TCRLA_Public/070727.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, July 27, 2007, Vol. 8, Issue 148

                          Headlines

A R G E N T I N A

ALITALIA SPA: Italian Government May Revive Stake Sale Process
BOSTON SCIENTIFIC: Moody's Cuts Sr. Unsecured Debt Rating to Ba2
BRISTA SA: Trustee Verifies Proofs of Claim Until Oct. 1
ESTABLECIMIENTO MADERERO: Trustee Filing General Report Today
FRIGORIFICO INDUSTRIAL: Seeks for Reorganization Okay in Court

INDUSTRIAS METALURGICAS: Fitch Assigns B Local & Foreign IDR
PANIFICACION EL MUNDO: Claims Verification Deadline Is Today
PICLAR SRL: Proofs of Claim Verification Is Until Sept. 12
SADYE SA: Proofs of Claim Verification Is Until June 30
SOCIEDAD ITALIANA: Proofs of Claim Verification Ends Today

VICENTE LOPEZ: Proofs of Claim Verification Deadline Is Sept. 21
W.R. GRACE: Earns US$20.5 Million in Second Quarter 2007


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 LATIN: Proofs of Claim Filing Is Until Aug. 2
ARCH CAPITAL: Earns US$199.4 Million in Second Quarter 2007
ASPEN INSURANCE: Prakash Melwani & Kamil Salame To Leave Board
JUPITER POWER: Sets Final General Meeting for July 30
MONTPELIER RE: Earns US$51.5 Million for Quarter Ended June 30


B R A Z I L

ALSTOM: Supplying 360 Subway Cars to New York for EUR500 Million
AMERICAN AIRLINES: Applies for U.S. Antitrust Immunity
AMERICAN AIRLINES: Offers Discount for LatAm Flights
BANCO BGN: Moody's Puts Ba3 Local & Foreign Currency Ratings
BUCKEYE TECH: Establishes US$200 Million Senior Credit Facility

BUCKEYE TECHNOLOGIES: Earns US$6.6 Mln in Quarter Ended March 31
BUCKEYE TECHNOLOGIES: Eyes Improvement in Second Quarter Results
FERRO CORP: Increasing Metallic & Aqueous Stearates Prices
FIAT SPA: Earns EUR1 Billion for First Half Ended June 30, 2007
FIAT SPA: Appoints New Members to Board of Directors

GP INVESTMENTS: Fitch Revises B Ratings Outlook to Positive
PETROLEO BRASILEIRO: Filing Appeal to Regulator's BRL1.30B Fine


C A Y M A N   I S L A N D S

ADVANCE: Proofs of Claim Filing Is Until Aug. 23
BEAUTY POINT: Proofs of Claim Filing Ends on Aug. 23
BOSS CAYMAN: Proofs of Claim Filing Is Until Aug. 23
CORFE HOLDINGS: Proofs of Claim Filing Ends on Aug. 23
DEMIFLOR LIMITED: Proofs of Claim Filing Deadline Is Aug. 23

DIAMOND PARTNERS: Proofs of Claim Filing Is Until Aug. 23
EUREKA INTERACTIVE: Proofs of Claim Filing Ends on Aug. 31
GARDEN INVESTMENTS: Proofs of Claim Filing Deadline Is Aug. 23
GLOBAL LOAN: Proofs of Claim Filing Is Until Aug. 23
MB FUNDING: Proofs of Claim Filing Deadline Is Aug. 23

PLAZA GLOBAL: Proofs of Claim Filing Ends on Aug. 23
Q INVESTMENT: Proofs of Claim Filing Is Until Aug. 23
SCARBOROUGH STATION: Proofs of Claim Filing Ends on Aug. 23
SHINSEI FUNDING: Proofs of Claim Filing Deadline Is Aug. 23
STONE CREEK: Proofs of Claim Filing Ends on Aug. 23

STUYVESANT CDO: Proofs of Claim Filing Is Until Aug. 23
UFJ CAPITAL FINANCE: Proofs of Claim Filing Deadline Is Aug. 23
UFJ CAPITAL FINANCE 2: Proofs of Claim Filing Is Until Aug. 23
UFJ CAPITAL FINANCE 3: Proofs of Claim Filing Ends on Aug. 23
URANUS LIMITED: Proofs of Claim Filing Deadline Is Aug. 23


C H I L E

AES CORP: Unit Discloses Standard for US Greenhouse Gas Credits
BOSTON SCIENTIFIC: Moody’s Pares Unsecured Debt Rating to Ba2
ROCK-TENN: Earns US$25.2 Million in 2007 Third Fiscal Quarter


C O L O M B I A

BANCOLOMBIA: Raises COP928 Billion from Public Offering
BRIGHTPOINT INC: Credit Suisse Puts Outperform Rating on Firm
TRANSPORTADORA DE GAS: S&P Assigns BB Corporate Credit Rating


D O M I N I C A N   R E P U B L I C

JETBLUE AIRWAYS: Launches 15-Day Travel Promo


E L   S A L V A D O R

* EL SALVADOR: S&P Affirms Low B Sovereign Credit Ratings


G U A T E M A L A

IMAX CORP: S&P Affirms Corporate Credit Rating at CCC+


J A M A I C A

DIGICIEL: Continues To Enhance Hurricane Preparedness Program

* JAMAICA: State Firm Accepting Offers for Wigton Windfarm


M E X I C O

BAUSCH & LOMB: Declares Quarterly Dividend of US$0.13 Per Share
CABLEMAS: Using Allot's Bandwidth Management Software
EMI GROUP: Terra Firma Extends GBP2.4 Bln Offer to July 29
FORD MOTOR: Seeks Concessions as Labor Talks with UAW Start
FEDERAL-MOGUL: Earns US$4 Mil. in Second Quarter Ended June 30

GENERAL MOTORS: Deal Hits Snag as Firms Shelve US$3.1B Debt Sale
GENERAL MOTORS: Seeks Concessions as Labor Talks with UAW Start
GRUPO TMM: Subsidiary Acquires Automobile Transportation Assets


N I C A R A G U A

XEROX CORP: Total Revenue Increases 6% in Second Quarter 2007


P E R U

DOE RUN: Launches Plant Construction Works at La Oroya Smelter


P U E R T O   R I C O

MICRON TECHNOLOGY: Gordon Smith Resigns as Director


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Completes Sale of Eight European Hotels
HILTON HOTELS: Inks First Doubletree Hotel Agreement in Europe


V E N E Z U E L A

DAIMLERCHRYSLER: Chrysler Aims to Cut Costs as Labor Talks Begin
HARVEST NATURAL: May Consolidate Assets in Venezuela
HARVEST NATURAL: Says Venezuelan Firm's Rig Problems Temporary
PETROLEOS DE VENEZUELA: Launching Tender To Acquire 56 Rigs
PETROLEOS DE VENEZUELA: Rig Problems Temporary

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ALITALIA SPA: Italian Government May Revive Stake Sale Process
--------------------------------------------------------------
The Italian government may relaunch the process to sell its 39.9% stake in
Alitalia S.p.A. on less restrictive conditions, Thomson Financial reports
citing local daily La Repubblica.

According to La Repubblica, if Italy relaunches the sale process, it may
impose lesser conditions, though it may still require the buyer to inject
fresh capital into Alitalia.

Former bidders TPG Capital, MatlinPatterson Global Advisers LLC and
Mediobanca S.p.A., The Times relates, reaffirmed their interest to acquire
Italy's stake but only if the government relaxes its conditions.

The private equity firms also outlined several conditions for it to revive
its bid, The Times reports.  The conditions include:

   -- flexibility to close non-profitable routes and open
      others;

   -- clearance to invite more Italian partners so that 51% of
      the new Alitalia is owned by Italian shareholders, thus
      keeping existing landing rights intact.

The private equity firms are also seeking permission to hold talks with
Alitalia's unions before submitting an offer.

The government terminated the sale process after AP Holding S.p.A., a
consortium of AirOne S.p.A. and Intesa-San Paolo S.p.A., withdrew its bid
to acquire the stake.  AP Holding said that after reviewing the terms and
conditions of the sale, it will not submit a binding offer for the stake.

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

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

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

                        About Alitalia

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

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


BOSTON SCIENTIFIC: Moody's Cuts Sr. Unsecured Debt Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded the credit ratings of Boston
Scientific Corporation.  The company's senior unsecured debt rating was
downgraded to Ba2 from Baa3 and its short-term debt rating was downgraded
to Not Prime from Prime-3.

At the same time, Moody's assigned a Ba1 Corporate Family Rating to the
company.  The rating outlook is negative.  This concludes Moody's rating
review that was initiated on May 9, 2007.

This rating action primarily reflects these concerns:

   (1) second quarter results continue to show lower than
       expected cash flows;

   (2) the lack of definitive action related to material asset
       sales, which could provide financial flexibility;

   (3) the potential for regulatory and litigation matters to
       further impinge on liquidity; and

   (4) the potential for covenant violations under its bank
       agreement over the next twelve months.

"Boston Scientific's cash flows no longer comfortably support its high
debt levels, resulting in a downgrade to below investment grade," Diana
Lee, a Senior Credit Officer at Moody's said.

"Persistent weakness in the DES market and inability to gain consistent
traction in ICD sales contribute to Moody's concerns regarding the
company's cash flows," said Lee.

The negative outlook reflects concerns that uncertain sales recovery in
key product lines and heightened competition in 2008 could contribute to
even lower operating cash flows.  The negative outlook also considers the
possibility that Boston Scientific may face greater liquidity challenges
as upcoming cash payments (including litigation, bank amortization and
milestone payments) may occur at the same time that the company faces
potential covenant violations.

The US senior unsecured notes held at Boston Scientific Corporation are
structurally subordinated to the (unrated) non-US bank debt held at its
foreign subsidiary.  Before this rating action, Moody's did not heavily
weigh the issue of structural subordination in its rating of Boston
Scientific's US senior notes; however, the effects of structural
subordination are now reflected in the company's ratings because of the
application of Moody's LGD Rating Methodology.  Using our LGD analysis,
the senior unsecured notes are now notched below the Ba1 CFR.

Ratings assigned:

   * Boston Scientific Corporation:

   -- Ba1 Corporate Family Rating
   -- Ba1 PDR
   -- SGL-3 Speculative Grade Liquidity Rating

Ratings downgraded:

Boston Scientific Corporation:

   -- Sr. Unsecured Notes to Ba2, LGD5, 75% from Baa3
   -- Senior Shelf to (P)Ba2 from (P) Baa3
   -- Subordinated Shelf to (P)Ba2 from (P)Ba1

Short-term rating to Not-Prime from Prime-3 (This rating will be withdrawn
subsequent to the downgrade.)

Rating confirmed:

Boston Scientific Corporation:

   -- Preferred Stock Shelf at (P)Ba2

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 and cardiac rhythm management devices.  The
company has offices in Argentina, France, Germany, and Japan, among
others.


BRISTA SA: Trustee Verifies Proofs of Claim Until Oct. 1
--------------------------------------------------------
Flora Marcela Pazos, the court-appointed trustee for Brista SA's
reorganization proceeding, verifies creditors' proofs of claim on Oct. 1,
2007.

Ms. Pazos will present the validated claims in court as individual reports
on Nov. 13, 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 Brista 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 Brista's accounting and banking
records will be submitted in court on Dec. 27, 2007.

The informative assembly will be held on July 16, 2008.
Creditors will vote to ratify the completed settlement plan during the
assembly.

The trustee can be reached at:

         Flora Marcela Pazos
         Montevideo 527
         Buenos Aires, Argentina


ESTABLECIMIENTO MADERERO: Trustee Filing General Report Today
-------------------------------------------------------------
Alfredo Alberto A. Figliomeni, the court-appointed trustee for
Establecimiento Maderero El Bayano SA's bankruptcy proceeding, will file
in the National Commercial Court of First Instance in Buenos Aires a
general report that contains an audit of the company's accounting and
banking records on July 27, 2007.

Mr. Figliomeni verified creditors' proofs of claim until
March 26, 2007.

Mr. Figliomeni also presented the validated claims in court as individual
reports on May 28, 2007.

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

The debtor can be reached at:

         Establecimiento Maderero El Bayano SA
         Avelino Diaz 42
         Buenos Aires, Argentina

The trustee can be reached at:

         Alfredo Alberto A. Figliomeni
         Agrelo 4240
         Buenos Aires, Argentina


FRIGORIFICO INDUSTRIAL: Seeks for Reorganization Okay in Court
--------------------------------------------------------------
Frigorifico Industrial Pehuajo S.A. has filed a reorganization petition in
the National Commercial Court of First Instance in Buenos Aires after
failing to pay its liabilities.

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

The debtor can be reached at:

          Frigorifico Industrial Pehuajo S.A.
          Montevideo 451
          Buenos Aires, Argentina


INDUSTRIAS METALURGICAS: Fitch Assigns B Local & Foreign IDR
------------------------------------------------------------
Fitch Ratings has assigned a foreign and local currency Issuer Default
Rating of 'B' to Industrias Metalurgicas Pescarmona S.A.I.C. Y F (IMPSA).
In conjunction with this rating action, Fitch has assigned an expected
rating of 'B' and 'A-(arg)' to the company's proposed US$250 million
amortizing notes due in 2017.  These notes have also been assigned a
Recovery Rating (RR) of 'RR4', which is consistent with an anticipated
recovery of 30%-50% in the event of a default. Concurrent with these
actions, Fitch has affirmed IMPSA's National Scale Rating at 'A-(arg)'.
IMPSA ratings have a Stable Outlook.

IMPSA's credit ratings are supported by strong global demand for
hydroelectric and wind technology and equipment.  The increased
attractiveness of renewable energy sources has boosted IMPSA's backlog to
US$1.7 billion as of May 2007 from US$481 million as of April 2006.  Also
considered in the company's ratings are IMPSA's geographic revenue and
asset diversification, and its ability to generate funds in hard currency.
For the fiscal year ended Jan. 31, 2007, U.S. dollar denominated sales
accounted for approximately 65% of its total income.  This percentage
should increase in the future due to the composition of most of the
company's backlog.

Balanced against these strengths are the company's high leverage, the
concentration of its cash generation in a few large projects and the
correlation of IMPSA's cash flow with the strength of the local economies
in its key markets - namely Brazil, Venezuela, Colombia, and Malaysia.
While market conditions are considered favorable for IMPSA at this moment,
a sudden downturn in the industry would negatively impact IMPSA's ability
to add new contracts.  Additionally, even though Argentina is not an
important sales market for IMPSA, an increase in economic uncertainty in
that country could lead to a decline in backlog as potential customers shy
away from doing business with the company due to concerns about its
ability to finance working capital needs.

