TCRLA_Public/070726.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

          Thursday, July 26, 2007, Vol. 8, Issue 147

                          Headlines

A R G E N T I N A

COMPANIA DE TRANSPORTE: Petrobras Closes 50% Citelec Stake Sale
DISTRIBUIDORA ARGENTINA: Claims Verification Ends on Sept. 24
FRIGORIFICO COLON: Proofs of Claim Verification Ends on Sept. 24
KLUJ GRISOLIA: Proofs of Claim Verification Is Until Aug. 14
PETROBRAS ENERGIA: Completes 50% Citelec Stake Sale

WILDE FABRICA: Proofs of Claim Verification Deadline Is Sept. 10
YPF SA: Ibersecurities Maintain Sell Rating on Repsol's Shares


B A H A M A S

HARRAH’S ENTERTAINMENT: Declares US$0.40 Per Share Cash Dividend


B E R M U D A

AIG SILK: Sets Final General Meeting for Aug. 13
DRESDNER RCM: Proofs of Claim Filing Is Until July 27
MONTPELIER RE: Earns US$50.7 Million in Quarter Ended June 30


B R A Z I L

COMPANHIA SIDERURGICA: Deutsche Bank Reiterates Hold Rating
COMPANHIA SIDERURGICA: S&P Affirms BB Long-Term Corporate Rating
COMPANHIA SIDERURGICA: Unit Acquires Companhia de Fomento
ENERGIAS DO BRASIL: Earns BRL112.9 Million in 2007 Second Qtr.
GOL LINHAS: Advises Public to Avoid Air Travel in Brazil

HAYES LEMMERZ: Names Fred Bentley as Chief Operating Officer
NOVELIS INC: Will Invest US$9 Million in Oswego Plant
NOVELIS INC: Fitch Puts Neg. Outlook on B Issuer Default Rating
NOVELIS CORP: Fitch Puts Neg. Outlook on B Issuer Default Rating
ORECK CORP: Moody's Withdraws All Ratings

PETROLEO BRASILEIRO: Extends Contract with Subsea 7
PETROLEO BRASILEIRO: Inks Biofuel Pact with Three Companies
PETROLEO BRASILEIRO: Must Pay BRL1.30B for Marlim Field Ops


C A Y M A N   I S L A N D S

ACORN ALTERNATIVE: Sets Final Shareholders Meeting for Aug. 17
ADC INTERNATIONAL: Proofs of Claim Filing Is Until Sept. 19
ADC INT'L: Will Hold Final Shareholders Meeting on Sept. 19
AMMC CDO: Will Hold Final Shareholders Meeting on Aug. 23
ANTHRACITE BALANCED: Proofs of Claim Filing Ends on Aug. 15

ANTHRACITE BALANCED: Sets Final Shareholders Meeting for Aug. 15
ASAP FUNDING: Will Hold Shareholders Meeting on Sept. 20
ASIAN FUNDING: Final Shareholders Meeting Is on Sept. 10
ASPECT CURRENCY: Sets Final Shareholders Meeting for Sept. 20
ASPECT TRADING: Will Hold Final Shareholders Meeting on Sept. 20

AZEN OIL: Proofs of Claim Must be Filed by Aug. 21
BRITANNIC WORLD: Proofs of Claim Filing Is Until Aug. 20
C60 CAPITAL: Proofs of Claim Filing Deadline Is Aug. 14
CRIMEA INC: Proofs of Claim Must be Filed by Aug. 22
CRIMEA INC: Will Hold Final Shareholders Meeting on Aug. 22

DIAMOND LINE: Proofs of Claim Filing Ends on Aug. 17
MARATHON PETROLEUM: Sets Final Shareholders Meeting for Aug. 21
SAFEWRITE (CAYMAN): Proofs of Claim Filing Deadline Is Aug. 17
TAIB FUNDS: Proofs of Claim Must be Filed by Aug. 22
TAIB FUNDS: Will Hold Final Shareholders Meeting on Aug. 22


C H I L E

BOSTON SCIENTIFIC: To Explore Sale of Fluid Management Business
BOSTON SCIENTIFIC: 2007 Second Quarter Sales Lowers by US$39 Mln


C O L O M B I A

GRAN TIERRA: Regulator Okays Firm's Application for Two Blocks
SOLUTIA INC: Wants Exclusive Plan-Filing Period Extended


C O S T A   R I C A

ANIXTER INT’L: Second Quarter Net Income Up 31% to US64.6 Mil.


D O M I N I C A N   R E P U B L I C

SERVICEMASTER: Moody's Puts B3 Rating on US$1.15 Bil. Sr. Loan


E C U A D O R

PETROECUADOR: Sells 1.44MM Barrels of Crude in Short-Term Pacts

* ECUADOR: Minister Eyes Oil Pact Renegotiate with Foreign Firms


E L   S A L V A D O R

MILLICOM INT'L: Morgan Joseph Reiterates Buy Rating on Firm


G U A T E M A L A

MILLICOM INT’L: Second Quarter Net Income Rises to US$102 Mil.


H A I T I

* HAITI: IMF Okays US$11.7 Million Disbursement to Nation


J A M A I C A

AIR JAMAICA: Launches Fort Lauderdale-Barbados Non-Stop Flights


M E X I C O

ADVANCED MARKETING: Wants Sale Order on Baker & Taylor Enforced
ADVANCED MARKETING: Files Revised Reclamation Claims Report
ADVANCED MICRO: S&P Lowers 7.75% Senior Notes to B- from BB-
ALASKA AIR: Picks Megan Lawrence as Director-Community Relations
CKE RESTAURANTS: Reports Positive Period Six Same-Store Sales

GREENBRIER COS: Matrix Downgrades Firms Shares to Sell from Hold
HOST HOTELS: Euro Firm Closes Acquisition of Three Properties
KANSAS CITY SOUTHERN: Container Volume Increases 11.1%
MAXCOM TELECOMUNICACIONES: Inks Contract with Televisa Networks
RYERSON INC: S&P Puts Low B Ratings on Watch Due to Merger Pact

RYERSON INC: Moody's Places B1 Corp. Family Rating Under Review
U.S. STEEL: Reports US$302 Mil. Net Income in Second Quarter


N I C A R A G U A

PETROLEOS DE VENEZUELA: Starts Building Refinery with Nicaragua

* NICARAGUA: Begins Constructing Refinery with Venezuela


P A N A M A

* PANAMA: Canal Manager Seeks Funding from New York Financiers


P E R U

BANCO DE CREDITO: Shareholders Approve Capital Raise


P U E R T O   R I C O

DORAL FINANCIAL: Brings-In Paul Makowski as Chief Risk Officer
JETBLUE AIRWAYS: Earns US$21 Million in Second Quarter 2007
JETBLUE AIRWAYS: Launching Puerto Rico Nonstop Service
STANDARD MOTOR: Improved Cash Flow Cues S&P to Revise Outlook


T R I N I D A D   &   T O B A G O

PAYLESS SHOESOURCE: Moody's Cuts Corporate Family Rating to B1


V E N E Z U E L A

ARVINMERITOR INC: Partners with Chery to Design Chassis Systems
LEAR CORP: S&P Upgrades Corporate Credit Rating to B+ from B
PETROLEOS DE VEENZUELA: Denies Chaos in Siembra Petrolera
PETROLEOS DE VENEZUELA: Lacks Oil Drilling Rigs, Says Minister


                            - - - - -

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


COMPANIA DE TRANSPORTE: Petrobras Closes 50% Citelec Stake Sale
---------------------------------------------------------------
Petrobras Energia said in a statement that it has concluded the sale of
its 50% stake in Citelec, which controls Argentine power transmission firm
Compania de Transporte de Energia Electrica en Alta Tension, or Transener.

Published reports says that Argentine state-owned power firm Enarsa and
private company Electroingenieria each bought equal parts of Petrobras
Energia's share in Citelec "in a deal valued at a base price of US$54
million."

An additional amount would be paid "when Transener and Argentina's
government raise state-mandated power rates," Business News Americas
relates, citing Petrobras Energia.

According to BNamericas, the Argentine government ordered Petrobras
Energia to sell its Citelec stake due to antitrust concerns.

US investment fund Eton Park Capital Management had offered  US$54 million
for the stake but the government rejected it, BNamericas states.

Petrobras Energia Participaciones SA (Buenos Aires: PBE,
NYSE:PZE) through its subsidiary, explores, produces, and
refines oil and gas, as well as generates, transmits, and
distributes electricity.  It also offers petrochemicals, as well as
markets and transports hydrocarbons.  The company conducts oil and gas
exploration and production operations in Argentina, Venezuela, Peru,
Ecuador, and Bolivia.

Compania de Transporte de Energia Electrica en Alta Tension aka Transener
owns the national network of high-voltage power
transmission lines, which consist of nearly 8,800 kilometers of
lines together with the approximately 5,500 kilometers in its
Transba subsidiary's network.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 5, 2006,
Standard & Poor's Ratings Services assigned its 'B' rating to
the proposed bond for up to US$250 million to be issued by
Argentina's largest power transmission company, Compania de
Transporte de Energia Electrica en Alta Tension Transener SA.
At the same time, Standard & Poor's affirmed the 'B' corporate
credit rating on the company.  S&P said the outlook is stable.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Argentina Calificadora de Riesgo S.A assigned
a D(arg) rating on Transener S.A.'s Obligaciones Negociables
Class 3 for US$1,277,000.  The rating action was based on the
company's financial status at Dec. 31, 2006.


DISTRIBUIDORA ARGENTINA: Claims Verification Ends on Sept. 24
-------------------------------------------------------------
Graciela Marta Lema de Muino, the court-appointed trustee for
Distribuidora Argentina de Tabaco y Afines S.R.L.'s bankruptcy proceeding,
verifies creditors' proofs of claim until
Sept. 24, 2007.

Ms. Lema de Muino will present the validated claims in court as individual
reports on Nov. 5, 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 Distribuidora Argentina
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 Distribuidora Argentina's
accounting and banking records will be submitted in court on Dec. 18,
2007.

Ms. Lema de Muino is also in charge of administering Distribuidora
Argentina's assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

          Distribuidora Argentina de Tabaco y Afines S.R.L.
          Esmeralda 1029
          Buenos Aires, Argentina

The trustee can be reached at:

          Graciela Marta Lema de Muino
          Basualdo 1064
          Buenos Aires, Argentina


FRIGORIFICO COLON: Proofs of Claim Verification Ends on Sept. 24
----------------------------------------------------------------
Antonio Marchitelli, the court-appointed trustee for Frigorifico Colon
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until
Sept. 24, 2007.

Mr. Marchitelli will present the validated claims in court as individual
reports on Nov. 6, 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 Frigorifico Colon 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 Frigorifico Colon's accounting
and banking records will be submitted in court on Dec. 18, 2007.

Mr. Marchitelli is also in charge of administering Frigorifico Colon'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 Marchitelli
          Jose Evaristo Uriburu 1054
          Buenos Aires, Argentina


KLUJ GRISOLIA: Proofs of Claim Verification Is Until Aug. 14
------------------------------------------------------------
Luis Emilio Felli, the court-appointed trustee for Kluj Grisolia S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Aug. 14,
2007.

Mr. Felli will present the validated claims in court as individual reports
on Sept. 20, 2007.  The National Commercial
Court of First Instance in La Plata, 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 Kluj Grisolia 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 Kluj Grisolia's accounting and
banking records will be submitted in court on Oct. 22, 2007.

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

The debtor can be reached at:

          Kluj Grisolia S.A.
          Calle 511 Numero 1160, La Plata
          Buenos Aires, Argentina

The trustee can be reached at:

          Luis Emilio Felli
          Calle 49 Numero 365, La Plata
          Buenos Aires, Argentina


PETROBRAS ENERGIA: Completes 50% Citelec Stake Sale
---------------------------------------------------
Petrobras Energia said in a statement that it has concluded the sale of
its 50% stake in Citelec, which controls Argentine power transmission firm
Transener.

Published reports says that Argentine state-owned power firm Enarsa and
private company Electroingenieria each bought equal parts of Petrobras
Energia's share in Citelec "in a deal valued at a base price of US$54
million."

An additional amount would be paid "when Transener and Argentina's
government raise state-mandated power rates," Business News Americas
relates, citing Petrobras Energia.

According to BNamericas, the Argentine government ordered Petrobras
Energia to sell its Citelec stake due to antitrust concerns.

US investment fund Eton Park Capital Management had offered  US$54 million
for the stake but the government rejected it, BNamericas states.

Petrobras Energia Participaciones SA (Buenos Aires: PBE,
NYSE:PZE) through its subsidiary, explores, produces, and
refines oil and gas, as well as generates, transmits, and
distributes electricity.  It also offers petrochemicals, as well
as markets and transports hydrocarbons.  The company conducts
oil and gas exploration and production operations in Argentina,
Venezuela, Peru, Ecuador, and Bolivia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 15, 2007, Fitch Ratings made assigned these actions on
Petrobras Energia:

     -- Local and foreign currency IDRs and following securities
        upgraded to 'BB' from 'B+':

     -- Senior unsecured notes due 2009;
     -- Senior unsecured notes due 2010;
     -- Senior unsecured notes due 2013;
     -- Guaranteed notes due 2017 to upgraded 'BBB-' from 'BB+'.


WILDE FABRICA: Proofs of Claim Verification Deadline Is Sept. 10
----------------------------------------------------------------
Jacobo Beker, the court-appointed trustee for Wilde Fabrica Argentina de
Material Ferroviario S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 10, 2007.

Mr. Beker will present the validated claims in court as individual reports
on Oct. 23, 2007.  The National Commercial
Court of First Instance in La Plata, 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 Wilde Fabrica 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 Wilde Fabrica's accounting and
banking records will be submitted in court on Dec. 4, 2007.

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

The trustee can be reached at:

          Jacobo Beker
          Jeronimo Salguero 2244
          Buenos Aires, Argentina


YPF SA: Ibersecurities Maintain Sell Rating on Repsol's Shares
--------------------------------------------------------------
Ibersecurities analysts have kept their "sell" rating on YPF SA parent
Repsol's shares, Newratings.com reports.

Newratings.com notes that the target for Repsol's shares was set at EUR29.10.

The analysts said in a research note that reports say Eskenazi, the chief
candidate for the initial partial sale of up to 25% of Repsol, is likely
to bid for a share in YPF.

The analysts told Newratings.com that the operation would be delayed until
next year.

The possible delay would exert pressure on Repsol’s share price,
Newratings.com states, citing Ibersecurities.

                        About Repsol

Repsol YPF, S.A. is an integrated oil and gas company engaged in
all aspects of the petroleum business, including exploration,
development and production of crude oil and natural gas,
transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, petrochemical production
and marketing of petroleum products, petroleum derivatives,
petrochemicals and natural gas.  The company operates in four
segments: Exploration and Production, Refining and Marketing,
Chemicals, and Gas and Electricity.

                        About YPF SA

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.




=============
B A H A M A S
=============


HARRAH’S ENTERTAINMENT: Declares US$0.40 Per Share Cash Dividend
----------------------------------------------------------------
Harrah's Entertainment, Inc.'s board of directors has declared a regular
quarterly cash dividend of US$0.40 per share, payable Aug. 22, 2007, to
stockholders of record as of the close of business on Aug. 8, 2007.
Harrah's shares will begin trading ex-dividend on Aug. 6, 2007.

Headquartered in Las Vegas, Nevada, Harrah's Entertainment, Inc.
(NYSE: HET) -- http://www.harrahs.com/-- is a gaming
corporation that owns and operates casinos, hotels, and five
golf courses under several brands on four continents.  The
company's properties operate primarily under the Harrah's,
Caesars and Horseshoe brand names; Harrah's also owns the London
Clubs International family of casinos.  In January, it signed a
joint venture agreement with Baha Mar Resorts Ltd. to operate a
resort in Bahamas.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Fitch Ratings may downgrade Harrah's
Entertainment Inc.'s aka HET Issuer Default Rating into the 'B'
category from its current 'BB+' rating based on the planned
capital structure for its leveraged buyout or LBO by Apollo
Management and Texas Pacific Group, which was outlined in its
preliminary proxy statement (filed Feb. 8, 2006).

As reported in the Troubled Company Reporter on Dec. 26, 2006,
Standard & Poor's Ratings Services lowered its ratings on
Harrah's Entertainment Inc. and its subsidiary Harrah's
Operating Co. Inc., including its corporate credit rating to
'BB' from 'BB+.




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


AIG SILK: Sets Final General Meeting for Aug. 13
------------------------------------------------
AIG Silk Fund Ltd.'s final general meeting is scheduled on
Aug. 13, 2007, at 9:30 a.m. at:

         AIG Building
         29 Richmond Road, Pembroke
         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.


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


MONTPELIER RE: Earns US$50.7 Million in Quarter Ended June 30
-------------------------------------------------------------
Montpelier Re Holdings Ltd. recorded US$50.7 million for the quarter ended
June 30, 2007, compared to US$57.6 million of net income for the same
period in 2006.

The company reported a fully converted book value per share of US$16.04 as
at June 30, 2007, an increase of 0.2% for the quarter inclusive of
dividends.  During the quarter the company repurchased 939,039 common
shares and 7,172,375.5 warrants with an exercise price of US$16.667 per
warrant, for a total purchase price of US$65 million from White Mountains,
which resulted in a US$0.52 decrease in fully converted book value per
share.

Comprehensive income for the quarter ended June 30, 2007 was US$51.5
million, or US$0.54 per diluted common share.  Operating income, which
excludes foreign exchange and investment gains and losses, was US$54.0
million, or US$0.56 per diluted common share.  Operating return on equity
was 3.5% for the quarter and 7.5% year to date, not annualized.

Gross premiums written were US$188.2 million, a decrease of US$108 million
or 36% compared to the second quarter of 2006.  The decrease includes the
previously announced cessation of Blue Ocean's underwriting which amounted
to US$61.8 million in the second quarter of 2006 compared to US$12.5
million this quarter, and the impact of recent changes to Florida
legislation.  In addition, as previously announced, the company allocated
more capital to the Jan. 1, 2007 renewals than in 2006 which resulted in a
heavier weighting of premiums being written in the first quarter of 2007
than in 2006.

The loss ratio for the quarter was 38.8 percent, which includes US$30.5
million, or 19.4 points, of losses incurred due to the UK and Australian
floods.  This was offset in part by US$19.6 million, or 15.2 points, of
favorable prior period reserve development.  The combined ratio was 70.0%
compared to 72.9% in the second quarter of 2006.

Anthony Taylor, Chairman and CEO, commented: "This was a very productive
quarter.  We announced the approval of our new Lloyd’s Syndicate 5151 and
the addition of Stan Kott as CEO of our US operations.  We continue to
make steady progress in building out our Lloyd’s and US platforms, which
we believe will contribute significant shareholder value over the long
term.  On the capital front, we repurchased the remaining shares and
founders’ warrants from White Mountains which resulted in an immediate hit
of US$0.52 to book value per share but which we think will provide an
attractive return to our shareholders over time.  Financially, results
were solid with a quarterly operating return on equity of 3.5% despite the
impact of the UK and Australian floods."

