TCRLA_Public/070724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, July 24, 2007, Vol. 8, Issue 145

                          Headlines

A R G E N T I N A

BANCO DE GALICIA: Prices Capital Increase Per Share at ARS4.991
CEREALES SAN JOSE: Claims Verification Deadline Is Aug. 7
COMPANIA GENERAL: Proofs of Claim Verification Is Until Sept. 21
CORAL SEA: Proofs of Claim Verification Is Until Sept. 10
D Y H: Proofs of Claim Verification Deadline Is Sept. 11

GANADERA DEL SALADO: Proofs of Claim Verification Ends on Oct. 1
GNC SA: Seeks for Reorganization Okay in Buenos Aires Court
INDUSCUER SA: Proofs of Claim Verification Deadline Is Aug. 16
KALEI SA: Proofs of Claim Verification Ends on Sept. 21
OKS CONSTRUCCIONES: Claims Verification Deadline Is Sept. 28

YPF SA: China Nat'l Petroleum Withdraws Bid for Repsol's Unit

* ARGENTINA: Energy Crisis Won't End Soon, Antonio Calo Says
* ARGENTINA: State Energy Company To Purchase Seven Turbines
* ARGENTINA: Will Launch San Cruz Hydroelectric Plant Tender


B A R B A D O S

DIGICEL GROUP: Cable & Wireless Says Firm's Claim Has No Basis
INTERPOOL INC: Chariot Deal Prompts S&P to Withdraw Ratings


B E R M U D A

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


B O L I V I A

* BOLIVIA: Bags US$2.1-Billion Steel & Iron Deal with Jindal
* BOLIVIA: Hydrocarbons Committee Approves 80% of New Framework
* BOLIVIA: Launches Development Bank


B R A Z I L

BANCO NACIONAL: Gov't Seeks Bank's Help on Aviation Crisis
BANCO NACIONAL: Okays BRL252-Mil. Loan to Zilor Group's Project
BANCO SAFRA: Fitch Confirms Issuer Default Rating at BB+
BR MALLS: S&P Puts BB- Corp. Credit Rating with Stable Outlook
COMPANIA FORCA: Good Fin. Performance Cues S&P to Revise Outlook

COMPANHIA PARANAENSE: Power Sales Rise 5.7% in First Six Months
EMBRATEL PARTICIPACOES: Earns BRL499 Mil. in Second Quarter 2007
EMI GROUP: S&P Says Ratings Remain on CreditWatch Negative
ENERGISA SA: Good Fin'l Performance Cues S&P to Revise Outlook
FERRO CORP: Inks Pact with Buyers in Antitrust Violation Suit

FORD MOTOR: To Invest EUR675 Million in Romanian Plant
NET SERVICOS: 2nd Qtr. Net Revenues Rose 27.9% to BRL698.3 Mil.
SAELPA: Good Fin'l Performance Cues S&P to Revise Outlook
SANITEC INDUSTRIES: Section 341(a) Meeting Scheduled on Aug. 14
TEKSID ALUMINUM: Gets Necessary Consents to Amend Indenture

VARIG SA: Creditors Can Decide on Restated Plan Until Aug. 10

* BRAZIL: Gov't Seeks Banco Nacional's Help on Aviation Crisis


C A Y M A N   I S L A N D S

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

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

CABLE & WIRELESS: Says Digicel's Complaint Has No Basis
CHESHIRE FINANCE: Sets Final Shareholders Meeting for Sept. 20
CORSAIR II: Will Hold Final Shareholders Meeting on Aug. 15
DRAGON MBS: Sets Final Shareholders Meeting for Sept. 20
EUREKA INTERACTIVE: Proofs of Claim Filing Is Until Aug. 31

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


C H I L E

AES CORP: Reports US$119 Mil. Net Income in 2007 First Quarter
ELECTROANDINA SA: Fitch Affirms Issuer Default Ratings at BB
SHAW GROUP: Secures US$1.29 Bil. EPC Contract from Duke Energy


C O L O M B I A

CHIQUITA BRANDS: Closes Sale of 12 Cargo Ships for US$227 Mil.
CHIQUITA BRANDS: Congressmen Want More Details on Firm's Case
CHIQUITA BRANDS: Unveils Rule 10b5-1 Stock Trading Plan Adoption


C O S T A   R I C A

NEW HORIZONS: March 31 Balance Sheet Upside-Down by US$3.4 Mil.


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: To Start Work on San Jose de las Matas


E C U A D O R

GENERAL MOTORS: Labor Talks to Aid Turnaround of U.S. Business


G U A T E M A L A

IMAX CORP: Completes 2002-2005 Financial Results Restatement


J A M A I C A

WEST CORP: June 30 Balance Sheet Upside-Down by US$2.1 Billion


M E X I C O

COLLINS & AIKMAN: C&A Automotive Canada Files for CCAA
COOPER-STANDARD: Moody's Affirms B2 Corporate Family Rating
FIRST DATA: Earns US$228.9 Million in Quarter Ended June 30
GRUPO IMSA: Reimbursing Shares Not Tendered To Ternium Offer
GRUPO TMM: Securitizes Vessels' Future Revenues Under Trust Plan


N I C A R A G U A

* NICARAGUA: Venezuela Cancels Nation's US$33.2-Million Debt


P A N A M A

NCO GROUP: Launches Exchange Offers for US$365 Million Sr. Notes


P E R U

HANOVER COMPRESSOR: Begins Tender Offer for US$550-Mil. Notes


P U E R T O   R I C O

DORAL FINANCIAL: Fitch Junks Long-Term Issuer Default Rating
DORAL FINANCIAL: Pays US$625 Million Senior Notes in Full


V E N E Z U E L A

CMS ENERGY: Board Declares Dividends on Common & Preferred Stock
DAIMLERCHRYSLER: Banks Seek Higher Interest for Chrysler Funding
DAIMLERCHRYSLER: New Bill Forces Chrysler to Drop Imperial Plans
PETROLEOS DE VENEZUELA: Investing US$3.5B To Buy Drilling Rigs

* VENEZUELA: Cancels Nicaragua's US$33.2-Million Debt
* BOND PRICING: For the Week July 16 to July 20, 2007


                         - - - - -


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


BANCO DE GALICIA: Prices Capital Increase Per Share at ARS4.991
---------------------------------------------------------------
Banco de Galicia said in a filing with the local stock exchange
Bolsa de Comercio that it has set a ARS4.991 per share price for
its upcoming capital increase.

As reported in the Troubled Company Reporter-Latin America on
July 10, 2007, Banco de Galicia said that it asked the central
bank for a 30-day extension to complete its planned capital
increase.  A Buenos Aires judge dismissed in June 2007 a
previous court ruling that had blocked the transaction due to
two lawsuits filed by investment vehicles Lagarcue and Theseus,
which have shares in Galicia.  Banco de Galicia said it sought
for a postponement as the appeals were still being analyzed.  
The preferential subscription period was initially set to run
from May 31 through June 11.  It had been postponed by Banco de
Galicia as it was appealing the court's decision.  Banco Galicia
will issue up to 100 million B class shares at a nominal value
of 1 peso each through cash or bonds maturing 2010, 2014 and
2019.  Parent firm Grupo Financiero Galicia would subscribe
bonds for about US$100 million.

The preferential subscription period was set for July 23, 2007,
Business News Americas relates.

Headquartered in Buenos Aires, Argentina, Banco de Galicia y
Buenos Aires SA -- http://www.e-galicia.com/-- is an   
Argentinean private bank that is engaged in commercial banking,
providing general banking services to large corporations, small
and medium-sized companies, agricultural and cattle farms and
individuals.  The company controls an extensive and diverse
network of subsidiaries, which include Banco Galicia Uruguay SA,
Galicia Capital Markets SA, Galicia Factoring y Leasing SA, Agro
Galicia SA, Galicia Administradora de Fondos SA, Galicia Valores
SA, Galicia Warrants SA, Net Investments SA, Sudamericana
Holding SA and Tarjetas Regionales SA.  Through its subsidiaries
the company offers accounting, investment and insurance
services, loans, checks and debit and credit cards.  It also
finances the development of real estate, acts as a fiduciary and
leases properties to interested parties.  It operates over 400
branches across the country and provides e-banking services to
customers via its Internet site.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, Banco de Galicia y Buenos Aires' Obligaciones
Negociables issued on Nov. 6, 2001, for the original amount of
US$12 million was rated D by the Argentine arm of Standard &
Poor's International Ratings.


CEREALES SAN JOSE: Claims Verification Deadline Is Aug. 7
---------------------------------------------------------
Pedro Rodriguez Oller, the court-appointed trustee for Cereales
San Jose S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 7, 2007.

Mr. Oller will present the validated claims in court as
individual reports on Sept. 19, 2007.  The National Commercial
Court of First Instance in Bahia Blanca, 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 Cereales San Jose 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 Cereales San Jose's
accounting and banking records will be submitted in court on
Nov. 1, 2007.

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

The debtor can be reached at:

          Cereales San Jose S.A.
          Caronti 15, Bahia Blanca
          Buenos Aires, Argentina

The trustee can be reached at:

          Pedro Rodriguez Oller
          D Orbigny 325, Bahia Blanca
          Buenos Aires, Argentina


COMPANIA GENERAL: Proofs of Claim Verification Is Until Sept. 21
-------------------------------------------------------------------
Juan J. Romanelli, the court-appointed trustee for Compania General
de Limpieza SA's bankruptcy proceeding, verifies creditors' proofs
of claim until Sept. 21, 2007.

Mr. Romanelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in No. 8 in Buenos Aires, with the assistance of Clerk No.
15, 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 Compania General 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 Compania General's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Compania General de Limpieza SA
          Tacuari 119
          Buenos Aires, Argentina

The trustee can be reached at:

          Juan J. Romanelli
          Gandara 20.700
          Buenos Aires, Argentina


CORAL SEA: Proofs of Claim Verification Is Until Sept. 10
---------------------------------------------------------
Ricardo Adrogue, the court-appointed trustee for Coral Sea
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 10, 2007.

Mr. Adrogue will present the validated claims in court as
individual reports on Oct. 22, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Coral Sea 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 Coral Sea's
accounting and banking records will be submitted in court on
Dec. 3, 2007.

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

The trustee can be reached at:

          Ricardo Adrogue
          Bouchard 468
          Buenos Aires, Argentina


D Y H: Proofs of Claim Verification Deadline Is Sept. 11
--------------------------------------------------------
Felipe Florio, the court-appointed trustee for D y H
Constructora S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 11, 2007.

Mr. Florio will present the validated claims in court as
individual reports on Nov. 9, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by D y H Constructora 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 D y H Constructora's
accounting and banking records will be submitted in court on
Dec. 21, 2007.

Mr. Florio is also in charge of administering D y H
Constructora's assets under court supervision and will take part
in their disposal to the extent established by law.

The debtor can be reached at:

          D y H Constructora S.R.L.
          Pje. Dr. Angel Roffo 7029
          Buenos Aires, Argentina

The trustee can be reached at:

          Felipe Florio
          Uruguay 618
          Buenos Aires, Argentina


GANADERA DEL SALADO: Proofs of Claim Verification Ends on Oct. 1
----------------------------------------------------------------
Silvia B. Giambone, the court-appointed trustee for Ganadera del
Salado SRL's bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 1, 2007.

Ms. Giambone will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in No. 7 in Buenos Aires, with the assistance of Clerk No.
13, 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 Ganadera del Salado 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 Ganadera del Salado's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Ganadera del Salado SRL
          Uruguay 680
          Buenos Aires, Argentina

The trustee can be reached at:

          Silvia B. Giambone
          Avenida Pte. Roque Saenz Pena 651
          Buenos Aires, Argentina


GNC SA: Seeks for Reorganization Okay in Buenos Aires Court
-----------------------------------------------------------
GNC SA has requested for reorganization approval after failing to
pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk No.
28.

The debtor can be reached at:

          GNC SA
          Avenida Eva Peron 3953
          Buenos Aires, Argentina


INDUSCUER SA: Proofs of Claim Verification Deadline Is Aug. 16
--------------------------------------------------------------
Gustavo Ariel Fiszman, the court-appointed trustee for Induscuer
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Aug. 16, 2007.

Mr. Fiszman will present the validated claims in court as
individual reports on Oct. 1, 2007.  The National Commercial
Court of First Instance in Lomas de Zamora, 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 Induscuer 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 Induscuer's
accounting and banking records will be submitted in court on
Nov. 14, 2007.

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

The trustee can be reached at:

          Gustavo Ariel Fiszman
          Tucuman 1295, Banfield
          Buenos Aires, Argentina


KALEI SA: Proofs of Claim Verification Ends on Sept. 21
-------------------------------------------------------
Antonio Florencio Canada, the court-appointed trustee for Kalei
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 21, 2007.

Mr. Canada will present the validated claims in court as
individual reports on Nov. 2, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Kalei 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 Kalei's accounting
and banking records will be submitted in court on Nov. 14, 2007.

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

The trustee can be reached at:

          Antonio Florencio Canada
          Dr. Luis Belaustegui 4531
          Buenos Aires, Argentina


OKS CONSTRUCCIONES: Claims Verification Deadline Is Sept. 28
------------------------------------------------------------
Jorge Osvaldo Stanislavsky, the court-appointed trustee for
O.K.S. Construcciones S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Sept. 28, 2007.

Mr. Stanislavsky will present the validated claims in court as
individual reports on Nov. 12, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by O.K.S. Construcciones 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 O.K.S.
Construcciones' accounting and banking records will be submitted
in court on Dec. 26, 2007.

Mr. Stanislavsky is also in charge of administering O.K.S.
Construcciones' assets under court supervision and will take
part in their disposal to the extent established by law.

The trustee can be reached at:

          Jorge Osvaldo Stanislavsky
          Talcahuano 768
          Buenos Aires, Argentina


YPF SA: China Nat'l Petroleum Withdraws Bid for Repsol's Unit
-------------------------------------------------------------
Oil and gas producer China National Petroleum Corp won't proceed
with a deal to purchase the energy assets of YPF SA, the
Argentine unit of Spanish oil firm Repsol, sources familiar with
the matter told the Wall Street Journal.

The Journal notes that China National decided to withdraw its
offer due to concerns about nationalization risks in South
America, particularly in Venezuela.

Repsol spokesperson William Gartland confirmed to the Journal
that China National had talked to the firm.

Enrique Eskenazi, an Argentine banker with close ties to the
government, is likely to acquire the Argentine assets, XFN-ASIA
reports, citing Mr. Gartland.

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

                        *     *     *

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

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

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

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook was negative.


* ARGENTINA: Energy Crisis Won't End Soon, Antonio Calo Says
------------------------------------------------------------
Antonio Calo, the general secretary of Argentina's national
metalworkers union (Union Obrera Metalurgica), told reporters
that the country's energy crisis won't be "overcome very soon."

The Argentine government decided to cut the gas supply to local
industry in May 2007.  Residential demand at that time rose due
to cold winter temperatures that have worsened, BNamericas
states.

No workers have been dismissed from firms in the sector so far,
Business News Americas relates, citing Mr. Calo.

"But there have been shift changes caused by these tough times
we are experiencing due to the lack of power," Mr. Calo
commented to BNamericas.

Strat Consulting's energy department director Mario Guaragna
told BNamericas that "the electric system lacks the capacity to
meet demand during peak consumption hours."  Argentina's hydro
generation capacity has been weak throughout the year.  The
energy crisis will continue for a number of years.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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


* ARGENTINA: State Energy Company To Purchase Seven Turbines
------------------------------------------------------------
The Argentine government said in a statement that through its
state-run energy firm Enarsa, it will buy seven open-cycle
turbines that can run on either natural gas or diesel.

According to the government's statement, the turbines will be
deployed in three provinces.  They will be grouped into five
different plants with combined capacity of 1.6 gigawatts.

Business News Americas relates that four 270-megawatt turbines
will be installed in two locations in Ensenada and Campana in
Buenos Aires.

The government said in a statement that a 170-megawatt turbine
will be deployed in Necochea in Buenos Aires.  Meanwhile, Santa
Fe and Cordoba will each get one 125-megawatt turbine.

