's and master's degree in Accounting.  He is
a Certified Public Accountant in Florida and Massachusetts.

                  About Sensata Technologies

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and  
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan and the Netherlands.  Sensata Technologies employs
approximately 5,400 people worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Standard & Poor's Ratings Services revised its
outlook on Sensata Technologies B.V. to negative from stable.  
The outlook revision follows the company's announcement that it
will acquire Airpax Holdings Inc. for US$276 million plus fees
and expenses using a combination of cash and debt.  All of its
ratings on Sensata, including S&P's 'B+' corporate credit
rating, have been affirmed.


TAM SA: Aircraft Insurance Coverage Is US$1.5 Billion
-----------------------------------------------------
TAM said in its 2006 yearly report that it holds an insurance
policy of up to US$1.5 billion in aircraft hull and civil
liability coverage.

As widely reported, a TAM aircraft carrying 186 people crashed
on July 17 as it tried to land at Sao Paulo airport Congonhas.  
The accident may be due to an incomplete rainwater drainage work
on the main runway.  

Some reports claimed that the TAM aircraft was going at
excessive speed when it landed.

According to BNamericas, at least 200 people are presumed dead.

BNamericas notes that TAM paid about BRL35 million in premiums
in 2006 and about BRL40 million in 2005.

Brazilian financial daily Gazeta Mercantil relates that TAM took
out the policy with Brazilian insurer Unibanco AIG.  However,
Unibanco purchased reinsurance through federal reinsurer IRB-
Brasil Re.  Over 95% of the risk was passed along to
international markets.

Guy Carpenter of the US insurance group Marsh "brokered the
civil liability contract with a pool of international
reinsurers," Gazeta Mercantil reports.

TAM SA -- 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.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                        *     *     *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM SA.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the rating outlook is stable.


TAM SA: S&P Says BB Corp. Credit Rating Unmoved by Plane Crash
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' long-term
corporate credit rating on Brazil-based airline TAM S.A. will
not be immediately affected by Tuesday's plane crash involving
one of the company's aircraft in the city of Sao Paulo, Brazil.  
The financial effects should be minimal because TAM is covered
by insurance policies for losses and damages.  The company
benefits from a strong and resilient market position in Brazil
that S&P does not expect to deteriorate.  Nevertheless, because
of Brazilian airlines' plans to expand their air fleet based on
continuing domestic air traffic growth during the next several
years, S&P remains attentive to possible negative developments
regarding airline industry regulation, which could escalate
because of the crash.

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.


USINAS SIDERURGICAS: Moody's Ups Rating on US$875MM Notes to Ba1
----------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency debt
ratings of Usinas Siderurgicas de Minas Gerais S.A. -- USIMINAS,
and Companhia Siderurgica Paulista -- COSIPA, to Ba1 from Ba2,
and assigned a corporate family rating of Ba1 on its global
scale and Aa1.br rating on the Brazilian national scale.  The
ratings outlook is positive.

Ratings upgraded are:

   -- US$175 million foreign currency notes due 2009 issued by
      Cosipa, guaranteed by Usiminas: upgraded to Ba1 from Ba2

   -- US$200 million senior unsecured foreign currency notes due
      2016 issued by Cosipa Commercial Ltd., jointly guaranteed
      by Usiminas and Cosipa: upgraded to Ba1 from Ba2

   -- US$500 million Senior Unsecured Global MTN Program:
      upgraded to Ba1 from Ba2

Ratings assigned are:

   -- Corporate Family Rating: Ba1 (Global scale); Aa1.br
      (Brazilian National scale)

Outlook for all ratings: positive

The rating action reflects the continued improvement in
Usiminas' debt protection metrics and liquidity position on a
consolidated basis, as evidenced by the substantive deleveraging
of its balance sheet, with Total Adjusted Debt to LTM EBITDA of
1.0x as of March 31, 2007.  It also reflects Usiminas' improved
debt maturity profile and its accumulation of a hefty cash
position of BRL3,053 million.

In Moody's view, the strengthened balance sheet gives Usiminas
room to finance its US$5.7 billion multi-year investment program
to modernize its mills, expand production capacity of crude
steel to about 12 million tons per year by 2011 from its current
capacity of 9.5 million tons, and improve its sales mix.  
Although it is expected that the investment program will be
substantially debt-funded, Moody's believes that Total Adjusted
Debt to EBITDA will remain below 2.0 times over the near term.  
The fact that Usiminas' production costs are competitive on a
global basis ensures healthy operating margins even during
cyclical downturns.

Usiminas' ratings take into consideration the management's risk
aversion and the track record of its plants having consistent
almost-full capacity utilization rates.  It also incorporates
the lack of ownership of key raw materials such as coal and iron
ore, and the company's dependency on the Brazilian economy.  The
execution risk inherent in the announced investment program is
also a constraint on Usiminas' ratings, although Moody's notes
that the company has a good track record in managing large
capital expenditure projects.

While the Ba1 global scale rating reflects the default and loss
expectation of Usiminas on a global basis, the Aa1.br national
scale rating reflects the standing of its credit quality
relative to other domestic issuers.  National Scale Ratings
(NSRs) are intended as relative measures of creditworthiness
among debt issues and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Brazil are designated by the ".br" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

The positive outlook reflects Moody's expectation that Usiminas
will continue to report healthy operating margins and strong
cash flow coverage metrics over the near term, while it
prudently manages its investment program.  Also, the positive
outlook incorporates Moody's belief that Usiminas will maintain
a moderate payout of dividends, and adequate liquidity.

Usiminas' ratings could be upgraded if debt protection metrics
are sustained at healthy levels over the near term as the
company executes its investment program, including CFO less
Dividends to Total Adjusted Debt above 40%, while maintaining a
solid liquidity position as measured by Cash Balance plus Unused
Committed Credit Facilities to Short-Term Debt in excess of
1.3x.

Should Total Adjusted Debt to EBITDA increase beyond 2.0x for an
extended period or should Usiminas' liquidity position
deteriorate significantly, the ratings' outlook could be changed
to stable from positive.  Also, a significant increase in
consolidated secured debt could also place negative pressure on
Usiminas' debt ratings.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.




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


AHON BRIDGE: Proofs of Claim Filing Deadline Is July 26
-------------------------------------------------------
Ahon Bridge creditors are given until July 26, 2007, to prove
their claims to Martin Couch and Richard Gordon, 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.

Ahon Bridge's shareholders agreed on June 12, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


AMMC CDO: Proofs of Claim Must be Filed by July 26
--------------------------------------------------
AMMC CDO II Ltd.'s creditors are given until July 26, 2007, to
prove their claims to Mora Goddard and Joshua Grant, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

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


ANTHRACITE BALANCED: Proofs of Claim Filing Ends on July 25
-----------------------------------------------------------
Anthracite Balanced Company (Libgdf4) Ltd.'s creditors are given
until July 25, 2007, to prove their claims to Scott Aitken and
Connan Hill, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


CABLE & WIRELESS: Facing Lawsuit from Digicel Group
---------------------------------------------------
Digicel Group told Dow Jones Newswires that it has filed a
lawsuit against rival Cable & Wireless PLC for illegally
delaying its entry into Caribbean markets.

According to Dow Jones, Digicel said it is seeking "multimillion
pound" in damages.

The report says that Digicel claims that former Cable &
Wireless, a former monopoly in the Caribbean and Central
American markets, tried to prevent the company from launching
competing mobile phone networks in eight markets, which include:

          -- St. Lucia,
          -- Grenada,
          -- Barbados,
          -- Cayman Islands, and
          -- Trinidad & Tobago.

The obstructions happened between 2002 and 2006, causing the
company substantial losses, Dow Jones notes, citing Digicel.

Digicel told Dow Jones that it expects the claim to come to the
English High Court next year.  

Digicel Chairperson Denis O'Brien said in a statement, "We are
extremely frustrated with the continual illegal obstructions
that we have encountered from Cable & Wireless.  We believe that
a successful claim will not only compensate Digicel for the
losses it has suffered but also that it will put an end to the
anticompetitive practices of Cable & Wireless."

Meanwhile, Cable & Wireless commented Dow Jones, "We believe the
claim is without foundation and it will be vigorously defended."

Dow Jones relates that Cable & Wireless said it is gaining
market share in the Caribbean and is market leader in 10 out of
the 14 markets in the region that it operates in.

"We believe that the claim is no more than a deliberate spoiling
tactic by Digicel," Cable & Wireless said in a statement.

                     About Digicel Group

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.

                    About Cable & Wireless

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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


ENRON INTERNATIONAL: Proofs of Claim Must be Filed by July 26
-------------------------------------------------------------
Enron International Brazil 1997 Ltd.'s creditors are given until
July 26, 2007, to prove their claims to Michael P. Borom, 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.