Headquartered in Bermuda, Montpelier Re Holdings Ltd., through
its operating subsidiary Montpelier Reinsurance Ltd., is a
premier provider of global property and casualty reinsurance and insurance
products.  During the year ended Dec. 31, 2005,
Montpelier underwrote US$978.7 million in gross premiums
written.  Shareholders' equity at Dec. 31, 2005, was US$1.1
billion.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2006,
A.M. Best affirms these ratings on Montpelier Re Holdings:

Montpelier Re Holdings Ltd.

   -- "bbb-" on senior unsecured debt;
   -- "bb+" on subordinated debt; and
   -- "bb" on preferred stock.

   MRH Capital Trust I and II (guaranteed by Montpelier Re
   Holdings Ltd.)

   -- "bb" on preferred securities.




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B R A Z I L
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COMPANHIA SIDERURGICA: Deutsche Bank Reiterates Hold Rating
-----------------------------------------------------------
Deutsche Bank analysts have reaffirmed their hold rating on Companhia
Siderurgica Nacional's shares, Business News Americas reports.

Companhia Siderurgica's acquisitions of iron ore assets is "topical,"
considering its intention to potentially launch an initial public offering
for its iron ore unit in the near term, BNamericas notes, citing the
analysts.

Deutsche Bank said in a research note, "CSN [Companhia Siderurgica] is
adding low-cost critical mass to its Casa de Pedra operation ahead of a
potential IPO [initial public offering."

Companhia Siderurgica's acquisition of Companhia de Fomento Mineral cost
US$81 per ton "considering estimated 2007 output, or US$55 per ton looking
at the 2008 production forecast, compared to a Casa de Pedra's market
value of US$125 per ton," BNamericas states, citing Deutsche Bank.

Companhia Siderurgica Nacional is one of the lowest-cost steel producers
in the world, which is a result of its access to proprietary, high-quality
iron ore (at the Casa de Pedra mine); self-sufficiency in energy;
streamlined facilities; and logistics advantages.  This is in addition to
the group's strong market position in the fairly concentrated steel
industry in Brazil.

                        *     *     *

On Jan. 26, 2006, Standard and Poor's Rating Services assigned a 'BB'
corporate credit rating on Brazilian flat carbon steelmaker Companhia
Siderurgica Nacional.

The 'BB' corporate credit rating on CSN reflects the company's
exposure to volatile demand and price cycles, increasing
competition in its home and predominant market of Brazil,
aggressive dividend policy and capital investment plan, and
sizable gross-debt position.  These risks are partly offset by
CSN's privileged cost position and sound operating profile,
favorable market position in Brazil, strong export capabilities
to offset occasional domestic demand sluggishness, and
increasing business diversification.


COMPANHIA SIDERURGICA: S&P Affirms BB Long-Term Corporate Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' long-term
corporate credit rating on Brazil-based steel maker Companhia Siderurgica
Nacional.  The outlook is stable.

CSN reported adjusted total debt, including perpetual notes at the parent
company level and pension liabilities, of
US$5.1 billion as of March 31, 2007.

"The rating affirmation follows CSN's announcement that it reached an
agreement to purchase Cia. de Fomento Mineral e Participacoes for US$440
million," said Standard & Poor's credit analyst Reginaldo Takara. The
acquisition was made by CSN's wholly owned mining subsidiary, Nacional
Minérios S.A. (Namisa, unrated).  CFM operates several small iron ore
mines in
the state of Minas Gerais, Brazil, and shipped 2.7 million tons in
first-half 2007.  CSN expects to improve CFM's production to 8 million
tons in 2008.  Of the acquisition price, US$100 million was already paid
and US$250 million will be paid on
Aug. 1, 2007.  Subject to certain conditions, the remaining
US$90 million could be paid in four installments in the next two years.

The acquisition fits with CSN's endeavors to diversify into the more
stable iron ore business, originally bolstered by the ongoing expansion of
its proprietary iron ore mine, Casa de Pedra.  By combining CFM with the
expected ramp-up of Casa de Pedra's production, CSN expects to increase
exportable iron
ore volumes in 2008, thus boosting cash flows.  While incremental
acquisition debt of US$440 million will hold back the improvement trend
for the company's financial ratios expected for the next quarters (which
were recovering after the company's blast furnace #3 resumed full capacity
during the second half of last year), credit measures are still expected
to improve, though at a slow pace.  Indeed, CSN's projected capital
expenditures in capacity expansion in iron ore, steel, and cement will
likely result in additional debt in coming years.  As a short-term
mitigating factor, global steel market conditions remain favorable,
allowing the company to report strong cash generation in the medium term.
CSN reported funds from operations-to-total debt, total debt-to–EBITDA,
and EBITDA interest coverage ratios of 28%, 3.0x, and 3.3x, respectively,
in the 12 months ended March 31, 2007.

The stable outlook reflects our expectation that CSN will maintain strong
levels of liquidity, thanks to its comfortable cash generation and despite
sizable capital expenditures and dividend distributions.  Despite the
increased debt leverage in the short term, we expect CSN's credit measures
to converge
gradually toward historical levels.  The outlook assumes that CSN will be
able to maintain sound operating results through the steel cycle thanks to
its favorable cost position and access to steel export markets.

Given the risks associated with CSN's considerable capital expenditure
plans, we do not foresee upward potential for the ratings in the medium
term in the absence of any transformational transactions, such as the
spin-off and listing of Casa de Pedra.  On the other hand, the ratings
could come under downward pressure if a continuing increase in gross debt
leads financial metrics to deteriorate permanently.  Large acquisitions or
further capital commitments that could hurt the company's current
liquidity condition or add financial leverage could lead to a negative
revision of the ratings or a negative outlook.

Companhia Siderurgica Nacional is one of the lowest-cost steel producers
in the world, which is a result of its access to proprietary, high-quality
iron ore (at the Casa de Pedra mine); self-sufficiency in energy;
streamlined facilities; and logistics advantages.  This is in addition to
the group's strong market position in the fairly concentrated steel
industry in Brazil.


COMPANHIA SIDERURGICA: Unit Acquires Companhia de Fomento
---------------------------------------------------------
Companhia Siderurgica Nacional told Business News Americas that its mining
subsidiary Namisa has acquired Brazilian iron ore miner Companhia de
Fomento Mineral, which operates in Minas Gerais.

As reported in the Troubled Company Reporter-Latin America on July 19,
2007, Companhia Siderurgica was in the final stages of closing a deal to
buy an unnamed, medium-sized iron ore producer in Minas Gerais.

Companhia Siderurgica said in a statement that the price for the
acquisition will total US$440 million, of which the firm has already paid
US$100 million.  It will pay US$250 million on
Aug. 1, 2007.  The remaining US$90 million will be paid out in "four
installments within two years, as certain conditions of the purchase
agreement are fulfilled."

Companhia Siderurgica told BNamericas that it will raise funds to cover
the acquisition costs.

Companhia de Fomento's assets include a number of iron ore mines and
processing facilities in Minas Gerais.  It sold 3.6 million tons of iron
ore last year and 2.7 million tons in the first six months of his year,
and has expansion works underway to up its output to 12 million tons in
2010, BNamericas says, citing Companhia Siderurgica.

Companhia Siderurgica executive mining officer Juarez Saliba commented to
BNamericas, "The conclusion of the second expansion phase of our Itagua
port installations in February 2008... combined with the acquisition of
CFM's [Companhia de Fomento] assets and our available iron ore
inventories, shall give the CSN Group companies a combined iron ore sales
capacity of 30 million tons next year, including transfers to our steel
plant in Volta Redonda."

Companhia Siderurgica told BNamericas that it would sell some 10 million
tons next year and up to 15 million tons in 2009.

Companhia Siderurgica Nacional is one of the lowest-cost steel producers
in the world, which is a result of its access to proprietary, high-quality
iron ore (at the Casa de Pedra mine); self-sufficiency in energy;
streamlined facilities; and logistics advantages.  This is in addition to
the group's strong market position in the fairly concentrated steel
industry in Brazil.

                        *     *     *

On Jan. 26, 2006, Standard and Poor's Rating Services assigned a 'BB'
corporate credit rating on Brazilian flat carbon steelmaker Companhia
Siderurgica Nacional.

The 'BB' corporate credit rating on CSN reflects the company's
exposure to volatile demand and price cycles, increasing
competition in its home and predominant market of Brazil,
aggressive dividend policy and capital investment plan, and
sizable gross-debt position.  These risks are partly offset by
CSN's privileged cost position and sound operating profile,
favorable market position in Brazil, strong export capabilities
to offset occasional domestic demand sluggishness, and
increasing business diversification.


ENERGIAS DO BRASIL: Earns BRL112.9 Million in 2007 Second Qtr.
--------------------------------------------------------------
Energias do Brasil S.A. reported its financial results for the second
quarter and the first six months of 2007.  The information is presented on
a consolidated basis in accordance with Brazilian Corporate Law and is
based on reviewed financial information.  The independent auditors did not
review the operating information.  Amounts are expressed in thousands of
Reais, except where otherwise stated.

   -- Energy volumes distributed in second quarter 2007 totaled
      6,268 GWh, 5.0% more than recorded in second quarter 2006,
      the highlight of the quarter being the recovery in the
      market in the state of Mato Grosso do Sul and the strong
      growth in the state of Espirito Santo.

   -- Enertrade registered year on year growth of 3.8% in
      commercialized energy in the quarter.  In the same period
      volumes sold to free consumers reported a growth of 13.7%,
      offsetting the expiry of the contract with Enerpeixe.

   -- The volume of energy sold in 2Q07 was 1,303 GWh, 10.7% up
      on the same quarter in 2006, reflecting the initial sales
      of energy generated by the fourth turbine at the
      Mascarenhas Hydroelectric Power Plant (UHE) in 2H06 and
      the Sao Joao Small Hydroelectric Power Plant (PCH) in
      second quarter 2007.

   -- Net operating revenue in second quarter 2007 was
      BRL1.157,3 million, 27.3% more than second quarter 2006.
      This performance was largely the result of the duplication
      in installed generation capacity as well as an increase in
      distributed energy volumes and tariff readjustments
      granted in 2006 and 2007.

   -- Savings from the Company's Redundancy Plan (RP),
      implemented in June 2006, were BRL8.0 million in second
      quarter 2007.

   -- In second quarter 2007, EBITDA reached BRL311.6 million,
      an increase of 91.6% compared with second quarter 2006.
      This growth is principally the result of the commissioning
      of the Peixe Angical plant and growth in the energy market
      as a whole.  The EBITDA margin grew 9.0 p.p. to 26.9%.

   -- Net income amounted to BRL112.9 million against BRL26.1
      million reported in second quarter 2006.

   -- Capital expenditures were BRL127.6 million in second
      quarter 2007, a reduction of 39.8% compared with second
      quarter 2006, principally due to the conclusion of works
      at Peixe Angical.

   -- In July, Escelsa issued BRL250 million in debentures, at a
      rate of 105% of CDI with a seven-year term.  Funds raised
      from the issue were used to repay Senior Notes that fell
      due in the first half of July.

EDP- Energias do Brasil is an integrated utility group
controlled by EDP - Energias de Portugal, with activities in
generation, distribution and commercialization of electricity.
Its power distribution subsdiaries Bandeirante, Escelsa and
Enersul represent altogether some 64% of consolidated total
assets, while the power generation assets represent some 31%.
EDB reported consolidated net revenues of BRL4,112 million
(US$1.90 billion) in the last twelve months ended
March 31, 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Moody's America Latina assigned a senior unsecured corporate
family rating of Ba2 on its global scale and Aa3.br on its Brazilian
national scale to EDP- Energias do Brasil S.A.  Moody's said the outlook
of the ratings is stable.


GOL LINHAS: Advises Public to Avoid Air Travel in Brazil
--------------------------------------------------------
GOL Linhas Areas Inteligentes S.A said in an e-mailed statement to
Bloomberg News that its customers should avoid air travel in Brazil this
month as the government banned ticket sales in Congonhas airport due to
the recent disaster.

The Brazilian government, in cooperation with airline companies,
restricted traffic in Sao Paulo's airport indefinitely pending the result
of an investigation as to what really caused a commercial jet to skid off
the runway and explode, killing about 200 people.

Gol Linhas said in the statement that it will continue to provide service
to its customers who need to travel immediately.

"There are no words to describe Gol's frustration for not being able to
keep its flight schedule and good service,"  Gol said in the statement.
"The reasons for the current situation are beyond the company's
responsibility."

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

                    *     *     *

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


HAYES LEMMERZ: Names Fred Bentley as Chief Operating Officer
------------------------------------------------------------
Hayes Lemmerz International Inc. has appointed Fred Bentley to the new
position of Chief Operating Officer of Hayes Lemmerz and President of the
company's Global Wheel Group.  In assuming the new Chief Operating Officer
position, Mr. Bentley will be responsible for all of the company's
manufacturing and business unit operations.

Mr. Bentley will continue to report to Curtis J. Clawson, President, Chief
Executive Officer and Chairman of the Board.

Mr. Bentley joined the company in 2001 and most recently served as Chief
Operating Officer and President of the company's Global Wheel Group.
Prior to that, he was President of the Company's International Wheel Group
and also President of its Commercial Highway and Aftermarket Group.

Mr. Bentley has led strategic expansions in Brazil, Thailand, India,
Turkey, Mexico and the Czech Republic, where the Company has realized
significant growth.  He has successfully undertaken various restructuring
activities to move the wheel business from regional segments to the
creation of a global group.  As a result, annual sales in the
international wheel business have increased from US$822 million in fiscal
2003 to US$1.3 billion in fiscal 2006 and annual global wheel sales have
significantly increased over the past two years.

Immediately prior to joining Hayes Lemmerz, Mr. Bentley served as Managing
Director for Honeywell's Holts European and South Africa automotive
aftermarket operations.  He has also held leadership positions of
increasing responsibility with AlliedSignal and Frito-Lay.  Mr. Bentley
earned his Bachelor of Science degree in Industrial Engineering from the
University of Cincinnati, in Ohio.  He holds a MBA from the University of
Phoenix, has completed the Advanced Management program at Harvard
University and is a Six Sigma Black Belt.

In conjunction with Mr. Bentley's appointment, Hayes Lemmerz announced
that it has simplified the management reporting structure of its operating
businesses.  As part of this move, Daniel M. Sandberg, President of the
company's Automotive Components Group will now report to Mr. Bentley.  Mr.
Sandberg, who is also Vice President, Global Materials and Logistics, will
continue to report to Mr. Clawson in this role.

"With the recent completion of our balance sheet restructuring and
divestiture of our suspension and MGG businesses, it was appropriate to
rethink how the Company operates," said Mr. Clawson.  "The moves announced
today are designed to facilitate the Company's growth plans over the next
several years.  Fred's understanding of Hayes Lemmerz' core wheel
business, strategic growth plans and the challenges faced by today's
suppliers, will
strengthen Hayes Lemmerz as we continue to grow our world presence.  The
resulting management structure will be streamlined, flexible and
efficient." Mr. Clawson added, "We don't foresee any significant changes
in the structure of the Automotive Components Group, as a result of this
change."

"I am enthusiastic about this opportunity," Mr. Bentley said. "This move
makes strategic sense for our business, which we have substantially
restructured over the past two years.  This new organizational structure
will enable us to better integrate the talented resources that we have in
both our wheel and non-wheel businesses, and take both businesses to the
next level."

Headquartered in Northville, Michigan, Hayes Lemmerz
International Inc. (Nasdaq: HAYZ) -- http://www.hayes-
lemmerz.com/ -- global  supplier of automotive and commercial
highway wheels, brakes and powertrain components.  The company
has 30 facilities and approximately 8,500 employees worldwide.

The company has operations in India, Brazil and Germany, among
others.

                        *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service raised to B3 from Caa1 the corporate
family and probability of default ratings of HLI Operating
Company, Inc., a wholly owned subsidiary of Hayes Lemmerz
International, and changed the rating outlook to stable from
negative.


NOVELIS INC: Will Invest US$9 Million in Oswego Plant
-----------------------------------------------------
Novelis Inc. is investing approximately US$9 Million in its Oswego, NY,
plant to increase production of aluminum sheet ingot, the starter stock
for the rolling process.  The investment will include the installation of
an aluminum melting furnace with industry-leading technology that will
provide increased energy efficiency and reduced cycle time.  The new ingot
production will be brought on line within 12 months.

This investment is part of Novelis' ongoing program to secure
long-term, low-cost sheet ingot supply for its operations.

"This announcement follows the recent acquisition of Novelis by
Hindalco Industries Limited and demonstrates our new owner's strategic
commitment to our business," said Kevin Greenawalt, President of Novelis
North America.  "Our customers will benefit as we become ever more
flexible in meeting their requirements for high-value aluminum products,
such as those produced with our Novelis Fusion(TM) technology."

Buddy Stemple, Vice President, Specialty Products for Novelis North
America, said: "The investment will unlock capacity in our existing ingot
casting operations, and will improve our ability to switch between alloy
types and manage our product mix.  It will reduce production bottlenecks
and help accelerate delivery times to our customers."

The Oswego plant is Novelis' largest wholly owned aluminum fabrication
facility.  Equipped for aluminum recycling and remelting, ingot casting,
and hot and cold rolling, the plant generates premium aluminum sheet
products used by the automotive, appliance, beverage can, building and
construction, commercial transportation and industrial markets.  The plant
currently employs approximately 700 people.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities,
the company supplies aluminum sheet and foil to the automotive
and transportation, beverage and food packaging, construction
and industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.


NOVELIS INC: Fitch Puts Neg. Outlook on B Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating for Novelis, Inc. and
Novelis, Corp. at 'B' and assigned a Negative Rating Outlook.  The
company's previous senior secured bank debt ratings have been withdrawn.
Ratings for the new credit facility of 'BB' were assigned and the senior
unsecured debt ratings have been affirmed as:

Novelis, Inc.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1';
  -- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1'.

The Rating Outlook is Negative.  Approximately US$2.4 billion of debt is
affected by the ratings.

The ratings action resolves Fitch's Rating Watch Negative for Novelis.
Novelis' ratings were placed on Rating Watch Negative following the
company's announcement that it had reached an agreement to be acquired by
Hindalco Industries Limited.  The transaction has been completed, and
total debt currently outstanding at Novelis is substantially similar to
the amount outstanding pre-transaction.

Fitch notes that given the expiration of the change-of-control offer for
the senior unsecured notes, the notes no longer benefit from the credit
protection offered by the change-of-control provision, and therefore carry
greater credit risk, although the ratings on the notes remain unchanged.
Novelis made the requisite change-of-control offer for the notes at 101%
of par, and US$841,000 of the notes were tendered.

The Negative Outlook reflects the adverse impact of contractual price
ceilings on Novelis' financial performance over the past several quarters,
which is likely to continue through at least the first half of 2007.
Improved financial performance stemming from a reduction or elimination of
the price ceilings over the next few quarters could contribute to a review
of the Outlook. Fitch also has concerns about the permanent financing
structure of the Special Purpose Vehicle (SPV) Hindalco created in Canada
to fund the purchase of Novelis' equity, and how the SPV's debt will be
serviced.  Although certain of the notes' covenants (such as a restricted
payments test) limit the extent of potential withdrawals by the parent,
Fitch believes credit risk is present due to the potential for this or
similar such actions.  Fitch recognizes the resolution of several internal
control issues, key leadership vacancies and other concerns associated
with the company's public filing status that had previously contributed to
the Negative Outlook.