BNamericas notes that the project will cost ARS3.25 billion.  
All equipment will be turned over once it is installed and
operating.

The government said in a statement that it will launch a tender
for the project.  

BNamericas states that the government will sell bidding rules
beginning Aug. 7.  It will open offers on Sept. 11 for the
tender.  Tender winners will be disclosed on Oct. 8.  Contracts
will be signed on Nov. 20.

The government wants to have all seven turbines running by the
end of next year, BNamericas states.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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


* ARGENTINA: Will Launch San Cruz Hydroelectric Plant Tender
------------------------------------------------------------
Argentine President Nestor Kirchner said in a statement posted
on the presidential Web site that the government will launch a
tender for two new hydroelectric plants.

According to the statement, the plants will be situated on the
San Cruz river in Patagonia.

The plants will generate up to two gigawatts of power.  The
project will need an initial investment of ARS4.5 billion,
President Kirchner said in a statement.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


DIGICEL GROUP: Cable & Wireless Says Firm's Claim Has No Basis
--------------------------------------------------------------
Cable & Wireless said in a statement that it is positive that
Digicel's claim against the firm is without foundation.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Digicel said it filed a lawsuit against rival
Cable & Wireless for illegally delaying its entry into Caribbean
markets.  Digicel said it is seeking "multimillion pound" in
damages.  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.  According to
Digicel, the obstructions happened between 2002 and 2006,
causing the company substantial losses.

Cable & Wireless told Reuters that it would defend itself
against a claim for damages from a rival in the Caribbean.

                   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.


INTERPOOL INC: Chariot Deal Prompts S&P to Withdraw Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew all ratings on
Interpool Inc., including the 'BB' corporate credit rating.  The
rating action follows the company's July 19, 2007, acquisition
by Chariot Acquisition Holding LLC, a company formed by certain
private equity funds managed by affiliates of Fortress
Investment Group LLC.
      
"Ratings were withdrawn due to the successful completion of
Interpool's tender offer for its outstanding rated debt in
conjunction with its acquisition," said Standard & Poor's credit
analyst Betsy Snyder.
     
Interpool is the largest lessor of chassis in North America and
one of the larger participants in the marine cargo container
leasing market.

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.




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B E R M U D A
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DRESDNER RCM: Proofs of Claim Filing Is Until July 27
-----------------------------------------------------
Dresdner RCM Oriental Income Fund Ltd.'s creditors are given
until July 27, 2007, to prove their claims to Mark W.R. Smith,
Derek Lai and Darach Haughey, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


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

         Canon's Court
         22 Victoria Street
         Bermuda

These matters will be taken up during the meeting:

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

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

     -- passing of a resolution dissolving the company.




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


* BOLIVIA: Bags US$2.1-Billion Steel & Iron Deal with Jindal
------------------------------------------------------------
Jindal Steel & Power Ltd. has agreed to put in US$2.1 billion in
investments in Bolivia's steel and iron-ore sector.

The investment is the biggest that ever came from an Indian
company, Bloomberg News says.  It included developing a 10
million-ton pellet plant, a 1.7 million-ton steel mill and a
450-megawatt power plant in the next eight years, Jindal Steel
said in a statement to the Bombay Stock Exchange.

The 40-year contract signing was originally slated for August
2006 but President Evo Morales has delayed it, asking for a
bigger stake for the government, the same news report says.

"In the prior contract, the state was only going to supply raw
materials, but now it will take part in industrialization,"
Pres. Morales was quoted by Bloomberg as saying in a broadcast
on La Paz-based Radio Panamericana.  "With this contract, the
state has sovereign control over its natural resources."

The plant will be constructed at El Mutun, which has one of the
world's largest iron-ore mines.  According to Press Trust,
Jindal has won a contract to exploit 50% of El Mutun's 40
billion reserves.                        

                        *     *     *

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
  Default Rating     B-       Dec. 14, 2005


* BOLIVIA: Hydrocarbons Committee Approves 80% of New Framework
---------------------------------------------------------------
The Bolivian constituent assembly's hydrocarbons committee vice
president Roberto Vaca said in a statement that the committee
has agreed to 80% of the new hydrocarbons framework draft.

Business News Americas relates that the draft says that
ownership of Bolivian hydrocarbons resources, "whatever the
state they are found in or the form in which they present
themselves, are the absolute, direct inalienable dominion of
Bolivians."

According to Mr. Vaca's statement, the state would determine
strategic hydrocarbons reserves for local consumption, "which in
the case of natural gas should be projected for a period of 30
years."

BNamericas notes that the committee also agreed on the creation
of state-owned firm Empresa Boliviana de Industria de
Hidrocarburos.

Mr. Vaca told BNamericas that when fields containing
hydrocarbons deposits span two or more departments, Empresa
Boliviana will launch an international call for bids to draft
the study to determine the proportion of reserves in each
department.

Other framework aspects include the increase of indigenous group
and rural community participation during project development,
BNamericas states.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                    Rating    Rating Date

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


* BOLIVIA: Launches Development Bank
------------------------------------
The Productive Development Bank of Bolivia was launched early
this month to provide funding to small producers in the country,
according to a report from Prensa Latina.

Planning Minister Gabriel Loza explained in the same report that
the bank will allow consolidating integrationist projects such
as the Trade Agreement with the Peoples, encouraged by President
Evo Morales.

Prensa Latina says food and cloth producers will get the first
flexible credits.  Mr. Loza added that the textile, manufacture,
leather, timber, and tourism industries are among those with the
highest support.

The bank offers loan with six percent interest rate in a 12-year
term, plus two periods of grace, Prensa Latina says, citing Mr.
Loza.

                        *     *     *

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
  Default Rating     B-       Dec. 14, 2005




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


BANCO NACIONAL: Gov't Seeks Bank's Help on Aviation Crisis
----------------------------------------------------------
Published reports in Brazil say that planning minister Paulo
Bernardo has asked Banco Nacional de Desenvolvimento Economico e
Social SA's assistance in alleviating the nation's air crisis.

Banco Nacional head Luciano Coutinho told Business News Americas
that Minister Berndardo spoke with him about ways in which the
bank could help the government find a way out of the problems
afflicting the air transport infrastructure network.

According to BNamericas, Minister Bernardo talked with Mr.
Coutinho on July 16, the day before the accident at Congonhas
involving an Airbus 320 carrying 186 passengers on July 17.

Mr. Coutinho told BNamericas that due to legal restrictions,
Banco Nacional couldn't make loans to the government.

Banco Nacional is mulling ways in which it could fund the
construction of an airport in Sao Goncalo do Amarante in Rio
Grande do Norte.  "Options include financing the state
government and loaning resources to the private sector,"
BNamericas states, citing Mr. Coutinho.

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

                        *     *     *

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


BANCO NACIONAL: Okays BRL252-Mil. Loan to Zilor Group's Project
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
approved a financing of BRL252 million to Companhia Agricola
Quata and Acucareira Quata S/A, located in the Municipality of
Quata, in the State of Sao Paulo.  The credit corresponds to 83%
of total investment, equivalent to BRL301.4 million.  The funds
will be used to expand the sugar cane plantation, in an
innovation and R,D&I project, for electric energy cogeneration
and industrial expansion.

The investments aim at expanding and renewing Cia. Agricola
Quata's sugar cane planting, increasing A‡ucareira Quata's
processing capacities and cogeneration, expanding the productive
capacity of the business unit Biorigin and duplicating this
business unit's innovation and research structure.

The project will:

   * allow energy generation using clean technology, from a
     renewable source;

   * meet the increasing demand for alcohol;

   * diversify the production line;

   * increase the revenues from diversification of products; and

   * generate 75 direct jobs during the operation.

The companies are held by the Zilor Group, comprised of three
sugar/alcohol plants and three agricultural enterprises, located
at the center-west region in the State of Sao Paulo, producing
and trading products based on own and third party sugar cane.  
The Zilor Group's plants rank among those presenting the higher
productivity in the sector.  The group's units produce jointly
about 550 thousand tons of sugar and 400 million liters of
alcohol per year.

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 SAFRA: Fitch Confirms Issuer Default Rating at BB+
--------------------------------------------------------
Fitch Ratings affirmed the ratings of Banco Safra S.A. and Safra
Leasing S.A. - Arrendamento Mercantil as:

Banco Safra

  -- Foreign currency Issuer Default Rating at 'BB+', Stable
     Outlook;
  -- Local currency IDR at 'BB+', Stable Outlook;
  -- Short-term foreign currency IDR at 'B';
  -- Short-term local currency rating at 'B';
  -- BRL fixed notes local currency rating at 'BB+';
  -- Individual rating 'C';
  -- Support rating '4';
  -- Support Rating Floor 'B';
  -- National Long-term rating at 'AA(bra)', Stable Outlook;
  -- National Short-term rating at 'F1+(bra)'.

Safra Leasing Arrendamento Mercantil

  -- Long-term rating at 'AA(bra)', Stable Outlook;
  -- National short-term rating at 'F1+(bra)'.

Safra Leasing Arrendamento Mercantil- 12nd and 13rd issuances of
debentures

  -- Long-term rating at 'AA(bra)'.

Banco Safra S.A. (Safra) ratings reflect the agility of the
bank's management in an often-volatile environment, its thorough
knowledge of its borrowers and exceptional controls over its
collateral stream.  They consider Safra's consistent
performance, balance sheet strength and managerial capacity, but
also a significant and growing exposure to the sovereign.  The
foreign and local currency IDRs are equal to the sovereign
rating.

The Rating Outlook for the Safra ratings is Stable and would be
affected by any potential deterioration in sovereign risk or the
bank's loan portfolio or capitalization.  The ratings could
benefit from improvements in revenue diversification, more
reliance on fees, and a lower concentration in its securities
portfolio, which will be challenging given Safra's business
model and a competitive environment.

Safra is wholly controlled by Joseph Safra, following the
agreement officially signed and approved by Central Bank in 2006
with his brother Moise Safra.  The bank and its subsidiaries
rank among the ten largest private banks in Brazil and are
engaged in a broad range of commercial and corporate banking
activities.

Safra has expanded leveraging in higher-spread operations,
intends to increase its retail presence and has been more active
on treasury operations. As with its peers, the bank's strategy
aims to compensate pressure on margins due to interest rates
falling faster than funding costs, taking advantage also of the
benign economic environment.  Agility in adding market share
will be fundamental for Safra's growth, given the increased
competition from banks with a broad distribution capacity and
stronger appetite for credit risk.

The increase and lengthening of its funding profile, benefiting
from greater liquidity in the international markets, are
expected to contribute to reduce the bank's funding costs in the
medium and long run.  However, its smaller branch network
results in higher funding costs but also lower operating
expenses in comparison with its competitors.  Safra's
capitalization ratio continues to be pressured by business
expansion; the recent capitalization of US$200 million in July
2007, increased the capital ratio slightly to around 13%; this
remains below peer average, though it is worth noting that it is
largely a Tier I capital base, and Safra carries far fewer
intangible assets on its balance sheet than do its local peers.  
Fitch expects that the capital base will further increase over
the medium-term, in order to support the bank's growth.

Fitch's national ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.  
National ratings are not internationally comparable since the
best relative risk within a country is rated 'AAA' and other
credits are rated only relative to this risk.  They are
signified by the addition of an identifier, for the country
concerned, such as 'AAA (bra)' for national ratings in Brazil.

Banco Safra S.A. is a notable and respected player in the
Brazilian and international banking sector, ranking among the
country's ten largest private sector financial institutions in
terms of total assets. A full-service commercial bank, Banco
Safra S.A. operates in all areas of the financial sector,
serving the needs of its clients nationwide.  Outside Brazil,
the bank offers its large customer base a broad selection of
international services.


BR MALLS: S&P Puts BB- Corp. Credit Rating with Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to BR Malls Participacoes S.A.  The
outlook is stable.  The company's total debt amounted to US$91
million in March 2007.
      
"The ratings reflect the company's higher leverage after
relevant debt-funded acquisitions, which are part of the
company's ambitious growth plans and potentially pressure its
financial profile; and the company's exposure to increasing
competition from other players that are also well capitalized
and seek to consolidate the still-fragmented shopping mall
market in Brazil," said Standard & Poor's credit analyst Beatriz
Degani.
     
On the other hand, the rating mirrors BR Malls' distinguished
position in the Brazilian shopping mall industry because it is
the largest shopping mall company in the country, despite being
recently created; asset diversification in different regions and
income segments; and its expertise in managing shopping malls
(BR Malls currently operates approximately 37 malls and four
business centers).  Moreover, the ratings incorporate S&P's
expectations that the company's growth will be driven mainly by
acquiring established shopping malls, rather than building new
ones, and immediately benefiting from more stable cash flows.
     
The stable outlook mirrors S&P's expectations that BR Malls will
maintain its leading market position and will be successful in
its ambitious expansion strategy, focusing on acquiring existing
assets (at least in the next 2-3 years).  S&P also expects the
company to sustain its adequate liquidity position.  The outlook
could be revised to positive if the company consistently reduces
its financial leverage, reporting a net debt-to-EBITDA ratio of
about 1 times.  On the other hand, the outlook could be revised
to negative if the competitive landscape becomes so challenging
that BR Malls' main assets would be affected significantly (with
major cash flow effects on a consolidated basis) or if the
company adopts a more aggressive growth strategy involving more
exposure to new malls (not expected in the medium term) and more
leverage than we incorporate in the current ratings.

BR Malls Participacoes SA is an integrated Shopping Mall company
in Brazil. The Company has stakes in 11 Shopping Centers, 10 of
them in operation and one under construction, totalizing 505,000
square meters of Gross Commercial Area (GCA) and 396,900 square
meters of Gross Leaseable Area (GLA) and approximate 2.2
thousand stores.  The Company provides management, consulting
and leasing services for 37 Shopping Centers, Commercial and
Business Centers, totalizing 981,000 square meters of GCA, with
approximate 4,100 stores.  The Company's portfolio of shopping
centers has been strategically diversified in its geographic
positioning and in its penetration of income segments.  The
Company's principal subsidiaries consist of ECISA Engenharia and
ECISA Participacoes, Egec, Dacom, Sisa, Egec Par and GS, Nattca,
SPE Indianapolis, Deico and other companies.


COMPANIA FORCA: Good Fin. Performance Cues S&P to Revise Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Brazil-based electric distribution utilities Empresa Energetica
de Sergipe and Companhia Forca e Luz Cataguazes-Leopoldina to
positive from stable.  Standard & Poor's also affirmed the 'B+'
rating on Energipe, Cataguazes, and Brazil-based electric
distribution utility Sociedade Anonima de Eletrificacao da
Paraiba, as well as the 'B+' rating on the unsecured US$250
million notes jointly issued by Energipe and Saelpa.  

The three companies are subsidiaries of Brazil-based holding
company Energisa S.A. (Energisa; not rated), a nonoperating
holding company with interests in five electric power
distribution companies and an 87-megawatt gas-fired thermopower
plant.  

The outlook revision reflects the positive effect on Energipe
and Cataguazes resulting from Energisa's announcement that it
has sold for BRL293 million its 11 small-scale hydropower plants
totaling 45 megawatts of installed capacity, plus four projects
being developed totaling 188 megawatts of installed capacity.
     
The positive outlook on Saelpa reflects S&P's expectation that
Saelpa will maintain an adequate financial performance, along
with progress in its operating efficiencies.  The positive
outlook on Energipe and Cataguazes indicates their strengthened
financials and improved capital structure, assuming proceeds
from Energisa's asset sale are implemented according to
management's strategy.  "The 'B+' ratings on Energipe,
Cataguazes, and Saelpa might be raised to 'BB-', assuming the
companies yield improved company debt profiles regarding cost of
debt, better amortization, and enhanced financial metrics,"
noted Standard & Poor's credit analyst Marcelo Costa.  "On the
other hand, the outlook could be revised to stable or negative
if Saelpa's current financial performance deteriorates, or if
Energipe and Cataguazes do not profit from Energisa's asset
sale," he continued.