Enron International's shareholders agreed on June 11, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Michael P. Borom
        Impala Partners LLC
        18 Marshall Street
        Suite 112, Norwalk CT 06854
        USA


FAIRFIELD TRAFALGAR: Final Shareholders Meeting Is on July 26
-------------------------------------------------------------
Fairfield Trafalgar Fund Ltd. will hold its final shareholders
meeting on July 26, 2007, at 10:00 a.m., at:

          4th floor, Cayman Financial Centre
          36a Dr. Roy's Drive, George Town
          P.O. Box 2510
          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,
      and

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

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

The liquidators can be reached at:

          Chris Humphries
          Mark Cummings
          c/o Stuarts Walker Hersant
          Cayman Financial Centre
          36a Dr. Roy's Drive, George Town
          P.O. Box 2510
          Grand Cayman KY1-1104
          Cayman Islands


FCT PACIFIC: Proofs of Claim Filing Deadline Is July 26
-------------------------------------------------------
FCT Pacific Equities Ltd. creditors are given until
July 26, 2007, to prove their claims to Jan Neveril and Richard
Gordon, 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.

FCT Pacific's shareholders agreed on May 17, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


HILLARY LTD: Sets Final Shareholders Meeting for July 25
--------------------------------------------------------
Hillary Ltd. will hold its final shareholders meeting on
July 25, 2007, at 11:00 a.m., at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Buchanan Limited
          P.O. Box 1170
          Grand Cayman KY1-1102
          Cayman Islands


KENWALL LTD: Proofs of Claim Filing Deadline Is July 25
-------------------------------------------------------
Kenwall Ltd.'s creditors are given until July 25, 2007, to
prove their claims to Richard Gordon and Andrew Dean, 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.

Kenwall Ltd.'s shareholders agreed on June 1, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

         CDL Company Ltd.
         P.O. Box 31106
         Grand Cayman, KY1-1205
         Cayman Islands


KKR FINANCIAL: Proofs of Claim Must be Filed by July 26
-------------------------------------------------------
KKR Financial CLO 2006-2 Ltd. creditors are given until
July 26, 2007, to prove their claims to George Bashforth and
Richard Gordon, 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.

KKR Financial's shareholders agreed on June 12, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MERRILL LYNCH (EUR): Proofs of Claim Must be Filed by July 26
-------------------------------------------------------------
Merrill Lynch European Equity Hedge Fund (EUR) Ltd. creditors
are given until July 26, 2007, to prove their claims to Jan
Neveril and Richard Gordon, 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.

Merrill Lynch's shareholders agreed on Feb. 5, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MERRILL LYNCH (USD): Proofs of Claim Filing Ends on July 26
-----------------------------------------------------------
Merrill Lynch European Equity Hedge Fund (USD) Ltd. creditors
are given until July 26, 2007, to prove their claims to Jan
Neveril and Richard Gordon, 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.

Merrill Lynch's shareholders agreed on Feb. 5, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


SEAGATE TECH: Earns US$541 Million in Quarter Ended June 29
-----------------------------------------------------------
Seagate Technology reported disc drive unit shipments of
39.2 million, revenue of US$2.74 billion, GAAP net income of
US$541 million, and diluted net income per share of US$0.96 for
the quarter ended June 29, 2007.  Net income and diluted net
income per share includes approximately US$27 million of
purchased intangibles amortization and other charges associated
with the Maxtor and EVault acquisitions.  Excluding these
charges, non-GAAP net income and diluted net income per share
were US$568 million and US$1.01.

For the twelve months ended June 29, 2007, Seagate reported disc
drive unit shipments of 159.2 million, revenue of US$11.4
billion, GAAP net income of US$913 million and diluted net
income per share of US$1.56.  GAAP net income and diluted net
income per share includes approximately US$241 million of
purchased intangibles amortization and other charges associated
with the Maxtor and EVault acquisitions and US$19 million for
the early retirement of the 8% notes.  Excluding these charges,
non-GAAP net income and diluted net income per share were
US$1.17 billion and US$2.00.

Included in both the GAAP and non-GAAP net income for the June
quarter and fiscal year 2007 are the following non-operating
items:

  -- a benefit of US$359 million that reflects a favorable
     adjustment to the valuation allowance related to Seagate's
     deferred tax assets;

  -- a charge of US$29 million associated with ongoing
     restructuring; and

  -- a US$4 million write-off of an equity investment that is
     reflected in other income and expense.

"Our results for the year as a whole as well as for this quarter
demonstrate the continued strength of the digital storage
industry and the positive impact of several important strategic
steps we have taken to secure and extend our industry
leadership," said Bill Watkins, Seagate chief executive officer.  
"We continue to lead the industry in technology and launch
innovative new products into all markets, including industry-
leading high capacity products.  Our market share is growing,
our revenue and shipment numbers are unmatched in the industry,
and we remain excited about the growth opportunities ahead of
us."

                       Business Outlook

For the September quarter, Seagate expects to report revenue of
US$2.9 to US$3.0 billion, and GAAP diluted net income per share
of US$0.35 to US$0.39.  Excluding approximately US$27 million of
purchased intangibles amortization and other charges associated
with the Maxtor and EVault acquisitions, non-GAAP diluted net
income per share for the September quarter is expected to fall
within the range of US$0.40 to US$0.44.

                   Dividend & Stock Repurchase

The company has declared a quarterly dividend of US$0.10 per
share to be paid on or before August 17, 2007 to all common
shareholders of record as of Aug. 3, 2007.

During the quarter ended June 29, 2007, the company took
delivery of approximately 9.7 million of its common shares
related to its share repurchase plan.  The average price of the
shares delivered to the company in the June quarter was
US$20.76.  The company has authorization to purchase
approximately US$975 million of additional shares under the
current stock repurchase program.

                    About Seagate Technology

Headquartered in Scotts Valley, California, and registered in
Cayman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets  
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, and Consumer Electronics
applications.

                        *     *     *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately USUS$1.9 billion. The
ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- USUS$400 million senior notes 8%, due 2009: to Ba1


SUNCREEK INVESTMENTS: Final Shareholders Meeting Is on July 25
--------------------------------------------------------------
Suncreek Investments Ltd. will hold its final shareholders
meeting on July 25, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Buchanan Limited
          P.O. Box 1170
          Grand Cayman KY1-1102
          Cayman Islands


SUNCREEK INVESTMENTS: Proofs of Claim Must be Filed by July 25
--------------------------------------------------------------
Suncreek Investments creditors are given until July 25, 2007, to
prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Suncreek Investments 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:

        Buchanan Limited
        Attention: Francine Jennings
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


TRIDENT GLOBAL: Proofs of Claim Filing Ends on July 26
------------------------------------------------------
Trident Global Investors Portfolio Ltd.'s creditors are given
until July 26, 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.

Trident Global'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:

        Krishnamurthy Narayanan
        c/o Trident Investment Management, LLC
        909 Third Avenue, 29th Floor
        New York, New York
        USA


VF CAYMANS: Proofs of Claim Must be Filed by July 26
----------------------------------------------------
VF Caymans I's creditors are given until July 26, 2007, to prove
their claims to Trident Directors (Cayman) 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.

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

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
        Telephone: (345) 949 0880
        Fax: (345) 949 0881


VF CAYMANS II: Proofs of Claim Filing Is Until July 26
------------------------------------------------------
VF Caymans II's creditors are given until July 26, 2007, to
prove their claims to Trident Directors (Cayman) 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.

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

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
        Telephone: (345) 949 0880
        Fax: (345) 949 0881


WINDING RIVER: Proofs of Claim Must be Filed by July 26
-------------------------------------------------------
Winding River Funding (Cayman), Ltd. creditors are given until
July 26, 2007, to prove their claims to Richard Gordon and
Joshua Grant, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Winding River's shareholders agreed on May 30, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


YVES LIMITED: Proofs of Claim Must be Filed by July 25
------------------------------------------------------
Yves Ltd.'s creditors are given until July 25, 2007, to prove
their claims to Buchanan Limited, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Yves Ltd.'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:

        Buchanan Limited
        Attention: Francine Jennings
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949-0355
        Fax: (345) 949-0360


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

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

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

The liquidators can be reached at:

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




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


SENSIENT TECH: Board Votes to Up Dividend to 18 Cents Per Share
---------------------------------------------------------------
Sensient Technologies Corporation's Board of Directors voted to
increase the quarterly cash dividend on its common stock from 16
cents per share to 18 cents per share at its meeting.  The
increase will be effective for the quarterly dividend payable on
Sept. 4, 2007, to shareholders of record on Aug. 9, 2007.

"We want our shareholders to benefit immediately from our
continued strong performance," said Kenneth P. Manning,
Chairman, President and CEO of Sensient Technologies
Corporation.  "This increase raises our dividend payments to 72
cents annually and allows our shareholders to participate in the
Company's success."

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and  
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany,
United Kingdom, France, Estonia, United Kingdom, Macedonia,
Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and
Wales.  In Latin America, it has operations in Argentina,
Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru,
Uruguay and Venezuela.