Novelis' current ratings are supported by the company's leading market
position, strong and flexible asset base, emphasis on innovation and
value-added applications, and solid cash-generating potential.  Ratings
concerns focus on high leverage, inflexible contract pricing with some
customers, near-term cash flow constraints, high and volatile aluminum
prices and some remaining material weaknesses in internal controls.

While Novelis is strategically important to Hindalco, Fitch does not
expect to link Novelis' ratings to Hindalco's ratings if Hindalco is
assigned an international rating in the future. Fitch believes the credit
linkages between Novelis and Hindalco are weak to moderate due to a low
level of expected operational integration, a lack of formal credit
support, and restrictions on upstream dividends.  The different
jurisdictions of the two companies also support separate ratings. These
factors outweigh Hindalco's ownership of Novelis and the presence of
several Hindalco representatives on Novelis' Board of Directors. A factor
that could change Fitch's position on linkages between the two companies
is the final financing structure of the SPV Hindalco created in Canada to
fund the purchase of Novelis' equity.  The SPV is currently funded with
US$3.0 billion of bank facilities with terms of 18 months.

Fitch rates the debt of Hindalco Industries Ltd. 'AAA (ind)' on a national
ratings basis in India.  The ratings have been placed on Rating Watch with
Negative implications.  Fitch expects to resolve the Rating Watch as
Hindalco's financing details are further finalized.  Hindalco's current
ratings denote the best credit risk relative to all other issuers or
issues in the country.  This rating is therefore not directly comparable
to the North American ratings on Novelis.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities,
the company supplies aluminum sheet and foil to the automotive
and transportation, beverage and food packaging, construction
and industrial, and printing markets.


NOVELIS CORP: Fitch Puts Neg. Outlook on B Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating for Novelis, Inc. and
Novelis, Corp. at 'B' and assigned a Negative Rating Outlook.  The
company's previous senior secured bank debt ratings have been withdrawn.
Ratings for the new credit facility of 'BB' were assigned and the senior
unsecured debt ratings have been affirmed as:

Novelis, Inc.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1';
  -- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1'.

The Rating Outlook is Negative.  Approximately US$2.4 billion of debt is
affected by the ratings.

The ratings action resolves Fitch's Rating Watch Negative for Novelis.
Novelis' ratings were placed on Rating Watch Negative following the
company's announcement that it had reached an agreement to be acquired by
Hindalco Industries Limited.  The transaction has been completed, and
total debt currently outstanding at Novelis is substantially similar to
the amount outstanding pre-transaction.

Fitch notes that given the expiration of the change-of-control offer for
the senior unsecured notes, the notes no longer benefit from the credit
protection offered by the change-of-control provision, and therefore carry
greater credit risk, although the ratings on the notes remain unchanged.
Novelis made the requisite change-of-control offer for the notes at 101%
of par, and US$841,000 of the notes were tendered.

The Negative Outlook reflects the adverse impact of contractual price
ceilings on Novelis' financial performance over the past several quarters,
which is likely to continue through at least the first half of 2007.
Improved financial performance stemming from a reduction or elimination of
the price ceilings over the next few quarters could contribute to a review
of the Outlook. Fitch also has concerns about the permanent financing
structure of the Special Purpose Vehicle (SPV) Hindalco created in Canada
to fund the purchase of Novelis' equity, and how the SPV's debt will be
serviced.  Although certain of the notes' covenants (such as a restricted
payments test) limit the extent of potential withdrawals by the parent,
Fitch believes credit risk is present due to the potential for this or
similar such actions.  Fitch recognizes the resolution of several internal
control issues, key leadership vacancies and other concerns associated
with the company's public filing status that had previously contributed to
the Negative Outlook.

Novelis' current ratings are supported by the company's leading market
position, strong and flexible asset base, emphasis on innovation and
value-added applications, and solid cash-generating potential.  Ratings
concerns focus on high leverage, inflexible contract pricing with some
customers, near-term cash flow constraints, high and volatile aluminum
prices and some remaining material weaknesses in internal controls.

While Novelis is strategically important to Hindalco, Fitch does not
expect to link Novelis' ratings to Hindalco's ratings if Hindalco is
assigned an international rating in the future. Fitch believes the credit
linkages between Novelis and Hindalco are weak to moderate due to a low
level of expected operational integration, a lack of formal credit
support, and restrictions on upstream dividends.  The different
jurisdictions of the two companies also support separate ratings. These
factors outweigh Hindalco's ownership of Novelis and the presence of
several Hindalco representatives on Novelis' Board of Directors. A factor
that could change Fitch's position on linkages between the two companies
is the final financing structure of the SPV Hindalco created in Canada to
fund the purchase of Novelis' equity.  The SPV is currently funded with
US$3.0 billion of bank facilities with terms of 18 months.

Fitch rates the debt of Hindalco Industries Ltd. 'AAA (ind)' on a national
ratings basis in India.  The ratings have been placed on Rating Watch with
Negative implications.  Fitch expects to resolve the Rating Watch as
Hindalco's financing details are further finalized.  Hindalco's current
ratings denote the best credit risk relative to all other issuers or
issues in the country.  This rating is therefore not directly comparable
to the North American ratings on Novelis.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities,
the company supplies aluminum sheet and foil to the automotive
and transportation, beverage and food packaging, construction
and industrial, and printing markets.


ORECK CORP: Moody's Withdraws All Ratings
-----------------------------------------
Moody's Investors has withdrawn all ratings of Oreck Corp.  The ratings
have been withdrawn because Moody's believes it lacks adequate information
to maintain a rating.  These ratings have been withdrawn:

  -- Corporate Family Rating, previously rated Caa1

  -- Probability of Default Rating, previously rated Caa2

  -- US$20 million Senior Secured Revolver due 1/31/2011,
     previously rated Caa1 (LGD3, 32%)

  -- US$195 million Senior Secured Term Loan due 1/31/2012,
     previously rated Caa1 (LGD3, 32%)

Oreck Corporation, based in New Orleans, LA, is a leading manufacturer and
marketer of premium priced vacuum cleaners and air purifiers under the
"Oreck" brand name.

Oreck sells throughout the world, including South America
(Brazil), the United Kingdom and Australia.


PETROLEO BRASILEIRO: Extends Contract with Subsea 7
---------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro has extended its
contract with Norwegian engineering company Subsea 7 for the engineering,
construction and installation of pipelines, according to a statement by
Subsea 7.

Subsea 7 told Business News Americas that Petroleo Brasileiro awarded the
original contract in August 2004 for the deployment of 300 kilometers of
"flexible and rigid pipeline" in the Campos Basin.

The value of the contract extension is US$390 million.  It runs to 2010,
BNamericas says, citing Subsea 7.

BNamericas notes that under the contract, Subsea 7 will deploy up to 350
kilometers of new rigid pipelines and "an undisclosed length of flexible
pipelines starting between October 2007 and February 2008."

Subsea 7 told BNamericas that it will start installing the pipeline
between October 2007 and February 2008.

The pipeline construction will be in Subsea 7's spool base in Ubu,
Espirito Santo, BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate      Ratings
  -------------           ------        ----      -------
  April  1, 2008      US$400,000,000    9%         BB+
  July   2, 2013      US$750,000,000    9.125%     BB+
  Sept. 15, 2014      US$650,000,000    7.75%      BB+
  Dec.  10, 2018      US$750,000,000    8.375%     BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Inks Biofuel Pact with Three Companies
-----------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA and Japanese
conglomerate Itochu have signed a Memorandum of Understanding on biofuel
production with Japan's Toyota Tsusho and Brazilian engineering companies
Odebrecht and Queiroz Galvao, Business News Americas reports.

Petroleo Brasileiro said in a statement that Toyota Tsusho, Odebrecht and
Queiroz Galvao will join the company and Itochu in conducting studies to
evaluate biofuel output potential in the "semi-arid region in 16
municipalities" in Pernambuco and Bahia.

BNamericas notes that the firms included in the Memorandum of
Understanding will test the use of:

          -- sugarcane,
          -- jatropha, and
          -- castor seed.

According to BNamericas, the tests will be conducted to aiming to
guarantee consistent crop output to produce biofuels throughout 2007.

The firms will analyze logistics for the transport of biofuels to the
Japanese market and other nations, BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate      Ratings
  -------------           ------        ----      -------
  April  1, 2008      US$400,000,000    9%         BB+
  July   2, 2013      US$750,000,000    9.125%     BB+
  Sept. 15, 2014      US$650,000,000    7.75%      BB+
  Dec.  10, 2018      US$750,000,000    8.375%     BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Must Pay BRL1.30B for Marlim Field Ops
-----------------------------------------------------------
Brazil's hydrocarbons regulator Agencia Nacional do Petroleo director
Nelson Martins told the press that the agency has determined that
state-owned oil firm Petroleo Brasileiro SA must pay BRL1.30 billion for
its special participation government contribution after the firm
miscalculated the amount to be paid.

Mr. Martins explained to Business News Americas that the payment refers to
Petroleo Brasileiro's 1998 to 2002 operations at the Marlim field in
Campos basin.  The firm made incorrect deductions to the amount it should
have paid back then.

According to BNamericas, Mr. Martins said that Agencia Nacional will
charge interest on the BRL1.30-billion amount Petroleo Brasileiro must pay
to the mines and energy and environment ministries and Brazilian cities
and states close to the oil and gas blocks.

Mr. Martins told BNamericas, "Petrobras [Petroleo Brasileiro] did not pay
less than it should have on purpose. It's pretty difficult to calculate
what Petrobras should and should not subtract from their special
participation payment.  The BRL1.30 billion is high, but it means US$1 per
barrel already produced at Marlim."

BNamericas notes that the agency made similar notification to Petroleo
Brasileiro in the past.  The firm paid about BRL399 million in Marlim
royalties from 2002 to 2005.

Mr. Martins told BNamericas that the Rio de Janeiro state asked the agency
to consider making Petroleo Brasileiro responsible for royalties since the
country's regulatory oil framework was formed in 1998.

The report says that the Rio de Janeiro state is entitled to 40% of the
BRL1.30 billion.  Another 40% will go to the mines and energy ministry.
The environment ministry and the cities will get 10% each.

Mr. Martins told BNamericas, "Petrobras will have 30 days to pay with
interest or negotiate the payment."

Petroleo Brasileiro said in a statement, "It is our understanding there is
no legal basis for ANP's [Agencia Nacional] reversal of its decision
regarding periods that have already been paid."

According to Petroleo Brasileiro's statement, the firm will seek to
protect its rights to keep good corporate management practices and defend
shareholder interests.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate      Ratings
  -------------           ------        ----      -------
  April  1, 2008      US$400,000,000    9%         BB+
  July   2, 2013      US$750,000,000    9.125%     BB+
  Sept. 15, 2014      US$650,000,000    7.75%      BB+
  Dec.  10, 2018      US$750,000,000    8.375%     BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.




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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


ADC 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


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


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


ANTHRACITE BALANCED: Proofs of Claim Filing Ends on Aug. 15
-----------------------------------------------------------
Anthracite Balanced Co.’s creditors are given until
Aug. 15, 2007, to prove their claims to Scott Aitken and Connan Hill, the
company's liquidators, or be excluded from receiving any distribution or
payment.

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

Anthracite Balanced shareholders agreed on July 4, 2007, to place the
company into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidators can be reached at:

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


ANTHRACITE BALANCED: Sets Final Shareholders Meeting for Aug. 15
----------------------------------------------------------------
Anthracite Balanced Company will hold its final shareholders meeting on
Aug. 15, 2007, at 10:00 a.m., at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


ASAP FUNDING: Will Hold Shareholders Meeting 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: Final Shareholders Meeting Is 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


AZEN OIL: Proofs of Claim Must be Filed by Aug. 21
--------------------------------------------------
Azen Oil Company Ltd.’s creditors are given until Aug. 21, 2007, to prove
their claims to David A.K. Walker and Lawrence Edwards, 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.

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

The liquidator can be reached at:

        Lawrence Edwards
        Attention: Jodi Jones
        P.O. Box 258
        Grand Cayman KY1-1104
        Cayman Islands
        Tel: (345) 914 8694
        Fax: (345) 945 4237


BRITANNIC WORLD: Proofs of Claim Filing Is Until 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


C60 CAPITAL: Proofs of Claim Filing Deadline Is Aug. 14
-------------------------------------------------------
C60 Capital International Ltd.’s creditors are given until
Aug. 14, 2007, to prove their claims to David A.K. Walker and Lawrence
Edwards, the company's liquidators, or be excluded from receiving any
distribution or payment.

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

Abacus Fund’s shareholders agreed on April 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:

        Lawrence Edwards
        Attention: Miguel Brown
        P.O. Box 258
        Grand Cayman KY1-1104
        Cayman Islands
        Tel: (345) 914 8665
        Fax: (345) 945 4237


CRIMEA INC: Proofs of Claim Must be Filed by Aug. 22
----------------------------------------------------
Crimea Inc.’s creditors are given until Aug. 22, 2007, to prove their
claims to Mr. Elvon Clarke, 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.

Crimea Inc.’s shareholders agreed on July 2, 2007, to place the company
into voluntary liquidation under The Companies Law (2004 Revision) of the
Cayman Islands.

The liquidator can be reached at:

        Mr. Elvon Clarke
        20 Victoria Street
        Hamilton, Bermuda HM11


CRIMEA INC: Will Hold Final Shareholders Meeting on Aug. 22
-----------------------------------------------------------
Crimea Inc. will hold its final shareholders meeting on
Aug. 22, 2007, at 10:00 a.m., at:

          20 Victoria Street
          Hamilton, Bermuda HM11

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:

          Mr. Elvon Clarke
          20 Victoria Street
          Hamilton, Bermuda HM11


DIAMOND LINE: Proofs of Claim Filing Ends on Aug. 17
----------------------------------------------------
Diamond Line International Ltd.’s creditors are given until
Aug. 17, 2007, to prove their claims to Bernard McGrath, 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.

Diamond Line’s shareholders agreed on June 27, 2007, to place the company
into voluntary liquidation under The Companies Law (2004 Revision) of the
Cayman Islands.

The liquidator can be reached at:

        Bernard Mcgrath
        Caledonian House
        P.O. Box 1043
        George Town, Grand Cayman
        Cayman Islands
        Tel: 9490050
        Fax: 9498062


MARATHON PETROLEUM: Sets Final Shareholders Meeting for Aug. 21
---------------------------------------------------------------
Marathon Petroleum Congo Ltd. will hold its final shareholders meeting on
Aug. 21, 2007, at 10:00 a.m., at:

          Walker House
          87 Mary Street, George Town
          KY1-9001, 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:

          Yvonne Kunetka
          Marathon Oil Company
          5555 San Felipe Road
          Houston, Texas
          77056-2723
          U.S.A.


SAFEWRITE (CAYMAN): Proofs of Claim Filing Deadline Is Aug. 17
--------------------------------------------------------------
Safewrite (Cayman Islands) Ltd.’s creditors are given until
Aug. 17, 2007, to prove their claims to Bernard McGrath and David
Barnewall, 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.

Safewrite’s shareholders agreed on July 9, 2007, to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of the
Cayman Islands.

The liquidator can be reached at:

        Bernard Mcgrath
        Caledonian House
        P.O. Box 1043
        George Town, Grand Cayman
        Cayman Islands
        Tel: 9490050
        Fax: 9498062


TAIB FUNDS: Proofs of Claim Must be Filed by Aug. 22
----------------------------------------------------
Taib Funds Ltd.’s creditors are given until Aug. 22, 2007, to prove their
claims to Reid Services Limited, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Taib Funds shareholders agreed on July 4, 2007, to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of the
Cayman Islands.

The liquidator can be reached at:

        Reid Services Limited
        Clifton House
        75 Fort Street
        P.O. Box 1350
        George Town, Grand Cayman KY1-1108
        Cayman Islands


TAIB FUNDS: Will Hold Final Shareholders Meeting on Aug. 22
-----------------------------------------------------------
Taib Funds Ltd. will hold its final shareholders meeting on
Aug. 22, 2007, at 10:00 a.m., at:

          Clifton House, 75 Fort Street,
          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:

          Reid Services Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350
          Grand Cayman KY1-1108
          Cayman Islands




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


BOSTON SCIENTIFIC: To Explore Sale of Fluid Management Business
---------------------------------------------------------------
Boston Scientific Corporation has intended to explore the sale of its
fluid management business as part of the company's ongoing review of its
portfolio of assets.  The Boston Scientific fluid management business,
formerly North American Medical Instruments Corp., produces a range of
products used to manage fluid and measure pressure during angiography and
angioplasty procedures.  A sale would be expected to include the business
as well as the Company's facilities in Glens Falls, New York and
Tullamore, Ireland.

"As we have previously announced, we are conducting a comprehensive review
of our non-strategic assets in an effort to focus resources on our core
businesses and improve our financial strength," said Paul LaViolette,
Chief Operating Officer of Boston Scientific.  "One result of this review
has been the initiation of a process to explore the sale of our fluid
management business.  This is a very strong business with market
leadership, and we believe it has tremendous potential with the focused
attention and resources of external ownership.  We are in the early stages
of discussions with several potential acquirers, and we expect the process
to take a number of months."

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

                        *     *     *

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


BOSTON SCIENTIFIC: 2007 Second Quarter Sales Lowers by US$39 Mln
----------------------------------------------------------------
Boston Scientific Corporation reported that net sales for the second
quarter of 2007 decreased US$39 million to US$2.1 billion, as compared to
net sales for the second quarter of 2006.

Net income for the second quarter of 2007 was US$115 million, on
1.5 billion weighted average shares outstanding.  GAAP results
for the second quarter of 2007 included net special charges of
US$9 million, which consisted primarily of charges attributable to
investment portfolio activity, integration of the Guidant acquisition and
discrete tax items.  Net loss for the second quarter of 2006 was US$4.2
billion.  Results for the second quarter of 2006 included net special
charges of US$4.541 billion.

The second quarter 2007 operating results include the Company's Cardiac
Rhythm Management and Cardiac Surgery businesses, which were acquired as
part of Guidant on April 21, 2006.  Worldwide sales of the Company's CRM
group for the second quarter of 2007 were US$524 million, which included
US$377 million of implantable cardioverter defibrillator sales, as
compared to CRM sales of US$539 million for the first quarter of 2007,
which included US$398 million of ICD sales.  U.S. CRM sales for the second
quarter of 2007 were US$332 million, which included US$253 million of ICD
sales, as compared to U.S. CRM sales of US$349 million for the first
quarter of 2007, which included US$273 million of ICD sales.
International CRM sales for the second quarter of 2007 were US$192
million, which included US$124 million of ICD sales, as compared to
International CRM sales of US$190 million for the first quarter of 2007,
which included US$125 million of ICD sales.

At June 30, 2007, the company’s balance sheet showed US$31.3 billion in
total assets, US$15.5 billion in total liabilities, resulting in US$15.8
billion in total stockholders’ equity.