Companhia Forca e Luz Cataguazes-Leopoldina is a Brazil-based
company that is mainly engaged in the power generation and
distribution business.  The Company supplies energy for over
1,900,000 consumers in four Brazilian states: Minas Gerais, Rio
de Janeiro, Sergipe and Paraiba, with a total area of 91,180
square kilometers.  The Company, along with CENF-Companhia de
Eletricidade de Nova Friburgo, Energipe-Empresa Energica de
Sergipe S.A., CELB-Companhia Energica da Borborema and Saelpa-
Sociedade de Eletrifica da Para, are all subsidiaries of the
Sistema Cataguazes-Leopoldina Group, which is involved in the
generation and distribution of electricity.  The Group operates
with five distributors, one thermoelectric power station and 14
small hydroelectric power plants, a total of 137,000 kilowatts
of generating capacity.


COMPANHIA PARANAENSE: Power Sales Rise 5.7% in First Six Months
---------------------------------------------------------------
Companhia Paranaense de Energia SA said in a statement that its
power sales increased 5.7% to 10.1 terawatt hour in the first
half of 2007, from the same period last year.

Business News Americas reports that Companhia Paranaense's power
sales to industrial customers rose by 4.5% to 3.75 terawatt hour
in the first six months of 2007, compared to the first six
months of 2006.

Companhia Paranaense told BNamericas that its power sales to
commercial and residential clients increased 9.5% to 1.88
terawatt hour and 6.9% to 2.56 terawatt hour in the first six
months of 2007, from the same period in 2006.  Sales in rural
areas grew 5.0% to 779 gigawatt hour.  Sales to residential
customers rose due in part due to warmer temperatures.  

Sales to residential, industrial, commercial and rural clients
were 25.3%, 37.0%, 18.5% and 7.7% of total sales respectively,
BNamericas notes, citing Companhia Paranaense.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and
distributes electricity to more than 3 million customers in the
state of Parana and has a generating capacity of nearly 4,600
MW, primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its
Brazilian national scale.  The rating outlook was stable.  This
rating action concludes the review process initiated on
July 26, 2006.

Moody's upgraded these ratings:

   -- Corporate Family Rating: to Ba2 from Ba3 (Global Local
      Currency) and to Aa2.br from A3.br (Brazilian National
      Scale);

   -- BRL500 million Senior Unsecured Guaranteed Debentures due
      2007: to Ba2 from Ba3 (Global Local Currency) and to
      Aa2.br from A3.br (Brazilian National Scale); and

   -- BRL400 million Senior Secured Guaranteed Debentures due
      2009: to Ba1 from Ba2 (Global Local Currency) and to
      Aa1.br from A1.br (Brazilian National Scale).


EMBRATEL PARTICIPACOES: Earns BRL499 Mil. in Second Quarter 2007
----------------------------------------------------------------
Embratel Participacoes said in its earnings statement that its
net profits increased by 23% to BRL499 million in the second
quarter 2007, compared to BRL131 million in the same quarter
last year.

Business News Americas relates that Embratel Participacoes'
revenues rose to BRL2.10 billion in the second quarter 2007,
from BRL2.04 billion in the second quarter 2006.

According to BNamericas, Embratel Participacoes' net profits
increased by 143% to BRL631 million in the first half of 2007,
compared to BRL259 million in the same period in 2006.

Embratel Participacoes' revenues grew 3.4% to BRL4.21 billion in
the first half of 2007, from BRL4.08 billion in the first half
of 2006, partly due to a 35% boost in local services, BNamericas
notes.

The report says that Embratel Participacoes' revenues from voice
services decreased to BRL2.21 billion in the first half of 2007,
from BRL2.37 billion in the first half of 2006.  Its data
communications revenues increased by 1.8% to BRL1.14 million
year-over-year.

BNamericas notes that Embratel Participacoes' revenues from long
distance calls -- its traditional core business -- declined by
3.4% year-on-year to BRL2.03 million in sales in the first half
of 2007.  It represented 53% of revenues.

Embratel Participacoes' Ebitda increased by 3.2% to BRL1.07
million in the first half of 2007, from BRL1.04 million in the
same period last year.  Its Ebit was BRL447 million in the first
half of 2007, compared to BRL607 million in the first half of
2006, BNamericas states.

Embratel Participacoes SA offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt -- B2.


EMI GROUP: S&P Says Ratings Remain on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+/B' long-
and short-term corporate credit ratings and 'B+' senior
unsecured debt ratings on U.K.-based music major EMI Group PLC
remain on CreditWatch with negative implications.  The 'B+'
senior unsecured debt ratings on related entities Capitol
Records Inc. and EMI Group Finance (Jersey) Ltd. also remain on
CreditWatch negative.
     
"The maintenance of the ratings on CreditWatch reflects today's
announcement that Maltby Ltd., a company formed at the direction
of private equity house Terra Firma, further extended its offer
for EMI shares to July 29, 2007," said Standard & Poor's credit
analyst Patrice Cochelin.
     
The transaction, if successful, will likely entail a substantial
increase in leverage for EMI, as Maltby has secured GBP2.5
billion in term debt and a GBP350 million revolving credit
facility. At March 31, 2007, EMI had GBP1.3 billion in gross
unadjusted debt.  Although the underlying value of EMI's music
rights and the recorded business can be successfully realized
and developed over time, in the near future the company faces a
revenue shortfall, as growing digital music sales fail to bridge
the gap created by a continuing decline in CD shipments.
     
"We will review the ratings on EMI as more information on
ownership and potential capital structures becomes available,"
said Mr. Cochelin.
     
S&P will review separately the rating implications of a change-
of-control event on the issue ratings.

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


ENERGISA SA: Good Fin'l Performance Cues S&P to Revise Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Brazil-based electric distribution utilities Empresa Energetica
de Sergipe (Energisa) and Companhia Forca e Luz Cataguazes-
Leopoldina to positive from stable.  Standard & Poor's also
affirmed the 'B+' rating on Energipe, Cataguazes, and Brazil-
based electric distribution utility Sociedade Anonima de
Eletrificacao da Paraiba, as well as the 'B+' rating on the
unsecured US$250 million notes jointly issued by Energipe and
Saelpa.  

The three companies are subsidiaries of Brazil-based holding
company Energisa S.A. (Energisa; not rated), a nonoperating
holding company with interests in five electric power
distribution companies and an 87 megawatt gas-fired thermopower
plant.  

The outlook revision reflects the positive effect on Energipe
and Cataguazes resulting from Energisa's announcement that it
has sold for BRL293 million its 11 small-scale hydropower plants
totaling 45 megawatts of installed capacity, plus four projects
being developed totaling 188 megawatts of installed capacity.
     
The positive outlook on Saelpa reflects S&P's expectation that
Saelpa will maintain an adequate financial performance, along
with progress in its operating efficiencies.  The positive
outlook on Energipe and Cataguazes indicates their strengthened
financials and improved capital structure, assuming proceeds
from Energisa's asset sale are implemented according to
management's strategy.  "The 'B+' ratings on Energipe,
Cataguazes, and Saelpa might be raised to 'BB-,' assuming the
companies yield improved company debt profiles regarding cost of
debt, better amortization, and enhanced financial metrics,"
noted Standard & Poor's credit analyst Marcelo Costa.  "On the
other hand, the outlook could be revised to stable or negative
if Saelpa's current financial performance deteriorates, or if
Energipe and Cataguazes do not profit from Energisa's asset
sale," he continued.

ENERGISA is a holding company for the three electricity
distribution companies issuing the notes units, ENERGIPE,
SAELPA, and CELB.  The distribution companies serve
approximately 1.5 million customers distributing 4,351 GWh in
2005 in the Northeast Brazilian States of Sergipe and Paraiba.


FERRO CORP: Inks Pact with Buyers in Antitrust Violation Suit
-------------------------------------------------------------
Ferro Corporation has entered into an agreement with the direct
purchasers in a class action civil lawsuit related to alleged
antitrust violations in the heat stabilizer industry.  Although
Ferro has decided to bring this matter to a close through
settlement, thecCompany does not admit any of the alleged
violations and continues to deny its liability.  The settlement
agreement must be approved by the United States District Court
for the Eastern District of Pennsylvania.

The direct purchasers class action lawsuit was filed along with
two other actions after the United States Department of Justice
requested documents from the Company in 2003 in connection with
its investigation into possible antitrust violations in the heat
stabilizer industry.  In April 2006, the Department of Justice
notified Ferro that it had closed its investigation and that the
company was relieved of any obligation to retain documents that
were responsive to the Department of Justice's earlier document
request.  Before closing its investigation, the Department of
Justice took no action against the company or any of its current
or former employees.

Ferro is vigorously defending the remaining two civil actions
alleging antitrust violations in the heat stabilizer industry.  
In addition, Ferro believes that it has a claim for
indemnification by the former owner of Ferro's heat stabilizer
business for the defense of these lawsuits and any resulting
payments by Ferro, including the US$6.25 million payments to the
class of direct purchasers and PolyOne Corporation.  As the
remaining two actions currently are in their preliminary stages,
Ferro cannot determine their outcomes at this time.

As a result of the settlement agreement and as part of Ferro's
second quarter financial results, Ferro will record a US$6.25
million reserve for a US$5.5 million settlement payment to the
direct purchasers and a US$750,000 settlement payment to PolyOne
Corporation, which opted out of the class of direct purchasers
and entered into a separate settlement agreement with Ferro.  
The settlement agreement with PolyOne Corporation did not
require payment until Ferro entered into a settlement agreement
with the class of direct purchasers.  The impact of the reserve
settlement is expected to lower net income per share for the
second quarter, ended June 30, 2007, by approximately 10 cents.  
Previously, Ferro had indicated that it expected to earn
approximately 16 to 21 cents per share in the quarter, including
4 cents for charges related to its manufacturing rationalization
programs.

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.


FORD MOTOR: To Invest EUR675 Million in Romanian Plant
------------------------------------------------------
Ford Motor Company plans to develop the Craiova manufacturing
plant in Romania into one of the major facilities supporting
Ford of Europe's vehicle and engine production requirements, the
company said in a statement.

The TCR-Europe reported on July 12, 2007, that Ford had
submitted a bid for the Automobile Craiova assembly plant in
Romania and forwarded its proposal to he Romanian Authority for
State Assets Recovery.

If the company's bid is successful, the company would commit to
investing EUR675 million in the site to upgrade and modernize
the plant in line with global Ford Motor Company standards.

Ford's plans also include increasing employment levels from
3,900 now to 7,000 -- and potentially up to 9,000.

The existing and additional workforce would be producing 300,000
vehicles a year, together with a further 300,000 engines
annually, according to Ford's plans.  In 2006, the plant made
24,000 vehicles and 116,000 engines.

Ford's strategy for the Craiova plant was discussed at meetings
in Bucharest with Ford of Europe President and CEO John Fleming,
Romania Prime Minister Calin Popescu-Tariceanu and members of
the privatization committee for Automobile Craiova.

"By 2012, we would expect to be spending around EUR1 billion a
year in Romania to support the Craiova plant," said Mr. Fleming.  

"We are excited about the opportunity for Craiova.  But there
is still much hard work to be done before a final agreement
is reached.  During our negotiations with the privatization
committee, we will be emphasizing how important the Craiova
plant is to Ford's long-term strategic manufacturing plans,"
Mr. Fleming added.

                      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.


NET SERVICOS: 2nd Qtr. Net Revenues Rose 27.9% to BRL698.3 Mil.
---------------------------------------------------------------
Net Servicos de Comunicacao S.A. announced its 2007 second
quarter results.

Net revenue rose by 27.9%, from BRL545.8 million in the second
quarter 2006 to BRL698.3 million in this quarter.

Operating costs rose by 30.2%, from BRL254.8 million in the
second quarter 2006 to BRL331.7 million, remaining virtually
stable as a percentage of net revenue, at approximately 47%.

Selling, General and Administrative expenses (SG&A) surged by
73.2%, from BRL125.7 million to BRL217.8 million.

Consolidated EBITDA excluding the non-recurring equalization,
rose by 24.3%, from BRL157.4 million to BRL195.8 million.

On May 16, 2007, the National Telecommunications Agency approved
the acquisition of Vivax's control by Net Servicos pursuant to
the terms and conditions in the Share Acquisition and Other
Arrangement Agreement of October 2006.  Following ANATEL's
approval, shareholders' meetings approved this acquisition on
June 11, 2007.  Since then, Net has thus become Vivax's
controlling shareholder, detaining the totality of its shares.

Vivax's acquisition was in line with the company's growth
strategy as the companies have complementary infrastructures
with almost no overlapping.  This becomes clear with the
continued strong growth of both pay TV and broadband services,
up by 16.7% and 75.4%, respectively.  Voice services, which were
only available in some parts of Net's coverage area, reached
353,700 clients at end of the quarter.

Vivax's consolidation required accounting equalizations in order
to conform to the standards adopted by Net.  Since, these
adjustments are not recurring; the company does not anticipate
this kind of adjustment in the coming quarters.  The effect of
these adjustments on EBITDA totaled BRL55.3 million.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--  
is a subscriber TV multi-operator in Brazil, as it operates the
NET brand in major cities, including operations in the 4 largest
cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto
Alegre.

NET also offers Broadband Internet services through its NET
VIRTUA brand name.

                        *     *     *

Moody's America Latina assigned on May 22, 2006, a Baa2.br
Brazilian National Scale Rating and a B1 Global Local Currency
Rating to Net Servicos de Comunicacao S.A.'s BRL650 million
debentures due in 2011 issued in September 2005.  Concurrently,
Moody's Investors Service affirmed Net's B1 global local
currency scale corporate family rating.  Moody's said the
ratings outlook was stable.


SAELPA: Good Fin'l Performance Cues S&P to Revise Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Brazil-based electric distribution utilities Empresa Energetica
de Sergipe and Companhia Forca e Luz Cataguazes-Leopoldina to
positive from stable.  Standard & Poor's also affirmed the 'B+'
rating on Energipe, Cataguazes, and Brazil-based electric
distribution utility Sociedade Anonima de Eletrificacao da
Paraiba, as well as the 'B+' rating on the unsecured US$250
million notes jointly issued by Energipe and Saelpa.  

The three companies are subsidiaries of Brazil-based holding
company Energisa S.A. (Energisa; not rated), a nonoperating
holding company with interests in five electric power
distribution companies and an 87-megawatt gas-fired thermopower
plant.  

The outlook revision reflects the positive effect on Energipe
and Cataguazes resulting from Energisa's announcement that it
has sold for BRL293 million its 11 small-scale hydropower plants
totaling 45 megawatts of installed capacity, plus four projects
being developed totaling 188 megawatts of installed capacity.
     
The positive outlook on Saelpa reflects S&P's expectation that
Saelpa will maintain an adequate financial performance, along
with progress in its operating efficiencies.  The positive
outlook on Energipe and Cataguazes indicates their strengthened
financials and improved capital structure, assuming proceeds
from Energisa's asset sale are implemented according to
management's strategy.  "The 'B+' ratings on Energipe,
Cataguazes, and Saelpa might be raised to 'BB-,' assuming the
companies yield improved company debt profiles regarding cost of
debt, better amortization, and enhanced financial metrics,"
noted Standard & Poor's credit analyst Marcelo Costa.  "On the
other hand, the outlook could be revised to stable or negative
if Saelpa's current financial performance deteriorates, or if
Energipe and Cataguazes do not profit from Energisa's asset
sale," he continued.

Sociedade Anonima de Eletrificacao da Paraiba; privatization of
electric distribution company serving approximately 715,000
customers in the State of Paraiba, Brazil.


SANITEC INDUSTRIES: Section 341(a) Meeting Scheduled on Aug. 14
---------------------------------------------------------------
The U.S. Trustee for Region 16 will convene a hearing of
creditors of Sanitec Industries Inc., on Aug. 14, 2007, at 9:00
a.m., at 21051 Warner Center Lane, Room 105 in Woodland,
California.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Sun Valley, California, Sanitec Industries Inc.
-- http://www.sanitecindustries.com/-- is the global patent  
holder for the Sanitec(R) Microwave Healthcare Waste
Disinfection System(TM).  The company's facilities that are
operating both at hospitals and at regional waste treatment
centers in the United States and in six foreign countries
(Brazil, England, Canada, Japan, Korea, and Saudi Arabia),
process infectious medical waste.  