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


CHIQUITA BRANDS: Faces Lawsuit by Colombians
--------------------------------------------
Chiquita Brands International is facing a lawsuit by a group of
Colombians claiming that the company supported paramilitary
organizations in Colombia, Reuters states.

The Colombians told Reuters that the paramilitary organizations
terrorized and killed their relatives.

According to Reuters, the Colombians filed the suit in the
federal court in Newark, New Jersey.  They are seeking class-
action status and unspecified damages against Chiquita Brands
for "funding, arming, and otherwise supporting terrorist
organizations in Colombia, in order to maintain its profitable
control of Colombia's banana-growing regions."

The lawsuit was the most comprehensive filed in the US so far as
it sought class action status.  A civil damages suit was filed
against Chiquita Brands by Colombian relatives of 22 people in
Miami, Florida, in June 2007, a week after a similar suit was
filed in Washington, Reuters says, citing the plaintiffs' legal
representatives.

The complainants filed the suit under the Alien Tort Claims Act,
which lets other residents in other nations to sue for human
rights abuses committed by US entities, Reuters notes.

Chiquita Brands agreed with the U.S. Justice Department in March
20007 to pay a US$25 million fine to settle a criminal complaint
accusing it of paying the AUC over US$1.7 million from 1997 to
2004.

Chiquita Brands financed and assisted guerilla groups, including
the paramilitary organization Autodefensorias Unidas de
Colombia, between the early 1990s and 1997, Reuters says, citing
the complainants, who include family members of trade unionists,
banana workers and political organizers.

The complainants told Reuters that the AUC killed their
relatives and thousands of others to control sites containing
banana plantations.

The report says that Chiquita Brands admitted paying off
guerrilla groups, including AUC and the rival FARC paramilitary
group.  

Chiquita Brands spokesperson Mike Mitchell told Reuters that the
firm hadn't yet seen the "specifics of the latest lawsuit."

"We were a victim of extortion in Colombia.  We were forced to
make these payments to protect the lives of our employees.  We
will certainly defend ourselves against any suits of this nature
vigorously," Mr. Mitchell commented to Reuters.

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

                        *     *     *

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

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


TGI INTERNATIONAL: Fitch Rates US$900-Mil. Senior Notes at BB
-------------------------------------------------------------
Fitch Ratings has assigned a preliminary rating of 'BB' to TGI
International Ltd's proposed issuance of up to US$900 million in
senior unsecured notes.  Concurrently, Fitch has assigned
foreign and local currency Issuer Default Ratings of 'BB' to
Transportadora de Gas del Interior S.A. E.S.P.  TGI
International LTD is a wholly owned subsidiary of TGI.  TGI will
fully and unconditionally guarantee the notes.  The Rating
Outlook is Stable.

TGI's ratings reflect the explicit and implicit support as well
as the strong credit quality of the company's direct and
indirect parents.  Empresa de Energia de Bogoti owns 97.91% of
TGI and, in turn, the District Capital of Bogota (rated 'BB+' by
Fitch) owns 81.5% of EEB.  TGI's assigned ratings include the
expectation of a strong covenants package for TGI's proposed
issuance and the fact that TGI will be a material EEB
subsidiary.  TGI's covenants are expected to include, among
others, limitations on indebtedness, restricted payments, liens
and sale of assets.

The ratings also incorporate the company's high leverage level.  
On a pro-forma basis, TGI is expected to have leverage, as
measured by total senior debt to EBITDA between 5.2 times and
5.8 times.  These levels are considered high for the assigned
rating category.  Fitch expects the company to lower its
leverage level in the near- to medium-term future, either by
doing an Initial Public Offering and using the proceeds to
reduce debt or by reducing the company's net debt level from
internal cash flow generation.  The TGI covenant package
includes a maintenance covenant stipulating that net leverage
cannot exceed 4.8 times after 2012.  Fitch believes this
leverage level will still be high for the assigned rating
category.

TGI's ratings also reflect the company's low business risk
profile resulting from its natural monopolistic position, the
low volume-sensitivity and stability of its revenue and the
company's fixed-payment contracted position.  The ratings also
incorporate the solid and independent Colombian regulatory
framework.  TGI's pipeline location and the importance of its
service area, where 70% of the Colombian population lives and
which represent great growth potential, help bolster the
company's credit profile and credit ratings of its pipeline
network.

TGI's low business risk profile stems from the company's natural
monopoly position as a natural gas transportation company.  The
company's different gas intake points further lower the
company's business risk profile as most pipeline interruptions
might not affect gas delivery to final customers.  Should an
interruption occur in some segment of the pipeline, gas delivery
may continue along the entire pipeline.  TGI's low business risk
profile is also bolstered by recent regulatory changes that
encourage thermoelectric generation companies to contract
natural gas supply with producer and transportation companies.  
This allows thermoelectric generation companies to receive
revenue from the recently implemented reliability charges.

TGI revenues are stable and predictable and approximately 80% of
the revenues are from capacity payments under long-term
contracts with a diversified portfolio of market participants.  
The company has low exposure to volume risk.  That is, only 20%
of revenue is derived from the volume of gas transported.  TGI's
tariffs, and resulting revenues, are set by the regulator.  
TGI's revenue is determined by the maximum allowable income set
by the regulator every five years and adjusted by inflation
every year.  Regulatory risks, and more specifically the risk of
significant reductions in the company's maximum allowable
revenue, are mitigated by the capital-intensive nature of the
gas pipeline transportation business and the marginal cost gas
transportation represents for the overall cost of gas.

TGI is mildly exposed to contract renegotiation risk, as the
average life of its current contracts is about 7 years.  This
risk is exacerbated by the uncertainty of demand for natural gas
in the regions that TGI services as well as by the uncertainty
of future availability of gas supply.  Fitch believes these
risks are mild, as demand for natural gas in Colombia has been
steadily increasing and because of the estimates that proven and
unproven natural gas reserves are enough to service Colombian
demand for the next two decades.  The aforementioned recent
regulatory changes regarding thermoelectric generation companies
also help mitigate concerns as to future demand for gas as these
companies are motivated to contract gas supply, including
transportation, in order to receive capacity payments.

Transportadora de Gas del Interior S.A. E.S.P. is a natural gas
transportation company with 3,702 kilometers (or 2,300 miles) of
pipelines throughout Colombia. The company transported
approximately 49% of the total natural gas volume consumed in
Colombia during 2006. TGI is 97.91% owned by Empresa de Energia
de Bogoti and 2.09% by minority shareholders.




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


ALCATEL-LUCENT: Inks Deal w/ NCR to Support Maintenance Services
----------------------------------------------------------------
Alcatel-Lucent has entered into an agreement with NCR
Corporation to provide on-site installation and maintenance
services for Alcatel-Lucent enterprise communications customers
in North America.  The agreement demonstrates Alcatel-Lucent's
commitment to providing unrivalled service to both its direct
customers and those served by its third party distribution
channels.

Through its relationship with NCR, Alcatel-Lucent will expand
its local service delivery capability, providing installation
and maintenance to customers in previously under-served
geographic areas.  Additionally, NCR will join Alcatel-Lucent to
meet the stringent, secure service requirements of large, multi-
site customers.  NCR has a strong, well-respected presence in
North America and its significant experience in enterprise
markets will enhance Alcatel-Lucent's current services offering.

"Service delivery partnerships are important to end users
because the quality of the organization doing the installation,
service and support is as important as the quality of the
equipment they buy," commented Jay Lassman, research director
with Gartner.

Under the agreement with NCR, Alcatel-Lucent distributors and
service providers will continue to offer support packages
directly to customers, and will be able to draw from the
expertise, resources, and physical presence of two multibillion-
dollar service organizations.

"NCR is pleased that our widely distributed and experienced
service organization will be supporting Alcatel-Lucent's
customers in North America.  By providing faster response to
critical on-site requests, NCR will enable Alcatel-Lucent to
more effectively meet the service requirements of their larger
enterprise clients," said Christine Wallace, Senior Vice
President, NCR Worldwide Customer Services.  "In addition, this
agreement demonstrates NCR's commitment to provide industry
leading service delivery on converged technologies in the
enterprise space."

"Whether you're a small business or a large enterprise with many
branch offices, your communications network is an increasingly
critical part of your business -- and timely service and support
is key," said Hubert de Pesquidoux, President of Alcatel-Lucent
Enterprise activities.  "By teaming with NCR, we're able to
offer the timely response necessary to meet our customers'
business-critical service needs."

Alcatel-Lucent expects to deploy its expanded services program
under the agreement with NCR by the fourth quarter of 2007.

                    About Alcatel-Lucent

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

                        *     *     *

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

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

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


BANCO BAC: Seeks Authorization To Absorb Two New Companies
----------------------------------------------------------
Banco BAC San Jose has sought permission from the Panamanian
banking regulator Superintendencia De Bancos to absorb the two
companies it recently acquired, the regulator said in a report
posted on its Web site.