"We made progress in a number of key areas during the quarter," said Jim
Tobin, president and chief executive officer of Boston Scientific.  "Most
important, we made progress on quality throughout the organization,
including the resolution of the CRM warning letter.  Both the DES and CRM
markets showed signs of stabilizing, but neither has returned to the level
we believe they eventually will.  We launched TAXUS Express2 in Japan, and
we are off to a strong start in that market with impressive sales.  Our
Endosurgery group posted another solid quarter, with double-digit growth
in all three of its businesses.  Overall, we continue to move in the right
direction."

                Guidance for Third Quarter 2007

The company estimates net sales for the third quarter of 2007 of between
US$2 billion and US$2.1 billion.  The company estimates EPS on a GAAP
basis of between US$0.03 and US$0.08 per share.  In the past, the
reconciliation between GAAP and adjusted EPS has excluded net special
charges, amortization and stock compensation expense. Beginning in the
third quarter, the company will exclude only acquisition-related charges
and amortization expense.  Using this definition, the company estimates
adjusted EPS to range between US$0.12 and US$0.17 per share for the third
quarter.  Using this definition, adjusted EPS for the second quarter would
have been US$0.16 per share.

                    About Boston Scientific

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

                        *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's placed Boston Scientific Corporation's ratings including
its (P) Ba1 subordinated shelf and (P) Ba2 preferred stock ratings under
review for possible downgrade.  The rating action reflects Moody's
expectation that, absent any material debt reduction, financial strength
measures over the near term will be below those identified for an
investment grade company under Moody's Global Medical Products & Device
Industry Rating Methodology.




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


GRAN TIERRA: Regulator Okays Firm's Application for Two Blocks
--------------------------------------------------------------
Gran Tierra Energy told Business News Americas that it has secured
authorization from hydrocarbons regulator Agencia Nacional de
Hidrocarburos for its application for two technical evaluation areas in
southern Colombia's Putumayo basin.

The areas were dubbed A and B, BNamericas says, citing Gran Tierra.

Gran Tierra said in a statement that the areas are near the Orito field,
the largest oil field in the Putumayo basin.

BNamericas relates that Gran Tierra's application for the areas were
approved after the announcement of the Costayaco and Juanambu oil
discoveries operated by Gran Tierra that tested flow rates of 5,906
barrels per day and 778 barrels per day respectively.

According to BNamericas, the Putumayo A area measures 1,409 square
kilometers.  Gran Tierra will have 12 months to carry out 400 kilometers
of seismic reprocessing and geological studies.  Meanwhile, the Putumayo B
area measures 440 square kilometers.  Gran Tierra will have 11 months to
conduct 100 kilometers of seismic reprocessing and geological studies.

The report says that Gran Tierra has the preferential right to apply for
exploration and production permits in the two areas during the evaluation
stage.  It can match or improve any bid by third parties to convert all or
a portion of the areas into an exploration license.

Gran Tierra said in a statement that if converted to exploration and
production contracts, the areas would be subject to the regulator's
royalty/tax contact, which includes no additional state participation.

Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America.  The company currently holds
interests in producing and prospective properties in Argentina,
Colombia and Peru.

                        *     *     *

Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future.  The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and, as of Sept. 30, 2006, had an accumulated deficit of
US$4.1 million.


SOLUTIA INC: Wants Exclusive Plan-Filing Period Extended
--------------------------------------------------------
Solutia Inc. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's to further extend their
exclusive right to file a chapter 11 Plan of reorganization to Dec. 31,
2007.  The Debtors also want their exclusive period to solicit acceptances
of that plan extended to Feb. 29, 2007.

The Debtors' current exclusive period to file a plan of
reorganization ends on July 30, 2007, and the period of time to
solicit acceptances of that plan ends on Sept. 28, 2007.

The Debtors filed their First Amended Plan and related disclosure
statement, as it has been or may be amended, on
May 16, 2007.  The modified Plan enjoys the support of many of Solutia
Inc.'s significant stakeholders, including the Official Committee of
Unsecured Creditors, Official Committee of Solutia's retirees, Monsanto
Company, and the Ad Hoc Committee of Trade Claims Creditors.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
relates that the Plan is premised on two settlements –- a
settlement between Solutia and Monsanto, and a settlement between Solutia
and the Retirees Committee, Monsanto and the Creditors Committee.  The
Settlements achieve a reallocation of legacy liabilities and are the
cornerstones of Solutia's Plan,
therefore, they must be approved before or in conjunction with
the confirmation of Solutia's Plan.  The Settlements will be
heard on Sept. 5, 2007.

Solutia is revising its Disclosure Statement and drafting the
necessary additional disclosures to comply with the Court's
directions.  In addition, Solutia is preparing for the
Sept. 5, 2007 hearing on the Settlements.  Solutia believes that the
Settlements readily meet the standards for approval under
Bankruptcy Rule 9019.

Mr. Henes says that extension of the Exclusive Periods is
necessary to ensure that the Debtors will not be placed in a
position where it is prosecuting the Plan, but due to the
termination of the Exclusive Filing Period, the confirmation
process is disrupted by a recalcitrant stakeholder filing a
competing plan.  That situation could have a material, adverse
impact on the Solutia, its operation and all parties-in-interest, he tells
the Court.

Solutia has acted as the honest broker throughout the Chapter 11
cases in an effort to resolve the differences among its
stakeholder groups and has made significant strides towards a
consensual plan, Mr. Henes relates.  If, however, Solutia cannot
preserve its exclusive right to prosecute the Plan, he points out that the
balance that has permitted the relevant parties-in-
interest to work together towards a consensual plan will be upset and
further progress will be jeopardized.

                     About Solutia Inc.

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

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

On Feb. 14, 2007, the Debtors filed their Reorganization Plan and
Disclosure Statement explaining that plan.  On May 16, 2007, they filed an
Amended Reorganization Plan and on July 9, 2007, filed their Second
Amended Reorganization Plan.  The hearing to consider the adequacy of the
Debtors’ Disclosure Statement began on July 10, 2007, and was continued to
July 26, 2007.  (Solutia Bankruptcy News, Issue No. 93; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).




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


ANIXTER INT’L: Second Quarter Net Income Up 31% to US64.6 Mil.
--------------------------------------------------------------
Anixter International Inc. reported its financial results for the quarter
ended June 29, 2007.

Second Quarter Highlights:

   -- Sales of US$1.51 billion, including US$39.7 million coming
      from a series of acquisitions completed over the past
      year, rose 22 percent compared to sales of US$1.24 billion
      in the year ago quarter.

   -- Quarterly operating income of US$116.1 million reflected a
      28 percent increase from the US$91.0 million reported in
      the second quarter of 2006.

   -- Net income in the quarter increased 31 percent, to US$64.6
      million, or US$1.53 per diluted share, from US$49.4
      million, or US$1.15 per diluted share, in last year's
      second quarter.

   -- Cash flow used in operations was US$30.5 million as
      compared to US$52.5 million used in operations in the year
      ago quarter.

Robert Grubbs, President and CEO, stated, "The record results generated in
the first half of 2007 reflect a continuation of the broad-based market
trends we have seen in the past couple of years, both from an end market
and geographic standpoint, together with solid execution of the growth
strategies we have been focused on over this same time period.  Assuming a
continuation of market conditions and further success in our ongoing
initiatives to expand our business, we would expect to be in a position to
have another record setting year of sales and earnings."

                   Second Quarter Results

For the three-month period ended June 29, 2007, sales of US$1.51 billion
produced net income of US$64.6 million, or US$1.53 per diluted share.
Included in the current year's second quarter results were sales of
US$39.7 million coming from a series of acquisitions completed in the past
year.  In the prior year period, sales of US$1.24 billion generated net
income of US$49.4 million, or US$1.15 per diluted share.

Operating income in the second quarter increased 28 percent to US$116.1
million as compared to US$91.0 million in the year ago quarter.  For the
latest quarter, operating margins were 7.7 percent compared to 7.3 percent
in the second quarter of 2006.

                   First Six Month Results

For the six-month period ended June 29, 2007, sales of US$2.84 billion
produced net income of US$118.2 million, or US$2.81 per diluted share.
Included in the 2007 six-month results were sales of US$73.3 million from
a series of acquisitions completed in the past year.  In the prior year
period, sales of US$2.31 billion produced net income of US$80.7 million or
US$1.89 per diluted share.

Operating income in the first six months of fiscal 2007 increased by 37
percent to US$206.5 million as compared to US$150.6 million in the year
ago period.  Operating margins in the first six months of 2007 were 7.3
percent as compared to 6.5 percent in the prior year period.

                 Second Quarter Sales Trends

Commenting on second quarter sales trends, Mr. Grubbs said, "Sales in the
second quarter grew at a year-over-year organic rate of nearly 17 percent
after excluding sales from a series of acquisitions completed in the past
year, as well as for the favorable foreign exchange impact of US$27.0
million on second quarter 2007 sales.  The organic growth clearly exceeded
our
target of 8 to 12 percent as we once again saw stronger than expected
customer demand across a broad mix of end markets but with particularly
strong large project demand in the electrical wire & cable market."

Mr. Grubbs continued, "The factors driving our organic growth were
consistent with those we have seen during the past couple of years.  In
the most recent quarter, we again experienced strong larger project
business, particularly as relates to data center builds in the enterprise
cabling market and within the energy/natural resources customers in the
electrical wire & cable market.  At the same time, we have continued to
experience strong growth in the security and OEM markets.  Furthermore,
copper prices had only a marginal impact (just over 1 percent) on our
organic growth in the most recent quarter as year-on-year price
fluctuations stabilized.  Market-based copper prices averaged
approximately US$3.46 per pound during the quarter compared to US$3.39 per
pound in the year ago second quarter.  We estimate that the quarterly
year-on-year change in copper prices added approximately US$15.9 million
to sales within the electrical wire & cable market."

"In North America we saw year-over-year sales grow by 16 percent to
US$1.07 billion in the most recent quarter," commented
Mr. Grubbs.  "In addition to strong end-market demand, North American
sales growth benefited by US$13.2 million over last year's second quarter
as a result of slightly higher copper prices.  Foreign exchange rates
added US$2.8 million and an acquisition added a further US$7.9 million to
second quarter sales as compared to the year ago quarter.  Strong large
project demand in the North American electrical wire & cable market was
the primary contributor to year-on-year sales growth in that market of 22
percent. In Europe, we saw sales climb by US$85.5 million or approximately
36 percent versus the year ago quarter.

Favorable exchange rate differences accounted for US$21.2 of the
year-on-year growth in sales and US$31.8 million was due to the
acquisitions.  The slightly higher year-on-year copper prices had a
minimal effect on sales growth.  Taking out exchange rate differences and
sales from acquisitions, overall sales in Europe grew organically by
nearly 14 percent as compared to the year ago quarter.  More specifically,
our efforts to expand its presence in the electrical wire & cable market
in Europe resulted in sales of US$61.7 million in the quarter as compared
to US$37.0 million in the year ago quarter.  Exclusive of US$4.4 million
of favorable foreign exchange effects, sales in the European electrical
wire & cable market were more than 50 percent higher than the year ago
quarter. "

"In the emerging markets of Latin America and Asia Pacific, we saw an
increase of US$37.5 million or 49 percent in year-on-year sales, with a
favorable impact of US$3.0 million relating to currency exchange rate
effects.  Growth was again particularly strong in Asia Pacific where, for
the second straight quarter, we posted year-on-year growth of
approximately 80 percent," continued Mr. Grubbs.

             Second Quarter Operating Results

"As a result of very strong sales growth, second quarter operating margins
were 7.7 percent as compared to 7.3 percent in the year ago period," said
Mr. Grubbs.  "In North America, our operating margins were 8.6 percent as
compared to 8.3 percent in the year ago quarter, with sales growth
producing additional operating leverage."

Mr. Grubbs added, "In Europe, operating margins in the most recent quarter
were 4.6 percent as compared to 4.3 percent in the year ago quarter.  This
improvement in operating margins reflects the operating leverage we gained
as a result of strong organic sales growth and acquisitions.  Operating
income in the quarter was, however, negatively impacted by US$3.5 million
of expenses incurred in conjunction with the consolidation of certain
facilities and reductions in staff.  These expenses, which will result in
a favorable effect on future earnings through lower operating costs,
reduced operating margins by approximately 100 basis points in the current
quarter.  We were again encouraged by the results in the most recent
quarter as well as the near-term outlook for our business in Europe."

"Second quarter operating margins in the emerging markets were 7.7 percent
as compared to 5.5 percent in the year ago quarter.  Continued sales
growth throughout these markets once again allowed us to leverage
infrastructure costs resulting in improved operating margins," added Mr.
Grubbs.

                    Cash Flow & Leverage

"In the second quarter we used US$30.5 million in cash to support the
strong sequential sales growth of nearly 14 percent from the first to
second quarter of this year.  This compared to US$52.5 million used in the
year ago quarter, when sales growth from the first to second quarter of
2006 was approximately 16 percent," said Dennis Letham, Senior Vice
President-Finance.  "The cash used to support our strong sales growth is
consistent with our business model, as key asset turn ratios have remained
relatively unchanged from year to year."

"As a result of the increased working capital requirements associated with
our strong sales growth, combined with two acquisitions completed in the
first six months for a total consideration of US$41.7 million and the
repurchase of US$162.7 million of our outstanding shares during the first
quarter of 2007, our debt-to-total capital ratio at the end of the second
quarter increased to 51.8 percent as compared to 45.7 percent at the end
of 2006.  Primarily due to the issuance of US$300 million of 1%
convertible notes in the first quarter of 2007, our weighted-average cost
of borrowed capital was 4.2 percent in the second quarter as compared to
5.3 percent in the year ago quarter.  At the end of the second quarter,
approximately 78
percent of our total borrowings of US$1.03 billion were fixed, either by
the terms of the borrowing agreements or through hedging contracts.  We
also had US$146.5 million of available, unused credit facilities at June
29, 2007, which provides us with the resources to support continued strong
organic growth and to pursue other strategic alternatives, such as
acquisitions, in the coming quarters."

                      Business Outlook

Mr. Grubbs concluded, "The record sales and earnings performance in the
first half of 2007 is the result of the same underlying trends that
generated record performance in 2006.  If these underlying market
fundamentals remain healthy, then the second half of 2007 should show
continued solid growth in sales and earnings versus the second half of the
prior year.  We also look to make continued progress on our strategic
initiatives to build our security and OEM supply businesses, add to our
supply chain services offering, expand the geographic presence of our
electrical wire & cable business, and expand our product offering."

"A portion of the strong performance in the second quarter was driven by
very strong levels of large project demand in the electrical wire & cable
end market.  Given the strength of the second quarter project business it
is likely that the third quarter of 2007 will not generate as strong of a
seasonal sales growth trend as we have seen in prior years.  Nonetheless,
we believe that the current market conditions will allow us to continue
growing year-on-year organic sales in line with our stated goal of 8 to 12
percent."

                        About Anixter

Anixter International Inc. (NYSE: AXE) --
http://www.anixter.com/-- through its subsidiaries, distributes
communications and specialty wire and cable products, fasteners,
and small parts in the United States and internationally.  Its
communications products include voice, data, video, and security
products used to connect personal computers, peripheral
equipment, mainframe equipment, security equipment, and various
networks to each other.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5 million square feet of space.  It has operations in Latin
American countries including Mexico, Costa Rica, Brazil and
Chile.  Its Asia-Pacific operations are located in Indonesia,
Australia, China, Hong Kong, India, Malaysia, New Zealand, the
Philippines, Singapore, Taiwan, and Thailand.  It also operates
in Europe, particularly in Spain, France and the United Kingdom.

                        *     *     *

Anixter International Inc. carries Moody's Investors Service's
Ba2 corporate family rating.  Anixter Inc.'s USUS$200 million
guaranteed senior unsecured notes and its 3.25% LYON's notes
carry Moody's Ba1 and B1 ratings, respectively.  Moody's said
the rating outlook is stable.

Anixter International Inc. carries Fitch's 'BB+' Issuer Default,
senior unsecured notes and senior unsecured bank credit facility
Ratings.  Similarly, Anixter Inc. carries Fitch's 'BB+' issuer
default rating and 'BB-' senior unsecured debt rating.  Fitch's
action affects about US$700 million of public debt securities.
Fitch said the rating outlook is stable.




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


SERVICEMASTER: Moody's Puts B3 Rating on US$1.15 Bil. Sr. Loan
--------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the US$1.15 billion
senior unsecured interim term loan (bridge facility) of The ServiceMaster
Company and withdrew the B3 rating on the US$1.15 billion proposed senior
unsecured note offering, which was cancelled.  The proceeds from the
bridge facility, along with secured financing and an equity contribution,
were utilized to finance the leveraged buyout of ServiceMaster that closed
on July 24, 2007.  Moody's also downgraded to Caa1 from Baa3 US$585
million in aggregate principal amount of existing senior notes with
maturity dates ranging from 2007 to 2038, since such notes were not
redeemed at the time of the closing of the buyout.  These rating actions
conclude a review for possible downgrade initiated on March 19, 2007,
following the announcement that the company had entered into a definitive
agreement to be acquired by an investment group led by Clayton, Dubilier &
Rice, Inc.  The rating outlook is stable.

The leveraged buyout financing package included a US$2.65 billion senior
secured term loan, a US$1.15 billion bridge facility and an equity
contribution of approximately US$1.43 billion.  The US$2.65 billion term
loan includes a US$240 million delayed draw tranche that may be used
within 45 days of the closing to fund the redemption of US$179 million in
senior unsecured notes due 2009, which were called for redemption on July
24, 2007, and to repay US$49 million in senior unsecured notes with a
maturity date in August 2007.

Moody's also affirmed the B2 Corporate Family Rating, B2 Probability of
Default Rating and B1 rating on the US$3.3 billion senior secured credit
facility.  The credit facility consists of the US$2.65 billion senior
secured term loan, a US$500 million senior secured revolver and a
pre-funded US$150 million synthetic letter of credit facility.  The US$500
million revolving credit facility was undrawn and fully available at
closing.

The downgrade of the US$585 million of existing senior notes of
ServiceMaster to Caa1, one notch below the bridge facility, reflects a
lack of subsidiary guarantees, which effectively subordinates such notes
to the bridge facility.  The US$585 million principal amount of downgraded
senior notes includes US$179 million in senior unsecured notes due 2009
and US$49 million in senior unsecured notes with a maturity date in August
2007.

The B2 Corporate Family Rating is constrained by weak credit metrics pro
forma for the buyout, significant competition from local, regional and
national competitors and potential earnings cyclicality.  The ratings are
supported by leading market positions and brands in large end-markets,
favorable geographic and service line diversification and stable financial
performance.  In addition, strategic initiatives to reduce costs and
improve retention rates should drive performance improvements in the
intermediate term.