The company filed for Chapter 11 protection on July 5, 2007
(Bankr. C.D. Calif. Case No. 07-12307).  Jeffry A. Davis, Esq.,
in San Diego, California, represents the Debtor in its
restructuring efforts.  No Official Committee of Unsecured
Creditors has been appointed to date in this case.  When the
Debtor filed for bankruptcy, its listed estimated assets and
debts between US$1 million and US$100 million.


TEKSID ALUMINUM: Gets Necessary Consents to Amend Indenture
-----------------------------------------------------------
Teksid Aluminum Luxembourg S.a r.l., S.C.A disclosed that
that, as of 12:00 p.m., New York City time (5:00 p.m., London
time), on Wednesday, July 18, 2007, consents representing
approximately 85% of the EUR205,598,000 aggregate principal
amount of its outstanding 11-3/8% Senior Notes due 2011 have
been validly delivered pursuant to its previously announced
solicitation of consents to implement certain proposed
amendments to the indenture governing the Senior Notes and to
give effect to a waiver of any Default or Event of Default
arising from and any claims relating to the Company's failure to
comply with the sixth paragraph of Section 11.15(b)(i) of the
Indenture.  

Consequently, the Company, the note guarantors and the trustee
executed a supplemental indenture on Tuesday, July 17, 2007.  
Accordingly, the proposed amendments have become operative in
accordance with their terms and the Waiver has become effective.

The consent solicitation expired on Thursday, July 18, 2007 at
10:00 a.m., New York City time (3:00 p.m., London time).

The indenture amendments:

   (a) extend the time by which offers to purchase Senior Notes
       after the sale of each of Teksid Aluminum Poland S.p.       
       z.o.o., the Company's indirectly held minority equity
       interest in Nanjing Teksid Aluminum Foundry and the
       Company's equity interest in Cevher Dokum Sanayi A.S.
       are to be made to no later than Aug. 15, 2007,

   (b) extend the time by which offers to purchase Senior Notes
       with each of the Fiat Payment and the Escrow Amount are
       to be made to no later than ten (10) business days after
       receipt of each such payment, but in no event prior to
       Aug. 15, 2007, and

   (c) allow the payment of the interest due and unpaid on the
       Senior Notes on or about July 15, 2007, together with
       required interest on such unpaid interest to be deducted
       from the proceeds to be used to fund such tender offers.  
       The Company expects to make an interest payment in the
       amount of EUR12,735,555.28 on July 19, 2007.

                   About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--  
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

Until Sept. 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between Sept. 30, 2002, and Nov. 22,
2002, Teksid S.p.A. sold its aluminum foundry business to a
consortium of investment funds led by equity investors that
include affiliates of each of Questor Management Company, LLC,
JPMorgan Partners, Private Equity Partners SGR SpA and AIG
Global Investment Corp.  As a result of the sale, Teksid
Aluminum is now owned by its equity investors through TK
Aluminum Ltd., a Bermuda holding company.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 10, 2007, Moody's Investors Service confirmed the Caa3
Corporate Family Rating of Teksid Aluminum Ltd as well as the Ca
rating of the company's senior notes at Teksid Aluminum
Luxembourg Sarl SCA with a stable outlook.


VARIG SA: Creditors Can Decide on Restated Plan Until Aug. 10
-------------------------------------------------------------
VARIG S.A., Rio Sul Linhas Aereas S.A. and Nordeste Linhas Aereas
S.A., and the Judicial Administrator in the Foreign Proceeding have
determined that the 30-day period set forth in the Restated In-
Court Reorganization of the Foreign Debtors for creditors to elect
to adhere to the Restated Plan will end on Aug. 10, 2007.

The debtors and the Judicial Administrator decided to let creditors
vote on the Restated Plan starting July 11, 2007.

On June 22, 2007, Varig S.A., Rio Sul Linhas Aereas S.A. and
Nordeste Linhas Aereas S.A. published procedures for post-petition
or "bankruptcy" creditors to elect to adhere to the Restated Plan
that was approved by the general assembly of creditors in the
proceedings pending in the Commercial Bankruptcy and Reorganization
Court in Rio de Janeiro, Brazil on July 17, 2006.  The foregoing
procedures are posted, in Portuguese and in English, on the Foreign
Debtors' Web site at: http://www.voenordeste.com.br/

Creditors may contact the counsel to the foreign representative
of Varig, Rio Sul and Nordeste Linhas can be reached at:

          Rick B. Antonoff, Esq.
          Pillsbury Winthrop Shaw Pittman LLP
          1540 Broadway, New York
          NY 10036, USA
          Phone: (212) 885-1000
          E-mail: rick.antonoff@pillsburylaw.com

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's
largest air carrier and the largest air carrier in Latin
America.  VARIG's principal business is the transportation of
passengers and cargo by air on domestic routes within Brazil and
on international routes between Brazil and North and South
America, Europe and Asia.  VARIG carries approximately 13
million passengers annually and employs approximately 11,456
full-time employees, of which approximately 133 are employed in
the United States.

The Company, along with two affiliates, filed for a judicial
reorganization proceeding under the New Bankruptcy and
Restructuring Law of Brazil on June 17, 2005, due to a
competitive landscape, high fuel costs, cash flow deficit, and
high operating leverage.

The Debtors may be the first case under the new law, which took
effect on June 9, 2005.  Similar to a chapter 11 debtor-in-
possession under the U.S. Bankruptcy Code, the Debtors remain in
possession and control of their estate pending the Judicial
Reorganization.  Sergio Bermudes, Esq., at Escritorio de
Advocacia Sergio Bermudes, represents the carrier in Brazil.

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In his capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts.

Volo do Brasil, which purchased VARIG's cargo unit, VARIG
Logistica S.A., and partially controlled by U.S. investment fund
MatlinPatterson Global Advisors, bought VARIG for US$600 million
in July 2006.


* BRAZIL: Gov't Seeks Banco Nacional's Help on Aviation Crisis
--------------------------------------------------------------
Published reports in Brazil say that planning minister Paulo
Bernardo has asked Banco Nacional de Desenvolvimento Economico e
Social SA's assistance in alleviating the nation's air crisis.

Banco Nacional head Luciano Coutinho told Business News Americas
that Minister Berndardo spoke with him about ways in which the
bank could help the government find a way out of the problems
afflicting the air transport infrastructure network.

According to BNamericas, Minister Bernardo talked with Mr.
Coutinho on July 16, the day before the accident at Congonhas
involving an Airbus 320 carrying 186 passengers on July 17.

Mr. Coutinho told BNamericas that due to legal restrictions,
Banco Nacional couldn't make loans to the government.

Banco Nacional is mulling ways in which it could fund the
construction of an airport in Sao Goncalo do Amarante in Rio
Grande do Norte.  "Options include financing the state
government and loaning resources to the private sector,"
BNamericas states, citing Mr. Coutinho.

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

   -- 'BB' for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

                        *     *     *

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




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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


ADC INTERNATIONAL: Proofs of Claim Filing Is Until Sept. 19
------------------------------------------------------------
ADC International Corp.'s creditors are given until
Sept. 19, 2007, to prove their claims to MBT Trustees Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


BRITANNIC WORLD: Proofs of Claim Filing Is Until Aug. 20
--------------------------------------------------------
Britannic World Markets Master Fund Ltd.'s creditors are given
until Aug. 20, 2007, to prove their claims to S.L.C. Whicker and
K.D. Blake, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


BRITANNIC WORLD: Proofs of Claim Must be Filed by Aug. 20
---------------------------------------------------------
Britannic World Markets Fund Ltd.'s creditors are given until
Aug. 20, 2007, to prove their claims to S.L.C. Whicker and K.D.
Blake, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

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


CABLE & WIRELESS: Says Digicel's Complaint Has No Basis
-------------------------------------------------------
Cable & Wireless said in a statement that it is positive that
Digicel's claim against the firm is without foundation.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Digicel said it filed a lawsuit against rival
Cable & Wireless for illegally delaying its entry into Caribbean
markets.  Digicel said it is seeking "multimillion pound" in
damages.  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.  According to
Digicel, the obstructions happened between 2002 and 2006,
causing the company substantial losses.

Cable & Wireless told Reuters that it would defend itself
against a claim for damages from a rival in the Caribbean.

                    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%


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


EUREKA INTERACTIVE: Proofs of Claim Filing Is Until Aug. 31
-----------------------------------------------------------
The Eureka Interactive Fund Ltd.'s creditors are given until
Aug. 31, 2007, to prove their claims to John Sutlic and Jeffrey
Arkley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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




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


AES CORP: Reports US$119 Mil. Net Income in 2007 First Quarter
--------------------------------------------------------------
The AES Corporation reported strong first quarter 2007 results.  
Revenues increased 11% to US$3.1 billion compared to US$2.8
billion for the first quarter of 2006, while net cash from
operating activities increased 14% to US$581 million compared to
US$509 million last year.

First quarter income from continuing operations was US$119
million, or US$0.18 earnings per diluted share.  The quarterly
results were in line with the company's expectations excluding a
non-cash charge of US$35 million, or US$0.05 impact on diluted
earnings per share, due to an impairment of a minority
investment, and a charge of US$22 million, or US$0.03 impact on
diluted earnings per share, relating to a litigation reserve as
a result of a court ruling at its subsidiary in Kazakhstan.

Adjusted earnings per share (a non-GAAP financial measure) were
US$0.24 for the quarter and include the US$0.03 charge at its
subsidiary in Kazakhstan.  These results compare to 2006 first
quarter income from continuing operations of US$330 million, or
US$0.49 earnings per diluted share, and adjusted earnings per
share of US$0.39.  First quarter 2006 results included a one-
time US$87 million gain or US$0.13 positive impact on diluted
earnings per share associated with the sale of Kingston in
Ontario and the sale of an additional US$39 million or US$0.05
positive impact on diluted earnings per share in excess emission
sales.

As anticipated and previously disclosed, the company recognized
an impairment charge of approximately US$638 million, or US$0.94
impact on diluted earnings per share, in connection with the
sale of its equity stake in its Venezuelan subsidiary C.A. La
Electricidad de Caracas, now included in discontinued
operations.  Including these charges, the company incurred a net
loss of US$455 million, or US$0.67 diluted loss per share.  This
compares to net income of US$348 million, or US$0.52 earnings
per diluted share in first quarter 2006.

During the quarter, AES continued to execute its growth plans.  
The Company signed a Memorandum of Understanding and
subsequently entered into a partnership with GE Energy Financial
Services to develop greenhouse gas emission reduction projects
in the United States.  The Company also acquired two new power
plants with long-term power agreements in Tamuin, Mexico
totaling 460 MW of capacity.

"The quarter reflected strong revenues, cash flow and underlying
operating performance," said Paul Hanrahan, AES President and
CEO.  "We continued to implement its growth strategy focusing on
meeting increasing demand for energy in fast-growing markets
while expanding our presence in renewables and the growing
market for emission offsets."

First Quarter 2007 Consolidated Highlights:

   -- Revenues increased by US$304 million to US$3.1 billion,
      reflecting higher prices and increased demand primarily in
      Latin America, the acquisition of two new facilities in
      Mexico and the consolidation of Itabo, one of the
      company's businesses in the Dominican Republic, and
      favorable foreign currency translation.

   -- Gross margin decreased by US$49 million to US$868 million,
      primarily due to the benefit of higher emission sales of
      US$39 million recorded in first quarter 2006 and
      US$32 million cost recoveries related to prior periods in
      the first quarter of 2006 at Eletropaulo in Brazil.  This
      was partially off-set by favorable foreign currency
      translation, contributions from the two new facilities in
      Mexico and the consolidation of Itabo, and improved
      operating performance at various subsidiaries.

   -- General and administrative expense increased US$28 million
      to US$85 million, largely from higher spending related to
      the strengthening of the company's financial organization,
      completion of its recent restatement and increased
      business development activities to support its growth
      initiatives.

   -- Interest expense increased by US$4 million to US$422
      million, reflecting debt at recently acquired businesses,
      including the two new facilities in Mexico, interest on
      regulatory liabilities in Brazil and losses on interest
      rate derivatives.  These increases were partially offset
      by debt retirements and lower interest rates at its Brazil
      subsidiaries.

   -- Other expense decreased US$37 million to US$41 million,
      largely due to costs associated with debt retirements at
      the parent company and at its businesses in El Salvador
      during the first quarter of 2006, partially offset by a
      US$22 million charge in first quarter of 2007 related to a
      court ruling at its subsidiary in Kazakhstan.

   -- Gain on sale of investment decreased by US$86 million due
      to the sale of AES Kingston, a 110 MW power plant in
      Ontario, Canada that resulted in a gain of US$87 million
      in the first quarter of 2006.

   -- Other non-operating expense increased by US$39 million to
      US$39 million, largely due to a US$35 million impairment
      in the company's minority investment in AgCert
      International.  An impairment was determined to exist due
      to the application of accounting rules relating to an
      "other than temporary" decline in AgCert's stock price
      performance during the first quarter of 2007.

   -- The effective tax rate during the quarter was 41% as
      compared to 31% in 2006.  This increase was primarily due
      to a change in tax law in China, unfavorable tax impacts
      of the charges associated with the impairment of its
      investment in AgCert and with the court ruling in
      Kazakhstan, and a favorable impact in the first quarter of
      2006 associated with the non-taxable sale of Kingston,
      offset by a tax benefit recorded upon the release of a
      valuation allowance at one of its subsidiaries in
      Argentina.

   -- Income from continuing operations for the first quarter of
      2007 was US$119 million, or US$0.18 diluted earnings per
      share, versus US$330 million, or US$0.49 diluted earnings
      per share for the first quarter of 2006.  Adjusted
      earnings per share for the first quarter of 2007 were
      US$0.24 compared to US$0.39 in first quarter 2006.

   -- During the quarter, free cash flow (a non-GAAP financial
      measure) increased by US$68 million to US$377 million,
      primarily due to decreases in net working capital, lower
      cash tax payments and contributions from the two new
      facilities in Mexico and the consolidation of Itabo.

First Quarter 2007 Segment Highlights:

   -- Latin America Generation revenue increased by US$139
      million to US$738 million, primarily due to higher
      contract and spot prices at Gener in Chile, the
      consolidation of Itabo in the Dominican Republic, and
      increased energy prices in Argentina.  Gross margin
      decreased by US$9 million to US$250 million, primarily due
      to increased purchased electricity and fuel costs at
      Uruguaiana in Brazil and Gener in Chile and higher fixed
      costs at Gener, partially offset by the consolidation of
      Itabo and variable margin on the increased revenues in
      Argentina.

   -- Latin America Utility revenue increased by US$73 million
      to US$1.2 billion, primarily due to the positive impact of
      foreign currency translation in Brazil and higher tariff
      rates at Eletropaulo and Sul in Brazil and CAESS-EEO in El
      Salvador.  Gross margin decreased by US$19 million to
      US$210 million, primarily due to prior period costs
      recovered through the tariff in first quarter 2006 at
      Eletropaulo in Brazil, partially offset by favorable
      foreign currency translation and the favorable tariff
      rates at Sul and CAESS-EEO.

   -- North America Generation revenue increased by US$17
      million to US$510 million, primarily due to the
      acquisition of the two new facilities in Mexico, higher
      spot prices at Eastern Energy in New York and planned
      outages at Warrior Run in Maryland and AES Hawaii in first
      quarter 2006.  These gains were mostly offset by lower
      emission sales in New York and outages at Merida in Mexico
      and at Deepwater in Texas.  Gross margin decreased by
      US$20 million to US$154 million, primarily due to lower
      emission sales at Eastern Energy in New York.

   -- North America Utility revenue increased by US$8 million to
      US$263 million, primarily due to higher volumes at IPL in
      Indiana.  Gross margin increased by US$17 million to
      US$81 million primarily due to higher volume and lower
      maintenance costs associated with generation unit
      overhauls in first quarter of 2006 at IPL.

   -- Europe & Africa Generation revenue increased by
      US$44 million to US$252 million, primarily due to higher
      volume and prices in Kazakhstan, favorable foreign
      currency translation and higher volume and prices in
      Hungary.  Gross margin increased by US$10 million to
      US$90 million, primarily due to higher revenues in
      Kazakhstan and favorable foreign currency translation,
      partially offset by lower emission sales at Bohemia in
      Czech Republic.