For the twelve months ended Jan. 31, 2007, IMPSA's revenues grew to US$267
million from US$236 million.  This growth in sales was a result of the
maturation of several projects.  For the fiscal year ended Jan. 31, 2007,
IMPSA generated US$57 million of EBITDA, an increase from US$42 million in
FY 2006.  During this time period the company's funds flow from operations
remained relatively flat at US$25 million.  IMPSA's cash flow from
operations, was negative US$32 million due to large working capital
requirements that were needed to fund the development of several projects.
To finance this shortfall IMPSA obtained funds from private placements.

As of Jan. 31, 2007, IMPSA had US$282 million of total debt and US$28
million of cash and marketable securities.  These figures translate into a
total debt-to-capitalization of 75% and a net debt-to-EBITDA ratio of
4.5x.  This high level of leverage is consistent with the 'B' rating
category.  IMPSA intends to use the proceeds of the proposed US$250
million notes to: (i) repurchase US$134 million of series 8 and 11 bonds
at their call price of 85%, (ii) cancel series 9 and 12 bonds, and (iii)
repay approximately US$ 100 million private placements and bank loans. The
balance of the proceeds will be used to repay other bank debt.

IMPSA's total debt-to-EBITDA ratio should drop to below 2.5x during 2009
and its debt service ratio (capital + interest) should climb above 1.0x.
This improvement in credit metrics should result from an increase in the
company's EBITDA levels to above US$65 million for FYE January 2008 and
above US$120 million for FY ending January 2009.  The growth in EBITDA
should come from the completion of several projects.  The main hydro
projects are Porce III (Colombia), Bakun (Malaysia), Dardanelos (Brazil),
Simplicio (Brazil), Macagua (Venezuela) and Tocoma (Venezuela).  IMPSA
major wind projects are Caera and Santa Catarina, both located in Brazil.

Industrias Metalurgicas Pescarmona SA aka IMPSA --
http://www.impsa.com.ar/-- is one of the largest worldwide
providers of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.  The company has offices in
Malaysia, China, and Argentina.


PANIFICACION EL MUNDO: Claims Verification Deadline Is Today
------------------------------------------------------------
The court-appointed trustee for Panificacion El Mundo S.R.L.'s bankruptcy
proceeding verifies creditors' proofs of claim until
July 27, 2007.

Infobae didn't say who the trustee is for El Mundo's case.

The trustee will present the validated claims in court as
individual reports on Sept. 11, 2007.  The National Commercial
Court of First Instance in San Miguel de Tucuman 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 Panificacion El Mundo 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 Panificacion El
Mundo's accounting and banking records will be submitted in
court.

Infobae didn't state the general report submission date.

The trustee is also in charge of administering Panificacion El
Mundo's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

        Panificacion El Mundo S.R.L.
        San Miguel de Tucuman
        Tucuman, Argentina


PICLAR SRL: Proofs of Claim Verification Is Until Sept. 12
----------------------------------------------------------
Walter Teixeira Pocas, the court-appointed trustee for Piclar S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Sept. 12,
2007.

Mr. Pocas will present the validated claims in court as individual reports
on Nov. 5, 2007.  The National Commercial
Court of First Instance in Mar del 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 Piclar
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 Piclar's accounting and banking
records will be submitted in court.

Infobae didn't state the reports submission dates.

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

The debtor can be reached at:

          Piclar S.R.L.
          Saavedra 2144, Mar del Plata
          Buenos Aires, Argentina

The trustee can be reached at:

          Walter Teixeira Pocas
          Avenida Luro 3894, Mar del Plata
          Buenos Aires, Argentina


SADYE SA: Proofs of Claim Verification Is Until June 30
-------------------------------------------------------
Jorge Basile, the court-appointed trustee for Sadye SA's bankruptcy
proceeding, is verifying creditors' proofs of claim until July 30, 2007.

The National Commercial Court of First Instance No. 17 in Buenos Aires,
with the assistance of Clerk No. 34, approved a petition for
reorganization filed by Sadye SA, according to a report from Argentine
daily La Nacion.

Mr. Basile will present the validated claims in court as individual
reports.  The court 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 Sadye 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 Sadye's accounting and banking
records will be submitted in court.

La Nacion did not state the reports submission deadlines.

The debtor can be reached at:

         Sadye SA
         Avenida Belgrano 355
         Buenos Aires, Argentina

The trustee can be reached at:

         Jorge Basile
         Uriburu 782
         Buenos Aires, Argentina


SOCIEDAD ITALIANA: Proofs of Claim Verification Ends Today
----------------------------------------------------------
Julio Cesar Omar Ciorciari, the court-appointed trustee for
Sociedad Italiana de Socorros Mutuos' reorganization proceeding,
verifies creditors' proofs of claim until today.

Mr. Ciorciari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Santa Fe will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by on Sociedad
Italiana 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 Sociedad Italiana's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission dates.

The debtor can be reached at:

         Sociedad Italiana de Socorros Mutuos
         Belgrano 660
         San Jeronimo Norte, Santa Fe
         Argentina

The trustee can be reached at:

         Julio Cesar Omar Ciorciari
         San Jeronimo 3079
         Ciudad de Santa Fe, Santa Fe
         Argentina


VICENTE LOPEZ: Proofs of Claim Verification Deadline Is Sept. 21
----------------------------------------------------------------
Zulma Ghigliano, the court-appointed trustee for Vicente Lopez 68 S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Sept. 21,
2007.

Ms. Ghigliano 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 Vicente Lopez 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 Vicente Lopez's accounting and
banking records will be submitted in court on Dec. 17, 2007.

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

The debtor can be reached at:

          Vicente Lopez 68 S.A.
          Aguilar 2476
          Buenos Aires, Argentina

The trustee can be reached at:

          Zulma Ghigliano
          Pasaje Cipoletti 554
          Buenos Aires, Argentina


W.R. GRACE: Earns US$20.5 Million in Second Quarter 2007
--------------------------------------------------------
W.R. Grace & Co. has disclosed its financial results for the second
quarter ended June 30, 2007.

Net income for the second quarter 2007 was US$20.5 million, compared with
a net loss of US$5.2 million in the prior year quarter.  The 2007 and 2006
second quarters were negatively affected by revised estimates of the costs
of environmental remediation, Chapter 11 expenses, litigation and other
matters not related to core operations.  Excluding such costs, and after
tax effects, net income would have been US$48.4 million for the second
quarter of 2007 compared with US$34.1 million calculated on the same basis
for the second quarter of 2006, a 41.9% increase.

Pre-tax income from core operations was US$93.1 million in the second
quarter, compared with US$70.7 million in the prior year quarter, a 31.7%
increase.  Pre-tax operating income of the Grace Davison operating segment
was US$60.6 million, up 30.9% compared with the second quarter of 2006,
attributable principally to sales increases across most product groups and
productivity gains.  Pre-tax operating income of the Grace Performance
Chemicals operating segment was US$58.6 million, up 10.4% compared with
the second quarter of 2006, attributable primarily to higher sales of
construction products (in regions other than North America) and packaging
products worldwide.  Corporate operating costs were US$2.6 million lower
than the second quarter of 2006 due primarily to a decrease in pension
expense attributable to recent plan contributions and higher investment
returns.

Sales for the second quarter were US$812.8 million compared with US$729.1
million in the prior year quarter, an 11.5% increase (8.2% before the
effects of currency translation).  The increase was attributable primarily
to higher selling prices in response to rising raw material costs and to
added sales volume in all geographic regions except North America.  Sales
increased 15.4% for the Grace Davison operating segment and 7.3% for the
Grace Performance Chemicals operating segment.  Geographically, sales were
up 24.3% in Europe, 15.6% in Asia Pacific and 37.2% in Latin America, and
down 5.5% in North America where sales were adversely affected by a lower
level of residential construction in the United States.

Sales for the six months ended June 30, 2007, were US$1,528.4 million,
compared with US$1,387.7 million for the prior year period, a 10.1%
increase (6.8% before the effects of currency translation).  W.R. Grace
recorded net income for the six months ended June 30, 2007 of US$25.3
million, compared with a net loss in the comparable period of 2006 of
US$5.1 million.  Excluding non-core and Chapter 11-related costs (and
after tax effects), net income would have been US$76.5 million for the six
months ended June 30, 2007, compared with US$55.8 million calculated on
the same basis for 2006, a 37.1% increase.  Pre-tax income from core
operations was US$153.7 million for the six months ended June 30, 2007, a
29.7% increase over 2006, primarily attributable to higher sales volume in
all geographic regions and higher selling prices to offset cost inflation,
and from lower overall pension costs.

"We continue to deliver good year-over-year operating performance," said
W.R. Grace’s President and Chief Executive Officer Fred Festa. "We have
been able to capitalize on high growth economies globally, and continue to
be successful in advancing our growth initiatives.  The shift of our
business base to economies outside of the U.S. has been beneficial during
this time of low housing starts in the North American markets."

                      Core Operations

Grace Davison

Second quarter sales for the Grace Davison operating segment, which
includes silica- and alumina-based catalysts and materials used in a wide
range of industrial applications, were US$438.7 million, up 15.4% from the
prior year quarter.  The primary factors contributing to the sales
increase were:

          (1) selling price increases that partially offset
              higher raw material costs;

          (2) higher volume of fluid catalytic cracking
              catalysts in most geographic regions from stronger
              economic activity and from the success of
              strategic growth initiatives; and

          (3) favorable translation effects from sales
              denominated in foreign currencies.

Pre-tax operating income of the Grace Davison operating segment for the
second quarter was US$60.6 million compared with US$46.3 million in the
prior year quarter, a 30.9% increase.  Operating margin was 13.8%,
compared with 12.2% in the prior year quarter.  The improvement in
operating income and margin is principally attributable to higher selling
prices and higher volumes, a better product mix, and successful
productivity initiatives.

Sales of the Grace Davison operating segment for the first six months of
2007 were US$826.4 million, up 12.2% from the same period of 2006.
Year-to-date pre-tax operating income was US$105.6 million, a 28.3%
increase over the first six months of 2006, with operating margins at
12.8% compared with 11.2% last year.  Year-to-date operating results
reflect higher sales in most product groups and in regions other than
North America, partially offset by the negative effects of higher raw
material costs.

Grace Performance Chemicals

Second quarter sales for the Grace Performance Chemicals operating
segment, which includes specialty chemicals and building materials used in
commercial and residential construction and sealants and coatings used in
rigid food and beverage packaging, were US$374.1 million compared with
US$348.8 million in the prior year quarter, up 7.3%.  The primary factors
contributing to the sales increase were:

          (1) higher volume of commercial construction products
              in Europe, Asia Pacific and Latin America, where
              economic activity was favorable and commercial
              initiatives were successful;

          (2) higher volume and selling prices for Darex
              packaging technologies worldwide that partially
              offset raw material cost inflation; and

          (3) favorable translation effects from sales
              denominated in foreign currencies.  Sales of
              construction products in North America were lower
              in the second quarter of 2007 compared with 2006
              primarily due to a nearly 22% decline in housing
              starts in the United States.

Pre-tax operating income for the Grace Performance Chemicals operating
segment was US$58.6 million compared with US$53.1 million for the second
quarter of 2006, a 10.4% increase.  Operating margin of 15.7% was 0.5
percentage points higher than the second quarter of 2006.  The increase in
2007 operating income was primarily a result of sales volume growth in
geographic regions other than North America and selling price increases
that partially offset raw material cost inflation and productivity gains.

Sales of the Grace Performance Chemicals operating segment for the six
months ended June 30, 2007, were US$702.0 million, up 7.8% from 2006.
Year-to-date pre-tax operating income was US$94.8 million compared with
US$87.3 million for the first six months of the prior year, an 8.6%
increase, reflecting higher sales volume globally, selling price increases
and positive results from productivity and cost containment initiatives
which more than offset increases in raw material costs.  Operating margin
of 13.5% was about even with the first six months of last year.

Corporate Operating Costs

Corporate costs related to core operations were US$26.1 million in the
second quarter of 2007 compared with US$28.7 million in the prior year
quarter, and US$46.7 million year-to-date 2007 compared with US$51.1
million in 2006.  The decrease for the quarter and year-to-date are
primarily attributable to lower pension costs from the effect of
contributions made to defined benefit pension plans in recent years and
higher investment returns.

         Pre-Tax Income (Loss) From Non-core Activities

Non-core activities (as reflected in the attached Segment Basis Analysis)
comprise events and transactions not directly related to the generation of
operating revenue or the support of core operations.  The pre-tax loss
from non-core activities was US$21.0 million in the second quarter of 2007
compared with US$42.8 million in the prior year quarter, and US$26.8
million year-to-date 2007 compared with US$62.9 million in 2006.  The
year-to-date loss is principally due to:

          (1) a charge of US$12.0 million in the second quarter
              to adjust W.R. Grace’s estimate of costs to
              resolve environmental remediation claims based on
              recent information exchanged with the U.S.
              Government; and

          (2) defense costs of US$6.3 million related to legal
              proceedings arising from W.R. Grace’s former
              vermiculite mining operations in Montana.

                   Interest and Income Taxes

Interest expense was US$20.3 million for the quarter ended
June 30, 2007, compared with US$19.9 million for the comparable period in
2006, and US$39.7 million year-to-date in 2007 compared with US$35.7
million last year.  The increases are attributable to the effects of
compounding interest on certain liabilities subject to compromise over the
course of the Chapter 11 proceeding.  The annualized weighted average
interest rate on such pre-petition obligations for the quarter was 7.1%.

Income taxes are recorded at a global effective rate of approximately 34%,
applied to pre-tax income from continuing operations before considering
the effects of certain non-deductible Chapter 11 expenses and changes in
estimates for uncertain tax positions.  Income taxes related to foreign
jurisdictions are generally paid in cash, while income taxes in the United
States are generally offset by available net operating loss
carry-forwards.  During the first quarter of 2007, W.R. Grace adopted the
Financial Accounting Standards Board’s Interpretation No. 48, "Accounting
for Uncertainty in Income Taxes" (FIN 48) recording a net US$2.2 million
credit to its opening retained earnings.  During the three months ended
June 30, 2007, W.R. Grace recorded a net reduction of US$10.7 million in
tax expense primarily related to its entitlement to receive interest on
tax refunds resulting from the carry-back of tax losses to prior years.