Moody's took these rating actions with respect to The ServiceMaster
Company (Old):

  -- Downgraded US$49 million senior unsecured notes due 2007,
     to Caa1(LGD 6, 95%) from Baa3

  -- Downgraded US$79 million senior unsecured notes due 2018,
     to Caa1(LGD 6, 95%) from Baa3

  -- Downgraded US$195 million senior unsecured notes due 2027,
     to Caa1(LGD 6, 95%) from Baa3

  -- Downgraded US$83 million senior unsecured notes due 2038,
     to Caa1(LGD 6, 95%) from Baa3

  -- Downgraded US$179 million senior unsecured notes due 2009,
     to Caa1(LGD 6, 95%) from Baa3

  -- Downgraded US$300 million medium term note program, to
     Caa1(LGD 6, 95%) from Baa3

  -- Downgraded senior unsecured shelf registration, to
     (P)Caa1(LGD 6, 95%) from (P)Baa3

Moody's took the following rating actions with respect to The
ServiceMaster Company (CDRSVM Acquisition Co., Inc. merged into The
ServiceMaster Company in connection with the closing of the buyout):

  -- Assigned US$1.15 billion senior unsecured interim term loan
     facility, B3 (LGD 5, 73%)

  -- Affirmed US$2.65 billion 7 year senior secured term loan B,
     B1 (LGD 3, 34%)

  -- Affirmed US$500 million 6 year senior secured revolving
     credit facility, B1 (LGD 3, 34%)

  -- Affirmed US$150 million (downsized from US$200 million) 7
     year senior secured synthetic letter of credit facility, B1
     (LGD 3, 34%)

  -- Affirmed Corporate Family Rating, B2

  -- Affirmed Probability of Default Rating, B2

  -- Withdrew US$1.15 billion 8 year senior unsecured toggle
     notes, B3 (LGD 5, 74%)

The stable outlook anticipates moderate organic revenue growth and EBITDA
improvement over the next 12-18 months.  Cash flow, leverage and interest
coverage are expected to remain weak for the rating category during this
period.

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM)
currently serves residential and commercial customers through a
network of over 5,500 company-owned locations and franchised
licenses.  The company's brands include TruGreen, TruGreen
LandCare, Terminix, American Home Shield, InStar Services Group,
ServiceMaster Clean, Merry Maids, Furniture Medic, and
AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home
warranties, disaster response and reconstruction, cleaning and
disaster restoration, house cleaning, furniture repair, and home
inspection.  The company has operations in Australia, Chile,
China, Dominican Republic, Hong Kong, Indonesia, Japan, and the
United Kingdom, among others.




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


PETROECUADOR: Sells 1.44MM Barrels of Crude in Short-Term Pacts
---------------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador has sold about 1.44 million
barrels of Napo crude in short-term contracts at spot market price
discounts of up to US$16.85 per barrel, Business News Americas reports.

Petroecuador President Carlos Pareja Yannuzzelli said in a statement that
the US$14.08 per barrel differential was one of the lowest in recent
purchase tenders.  Napo crude's differential at the end of 2006 was
US$18.92 per barrel.

Arcadia Petroleum presented the best offers for two shipments from -- Sep.
11 to 13 and Sept. 12 to 14.  Traders Taurus Petroleum and Petrochina made
the best offers for two lots each -- Aug. 11 to 13 and Aug. 12 to 14,
respectively.  Each shipment is for 360,000 barrels plus or minus 5%,
BNamericas states.

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


* ECUADOR: Minister Eyes Oil Pact Renegotiate with Foreign Firms
----------------------------------------------------------------
Ecuador's Oil and Mining Minister Galo Chiriboga told Prensa Latina that
he wants to renegotiate oil contracts with foreign firms "to achieve a
better distribution of profits."

Minister Chiriboga commented to Prensa Latina, "We should adjust the
agreements from the existing legal distribution bases established by the
previous government."

According to Prensa Latina, Minister Chiriboga defended the first steps
made by former oil and mining Alberto Acosta on the contract
renegotiation.  He said he will continue the course taken by Mr. Acosta.

Several oil wells entered a natural declination process.  "Technological
effort is needed to recover the levels previously reached," Minister
Chiriboga told Prensa Latina.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




=====================
E L   S A L V A D O R
=====================


MILLICOM INT'L: Morgan Joseph Reiterates Buy Rating on Firm
-----------------------------------------------------------
Morgan Joseph analyst David Kestenbaum has reaffirmed in a research note
his "buy" rating on Millicom International Cellular SA's shares.

The target price for Millicom International's shares was set at US$104,
Newratings.com reports.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *     *     *

Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'B-' senior unsecured debt ratings
on Luxembourg-headquartered emerging-markets wireless
telecommunications operator Millicom International Cellular S.A.
on CreditWatch with positive implications, following the signing
of an agreement for sale by Millicom of its 88.9% stake in
Paktel Ltd. to China Mobile Communications Corp.

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Millicom International Cellular S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.




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


MILLICOM INT’L: Second Quarter Net Income Rises to US$102 Mil.
--------------------------------------------------------------
Millicom International Cellular S.A. disclosed its financial results for
the quarter and six months ended June 30, 2007.

   -- 80% increase in revenues for 2007 second quarter to
      US$613 million (second quarter 2006: US$341 million)

   -- 65% increase in EBITDA for 2007 second quarter to
      US$263 million (second quarter 2006: US$160 million)

   -- Subscriber increase for 2007 second quarter of 84%,
      bringing total subscribers to 18 million

   -- Profit before taxes from continuing operations for 2007
      second quarter of US$134 million (second quarter 2006:
      US$75 million)

   -- Net profit for 2007 second quarter of US$102 million
      (second quarter 2006: US$34 million)

   -- Basic earnings per common share for 2007 second quarter of
      US$1.01 (second quarter 2006: US$0.34)

   -- 83% increase in revenues for first half quarter to
      US$1,176 million (first half quarter 2006: US$644 million)

   -- 69% increase in EBITDA for first half quarter to US$511
      million (first half quarter 2006: US$302 million)

   -- Profit before taxes from continuing operations for first
      half quarter of US$263 million (first half quarter 2006:
      US$152 million)

   -- Net profit for first half quarter of US$447 million (first
      half quarter 2006: US$67million)

   -- Basic earnings per common share for first half of US$4.43
      (first half quarter 2006: US$0.67)

Chief Executive Officer's Review Marc Beuls, Chief Executive Officer,
comments: "In the second quarter of 2007, Millicom delivered another
strong set of results.  Second quarter revenues increased by 80%, from
US$341 million in the second quarter of 2006 to US$613 million in the
second quarter of 2007, EBITDA rose by 65% to US$263 million, and the
Group's margin was 43%.  Overall, average revenues per subscriber have
remained steady despite aggressive price reductions in many countries
during the second quarter, particularly in Africa, to further enhance the
affordability of our products.  Competition in our markets continues to be
strong, and we are facing faster reactions from our competitiors,
particularly in Central America.  We need to remain innovative and a
leader in offering value for money.  We also continually review our
subscriber bases to ensure that we retain high quality customers, which
should help to maintain our ARPUs.

"We have continued to invest in the networks in all our regions as the
move to per second billing is an additional driver of growth and we need
additional network capacity to process this increase in minutes of use.
Millicom has introduced per second billing in most of its markets.  In
addition, we are continuing to aggressively expand our networks in Africa
and Asia.  Furthermore, in Colombia there has been a need to extend the
geographic coverage of the network as this operation focuses on growing
its subscriber base and improving its distribution.  We reiterate our
stated capex target of over US$800 million for the Group for the full year
2007.  With investments of US$183 million in the first quarter and an
increased level of spending in the second quarter of US$208 million,
expenditure is following a pattern of increasing capex throughout 2007.

"We continue to grow our subscriber base at a steady rate and today we
have 18 million subscribers on our networks.  We feel confident that we
can maintain the current rate of approximately 1.5 million net additions
each quarter despite an expected higher than usual churn of customers due
to the phasing out of our legacy TDMA and CDMA networks in Latin America
in 2007 and early 2008, which are still used by nearly one million
customers.  We expect that the higher ARPU customers will be able to
afford a GSM handset and will migrate to our GSM networks.  The low ARPU
customers are unlikely to be able to afford the handsets and, therefore,
we will likely lose many of them.  The loss of these customers will have
little impact on revenues because of their low ARPUs, but it is important
to take this action to release spectrum in the 850 and 1900 bands for 3G
services which we are planning to launch in our existing spectrum bands
based on our current licenses in Latin America during 2008/9.

"Central and South America continue to be the fastest growing regions
having been the first to launch tigo, aggressively rolling out e-PIN, and
now having the benefit of per second billing.  During the first quarter of
2007, we saw traffic increase by about 25% over two months in Central
America which compensated for the 25% effective tariff reduction as a
result of the introduction of per second billing in early February.  In
the second quarter, we saw a continuation of this acceleration in growth
in the total number of minutes in Central America with revenues increasing
by 49% during the second quarter of 2007 and EBITDA by 52%.  Different
from our experience in South America when we launched per second billing,
subscriber growth has been unusually strong so soon after the launch which
has resulted in slightly lower ARPUs from deeper penetration.  The EBITDA
margin remained strong at 53%, reflecting the high level of on-net traffic
that we generate as our market shares have strengthened across the region.

"In South America, excluding Colombia Movil which was acquired in the
fourth quarter of 2006, underlying quarterly year-on-year revenue growth
was 58% and EBITDA growth was 74%.  Revenue growth in Paraguay continues
to be strong and its strong EBITDA margin of 53% reflects a number of
factors: a strong market share, a high level of recurring revenue from
Value Added Services and the benefits of per second billing, which are
still being harvested 18 months after launch.  In Colombia, progress has
been very encouraging and in the second quarter subscriber intake was
92,805, reflecting our objective to grow Colombia Movil's market share
quickly by improving the distribution system and marketing of tigo.  An
independent report by AC Nielsen dated May 2007, shows that the tigo
prepaid distribution network in terms of points of sale with inventory is
now second in the market.  We believe we are quickly closing this gap.
The EBITDA margin of Colombia Movil continues to exceed our expectations
and in the second quarter of 2007 it increased to 25%, up from 21% in the
first quarter of 2007 and 16% in the fourth quarter of 2006.  Some
momentum in revenue growth has now been achieved in Colombia but we expect
to see the main benefits in the third quarter of 2007 and beyond with the
implementation of Colombia Movil's improved distribution network.

"In Africa, quarterly revenues and EBITDA were up by 46% and 15%
respectively year-on-year and the EBITDA margin was 31%. We believe that
our African businesses can achieve higher levels of growth as we continue
to invest heavily in expanding the networks.  However, the lack of
infrastructure in Africa, particularly the lack of roads and power, brings
specific challenges, which can slow down our expansion and increases the
operating costs, impacting EBITDA.  Our aggressive plans to grow the
businesses are temporarily impacting subscribers, revenues and
particularly EBITDA in the short-term.  A promotion in Ghana in the first
quarter of 2007 to lower the price of the SIM cards attracted many new
subscribers but caused the number of subscribers to fall in the second
quarter as a proportion of these new subscribers were not viable long-term
customers.  In Senegal, new legislation was introduced that requires us to
register our customers, which significantly impacted new subscriber intake
in May and June, and will continue to dampen growth in the third quarter.
We expect that subscriber growth will accelerate at the beginning of the
fourth quarter.  Also in Senegal, there were one-off costs of roughly US$3
million that impacted EBITDA.  Furthermore, both Ghana and Tanzania
reduced prices aggressively in the second quarter, which temporarily
impacted revenues and EBITDA for this quarter, but should benefit the rest
of the year.  In the second quarter we saw the benefits of the actions
taken by the new management in Tanzania and we expect this operation to
improve its performance in the future.  The beneficial effect of the
launch of tigo is particularly evident in Chad, which has been Millicom's
most successful launch ever.  Good progress is also being made with the
rollout of the network in the DRC.

"In Asia, we introduced per-second billing in Cambodia in mid-January and
tigo was launched in Sri Lanka in January and in Laos in March,
demonstrating the improved offering that we now have in Asia.  Revenues in
Sri Lanka were up 61% versus the second quarter of 2006 reflecting the
substantial investments that have been made in the network in 2006 and
early 2007.  Overall, Asia reported a 35% growth in revenues, a 44% growth
in EBIDTA and a margin of 42%.

"With growth continuing at a strong pace fuelled by increasing capex
across our markets, we expect 2007 to be another record year for the
Group.

"This year's investor visit will be held between 29th October and 1st
November in Colombia.  We look forward to showing visitors how succesfully
we are operating in this market only a year after entering the market with
tigo."

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *     *     *

Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'B-' senior unsecured debt ratings
on Luxembourg-headquartered emerging-markets wireless
telecommunications operator Millicom International Cellular S.A.
on CreditWatch with positive implications, following the signing
of an agreement for sale by Millicom of its 88.9% stake in
Paktel Ltd. to China Mobile Communications Corp.

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Millicom International Cellular S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.




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


* HAITI: IMF Okays US$11.7 Million Disbursement to Nation
---------------------------------------------------------
The International Monetary Fund's executive board has completed the first
review of Haiti's economic program under the Poverty Reduction and Growth
Facility arrangement.  Completion of the review makes US$11.7 million
immediately available for disbursement.  The PRGF arrangement was approved
on
Nov. 20, 2006, in the amount equivalent to US$113 million.

The executive board also approved Haiti's request for a program waiver for
delayed observance of a performance criterion requiring submission of a
new banking law to parliament, as well as a number of modifications and
additions to the quantitative and structural performance criteria
associated with the forthcoming second review of the program.

IMF Deputy Managing Director and Acting Chairperson Murilo Portugal said,
"Haiti has made commendable progress on its path of economic and social
stabilization.  Significant economic reforms have been implemented, and
the security situation has improved markedly.  The government is also
building on earlier efforts to improve governance, including through
transparency in public sector operations and improved public financial
management.  A full poverty reduction strategy is being developed, based
on a broad participatory process."

"Haiti's performance under the PRGF-supported program has been strong and
the authorities deserve credit on achieved positive results," Mr. Protugal
noted.  "All performance criteria associated with the first review were
met, but growth has lagged slightly behind expectations.  For the
remainder of the program year, a significant pick-up in the rate of budget
execution will be important.  For this, the authorities are putting in
place measures to strengthen administrative capacity and overcome
supply-side constraints.  The government is finalizing a draft budget that
is consistent with the indicative macroeconomic framework for the second
year of the PRGF arrangement."

"Over the medium term, Haiti's main challenge will be to secure a
sustained increase in growth, while consolidating low inflation, in order
to reduce poverty, and promote social stability.  Higher growth can be
achieved provided that the conditions to overcome existing structural and
institutional bottlenecks continue to improve.  To address these issues,
the authorities are taking steps to invigorate private sector investment,
including the recent creation of a one-stop window for investors, and
plans to improve the efficiency of remaining state-owned enterprises
through various modalities of private participation," Mr. Portugal said.

Mr. Portugal stated, "Domestic revenues will be raised from the current
relatively low level to allow for a sustainable increase in priority
expenditures.  Enhancing and modernizing the tax and customs
administrations, which the authorities are already undertaking, will
contribute to this effort, as will the broadening of the tax base.
Improved public financial management capacity will help ensure that
additional resources are well spent, in support of poverty reduction."

"The further development of Haiti's monetary policy regime will help to
consolidate a stable low-inflation environment.  This will entail focusing
monetary policy in the short term on money supply management, with a view
of developing a more effective interest rate channel," Mr. Portugal said.
"To strengthen competitiveness, against the background of an appreciating
real exchange rate caused by growing international transfers, the existing
structural and institutional bottlenecks will need to be addressed.  This
will lower the high costs of doing business in Haiti and, in general, help
to promote private sector activity."

"Overall, prospects are positive for an acceleration of growth over the
medium term, and for continued strong implementation of the PRGF program,"
Mr. Portugal noted.

                        *     *     *

Haiti is currently seeking international help to spur economic
development in the country.  President Rene Preval submitted
that the country's poverty, widespread unemployment and the
dilapidated state of infrastructure will be alleviated with
increased international assistance.




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


AIR JAMAICA: Launches Fort Lauderdale-Barbados Non-Stop Flights
---------------------------------------------------------------
Sherlock Small at The Barbados Advocate reports that Air Jamaica has
launched a non-stop service between Fort Lauderdale/Hollywood
International Airport and GAIA, Barbados.

As reported in the Troubled Company Reporter-Latin America on June 19,
2007, Air Jamaica's press officers said that the airline will launch
non-stop direct flights from Fort Lauderdale to Barbados on July 22.  The
new service would make it easier for travelers to get to Barbados and the
Eastern Caribbean from South Florida, according to Air Jamaica's sales and
marketing senior vice president Paul Pennicook.  Air Jamaica will fly
return trips from Fort Lauderdale/Hollywood International Airport into
Grantley Adams International on Friday and weekends.  The new service will
also offer hops from Barbados to nine other Eastern Caribbean
destinations, through regional carrier LIAT.  Air Jamaica said it will fly
Los Angeles to Montego Bay daily for the summer beginning June 28,
expanding its current five-days-per-week schedule.  The report says that
the service will be made available up to Sept. 4.

Barbados Tourism Minister Noel Lynch told The Advocate that the nation was
well on the way to completing the reconstructing  of the US market "with
significant benefits accruing for local tourism earnings and development."

Air Jamaica's non-stop flights would go a long way towards rebuilding the
US market, which is good for Barbados in "terms of proximity and the money
spending of the average US visitor," The Advocate says, citing Mr. Lynch.

There might be another US non-stop to Barbados before 2007 ends, Mr. Lynch
told The Advocate.

Barbados Hotel and Tourism Association head Alvin Jemmott commented to The
Advocate that the group would support the service.  It was urging hotel
partners to work to make it a success.  The service was very important
"from a hotels point of view, with new and emerging trends in travel where
overseas Barbadians and friends of Barbadians were proving to be valuable
repeat visitors."

The new service further strengthens the relationship between Air Jamaica
and Barbados.  It also increases the development of air service in
Barbados, Air Jamaica Sales and Marketing Senior Vice President Paul
Pennicook told The Advocate.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies passengers
and cargo to almost 30 destinations in the Caribbean, Europe, and North
America.  Air Jamaica offers vacation packages through Air Jamaica
Vacations.  The company closed its intra-island services unit, Air Jamaica
Express, in October 2005.  The Jamaican government assumed full ownership
of the airline after an investor group turned over its 75% stake in late
2004.  The government had owned 25% of the company after it went private
in 1994.  The Jamaican government does not plan to own Air Jamaica
permanently.

                        *     *     *

On July 21, 2006, Standard & Poor's Rating Services assigned B long-term
foreign issuer credit rating on Air Jamaica Ltd., which is equal to the
long-term foreign currency sovereign credit rating on Jamaica, is based on
the government's unconditional guarantee of both principal and interest
payments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on June 12,
2007, Moody's Investors Service assigned a rating of B1 to Air Jamaica
Limited's guaranteed senior unsecured notes.




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


ADVANCED MARKETING: Wants Sale Order on Baker & Taylor Enforced
---------------------------------------------------------------
Advanced Marketing Services, Inc., asks the U.S. Bankruptcy Court for the
District of Delaware to compel Baker & Taylor, Inc., to pay the remaining
US$6,216,222 due under their Asset Purchase Agreement.

As reported in the Troubled Company Reporter on March 20, 2007, Baker &
Taylor, completed the acquisition of the wholesale operations of Advanced
Marketing.  The transaction had been approved on March 8, 2007.

Baker & Taylor's acquisition includes Advanced Marketing assets
through which it distributes bestsellers, children's books,
culinary titles, reference works, and other books to membership
warehouse clubs.  Baker & Taylor also acquired Advanced
Marketing's wholesale distribution operations in the United
Kingdom and in Mexico.