According to the regulator's statement, Banco BAC wants to
absorb Corporacion Financiera Miravalles and Recaudadora Costa
Rica.

Chile's Grupo Altas Cumbres agreed to sell non-bank finance firm
Corporacion Financiera Miravalles and Recsa to Banco BAC parent
Corporacion Tenedora BAC San Jose in April 2007, Business News
Americas relates.

BAC San Jose, created in 1968, is a wholly owned unit of
financial group Corporacion Tenedora BAC San Jose aka Grupo
Financiero BAC San Jose.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2006, Standard & Poor's Ratings Services affirmed its
'BB/B' foreign currency and 'BB+/B' local currency counterparty
credit ratings on Banco BAC San Jose SA.  S&P says the outlook
was stable.




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


PETROECUADOR: Will Sell Napo Crude to Three Companies
-----------------------------------------------------
Ecuadorian state-owned oil company Petroecuador said in a
statement that Arcadia Petroleum, Petrochina and Taurus
Petroleum won spot shipments of Napo crude in an auction.

Arcadia Petroleum won two shipments of 360,000 barrels each.  
Petrochina and Taurus Petroleum won a shipment of 360,000
barrels each, Dow Jones Newswires says, citing Petroecuador.

According to Dow Jones, the "differential" Arcadia Petroleum
offered was the "West Texas Intermediate" price minus US$14.12 a
barrel and WTI minus US$14.08 a barrel.  Taurus Petroleum
offered a differential of US$15.98 and Petrochina offered a
differential of US$16.85 per barrel.

Dow Jones notes that the crude will be shipped between Aug. 11
and Sept. 13.

The crude comes from fields formerly run by the Occidental
Petroleum Co., Dow Jones states.

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


* ECUADOR: Rafael Correa Names Galo Chiriboga as Oil Minister
-------------------------------------------------------------
Former Petroecuador head Galo Chiriboga told Reuters that
Ecuador's President Rafael Correa has appointed him as the
nation's oil minister, effective July 23, 2007.

Reuters notes that Mr. Chiriboga succeeds Alberto Acosta, who
quit as Energy and Mines Minister in June 2007 to run in
elections this year for a legislative assembly that will rewrite
Ecuador's constitution.

According to Reuters, Mr. Chiriboga said that his main concern
would be the renegotiation of contracts with foreign oil firms
to boost state participation in the sector.

President Correa promised to renegotiate foreign oil contracts
to boost Ecuador's oil revenues.  

The government would suspend contracts with oil firms that
"needlessly damaged the environment or breached their deals,"
Reuters states, citing President Correa.

                        *     *     *

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


* GUATEMALA: Fitch Affirms Issuer Default Ratings at BB+
--------------------------------------------------------
Fitch Ratings affirmed Guatemala's local and foreign currency
Issuer Default Ratings at 'BB+'.  The Outlooks on both ratings
are Stable.  At the same time, Fitch has affirmed the short-term
rating at 'B' and the country ceiling at 'BBB-'.

Guatemala's low external and public debt burdens, the
government's track record of fiscal discipline and moderate
inflation, as well as a solid commercial debt repayment history
support the country's ratings.  These strengths have provided a
sufficient buffer to deal with adverse domestic and external
shocks, including financial sector stress and the natural
disasters experienced in recent years, and should continue to do
so over our rating horizon.

"Thus far, the authorities have appropriately managed recent
bank interventions, minimizing fiscal slippage and increases in
indebtedness, an important factor underpinning Guatemala's
current credit ratings," said Theresa Paiz Fredel, Senior
Director for Latin American Sovereign ratings.

Although macroeconomic performance continues to strengthen and
medium-term prospects appear favorable, high levels of poverty
and inequality, as well as the country's poor social indicators,
will constrain Guatemala's ratings to sub-investment grade for
some time.  Fitch believes the current policy framework could be
vulnerable to the erosion of public support over the medium-term
if notable progress on these fronts is not forthcoming.

Additionally, Guatemala's vulnerability is underscored by a
persistent current account deficit (averaging 5.2% in the five
years ending with 2006), which has been covered by mostly
private sector debt inflows, and recent problems with the
financial sector.  However, the newly implemented Dominican
Republic-Central America Free Trade Agreement (DR-CAFTA) with
the U.S. could potentially ease external vulnerabilities over
the medium-term by increasing non-debt creating capital inflows
such as FDI and the authorities have been taking steps to
strengthen the financial system's regulatory and supervisory
framework.

Fiscal prudence, combined with steady GDP growth and a lack of
access to credit during the 1980s, has resulted in one of the
lowest debt/GDP ratios among peers.  Fitch estimates that the
country's debt/GDP ratio reached 21.9% last year, substantially
below the 'BB' median of 38.9%.  However, GDP measures of public
debt understate Guatemala's debt burden due to the narrowness of
the country's tax base.  While only four of the twenty-one 'BB'
category sovereigns have lower debt/GDP ratios than Guatemala,
the government's debt/revenue ratio still exceeds the 'BB'
median of 165.8%, underpinning the importance of widening the
tax base.  Limited public debt and a manageable fiscal deficit
also drive the sovereign's comparatively low financing
requirement.

Reserve accumulation continued at a steady pace thanks to a
solid balance of payments performance, with official reserves
including gold reaching about US$4.1 billion by year-end 2006, a
record high for Guatemala.  This, combined with the country's
favorable economic performance, also resulted in the public
sector reporting a slight net creditor position for the first
time last year.  Gradual reserve accumulation and comparatively
low debt service underpin Guatemala's strong liquidity ratio of
252% (compared to the 'BB' median of 211%), though the private
sector's rising indebtedness will put some downward pressure on
this ratio going forward.

While maintaining a small government is prudent and has helped
minimize the country's exposure to economic vulnerabilities,
this policy makes tackling the poverty issue difficult due to a
lack of resources.  Fitch believes that the government will have
to implement a more comprehensive tax reform to increase the tax
take and work on prioritizing expenditures if it is to address
its pressing social challenges.  However, prospects for
improving the tax system will depend on the composition of the
Congress elected at the end of this year.  The next government
is less likely to enjoy a majority in the Congress, so the
passage of any meaningful fiscal reforms will require a broad
process of consensus building.




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


GOODYEAR TIRE: Will Launch Wrangler Tyre at Jamaican Unit
---------------------------------------------------------
Goodyear Tire & Rubber Company's unit, Goodyear Jamaica Limited,
will launch the Wrangler line of tyres to the Jamaican market,
the Jamaican Gleaner reports.

According to The Gleaner, Goodyear Jamaica is trying new
strategies to rebuild sales.

The product would be fully on the market by September 2007,
which is the end of the third calendar quarter for this year,
The Gleaner notes, citing Goodyear Jamiaca General Manager
Steven Miller.

Mr. Miller told The Gleaner, "As business managers, part of our
responsibility is sourcing and selling an optimal set of
products for this market.  We have distilled what the consumer
needs and we are working to match those needs with the proper
offerings from Goodyear."

The Gleaner relates that the Wrangler features SilentArmor
technology, with these zones:

          -- one armored for strength, and
          -- one for a smooth and quiet ride.

The report says that the armor zone is composed of two high-
tensile steel belts and a layer made with Dupont Kevlar, which
is five times stronger than steel.  

The Wrangler tyres also have durawall sidewall compound, "which
resist cuts and punctures in the sidewall area of the tyre and a
rugged rim guard that protects expensive wheels against
accidental damage," according to The Gleaner.

The Gleaner says that the quiet zone, also made of Kevlar, helps
soak up road noise.

Mr. Miller admitted to The Gleaner that Goodyear Jamaica still
has to determine the price of the range -- four sizes are
already being tested here.

The company also needs to determine the full suite of which will
be rolled out, Goodyear Jamaca told The Gleaner.

"The package will include a 50,000-mile/80,000-kilometre tread
life limited warranty, 30-day no-obligation trial period,
nationwide warranty service, and off-road assistance."  The
Wrangler tyres are for light trucks and sport-utility vehicles,
The Gleaner states, citing Mr. Miller.

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.


NATIONAL WATER: Buys 23 Standby Electric Generators
---------------------------------------------------
The Jamaican government news service Jamaica Information Service
reports that the National Water Commission has purchased 23
standby electric generators.

According to JIS, the purchase was funded with part of a US$10-
million loan from the Indian government.  

JIS notes that the generators will be deployed at 18 water
supply systems across Jamaica.

The National Water Communications Manager Charles Buchanan told
Business News Americas that the US$10 million "came in the form
of a concessionary loan from the Ex-Im Bank of India" to fund
the acquisition of the generators from an Indian firm.

Mr. Buchanan said that the generators are important given the
problems seen in Jamaica's power supply, which have led to
difficulties at some of the nation's water supply facilities,
BNamericas relates.

Mr. Buchanan told JIS, "What [the purchase] allows is for the
water supply system to run at a minimum of 50% capacity.  Even
if the electricity supply is disrupted, the generators will
allow continued operations."