                     Chapter 11 Proceedings

On April 2, 2001, W.R. Grace and 61 of its United States subsidiaries and
affiliates, including its primary U.S. operating subsidiary W.R. Grace &
Co.–Conn., filed voluntary petitions for reorganization under Chapter 11
of the United States Bankruptcy Code in the United States Bankruptcy Court
for the District of Delaware in order to resolve Grace’s asbestos-related
liabilities.  In January 2005, Grace filed an amended plan of
reorganization and related documents with the Bankruptcy Court.  As part
of determining the confirmability of the Plan, the Bankruptcy Court has
approved a process and timeline for determining the cost to resolve
asbestos-related property damage and personal injury claims.

Expenses (net of interest income) related to W.R. Grace’s Chapter 11
proceedings were US$23.6 million in the second quarter, compared with
US$11.5 million for the second quarter in 2006, reflecting a higher level
of activity in the bankruptcy proceeding related to claims adjudication
and estimation.

Most of W.R. Grace’s non-core liabilities and contingencies (including
asbestos-related litigation, environmental claims and other obligations)
are subject to compromise under the Chapter 11 process.  The Chapter 11
proceedings, including related litigation and the claims valuation
process, could result in allowable claims that differ materially from
recorded amounts.  W.R. Grace will adjust its estimates of allowable
claims as facts come to light during the Chapter 11 process that justify a
change, and as Chapter 11 proceedings establish court-accepted measures of
W.R. Grace’s non-core liabilities.

                   Cash Flow and Liquidity

W.R. Grace’s net cash outflow from operating activities for the six months
ended June 30, 2007, was US$1.1 million, compared with a net cash inflow
of US$11.1 million for 2006.  The increase in net cash outflow from
operating activities was principally attributable to higher contributions
to pension plans, dividends to joint venture partners and cash paid to
resolve certain Chapter 11 contingencies.  Pre-tax income from core
operations before depreciation and amortization was US$208.9 million for
the six months ended June 30, 2007, 19.4% higher than in the prior year, a
result of the higher pre-tax income from core operations described above.
Net cash used for investing activities was US$74.1 million for the six
months ended June 30, 2007, which primarily relates to routine capital
improvements, capacity expansion at two sites in the United States and an
investment in a short-term U.S. Government debt security.

At June 30, 2007, W.R. Grace had available liquidity in the form of cash
and cash equivalents of US$494.3 million, marketable securities of US$28.1
million, net cash value of life insurance of US$91.5 million, available
credit under its debtor-in-possession facility of US$189.4 million, and
available credit under various non-U.S. credit facilities equivalent to
US$63.7 million.  W.R. Grace believes that these sources and amounts of
liquidity are sufficient to support its business operations, strategic
initiatives and Chapter 11 proceedings for the foreseeable future.

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expires on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000,
resulting to a stockholders deficit of US$568,700,000.




=============
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 on Feb. 16, 2007,
Fitch Ratings may downgrade Harrah's Entertainment Inc.'s Issuer
Default Rating into the 'B' category from its current 'BB+' rating based
on the planned capital structure for its leveraged buyout by Apollo
Management and Texas Pacific Group, which was outlined in its preliminary
proxy statement.




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


AIG LATIN: Proofs of Claim Filing Is Until Aug. 2
-------------------------------------------------
AIG Latin America Equity Partners Ltd.'s creditors are given until Aug. 2,
2007, to prove their claims to Mark Waddington, 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.

AIG Latin's shareholders agreed on July 5, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Mark Waddington
         American International Building
         29 Richmond Road, Pembroke
         Bermuda


ARCH CAPITAL: Earns US$199.4 Million in Second Quarter 2007
-----------------------------------------------------------
Arch Capital Group Ltd.'s net income available to common shareholders for
the 2007 second quarter was US$199.4 million, compared to US$137.8 million
for the 2006 second quarter, and US$397.9 million for the six months ended
June 30, 2007, compared to US$267.5 million for the 2006 period.

Arch Capital reported after-tax operating income available to common
shareholders of US$209.0 million for the 2007 second quarter, compared to
US$171.0 million for the 2006 second quarter, and US$416.4 million for the
six months ended
June 30, 2007, compared to US$314.1 million for the 2006 period.

Arch Capital's after-tax operating income available to common shareholders
represented a 24.5% annualized return on average common equity for the
2007 second quarter, compared to 26.1% for the 2006 second quarter, and
25.1% for the six months ended
June 30, 2007, compared to 24.3% for the 2006 period.  After-tax operating
income available to common shareholders, a non-GAAP measure, is defined as
net income available to common shareholders, excluding net realized gains
or losses and net foreign exchange gains or losses, net of income taxes.

Arch Capital's book value per common share, including the effects of share
repurchases, increased to US$47.41 at
June 30, 2007, from US$43.97 per share at Dec. 31, 2006.  Gross and net
premiums written for the 2007 second quarter were US$1.10 billion and
US$757.9 million, respectively, compared to US$1.14 billion and US$794.6
million, respectively, for the 2006 second quarter, and US$2.31 billion
and US$1.63 billion, respectively, for the six months ended June 30, 2007,
compared to US$2.30 billion and US$1.67 billion, respectively, for the
2006 period.  The company’s combined ratio was 84.1% for the 2007 second
quarter, compared to 86.3% for the 2006 second quarter, and 83.9% for the
six months ended June 30, 2007, compared to 87.2% for the 2006 period.
All per share amounts discussed are on a diluted basis.

The company’s underwriting results:

               (Unaudited)           (Unaudited)
            Three Months Ended   Six Months Ended
                 June 30,             June 30,
                     (U.S. dollars in thousands)
             2007    2006      2007    2006

Gross
premiums
written
        US$1,102,210  US$1,136,274   US$2,312,824   US$2,304,088

Net
premiums
written
             757,895     794,558      1,629,640    1,668,277
Net
premiums
earned
             751,412     797,450      1,496,905   1,559,051
Underwriting
income
             120,295     112,214   244,893     202,442

Combined
ratio     84.1%       86.3%     83.9%       87.2%

On an after-tax basis, the company’s consolidated financial data,
including a reconciliation of after-tax operating income available to
common shareholders to net income available to common shareholders and
related diluted per share results:

                    (Unaudited)    (Unaudited)
             Three Months Ended     Six Months Ended
                      June 30,      June 30,
           (U.S. dollars in thousands, except per share data)             
2007   2006   2007   2006

After-tax
operating
income
available
to common
shareholders
             US$209,002   US$171,036   US$416,374   US$314,117
Net realized
losses, net
of tax
                (2,791)      (31,458)   (2,005)     (34,370)
Net foreign
exchange
losses,
net of tax
                (6,817)  (1,730)  (16,424)    (12,27)
Net income
available
to common
shareholders
             US$199,394   US$137,848   US$397,945   US$267,471

Diluted per common share results:
After-tax
operating
income
available
to common
shareholders
                US$2.78  US$2.24   US$5.48    US$4.13
Net realized
losses, net
of tax
                  (0.04)    (0.41)     (0.03)      (0.45)
Net foreign
exchange
losses,
net of tax
                  (0.09)    (0.02)     (0.21)      (0.16)
Net income
available
to common
shareholders
                US$2.65  US$1.81   US$5.24    US$3.52
Weighted average common shares and common share equivalents outstanding –
diluted

             75,254,846    76,155,438   75,947,858   76,014,819
The combined ratio represents a measure of underwriting profitability,
excluding investment income, and is the sum of the loss ratio and expense
ratio.  A combined ratio under 100% represents an underwriting profit and
a combined ratio over 100% represents an underwriting loss.  The combined
ratio of the company’s insurance and reinsurance subsidiaries consisted of
a loss ratio of 56.6% and an underwriting expense ratio of 27.5% for the
2007 second quarter, compared to a loss ratio of 58.0% and an underwriting
expense ratio of 28.3% for the 2006 second quarter.  The combined ratio of
the company’s insurance and reinsurance subsidiaries consisted of a loss
ratio of 56.5% and an underwriting expense ratio of 27.4% for the six
months ended June 30, 2007, compared to a loss ratio of 59.7% and an
underwriting expense ratio of 27.5% for the 2006 period.  The loss ratio
of 56.6% for the 2007 second quarter was comprised of 34.4 points of paid
losses, 7.6 points related to reserves for reported losses and 14.6 points
related to incurred but not reported reserves.

In establishing the reserves for losses and loss adjustment expenses, the
company has made various assumptions relating to the pricing of its
reinsurance contracts and insurance policies and also has considered
available historical industry experience and current industry conditions.
The company’s reserving method to date has been, to a large extent, the
expected loss method, which is commonly applied when limited loss
experience exists. Any estimates and assumptions made as part of the
reserving process could prove to be inaccurate due to several factors,
including the fact that limited historical information has been reported
to the company through June 30, 2007.

Consolidated cash flow provided by operating activities for the 2007
second quarter was US$273.9 million, compared to US$400.0 million for the
2006 second quarter, and US$677.0 million for the six months ended June
30, 2007, compared to US$823.2 million for the 2006 period.  The lower
level of operating cash flows in the 2007 periods primarily resulted from
a higher level of payments by the company’s reinsurance operations to
Flatiron Re Ltd. and an increase in paid losses as the company’s insurance
and reinsurance loss reserves have continued to mature.

Net investment income was US$117.3 million for the 2007 second quarter,
compared to US$90.5 million for the 2006 second quarter, and US$230.0
million for the six months ended
June 30, 2007, compared to US$170.8 million for the 2006 period.  The
increase in net investment income in the 2007 periods primarily resulted
from a higher level of average invested assets and an increase in the
pre-tax investment income yield to 4.99% for the 2007 second quarter,
compared to 4.53% for the 2006 second quarter, and 4.97% for the six
months ended
June 30, 2007, compared to 4.44% for the 2006 period.  The company’s
investment portfolio, which mainly consists of high quality fixed income
securities, had an average Standard & Poor’s quality rating of "AA+" at
June 30, 2007, compared to "AAA" at Dec. 31, 2006.  The average effective
duration of the company’s investment portfolio was 3.3 years at June 30,
2007, compared to 3.2 years at Dec. 31, 2006.

For the 2007 second quarter, the effective tax rates on income before
income taxes and pre-tax operating income were 2.8% and 3.0%,
respectively, compared to 9.1% and 7.6%, respectively, for the 2006 second
quarter.  For the six months ended
June 30, 2007, the effective tax rates on income before income taxes and
pre-tax operating income were 3.4% and 3.8%, respectively, compared to
8.6% and 7.5%, respectively, for the 2006 period.  The reduction in the
effective tax rate on pre-tax operating income available to common
shareholders in the 2007 periods, compared to the 2006 periods, primarily
resulted from a change in the relative mix of income reported by
jurisdiction. The company’s effective tax rates may fluctuate from period
to period based on the relative mix of income reported by jurisdiction
primarily due to the varying tax rates in each jurisdiction.  The
company’s quarterly tax provision is adjusted to reflect changes in its
expected annual effective tax rates, if any.  During the 2007 second
quarter, the company reduced its estimated annual effective tax rate on
pre-tax operating income.  The impact of applying the lower effective tax
rate on pre-tax operating income for the 2007 first quarter increased the
company’s after-tax results for the 2007 second quarter by US$2.2 million,
or US$0.03 per share.  The company currently expects that its annual
effective tax rate on pre-tax operating income available to common
shareholders for 2007 will be in the range of 3.0% to 5.0%.

Net foreign exchange losses for the 2007 second quarter of US$6.5 million
consisted of net unrealized losses of US$5.9 million and net realized
losses of $0.6 million, compared to net foreign exchange losses for the
2006 second quarter of US$1.1 million, which consisted of net unrealized
losses of US$0.1 million and net realized losses of US$1.0 million.  Net
foreign exchange losses for the six months ended June 30, 2007, of US$16.2
million consisted of net unrealized losses of US$23.1 million and net
realized gains of US$6.9 million, compared to net foreign exchange losses
for the 2006 period of US$11.4 million, which consisted of net unrealized
losses of US$8.0 million and net realized losses of US$3.4 million.  Net
unrealized foreign exchange gains or losses result from the effects of
revaluing the company’s net insurance liabilities required to be settled
in foreign currencies at each balance sheet date.  The company holds
investments in foreign currencies which are intended to mitigate its
exposure to foreign currency fluctuations in its net insurance
liabilities.  However, changes in the value of such investments due to
foreign currency rate movements are reflected as a direct increase or
decrease to shareholders’ equity and are not included in the statement of
income.

Diluted weighted average common shares and common share equivalents
outstanding, used in the calculation of after-tax operating income and net
income per common share, were 75.3 million in the 2007 second quarter,
compared to 76.2 million in the 2006 second quarter, and 75.9 million for
the six months ended June 30, 2007, compared to 76.0 million in the 2006
period.  The lower level of weighted average shares outstanding in the
2007 periods was primarily due to the weighted average impact of share
repurchases as discussed below, partially offset by increases in the
dilutive effects of stock options and non-vested restricted stock
calculated using the treasury stock method and the exercise of stock
options.  Under the treasury stock method, the dilutive impact of options
and non-vested stock on diluted weighted average shares outstanding
increases as the market price of the company’s common shares increases.

On Feb. 28, 2007, Arch Capital’s Board of Directors authorized the
investment of up to US$1 billion in Arch Capital’s common shares through a
share repurchase program.  Repurchases under the program may be effected
from time to time in open market or privately negotiated transactions
through February 2009.  Through June 30, 2007, the company repurchased 3.6
million common shares under the share repurchase program for an aggregate
purchase price of US$255.0 million.  As a result of share repurchase
transactions, book value per common share was reduced by US$1.10 per share
at June 30, 2007, and weighted average shares outstanding for the 2007
second quarter and six months ended June 30, 2007, were reduced by 1.8
million and 1.0 million shares, respectively.  The timing and amount of
the repurchase transactions under this program will depend on a variety of
factors, including market conditions and corporate and regulatory
considerations.

At June 30, 2007, the company’s capital of US$4.0 billion consisted of
US$300.0 million of senior notes, representing 7.5% of the total, US$325.0
million of preferred shares, representing 8.1% of the total, and common
shareholders’ equity of $3.38 billion, representing the balance.  The
increase in the company’s capital during 2007 of US$113.4 million was
primarily attributable to operating income for 2007, partially offset by
US$255.0 million of share repurchases during the period and an after-tax
decrease in the fair value of the company’s investment portfolio.  The
decrease in the fair value of the investment portfolio was primarily due
to an increase in the level of interest rates in the 2007 second quarter.