Under the agreement, the purchase price was to be paid in three installments:

  -- on the closing date, US$20,000,000 plus certain additional
     sums, including 33.3% of the "Combined APG/AR Price";

  -- 30 days after the closing date, 33.3% of the Combined
     APG/AR Price; and

  -- 60 days after the Closing Date, 33.4% of the Combined
     APG/AR Price, minus US$1,000,000.

Pursuant to the terms of the APA, the amount of the Final Payment should
have been US$10,350,632.  However, B&T paid only US$4,134,410 on May 18,
2007, leaving the US$6,200,000 shortfall.

Over the last several months, AMS tried to persuade B&T to pay
what it owes, B&T continues to withhold the amount.

To justify its refusal to pay, B&T has relied on unfounded and
patently erroneous interpretations of the Purchase Agreement.
B&T has insisted it is entitled to US$2,043,969 held by AMS in its ban
account at the time of closing, on the ground that any funds deposited in
the account on or after 12:01 a.m. on
March 19, 2007, belong to B&T.

AMS contends B&T's position is false.  AMS points out the
Purchase Agreement provides that any cash in its bank accounts
prior to 2:00 p.m. on March 19, 2007, belongs to it.  The parties did not
agree to an earlier or later date, AMS says.

B&T has also claimed that AMS is responsible for book returns in
transit prior to the closing.

AMS, however, points out that the parties expressly agreed that
unless a return was "received" by AMS -- that is, in AMS'
physical possession -- prior to 12:01 a.m. on March 19, 2007, the return
was an Assumed Obligation and was B&T's responsibility.

B&T has also held that it is entitled to roughly US$4,000,000 in
deductions -- US$2,072,054 in co-op advertising deductions taken by
customers and US$2,654,606 in other deductions taken by customers.

AMS contends that the Co-op Deductions cannot be deducted from
Accounts Receivable and they cannot reduce the Accounts
Receivable Price.  In addition, B&T's documentation did not even
identify the specific customer deductions comprising the supposed
US$2,654,606 in other deductions.

The Court's prompt intervention is necessary to confirm the plain meaning
of the Purchase Agreement, AMS asserts.

If the Court requires evidentiary hearing, AMS asks the Court to
compel B&T to place any remaining disputed amounts in escrow,
pending final adjudication of the issue.

AMS also wants B&T to pay its attorney's fees and costs.

                  About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in the U.S.,
Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group Incorporated and
Publishers Group West Incorporated filed for chapter 11 protection on Dec.
29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482).  Suzzanne
S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq.,
O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel.  Chun I.
Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

The Debtors' exclusive period to file a plan expires on
Aug. 10, 2007.  (Advanced Marketing Bankruptcy News, Issue
No. 14; Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).


ADVANCED MARKETING: Files Revised Reclamation Claims Report
-----------------------------------------------------------
Advanced Marketing Services, Inc., and its debtor-affiliates
delivered to the U.S. Bankruptcy Court for the District of Delaware a
revised reclamation claims report on July 6, 2007 to reflect adjustments
in the methodology used to determine the date of receipt of goods.

The Reclamation Reports, including the initial report filed in
April 2007, contain two broad categories of claims -- claims
under Section 503(b)(9) and reclamation claims.  With respect to
Section 503(b)(9) claims, the Debtors determined the value and
amount of goods received during the 20-day period before the
Petition Date.  With respect to reclamation claims, the Debtors
determined the value and amount of goods received during the
period from 21 to 45 days prepetition.

To calculate the amounts set forth in the Initial Report, the
Debtors reviewed the purchase order freight terms for goods
received at their various distribution centers from
Nov. 14, 2006, through Feb. 8, 2007.  If the purchase order freight terms
suggested that possession or title to the goods passed to the Debtors as
of the date of the bill of lading for the goods, the Debtors used the bill
of lading date -- instead of the actual date of receipt at the
distribution centers -- to determine whether the goods were received by or
sold to the Debtors during the 45-day reclamation period.

After filing the Initial Report, the Debtors consulted with the
Official Committee of Unsecured Creditors and determined to make
the adjustments.  The Revised Report reflects the Debtors' use of the date
of actual receipt of both domestic and international
goods at their distribution centers to calculate the amount and
value of goods received during the reclamation period.

Goods sold by the Debtors prior to the receipt of a Reclamation
Claim, but subsequently returned by a customer prior to the
receipt of the Claim, were excluded from the calculations set
forth in the Revised Report.  The Debtors also looked to the
calendar day immediately prior to the receipt date of a
Reclamation Claim to determine whether or not goods were in their
possession.  The Debtors believe using this date avoids confusion
regarding shipments they made on the actual dates the Reclamation Claims
were received.

A full-text copy of the Revised Reclamation Report is available
at no charge at http://ResearchArchives.com/t/s?21bb

The Debtors ask the Court to allow the Reclamation Claims in amounts set
forth in the Revised Report as administrative expense claims, subject to
reduction for goods returned to the reclaiming creditor.  The Debtors
propose to pay the Reclamation Claims in accordance with, and pursuant to
the terms of, a confirmed plan of reorganization or liquidation in their
cases.

Any reclamation claimant disputing the amount set forth in the
Revised Report must file and serve an objection to the Debtors'
request by Aug. 6, 2007.

The Debtors believe that the proposed treatment of Reclamation
Claims is fair and reasonable, and will likely avoid the costs
and risks attendant with litigation.

The Committee supports the Debtors' request.

                  About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in the U.S.,
Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group Incorporated and
Publishers Group West Incorporated filed for chapter 11 protection on Dec.
29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482).  Suzzanne
S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq.,
O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel.  Chun I.
Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

The Debtors' exclusive period to file a plan expires on
Aug. 10, 2007.  (Advanced Marketing Bankruptcy News, Issue
No. 14; Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).


ADVANCED MICRO: S&P Lowers 7.75% Senior Notes to B- from BB-
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/Negative/--' corporate
credit rating on Sunnyvale, Calif-based Advanced Micro Devices Inc.  At
the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B–' from
'BB-', which is now rated the same as the company's other senior unsecured
notes, reflecting release of the collateral securing the issue.

"The ratings on AMD reflect subpar execution of the company's business
plans, highly aggressive market conditions, and ongoing substantially
negative free cash flows, only partly offset by plans to monetize assets
and supported by the company's currently adequate operating liquidity,"
said Standard &
Poor's credit analyst Bruce Hyman.  AMD is the second-largest supplier of
microprocessors and is a major supplier of other chips for personal
computers and consumer electronics.

Following competitor Intel Corp.'s (A+/Stable/A-1+) product line refresh
in mid-2006, AMD's earlier technology lead and its profitability dwindled,
while the partly cash-funded acquisition of ATI Technologies Inc. also
reduced AMD's financial flexibility to deal with marketplace challenges.
EBITDA was
negative US$200 million in the combined March and June 2007 quarters.  The
company generated about US$600 million negative free cash flows in the
June quarter, and over US$2 billion negative free cash flows in the past
four quarters. The company has financed its recent operating losses and
capital expenditures with a US$2.2 billion note sale in April 2007, and
intends to monetize US$1 billion in assets in the near term.  Cash
balances stood at US$1.6 billion on June 30, 2007.

Debt was US$5.8 billion at June 30, 2007, or about 17x trailing 12 months'
EBITDA, and leverage will rise very substantially in September.  The
company believes new products and ongoing manufacturing advances later
this year would benefit operating profitability by the seasonally strong
December quarter.
Still, we do not expect leverage metrics to be representative of the
current ratings until the latter part of 2008.

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE: AMD) designs
and manufactures microprocessors and other semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.


ALASKA AIR: Picks Megan Lawrence as Director-Community Relations
----------------------------------------------------------------
Alaska Air Group, the parent company of Alaska Airlines and Horizon Air,
has named Megan Lawrence managing director of government and community
relations.  Ms. Lawrence has served as the company's Washington, D.C.,
based director of government affairs since 2005.

In her new role, Ms. Lawrence will lead AAG's local, state and federal
government affairs activities from the company's Seattle headquarters.
She will continue to work closely with the Air Transport Association to
push for a modernized U.S. air traffic control system and a cost-based
method to fund it.  Ms. Lawrence also will manage AAG's community
relations efforts, collaborating with civic leaders and organizations on
issues affecting Alaska and Horizon.

"During her time in Washington, D.C., Ms. Lawrence significantly increased
Alaska Airlines' profile with key members of Congress and successfully
advocated the airline's legislative priorities," said Bill MacKay,
Alaska's senior vice president-Alaska, who oversees the public affairs
division.  "We're thrilled to fill this leadership role with someone of
Megan's caliber."

AAG will continue to operate its Washington, D.C., government affairs
office and will name a new director to fill the position Lawrence vacates
there.

Prior to joining Alaska, Ms. Lawrence was responsible for air
transportation and homeland security issues for the congressional staff of
former U.S. Rep. George Nethercutt.  An attorney, she previously worked in
the law offices of Winterbauer & Diamond PLLC, Seattle, and served on the
staff of former U.S. Sen. Slade Gorton.

A member of the Washington State Bar Association, Ms. Lawrence earned a
Juris Doctor degree (cum laude) from the Seattle University School of Law.
She also studied international and comparative law at Trinity College,
Dublin, and received a bachelor's degree (cum laude) in political science
from the University of Washington.

Seattle, Wash.-based Alaska Air Group, Inc. (NYSE: ALK) --
http://alaskaair.com/-- is a holding company with two principal
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
Inc.  Alaska operates an all-jet fleet with an average passenger
trip length of 1,009 miles.  Alaska principally serves
destinations in the state of Alaska and North/South service
between cities in the Western United States, Canada, and Mexico.
Horizon operates jet and turboprop aircraft with average
passenger trip of 382 miles.  Horizon serves 40 cities in seven
states and six cities in Canada.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 6, 2006,
Moody's Investors Service affirmed the corporate family rating
of Alaska Air Group, Inc. and the Equipment Trust Certificate
rating of Alaska Airlines, Inc. at B1, and changed the outlook
to stable from negative.


CKE RESTAURANTS: Reports Positive Period Six Same-Store Sales
-------------------------------------------------------------
CKE Restaurants Inc. announced its period six same-store sales for the
four weeks ended July 16, 2007, for Carl's Jr.(R) and Hardee's(R).

Brand                   Period 6               Year to Date
-----                   --------               ------------
                 FY 2008       FY 2007      FY 2008     FY 2007
                 -------       -------      -------     -------
Carl's Jr.        +3.1%        +3.4%        +1.0%        +5.1%
Hardee's          +1.1%        +2.9%        +1.8%        +5.0%
Blended           +2.1%        +3.2%        +1.4%        +5.0%

Commenting on the company's performance, Andrew F. Puzder, president and
chief executive officer, said, "We are pleased to report positive blended
same-store sales for period six, as well as our 21st consecutive period of
positive sales for Hardee's.  We believe these sales gains are the result
of our innovative premium product strategy supported by our cutting-edge
advertising and our superior customer service.  Despite some difficult
comparisons over the coming periods, we believe that our continued focus
on premium products and customer service initiatives combined with our
remodel and dual-branding programs should contribute to sales in the near-
and long- term."

"Carl's Jr. featured the Teriyaki Burger(TM) during period six.  The
sandwich features an all-beef, charbroiled patty that includes the
traditional burger toppings, teriyaki sauce, melting Swiss cheese, and a
juicy slice of DOLE(R) pineapple that has been grilled on the chain's
signature charbroilers.  Carl's Jr. also promoted its latest flavor
variety of its Hand-Scooped Ice Cream Shakes & Malts(TM) lineup --
Orangesicle(TM) and promoted the Breakfast Club Sandwich(TM) during the
breakfast daypart," said Mr. Puzder.

"On a two-year cumulative basis, same-store sales at Carl's Jr. have
increased approximately six and a half percent. A verage unit volumes for
period six were higher than any comparable period six ever."  Revenue for
period six from company-operated Carl's Jr. restaurants (exclusive of
franchise-related revenue and royalties) was approximately US$46.3
million.

"At Hardee's, the Patty Melt Thickburger(TM) was featured and received
media support for the entire period.  The chain's authentic take on this
American classic features a 1/3-pound Angus beef patty topped with grilled
onions and melted American cheese between two slices of real grilled rye
bread.  In addition, the brand also promoted the Breakfast Club
Sandwich(TM) during the breakfast daypart," Mr. Puzder continued.
"Because the great majority of Hardee's restaurants are located in the
Midwest and Southeast, it was disproportionately impacted by a large
number of thunderstorms during the period.  Absent these storms, Hardee's
same store sales would have been more consistent with its year-to-date
trend."

"On a two-year cumulative basis, Hardee's same-store sales have
increased about four percent.  In addition, Hardee's period six average
unit volume was higher than any comparable period six since 1994, which is
as far back as we can check."  Revenue for period six from
company-operated Hardee's restaurants (exclusive of franchise-related
revenue and royalties) was approximately US$49.4 million.

For period six, consolidated revenue from company-operated restaurants
(exclusive of all franchise-related revenue and royalties) was
approximately:

          Carl's Jr.                   US$46.3 million
          Hardee's                     US$49.4 million
          Total                        US$95.7 million

                 Second Quarter Cost Trends

"While we do not give specific earnings guidance, a number of
individuals have requested that we provide information with respect to
trends we see in our business and, in particular, with respect to
operating expenses.  While we will attempt to give limited guidance with
respect to certain trends, investors should be aware that we are not
attempting to cover all material issues concerning trends in our business
and that there may be other material trends which could adversely or
positively impact operating expenses or our business in general."

"We are experiencing an increase in food costs due primarily to
increased commodity costs.  As we stated in our first quarter fiscal 2008
earnings release and conference call, we are seeing increased beef costs,
as well as increased pork, oils and cheese costs over the summer months,
which are adversely impacting food costs at both brands, particularly
Hardee's.  Fortunately, we do not expect our Carl's Jr. distribution
center relocation to have a material impact on our second quarter food and
packaging costs.  Nonetheless, we anticipate second quarter food costs as
a percent of company-operated revenue will be higher than the prior year
quarter and higher than the results reported for the first quarter of
fiscal 2008."

"Second quarter labor costs, as a percent of company-operated revenue are
expected to remain in line with, or only slightly above, the prior year
quarter despite minimum wage increases in many of the states where we
operate as well as an increase in the federal minimum wage rate which goes
into effect today."

"We continue to see an impact to occupancy expense at Carl's Jr.
primarily due to consumer price index based rent increases and higher
depreciation due to our new point of sale system.  The CPI increases are
having a greater percentage impact this year due to last year's sale of
our Oklahoma market, which had a high percentage of owned properties.  The
new POS software was necessary both to support our existing business and
our growth plans.  We believe it will have a positive impact to margins
over time.  We anticipate consolidated occupancy costs for the second
quarter will be higher than the prior year quarter as a percent of
company-operated revenue and will experience a similar rate of increase
sequentially that we recorded between the first and second quarter of
fiscal 2007."

"As we stated in the most recent version of our investor presentation, we
recovered US$2 million in previously unrecognized royalties from past due
Hardee's franchisees in the prior year quarter that we do not anticipate
to recur this year.  We expect the net impact of other changes in
franchised and licensed restaurants revenue and expenses to have a nominal
impact on comparisons with the prior year quarter."

Same-store sales results for period seven of fiscal year 2008, ending Aug.
13, 2007, will be reported on or about
Aug. 22, 2007.

As of the end of its fiscal 2008 first quarter ended
May 21, 2007, CKE Restaurants, Inc., through its subsidiaries, had a total
of 3,022 franchised, licensed or company-operated restaurants in 43 states
and in 13 countries, including 1,101 Carl's Jr. restaurants and 1,905
Hardee's restaurants.

                    About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,131
franchised, licensed or company-operated restaurants in 43
states and in 13 countries -- including Mexico and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on March 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on CKE Restaurants.  S&P said the outlook was
stable.


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

The analysts said in a research note that Greenbrier’s "EVA fundamentals
are being adversely affected by rising debt, associated with the
additional railcar maintenance businesses that the company acquired last
year."

The analysts told Newratings.com that Greenbrier's capital increased over
50% to US$985 million during the 12-month period ended May 2007, compared
to the same period last year.  The firm’s "ROC" decreased to 6.6% from
10.1%.

Greenbrier's share price "appreciated over 25% over the past week,"
Newratings.com states, citing Matrix Research.

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

                        *     *     *

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

Downgrades:

   Issuer: Greenbrier Companies, Inc. (The)

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

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

     -- Corporate Family Rating, Downgraded to B1 from Ba3

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

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

Outlook Actions:

   Issuer: Greenbrier Companies, Inc. (The)

     Outlook, Changed To Stable From Rating Under Review


HOST HOTELS: Euro Firm Closes Acquisition of Three Properties
-------------------------------------------------------------
Host Hotels & Resorts Inc. reported that its joint venture in the
Netherlands with Stichting Pensioenfonds ABP, the Dutch pension fund for
public employees, and an affiliate of GIC Real Estate Pte Ltd, the real
estate investment company of the Government of Singapore Investment
Corporation Pte Ltd, completed the purchase of three properties in
Brussels, Belgium.

The three properties purchased by the joint venture include the
262-room Renaissance Brussels Hotel, the 218-room Brussels Marriott Hotel
and the Marriott Executive Apartments comprised of 57 apartments.  In
conjunction with the acquisition, the joint venture closed on a euro 70.5
million mortgage loan with an interest rate under 5.65% maturing in 2014.

The joint venture now owns ten properties in five countries including:

    -- Hotel Arts; Barcelona, Spain
    -- The Westin Palace, Madrid; Madrid, Spain
    -- Sheraton Roma Hotel & Conference Center; Rome, Italy
    -- The Westin Palace, Milan; Milan, Italy
    -- The Westin Europa & Regina; Venice, Italy
    -- Sheraton Skyline Hotel & Conference Center; Hayes,
       England
    -- Sheraton Warsaw Hotel & Towers; Warsaw, Poland
    -- Renaissance Brussels Hotel; Brussels, Belgium
    -- Brussels Marriott Hotel; Brussels, Belgium
    -- Marriott Executive Apartments, Brussels, European
       Quarter; Brussels, Belgium

Host Hotels & Resorts, Inc. -- http://www.hosthotels.com/--
(NYSE:HST) is a lodging real estate investment trust and owns luxury and
upper upscale hotels.  The company currently owns 121 properties with
approximately 64,000 rooms, and also holds a minority interest in a joint
venture that owns seven hotels in Europe with approximately 2,700 rooms.
Guided by a disciplined approach to capital allocation and aggressive
asset management, the company partners with premium brands such as
Marriott(R), Ritz-Carlton(R), Westin(R), Sheraton(R), W(R), St. Regis(R),
The Luxury Collection(R), Hyatt(R), Fairmont(R), Four Seasons(R),
Hilton(R) and Swissotel(R) in the operation of properties in over 50 major
markets worldwide, including Mexico and Italy.

                        *     *     *

As reported in the Troubled Company Reporter on May 7, 2007, Standard &
Poor's Ratings Services revised its rating outlook on Host Hotels to
positive from stable.  All ratings on the company, including the 'BB'
corporate credit rating, were affirmed.


KANSAS CITY SOUTHERN: Container Volume Increases 11.1%
------------------------------------------------------
Kansas City Southern has increased its container volume by 11.1%
year-on-year for the first 28 weeks of 2007, Business News Americas
reports, citing The Association of American Railroads.