   -- Europe & Africa Utility revenue increased by US$14 million
      to US$166 million, primarily due to higher tariff rates in
      Ukraine and foreign currency translation gains.  Gross
      margin decreased by US$19 million to US$17 million due to
      reduced rainfall in Cameroon which led to increased fuel
      costs and an unfavorable derivative mark-to-market
      variance at AES SONEL in Cameroon.  Additionally, AES
      SONEL experienced higher fixed costs related to increased
      staffing and higher depreciation.

   -- Asia Generation revenue increased by US$18 million to
      US$212 million, primarily due to higher volume in Pakistan
      and an outage at Ras Laffan in Qatar in 2006, partially
      offset by lower volumes in Sri Lanka.  Gross margin
      decreased by US$5 million to US$58 million, primarily due
      to lower volumes in Sri Lanka and higher planned
      maintenance costs at Barka in Oman.

AES Corp. -- http://www.aes.com/-- is a global power company.  
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

                        *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


ELECTROANDINA SA: Fitch Affirms Issuer Default Ratings at BB
------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' foreign and local currency
Issuer Default Ratings of ElectroAndina S.A.  In addition, Fitch
has revised Electroandina's Rating Outlook to Positive from
Stable.

The Positive Outlook incorporates the expectation of continued
strengthening in credit fundamentals, as the company is expected
to renegotiate existing long-term power purchase agreements,
which should improve operating results; further deleverage of
the company; and the reduction of fuel availability risk and
higher fuel diversification due to the introduction of Liquified
Natural Gas in the system.

The ratings reflect ElectroAndina's business position, which
benefits from its long-term PPAs with financially strong
industrial and mining companies, well diversified fuel
generation mix, and sound operating strategy.  The company's
credit profile is strengthened by the inherent support from its
controlling shareholder, Suez Energy Andino S.A. and additional
shareholder, Corporacion Nacional del Cobre de Chile.  Both of
the shareholders have actively participated in the capital
structure of the company as guarantors and via direct loans.

The assigned ratings continue to be constrained by exposure to
the spot market to serve its contracted position during periods
of high natural gas supply restrictions from Argentina, and the
evolution of energy fuel prices, mainly coal and diesel.  
Liquidity remains tight, but manageable, as the company faces
amortizations of US$23.7 million in 2007 and 2008 and capital
expenditures of approximately US$20 million.

As of March 2007, ElectroAndina's 27% increase in EBITDA,
coupled with debt reduction of US$24 million, has strengthened
ElectroAndina's financial profile in line with Fitch
expectations.  The consolidated leverage ratio as measured by
debt-to-EBITDA decreased to 1.7 times as of March 2007 compared,
with 2.8 times in the same period 2006.  The EBITDA growth was
mainly related to the tariff renegotiation on some of the
existing PPAs, the latter was partially offset by higher
generation fuel cost.

Headquartered in Santiago, Chile, Electroandina --
http://www.electroandina.cl-- produces electricity for the  
Interconnected System of Northern Chile.  The company has an
installed capacity of 1029 MW. Its plants are located in
Tocopilla, where Electroandina supplies electric energy to
copper mines, its principal customers.  Mining clients include
Codelco Chile -- Chuquicamata Division, Codelco -- Radomiro
Tomic Division, and SCM El Abra.  Another key client, SOQUIMICH,
is a maker of specialty fertilizers, iodine, and lithium.  The
company also offers services in the maintenance of transmission
lines and substations.  In addition to its energy business,
Electroandina offers port services in Tocopilla, for loading and
unloading bulk goods, liquids, and general cargo.


SHAW GROUP: Secures US$1.29 Bil. EPC Contract from Duke Energy
--------------------------------------------------------------
The Shaw Group Inc. has been awarded an engineering, procurement
and construction contract by Duke Energy Carolinas, LLC, a unit
of Duke Energy, as part of the Cliffside modernization project,
to build a new 800-megawatt supercritical coal-fired electric
generating plant and a flue gas desulfurization system at Duke's
existing Cliffside Steam Station in Rutherford and Cleveland
counties, North Carolina.  Supercritical clean coal technology
allows for exceptional operational reliability, efficiency and
fuel flexibility, thereby providing an economic and
environmental benefit.  The state-of-the-art FGD system, to be
built at Unit 5 of the existing Cliffside Steam Station, will be
shared with the new 800-megawatt supercritical unit.  The value
of Shaw's EPC contract is valued at approximately US$1.29
billion.

"We are excited to continue support Duke's clean energy
expansion strategy with this significant EPC contract," J.M.
Bernhard, Jr., chairman, president and chief executive officer
of Shaw, said.  "The supercritical pulverized clean coal
technology is more advanced and efficient than conventional coal
combustion technologies currently in operation and we are ready
to deliver this important generating facility and air quality
control system for our longtime client."

                   About Duke Energy Corp.

Headquartered in Charlotte, North Carolina, Duke Energy Corp.
(NYSE:DUK) -- http://www.duke-energy.com/-- is an electric and  
natural gas company.

                       About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the     
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.




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


CHIQUITA BRANDS: Closes Sale of 12 Cargo Ships for US$227 Mil.
--------------------------------------------------------------
Chiquita Brands International, Inc. has completed the previously
announced sale of its 12 refrigerated cargo vessels for US$227
million.  The cash proceeds from the transaction are being used
to repay approximately US$170 million of debt, and the remainder
will be retained for general corporate purposes, including
growth investments or future debt repayments.  The ships have
been chartered back from an alliance formed by Eastwind Maritime
Inc. and NYKLauritzenCool AB.  The parties also entered a long-
term strategic agreement in which the alliance will serve as
Chiquita's preferred supplier in ocean shipping to and from
Europe and North America.

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
Colombia, Panama and the Philippines.

                        *     *     *

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

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


CHIQUITA BRANDS: Congressmen Want More Details on Firm's Case
-------------------------------------------------------------
Josh Meyer at the Los Angeles Times reports that a group of
congressmen are seeking more details about the Justice
Department's handling of the Chiquita Brands International's
case, as part of an inquiry into corporate payments to violent
groups in Colombia.

The Los Angeles Times relates that the U.S. attorney's office in
Washington was heading the probe, in conjunction with Nahmias
and others at the Justice Department headquarters.

According to the report, the congressmen want to determine
whether the department was "too lenient."   They also want to
know the reason for the delay of filing for criminal charges
against Chiquita Brands.  It took four years to file criminal
charges after the firm admitted paying terrorist groups.

The Los Angeles Times notes that Chiquita Brands admitted that
its senior executives became aware of the payments to terrorist
groups by September 2000 or earlier, and that the company
continued to make the payments until February 2004, which was
almost a year after its own lawyers and the Justice Department
told them to stop.

Congressional investigators told the Los Angeles Times that they
are interested in an April 2003 meeting, when top Justice
Department officials reportedly ordered Chiquita Brands to stop
making the payments.

The prosecutors were irritated by Chiquita Brands' continued
payments to the United Self-Defense Forces of Colombia, after
allegedly repeated warnings, the Los Angeles Times says, citing
Justice Department sources.  According to current and former
department officials, they didn't agree on "some matters by
political appointees in the department, including David Nahmias,
a former deputy assistant attorney general overseeing counter-
terrorism."

The Justice Department's warnings were unclear, the Los Angeles
Times says, citing Chiquita Brands.

Justice Department officials told the Los Angeles Times that the
prosecutors handling the Chiquita Brands case "had wanted to
bring charges of material support of terrorism" against the
firm.  They also wanted to pursue charges against some of the
firm's top executives by 2004.

Chiquita Brands was charged three years later with one count of
doing business with a global terrorist and was ordered to pay
US$25 million over five years, the report says.  No company
officials were charged.

Chiquita Brands told the Los Angeles Times that the fine
wouldn't affect the firm's global operations.

According to the Los Angeles Times, Chiquita Brands has annual
revenue of US$4.5 billion.

Current and former department officials told the Los Angeles
Times that Nahmias asked Roscoe C. Howard Jr. and the U.S.
attorney for the District of Columbia not to conduct search
warrants at Chiquita Brands headquarters in Cincinnati.  
However, Howard refused, and then asked that charges not be
filed until the Justice Department could meet with former
attorney general Richard L. Thornburgh, a lawyer for the
company's board.

Chiquita Brands' legal representatives were in Washington to
attend meetings with top officials at the Justice Department and
the Treasury Department, often without the prosecutors'
knowledge, knowing about it, the Los Angeles Times says, citing
one of the senior Justice Department officials.

"They were trying to cause political pressure," the official
commented to the Los Angeles Times.

Colombian attorney general Mario Iguaran told the Los Angeles
Times that he is seeking all of the Justice Department's
investigative files on Chiquita Brands.  He promised to transfer
the firm's officials to face charges in Colombia.  

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
Colombia, Panama and the Philippines.

                        *     *     *

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

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


CHIQUITA BRANDS: Unveils Rule 10b5-1 Stock Trading Plan Adoption
----------------------------------------------------------------
Chiquita Brands International Inc. disclosed that one of its
executive officers has adopted a prearranged stock trading plan
in accordance with guidelines specified by Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended.

Rule 10b5-1 allows plans to be established that permit corporate
executives to prearrange sales of company securities at a time
when they are not aware of any material non-public information.  
Such plans typically involve a plan to sell shares over a set
period of time.  These pre-arranged planned trades will be
executed at a specified later date, as set forth in the plan,
without further action or oversight by the executive officer.  A
plan can provide for sales of stock on a particular date or at a
particular price or a combination of both of these factors,
along with others.  The rules allow corporate executives to
diversify their investment portfolios and avoid concerns about
initializing stock transactions while possibly in possession of
material non-public information.

Chiquita's President and Chief Operating Officer of its Chiquita
Fresh Group, Robert F. Kistinger, has adopted a plan under Rule
10b5-1which is in accordance with company's stock ownership
guidelines and provides for the liquidation of portions of his
holdings over multiple quarters, as part of systematic financial
planning for the benefit of his family.  Shares sold pursuant to
the plan will be disclosed publicly through Form 144 filings and
Form 4 filings as required by the U.S. Securities and Exchange
Commission.

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
Colombia, 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.




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


NEW HORIZONS: March 31 Balance Sheet Upside-Down by US$3.4 Mil.
--------------------------------------------------------------
New Horizons Worldwide, Inc. reported its financial results in
its Form 10-Q for the quarter ended March 31, 2007, which was
filed with the U.S. Securities and Exchange Commission.  The
filing of the Form 10-Q was delayed due to the resolution of
issues associated with the restatement of the company's fiscal
year 2003 results and the completion of the fiscal year 2004,
2005 and 2006 audits.  The filing of the Form 10-Q for the
quarter ended March 31, 2007, brings the company current with
its periodic SEC filings.  The company's financial statements
for fiscal years 2003, 2004, 2005 and 2006 are contained in
Current Reports on Form 8-K filed with the SEC on Nov. 6, 2006,
and Feb. 20, 2007, and the Annual Report on Form 10-K filed with
the SEC on June 25, 2007.

As of March 31, 2007, the company's balance sheet listed total
assets of US$26.7 million, total liabilities of US$30.2 million,
and total stockholders' deficit of US$3.4 million.

                First Quarter 2007 Results

Revenue for the quarter ended March 31, 2007 totaled US$14.8
million, compared to US$23.1 million in the comparable 2006
period.  The decrease in revenue is the result of the disposal
and re-franchising of seven company-owned training centers since
March 31, 2006, and the July 2006 cancellation of the company's
courseware reseller contract.  Revenue from company-owned
training centers declined to US$9.3 million in the quarter ended
March 31, 2007 from US$16.1 million in the comparable period of
2006 primarily as a result of the disposal of the seven company-
owned locations.  Franchising revenue declined to US$5.6 million
as compared to US$7.0 million in 2006 as a result of the
cancellation of the company's courseware reseller contract in
July 2006.  Partially offsetting this decline, franchise fee and
royalty revenue increased to US$4.4 million in the quarter ended
March 31, 2007, from US$3.7 million in the comparable 2006
period primarily as a result of re-franchising the seven
company-owned training centers.

The company had operating income of US$977,000 in the first
quarter of 2007 compared to an operating loss of US$2.0 million
in the first quarter of 2006.  The company defines operating
income (loss) as income (loss) before gains (losses) from the
sale of assets, interest and income taxes.  The improvement is
the result of improved margins in both the company-owned
training center and franchising segments as the Company's
expense saving initiatives began to take effect.  Net income for
the first quarter of 2007 was US$1.2 million, or US$0.12 per
diluted share, compared to a net loss of US$1.6 million, or
(US$0.16) per diluted share, in the comparable 2006 period.

For the three months ended March 31, 2007, total system-wide
revenues from all franchised and company-owned locations was
US$91.0 million compared to total system-wide revenues for the
comparable 2006 period of US$88.8 million, an increase of 2.4%.

Mark A. Miller, President and Chief Executive Officer of New
Horizons, stated, "With this filing New Horizons is current with
its periodic SEC filings for the first time since November 2004.  
We are encouraged by our first quarter results as both of our
business segments operated profitably.  In the franchising
segment, we improved our operating margin despite a reduction in
revenue due to the 2006 cancellation of our courseware reseller
contract. Better expense control combined with savings from our
cost cutting initiatives were major contributors to the improved
margin.  In the company-owned location segment, revenues
declined with the disposal of seven centers.  The remaining
centers were modestly profitable in the first quarter,
representing an improvement over the first quarter of 2006, when
they operated at a 9.2% loss."

Mr. Miller continued, "We realize that one quarter does not
constitute a trend and that our net income was increased
substantially by a non-recurring gain on the sale of company-
owned training centers.  We are committed to a disciplined
approach of executing our strategic plan to drive increased
shareholder value over a long period of time.  We appreciate the
support that our shareholders, employees and franchise owners
have shown us."

                     About New Horizons

Anaheim, California-based New Horizons Worldwide Inc. (Pink
Sheets: NEWH) - http://www.newhorizons.com/-- franchises the   
New Horizons Computer Learning Center brand in the U.S. and
around the world.  It also owns and operates computer training
centers in the U.S. and more than 280 centers in 56 countries.
New Horizons Computer Learning Centers is an independent IT
training company by IDC in 2006.

It has Latin America operations in Brazil, Chile, Colombia,
Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Jamaica,
Mexico, Panama, Peru and Puerto Rico.




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


* DOMINICAN REPUBLIC: To Start Work on San Jose de las Matas
------------------------------------------------------------
The Dominican Republic has inked a hydroelectric project
construction accord with Brazilian company Andrade Gutierrez SA,
Prensa Latina reports.

The US$285 million San Jose de las Matas hydroelectric project
in Santiago province is expected to supply 187 megawatts to the
national energy system, the same report says.  

The Brazilian National Bank of Social and Economic Development,
the NIB-NORDINT INVESTMENT BANK and credit lines from Sweden,
Norway, Finland and Portugal provide financing for the project,
Prensa Latina relates.

Once operational, the new plant is expected to let the
government save more than US$40 million a year, the same report
adds.

                        *     *     *

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




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


GENERAL MOTORS: Labor Talks to Aid Turnaround of U.S. Business
--------------------------------------------------------------
General Motors Corp. expects labor negotiations with unions to
help boost its struggling business in the U.S. as both parties
explore ways to cut costs, Reuters reports, quoting GM Chief
Executive Rick Wagoner.

"We will improve results in the United States faster than people
think," Mr. Wagoner said after disclosing new investment plans
in Brazil and Argentina, Reuters notes.

                    About General Motors

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

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

                        *     *     *

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

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




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


IMAX CORP: Completes 2002-2005 Financial Results Restatement
------------------------------------------------------------
IMAX Corporation has completed its restatement of financial
results covering 2002 through 2005, and will file its Form 10-K
for fiscal 2006 and Form 10-Q for the first quarter of fiscal
2007, recording a net loss per diluted share from continuing
operations of US$0.12 for the first quarter of fiscal 2007,
compared to a restated net loss of US$0.15 per diluted share
from continuing operations for the first quarter of fiscal 2006.  
For the full year 2006, the Company reported a net loss from
continuing operations of US$18.3 million, which includes several
significant one-time items, such as a future tax valuation
allowance, costs associated with its restatement, regulatory
inquiries and attempted sales process, and other write-downs,
compared to restated reported earnings from continuing
operations of US$5.8 million in 2005.