The National Water will also buy some 139 pumping units using
the loan.  The units will be used for previously selected water
supply facilities across Jamaica, which would be operated in
cases where repairs had to be conducted on broken down pumps,
BNamericas states, citing Mr. Buchanan.

                        *     *     *

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




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


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

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

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

                           AMO Offer

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

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

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

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

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

                          FTC Approval

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

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

                       About Bausch & Lomb

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

                        *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
the Warburg Pincus Deal prompted Standard & Poor's Ratings
Services to lower its ratings on Bausch & Lomb and placed them
on CreditWatch with negative implications.  Among others, S&P
lowered the company's corporate credit rating to 'BB+' from
'BBB'.

Additionally, Moody's Investors Service said it will continue
its review of Bausch & Lomb's ratings for possible downgrade,
including the company's Ba1 Corporate Family rating.

Furthermore, Fitch maintained its Negative Rating Watch on
Bausch & Lomb emphasizing that the transaction would
significantly increase leverage and likely result in a multiple-
notch downgrade.

Fitch also warns that the transaction would result in an Issuer
Default Rating of no higher than 'BB-'.


CEMEX SAB: Reports US$611 Mil. Net Income in 2007 Second Quarter
----------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that consolidated net sales
increased 6% in the second quarter of 2007 to US$4.9 billion
versus US$4.6 billion in the comparable period of 2006.  EBITDA
decreased 1% in the second quarter of 2007 to US$1.1 billion
versus the same period of 2006.

Hector Medina, Executive Vice President of Planning and Finance,
said, "Our consolidated results show the continued strength of
our business in the second quarter.  We achieved significant
increases in net sales while further reducing our debt levels,
even in the face of the continued downturn in the United States'
residential sector.  Looking ahead, we remain focused on
successfully completing the integration of Rinker in a timely
manner while continuing to drive solid returns for our
shareholders."

                 Consolidated Corporate Results

In the second quarter of 2007, majority net income increased 6%
to US$611 million from US$579 million in the second quarter of
2006.

Net debt at the end of the second quarter was US$4.1 billion,
representing reductions of $US1.1 billion during the quarter and
US$4.1 billion since the end of the second quarter of 2006.  The
net-debt-to-EBITDA ratio decreased to 1.0 times from 1.2 times
at the end of the first quarter of 2007.  Interest coverage
reached 8.9 times during the quarter, up from 7.7 times a year
ago.

                    Second-Quarter Highlights

Net sales in its operations in Mexico increased 10% in the
second quarter of 2007 to US$967 million, compared with US$883
million in the second quarter of 2006.  EBITDA increased 2% to
US$357 million in the second quarter of 2007 versus the same
period of last year. Cement, ready-mix, and aggregates volumes
increased 3%, 8%, and 78%, respectively, during the quarter
compared with the second quarter of 2006.

CEMEX's operations in the United States reported net sales of
US$941 million in the second quarter of 2007, down 16% from the
same period in 2006.  EBITDA decreased 31% to US$242 million
from US$349 million in the second quarter of 2006.  Cement,
ready-mix, and aggregates volumes decreased 11%, 21%, and 16%,
respectively, during the quarter versus the second quarter of
2006.

In Spain, net sales for the quarter were US$520 million, up 9%
from the second quarter of 2006, while EBITDA increased 2% to
US$157 million.  Cement, ready-mix, and aggregates volumes
decreased 6%, 7%, and 4%, respectively, during the quarter
versus the same period of the previous year.

The company's operations in the United Kingdom experienced a 12%
increase in net sales during the second quarter of 2007, to
US$536 million, when compared with the same quarter of 2006.  
EBITDA decreased 9% to US$37 million in the second quarter from
US$41 million in the comparable period of 2006.

Net sales in the Rest of Europe region increased 10% during the
second quarter of 2007 versus the comparable period of the
previous year, reaching US$1.1 billion.  EBITDA was US$161
million for the region in the second quarter of 2007.

CEMEX's operations in South/Central America and the Caribbean
reported net sales of US$504 million during the second quarter
of 2007, representing an increase of 36% over the same period of
2006.  EBITDA increased 64% for the quarter to US$172 million
versus the same period of 2006.

Second-quarter net sales in Africa and the Middle East were
US$179 million, up 2% from the same quarter of 2006.  EBITDA
increased 2% to US$46 million for the quarter versus the
comparable period of 2006.

Operations in Asia reported a 23% increase in net sales during
the second quarter of 2007, to US$108 million, versus the second
quarter of 2006, and EBITDA was US$29 million, up 28% from the
same period of 2006.

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

                        *     *     *

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


CORPORACION DURANGO: Extends Cash Tender Offer Period to July 26
----------------------------------------------------------------
Corporacion Durango, S.A.B. de C.V. has extended the period of
its cash tender offer for any and all of its outstanding Series
B Step Up Rate Senior Secured Guaranteed Notes Due 2012 until
5:00 p.m., New York City time, on July 26, 2007.  All references
to the Expiration Date in the Offer to Purchase and Consent
Solicitation Statement, dated June 21, 2007 (the Offer to
Purchase), and the related Consent and Letter of Transmittal
will be deemed to be references to the New Expiration
Date, and all references to "12:00 midnight, New York City time,
on the Expiration Date in the Offer to Purchase and the Letter
of Transmittal shall be deemed to be references to 5:00 p.m.,
New York City time, on the New Expiration Date.  The other terms
and conditions of the Tender Offer remain unchanged.  Durango
may further extend the period of the Tender Offer at Durango's
sole discretion.  Any Notes previously tendered, and all Notes
tendered hereafter, may not be withdrawn.

The Expiration Date previously announced on June 21, 2007 was
12:00 midnight, New York City time, on Thursday, July 19, 2007.  
As of 5:00 p.m., New York City time, on Thursday, July 19, 2002,
US$364,671,818 in aggregate principal amount, or approximately
86.9%, of the outstanding Notes had been tendered and not
withdrawn pursuant to the Tender Offer, including US$359,730,986
in aggregate principal amount, or approximately 85.7%, of the
Notes that were tendered and not withdrawn as of 5:00 p.m., New
York City time, on the Early Participation Date.

In addition, Durango announced that:

   -- on July 10, 2007, the terms and conditions of the Tender
      Offer were approved by the shareholders' meeting of
      Durango.  As a result, the Shareholders' Consent Condition
      the Tender Offer has been satisfied.

   -- on July 11, 2007, (1) the Supplemental Indenture was
      executed by Durango and Law Debenture Trust Company of New
      York, as trustee under the indenture, dated as of Feb. 23,
      2005, between Durango and the Trustee, and (2) the Common
      Agreement Amendment was executed by Durango, the
      Guaranteeing Parties and the Trustee.  As a result, the
      Requisite Consents Condition to the Tender Offer has been
      satisfied.

The Supplemental Indenture and the Common Agreement Amendment
will not become effective unless and until validly tendered
Notes are accepted for purchase by Durango pursuant to the
Tender Offer.  The Indenture and the Common Agreement, without
giving effect to the Supplemental Indenture and the Common
Agreement Amendment, will remain in effect until validly
tendered Notes are accepted for purchase by Durango pursuant to
the Tender Offer.  If the Offer is terminated or withdrawn, or
the Notes are not accepted for purchase, the Supplemental
Indenture and the Common Agreement Amendment will not become
effective.

Durango has retained Merrill Lynch, Pierce, Fenner & Smith
Incorporated to act as Dealer Manager for the Tender Offer and
Consent Solicitation, and Global Bondholder Services Corporation
to act as the depositary and information agent for the Tender
Offer and Consent Solicitation.

Corporacion Durango, S.A. de C.V. (BMV: CODUSA), the largest
papermaker in Mexico, announced Tuesday that the First Federal
District Court in Durango, Mexico, has approved the Company's
plan of reorganization and declared the termination of its
"Concurso Mercantil" proceeding.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 12, 2007, Fitch Ratings has assigned a 'B' foreign and
local currency issuer default rating to Corporacion Durango,
S.A. de C.V.'s. In conjunction with this rating action, Fitch
has assign a 'B+' rating to the company's proposed
US$150 million amortizing five-year notes and its proposed
US$370 million notes due in 2017.  These notes have also been
assigned a Recovery Rating of 'RR3', which is consistent with an
anticipated recovery of 50%-70% in the event of a default.


GREENBRIER COS: KeyBanc Capital Puts Buy Rating on Firm's Shares
----------------------------------------------------------------
KeyBanc Capital Markets analysts have assigned a "buy" rating on
The Greenbrier Companies Inc's shares, Newratings.com reports.

According to Newratings.com, the target price for Greenbrier's
shares was set at US$47.

The analysts said in a research note that Greenbrier's
"favorable long-term end market fundamentals related to ethanol
and inter-modal shipping and its increased exposure to the less
cyclical repair and refurbishment market seems encouraging."