Online transport news daily Info-transportes relates that accumulative
volume for the period dropped by 4.2% compared to the first 28 weeks of
last year.

The association said in a report that general and intermodal cargo
increased by 27.8% for the first 15 days of July 2007, compared to July 1
to 15 of last year.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the US,
Mexico and Panama. Its primary U.S. holding includes KCSR,
serving the central and south central US.  Its international
holdings include Kansas City Southern de Mexico, serving
northeastern and central Mexico and the port cities of Lazaro
Cardenas, Tampico and Veracruz, and a 50% interest in
Panama Canal Railway Company, providing ocean-to-ocean freight
and passenger service along the Panama Canal.  KCS' North
American rail holdings and strategic alliances are primary
components of a NAFTA Railway system, linking the commercial and
industrial centers of the U.S., Canada and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May 17,
2007, Standard & Poor's Ratings Services assigned its 'BB-' rating to
Kansas City Southern Railway Co.'s proposed new US$75 million term loan C
due 2013; the recovery rating is '1', indicating expectations of full
recovery of principal in the event of payment default.

In addition, a 'B' rating was assigned to the proposed new
US$165 million notes offering by Kansas City Southern de Mexico
S. de R.L. de C.V. (KCSM; previously TFM S.A. de C.V.) and other
senior unsecured ratings on KCSM were raised to 'B' from 'B-'.
Kansas City Southern Railway Co. and KCSM are wholly owned
subsidiaries of Kansas City Southern.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May 17,
2007, Fitch Ratings assigned a 'B+' foreign currency rating and a Recovery
Rating of 'RR4' to the US$165 million senior notes due 2014 to be issued
by Kansas City Southern de Mexico, S.A. de C.V.  The new notes rank pari
passu with KCSM's existing senior unsecured obligations.

Fitch also maintained 'B+' foreign currency ratings and 'RR4'
recovery ratings on KCSM's other outstanding notes:

     -- US$178 million 12.50% senior notes due 2012;
     -- US$460 million 9.375% senior notes due 2012;
     -- US$175 million 7.625% senior notes due 2013.

The proceeds of the proposed new issuance will be used primarily
to pay off the company's outstanding US$178 million 12.50% notes
due 2012.

Fitch also maintained a 'B+' foreign and local currency Issuer
Default Rating for KCSM.  Fitch said the rating outlook for these ratings
was stable.


MAXCOM TELECOMUNICACIONES: Inks Contract with Televisa Networks
---------------------------------------------------------------
Maxcom Telecomunicaciones said in a statement that it has signed a
contract with television content provider Televisa Networks.

According to Maxcom Telecomunicaciones' statement, the firm wants to use
Televisa Networks' content in its planned Internet protocol television
rollout.

Business News Americas relates that the contract lets Maxcom
Telecomunicaciones to broadcast 22 of Televisa Networks' channels.

Maxcom Telecomunicaciones said it will invest some US$40 million to
"premier in Puebla before releasing the service in all of its coverage
areas."  The rollout would be complete in 18 months, BNamericas notes.

Signals Telecoms Consulting head Jose Otero told BNamericas that the
conditions set by Cofeco helped Maxcom Telecomunicaciones seal the deal
with Televisa Networks.

As reported in the Troubled Company Reporter-Latin America on July 17,
2007, published reports say that Maxcom Telecomunicaciones filed an
anticompetitive practices complaint with the antitrust commission Cofeco
against broadcaster Televisa.  The case revolved around Maxcom
Telecomunicaciones' "attempts to secure national content for an IPTV
[Internet protocol television] rollout in Puebla."  Maxcom
Telecomunicaciones claimed that "Televisa is the only one that is
stalling."  Maxcom Telecomunicaciones Chief Executive Officer Rene
Sagastuy said that the firm has been negotiating over the last nine months
with all of the content providers, both national and foreign, and have
been able to close deals under favorable competitive conditions with the
others.

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

                        *     *     *

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

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


RYERSON INC: S&P Puts Low B Ratings on Watch Due to Merger Pact
---------------------------------------------------------------
Standard & Poor's Ratings placed its 'B+' corporate credit and 'B-' senior
unsecured debt ratings on Ryerson Inc. on CreditWatch with negative
implications.

The CreditWatch listing followed the announcement that the Chicago,
Ill.-based metals processor and distributor had entered into a definitive
merger agreement in which Platinum Equity (unrated), a leading private
equity firm, will acquire the company in a transaction valued at about
US$2.0 billion.
Under the agreement, an affiliate of Platinum Equity will acquire all of
the outstanding shares of Ryerson common and convertible preferred stock
for US$34.50 per share in cash.  The company expects to complete the
transaction by the 2007 fourth quarter, subject to regulatory and
shareholder approval and
customary closing conditions.  It is not subject to a financing condition.
In addition, under the merger agreement, Ryerson, with the assistance of
its advisors, is entitled to seek alternative acquisition proposals from
third parties through Aug. 18, 2007.

In resolving the CreditWatch listing, we will review the company's
business strategy, capital structure, and liquidity.    "The proposed
leveraged buyout, or other leveraging transaction, will likely
significantly increase the debt burden and thus materially weaken
Ryerson's key credit measures, and therefore we would expect to lower the
credit rating at least one notch," Ms. Shmaruk said.

Ryerson Inc. (NYSE: RYI) -- http://www.ryerson.com/-- is a
distributor and processor of metals in North America, with 2006
revenues of US$5.9 billion.  The company services customers
through a network of service centers across the United States
and in Canada, Mexico, India, and China.  On Jan. 1, 2006, the
company changed its name from Ryerson Tull, Inc. to Ryerson Inc.


RYERSON INC: Moody's Places B1 Corp. Family Rating Under Review
---------------------------------------------------------------
Moody's Investors placed the ratings for Ryerson Inc. (B1 corporate family
rating) under review for possible downgrade. The review was prompted by
the announcement that Ryerson has entered into a definitive merger
agreement with Platinum Equity in a transaction valued at approximately
US$2.0 billion.  Ryerson's board of directors has unanimously approved the
merger agreement and recommends approval of the transaction by Ryerson's
stockholders.  However, the merger agreement permits Ryerson to solicit
superior proposals from other parties through Aug. 18, 2007.  The Platinum
Equity transaction is not subject to any financing conditions and is
expected to be concluded by the fourth quarter of 2007.

The review for downgrade reflects Moody's concerns that the Platinum
Equity acquisition, or any competing proposal, will result in higher
leverage at Ryerson than it has typically employed.  The review will focus
on the terms of the proposed transaction and the new debt, pro forma
credit metrics, and Platinum Equity's strategic and operational plans for
managing the company.  Moody's notes that Ryerson's 8.25% notes due 2011
are subject to a change of control provision that allow noteholders to put
the notes back to Ryerson at a purchase price of 101% plus accrued and
unpaid interest if a change of control occurs. If the notes are redeemed,
Moody's may withdraw all its ratings for Ryerson.

These ratings have been placed under review for downgrade:

   B1 -- Corporate family rating
   B1 -- Probability of default rating
   B3 -- US$150 million of 8.25% Senior Unsecured Notes Due 2011

Ryerson, with revenues of US$5.9 billion in 2006, is the second largest
metals distributor and processor in North American.  It is headquartered
in Chicago, Illinois.

Ryerson Inc. (NYSE: RYI) -- http://www.ryerson.com/-- is a
distributor and processor of metals in North America, with 2006
revenues of US$5.9 billion.  The company services customers
through a network of service centers across the United States
and in Canada, Mexico, India, and China.  On Jan. 1, 2006, the
company changed its name from Ryerson Tull, Inc. to Ryerson Inc.


U.S. STEEL: Reports US$302 Mil. Net Income in Second Quarter
------------------------------------------------------------
United States Steel Corporation earned US$302 million compared to first
quarter 2007 net income of US$273 million and second quarter 2006 net
income of US$404 million.

Commenting on results, U.S. Steel Chairman and CEO John P. Surma said, "We
had another good quarter with record results for U. S. Steel Europe
(USSE).  During the quarter, we completed the US$2 billion acquisition of
Lone Star Technologies and we're pleased with the progress we've made to
date in integrating our new facilities and employees into U. S. Steel.
Also during the quarter, we issued US$1.1 billion of senior notes,
expanded our credit facilities and retired US$378 million of 9.75% senior
notes that were due in 2010."

The company reported second quarter 2007 income from operations of US$391
million, compared with income from operations of US$346 million in the
first quarter of 2007 and US$514 million in the second quarter of 2006.

In the second quarter of 2007, net interest and other financial costs
included a US$23 million pre-tax charge related to the early redemption of
our 9.75% Senior Notes due 2010.  This charge reduced net income by US$14
million or 12 cents per diluted share.  In the first quarter of 2007, net
interest and other financial costs included a US$3 million pre-tax charge
related to the early redemption of its 10% Senior Quarterly Income Debt
Securities.  This charge reduced net income by US$2 million or 2 cents per
diluted share.  The income tax provision in the second quarter of 2006
included a favorable adjustment of US$15 million, or 12 cents per diluted
share, related to estimated 2005 tax accruals.

The company repurchased 304,900 shares of common stock for US$33 million
during the second quarter.

            Reportable Segments & Other Businesses

Management believes segment income from operations is a key measure in
evaluating company performance.  U.S. Steel's reportable segments and
Other Businesses reported segment income from operations of US$434
million, or US$79 per ton, in the second quarter of 2007, compared with
US$385 million, or US$76 per ton, in the first quarter of 2007 and US$579
million, or US$99 per ton, in the second quarter of 2006.

The increase in second quarter 2007 Flat-rolled income from operations
compared to the first quarter mainly resulted from higher shipments and an
increased utilization rate, with partial offsets from higher outage and
raw material costs.  The improvement in European operating results was due
primarily to higher prices.  Tubular operating results remained strong,
but
declined as expected from the first quarter due mainly to lower prices.
The operating results of Lone Star are included in Tubular effective June
14, including increased depreciation and amortization as a result of
purchase accounting asset valuations.  Lone Star added 47,000 tons to
second quarter Tubular shipments.

                          Outlook

Commenting on U. S. Steel's outlook, Mr. Surma said, "We expect continued
strong performance by our three reportable segments in the third quarter
of 2007, with overall operating results improving from the second quarter,
excluding any charges resulting from Lone Star integration activities."

For Flat-rolled, third quarter results are expected to improve from the
second quarter due primarily to reduced outage and related costs and
higher shipments, partially offset by slightly lower average realized
prices, reflecting current spot market conditions and higher semi-finished
product shipments.

Third quarter results are expected to decrease for U. S. Steel Europe
mainly as a result of higher costs resulting from outage spending and
related effects, including a blast furnace reline in Serbia, which will
begin in September.  Shipments are expected to decrease while average
realized prices should increase slightly from second quarter levels.

Third quarter average realized prices for Tubular are expected to decrease
from second quarter levels, including the effects of product mix.  Results
will reflect the inclusion of Lone Star for the entire quarter.  Third
quarter Tubular results may be negatively impacted as we address inventory
issues in conjunction with the integration.

                      About U.S. Steel

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

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

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

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




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


PETROLEOS DE VENEZUELA: Starts Building Refinery with Nicaragua
---------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in a
statement that the government has started building the nation's
Bolivar-Sandino refinery with Nicaragua.

According to Petroleos de Venezuela's statement, the plant is being
constructed in Piedras Blancas, Nicaragua.

Business News Americas relates that the plant is being built under with
Venezuelan President Hugo Chavez's Bolivarian alternative for the Americas
plan.  It would cost US$4 billion.

Petroleos de Venezuela said in a statement that the refinery will be
completed in four or five years.  It will process 150,000 barrels per day
of 16 degree API Venezuelan crude.

Albanisa, Petroleos de Venezuela's jont venture with Nicaraguan
counterpart Petronic, is constructing the plant, BNamericas states.

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

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


* NICARAGUA: Begins Constructing Refinery with Venezuela
--------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in a
statement that the government and its Nicaraguan counterpart has started
building the Bolivar-Sandino refinery.

According to Petroleos de Venezuela's statement, the plant is being
constructed in Piedras Blancas, Nicaragua.

Business News Americas relates that the plant is being built under with
Venezuelan President Hugo Chavez's Bolivarian alternative for the Americas
plan.  It would cost US$4 billion.

Petroleos de Venezuela said in a statement that the refinery will be
completed in four or five years.  It will process 150,000 barrels per day
of 16 degree API Venezuelan crude.

Albanisa, Petroleos de Venezuela's jont venture with Nicaraguan
counterpart Petronic, is constructing the plant, BNamericas states.

                 About Petroleos de Venezuela

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

                        *     *     *

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
===========


* PANAMA: Canal Manager Seeks Funding from New York Financiers
--------------------------------------------------------------
Alberto Aleman, the Panama Canal's chief executive officer, is
in New York for the week to discuss with financial institutions
about funding for the waterway's expansion, Inside Costa Rica reports.

Mr. Aleman will present the building plan of a third set of
locks that will allow passage to bigger and heavier vessels in
the Canal, the same report says.

The expansion is estimated to cost US$5.25 billion.  Mr. Aleman
has already held talks with European financiers for funding of the
waterway's expansion.

The Panama Canal is a major ship canal that traverses the Isthmus of
Panama in Central America, connecting the Atlantic and Pacific Oceans.
The expansion project is designed to allow for an anticipated growth in
traffic from 280 million PC/UMS tons in 2005 to nearly 510 million PC/UMS
tons in 2025; the expanded canal will have a maximum sustainable capacity
of approximately 600 million PC/UMS tons per year.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of
Panama's long-term foreign currency Issuer Default Rating of
'BB+'.  Fitch also affirmed the sovereign's long-term local
currency IDR of 'BB+', the short-term foreign currency IDR of
'B' and the country ceiling of 'BBB+'.  Fitch said the rating
outlook was stable.




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


BANCO DE CREDITO: Shareholders Approve Capital Raise
----------------------------------------------------
Banco Credito del Peru said in a filing with the securities regulator
Conasev that its shareholders have authorized a capital increase for the
equivalent of US$70 million by retaining profits.

According to Banco Credito's filing, shareholders also ratified a
subordinated debt issue for up to US$160 million.  The main purpose of the
two approvals is to strengthen Banco Credito's capital base to support
business growth and progressively adjust it to Basel II norms.

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

As reported in the Troubled Company Reporter-Latin America on July 18,
2007, Moody's Investors Service upgraded the long term foreign currency
deposit rating of Banco de Credito del Peru to Ba3 from B1, following the
same action on the sovereign ceiling for foreign currency deposits.
Moody's also raised its rating for Banco de Credito del Peru's Panama
branch's foreign currency subordinated notes maturing in 2021 to Ba1 from
Ba2, based on the upgrade of Peru's foreign currency bond ceiling.  Both
ratings had been placed on review for upgrade on March 8, 2007.  Both have
stable outlooks.

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

These ratings were raised:

Banco de Credito del Peru:

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

Banco de Credito del Peru, Panama Branch:

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




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


DORAL FINANCIAL: Brings-In Paul Makowski as Chief Risk Officer
--------------------------------------------------------------
Doral Financial Corporation has further enhanced the strength of its
management team with the appointment of Paul Makowski, an experienced
banking executive in risk management, as Executive Vice President and
Chief Risk Officer.

Mr. Makowski has served as Consumer Real Estate Risk Executive at Bank of
America in Charlotte, North Carolina, where he was responsible for
establishing the risk framework in the business.  Prior to that, he was
Chief Retail Credit Officer at HSBC North America in Illinois, where he
helped develop the organization’s retail credit business strategies and
oversaw its best practices in risk and reward across all HSBC.  He was
also the founding partner of Credit & Risk Management Associates, Inc.
(CRMA), an independent risk management consulting firm, which was later
sold to become the consulting division of Fair Isaac Corporation in
Baltimore.  Mr. Makowski holds an MBA from the University of Chicago and a
BBA from Kenyon College.

“Paul brings further important and experienced depth to the new management
team we have put in place at Doral.  One of our initial goals over the
past year has been to build a professional management team that knows how
to lead Doral forward in building a strong organization to meet the
growing financial needs of our customers and to be able to position Doral
to take advantage of attractive opportunities in the marketplace to
develop our business,” said Glen R. Wakeman, CEO and President of Doral
Financial Corporation.

In addition, Doral Financial announced that, on July 2, 2007, it paid the
regular monthly cash dividend on the company’s 7% Noncumulative Monthly
Income Preferred Stock, Series A (the Series A Preferred Stock), 8.35%
Noncumulative Monthly Income Preferred Stock, Series B (the Series B
Preferred Stock) and 7.25% Noncumulative Monthly Income Preferred Stock,
Series C (the Series C Preferred Stock), in the amount of US$0.2917,
US$0.173958, US$0.151042 per share, respectively.  The dividend on each of
the series was paid to the record holders as of the close of business on
June 28, 2007 in the case of the Series A Preferred Stock, and to the
record holders as of the close of business on June 15, 2007 in the case of
Series B and Series C Preferred Stock.

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.

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 July 24, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive 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 'B';
  -- Long-term deposits B+;
  -- Support '5';
  -- Support Floor 'NF';
  -- Individual 'D';
  -- Short-term Issuer 'B';
  -- Short-term deposit obligations 'B'.

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.


JETBLUE AIRWAYS: Earns US$21 Million in Second Quarter 2007
-----------------------------------------------------------
JetBlue Airways Corporation reported its results for the second quarter 2007:

   * Operating revenues for the quarter totaled US$730 million,
     representing growth of 19.4% over operating revenues of
     US$612 million in the second quarter of 2006.

   * Operating income for the quarter was US$73 million,
     resulting in a 10.0% operating margin, compared to
     operating income of US$47 million and a 7.7% operating
     margin in the second quarter of 2006.

   * Pre-tax income for the quarter was US$43 million, resulting
     in a 5.9% pre-tax margin, compared with pre-tax income of
     US$25 million and a 4.1% pre-tax margin in the year-ago
     period.

   * Net income for the quarter was US$21 million, representing
     earnings of US$0.11 per diluted share, compared with second
     quarter 2006 net income of US$14 million, or US$0.08 per
     diluted share.

"We are delighted to report a double-digit operating margin for the second
quarter-- especially in light of the soft revenue environment we faced
during most of the quarter.  I am very proud of the hard work and
dedication our crewmembers put forth to achieve these results," said
JetBlue Airways President and Chief Executive Officer Dave Barger.

In addition, JetBlue Airways disclosed the planned sale of three Airbus
A320 aircraft from its fleet later this year and the deferral of 16
EMBRAER 190 aircraft originally scheduled for delivery from 2007 through
2012 to 2013 through 2015.

"Slowing capacity growth will allow us to strengthen our balance sheet and
facilitate earnings growth," Mr. Barger stated.  "Our options for the A320
and the E190 aircraft remain unchanged, which preserves our ability to
take advantage of market opportunities.  We believe our strong brand, high
quality product and exceptional crewmembers will allow us to continue to
prosper over the long term."

During the second quarter, JetBlue Airways achieved a completion factor of
98.5% of scheduled flights, compared to 99.8% in 2006.  On-time
performance, defined by the U.S. Department of Transportation as arrivals
within 14 minutes of schedule, was 69.0% in the second quarter compared to
77.9% in the same period in 2006.  JetBlue Airways attained a load factor
in the second quarter of 2007 of 83.5%, an increase of 1.3 points on a
capacity increase of 12.0% over the second quarter of 2006.