IMAX Co-Chief Executive Officers Richard L. Gelfond and Bradley
J. Wechsler stated, "We are pleased to complete our restatement
and to file our 10-K and 10-Q today.  In recent months we have
been working very closely with the regulators, our auditors,
counsel, Audit Committee and Board to manage this process, and
are happy to be moving ahead unencumbered by the overhang of
delayed filings.  Most recently, we carefully evaluated our
accounting practices in light of comments received from the
staffs of the U.S. Securities and Exchange Commission and
Ontario Securities Commission, and, during the course of our
interaction with these regulators, decided that we should revise
our accounting policy as it relates to revenue recognition of
theatre systems.  The SEC and OSC inquiries remain ongoing.  As
for our performance to date in 2007, we are pleased to have had
19 signings completed in the first half of the year.  In
addition, our joint venture initiative is being positively
received by exhibitors due principally to the strength of our
film slate and the strong financial performance of the JV's that
have been installed to date.  While the Company navigated
several challenges in fiscal 2006, we believe IMAX is now well
positioned to expand our worldwide network and generate greater
recurring revenues. Many of the events that impacted the Company
in fiscal 2006 are now behind us, and several compelling growth
opportunities lie ahead."

The company formally launched its joint venture initiative at
the beginning of the year as part of its effort to add
incremental momentum to theatre growth and realize the benefits
of network economics more quickly.  In 2007 to date, IMAX has
signed joint venture agreements for five theatres: a two-theatre
joint venture agreement with Regal Cinemas in the first quarter
and three-theatre deal with Muvico Theaters in the second
quarter.  Three of those five theatres have since opened and
have experienced strong early results, and numerous discussions
are ongoing both domestically and abroad.

During the first quarter, the company signed agreements for 13
IMAX(R) theatre systems, two of which were joint venture
arrangements and three of which were subject to certain
conditions.  The company recognized revenue on four theatre
systems in the first quarter and recognized one additional sale
of an existing system.  The company signed agreements for six
theatre systems in the second quarter of fiscal 2007.

On the film side, the company reported that Warner Bros.
Pictures' Harry Potter and the Order of the Phoenix: An IMAX 3D
Experience opened July 11, with the film's 18-minute finale
digitally converted into live-action IMAX(R) 3D.  The film
grossed US$11.6 million in its first week on 126 IMAX screens,
which represents the company's largest worldwide opening ever.  
It shattered several other opening box office records including
largest domestic per screen average at US$98,700, and largest
single day at US$1.9 million.  The film's opening weekend
domestic box office performance was double that of the opening
weekend of the previous instalment, Harry Potter and the Goblet
of Fire: The IMAX Experience.  The film set several
international records as well, including the best opening
weekend at US$1.4 million on 35 screens; in coming weeks the
film will open in 17 additional international IMAX theatres.

In addition, Warner Bros. Pictures' 300: The IMAX Experience,
released on March 9, 2007, has grossed US$24.0 million to date
and Sony's Spider-Man 3: The IMAX Experience, released
domestically on May 4th, has grossed approximately US$24.1
million to date.

"We are delighted with the ongoing strength of our film slate,
which has now featured five consecutive well-received films:
Happy Feet, Night at the Museum, 300, Spider-Man 3 and last
week's release of Harry Potter and the Order of the Phoenix,
with the finale in unparalleled IMAX(R) 3D.  For the last
several years, we have discussed the impact of the growing
theatre network on our film and other recurring revenues.  The
performance of Harry Potter 5, as well as our other recent
releases, is demonstrating the power of the expanded network.  
In its first week, Harry Potter and the Order of the Phoenix
grossed US$11.6 million on 126 IMAX screens, compared to a first
week of US$5.5 million on 75 IMAX screens for Harry Potter and
the Goblet of Fire in 2005.  These increasingly strong results
not only impact our film revenues, but also our joint venture
arrangements, owned & operated theatre performance and ongoing
network royalties.  We have said that the network economics as
the number of global IMAX theatres expands are going to be
increasingly impressive, and this is strong evidence that this
is already happening.  With our terrific film slate, the
positive initial response to our joint venture initiative, and
the Company on track to introduce our new digital platform in
late 2008 to mid-2009, we believe IMAX will see even greater
enhanced network growth, improved network economics and
increased recurring revenues going forward," concluded Messrs.
Gelfond and Wechsler.

In March 2007, the company delayed the filing of its annual
report on Form 10-K for fiscal 2006 and its quarterly report on
Form 10-Q for the fiscal quarter ended March 31, 2007 due to the
discovery of certain accounting errors, mostly in the area of
film accounting and inventory capitalization and taxes.  The
impact of these previously-disclosed errors resulted in a net
overstatement of aggregate earnings previously reported for the
periods 2002 through the third quarter of 2006 of US$4.0
million.  Of this US$4.0 million, approximately US$2.5 million
was recognized in the fourth quarter of 2006, with the remaining
US$1.5 million expected to be recognized in future periods, the
majority in 2007.

The company subsequently broadened its accounting review to
include certain other accounting matters, based on comments the
company received from the SEC and OSC.  Under the former method
for recording revenues under multiple element arrangement
accounting, as reflected in the company's 2005 10-K, the company
recognized revenue when the projector and sound system were
installed and deferred revenue recognition of components deemed
to be separate deliverables until their subsequent installation,
such as the screen.  Because the projector and sound system are
delivered together, wired together and coordinated to provide a
synchronized audio-video experience, the company considered
these two components to be a single deliverable, with other
deliverables, such as the glasses cleaning machine and the
screen system, treated separately.  After extensive review and
consideration, the company determined that the screen, 3-D
glasses cleaning machine and initial services including
projectionist training should be considered one single
deliverable.  In addition, the company will now require receipt
of a signed acceptance from each client before recognizing
revenue, in the absence of which the company will recognize
revenue upon the opening of the theatre.

Consequently, the company concluded that errors occurred in its
prior accounting for theatre systems, has revised its policy
with regard to revenue recognition for theatre systems, and
restated its financial results in accordance with the revised
policy.  The revised policy has the effect of shifting theatre
systems revenues from the period in which they were previously
reported to subsequent periods.  The impact of these errors
resulted in a net overstatement of aggregate earnings previously
reported for the periods 2002 through 2005 of US$10.4 million.  
The operating results for 2006 include the recognition of income
resulting from the restatement of US$7.4 million, meaning that
the net earnings impact on future periods is US$3.0 million.  It
is anticipated that, of that US$3 million in net impact, the
majority will be recognized in income in 2007.  Breaking it down
further, a total of 16 installation transactions with a total
revenue and margin impact of US$25.4 million and US$14.1
million, respectively, shifted between reported quarters in
their originally reported years.  In addition, a total of 14
installation transactions, with a total revenue and margin
impact of US$27.1 million and US$14.0 million, respectively,
shifted between fiscal years.

As part of the company's review of these transactions, certain
other adjustments were identified, including misallocation of
value to elements and accounting for finance income on certain
leases that were previously reserved against.  The net amount of
these adjustments over the period 2002 through 2005 was a
decrease in income of US$1.9 million.  Transactions and events
related to these adjustments are expected to result in the
majority of the income reversing into 2007.

For the three months ended March 31, 2007, the company's total
revenues were US$27.2 million, as compared to US$23.3 million
reported for the prior year period.  Systems revenue was US$13.1
million versus US$12.8 million in the prior year period.  The
company recognized revenue on 5 theatre systems, which qualified
as either sales or sales-type leases in the first quarter of
2007, compared to 5 in 2006.

For the first quarter of 2007, film revenues were US$9.1
million, as compared to US$6.0 million in the first quarter of
2006.  This included IMAX DMR(TM) revenues of US$4.6 million
compared to US$1.1 million in 2006.  Theatre operations revenue
was US$4.5 million in the first quarter of 2007 compared to
US$3.7 million in the first quarter of 2006.

The company's cash and short term investments position was
US$27.4 million as of March 31, 2007, compared to US$27.2
million as of Dec. 31, 2006.

For the year ended Dec. 31, 2006, the company's total revenues
were US$129.3 million, as compared to US$135.3 million reported
for the prior year.  Systems revenue was US$72.1 million versus
US$88.6 million in the prior year, a decrease due principally to
a reduction in settlement revenue for 2006.  The company
recognized revenue on 30 theatre systems which qualified as
either sales or sales-type leases in fiscal 2006, versus 30 in
2005, as restated.

For fiscal 2006, film revenues were US$36.3 million, as compared
to US$26.0 million in fiscal 2005.  This included IMAX DMR
revenues of US$14.6 million, compared to US$8.9 million in 2005,
an increase of 65%.  Theatre operations revenue decreased to
US$16.9 million in 2006 from US$17.5 million in 2005.  Other
revenue was US$4.0 million in fiscal 2006, compared to US$3.2
million in fiscal 2005.

During the fourth quarter of fiscal 2006, the Company recorded a
write-down of US$3.2 million related primarily to inventories,
property, plant and equipment and accounts receivable.  It also
recorded a deferred tax valuation allowance of US$6.2 million,
which equates to approximately US$0.15 per share, during the
fourth quarter of fiscal 2006.  The tax write down relates to
the company's current assessment that the ultimate utilization
of certain tax assets previously recorded on the balance sheet
may not be realized within a two-year period.

                   About IMAX Corporation

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2007, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on IMAX Corp.
to 'CCC+' from 'B-'.  The ratings remain on CreditWatch, with
implications revised to developing from negative, to indicate
possible upward or downward movement of the ratings.  The
ratings were originally placed on CreditWatch with negative
implications on April 2, 2007.




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


WEST CORP: June 30 Balance Sheet Upside-Down by US$2.1 Billion
--------------------------------------------------------------
West Corporation's balance sheet at June 30, 2007, showed total
assets of US$3 billion, total liabilities of US$4.1 billion,
minority interest of US$11 million, class L common stock of
US$969.3 million, resulting in a stockholders' deficit of
US$2.1 billion.

Revenues of US$520.2 million for the second quarter ended
June 30, 2007, compared to US$461.7 million for the same quarter
last year, an increase of 12.7%.  Revenue from acquired entities
accounted for US$28.7 million of the US$58.5 million increase
during the second quarter and US$100.9 million of the US$142.4
million year-to-date increase.

Net income for the second quarter ended June 30, 2007, was
US$2.5 million, compared with US$37.8 million for the same
quarter last year.

                         Liquidity

At June 30, 2007, West Corporation had cash and cash equivalents
totaling US$281.3 million and working capital of US$189.3
million.  Second quarter depreciation expense was US$25.8
million and amortization expense was US$19 million.  Cash flow
from operating activities was US$45.3 million and was impacted
by interest expense of US$83.5 million.

                          Comments

"During the quarter, we invested US$25.7 million in capital
expenditures primarily for telecom and computer network
equipment," stated Paul Mendlik, chief financial officer of West
Corporation.  "The company also expanded its term credit
facility by US$135 million to fund the Omnium acquisition."

"We are pleased with this quarter's results and the closing of
the Omnium acquisition on May 4," said Thomas B. Barker, chief
executive officer of West Corporation.

                      About West Corp.

Based in Omaha, Nebraska, West Corp. -- http://www.west.com/--   
provides outsourced communication solutions to many of the
world's largest companies, organizations and government
agencies.  West helps its clients communicate effectively,
maximize the value of their customer relationships and drive
greater profitability from every interaction.  The company's
integrated suite of customized solutions includes customer
acquisition, customer care, automated voice services, emergency
communications, conferencing and accounts receivable management
services.
  
The company also has operations in Australia, Canada, China,
Hong Kong, India, Jamaica, Mexico, Philippines, Singapore,
Switzerland and the United Kingdom.

At March 31, 2007, the company's balance sheet showed
US$2.7 billion in total assets and US$3.9 billion in total
liabilities resulting in a stockholders' deficit of
US$2.1 billion.  The balance sheet however also that the company
is liquid with US$692 million in total current assets and
US$535 million in total current liabilities.




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


COLLINS & AIKMAN: C&A Automotive Canada Files for CCAA
------------------------------------------------------
Collins & Aikman Corporation disclosed Thursday that Collins &
Aikman Automotive Canada Inc. applied for creditor protection
under the Companies' Creditors Arrangement Act (Canada) in the
Ontario Superior Court of Justice.

The CCAA filing for Collins & Aikman's Canadian Plastics
operations is a necessary step in completing its restructuring
efforts.

"This CCAA filing will allow the company to complete any
potential sale transactions involving our Canadian Plastics
operations," said John Boken, Collins & Aikman's Chief
Restructuring Officer. "Similar to our previous filing involving
our Soft Trim operations, we expect to work closely with our
customers, suppliers and employees, as well as the US and
Canadian courts to complete our restructuring efforts."

In connection with the filing, Collins & Aikman sought and
obtained orders staying creditors and other third parties from
terminating agreements with the companies or otherwise taking
enforcement steps.

Collins & Aikman's Canadian Plastics entities will continue
operations in the ordinary course during the CCAA proceedings
under the leadership of their existing management team.  The
Company has arranged for DIP financing that will provide the
necessary funding during the CCAA proceedings.  Ernst & Young
Inc. was appointed by the Court as the Monitor in the CCAA
proceedings.

                    About Collins & Aikman

Headquartered in Troy, Mich., Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit      
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The company
operates in Latin America through its facilities in Mexico.

The company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No.
05-55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtors with investment banking services.  Michael
S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed US$3,196,700,000 in total assets and
US$2,856,600,000 in total debts.

On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement.  On Dec. 22, 2006, they filed an Amended
Joint Chapter 11 Plan.  The Court approved the adequacy of the
Amended Disclosure Statement.

As reported in the Troubled Company Reporter on July 16, 2007,
the Court confirmed the Debtors' Amended Joint Plan of
Liquidation.


COOPER-STANDARD: Moody's Affirms B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family and
Probability of Default Ratings of Cooper-Standard Automotive
Inc. and its wholly owned Canadian subsidiary Cooper-Standard
Automotive Canada Limited.

Moody's also assigned a Ba2 rating to Cooper-Standard's
incremental senior secured term loan which will be used to
finance a portion of the announced acquisition of the Metzeler
Automotive Profile Systems sealing systems operations from
Automotive Sealing Systems S.A for US$134 million.  MAPS
operations are located in Germany, Italy, Poland and Belgium,
including joint venture interests in India and China.

The financing for the transaction will consist of a USD$
equivalent 87 million incremental term loan, drawings under an
amended revolving credit facility, and a US$30 million equity
infusion from Cooper-Standard's equity sponsors.  In a related
action Moody's raised the ratings of the existing senior secured
bank credit facilities to Ba2 from Ba3, affirmed the B3 rating
on the guaranteed senior unsecured notes, and affirmed the Caa1
rating on the guaranteed senior subordinated notes.  The
Speculative Grade Liquidity rating was raised to SGL-2.  The
ratings outlook was changed to stable from negative.

The ratings reflect the expected neutral immediate impact on
Cooper-Standard's credit metrics resulting from the
acquisition's purchase price along with the equity infusion.  
The acquisition will further increase Cooper-Standard's
geographic and customer diversity, and further strengthen the
company's sealing systems capabilities.  Synergies are expected
to be nominal as a result of minimal overlapping operations and
customers in the MAPS' operating region.  

The ratings also reflect the company's pro forma high leverage,
moderate interest coverage, and acquisitive nature.  Following
the transaction Cooper-Standard will continue to have about 54%
revenue exposure to the Big-3 and have to contend with agreed
upon price concessions to OEM customers and high raw material
cost.

The stable outlook reflects Cooper-Standard's demonstrated
ability to maintain credit metrics consistent with a B2 rating
subsequent to the acquisition of ITT's Fluid Handling Systems
Division in the first quarter of 2006 and the expectation that
this ability will continue following the MAPS acquisition.  The
equity infusion from the company's sponsors mitigates the
acquisition's impact on credit metrics.