Headquartered in Bermuda, Arch Capital Group Ltd. (NASDAQ: ACGL)
-- http://www.archcapgroup.bm-- is a public limited liability
company, which provides insurance and reinsurance on a worldwide
basis through operations in Bermuda, the United States, Europe
and Canada.  It provides a range of property and casualty
insurance and reinsurance lines, and focus on writing specialty
lines of insurance and reinsurance.  Arch Capital classifies its
business into two underwriting segments: reinsurance and
insurance.  The company's reinsurance operations are conducted
on a worldwide basis through its reinsurance subsidiaries, Arch
Reinsurance Ltd. and Arch Reinsurance Company.  The company's
insurance operations in Bermuda are conducted through Arch
Insurance (Bermuda), a division of Arch Re Bermuda, which has an
office in Hamilton, Bermuda.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 15, 2006, A.M. Best assigned these ratings on to Arch
Capital's debts:

   -- "bb+" from "bb" on US$200 million 8% non-cumulative
      Series A preferred shares; and

   -- to "bb+" from "bb" on US$125 million 7.875% non-cumulative
      Series B preferred shares.


ASPEN INSURANCE: Prakash Melwani & Kamil Salame To Leave Board
--------------------------------------------------------------
Aspen Insurance Holdings Limited reported that Prakash Melwani and Kamil
Salame will be stepping down from the Board.  Mr. Melwani is a Senior
Managing Director of Blackstone’s Private Equity Group and Mr. Salame is a
partner of DLJ Merchant Banking Partners.  Blackstone and DLJ Merchant
Banking Partners no longer own stakes in Aspen Insurance after selling
their remaining interests on July 3, 2007.

Richard Bucknall and Matthew B. Botein will be joining the Board as
Non-Executive Directors.  Mr. Bucknall will chair the company’s
Compensation Committee and will also sit on the company’s Audit Committee.
Mr. Botein will be a member of the company’s Compensation Committee,
Corporate Governance and Nominating Committee and Investment Committee.

Mr. Bucknall brings an exceptional background in insurance broking to
Aspen.  Mr. Bucknall recently retired from the Willis Group where he was
Vice Chairperson and earlier held roles as Group Chief Operating Officer
and Chairperson/Chief Executive Officer of Willis Limited.  He was
responsible for leading the development of Willis’ international network
and played a crucial role in various strategic acquisitions.  Mr. Bucknall
is currently a Non-Executive Director of FIM Services Limited.  He is a
Fellow of the Chartered Insurance Institute.

Mr. Botein is a Managing Director and member of the Management Committee
at Highfields Capital Management, a Boston-based investment management
firm with in excess of US$10 billion under management.  At Highfields, he
is responsible for the firm's investments in the financial services
industry.  Prior to joining Highfields, he was a Principal in the private
equity department of The Blackstone Group.  He currently serves on the
boards of Cyrus Reinsurance Holdings Limited, a "sidecar" Highfields
formed with XL Capital, and Integro Limited, an insurance broker, and
previously was a member of the board of Aspen from its formation until
2003.  He is a graduate of Harvard College and Harvard Business School.

Aspen Insurance Chief Executive Officer Chris O’Kane commented, "Both
Prakash Melwani and Kamil Salame are excellent examples of how private
equity can contribute to a company's vision and maturity, and I want to
thank them for their time and personal commitment during their tenure on
the Board.  I am also delighted that Matt Botein is rejoining the Board.
He knows Aspen well and I welcome the opportunity to work with him again.
The addition of Richard Bucknall, an experienced and knowledgeable
insurance broker provides a fresh perspective as we continue to develop
and evolve."

Aspen Insurance Chairperson Glyn Jones noted, "Prakash Melwani and Kamil
Salame have been instrumental in helping to shape and position Aspen since
our formation five years ago and I would like to thank them both for their
contribution.  It has been a pleasure to work with them.  Both Matt Botein
and Richard Bucknall bring a wealth of business experience in the
insurance industry to our Board which I believe will be invaluable as we
continue to grow our business globally."

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) (BSX: AHL BH) is the holding company of the
Aspen Group the principal operating entities of which are Aspen
Insurance UK Limited and Aspen Insurance Limited, both rated A2
for insurance financial strength.  At the end of September 2006,
Aspen Group reported net income of US$259 million and
shareholders' equity of US$2.3 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba1 rating to the proposed
US$200 million Perpetual Non-Cumulative Preference Shares to be
issued by Aspen Insurance Holdings Limited, the existing
perpetual "PIERS" of which were rated Ba1 by Moody's.


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

         Canon's Court
         22 Victoria Street
         Bermuda

These matters will be taken up during the meeting:

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

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

     -- passing of a resolution dissolving the company.


MONTPELIER RE: Earns US$51.5 Million for Quarter Ended June 30
--------------------------------------------------------------
Montpelier Re Holdings Ltd. 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%, 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.

Montpelier Re Chairperson and Chief Executive Officer Anthony Taylor
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."

Fully converted book value per share at June 30, 2007, is based on total
shareholders' equity at June 30, 2007, divided by common shares
outstanding of 103,067,067 less 7,920,000 common shares subject to the
share issuance agreement, plus common shares issuable upon conversion of
outstanding share equivalents of 920,473 at June 30, 2007.  Fully
converted book value per share at March 31, 2007, is based on total
shareholders' equity at March 31, 2007, divided by common shares
outstanding of 111,778,122 less 15,694,800 common shares subject to the
share issuance agreement, plus common shares issuable upon conversion of
outstanding share equivalents of 928,675 at March 31, 2007.  Warrants
outstanding at March 31, 2007, are not included in the fully converted
book value per share calculation as the exercise price was greater than
the book value per share.

The return for the quarter represents the change in fully converted book
value per share from US$16.08 at March 31, 2007, to US$16.04 at June 30,
2007, after giving effect to the dividend of US$0.075 per common share and
per warrant, excluding 7,920,000 common shares subject to the share
issuance agreement.  For these purposes fully converted book value per
share assumes that the warrants outstanding at March 31, 2007, would not
be exercised if the book value per share is less than the strike price.

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.




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


ALSTOM: Supplying 360 Subway Cars to New York for EUR500 Million
----------------------------------------------------------------
The Metropolitan Transportation Authority Board of Directors has voted to
award an EUR810 million option for 620 new heavy rail subway cars to
Alstom and Kawasaki.  Alstom will supply 360 cars for about EUR500
million.  The option is a part of an original contract awarded on July 31,
2002, which covers the design and manufacture of new R160 cars, spare
parts and special tools.

The new cars will replace old ones and give New York City Transit
additional capacity for expansion purposes.  The 620 cars will be
delivered in 2008 to 2009.  By exercising this option, NYCT confirms its
confidence in Alstom’s products and commitment to quality and service.
Alstom has already supplied 54 cars to NYCT since 2002.

The body shells will be manufactured in Alstom’s Lapa facilities, Brazil.
The cars will be assembled and tested in Hornell, USA.  The stainless
steel cars are lighter, quieter and more comfortable than older trains
thanks to airbag suspension instead of mechanical springs.

In fulfilling this option, Alstom will draw on its expertise in the area
of metro systems.  One in four metros presently in operation in the world
is an Alstom metro.  Among other major projects currently underway, Alstom
Transport builds and equips Singapore’s metro system –- the most
extensive, completely automatic metro in the world; and Lausanne’s metro
system in Switzerland.

Headquartered in Paris, France, Alstom S.A. --
http://www.alstom.com/-- is a leading maker of power-generation
systems and constructs power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.  It
also produces electrical drives, motors, and generators.  The
group generates EUR13 billion in annual revenues and employs
more than 70,000 people worldwide.  It has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Panama and
Venezuela in Latin America.

For the fiscal year ended March 31, 2006, Alstom posted EUR178
million in net profit on EUR13.4 billion in net sales, compared
to EUR628 million in net loss on EUR12.9 billion in net sales a
year ago.

As of March 31, 2006, Alstom had EUR18.408 billion in total
assets, EUR16.568 billion in total liabilities and EUR1.84
billion in total equity.  As of March 31, 2006, Alstom had
EUR8.785 billion in current assets and EUR11.802 billion in
current liabilities.


AMERICAN AIRLINES: Applies for U.S. Antitrust Immunity
------------------------------------------------------
American Airlines and four of its oneworld Alliance partners filed with
the United States Department of Transportation for antitrust immunity
effective March 30, 2008.

The other oneworld airlines that jointly filed the DOT application are:
Iberia, Finnair, Malev Hungarian Airlines, and Royal Jordanian Airlines.

The application seeks to allow the five airlines to cooperate in a wide
variety of operational areas that will provide a more seamless travel
experience for customers.  Those areas include:

          -- codesharing,
          -- frequent flyer programs,
          -- route and schedule planning,
          -- advertising and marketing,
          -- pricing and yield management,
          -- revenue allocation,
          -- ground handling,
          -- cargo services,
          -- information technologies and distribution systems,
             and
          -- several other areas.

"Our proposal will significantly improve customer choice and convenience,
produce important operating efficiencies that provide greater value to
passengers and shippers, and increase competition with other alliances in
thousands of origin and destination markets," said American Airlines’
Senior Vice President in Planning Henry Joyner.  "We believe that an
alliance with antitrust immunity is of vital strategic importance and will
help us remain competitive with other transatlantic alliances that already
have such immunity."

Joyner emphasized that the combined market shares of American and the
other joint applicants are comparable or well below the transatlantic
market shares of immunized members of the competing Star and SkyTeam
alliances.

Each of the joint applicants will retain its own separate and independent
corporate and national identity under the proposed application.

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

                        *     *     *

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


AMERICAN AIRLINES: Offers Discount for LatAm Flights
----------------------------------------------------
American Airlines has put its entire network of destinations in Central
and South America on sale for travel late summer through fall from cities
throughout the continental United States.  Flights from Belize and
Guatemala in the north, to Argentina and Chile in the south are all on
sale.

American’s Central and South America Fall Sale

    * Available from cities in the continental United States to
      all American Airlines destinations in Central and South
      America.

    * Begin travel Aug. 30 to Dec. 10, 2007; complete travel by
      Dec. 13, 2007.

    * Purchase tickets no later than Aug. 6, 2007.

    * Other restrictions apply.  For complete rules and
      restrictions, visit American’s Web site,
      http://www.AA.com.

Travelers can check schedules and fares and book flights by visiting the
Web site.  Book travel and purchase your ticket on AA.com and earn
AAdvantage bonus miles.  There are no online booking fees.

A new "Fly Now, Pay Later" deferred payment option on American allows
holders of the American Airlines Credit Card sm account to enjoy six
months of no payments and no interest for tickets purchased on AA.com. For
terms and conditions and more details, visit http://www.aa.com/paylater

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

                        *     *     *

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


BANCO BGN: Moody's Puts Ba3 Local & Foreign Currency Ratings
------------------------------------------------------------
Moody's Investors Service placed the Ba3 global local and foreign currency
long-term deposit ratings of Banco BGN S.A. under review for possible
upgrade.  Moody's also placed the bank's A2.br national scale deposit
rating on review for possible upgrade.

The rating action follows the announcement that BGN has signed an
agreement with BNP Paribas Group, through its consumer finance arm Cetelem
in Brazil, to sell 100% of its outstanding shares.  The transaction
remains subject to due diligence by BNP Paribas as well as to approval by
the regulatory authorities.

The action reflects Moody's view of the potential support of the bank's
liabilities from its new ultimate parent, BNP Paribas and its direct
owner, Cetelem.  The rating review will focus on the assessment of the
level of support.

Moody's maintained the stable outlook on BGN's D- (D minus) bank financial
strength rating.  The agency said that BGN's well-established position in
payroll lending -- where it ranks as the nation's 13th largest originator
of such loans -- should add diversity to Cetelem's operations in Brazil.
Cetelem has been active in the local consumer finance segment since 1999.

As of March 2007, BGN had total assets of approximately BRL1.57 billion
(US$763billion) and equity of BRL130million (US$64 million).

These ratings were placed on review for possible upgrade:

  -- Long-term local currency deposit rating: Ba3
  -- Long-term foreign currency deposit rating: Ba3
  -- Long-term national scale rating: A2.br

This rating outlook remains unchanged:

  -- Bank Financial Strength Rating: D-, with stable outlook.


BUCKEYE TECH: Establishes US$200 Million Senior Credit Facility
---------------------------------------------------------------
Buckeye Technologies Inc. has established a new US$200 million senior
secured revolving credit facility.  The maturity date on the new revolver
is July 2012, and the facility includes an increase option for an
additional US$50 million.  This facility amends and restates the company’s
existing credit facility, which consisted at the closing date of an
undrawn US$70 million revolver and a US$30 million balance on an original
US$150 million term loan.  The company plans to use the proceeds from this
facility to refinance its existing senior credit facilities, to refinance
up to US$20 million of its 8.0% senior subordinated notes having a
maturity date of October 2010, to refinance the remaining US$60 million of
its 9.25% senior subordinated notes in September 2007 (one year ahead of
maturity), and for general corporate purposes.  The company expects to
reduce interest expense by about US$2 million per year on a going basis as
a result of this refinancing.

Buckeye Technologies Chairperson John B. Crowe commented, "Over the past
five years, we have made tremendous progress in reducing our debt.  This
new facility allows us to take advantage of our improved credit position
and the favorable market conditions to reduce our interest costs and
achieve more operating flexibility than we had under our existing credit
facility.  In addition, this new facility gives us the ability to continue
our debt reduction while maintaining sufficient operating liquidity to
support our business.  We appreciate the leadership provided by Bank of
America as lead arranger for this facility."

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                        *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies, Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


BUCKEYE TECHNOLOGIES: Earns US$6.6 Mln in Quarter Ended March 31
----------------------------------------------------------------
Buckeye Technologies Inc. reported net income of US$6.6 million on net
sales of US$193.0 million for the third quarter ended March 31, 2007,
compared with a net loss of US$795,000 on net sales of US$181.4 million
for the same period ended
March 31, 2006.

The net income for the 2007 quarter included US$800,000 after tax in
restructuring expenses associated with consolidations made in the
company’s European Sales Offices, Product and Market Development, and
corporate overhead.

Results for the 2006 quarter included US$1.1 million after tax in
restructuring and impairment expenses associated with the closure of the
Glueckstadt, Germany cotton linter pulp plant in December 2005.

Buckeye chairman John B. Crowe commented, "Demand for our products
continues to be strong, and our operations are responding to the challenge
of matching production and sales.  Good cash flow generation enabled us to
reduce debt by US$13 million during the quarter."

Mr. Crowe went on to say, "The consolidations in our European Sales
Offices, Product and Market Development and corporate overhead complement
the operations consolidations we completed during the last several years
and will provide annual savings of over US$2 million."

At March 31, 2007, the company’s balance sheet showed
US$929.0 million in total assets, US$621.7 million in total
liabilities, and US$307.3 million in total stockholders’ equity.