The analysts told Newratings.com that the "sustained growth in
railcar leasing and management services" and a decrease in
"discretionary capex spend" would let Greenbrier tackle its debt
position efficiently.

Greenbrier would continue making accretive acquisitions in the
repair and refurbishment sector, Newratings.com states, citing
KeyBanc Capital.

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

                        *     *     *

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

Downgrades:

   Issuer: Greenbrier Companies, Inc. (The)

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

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

     -- Corporate Family Rating, Downgraded to B1 from Ba3

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

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

Outlook Actions:

   Issuer: Greenbrier Companies, Inc. (The)

     Outlook, Changed To Stable From Rating Under Review


WARNER MUSIC: S&P Keeps BB Corp. Credit Rating on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings for
Warner Music Group, including the 'BB-' corporate credit rating,
remain on CreditWatch with negative implications.  The ratings
have been on CreditWatch because of our concern about the
company's interest in EMI Group PLC.  S&P still sees uncertainty
surrounding management's alternate strategies following Warner
Music's statement that it will not submit a competing bid for
EMI.

In addition, year-over-year revenue and EBITDA (excluding
restructuring costs) decreased by roughly 2% and 8%,
respectively, in the company's second fiscal quarter ended
March 31, 2007.  Declines in recorded music revenue and EBITDA,
which reflect tough release comparisons from the previous year
and continued physical sale declines, were partially offset by
gains in publishing.  Debt (including holding company pay-in-
kind notes) to EBITDA was roughly 5.1 times, which is somewhat
weak for the rating.  S&P expects the company's third fiscal
quarter (ended June 30, 2007) to be relatively flat, with easier
release comparisons coming in the fiscal fourth quarter.

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


WILLIAMS SCOTSMAN: Algeco Deal Cues S&P to Put Ratings on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Williams Scotsman Inc., including the 'BB-' corporate credit
rating, on CreditWatch with developing implications.  The rating
action follows the modular space lessor's announcement of its
agreement to be acquired by the parent company of unrated
Algeco, the European space rental company, for US$2.2 billion of
cash.  Williams Scotsman intends to solicit alternative
proposals from other parties through Aug. 17, 2007.

"The agreement to an alternative proposal from either a
strategic or financial buyer could result in a ratings upgrade
or downgrade, depending upon how the transaction is financed,"
said Standard & Poor's credit analyst Betsy Snyder.  
"Alternatively, if the proposed acquisition by Algeco is
completed, Williams Scotsman's rated debt will be refinanced and
we will withdraw all ratings."

Algeco is the largest renter of accommodation and portable
storage units in Europe, with a fleet of approximately 175,000
units.  Upon completion of the acquisition, the combined company
will operate in 16 countries.  The proposed transaction is
expected to close in the fourth quarter of 2007 subject to
shareholder and regulatory approvals.

Standard & Poor's will assess Algeco's and other potential
proposals to resolve the CreditWatch.  S&P could affirm ratings
on the senior notes as a result of a change of control provision
in the notes.

Headquartered in Baltimore, Maryland, Williams Scotsman
International, Inc. (NASDAQ:WLSC) the parent company of Williams
Scotsman, Inc., provides mobile and modular space solutions for
the construction, education, commercial, healthcare and
government markets.  The company serves over 25,000 customers,
operating a fleet of over 100,000 modular space and storage
units that are leased through a network of 86 locations
throughout North America.  Williams Scotsman provides delivery,
installation, and other services, and sells new and used mobile
office products.  Williams Scotsman also manages large modular
building projects from concept to completion. Williams Scotsman
has operations in the United States, Canada, Mexico, and Spain.


WILLIAMS SCOTSMAN: To be Acquired by Algeco for US$2.2 Billion
--------------------------------------------------------------
Williams Scotsman Inc. has agreed to be acquired by the parent
company of Algeco, the European space rental company, in an all-
cash transaction for US$2.2 billion, which includes the
refinancing of outstanding debt.

Under the terms of the transaction, Williams Scotsman
shareholders will receive US$28.25 per share in cash, which
represents a premium of approximately 21% to Williams Scotsman's
closing price on Nasdaq on July 18, 2007.  It is expected that
Gerry Holthaus, currently Chairman and Chief Executive Officer
of Williams Scotsman, will remain Chief Executive Officer of
Williams Scotsman and also become the Chairman and Chief
Executive Officer of Ristretto, Algeco's parent company, upon
completion of the acquisition, responsible for all operations of
the combined company.  Bruno Roqueplo will remain Chief
Executive Officer of Algeco, reporting to Gerry Holthaus.

The merger agreement was unanimously approved by Williams
Scotsman's Board of Directors, which is recommending that
Williams Scotsman shareholders vote in favor of the transaction.  
Additionally, Scotsman Partners, L.P., Cypress Merchant Banking
Partners L.P. and Cypress Offshore Partners L.P., which
collectively represent approximately 27% of the company's
outstanding shares, have entered into agreements to vote all of
their shares in favor of the merger agreement with Ristretto and
not to transfer any of their shares.  These voting agreements
expire upon termination of the merger agreement.

Algeco, a privately held company, is the clear leader of the
European space rental industry.  The business operates the
largest fleet of rental accommodation and storage facilities in
the world with a total of approximately 175,000 units including
portable restrooms.

The transaction will establish the combined company as the
leading global provider of modular space solutions and a top-
five global player in the rental services market through the
combination of Williams Scotsman's North American modular
solutions business and Algeco's space rental businesses in
Europe.  Upon completion of the acquisition, the combined
company will operate in 16 countries, and employ over 4,600
employees.

"This transaction offers shareholders the ability to realize
substantial value from their investments in Williams Scotsman
and provides customers with greater access to market leading
brands in North America and Europe from two well-respected
companies that are committed to customer satisfaction," said
Gerry Holthaus, Chairman and Chief Executive Officer of Williams
Scotsman.  "We are excited by the prospect of bringing these two
leading companies together.  With very limited geographic
overlap, the combination of these complementary businesses will
allow both Algeco and Williams Scotsman employees to continue
delivering best-in-class customer service, while providing them
with opportunities for further career development in a global
company that has exciting prospects for substantial additional
growth."

Mr. Holthaus continued, "Our North American customers will
experience no change in our service or operations and will
continue to do business with the same Williams Scotsman
representatives.  Customers with international operations will
now be able to take advantage of our significantly enhanced
global presence."

Bruno Roqueplo said, "We see many exciting opportunities for the
combined company going forward.  Williams Scotsman's management
team, under Gerry Holthaus, has created the market leader in
North America, and we recognize their proven track record for
delivering quality customer service, compelling products and
outstanding operational execution.  We look forward to
leveraging the reputation of both companies for innovation and
execution to take advantage of a growing and diversifying market
for our services."

Under the terms of the transaction, Williams Scotsman may
solicit alternative proposals from third parties through
August 17, 2007. Williams Scotsman intends to solicit proposals
during this period.  There can be no assurances that the
solicitation of proposals will result in a superior transaction.  
Williams Scotsman does not intend to publicly disclose
developments with respect to this solicitation process unless
and until its Board of Directors has made a decision with
respect to any alternative proposals.

The transaction is expected to close in the fourth quarter of
2007, subject to approval by Williams Scotsman's shareholders,
customary closing conditions and regulatory approvals.  The
transaction is not subject to a financing contingency.

It is expected that Williams Scotsman will continue to operate
under the Williams Scotsman name in North America, and that its
business there will remain unaffected by the combination.  
Williams Scotsman's North American management team will remain
in place.  Williams Scotsman anticipates that there will be no
job reductions at its North American operations as a result of
the transaction.  It is also expected that Williams Scotsman's
headquarters, located in Baltimore, MD, will become the global
headquarters for Algeco.

Morgan Stanley and Citigroup acted as financial advisors to
Algeco.  Paul, Hastings, Janofsky & Walker LLP is serving as
transaction counsel to Algeco.

CIBC World Markets and Banc of America Securities LLC acted as
financial advisors to Williams Scotsman.  Paul, Weiss, Rifkind,
Wharton & Garrison LLP is serving as transaction counsel to
Williams Scotsman.

                         About Algeco

Algeco is the clear leader of the European space rental
industry.  The business operates the largest fleet of rental
accommodation and storage facilities in the world with a total
of approximately 175,000 units including portable restrooms.  
Accommodation, storage, and welfare units are available to meet
a comprehensive range of requirements and can be tailored to
suit customer needs.  The group serves customers in;
Construction & Infrastructure, Industry, Services and
Administration.  Algeco operates in 13 countries; France, UK,
Spain, Germany, Portugal, Italy, Belgium, Poland, Czech,
Romania, Finland, Slovakia and Luxembourg.