Cooper-Standard may experience additional industry pressure from
negotiated price concessions, raw material costs, and market
share challenges of its OEM customers.  However, the company's
ongoing restructuring efforts, and integration history, should
lessen the impact of these challenges.  The acquisition provides
further business diversification both geographically and on a
customer basis, which are stabilizing factors.

The SGL-2 Speculative Grade Liquidity rating reflects Moody's
expectation that the company will maintain good liquidity over
the next 12 months from internal cash generation, cash on hand,
and availability under committed borrowing facilities.  The
amended bank credit facilities will eliminate the interest
coverage financial covenant and amend the leverage covenant to a
senior secured leverage test, which will incorporate sufficient
cushion over the next 12 months.

The assigned rating is:

-- Ba2 (LDG2, 21%) rating for the new add-on USD87MM equivalent
    senior secured term loan at Cooper-Standard

The raised ratings are:

-- senior secured credit agreement for borrowers Cooper-
    Standard and Cooper-Standard Canada to Ba2 (LGD2, 21%) from
    Ba3 (LDG2, 24%), consisting of:

-- guaranteed senior secured revolving credit (US$ denominated)
    at Cooper-Standard, due December 2010;

-- guaranteed senior secured revolving credit (US$ or CND$
    denominated) at Cooper-Standard Canada, due December 2010;

-- guaranteed senior secured term loan A (CND$ denominated) at
    Cooper-Standard Canada, due December 2010;

-- guaranteed senior secured term loan B (US$ denominated) at
    Cooper-Standard Canada, maturing December 2011;

-- guaranteed senior secured term loan C (US$ denominated) at
    Cooper-Standard, maturing December 2011;

-- guaranteed senior secured term loan D (US$ and Euro
    denominated) at Cooper-Standard, maturing December 2011;

-- Speculative Grade Liquidity rating of Cooper-Standard to
    SGL-2 from SGL-3

These ratings were affirmed:

-- B3 (LGD4 60%) for the guaranteed senior unsecured notes
    maturing December 2012;

-- Caa1(LGD5 86%) for the guaranteed senior subordinated
    unsecured notes maturing December 2014

-- B2 Corporate Family Rating

-- B2 Probability of Default Rating

The last rating action was on Sept. 22, 2006 when the LGD
methodology was applied.

For the LTM period ending March 31, 2007, Cooper-Standard's
EBIT/interest expense was approximately 1.1x.  Total Debt/EBITDA
was approximately 4.8x.  Cooper-Standard had positive free cash
flow of US$105 million for the LTM period ending March 31, 2007.  
At March 31, 2007 the company had US$51 million of cash on its
balance sheet and an additional US$109 million of borrowing
capacity under its revolving credit facility, net of letters of
credit.

Pro Forma for the MAPS transaction, Debt/EBITDA and
EBIT/Interest levels as the accretive purchase price multiple
and equity infusion is offset by increased debt and the
additional pension liabilities assumed.  Availability under the
revolving credit is expected to decrease by about US$23 million
due to funding of the MAPS transaction.  However, these amounts
are expected to be repaid in the near term given the company
free cash flow generation capacity.

Future events that could improve Cooper-Standard's outlook or
ratings include the realization of incremental new business
awards from both domestic transplants and foreign OEMs that will
serve to diversify and globalize the customer base, rising
average content per vehicle, stabilized raw material costs
resulting in increased margins, and permanent debt reduction at
a faster pace than projected.  Consideration for an improved
outlook or rating upgrade could arise if any combination of
these factors were to reduce leverage consistently under 4 times
or increase EBIT/interest coverage approaching 2 times.

Future events that could result in pressure on Cooper-Standard's
outlook or ratings include material reductions in OEM production
volumes that adversely affect the company's business outlook, a
failure by the company to realize material lean manufacturing
and restructuring savings sufficient to offset customer price
concessions and other operating cost increases, rising raw
materials prices which cannot be offset by customer surcharges
and price increases, lost market share, insufficient
availability under the revolving credit facility, additional
announcements of a material acquisition, or plans for buybacks
of common stock or a dividend payment to the common
shareholders.  Consideration for lower ratings could arise if
any combination of these factors were to increase leverage over
5.5 times, or lower existing EBIT/interest.

Headquartered in Novi, Michigan, Cooper-Standard Automotive,
Inc. -- http://cooper-standard.com/-- is a portfolio company of  
The Cypress Group and Goldman Sachs Capital Partners.  It is a
leading global manufacturer of fluid handling systems (about 53%
of revenues); and body sealing, and noise, vibration, and
harshness control systems (about 47%) for automotive vehicles.  
The company sells about 80% of its products directly to
automotive original equipment manufacturers.  Annual revenues
currently about US$2.2 billion.  It has Latin America operations
in Brazil and Mexico.


FIRST DATA: Earns US$228.9 Million in Quarter Ended June 30
-----------------------------------------------------------
First Data Corp. disclosed net income of US$228.9 million for
the three months ended June 30, 2007, compared to net income of
US$462.6 million

The company recorded consolidated revenues of up 16% to US$2
billion.  Earnings per share was US$0.31 excluding items or
US$0.30 from continuing operations.  The items were comprised of
transaction costs related to the pending merger with an
affiliate of Kohlberg Kravis Roberts & Co. as well as net
expenses resulting from litigation, restructuring and all other
items.

Second quarter 2007 earnings per share of US$0.30 from
continuing operations compares with last year's second quarter
earnings per share of US$0.33 from continuing operations.  
However, the second quarter of 2006 included US$0.07 of items
favorable to earnings, primarily related to a non-cash SFAS 133
derivative accounting restatement.  Accordingly, when comparing
the second quarter of 2006 to the second quarter of 2007,
excluding all items, First Data's earnings per share grew from
US$0.26 to US$0.31, an increase of 19%.

Total earnings per share of US$0.60 in the second quarter of
2006 included US$0.27 from discontinued operations principally
related to the spin-off of Western Union.

"Our results demonstrated strong continuing momentum across all
of our businesses.  The growth in each segment is a testament to
the very predictable and recurring business model underlying our
operations," said Ric Duques, Chairman and Chief Executive
Officer.  "Our employees around the world delivered another
quarter of results that met or exceeded our expectations."

                      Segment Results

Commercial Services

For the quarter, Commercial Services generated revenues of
US$1.1 billion, a growth rate of 11% or 7% excluding
reimbursable debit network fees.  Revenue growth was primarily
driven by strong transaction growth.  Operating profit was
US$297 million, up 7%.  Compared to the second quarter of 2006,
operating margin stayed relatively constant at 33.5% excluding
reimbursable debit network fees.  Reported operating margin for
the quarter was 26.0%.

Financial Institution Services

For the quarter, Financial Institution Services generated
revenue of US$487 million, up 8% or 7% excluding reimbursables.  
Operating profit was US$99 million, up 4%.  Operating margin for
the quarter was 20.3%, or 30.5% excluding reimbursables.

First Data International

For the quarter, First Data International generated revenue of
US$403 million, up 35%.  Revenue growth on a constant currency
basis, excluding acquisitions and divestitures, was 9%.  
Operating profit was US$41 million, up 21%, and operating margin
was 10.1%.

Overall, results reflected continued progress in executing our
four key strategies:

   1) Growing the core business;
   2) Expanding product offerings;
   3) Improving the overall cost structure, and;
   4) Expanding the business globally.

                          Cash Flow

Year to date free cash flow was US$534 million and operating
cash flow from continuing operations was US$657 million.  "These
results demonstrate First Data's continued ability to generate
high levels of cash flow," said Mr. Duques.

                           Outlook

On April 1, 2007, First Data entered into an agreement to be
acquired by KKR in a transaction with a total value of
approximately US$29 billion or US$34 per share in cash.  
Following the completion of the transaction, Michael D.
Capellas, former CEO of MCI Inc. and Compaq Computer
Corporation, will become CEO of First Data.  Mr. Capellas will
succeed Henry C. "Ric" Duques, the current Chairman and CEO of
First Data. Duques announced his intention to retire within two
years when he returned as Chairman and CEO in late 2005.

Mr. Duques said, "The significant items required to complete
this historic transaction with KKR are on track, we already have
committed financing, and we remain on schedule to close in the
third quarter."

For the full year 2007, First Data affirmed its earnings per
share guidance from continuing operations in the range of
US$1.20-US$1.26.  This guidance excludes costs related to the
KKR transaction as well as the effect of the wind-down of the
Official Check and Money Order business, which the company is
not able to accurately estimate at this time.  Due to the
scheduled closing of the transaction in the third quarter, First
Data will no longer update financial guidance.

Mr. Duques concluded, "For more than 11 years across two
tenures, it has been my privilege to serve as Chairman and CEO
of First Data, and I have many people to thank.  First, our
customers who became more like partners in pioneering and
building the electronic payments business around the world.  
Second, our Board of Directors who gave us consistent support
and guidance over our many years as a public company.  Third, a
highly talented senior management team who, quarter after
quarter, delivers the kind of results we reported today.  And,
most importantly, a team of 29,000 employees who have made First
Data a leader in its industry -- and who will continue to do so
well into the future."

                       About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--   
provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
electronic check acceptance services through TeleCheck; as well
as Internet commerce and mobile payment solutions.  The
company's STAR Network offers PIN-secured debit acceptance at 2
million ATM and retail locations.

                        *     *     *

As reported in the Troubled Company Reporter on April 4, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on First Data Corp. to 'BB+' from 'A' and placed it on
CreditWatch with negative implications.  The rating action
followed First Data's agreement to be acquired by Kohlberg
Kravis Roberts & Co. in a transaction valued at about USUS$29
billion.


GRUPO IMSA: Reimbursing Shares Not Tendered To Ternium Offer
------------------------------------------------------------
Grupo Imsa said in a filing with the Mexico City stock exchange
that all shares not tendered to steel group Ternium's takeover
offer of US$6.40 per share will be subject to reimbursement
through capital reduction at the same price on July 26.

Business News Americas relates that Grupo had said that the
offer expired on July 23.  Ternium's bid seeks to acquire 100%
of Grupo Imsa's 270 million shares for US$1.7 billion.  

Given Grupo Imsa's additional US$1.4 billion in debt, the
enterprise value has increased to US$3.1 billion, BNamericas
states.

                       About Ternium

Ternium consolidates the operations of the steel companies Hylsa
(Mexico), Siderar (Argentina) and Sidor (Venezuela).  Ternium
manages highly-integrated processes to manufacture steel and
value-added products and services.

                      About Grupo IMSA

Headquartered in Mexico, Grupo IMSA, S.A. de C.V. --
http://www.grupoimsa.com/-- is a diversified industrial company
that conducts its business in three segments: steel processing
products, steel and plastic construction products and aluminum
and other related products.  The company's products include
galvanized metal, painted metal, aluminum for construction,
glass fiber and painted laminates.  The company operates through
its wholly owned subsidiary holding companies: IMSA ACERO S.A.
de C.V., IMSATEC S.A. de C.V., and IMSALUM S.A. de C.V.  The
company exports its products to the United States, Canada,
Mexico, Europe and Central and South America.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 11, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Grupo Imsa SAB de CV to
'BB+' from 'BBB' and removed it from CreditWatch, where it was
placed with negative implications on Oct. 2, 2006.  S&P said the
outlook was stable.


GRUPO TMM: Securitizes Vessels' Future Revenues Under Trust Plan
----------------------------------------------------------------
Grupo TMM, S.A.B., has securitized the future revenues of its
vessels through the issuance of a first tranche of 20-year
Mexican Trust Certificates (Certificados Bursatiles) in the
amount of MXN$3.0 billion (approximately US$280 million dollars)
at a rate of TIIE + 225 basis points (the First Issuance).  This
securitization was completed under the Company's Mexican Trust
Certificates program that may increase up to MXN$9.0 billion as
the company identifies opportunities to acquire offshore and
product tanker vessels.  The Program was previously approved by
the company's shareholders on April 30, 2007, at its Annual
Ordinary Shareholders Meeting and represents a long-term
financing in pesos that is non-recourse to the company.

Javier Segovia, president of Grupo TMM, said, "We are very
pleased to announce this transaction as it provides for long-
term financing tied to the useful life of our vessels and is the
first of its kind in Mexico.  The rating of AA (mex) by Fitch
Ratings for this financing structure reflects TMM's quality
operating performance, increased demand for maritime
transportation services, and the reality that the Mexican
Navigation Law will be vigorously enforced.  The Program allows
the Company to improve its debt profile while at the same time
increasing its financial flexibility by reducing the debt
service under its former vessel financings.  Additionally, the
Program also affords the Company a better position to
participate in the fulfillment of Mexico's expanding demand for
offshore vessels and product tankers.  In summary, the
securitization of the future revenues of our vessels is a
milestone, which opens up accretive growth opportunities for
TMM.  Additional information will be forthcoming during the
Company's second-quarter conference call."

Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin  
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

                        *     *     *

Standard & Poor's Ratings Services raised its corporate credit
rating on Grupo TMM SA to 'B-' from 'CCC.'  The rating was
removed from Creditwatch, where it was placed on Dec. 15, 2004.
S&P said the outlook is positive.




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


* NICARAGUA: Venezuela Cancels Nation's US$33.2-Million Debt
------------------------------------------------------------
Venezuela has cancelled Nicaragua's US$33.2-million indebtedness
under the framework of a debt relief initiative, Xinhua News
reports, citing the Nicaraguan Foreign Ministry.

The Nicaraguan ministry said in a news release that because
Venezuela decided to reduce Nicaragua's debt under the framework
of the Heavily Indebted Poor Countries debt relief initiative,
Nicaragua's public debt was reduced to US$3.3 billion.

The Ministry said in the release, "Venezuela's decision on debt
cancel strongly supports our country and will make Nicaragua's
public debt sustainable and improve the investment climate,
making the country more attractive to local and foreign
investment."

Xinhua News relates that Venezuela's President Hugo Chavez
visited Nicaragua late last week and "handed" US$5.3-million
credits to small companies.  The Venezuelan leader also launched
with his Nicaraguan counterpart Daniel Ortega a fossil-fuel
plant in Nicaragua.

Venezuela would construct US$1.5-billion petrochemical,
electricity and natural gas plants in Nicaragua, Xinhua News
states, citing President Chavez.

                       *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


NCO GROUP: Launches Exchange Offers for US$365 Million Sr. Notes
----------------------------------------------------------------
NCO Group Inc. has commenced an offer to the holders of its
Floating Rate Senior Notes due 2013 (CUSIP No. 144A: 628858 AE
2, ISIN No. 144A: US628858AE21) and its 11.875% Senior
Subordinated Notes due 2014 (CUSIP No. 144A: 628858 AF 9, ISIN
No. 144A: US628858AF95; CUSIP No. Reg. S: U6376M AC 5, ISIN No.
Reg. S: USU6376MAC56) to exchange the Outstanding Notes for like
principal amount of its $165 million principal amount Floating
Rate Senior Notes due 2013 and its US$200 million principal
amount 11.875% Senior Subordinated Notes due 2014, which have
been registered under the Securities Act of 1933, as amended.

The Outstanding Notes were sold in a private placement by the
company, which was completed in November 2006.  The company was
required to carry out the Exchange Offer under the terms of
agreements entered into in the private placement.

The Exchange Offer is scheduled to expire at 5:00 p.m., New York
City time, on Aug. 15, 2007, unless extended by the company.  
The exchange agent for the exchange offer is The Bank of New
York.

Holders of the Outstanding Notes may obtain further information
by calling The Bank of New York at 212-815-5098, or by facsimile
at 212-298-1915.

Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process  
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.

                        *     *     *

NCO Group carries Moody's Investor Service's B2 long-term
corporate family rating and probability of default rating.  The
outlook is stable.

The company also carries Standard & Poor's B+ long-term foreign
and local issuer credit rating.




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


HANOVER COMPRESSOR: Begins Tender Offer for US$550-Mil. Notes
-------------------------------------------------------------
Hanover Compressor Company has commenced cash tender offers for
US$550 million of its outstanding senior notes on the terms and
subject to the conditions set forth in the company's Offer to
Purchase and Consent Solicitation Statement dated July 19, 2007.  
The company is soliciting consents from the holders of the Notes
that would effect certain proposed amendments to the indentures
governing the Notes to, among other things, eliminate
substantially all of the restrictive covenants and eliminate or
modify certain events of default.