Full-text copies of the company’s consolidated financial statements for
the quarter ended March 31, 2007, are available for free at
http://researcharchives.com/t/s?20e4

                   About Buckeye Technologies

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and markets
specialty fibers and nonwoven materials.  The company currently operates
facilities in the United States, Germany, Canada, and Brazil.  Its
products are sold worldwide to makers of consumer and industrial goods.

                        *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies, Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


BUCKEYE TECHNOLOGIES: Eyes Improvement in Second Quarter Results
----------------------------------------------------------------
Buckeye Technologies Inc. expects its profitability for the April-June
quarter to be in the range of 34 to 36 cents per share compared to three
cents per share in the same quarter of the previous year.

Buckeye Technologies Chairperson and Chief Executive Officer John B. Crowe
said, "Our fourth quarter net sales were up 3.5% compared to a good period
last year.  Demand for our specialty wood and cotton products, non-woven
materials and fluff pulp were all strong in the quarter.  The majority of
the earnings improvement is due to a combination of higher prices, better
mix and cost reductions.  The quarter also benefited from income
associated with a water conservation partnership (three cents per share)
and adjustments to our tax valuation allowance relating to state income
taxes (six cents per share)."

Buckeye Technologies will release April-June and fiscal 2007 results on
Aug. 1, 2007, and has scheduled a conference call at 10:30 a.m., Eastern
Time, on Aug. 8, 2007, to discuss fourth quarter and annual results.

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                        *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies, Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


FERRO CORP: Increasing Metallic & Aqueous Stearates Prices
----------------------------------------------------------
Ferro Corporation is increasing the price in North America for all dry
grades of Metallic Stearates by US$0.10 per pound and Aqueous Stearate
Dispersions by US$0.05 to US$0.10 per pound, effective Aug. 15, 2007.

Ferro's Rigid Polymer Applications Business Director David Ankrett noted
that the increase is due to the sharp escalation in the cost of tallow,
the principal raw material used in the manufacture of Metallic Stearates.

Metallic Stearates are used in a number of manufacturing applications,
including:

      -- lubrication and stabilization of plastics;
      -- surface enhancement of coatings, inks and lacquers; and
      -- as a waterproofing additive in concrete, textiles and
         papers.

Ferro also said it is increasing the price in North America for Benzyl
Chloride by US$0.04 per pound effective Aug. 15, 2007, and Epoxidized
Soybean Oil by US$0.05 per pound, effective
Sept. 1, 2007.

Ferro's Flexible Polymer Applications Business Director Paul Angus noted
that the increase is necessary as a result of increases in raw material,
operational and transportation costs.

Benzyl Chloride is an intermediate used in a number of applications,
including institutional cleaners and oilfield additives.  Epoxidized
Soybean Oil is a secondary stabilizer and plasticizer used in flexible
vinyl and other polymers.

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

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

                        *     *     *

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


FIAT SPA: Earns EUR1 Billion for First Half Ended June 30, 2007
---------------------------------------------------------------
Fiat S.p.A. posted EUR1 billion in net profit on EUR28.86 billion in net
revenues for the first half of 2007, compared with EUR481 million in net
profit on EUR26.16 billion in net revenues for the same period in 2006.

The company also posted EUR627 million in net profit on
EUR15.18 billion in net revenues for the second quarter of 2007, compared
with EUR330 million in net profit on EUR13.61 billion in net revenues for
the same period in 2006.

Net industrial debt decreased from EUR1.8 billion at Dec, 31, 2006, end to
EUR900 million at June 30, 2007, mainly reflecting positive net industrial
cash flow of approximately EUR1.4 billion net of dividends paid and share
buy-back of more than EUR0.5 billion.

                           Outlook

The Group’s first half results are fully in line with its 2007 targets and
provide a solid base to pursue the growth and margin expansion path set
out in the 2007-2010 industrial plan.

In particular, the Group confirms that it expects to reach the upper end
of all the 2007 target ranges announced in November 2006.

The Group expects:

   -- consolidated trading profit of approximately EUR2.7
      billion (5% trading margin);

   -- net income between EUR1.6 and EUR1.8 billion; and

   -- earnings per share between EUR1.25 and EUR1.40.

In addition, strong industrial cash flow generation in the first half of
the year enables the Group to move its year-end net industrial debt target
to around EUR600 million (excluding the impact of additional share
buy-backs).

The Group will continue to implement its strategy of targeted alliances,
in order to optimize capital commitments and reduce risks.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


FIAT SPA: Appoints New Members to Board of Directors
----------------------------------------------------
Fiat S.p.A.'s board of director has accepted the resignation tendered by
member Hermann-Josef Lamberti due to his increasing commitments and
thanked him on behalf of the entire Fiat Group for his precious
cooperation throughout these years.

The Board co-opted Rene Carron, Chairman of Credit Agricole, as new board
member.  Considering the size of the Credit Agricole Group, the Board
determined that the relations existing between the French banking group
and the Fiat Group are not material and therefore that Mr. Carron meets
the requirements for independence.

The Board of Directors also appointed Gian Maria Gros-Pietro as component
of the Internal Control Committee in replacement of Mr. Lamberti and
resolved to split the Nominating and Compensation Committee into two
separate committees in order to better conform to corporate governance
best practices, as well as the other recommendations set forth on the
issue in the Corporate Governance Code.

* Internal Control Committee

    Mario Zibetti Chairman
    Gian Maria Gros-Pietro
    Vittorio Mincato

* Nominating and Corporate Governance Committee

    John Elkann Chairman
    Luca Garavoglia
    Gian Maria Gros-Pietro

* Compensation Committee

    Roland Berger Chairman
    Luca Garavoglia
    Mario Zibetti

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


GP INVESTMENTS: Fitch Revises B Ratings Outlook to Positive
-----------------------------------------------------------
Fitch Ratings revised the Rating Outlook of the Long-term Foreign Currency
Issuer Default Rating of GP Investments and the rating on US$150 million
senior secured perpetual notes to Positive from Stable.  Fitch also
affirmed the following GP ratings:

  -- Foreign currency Issuer Default Rating (IDR) at 'B';
  -- Senior secured at 'B/RR4'.

The change in the Rating Outlook recognizes the significant expected
increase in assets under management and its positive effects over GP's
recurrent income.  The resolution of this Positive Outlook will depend on
the ability of the company to sustain the expected increase in recurring
income and keep an adequate control of its expenses, while a successful
deployment of new investments will also be monitored.  The need for a
significantly more diversified investment portfolio, a further increase of
recurrent income to cover operating expenses, and a more developed
valuation methodology, are key to sustaining an improvement of GP's rating
going forward.

The recent closing of a new private equity fund managed by GP (US$1.025
billion of committed capital -including limited partners), will increase
the size of its funds under management almost 4 times.  This event would
lead to a significant increase in GP's recurrent income going forward,
benefiting the recurrent cash flow of the company and reducing its
dependence on the income generated by the appreciation of its investment
portfolio, or the possible gains generated by contingent exits. Going
forward, an adequate control of its expense base would enhance the
aforementioned increase of revenues in terms of operating profits.

GP Investments Ltd. (GP) ratings are supported by adequate leverage
levels, the franchise of the company and the experience of the management
team which bodes well for positive prospects going forward. Also, the
significant increase in the size of its portfolio of managed investments
results in a positive trend on its recurrent income.  The ratings are
constrained, however, by the concentrated nature of the current and
intended investment portfolio (by country and by individual investment
size), the uncertainty related to the maturation period of the investment
portfolio, and GP's timing and ability to realize investment gains.

Given that the investment policy of the company calls for large tickets
deals (among other investment guidelines), the current and expected
concentration of the portfolio will remain largely in Brazilian assets.
No major changes are expected with regard to the size of the investments
to be included in the portfolio. At end-March 2007, the investment
portfolio concentration increased from a moderate 3% of total equity to a
high 16%.

Despite the increase in leverage, resulting from the issuance of US$150
million in perpetual notes, which was completed in early 2007, current
capital ratios are considered strong (equity to assets ratio as of March
2007 was 55%), and Fitch does not expect further leverage.  Liquidity
ratios will maintain a downward trend as the deployment of new investments
takes place. Nevertheless, GP's adequate liability maturity profile
mitigates this trend.  The continued maintenance of the liquidity reserve
equal to 18 months debt service provides additional comfort to debt
holders.

Profitability ratios have remained high given the appreciation of the fair
value of the investment portfolio and the realization of some gains in a
partial exit of one its oldest investments.  GP's ROAA reached 9% in year
2006, and increased to 24% at end-March 2007.  Fitch expects that given
the volatility and contingent nature of exit strategies and the
appreciation of the fair value of GP's investment portfolio, profitability
ratios could post significant swings in absence of such gains.  However,
the experience built up by the company and the positive outlook for the
Brazilian capital markets could reduce the aforementioned volatility over
the short and medium term.

GP Investments - http://www.gpinvestments.com/-- is a leading
private equity player in Brazil.  The GP Investments' activities
consist of its core private equity business and its asset
management business, and its mission is to generate higher than
average long-term return to its investors and shareholders.
Since its inception in 1993, GP Investments raised more than
US$1.5 billion from Brazilian and international investors, and
acquired more than thirty-five companies in ten different
sectors.  On May 2006, GP Investments concluded its Initial
Public Offering -- IPO, becoming the first listed private equity
company in Brazil.


PETROLEO BRASILEIRO: Filing Appeal to Regulator's BRL1.30B Fine
---------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA said in a statement
that it will appeal the hydrocarbons regulator Agencia Nacional do
Petroleo's BRL1.30-billion special participations fines for the firm's
activities in the Campos basin's Marlim field.

As reported in the Troubled Company Reporter-Latin America on July 26,
2007, Agencia Nacional director Nelson Martins said that the agency
determined that Petroleo Brasileiro must pay BRL1.30 billion for its
special participation government contribution after the firm miscalculated
the amount to be paid.  According to Mr. Martins, the payment refers to
Petroleo Brasileiro's 1998 to 2002 operations at the Marlim field in the
Campos basin.  The firm made incorrect deductions to the amount it should
have paid back then.  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.

Petroleo Brasileiro told BNamericas that the regulator's decision "brings
a lot of uncertainty in judicial terms" to the company and to all oil
firms that have been investing and contributing to the Brazilian oil
sector.

The fine could hurt Petroleo Brasileiro.  The firm lacks provisions in its
balance sheet to pay the amount imposed by the regulator, Brazilian
brokerage Ativa market analyst Monica Araujo said in a report.

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


ADVANCE: Proofs of Claim Filing Is Until Aug. 23
------------------------------------------------
Advance's creditors are given until Aug. 23, 2007, to prove their claims
to Phillip Hinds and Richard Gordon, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


BEAUTY POINT: Proofs of Claim Filing Ends on Aug. 23
----------------------------------------------------
Beauty Point Investments Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


BOSS CAYMAN: Proofs of Claim Filing Is Until Aug. 23
----------------------------------------------------
Boss Cayman Ltd.'s creditors are given until Aug. 23, 2007, to prove their
claims to Phillip Hinds and Richard Gordon, the company's liquidators, or
be excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


CORFE HOLDINGS: Proofs of Claim Filing Ends on Aug. 23
------------------------------------------------------
Corfe Holdings Ltd.'s creditors are given until Aug. 23, 2007, to prove
their claims to Buchanan Limited, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Corfe Holdings shareholders agreed on July 12, 2007, to place the company
into voluntary liquidation under The Companies Law (2004 Revision) of the
Cayman Islands.

The liquidators can be reached at:

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


DEMIFLOR LIMITED: Proofs of Claim Filing Deadline Is Aug. 23
------------------------------------------------------------
Demiflor Ltd.'s creditors are given until Aug. 23, 2007, to prove their
claims to Buchanan Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


DIAMOND PARTNERS: Proofs of Claim Filing Is Until Aug. 23
---------------------------------------------------------
Diamond Partners Offshore Fund Ltd.’s creditors are given until Aug. 23,
2007, to prove their claims to Stuart K. Sybersma and Ian A. N. Wight, 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.

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

The liquidators can be reached at:

        Stuart Sybersma
        Attention: Mervin Solas
        Deloitte
        P.O. Box 1787
        George Town, Grand Cayman
        Cayman Islands
        Tel: (345) 949 7500
        Fax: (345) 949 8258


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

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

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

The liquidator can be reached at:

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


GARDEN INVESTMENTS: Proofs of Claim Filing Deadline Is Aug. 23
--------------------------------------------------------------
Garden Investments Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

Garden Investments shareholders agreed on July 12, 2007, to place the
company into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidators can be reached at:

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


GLOBAL LOAN: Proofs of Claim Filing Is Until Aug. 23
----------------------------------------------------
Global Loan Co.'s creditors are given until Aug. 23, 2007, to prove their
claims to Guy Major and Joshua Grant, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

Global Loan's shareholders agreed on July 10, 2007, to place the company
into voluntary liquidation under The Companies Law (2004 Revision) of the
Cayman Islands.

The liquidators can be reached at:

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


MB FUNDING: Proofs of Claim Filing Deadline Is Aug. 23
------------------------------------------------------
MB Funding’s creditors are given until Aug. 23, 2007, to prove their
claims to Cereita Lawrence and Scott Aitken, the company's liquidators, or
be excluded from receiving any distribution or payment.

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

MB Funding’s 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:

        Cereita Lawrence
        Scott Aitken
        P.O. Box 1109
        Grand Cayman KY1-1102
        Cayman Islands
        Tel: 345-914-7510
        Fax: 345-949-7634


PLAZA GLOBAL: Proofs of Claim Filing Ends on Aug. 23
----------------------------------------------------
Plaza Global Alpha Selection SPC Ltd.’s creditors are given until Aug. 23,
2007, to prove their claims to Linburgh Martin and Jeff Arkley, the
company's liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

        Jeff Arkley
        Attention: Neil Gray
        Close Brothers (Cayman) Limited
        Fourth Floor, Harbour Place
        P.O. Box 1034
        George Town, Grand Cayman
        Cayman Islands
        Tel: (345) 949 8455
        Fax: (345) 949 8499


Q INVESTMENT: Proofs of Claim Filing Is Until Aug. 23
-----------------------------------------------------
Q Investment Ltd's creditors are given until Aug. 23, 2007, to prove their
claims to Phillip Hinds and Richard Gordon, the company's liquidators, or
be excluded from receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


SCARBOROUGH STATION: Proofs of Claim Filing Ends on Aug. 23
-----------------------------------------------------------
Scarborough Station Funding Ltd's creditors are given until
Aug. 23, 2007, to prove their claims to Martin Couch and Richard Gordon,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

Scarborough Station's shareholders agreed on July 10, 2007, to place the
company into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

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


SHINSEI FUNDING: Proofs of Claim Filing Deadline Is Aug. 23
-----------------------------------------------------------
Shinsei Funding Two TMK Holding's creditors are given until
Aug. 23, 2007, to prove their claims to Martin Couch and Joshua Grant, the
company's liquidators, or be excluded from receiving any distribution or
payment.