                     About Williams Scotsman

Headquartered in Baltimore, Maryland, Williams Scotsman
International, Inc. (NASDAQ:WLSC) the parent company of Williams
Scotsman, Inc., provides mobile and modular space solutions for
the construction, education, commercial, healthcare and
government markets.  The company serves over 25,000 customers,
operating a fleet of over 100,000 modular space and storage
units that are leased through a network of 86 locations
throughout North America.  Williams Scotsman provides delivery,
installation, and other services, and sells new and used mobile
office products.  Williams Scotsman also manages large modular
building projects from concept to completion. Williams Scotsman
has operations in the United States, Canada, Mexico, and Spain.


WILLIAMS SCOTSMAN: Moody's Puts Low B Ratings on Review
-------------------------------------------------------
Moody's Investors Service placed all ratings of Williams
Scotsman, Inc. (Corporate Family at B1) on review for possible
downgrade.  The review was prompted by Williams Scotsman's
announcement that it is to be acquired by the parent company of
Algeco for US$2.2 billion.  Algeco is a private European company
that has a similar business profile to Williams Scotsman.  The
merger agreement was approved by Williams Scotsman's Board of
Directors.  Pending all approvals, the transaction is expected
to close in the fourth quarter.

The review will focus on the proposed acquisition that could
represent a change in the capital structure of the company, if
approved and closed.  Given an initial review of the
transaction, Moody's notes it is possible that leverage at both
the operating and holding companies could increase.  In
addition, under the terms of the transaction, Williams Scotsman
may and intends to solicit alternative proposals from third
parties. This brings added uncertainty to the ultimate capital
structure of the company.

Moody's stated that it will also evaluate the terms and the
structure of the transaction.  Moody's recognizes that there are
"change of control" provisions in the Senior Notes that require
Williams Scotsman to tender for the Notes. If the transaction is
consummated and there is a full tender, it is possible the
outcome of this Review would be a withdrawal of all ratings.

These ratings were placed on review for possible downgrade:

Williams Scotsman, Inc.:

  -- Corporate Family at B1
  -- Senior Secured Credit Facility at B1
  -- Senior Unsecured Notes at B2

Headquartered in Baltimore, Maryland, Williams Scotsman
International, Inc. (NASDAQ:WLSC) the parent company of Williams
Scotsman, Inc., provides mobile and modular space solutions for
the construction, education, commercial, healthcare and
government markets.  The company serves over 25,000 customers,
operating a fleet of over 100,000 modular space and storage
units that are leased through a network of 86 locations
throughout North America.  Williams Scotsman provides delivery,
installation, and other services, and sells new and used mobile
office products.  Williams Scotsman also manages large modular
building projects from concept to completion. Williams Scotsman
has operations in the United States, Canada, Mexico, and Spain.




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


BANCO LATINOAMERICANO: Net Income Rises 202% in Second Quarter
--------------------------------------------------------------
Banco Latinoamericano de Exportaciones, S.A. disclosed its
financial results for the second quarter ended June 30, 2007.

                      Financial Highlights

Second Quarter 2007 vs. First Quarter 2007:

   -- Net Income grew 82% to US$27.0 million, driving the Bank's
      return on equity (ROE) to 18.0% p.a.

   -- Operating income(1) increased 86% to US$26.1 million,
      reflecting higher gains on the Bank's treasury and asset
      management activities, which grew 460% to US$18.2 million.

   -- The average commercial portfolio grew 7% to
      US$3.8 billion.

   -- The Bank's efficiency ratio improved from 35% to 28%.

Second Quarter 2007 vs. Second Quarter 2006:

   -- Net income grew 202%.

   -- Operating income increased 258%, driven by higher gains on
      the Bank's treasury asset management activities, and
      increased net interest income.

   -- The average loan portfolio increased 31%, the average
      commercial portfolio grew 18%.

Jaime Rivera, Bladex's Chief Executive Officer, stated the
following regarding the quarter's results:

"The second quarter saw the efforts that we have been making
along a number of fronts bear fruit in a decisive manner.

"Our Treasury Division had a banner quarter, as Bladex was able
to make good on our views on both trends in the market and
distortions in the risk reward relationship within the Region.  
Importantly, the Treasury Division, in its upgraded form,
affords the Bank the tools needed to leverage our corporate
skills beyond calls on credit risk to provide us with
diversification in the form of market risk based revenue.

"Our Commercial Division put forth its fifth consecutive quarter
of operating revenue growth.  Following the Bank's strategic
decision of last year, the Division has developed a growing
corporate franchise that is providing fully 46% of the group's
revenues.  During the second quarter alone, its average credit
balances increased a marked 7%, while the leasing activity is
playing an increasingly important role in supporting our margins
in the face of ample market liquidity.  Significantly, growth
took place across most of our markets, and as a result,
portfolio diversification improved further.  Brazilian exposure,
which traditionally has represented around 45% of our commercial
portfolio, is now 36%.

"With efficiency levels improving further and credit quality at
historically strong levels, year-to-date operating income, at
US$40.2 million, has already exceeded the US$39.3 million
operating income total of the full year 2006.  Significantly,
annualized ROE levels for the second quarter were 18.0%, an
especially telling figure in light of our strong 21.2% Tier 1
capitalization.

"On the institutional side of the business, the second quarter
saw progress along several fronts as well.  Among some other
favorable developments, S&P upgraded the Bank's outlook to
"Positive", while Moody's upgraded our BFSR.  In addition, our
stock was added to the Russell 3000(R) Index, and we signed a
cooperation agreement with China Development Bank.

"For the balance of 2007, Bladex will continue working along the
path determined by our 2010 strategic plan: a selective but
consistent expansion of our client franchise, combined with a
gradual and well-executed deployment of new services that
leverage the Bank's core competencies, and aligning our risk
management methodology with Basel II standards.

"Based on our results, with a well-honed team in place, and a
generally favorable external environment, I am especially
excited about the prospects for our company".

                         About Bladex

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex -- http://www.bladex.com-- is a  
supranational bank originally established by the Central Banks
of Latin American and Caribbean countries to promote trade
finance in the Region.  The bank's shareholders include central
banks and state- owned entities in 23 countries in the Region,
as well as Latin American and international commercial banks,
along with institutional and retail investors.  Through
Dec. 31, 2005, Bladex had disbursed accumulated credits of over
USUS$135 billion.

                        *     *     *

As reported on April 7, 2006, Moody's affirmed these ratings for
Bladex:

   -- Bank Financial Strength Rating: D-minus, change to
      positive outlook from stable;

   -- Long Term Foreign Currency Deposit Rating: Baa3, with
      stable outlook;

   -- Short Term Foreign Currency Deposit Rating: Prime-3;

   -- Foreign Currency Senior Unsecured Rating: Baa3, with
      stable outlook; and

   -- Foreign Currency Issuer Rating: Baa3, with stable
      outlook.


* PANAMA: Ethanol Boosts Beef & Poultry Prices, Farmers Say
-----------------------------------------------------------
The use of corn to make ethanol has increased the prices of beef
and poultry in Panama, Prensa Latina reports, citing farmers and
livestock producers.

The National Poultry Farmers Association head Luis Carlos
Castroverde told Prensa Latina that the price of corn, a main
source of food for poultry and pigs, has increased on the
Panamanian market.  However, he said that the price boost is
considerable.  

There is a strong demand for corn by ethanol producers, Prensa
Latina relates, citing breeders.  

"To avoid spending more than you earn, be sure to buy only what
you need and make a list based on income and obligations," The
Consumer Protection Authority's Department of Education told
Prensa Latina.

                        *     *     *

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




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


* PERU: Will Ink Block 126 Exploration Pact with Two Firms
----------------------------------------------------------
Peruvian President Alan Garcia has authorized state hydrocarbons
promotion agency Perupetro to sign the exploration and
production contract for block 126 with Canadian oil and gas
firms True Energy and North American Vanadium, according to a
report by Peru's official gazette.

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

The work commitment during the first 12 months of the contract
entails reprocessing and interpreting 1,000 kilometers of 2D
seismic lines and an integral geological study, Perupetro posted
on its Web site.

                        *     *     *

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




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


DORAL FINANCIAL: Closes Sale of 968.2 Million Common Shares
-----------------------------------------------------------
Doral Financial Corporation had closed the sale of 968,263,968
shares of its common stock, US$0.01 par value per share, to
Doral Holdings Delaware, LLC, a newly formed entity in which
Bear Stearns Merchant Banking and other investors, including
funds managed by Marathon Asset Management, Perry Capital, the
D. E. Shaw group and Tennenbaum Capital Partners, invested.  
Following the closing, Doral Holdings owns approximately 90% of
the common shares of Doral that are outstanding.

The company's currently outstanding shares of common stock will
continue to be traded in the New York Stock Exchange under the
company's current symbol, "DRL."

Glen R. Wakeman, Chief Executive Officer and President, stated,
"We appreciate the confidence which professional investors are
showing in Doral Financial's potential through this substantial
investment.  We are also most thankful for the support that we
have received from our depositors, our customers, our
regulators, our employees and existing shareholders with respect
to our successful recapitalization.  Doral Financial now moves
forward in sound fashion with Doral Bank as its strong core
foundation.  Our future growth will be pursued on a path of
compliance, productivity and top-of-the-line service to build
the value of Doral to all its constituents."