The tender offers will expire at 5:00 p.m., New York City time,
on Aug. 17, 2007, unless extended or earlier terminated by the
company.  The company reserves the right to terminate, withdraw
or amend the tender offers and consent solicitations at any time
subject to applicable law.

The Total Consideration (as to each Series) payable per US$1,000
principal amount of Notes validly tendered and not validly
withdrawn prior to 5:00 p.m., New York City time, on
Aug. 1, 2007, and accepted for payment pursuant to an Offer will
be a price equal to (a) the present value on the payment date of
the sum of (i) the amount the issuer would be required to pay on
Notes on the date on which Notes become redeemable at a set
redemption price as set forth in the table above (as to each
Series, the Repayment Price and Repayment Date, respectively)
and (ii) the amount of interest that would accrue and be payable
from the last date on which interest has been paid to the
Repayment Date, where, in the case of (i) and (ii), the present
value is determined on the basis of a yield to the Repayment
Date equal to the sum of (x) the bid-side yield on the
applicable U.S. Treasury Note, as calculated by Wachovia
Securities in accordance with standard market practice, based on
the bid price for the Reference Security, as of 2:00 p.m., New
York City time, on Aug. 3, 2007, which is ten business days
preceding the scheduled Expiration Time, subject to adjustment
as provided in the tender offer documents, as displayed on the
applicable Reference Page of the Bloomberg Government Pricing
Monitor Page set forth in the table above, plus (y) 50 basis
points, such price being rounded to the nearest cent per
US$1,000 principal amount of Notes, minus (b) accrued and unpaid
interest.  The Tender Offer Consideration (as to each Series)
payable per US$1,000 principal amount of Notes validly tendered
after the Consent Payment Deadline, not validly withdrawn and
accepted for payment pursuant to an Offer is equal to the Total
Consideration minus the US$30 per US$1,000 principal amount
consent payment.

The company will pay accrued and unpaid interest up to, but not
including, the payment date.  Each holder who validly tenders
its Notes and delivers consents prior to the Consent Payment
Deadline will be entitled to a consent payment, which is
included in the total consideration above, of US$30 for each
US$1,000 principal amount of Notes tendered by such holder if
such Notes are accepted for purchase pursuant to the tender
offer.  Holders who tender Notes are required to consent to the
proposed amendments to the indenture and the Notes.  Holders who
tender Notes after the Consent Payment Deadline will not receive
the consent payment.

The company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not validly withdrawn pursuant to the
tender offers and the consent solicitations is subject to the
satisfaction or waiver of certain conditions, including, among
others, the consummation of the mergers contemplated by the
Agreement and Plan of Merger among the Company, Universal
Compression Holdings, Inc., Exterran Holdings, Inc. and
Exterran's subsidiaries, dated Feb. 5, 2007, as amended, the
receipt of sufficient funds to consummate the tender offers and
the receipt of sufficient consents with respect to the proposed
amendments to the indentures and execution of the supplemental
indentures for the Notes.  Each tender offer and consent
solicitation is independent of the others, and the complete
terms and conditions of the tender offers and the consent
solicitations are set forth in the tender offer documents, which
are being sent to holders of Notes.  Holders of Notes are urged
to read the tender offer documents carefully.

The tender offers are part of the refinancing plan of the
Company and Universal being implemented in anticipation of the
closing of their pending merger, which is currently expected to
occur on or about Aug. 20, 2007, if the conditions to the
closing set forth in the Agreement and Plan of Merger have been
satisfied as of that date.  As part of the refinancing plan,
Exterran Holdings, Inc., which will be the publicly traded
holding company following the completion of the merger, has
engaged Wachovia Capital Markets, LLC and J. P. Morgan
Securities Inc. to arrange and syndicate a senior secured credit
facility, consisting of a revolving credit facility and a term
loan, and has engaged Wachovia to provide a new asset-backed
securitization facility to Exterran.  The primary purpose of
these new facilities will be to fund the redemption or
repurchase of all of the company's and Universal's outstanding
debt other than the company's convertible debt securities and
the credit facility of Universal's publicly traded subsidiary,
Universal Compression Partners, L.P.  The new facilities will
replace the Company's and Universal's existing bank lines and
Universal's existing asset-backed securitization facility.  The
closing of the new facilities is subject to, among other things,
the receipt of sufficient commitments from participating lenders
and the execution of mutually satisfactory documentation.

Wachovia Securities has been retained to act as exclusive dealer
manager in connection with the tender offers and consent
solicitations.  Questions about the tender offers and consent
solicitations may be directed to Wachovia Securities at (866)
309-6316 (toll free) or (704) 715-8341 (collect).  Copies of the
tender offer documents and other related documents may be
obtained from D.F. King & Co., Inc., the information agent for
the tender offers and consent solicitations, at (800) 859-8508
(toll free) or (212) 269-5550 (collect).

              About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service   
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co. and its related entity Hanover Compression L.P. on
CreditWatch with positive implications.




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


DORAL FINANCIAL: Fitch Junks Long-Term Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has removed all of Doral Financial Corporation's
ratings from Rating Watch Negative and DRL's Rating Outlook is
Positive.  Fitch currently rates DRL's long-term Issuer Default
Rating 'CCC'.  The Support Rating Floor for DRL and its
principal subsidiary remains unchanged at No Floor.  

DRL's Positive Rating Outlook is driven by the closing of the
equity sale and the payment of a significant impending debt
maturity.  On July 19, DRL announced that it had received all
regulatory approvals and closed the equity sale of a 90% stake
to Bear Stearns Merchant Banking for US$610 million.  In
addition, DRL announced that they have paid the impending US$625
million debt maturity.

The equity transaction has removed the immediate liquidity
pressure and potential imminent default.  However, immediate and
long-term concerns still exist, which include demonstrated
success of the business model, an ability to return to
profitability, rising non-performing assets that could cause
credit costs to rise, the currently weakened state of Puerto
Rico's economy, and DRL's reduced market position in Puerto
Rico.  Fitch views that with the recapitalization of the firm
complete, DRL can now focus entirely on improving the financial
profile of the company.  Resolution of the Rating Watch Positive
will be driven by improved operating metrics and satisfactory
review of liquidity and capitalization plans.

These ratings have a Positive Rating Outlook:

Doral Financial Corporation

  -- Long-term Issuer Default Rating 'CCC';
  -- Senior debt to 'CCC/RR4'';
  -- Preferred stock to 'C/RR6';
  -- Short-term Issuer Default Rating 'C';
  -- Support '5';
  -- Support Floor 'NF';
  -- Individual 'E'.

Doral Bank

  -- Long-term Issuer Default Rating (IDR) 'B';
  -- Long-term deposits B+;
  -- Support '5';
  -- Support Floor 'NF';
  -- Individual 'D';
  -- Short-term Issuer 'B';

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: Pays US$625 Million Senior Notes in Full
---------------------------------------------------------
Doral Financial Corporation said in a press release that it has
timely paid in full the US$625 million senior notes that matured
July 20.

Business News Americas relates that Doral Financial completed on
July 20 the sale of a 90% stake to a consortium headed by Bear
Stearns Merchant Banking that led to a US$610-million
recapitalization, which allowed the firm to honor its debt.

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-Latin America on
July 23, 2007, 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.

                        *     *     *

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.




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


CMS ENERGY: Board Declares Dividends on Common & Preferred Stock
----------------------------------------------------------------
CMS Energy's Board of Directors has declared quarterly dividends
on the company's common stock and its preferred stock.

The dividend for the common stock (CUSIP: 125896100) is US$0.05
per share payable Aug. 31, 2007, to shareholders of record on
Aug. 10, 2007.

The dividend for the company's 4.50 percent cumulative
convertible preferred stock, Series B (CUSIP: 125896878) is
US$0.5625 per share payable Sept. 3, 2007, to shareholders of
record on Aug. 15, 2007.

Based in Jackson, Michigan, CMS Energy Corporation is an
electric and natural gas utility, natural gas pipeline systems,
and independent power generation operator.  The company has
offices in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch assigned a rating of 'BB-' to these new
issues from CMS Energy Corp.:

   -- US$250 million 6.55% senior notes, due July 17, 2017;
   -- US$150 million floating-rate senior notes, due
      Jan. 15, 2013.

Proceeds from the sale will be used to retire outstanding debt
and for general corporate purposes.  Fitch said the Rating
outlook was positive.


DAIMLERCHRYSLER: Banks Seek Higher Interest for Chrysler Funding
----------------------------------------------------------------
Wall Street banks that are arranging financing for Cerberus
Capital Management LP's acquisition of DaimlerChrysler AG units
Chrysler Corporation LLC and Chrysler Financial Services LLC are
seeking more perks on the loans' terms, as uncertainty in the
debt market lingers, the Wall Street Journal reports, citing
Standard & Poor's Leveraged Commentary & Data as its source.

According to the report, bankers marketed a US$10 billion loan
for Chrysler's auto business at 3.75 percentage points above the
London Interbank Offered Rate, compared to the 3.25 percentage
points discussed when the road show kicked off about three weeks
ago.

Meanwhile, another US$2 billion in financing for the auto
company is now being marketed at seven percentage points above
the London interbank offered rate, compared to the original six
percentage points.  The banks are also offering to sell those
loans at less than 100 cents on the dollar in a bid to further
entice investors to the deal, WSJ reveals, quoting the S&P
report.

Pricing for US$8 billion in loans for Chrysler Financial is also
expected to change, Standard & Poor's said, WSJ notes.  Of that
US$8 billion, a US$6 billion loan is now being marketed at three
percentage points above the London interbank offered rate,
compared to the 2.75 percentage points of the original terms.  
Another US$2 billion in financing could see terms raised by as
much as 5.5 percentage points above the London interbank offered
rate, compared to the original five percentage points.

The TCR-Europe reported on July 20, 2007, that 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.

J.P. Morgan Chase & Co., Bear Stearns Cos., Goldman Sachs Group
Inc., Citigroup Inc. and Morgan Stanley launched a road show
last month to raise money to finance Cerberus Capital's
acquisition of Chrysler.  The deal requires Cerberus to raise
about US$62 billion in debt.

                      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: New Bill Forces Chrysler to Drop Imperial Plans
----------------------------------------------------------------
Chrysler Group has abandoned plans to manufacture a luxury sedan
that would have represented a bigger, heavier and less-fuel-
efficient version of its Chrysler 300C model, published reports
say.

According to the reports, Chrysler blames its decision on high
gasoline prices and tougher fuel regulations currently on the
table in Washington that could push U.S. automakers to increase
vehicle fuel mileage.

Chrysler is the first carmaker to revise production plans in
response to the push in Congress that requires vehicles sold in
the U.S. to consume less gasoline, the New York Times reveals.  
The Senate passed a bill last month calling for automakers to
raise their average fuel mileage to at least 35 miles a gallon
by 2020; a proposal in the House would hold manufacturers to the
same standard by 2018.

The company had previously informed Canadian Auto Workers that
the Imperial was slated to go into production at Chrysler's
Brampton, Ontario, plant in 2009 for release in 2010.  However,
union officials in Canada were briefed earlier this month on the
company's decision to scrap the plan, Reuters relates, citing
Chrysler spokesman Dave Elshoff as its source.

The Imperial would have been built on a rear-wheel-drive
platform shared with Daimler's Mercedes.  It would also have
added a gas-guzzling sedan to Chrysler's line-up at a time when
it is looking to respond to consumer demands for improved fuel
efficiency and facing tougher U.S. government regulations,
Reuters observes.

"We decided in an era of US$3 gas and more regulations headed
this way that it didn't amount to a good business case -- a
profitable business case," the Times report quotes Chrysler
spokesman Ed Saenz as saying.

                     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: Investing US$3.5B To Buy Drilling Rigs
--------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it will invest about US$3.5 billion to acquire
new drilling rigs.

Business News Americas relates that Petroleos de Venezuela
endured labor unrest at rigs during the nationalization of
several rigs in western parts of Venezuela and continued
problems in obtaining new rigs.

Petroleos de Venezuela said in a statement that it spends an
average of VEB25.4 million per rig a day to fund rigs operated
by third parties.  It spends VEB17.6 million to run each of its
own rigs.  There are about 112 rigs in Venezuela, 33 of which
belong directly to the firm.

This year's rig goal had been decreased to 120 from the original
goal of 190, published reports say, citing Petroleos de
Venezuela head and energy minister Rafael Ramirez.  The country
has faced difficulties in finding rig constructors to
participate in Venezuelan bids.

According to the press, Petroleos de Venezuela turned away from
traditional rig contractors due to:

          -- a law requiring contract winners to donate 10% of
             the contract value to social causes,

          -- increased international demand,

          -- corruption scandals, and

          -- ongoing threat of nationalization.

Petroleos de Venezuela said in a statement that it reached an
accord with China for the acquisition of new rigs.  About 13
rigs will first be imported from China.  Future Chinese rigs
will be assembled in Venezuela.  Almost 140 Petroleos de
Venezuela engineers are in China developing a plan to construct
rigs completely in Venezuela.

Petroleos de Venezuela told BNamericas that it would need to
have about 202 rigs to reach its 2012 Plan Siembra Petrolera
goal of producing 5.8 million barrels per day.  
A total US$34.9 billion will be invested in Venezuela to reach
the goal.

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

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


* VENEZUELA: Cancels Nicaragua's US$33.2-Million Debt
-----------------------------------------------------
Venezuela has cancelled Nicaragua's US$33.2 million debt under
the framework of a debt relief initiative, Xinhua News reports,
citing the Nicaraguan Foreign Ministry.

The Nicaraguan ministry said in a news release that because
Venezuela decided to reduce Nicaragua's debt under the framework
of the Heavily Indebted Poor Countries debt relief initiative,
Nicaragua's public debt was reduced to US$3.3 billion.

The Ministry said in the release, "Venezuela's decision on debt
cancel strongly supports our country and will make Nicaragua's
public debt sustainable and improve the investment climate,
making the country more attractive to local and foreign
investment."

Xinhua News relates that Venezuela's President Hugo Chavez
visited Nicaragua late last week and "handed" US$5.3-million
credits to small companies.  The Venezuelan leader also launched
with his Nicaraguan counterpart Daniel Ortega a fossil-fuel
plant in Nicaragua.

Venezuela would construct US$1.5-billion petrochemical,
electricity and natural gas plants in Nicaragua, Xinhua News
states, citing President Chavez.

                        *     *     *

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


* BOND PRICING: For the Week July 16 to July 20, 2007
-----------------------------------------------------

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

ARGENTINA
---------
Arg Boden               2.000    9/30/08     ARS      42.63
Argent-Par              0.630   12/31/38     ARS      51.07

CAYMAN ISLANDS
--------------
Vontobel Cayman        10.300   10/25/07     CHF      61.75
Vontobel Cayman        13.150   10/25/07     EUR      57.05
Vontobel Cayman        10.400   12/28/07     CHF      64.75
Vontobel Cayman        10.700   12/28/07     CFH      56.00
Vontobel Cayman        11.400   12/28/07     CFH      52.00
Vontobel Cayman        11.650   12/28/07     CHF      66.95
Vontobel Cayman        11.850   12/28/07     CHF      64.35
Vontobel Cayman        13.050   12/28/07     EUR      73.10
Vontobel Cayman        13.350   12/28/07     EUR      59.95
Vontobel Cayman        13.450   12/28/07     CHF      66.95
Vontobel Cayman        14.900   12/28/07     CHF      51.60
Vontobel Cayman        16.000   12/28/07     EUR      41.65
Vontobel Cayman        16.800   12/28/07     CHF      50.00
Vontobel Cayman        17.700   12/28/07     EUR      70.50
Vontobel Cayman        22.850   12/28/07     CHF      35.95
Vontobel Cayman         9.200     2/4/08     CHF      65.65
Vontobel Cayman        13.500    2/22/08     CHF      71.30

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

VENEZUELA
---------
Petroleos de Ven        5.375    4/12/27     US       68.42
Petroleos de Ven        5.500    4/12/37     US       66.45



                         ***********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


           * * * End of Transmission * * *