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

Shinsei Funding's 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:

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


STONE CREEK: Proofs of Claim Filing Ends on Aug. 23
---------------------------------------------------
Stone Creek Ltd.'s creditors are given until Aug. 23, 2007, to prove their
claims to Buchanan Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


STUYVESANT CDO: Proofs of Claim Filing Is Until Aug. 23
-------------------------------------------------------
Stuyvesant CDO I Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to Carlos Farjallah and Richard
Gordon, the company's liquidators, or be excluded from receiving any
distribution or payment.

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

Stuyvesant CDO's shareholders agreed on July 10, 2007, to place the
company into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

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


UFJ CAPITAL FINANCE: Proofs of Claim Filing Deadline Is Aug. 23
---------------------------------------------------------------
UFJ Capital Finance 1 Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to Martin Couch and Richard Gordon,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

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

The liquidators can be reached at:

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


UFJ CAPITAL FINANCE 2: Proofs of Claim Filing Is Until Aug. 23
--------------------------------------------------------------
UFJ Capital Finance 2 Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to Martin Couch and Richard Gordon,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

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

The liquidators can be reached at:

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


UFJ CAPITAL FINANCE 3: Proofs of Claim Filing Ends on Aug. 23
-------------------------------------------------------------
UFJ Capital Finance 3 Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to Martin Couch and Richard Gordon,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

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

The liquidators can be reached at:

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


URANUS LIMITED: Proofs of Claim Filing Deadline Is Aug. 23
----------------------------------------------------------
Uranus Ltd.'s creditors are given until Aug. 23, 2007, to prove their
claims to Buchanan Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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




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


AES CORP: Unit Discloses Standard for US Greenhouse Gas Credits
---------------------------------------------------------------
GE AES Greenhouse Gas Services -- a joint venture between GE Energy
Financial Services and The AES Corporation -- has disclosed a rigorous and
comprehensive standard for the creation and sale of its greenhouse gas
credits in the United States.  The standard will ensure that credits
produced by the joint venture are scientifically verified and provide a
positive, measurable environmental benefit.  The standard was announced in
New York and will back the first US credit card dedicated to helping
reduce cardholders’ greenhouse gas emissions.

Under the standard, GE AES Greenhouse Gas Services expects to generate an
annual production volume of 10 million metric tons of greenhouse gas
credits by 2010.  The joint venture will market these credits to companies
that want to reduce the environmental impact of their operations or
provide environmentally friendly products or services.  The standard and
criteria on the measurement, monitoring, verification and eligibility of
emissions credits generated from coal mine methane and landfill methane
destruction are available at http://www.ge-aes.com GE AES Greenhouse Gas
Services plans to publish additional methodologies over the next six
months for wastewater treatment, agricultural waste management, energy
efficiency, renewable energy, and reforestation.

"The combination of GE Energy Financial Services -- a leading energy
investor with more than US$14 billion in assets -- and AES -- one of the
world’s largest global power companies -- will bring a new level of
experience, reach, and trust to the greenhouse gas reduction market," said
GE Energy Financial Services Managing Director and renewable energy leader
Kevin Walsh.

The greenhouse gas credits provided by GE AES Greenhouse Gas Services will
meet or exceed the requirements of all widely recognized international
standards for project quantification methodologies, monitoring and
verification procedures and transparent reporting.  The standard requires
tight controls on how greenhouse gas reduction projects are developed for
the voluntary US market.  Key components include:

          -- Mandatory third-party verification backed by
             empirical data collected in compliance with
             methodologies developed with experts in greenhouse
             gas reduction project management.

          -- Permanent retirement of credits on behalf of
             customers and a strict prohibition of ‘double
             counting’ of credits.

          -- Permanent physical reductions in greenhouse gas
             emissions where possible, such as through the
             destruction of methane gas by combustion or
             contractual provisions guaranteeing that the
             promised reductions are delivered, like through
             reforestation projects.

          -- Credit-producing projects must be voluntary and not
             required by law, regulation, legal obligation, or
             common industry practice.

          -- Projects must meet all applicable environmental
             laws and standards.

The joint venture developed this standard in consultation with a wide
range of international experts in the development and management of
greenhouse gas reduction projects, like Raven Ridge, SCS Engineers, CH2M
HILL, and The Nature Conservancy.  ClimateCHECK, a leader in the
development and application of greenhouse gas standards, advised the
venture directly and validated the methodologies.

The joint venture’s standard has received formal certification under GE’s
ecomagination program, which helps customers grow while addressing their
environmental challenges.  To achieve this certification, GE worked with
GreenOrder, a sustainability strategy and marketing firm, to provide
independent, quantitative environmental analysis and verification of GE’s
ecomagination claims.

"As demand for greenhouse gas credits has grown rapidly, so has scrutiny
of their quality," said GreenOrder Founder and Chief Executive Officer
Andrew Shapiro.  "Discerning buyers -- especially enterprises that want to
lead on climate change -- are looking for reduction projects they can
stand behind proudly, which is what this joint venture will provide.  The
release of this standard marks an important milestone in bolstering the
integrity of the voluntary emission reduction market in the United
States."

GE AES Greenhouse Gas Services handles the full life cycle of its credits:
It invests in, develops and operates the greenhouse gas reduction
projects.  It controls the marketing of the credits, guaranteeing that
they are tied to real projects.  And once credits are sold, the joint
venture ensures that they are retired forever.

GE AES Greenhouse Gas Services’ projects reduce emissions by capturing or
destroying greenhouse gases that would otherwise escape into the
atmosphere, or by reducing fossil fuel consumption through energy
efficiency and renewable energy generation.

              About GE AES Greenhouse Gas Services

GE AES Greenhouse Gas Services -- http://www.ge-aes.com-- is a joint
venture between The AES Corporation and GE Energy Financial Services, a
unit of GE. The venture will produce scientifically verified greenhouse
gas credits in the United States and market them to companies that want to
reduce the environmental impact of their operations or provide
environmentally friendly products or services.

                   About The AES Corporation

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

                        *     *     *

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


BOSTON SCIENTIFIC: Moody’s Pares Unsecured Debt Rating to Ba2
-------------------------------------------------------------
Moody's downgraded the credit ratings of Boston Scientific Corporation.
The company's senior unsecured debt rating was downgraded to Ba2 from Baa3
and its short-term debt rating was downgraded to Not Prime from Prime-3.
At the same time, Moody's assigned a Ba1 Corporate Family Rating to the
company.  The rating outlook is negative.  This concludes Moody's rating
review that was initiated on May 9, 2007.

This rating action primarily reflects these concerns:

   i. second quarter results continue to show lower than
      expected cash flows;

  ii. the lack of definitive action related to material asset
      sales, which could provide financial flexibility;

iii. the potential for regulatory and litigation matters to
      further impinge on liquidity; and

  iv. the potential for covenant violations under its bank
      agreement over the next twelve months.

Diana Lee, a Senior Credit Officer at Moody's said, "Boston Scientific's
cash flows no longer comfortably support its high debt levels, resulting
in a downgrade to below investment grade."

"Persistent weakness in the DES market and inability to gain consistent
traction in ICD sales contribute to Moody's concerns regarding the
company's cash flows," said Ms. Lee.

The negative outlook reflects concerns that uncertain sales recovery in
key product lines and heightened competition in 2008 could contribute to
even lower operating cash flows.  The negative outlook also considers the
possibility that Boston Scientific may face greater liquidity challenges
as upcoming cash payments may occur at the same time that the company
faces potential covenant violations.

The US senior unsecured notes held at Boston Scientific Corporation are
structurally subordinated to the (unrated) non-US bank debt held at its
foreign subsidiary.  Before this rating action, Moody's did not heavily
weigh the issue of structural subordination in its rating of Boston
Scientific's US senior notes; however, the effects of structural
subordination are now reflected in the company's ratings because of the
application of Moody's LGD Rating Methodology.  Using our LGD analysis,
the senior unsecured notes are now notched below the Ba1 CFR.

Ratings assigned:

Boston Scientific Corporation:

-- Ba1 Corporate Family Rating
-- Ba1 PDR
-- SGL-3 Speculative Grade Liquidity Rating

Ratings downgraded:

Boston Scientific Corporation:

-- Sr. Unsecured Notes to Ba2, LGD5, 75% from Baa3

-- Senior Shelf to (P) Ba2 from (P) Baa3

-- Subordinated Shelf to (P) Ba2 from (P) Ba1

-- Short-term rating to Not-Prime from Prime-3 (This rating
    will be withdrawn subsequent to the downgrade.)

Rating confirmed:

Boston Scientific Corporation:

-- Preferred Stock Shelf at (P)Ba2

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.


ROCK-TENN: Earns US$25.2 Million in 2007 Third Fiscal Quarter
-------------------------------------------------------------
Rock-Tenn Company reported net income of $25.2 million, for its third
fiscal quarter of 2007.  The company reported net income of US$11 million,
in the prior year quarter.

Net sales for the third quarter of fiscal 2007 increased 7.9% from the
third quarter of fiscal 2006 to US$591.4 million, an increase of US$43.1
million.  Segment income of US$59.3 million increased US$24.6 million from
the prior year quarter.

Income for the third quarter of fiscal 2007 included pre-tax restructuring
and other costs of US$0.6 million.  Income for the third quarter of fiscal
2006 included pre-tax restructuring and other costs of US$2.7 million.

                       Segment Results

Packaging Products segment net sales were US$319 million in the third
quarter of fiscal 2007 compared to US$326.2 million in the prior year
quarter.  Segment income of US$12.4 million in the third quarter of fiscal
2007 was US$800,000 lower than the third quarter of fiscal 2006.

Paperboard segment net sales increased US$43.6 million from the prior year
quarter to US$247.7 million in the third quarter of fiscal 2007.  Segment
income of US$34.1 million increased
US$15.2 million over the prior year quarter.

Merchandising Displays segment net sales were US$76.8 million in the third
quarter of fiscal 2007, as compared to US$58.8 million in the prior year
third quarter.  Segment income was US$10.8 million in the third quarter of
fiscal 2007 compared to US$1.6 million in the prior year quarter.

Corrugated segment net sales increased US$4 million over the prior year
quarter to US$40.6 million in the third quarter of fiscal 2007. Segment
income was US$2 million in the third quarter of fiscal 2007 and US$1
million in the prior year quarter.

                 Balance Sheet and Liquidity

Net cash provided by operating activities in the third quarter of fiscal
2007 was US$71.8 million, an increase of US$36.4 million over the prior
year quarter.

During the quarter Rock-Tenn Company contributed US$16.1 million to its
pension plans and decreased debt by US$49.6 million.  The company's Credit
Agreement Debt/EBITDA ratio was 2.60 times as of June 30, 2007, based on
Credit Agreement EBITDA for the 12 months ended June 30, 2007, of US$284
million.

At June 30, 2007, the company had US$1.8 billion in total assets, US$1.2
billion in total liabilities, and US$611.8 million in total stockholders'
equity.

                Executive Officer's Statement

Rock-Tenn Company chairman and chief executive officer James A. Rubright
stated, "Our record results and strong year over year and sequential
quarter gains reflect the value we bring to our paperboard and packaging
customers.  Our strategy of offering high quality products produced at
very low costs is paying off in today's marketplace where customers
continue to choose sustainable paperboard packaging.  Supply and demand
for bleached and recycled paperboard continue to be in tight balance.  Our
promotional display business continues to record strong year over year
sales and earnings gains, strengthening its position as the market leader
for new product launches and major product promotions."

                   About Rock-Tenn Company

Rock-Tenn Company provides a wide range of marketing and packaging
solutions to consumer products companies at low costs, with annual net
sales of approximately US$2.3 billion and operating locations in the
United States, Canada, Mexico, Argentina and Chile.  The company is one of
North America's leading manufacturers of packaging products, merchandising
displays and bleached and recycled paperboard.

                  About Rock-Tenn Company

Rock-Tenn Company (NYSE: RKT) -- http://www.rocktenn.com/--
provides a wide range of marketing and packaging solutions to
consumer products companies, with operating locations in the
United States, Canada, Mexico, Argentina and Chile.  The company
is one of North America's leading manufacturers of packaging
products, merchandising displays and bleached and recycled
paperboard.

                        *     *     *

As reported in the Troubled Company Reporter, June 20, 2007,
Standard & Poor's Ratings Services placed its ratings on Rock-Tenn Co.
including the 'BB' corporate credit rating, on CreditWatch with positive
implications.




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


BANCOLOMBIA: Raises COP928 Billion from Public Offering
-------------------------------------------------------
Bancolombia said in a press release that it has ended the public offering
of almost 60 million preferred shares in Colombia and the United States,
raising COP928 billion.

Business News Americas relates that Bancolombia had raised US$166 million
through the sale of 21.3 million preferred shares in Colombia at COP15,205
each.  It raised US$314 million in net proceeds from an American
Depository Share issue in the US.  The bank also sold 8.4 million American
Depository Shares, representing 33.6 million preferred shares, to
international investors at US$33.25 each.

According to BNamericas, the underwriters exercised the option granted by
Bancolombia to buy up to an additional 1.3 million American Depository
Shares, representing 5.0 million preferred shares, "to cover
over-allotments."

Colombian brokerage Invercol analyst Jos Fernando Restrepo commented to
BNamericas, "The offer was 5.5 times oversubscribed, which is a clear sign
of foreign investors' appetite for Colombia."

The proceeds will be used for working capital and strengthening
Bancolombia's equity.  They will also be used to partly fund the
acquisition of El Salvador's Banagricola, which was concluded on May 8,
2007, BNamericas states.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings downgraded and removed from Rating
Watch Negative Bancolombia's long-term and short-term local
currency Issuer Default Ratings and Individual rating:

   -- Individual rating to 'C/D' from 'C';
   -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
   -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirmed these ratings:

   -- Foreign currency long-term IDR at 'BB+';
   -- Foreign currency short-term rating at 'B'; and
   -- Support rating at '3'.

Fitch says the rating outlook was stable.


BRIGHTPOINT INC: Credit Suisse Puts Outperform Rating on Firm
-------------------------------------------------------------
Credit Suisse analysts have assigned an "outperform" rating on Brightpoint
Inc's shares, Newratings.com reports.

According to Newratings.com, the 12-month target price for Brightpoint's
shares was set at US$18.