For the second quarter, revenue passenger miles increased 13.7% from the
second quarter of 2006 to 6.7 billion.  Yield per passenger mile was 10.13
cents, up 3.8% compared to 2006.  Passenger revenue per available seat
mile increased 5.4% year-over-year to 8.46 cents.  Available seat miles
grew 12.0% to 8.1 billion.  Operating expenses for the second quarter were
US$657 million, up 16.3% from the second quarter of 2006.  Operating
expense per ASM for the second quarter 2007 increased 3.9% year-over-year
to 8.14 cents.  During the quarter, realized fuel price was US$2.00 per
gallon, a 2.8% decrease over second quarter 2006 realized fuel price of
US$2.06 per gallon.  Excluding fuel, CASM increased 3.3% year-over-year.
Average stage length during the second quarter was 1,135 miles, down 9.4%
from a year ago. JetBlue Airways ended the quarter with US$772 million in
cash and investment securities.

JetBlue Airways Executive Vice President and Chief Financial Officer John
Harvey commented, "I am very pleased with our solid cost performance this
quarter, and we will continue to focus on efficiency improvements and cost
control going forward.  Our ability to deliver the JetBlue Experience to
our customers with a low cost structure differentiates JetBlue from the
rest of the industry."

Looking ahead, for the third quarter of 2007, JetBlue Airways expects to
report an operating margin between six and eight percent based on an
assumed aircraft fuel cost per gallon of US$2.18, net of hedges.  Pre-tax
margin for the quarter is expected to be between one and three percent.
CASM is expected to increase between eight and ten percent over the
year-ago period.  Excluding fuel, CASM in the third quarter is expected to
increase between eight and 10% year over year.  Capacity is expected to
increase between 10% and 12% in the third quarter and stage length is
expected to decrease roughly two percent over the same period last year.

For the full year 2007, JetBlue Airways expects to report an operating
margin between five and seven percent based on an assumed aircraft fuel
cost per gallon of US$2.07, net of hedges.  Pre-tax margin for the full
year is expected to be between 1% and 3%.  CASM for the full year is
expected to increase between 7% and 9% over full year 2006.  Excluding
fuel, CASM in 2007 is expected to increase between six% and 8% year over
year.  Capacity for the full year 2007 is expected to increase between 10%
and 12% over 2006 and stage length is expected to decrease roughly five
percent over full year 2006.

Based in Forest Hills, New York, JetBlue Airways Corp. (Nasdaq:JBLU) --
http://www.jetblue.com/-- provides passenger air transportation services
primarily in the United States.  As of Feb. 14, 2006, the company operated
approximately 369 daily flights serving 34 destinations in 15 states,
Bermuda, Puerto Rico, the Dominican Republic, and the Bahamas.  The
Company also provides in-flight entertainment systems for commercial
aircraft, including live in-seat satellite television, digital satellite
radio, wireless aircraft data link service, and cabin surveillance systems
and Internet services, through its wholly owned subsidiary, LiveTV, LLC.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May 21,
2007, Moody's Investors Service downgraded the ratings of JetBlue Airways
Corporation debt and selected classes of JetBlue's Enhanced Equipment
Trust Certificates, including the corporate family and probability of
default ratings to B3, and the senior unsecured rating to Caa2 (LGD-5,
89%).

The Class A Certificates of JetBlue's EETC's supported by policies issued
by Aaa rated monoline insurance companies are affirmed at Aaa.  The
outlook remained negative.

Downgrades:

* JetBlue Airways Corp.

   -- Probability of Default Rating, Downgraded to B3 from B2

   -- Corporate Family Rating, Downgraded to B3 from B2

   -- Senior Secured Enhanced Equipment Trust, Downgraded to B1
      from Ba3

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
      a range of 89 - LGD5 to Caa2 from a range of 88 - LGD5 to
      Caa1


JETBLUE AIRWAYS: Launching Puerto Rico Nonstop Service
-------------------------------------------------------
JetBlue Airways will launch a nonstop service between Fort Lauderdale and
Ponce, Puerto Rico, on Nov. 5.  The airline will operate one daily flight
on the route year-round, providing South Florida with its only non-stop
link to Ponce, on Puerto Rico's southern coast.

Introductory fares start at US$59 each way, with regular fares ranging
from US$99 to US$299 each way.  Ponce will be JetBlue Airways' 12th
destination served nonstop from Fort Lauderdale/Hollywood International
Airport.

"Today we're thrilled to connect two of our most popular destinations with
nonstop service," said JetBlue Airways Network Planning Vice President
Marty St. George.  "Customers have come to prefer JetBlue for our inflight
entertainment, generous name-brand snacks, and award-winning customer
service -- all for one low price.  We invite you to experience our low
fares and lots of frills on our first-ever service between Fort Lauderdale
and the Caribbean."

"We want to thank JetBlue's great crewmembers for doing an exemplary job
of turning the airline into one of Puerto Rico's favorite," the Puerto
Rico Tourism Company's Executive Director Terestella Gonzalez Denton
stated.  "We would also like to acknowledge the executives who over the
years have shared the same vision for new routes to the island, especially
to our regional airports.  This decision has greatly contributed to the
Tourism Company's efforts to strengthen the Porta Caribe and Porta del Sol
tourist areas, a strategy that continues to generate great results.
Because of this, today, on behalf of all Puerto Ricans, we congratulate
and thank our friends at JetBlue for sharing the same vision for our
development."

Customers flying JetBlue Airways between Fort Lauderdale and Ponce will
travel aboard the airline's modern Airbus A320 fleet, which features a
spacious cabin and all-leather seating as well as complimentary first-run
movies and bonus features from FOX InFlight on JetBlue Airways' signature
seatback televisions.

From Fort Lauderdale, JetBlue Airways also offers daily nonstop service to:

          -- Boston;
          -- Long Beach, California;
          -- Newark, New Jersey;
          -- Newburgh, New York;
          -- New York/JFK, New York/LaGuardia;
          -- Oakland, California;
          -- Washington, DC/Dulles; and
          -- White Plains, New York.

New service to Buffalo and Syracuse, New York begins on Nov. 1.  From
Ponce's Mercedita Airport, JetBlue Airways flies daily to New York/JFK and
Orlando, Florida.

Customers enrolled in JetBlue Airways' customer loyalty program, TrueBlue,
will earn four TrueBlue points each way for nonstop flights between Fort
Lauderdale and Ponce.  Double TrueBlue points are awarded for travel
purchased online at http://www.jetblue.com/ Customers can earn TrueBlue
points even faster by using the JetBlue Card from American Express.  Every
time cardholders purchase JetBlue Airways travel with the Card, or earn at
least one TrueBlue point through other purchasing using the Card, all
TrueBlue points in the member's account automatically extend for another
12 months.

Based in Forest Hills, New York, JetBlue Airways Corp. (Nasdaq:JBLU) --
http://www.jetblue.com/-- provides passenger air transportation services
primarily in the United States.  As of Feb. 14, 2006, the company operated
approximately 369 daily flights serving 34 destinations in 15 states,
Bermuda, Puerto Rico, the Dominican Republic, and the Bahamas.  The
Company also provides in-flight entertainment systems for commercial
aircraft, including live in-seat satellite television, digital satellite
radio, wireless aircraft data link service, and cabin surveillance systems
and Internet services, through its wholly owned subsidiary, LiveTV, LLC.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May 21,
2007, Moody's Investors Service downgraded the ratings of JetBlue Airways
Corporation debt and selected classes of JetBlue's Enhanced Equipment
Trust Certificates, including the corporate family and probability of
default ratings to B3, and the senior unsecured rating to Caa2 (LGD-5,
89%).

The Class A Certificates of JetBlue's EETC's supported by policies issued
by Aaa rated monoline insurance companies are affirmed at Aaa.  The
outlook remained negative.

Downgrades:

* JetBlue Airways Corp.

   -- Probability of Default Rating, Downgraded to B3 from B2

   -- Corporate Family Rating, Downgraded to B3 from B2

   -- Senior Secured Enhanced Equipment Trust, Downgraded to B1
      from Ba3

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
      a range of 89 - LGD5 to Caa2 from a range of 88 - LGD5 to
      Caa1


STANDARD MOTOR: Improved Cash Flow Cues S&P to Revise Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Standard Motor
Products Inc. to positive from negative, reflecting the company's improved
financial flexibility, EBITDA margins, cash flow generation, and the
potential to sustain these results and enhance credit measures in the next
two years. Following completion of the lengthy and challenging integration
of the Dana Engine Management acquisition, Standard Motor has begun to
achieve margin expansion through facilities rationalization, manufacturing
initiatives, and selective price increases.

The ratings on the Long Island City, New York-based automotive aftermarket
parts manufacturer and distributor, including the 'B-' corporate credit
rating, were affirmed.  The company had US$272 million of total
balance-sheet debt at March 31, 2007.

Standard Motor Products Inc has more than 20 factories and
distribution centers throughout the U.S., Puerto Rico, Canada,
Europe and the Far East.  Lawrence I. Sills, grandson of the
company's founder, is the current chairman of the board and
chief executive officer, and John Gethin is president and chief
operating officer.




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


PAYLESS SHOESOURCE: Moody's Cuts Corporate Family Rating to B1
--------------------------------------------------------------
Moody's Investors downgraded the ratings of Payless ShoeSource, Inc.,
(corporate family rating to B1) and assigned a B1 to Collective Brands
Finance, Inc.'s proposed US$750 million senior secured term loan B.  The
ratings outlook is stable.  The downgrade reflects the substantial amount
of debt (US$750 million) incurred to finance the acquisition of Stride
Rite, which results in a deterioration of credit metrics.  The downgrade
also reflects the aggressive financing of the purchase price consisting of
80% debt. This rating action concludes the review for possible downgrade
initiated on May 24, 2007.

These ratings are downgraded:

Payless Shoesource, Inc.:

  -- Corporate family rating to B1 from Ba3;

  -- Probability of default rating to B1 from Ba3;

  -- US$200 million 8.25% senior subordinated notes to
     B3(LGD6,94%) from B1(LGD4,64%).

The following rating is assigned:

Collective Brands Finance, Inc.:

  -- US$750 million senior secured term loan B at B1(LGD3,42%).

The ratings are contingent upon the review of final documentation.

On May 22, 2007 Payless announced the signing of a definitive agreement to
acquire The Stride Rite Corporation for nearly US$800 million plus the
assumption of Stride Rite's existing debt.  The all cash offer of US$20.50
per share represents a 32% premium over Stride Rite's average stock price.
Concurrent with the closing of the transaction, Payless intends to rename
the company Collective Brands, Inc., and, as a holding company, will
operate three standalone business units; Payless, Stride Rite, and
Collective Licensing.  The borrower under the US$750 million senior
secured term loan will be an intermediary holding company; Collective
Brands Finance, Inc.

The B1 corporate family rating and stable outlook reflect the impact of
the Stride Rite acquisition on Payless's capital structure and the
additional stress it places on the company's management team.  The Stride
Rite acquisition makes strategic sense for Payless; it broadens the
company's portfolio of brands, widens its price points, strengthens it
market share in the children's footwear category, and provides the company
with a wholesale presence. However, the acquisition significantly
increases Payless's debt levels (from US$200 million to US$950 million)
resulting in a deterioration in credit metrics. Moody's expects that
Debt/EBITDA will likely not fall below 5.0 times for the next twelve
months.  The rating category also incorporates the size of the Stride Rite
acquisition and the lack of experience of the Payless management team in
integrating large acquisitions.  In addition, the corporate family rating
reflects the company's pragmatic financial policies as exemplified by the
heavy debt component to finance the Stride Rite acquisition and the
company's good liquidity provided by reasonable free cash flow generation
and the proposed US$350 million asset based revolving credit facility
(unrated) which will be put in place upon closing of the acquisition.  The
rating also considers the company's numerous strengths, notably its
national footprint, credible market position, solid portfolio of brand
names, and recent improvement in profitability to the same level as its
peer group.  However, the positive impact of these strengths on the rating
category is constrained by the high business risk associated with the
retail footwear segment, which includes a heavy fashion component, intense
competition, and high execution risk.

The ratings for the senior secured term loan B and the senior subordinated
notes reflect both the overall probability of default of the company, to
which Moody's assigns a PDR of B1, and a loss given default of LGD 3 for
the senior secured term loan B and LGD 6 for the subordinated notes.  The
rating on the term loan is at the same level as the corporate family
rating as a result of it size and scale in the capital structure, its lack
of full collateral coverage (which Moody's estimates to be nearly 37%
deficient) as well as its seniority over the company's US$200 million
senior subordinated notes. The US$750 million term loan has a first lien
on all non-current assets and stock with a second lien behind the asset
based revolving credit facility on accounts receivable and inventory.  The
senior subordinated note rating of B3, two notches below the corporate
family rating, reflect its junior position in the capital structure as
well as its relatively small size and scale when compared to the senior
secured credit facilities (US$350 million ABL and US$750 million term loan
B).

Headquartered in Topeka, Kansas, Payless ShoeSource Inc.
(NYSE:PSS) -- http://www.payless.com/-- is a family footwear
specialty retailer with 4,605 retail stores, as of fiscal
yearend Jan. 28, 2006 (fiscal 2005), including 22 stores not
open for operations.  The Company's Payless ShoeSource retail
stores in the United States, Canada, the Caribbean, Central
America, South America and Japan sold 182 million pairs of
footwear, in fiscal 2005.  The Company operates its business in
two segments -- Payless Domestic and Payless International.  The
Payless Domestic segment includes retail operations in the
United States, Guam and Saipan.  The Payless International
segment includes retail operations in Canada; Puerto Rico; the
United States Virgin Islands; Japan; the South American Region,
which includes Ecuador, and the Central American Region, which
includes Costa Rica, Guatemala, El Salvador, the Dominican
Republic, Honduras, Nicaragua, Panama and Trinidad and Tobago.




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


ARVINMERITOR INC: Partners with Chery to Design Chassis Systems
---------------------------------------------------------------
ArvinMeritor Inc. and Chery Form Chassis Systems have entered into a joint
venture partnership to design and manufacture chassis systems and
components.  The new joint venture, ArvinMeritor Chassis Systems Wuhu Co.,
will evolve to a US$150-million full-systems chassis supplier by 2010.
Production of shocks and struts will begin as early as 2008.

"ArvinMeritor's alliance with Chery is a great example of the company
attaining strategic growth from three key focus areas; increasing business
with Asian customers, expanding in emerging markets, and growing our light
vehicle chassis business," said Phil Martens, president of ArvinMeritor's
Light Vehicle Systems business group.  "This new business, which is
quickly ramping up, comes on the heels of several other new Chery
contracts with
ArvinMeritor for its door systems technologies.  We're honored that Chery
continues to choose us as its technology partner," continued Mr. Martens.
"We see these contracts as the first steps of many long-term opportunities
for both companies."

"As the automotive footprint continues to evolve, ArvinMeritor is well
positioned to participate in Asia's explosive growth through its global
partnerships and manufacturing network, including today's announcement
with Chery," said Rakesh Sachdev, president of ArvinMeritor's Asia Pacific
operation.  "The new chassis systems joint venture plant in Wuhu will be
one of several China-based facilities ArvinMeritor is adding to its
network over the next 18 months in support of new business with customers
in the
region."

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- is a premier USUS$8.8
billion global supplier of a broad range of integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs approximately 29,000 people
at more than 120 manufacturing facilities in 25 countries.
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2007
Dominion Bond Rating Service assigned a rating of BB (low) to
the USUS$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  DBRS says the trend is stable.

As reported on on Feb. 6, 2007, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

    -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
       LGD-2, 18%

    -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
       LGD-4, 64%

    -- Probability of Default to Ba3 from Ba2

    -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
       LGD-4, 64%

Arvin Capital I

    -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

    -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
       LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


LEAR CORP: S&P Upgrades Corporate Credit Rating to B+ from B
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
Lear Corp. to 'B+' from 'B' and removed the ratings from CreditWatch with
positive implications where they were placed on July 17, 2007.  The
upgrade follows the termination of the agreement to purchase Lear by Carl
Icahn-controlled American Real Estate Partners, L.P., which would have
added US$1.5 billion of debt to Lear's balance sheet.  The outlook is
negative.

The upgrade reflects our view that absent the increase in Lear's
leverage, the company's credit profile will remain consistent with the
'B+' rating.  The rating agency does not expect any near-term shifts in
the company's business or financial strategies now that Lear will remain
independent.  Although S&P does not expect a second attempt to acquire
Lear, we note that AREP currently owns or controls about 20% of Lear, and
Carl Icahn's ability to purchase the remainder without triggering the
change of control language in most of the rated public debt remains in
effect.

The Southfield, Mich.-based auto supplier had total debt of about US$3.5
billion at March 31, 2007, including the present value of operating leases
and underfunded employee benefit liabilities.

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

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


PETROLEOS DE VEENZUELA: Denies Chaos in Siembra Petrolera
---------------------------------------------------------
Venezuelan Energy Minister and state-run oil firm Petroleos de Venezuela
SA's President Rafael Ramirez has denied to Prensa Latina the rumors of
chaos in the Siembra Petrolera project in saying that the goal is to
overcome an operational emergency and meet production plans.

Prensa Latina relates that Miniter Ramirez disclosed "a bid to contract
about 50 oil drills for old areas plus 50 to 56" to improve Orinoco
operations.

According to Prensa Latina, Venezuela has plans to boost growth in Orinoco.

Meanwhile, the "Carabobo block is ready," Minister Ramirez told Prensa
Latina.

The report says that Venezuela hopes to confirm existence of 260 billion
barrels that would increase its reserves to 316 billion and make it
surpass Saudi Arabia and become the world's top oil reserve.

The drills purchased in China will arrive in September or November this
year.  They will be assembled at Petroleos de Venezuela-Industrial plant,
Minister Ramirez told Prensa Latina.

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

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


PETROLEOS DE VENEZUELA: Lacks Oil Drilling Rigs, Says Minister
--------------------------------------------------------------
Venezuelan Energy Minister Rafael Ramirez told news daily El Universal
that state-owned oil firm Petroleos de Venezuela SA is struggling with an
"operational emergency" as it was unable to hire enough oil drilling rigs.

Petroleos de Venezuela must hire more drilling rigs to meet increasing
production goals, El Universal says, citing Minister Ramirez.

According to The Associated Press, Minister Ramirez commented, "There's
effectively an operational emergency and the board (of directors)
determined this because if we do not accelerate the tender process, a
situation is going to arise that could prevent production plans from being
reached."

According to the AP, some industry regulators connect the rig deficit to
decreasing crude output.

Venezuela's oil production dropped to 2.37 million barrels per day this
year, from 2.6 million barrels a day last year, the AP notes, citing
Paris-based International Energy Agency, which collects and analyzes
statistics related to the global oil market.

Meanwhile, Venezuela claims that its daily oil output is over three
million barrels, the AP says.

"We hope to reach 3.2 million barrels by the end of the year," Minister
Ramirez told the AP.

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

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


                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande de los Santos, and
Christian Toledo, Editors.

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

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