"The investment by Doral Holdings demonstrates our commitment to
Doral's management team and their strategic vision.  The
investor group recognizes that a lot of work and dedication will
be required on the part of Doral's management and its employees
to continue to build Doral's brand and profitability.  We are
looking forward to the opportunities that lay ahead," said David
E. King, Senior Managing Director and Partner of Bear Stearns
Merchant Banking.

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


DORAL FINANCIAL: Moody's Affirms B2 Senior Debt Rating
------------------------------------------------------
Moody's Investors Service confirmed the B2 senior debt rating of
Doral Financial Corporation.  The rating had been on review for
possible downgrade since Jan. 5, 2007.  Following the rating
confirmation, the rating outlook was changed to stable.

The rating action follows the US$610 million recapitalization of
Doral by Doral Holdings Delaware, LLC, a new entity.  The
recapitalization was led by Bear Stearns Merchant Banking and a
number of other investors.  The proceeds from the capital raise,
combined with other financial resources, will enable Doral to
repay US$625 million of debt that matures on July 20.  The
review for possible downgrade reflected the uncertainty
regarding the repayment of that debt.

Moody's anticipates that Doral's strengthened management team,
having solved its liquidity crisis, will focus on executing its
community bank business strategy on Puerto Rico.  The rating
agency added that successful execution of the plan will result
in positive rating pressure and could ultimately support a
higher rating.

While management has accomplished a great deal in moving the
company forward, Doral continues to operate under several
regulatory agreements, has a comparatively high level of
nonperforming assets, and has not yet returned to profitability.  
Moreover, Doral's business strategy is evolving and Puerto Rico
is currently in an economic recession, which has challenged the
profitability and asset quality of all the island's banks.  As a
result, despite the recapitalization, Moody's did not take a
more positive rating action at this time.

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

                        *     *     *

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

  Doral Financial Corporation

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

  Doral Bank

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

Fitch said the ratings remain on Rating Watch Negative.

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




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


HILTON HOTELS: Completes Sale of Eight European Hotels
------------------------------------------------------
Hilton Hotels Corporation has completed the sale of eight hotels
in Europe to a fund managed by Morgan Stanley Real Estate.

Completion of the sale of two further hotels (Hilton Brussels
and Hilton Zurich) to the same purchaser is expected by the end
of the third quarter 2007.

The gross proceeds from the sale of all 10 properties are
expected to be approximately EUR566 million.

The eight European properties are:

   -- Hilton Dresden,
   -- Hilton Dusseldorf,
   -- Hilton Weimar,
   -- Hilton Charles de Gaulle,
   -- Hilton Strasbourg,
   -- Hilton Luxembourg,
   -- Hilton Barcelona and
   -- Los Zocos Club Resort in the Canary Islands.

An agreement to sell the ten hotels was previously announced on
April 26.

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

                        *     *     *

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

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

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




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


SENSIENT TECH: Improved Performance Spurs S&P to Revise Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Milwaukee, Wis.-based Sensient Technologies Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
'BB+' corporate credit and senior unsecured debt ratings on the
company.  Approximately US$508 million of debt was outstanding
as of June 30, 2007.

"The revised outlook is based on the company's improved
operating performance, and its total debt to EBITDA improving to
below 3 times, from 3.7 times in fiscal 2005," said Standard &
Poor's credit analyst Patrick Jeffrey.  This improvement was
driven by the company's focus on improving operating
efficiencies and utilizing free cash flow to reduce debt.  "We
expect the company will continue to reduce leverage over the
near term and manage any acquisition activity in line with the
current ratings," said Mr. Jeffrey.

The ratings on Sensient reflect the company's position as:

   * a leading industrial marketer of value-added flavors,
     fragrances, and colors;

   * its improved operating performance over the past 18 months
     following several years  of inconsistent performance; and

   * its still moderately high debt leverage.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and  
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany,
United Kingdom, France, Estonia,  United Kingdom, Macedonia,
Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and
Wales.  In Latin America, it has operations in Argentina,
Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru,
Uruguay and Venezuela.




=================
V E N E Z U E L A
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DAIMLERCHRYSLER: BMW Sells 50% Tritec Motors Stake to Chrysler
--------------------------------------------------------------
BMW AG has sold its 50 percent stake in Brazilian engine joint
venture Tritec Motors Limitada to DaimlerChrysler's Chrysler
Group division, Reuters reports.  Financial terms of the deal,
which requires regulatory apporoval, were not disclosed.

"Chrysler Group has assumed the responsibility for exploring
long-term options for the Tritec operations whereby all possible
alternatives for continuing the business for the long run are
under analysis.  This may include a sale of the facility to a
third party," BMW said in a statement.

Founded in 1997, Tritec makes 1.4- and 1.6-litre four-cylinder
petrol engines for BMW's Mini brand and some Chrysler models.  
The plant boasts of an annual production capacity of around
250,000 units.  Large-scale production started in January 2000,
Reuters states.

                    About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER: Cerberus May Pay More Interest in Chrysler Deal
----------------------------------------------------------------
Cerberus Capital Management, L.P., may have to pay higher
interest rates on parts of the US$62 billion financing for the
buyout of DaimlerChrysler AG units Chrysler Corporation LLC and
Chrysler Financial Services LLC to meet the demands of banks,
which the private equity firm expects to provide funding for the
deal, The Financial Times reports.

Investors are wary of Chrysler's US$22 billion loans as they
continue to monitor similar indicators of the industry's health
in the wake of fallout from problems in the market for U.S.
subprime mortgage-related debt and a repricing of risk by
investors, FT observes.

The TCR-Europe reported on May 15, 2007, that an affiliate of
Cerberus will make a capital contribution of US$7.4 billion in
return for an 80.1 percent equity interest in the future new
company, Chrysler Holding LLC.

                   Fuel Economy Standards

Meanwhile, Cerberus Chairman John Snow claims that the higher
fleet-wide fuel economy standards passed by the U.S. Senate that
requires new autos to average 35 miles per gallon by 2020 would
risk the survival of the U.S. auto industry, Reuters reveals.

Concurrently, Chrysler, which does not expect to return to
profitability before 2008, is investing US$3 billion in new
plants in Wisconsin, Michigan, Indiana and Mexico intended to
produce a family of more fuel-efficient V-6 engines and
components, Reuters states.

                    About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.


In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


PETROLEOS DE VENEZUELA: ConcoPhillips Head Negotiating with Firm
----------------------------------------------------------------
ConocoPhillips Chairperson and Chief Executive Officer James
Mulva told Chris Baltimore at Reuters that he will negotiate
with the Venezuelan energy ministry and state-owned oil firm
Petroleos de Venezuela SA over compensation for seized Orinoco
Belt assets.

The negotiations involve "sizable amounts of value" and could
take months to resolve, Reuters notes, citing Mr. Mulva.

According to Reuters, the Venezuelan government took over the
oil operations of Exxon Mobil Corp. and ConocoPhillips in June
2007 after they failed to reach a deal to stay in multibillion-
dollar projects that the country's President Hugo Chavez decreed
should be taken over.

Mr. Mulva told Reuters that ConocoPhillips will turn to
arbitration only as a "last resort."

Mr. Mulva commented to the press, "We have not abandoned any
hope that we can reach an amicable solution.  It's only if we
cannot do that as a last resort that we would be considering
then arbitration."

Mr. Mulva refused to tell Reuters the amount ConocoPhillips was
seeking to recover from the Venezuelan government.

ConocoPhillips told Reuters "it will have to knock US$4.5
billion off its balance sheet after losing its assets in two
Orinoco ventures and one smaller project."  

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: Taiwan's CPC To Defend Oil Rights
---------------------------------------------------------
Published reports say that Taiwanese state-run oil firm CPC will
negotiate with Venezuelan officials to defend its oil
exploration rights in Venezuela, as the nation's state oil
company Petroleos de Venezuela SA wants to buy back oil
exploration rights of small investors who hold stakes of less
than 10% in projects throughout Venezuela.

Business News Americas relates that CPC allegedly invested some
US$78 million on a 7% stake in the Paria East and Paria West
blocks.

BNamericas notes that US oil major oil company ConocoPhillips
also held a stake in the Paria East block.  However, the firm
withdrew from Venezuela after failing to reach an accord with
Petroleos de Venezuela to accept minority control in its
projects.

According to BNamericas, Petroleos de Venezuela nationalized
projects in the Orinoco heavy crude belt.  It required 60%
stakes in joint ventures operating in the region.

"We definitely cannot accept Venezuela's request to take over
our two oil fields.  We won't, even if Venezuela offers higher
prices, because oil is more important than money," reports say,
citing CPC head Chen Pao-lang.

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.



                         ***********


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.

This material is copyrighted and any commercial use, resale or
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