The analysts said in a research note that Brightpoint "is well positioned
to benefit from the anticipated mix shift towards smartphones."

The analysts told Newratings.com that Brightpoint "is the clear leader in
wireless distribution and logistics in the US, with a more than 35% market
share, which includes the recent ramp-up at T-Mobile."

The recent "ramp" would be accretive to Brightpoint’s earnings per share,
including options expense, this year and in 2008 by US$0.65 and US$1.05,
Newratings.com states, citing Credit Suisse.

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


TRANSPORTADORA DE GAS: S&P Assigns BB Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' corporate credit
rating to Transportadora de Gas del Interior S.A. E.S.P.  At the same
time, Standard & Poor's  assigned its 'BB' rating to Transportadora de
Gas' proposed senior unsecured notes for US$900 million, which will be
issued in a US$ and a Colombian peso tranche, with target maturities due
2017 and 2027, respectively.  The outlook is stable.

The ratings reflect an aggressive financial profile, which results from
Transportadora de Gas' high use of debt to refinance its senior credit
facility.  The debt was incurred with the acquisition of the Ecogas E.S.P.
(not rated) gas transportation system.  S&P believes Transportadora de
Gas' leveraged capital structure after the bond issue will result in total
debt to EBITDA between 6.2x and 5.6x for the next few years.  The ratings
also incorporate Transportadora de Gas' risk of a relatively concentrated
customer mix, with top-five customers representing about 80% of the
company's total revenues.

These weaknesses are partially offset by Transportadora de Gas' stable and
predictable cash flow generation throughout the next seven years, and its
ownership of Ecogas, which has a pipeline system of about 62% of total
nation's network length and transports 49% of Colombia's total gas.

In addition, the ratings reflect a deleveraging in Transportadora de Gas'
capital structure through cash flow generation or an equity sale, which
will drive the total debt to EBIDA below 5x by 2010.  This deleveraging
stipulates that no payments will be made to the intercompany loan with
parent Empresa de Energia de Bogota (EEB; not rated).

"The stable outlook reflects our expectations that Transportadora de Gas'
will maintain a stable business position in Colombia's natural gas
transportation sector, with growth potential from natural gas consumption
in the residential, motor vehicles, and thermoelectric power generation
segments, as well as from national economic expansion," said Standard &
Poor's credit analyst Luis Manuel Martinez.

"If Transportadora de Gas fails to deleverage its capital structure
through cash flow generation or an equity sale, resulting in a total debt
to EBITDA above 5x by year-end 2010, a negative rating action could
follow," he continued.

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




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


JETBLUE AIRWAYS: Launches 15-Day Travel Promo
---------------------------------------------
JetBlue Airways Corporation has launched a special 15-day Fall sale for
travel between Sept. 5 and Nov. 14, 2007, with fares starting as low as
US$139 for travel between New York/JFK and Burbank; Long Beach; Oakland;
Ontario; San Jose; or San Francisco.  Fares as low as US$59 are available
between Orlando, Florida and New York's JFK or LaGuardia airports.

Earlier this month, the low-cost, high-frills airline was named "The
Official Airline of Springfield," the hometown city of Homer, Marge, Bart,
Lisa and Maggie Simpson to celebrate the summer theatrical release of The
Simpsons Movie.  In honor of America's favorite animated family of comedy,
JetBlue Airways also launched its first-ever specialty aircraft,
christened "Woo-Hoo, JetBlue!" and featuring an image of Homer along with
a permanent logo of its new Springfield status.  To celebrate Fall travel,
the low-fare airline is offering special sale fares for Springfielders and
non-Springfielders across the country.

Sale fares require up to a 21-day advance purchase and must be purchased
by 11:59 p.m. on Aug. 8, 2007.  All other travel must take place between
Sept. 5, 2007, and Nov. 14, 2007.  Travel must be completed by Nov. 14,
2007.  Customers are encouraged to book early, as JetBlue Airways' Fall
sale fares may not be available on all days or on all flights.  Other
restrictions apply.  Sale fares to additional JetBlue Airways destinations
are available online at http://www.jetblue.com/?source=pr

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.  Moody's
said 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




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


* EL SALVADOR: S&P Affirms Low B Sovereign Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long- and 'B'
short-term sovereign credit ratings on the Republic of El Salvador.  The
outlook remains stable.

The ratings on El Salvador are supported by improving economic performance
and a stable monetary environment.  "Economic performance has improved
significantly in recent years, in part because El Salvador was the first
nation in the region to implement the Central America Free Trade Agreement
(DR-CAFTA) with the U.S.," said Standard & Poor's credit analyst Roberto
Sifon-Arevalo.  "The country's GDP grew by 4.2% in 2006 and should grow
about 4.7% in 2007.  The country's mostly foreign-owned and well-regulated
banking system, as well as high flows of remittances from workers in the
U.S., also support its creditworthiness and improved economic prospects,"
he continued.

On the other hand, Standard & Poor's said that despite efforts to
rationalize government operations, tax reform passed in 2005, and strong
ongoing efforts to reduce tax evasion, El Salvador's narrow tax base has
resulted in relatively high deficits for a fully dollarized economy.  The
general government deficit should be 2.6% of GDP in 2007 (of which 2%
represents pension reform costs), an improvement from 2.9% in 2006.  This
fiscal outcome,
although part of an improving trend, continues to constrain El Salvador's
fiscal flexibility and creditworthiness.

Standard & Poor's also said that politics in El Salvador have become more
polarized since the last congressional elections, mainly in preparation
for the 2009 presidential election. Political tensions were highlighted in
recent months when the government was unable to obtain congressional
approval for two
World Bank loans targeted at improving schools and strengthening the
police force.  "The opposition in Congress managed to block the incurrence
of official external debt through the two loans, and the executive
responded by issuing additional higher cost domestic debt," said Mr.
Sifon-Arevalo.  "The incident illustrates the extent of political gridlock
on public finance," he added.

The stable outlook reflects Standard & Poor's view that fiscal performance
will not deteriorate significantly, and that the trend of improving
economic performance will continue. "El Salvador has no monetary
flexibility, and it is therefore imperative that its fiscal performance be
prudent," noted Mr.
Sifon-Arevalo.  "The sovereign's creditworthiness could improve if the
recent pace of economic growth is maintained and fiscal flexibility is
enhanced.  On the other hand, if recent political polarization worsens,
reversing the positive momentum in economic growth, and the deficit
deteriorates more than
expected, the ratings could come under downward pressure," he concluded.




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


IMAX CORP: S&P Affirms Corporate Credit Rating at CCC+
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including the
'CCC+' corporate credit rating, on IMAX Corp. and removed them from
CreditWatch.

The ratings were originally placed on CreditWatch with negative
implications on April 2, 2007, with a revision to developing implications
occurring on July 5, 2007.  The rating action follows the company's filing
of its SEC Form 10-Q for the first quarter of 2007 and its 2006 Form 10-K,
which should put the company in compliance with its filing requirement
under its
bond indenture and alleviate the risk of a near-term acceleration.

"The positive outlook reflects solid system signings in the first quarter
and good box office performance of IMAX films this year, which could lead
to new system signings," said Standard & Poor's credit analyst Tulip Lim.

As of March 31, 2007, the company had US$160 million of debt.

The rating reflects the modest size and uncertain long-term earnings
potential of the company's niche market relative to its debt burden, weak
discretionary cash flow, and limited liquidity.  These concerns overshadow
IMAX's position as a specialized provider of giant-screen projection,
camera,
and sound systems; the recurring revenue provided by the installed base of
283 IMAX theater systems; and a measure of near-term revenue visibility
provided by the company's backlog of pending system installations.

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




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


DIGICIEL: Continues To Enhance Hurricane Preparedness Program
-------------------------------------------------------------
Digicel reported that it continues to enhance its hurricane preparedness
program to ensure customers and employees are equipped to weather the 2007
hurricane season, which begins in June and typically lasts through Nov.
30.

"Digicel takes very seriously our responsibility to ensure our customers
stay connected to friends, colleagues and family during hurricanes and
storms," said Digicel Caribbean Chief Operations Officer Kevin White.
"Every year, Digicel makes significant investments in our wireless
networks to improve coverage and reliability, and in 2007 we have once
again taken all necessary steps to prepare for hurricane season."

According to weather experts, there is a projected 75% chance that the
2007 Atlantic Hurricane Season will be above normal with 13 to 17 named
storms and seven to 10 of those storms becoming hurricanes.  In fact,
National Oceanic and Atmospheric Administration (NOAA) forecasters believe
that three to five of them could become major hurricanes of Category 3
strength or higher.

Nearly all Digicel cell sites have on-site back up generators, which are
routinely tested to ensure they are ready in the event the local
electrical power source is knocked out.  In addition, Digicel maintains a
fleet of mobile generators and Cells on Wheels -- which are self powered
call transmitters -- that can be rolled into hard-hit locations to provide
additional service.  Throughout the year, Digicel's technical team
continuously checks the network's performance and durability.

Digicel also continues its partnership with the Caribbean Disaster
Emergency Response Agency and provides free handsets and airtime to
emergency response teams.  In conjunction with CDERA and the National
Oceanographic and Atmospheric Administration, the company also has
developed a WAP page through Digicel Live, a Web portal that can be
accessed though GPRS enabled phones and provides continuous updates and
maps on weather systems.

In all hurricane-affected markets, Digicel provides a text alert service
that allows all customers to text short codes and receive important
updates on current weather systems.  The company has also launched a
comprehensive, public awareness campaign that provides general hurricane
information and practical tips educating people on what to do, before,
during and after a hurricane.  In The Cayman Islands, Digicel is providing
complimentary hurricane tracking maps at all store locations.

"We advise our customers to take precautionary steps to help protect their
lives, families and properties.  To remain in communication, we encourage
them to charge their phones, save emergency contact numbers, keep a spare
battery and a car charger on hand and in the case of prepaid customers,
ensure they have credit on their mobile phones," White stated.

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

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.


* JAMAICA: State Firm Accepting Offers for Wigton Windfarm
----------------------------------------------------------
Jamaican state-owned company Petroleum Corporation of Jamaica will accept
proposals for the 20.7-megawatt Wigton Windfarm through Sept. 7, Business
News Americas reports.

BNamericas relates that the 23-turbine wind park is in Manchester parish.
The windfarm takes up 276 hectares of leased property from aluminum firms
Alcoa and Alpart.

Petroleum Corporation said in a statement that it is looking for investors
with adequate financial capacity and expertise in the development,
management and operation of renewable energy and power generation
facilities.  Expansion of wind energy generation that will facilitate
Jamaica's increased usage of electricity from renewable sources and
modernization of the existing windfarm facility are the primary objectives
of this privatization.

Petroleum Corporation manager Ruth Potopsingh told BNamericas, "It's PCJ
[Petroleum Corporation} policy to build and develop projects and then turn
them over to the private sector."

Interested entities may get request for proposal documents from Petroleum
Corporation for US$1,000, BNamericas states.

                        *     *     *

As reported on March 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B' ratings on Jamaica's long-term and short-term
sovereign credit, with stable outlook.




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


BAUSCH & LOMB: Declares Quarterly Dividend of US$0.13 Per Share
---------------------------------------------------------------
Bausch & Lomb Inc. declared a regular quarterly dividend of US$0.13 per
share on the common stock of the company.

The dividend is payable Monday, Oct. 1, 2007, to shareholders of record at
the close of the business day on Sept. 4, 2007.

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

                        *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate credit and
senior secured ratings on Bausch & Lomb Inc. remain on CreditWatch with
negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.


CABLEMAS: Using Allot's Bandwidth Management Software
-----------------------------------------------------
Israeli Internet protocol service optimization solutions firm Allot said
in a statement that Cablemas has deployed its bandwidth management
software.

Business News Americas relates that Allot's NetEnforcer management
software was based on deep packet inspection technology.  It lets Cablemas
identify user habits, guarantee broadband Internet quality, manage traffic
and introduce tiered broadband packages.

Cablemas Chief Operating Officer Arnoldo Meiselmann said in a statement,
"Due to a substantial and ongoing increase in bandwidth consumption, we
needed to manage our traffic more efficiently... without reducing our
quality of service."

BNamericas notes that Cablemas entered the voice market in 2006.  It
expanding its services throughout its operations in Mexico.

Cablemas said in a statement that it already had 26,500 voice-over
Internet protocol subscribers on its network, along with 736,205
television users and 198,471 broadband clients as of March 31, 2007.

Cablemas SA de CV -- http://www.cablemas.com-- is the second-largest
cable television operator in Mexico based on the number of subscribers and
homes passed.  As of June 30, 2005, the company's network served over
546,000 cable subscribers and in excess of 87,000 high-speed Internet
subscribers, with more than
1,647,000 homes passed.  It is the concessionaire with the broadest
coverage in Mexico, operating in 46 cities throughout the country's oil,
maquiladora and tourist regions.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb. 15,
2007, Fitch Ratings has affirmed these ratings for Cablemas with a Stable
Rating Outlook:

  -- Foreign Currency Issuer Default Rating 'BB-';
  -- Local Currency Issuer Default Rating 'BB-';
  -- US$175 million senior notes due 2015 'BB-'; and
  -- National scale 'A(mex)'.


EMI GROUP: Terra Firma Extends GBP2.4 Bln Offer to July 29
----------------------------------------------------------
Terra Firma Capital Partners Ltd. extended for the fourth time, its GBP2.4
billion cash offer for EMI Group Plc until
July 29, 2007.

As of July 19, 2007, the proposed takeover by Maltby Limited, a private
equity buyout vehicle set up by Terra Firma, had received valid
acceptances totaling 212,400,879 EMI shares or around 26.19% of the
existing issued ordinary share capital of EMI.

According to Terra Firma, the offer will not be extended after July 29,
2007 and will lapse.

On July 17, 2007, Warner Music Group Corp. confirmed its decision not to
make a counterbid for EMI, but reserved the right to make an offer or to
participate in a takeover bid if another party, other than Terra Firma,
will make an offer for the U.K.-based company.

EMI's board of directors accepted Maltby's offer in May 2007 and
recommended shareholders to do the same.

                     About Terra Firma

Terra Firma is a leading European private equity firm, created in 2002 as
the independent successor to the Principal Finance Group, a division of
Nomura that was created in 1994.  Terra Firma focuses on buyouts of large,
asset-rich and complex businesses in need of operational and/or strategic
change.

Since its inception in 1994, Terra Firma has invested over EUR7 billion of
equity and has completed transactions with an aggregate transaction value
of over EUR30 billion.  Terra Firma has offices in London and Frankfurt.

                  About Warner Music Group

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

                         About EMI

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

At March 31, 2006, EMI Group's consolidated balance sheet revealed
GBP1.817 billion in total assets, GBP2.544 billion in total liabilities
and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.

In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.
Downgrade and review follow the announcement that EMI:

   (i) will incur up to GBP150 million in incremental
       restructuring costs,

  (ii) has performed below its expectations during its financial
       year-to-date,

(iii) has installed Eric Nicoli, hitherto chairman of the group
       as CEO of EMI Group and of EMI Recorded Music and is
       reviewing its balance sheet.


FORD MOTOR: Seeks Concessions as Labor Talks with UAW Start
-----------------------------------------------------------
General Motors Corp. and Ford Motor Company officially opened contract
negotiations with the United Auto Workers on Monday, seeking to win
concessions that would reduce labor costs as they grapple with rising
health care expenses and stiff competition, particularly from Japanese
carmakers, Reuters reports.

DaimlerChrysler AG unit Chrysler Group started labor talks with the UAW on
Friday.

The TCR-Europe reported on June 14, 2007, that the car companies are
trying to deal with health care costs that GM CEO Rick Wagoner says cost
them a combined US$12 billion in 2006.  Providing health care to 2 million
employees, retirees and dependents contributed to losses at each of the
U.S. automakers last year, while Japanese rivals posted record profits.
The difference is made even more significant by higher pensions and
retiree health care costs.

Many analysts expect the UAW to consider establishing a union-aligned
trust fund for retiree health care, if it can reach an agreement with the
automakers on how fully to fund it.

GM and Ford hourly labor costs -- US$73.26 and US$70.51, respectively --
are about US$30 an hour higher than those paid by Japanese competitors
operating U.S. plants, Reuters states, referring to data compiled by the
automakers.

The UAW's current four-year contract with the "Big Three" automakers
expires Sept. 14, 2007, Reuters relates.  UAW President Ron Gettelfinger
said a strike was still possible if the parties could not reach an
agreement.

                      About Ford Motor Co.

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

                        *     *     *

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

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


FEDERAL-MOGUL: Earns US$4 Mil. in Second Quarter Ended June 30
--------------------------------------------------------------
Federal-Mogul Corporation reported its financial results for the
three and six month periods ended June 30, 2007.

Federal-Mogul reported net income of US$4,000,000 for the quarter ended
June 30, 2007, compared to a net loss of US$17,000,000 for the second
quarter of 2006.  For the six months ended June 30, 2007, the company
reported net income of US$9,000,000, compared to a net loss of
US$85,000,000 for the comparable period of 2006.  These results reflect an
8% increase in sales, improved gross margin and reduced selling, general
and administrative expenses.

Federal-Mogul reported net sales of US$1,763,000,000 for the quarter ended
June 30, 2007, an increase of US$131,000,000, or 8%, compared to the
second quarter of 2006.  The most significant factors impacting sales were
increased volumes of US$77,000,000 and favorable foreign currency of
US$56,000,000.  For the six-month period ended June 30, 2007, net sales
increased by US$248,000,000 to US$3,480,000,000, of which US$119,000,000
is due to increased volumes, US$51,000,000 is due to the May 2006
acquisition of Federal-Mogul Goetze India and US$116,000,000 is due to
favorable foreign currency.  These favorable impacts were partially offset
by customer pricing.

Gross margin for the three and six months ended June 30, 2007,
increased by US$18,000,000 and US$41,000,000, respectively, over the
comparable periods of 2006.  Improvements in gross margin resulted from a
combination of the October 2006 settlement of the U.K. pension plans,
productivity in excess of labor and benefits inflation, increased volumes,
and favorable foreign currency.   These favorable impacts were partially
offset by increased raw materials costs and customer pricing.

Selling, general and administrative expense for the three and six months
ended June 30, 2007, improved by US$5,000,000 and
US$26,000,000, respectively, when compared to the comparable periods of
2006.  Reductions in SG&A resulted from a combination of cost reduction
actions in excess of labor and benefits inflation, and the settlement of
the U.K. pension plans.  These favorable impacts were partially offset by
increased SG&A from the acquisition of FMG and adverse foreign currency.

Federal-Mogul reported income before income taxes for the three-
month period ended June 30, 2007, of US$25,000,000, an improvement of
US$13,000,000 over the comparable period of 2006.  For the six month
period ended June 30, 2007, the company's income before income taxes
improved by US$88,000,000 compared to the same period of 2006, largely
derived from the US$67,000,000 of improvements in gross margin and
selling, general and administrative expenses, and US$30,000,000 in reduced
impairment and restructuring charges.

Management believes that Operational EBITDA most closely
approximates the cash flow associated with the operational
earnings of the company and uses Operational EBITDA to measure the
performance of its operations.  Operational EBITDA is defined to include
discontinued operations and exclude impairment charges, Chapter 11 and
U.K. Administration expenses, restructuring costs, income tax expense,
interest expense, depreciation and amortization.

The company reported Operational EBITDA for the three and six
months ended June 30, 2007, of US$212,000,000 and US$412,000,000,
respectively, representing improvements of US$37,000,000 and
US$92,000,000, respectively, over the comparable periods of 2006.  This
improvement is largely due to the improvements reported within gross
margin and reduced SG&A expenses.  A reconciliation of Operational EBITDA
to the company's earnings before income taxes for the three months ended
June 30, 2007, has been provided.

Combining cash provided from operating activities with cash used
by investing activities, the company generated positive cash
inflows of US$79,000,000 for the six months ended June 30, 2007,
compared with US$30,000,000 for the comparable period of 2006.

"Federal-Mogul remains fully committed to exiting from Chapter 11, while
wholly dedicated to our strategy for sustainable global profitable growth,
providing our valued customers with service excellence, quality products,
leading technology and innovation at competitive cost," said chairman,
president and chief executive officer Jose Maria Alapont.  "The results
achieved during the first half of 2007 reflect the company's commitment to
consistently improve our operational performance."

                     About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts company with
worldwide revenue of some US$6 billion.  Federal-Mogul also has operations
in Mexico and the Asia Pacific Region, which includes, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.  In Europe, the
company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F. Conlan
Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura
Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan.  On July 28, 2004, the District
Court approved the Disclosure Statement.  The estimation hearing began on
June 14, 2005.  They then submitted a Fourth Amended Plan and Disclosure
Statement on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The confirmation hearing on that
plan began on June 18, 2007, and is expected to conclude on Oct. 1, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 144; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


GENERAL MOTORS: Deal Hits Snag as Firms Shelve US$3.1B Debt Sale
----------------------------------------------------------------
General Motors Corp.'s plan to sell Allison Transmission is facing a major
hurdle after Wall Street firms postponed a sale of US$3.1 billion in loans
that would pay for the leveraged buyout of the unit by private-equity
firms, the Wall Street Journal relates.

GM had reached a definitive agreement to sell its Allison Transmission
commercial and military business to The Carlyle Group and Onex Corporation
for about US$5.6 billion.  The deal is being financed by US$3.5 billion in
corporate loans and US$1.1 billion in junk bonds.

Allison is expected to have debt that represents about seven times its
annual cash flow, according to Standard & Poor's Leveraged Commentary &
Data, WSJ notes.

Underwriters that include Citigroup, Lehman Brothers and Merrill Lynch
were planning to sell, or syndicate, US$3.1 billion of the loans to
investors, the report says.  The firms will now try to distribute the loan
among a small group of banks, WSJ quotes a person familiar with the matter
as saying.

Investors have been avoiding sales of junk bonds and similarly rated
corporate loans for several weeks.  Debt investors have become more
cautious after seeing the losses that have struck bonds backed by risky
subprime mortgage debt, WSJ states.

The snag reflects difficult conditions in the market for risky corporate
loans and bonds and raises questions about the prospects of other
buyout-related debt financings that need to be completed this summer,
Serena Ng and Gina Chon of WSJ observe.

                    About General Motors

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

                        *     *     *

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

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


GENERAL MOTORS: Seeks Concessions as Labor Talks with UAW Start
---------------------------------------------------------------
General Motors Corp. and Ford Motor Company officially opened contract
negotiations with the United Auto Workers on Monday, seeking to win
concessions that would reduce labor costs as they grapple with rising
health care expenses and stiff competition, particularly from Japanese
carmakers, Reuters reports.

DaimlerChrysler AG unit Chrysler Group started labor talks with the UAW on
Friday.

The TCR-Europe reported on June 14, 2007, that the car companies are
trying to deal with health care costs that GM CEO Rick Wagoner says cost
them a combined US$12 billion in 2006.  Providing health care to 2 million
employees, retirees and dependents contributed to losses at each of the
U.S. automakers last year, while Japanese rivals posted record profits.
The difference is made even more significant by higher pensions and
retiree health care costs.

Many analysts expect the UAW to consider establishing a union-aligned
trust fund for retiree health care, if it can reach an agreement with the
automakers on how fully to fund it.

GM and Ford hourly labor costs -- US$73.26 and US$70.51, respectively --
are about US$30 an hour higher than those paid by Japanese competitors
operating U.S. plants, Reuters states, referring to data compiled by the
automakers.

The UAW's current four-year contract with the "Big Three" automakers
expires September 14, 2007, Reuters relates.  UAW President Ron
Gettelfinger said a strike was still possible if the parties could not
reach an agreement.

                     About General Motors

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

                        *     *     *

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

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


GRUPO TMM: Subsidiary Acquires Automobile Transportation Assets
---------------------------------------------------------------
Grupo TMM, S.A.B. reported that TMM Logistics, its wholly owned
subsidiary, has expanded its logistics services by acquiring an important
fleet of auto hauling equipment and operating yards, while simultaneously
entering into long-term contracts with two major auto manufacturers.  The
acquisition price for this new business was US$36 million.

It is expected that this new business will add more than $40 million of
annual revenue to the Company's Logistics division. With these
acquisitions, TMM Logistics will become one of the largest auto hauling
carriers in Mexico.  Grupo TMM anticipates that this new specialized auto
hauling business will be supported by existing management, commercial,
information technology and operating capabilities, creating additional
synergies over time.

Grupo TMM president Javier Segovia said, "As with our recently acquired
warehousing operation, this new auto hauling business further expands TMM
Logistics' total service package, providing comprehensive solutions to
shippers within Mexico.  This new acquisition reflects management's
commitment to growth, to effectively service our customers while at the
same time providing employment for more than 400 Mexican families, and
will allow TMM Logistics to increase its market leadership in Mexico."

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

                        *     *     *

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




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


XEROX CORP: Total Revenue Increases 6% in Second Quarter 2007
-------------------------------------------------------------
Xerox Corporation reported second-quarter 2007 earnings per share of 28
cents.  Total revenue of US$4.2 billion grew 6% in the second quarter
2007, compared to the same quarter in 2006.  Post-sale and financing
revenue -- Xerox’s annuity streams that represent more than 70% of total
revenue -- increased 7%.  Both total revenue and post-sale revenue
included a currency benefit of two percentage points as well as the
benefit from Xerox’s acquisition of Global Imaging Systems, which was
completed in early May.

"Our results in the second quarter reflect the strategic importance of
annuity and acquisitions flowing through to boost revenue and strengthen
our position in the marketplace," said Xerox Chairperson and Chief
Executive Officer Anne M. Mulcahy.  "With the Global Imaging team now on
board, we’ve increased our reach to U.S. small and mid-size businesses by
50%.  At the same time, our investment in delivering the industry’s
broadest portfolio of color technology is paying off with the annuity from
our color business increasing 16%.  And, Xerox’s global relationships with
large customers are contributing to annuity growth from our consulting and
managed services business."

Ms. Mulcahy commented, "We are consistent in managing the business
effectively -- generating steady operational cash flow and containing
costs while competing aggressively and expanding earnings to deliver value
for shareholders.  As a result, we delivered solid results in the first
half of the year and are raising earnings expectations for the full year."

A fundamental measure of Xerox’s business is increasing the number of
Xerox systems installed in customers’ workplaces.  This install activity
generates sales of supplies and services that are expected to drive gains
in post-sale revenue.  During the second quarter, install activity
increased 54% for the company’s color multifunction devices that print,
copy, fax and scan.  In addition, activity grew for color production
systems as more commercial printers and graphic arts customers installed
Xerox digital presses to meet their clients’ demand for personalization,
book publishing and promotional marketing materials.

Price declines and the mix of products sold continued to put pressure on
equipment sales revenue.  Xerox reported a 3% increase in equipment sales
revenue, which includes a two-point benefit from currency.

Since the beginning of the year, Xerox has introduced 28 new products, 10
of which are color devices, doubling the 14 total product launches in
2006.  More than two-thirds of Xerox’s equipment sales revenue comes from
products launched in the past two years.

Revenue from color grew 12% in the second quarter and now represents 38%
of Xerox’s total revenue, up four points from the second quarter of 2006.
Xerox color presses produce the highest volume of pages in the industry
and last year more than 30 billion color pages were printed on Xerox
technology.  In the second quarter, the number of color pages grew 30%,
and now represent 12% of total pages, up three points from the prior year.
Color performance excludes Global Imaging Systems.

Xerox services help businesses simplify work processes, manage office
technology and in-house print shops, digitize paper files, create digital
archives and much more.  Through multiyear, multimillion dollar contracts,
the company’s document management services generated more than US$1.6
billion in annuity revenue in the first half of the year, an 8% increase
in post-sale revenue from services.  Xerox recently signed its largest
services contract to date, finalizing a seven-year deal with the United
Kingdom’s Department for Work and Pensions for a Xerox-led group to serve
as the department's primary supplier of print and related services,
supporting more than 2,000 DWP offices across the U.K.

Xerox’s production business provides commercial printers and
document-intensive industries with high-speed digital printing and
services that enable on-demand, personalized printing.  Total production
revenue increased 2% in the second quarter including a four-point currency
benefit.  Installs of production black-and-white systems declined 7% with
initial demand for the newly launched Xerox Nuvera EA and Xerox Nuvera 288
systems and continuous feed systems only partially offsetting declines in
higher-end production printing.  Production color installs grew 4%
reflecting strong activity for the Xerox iGen3 Digital Production Press
and DocuColor 5000 and 8000 systems.

The company’s acquisition of Global Imaging Systems gives Xerox access to
about 200,000 new customers and adds 1,400 sales people to expand Xerox’s
footprint in the SMB market.  Sales from Global Imaging supported
second-quarter growth in Xerox’s office business, which provides document
technology and services for businesses of any size.  Total office revenue
was up 5% in the second quarter including a two-point benefit from
currency.  Installs of the company’s office black-and-white systems
increased 7% primarily due to a 9% increase in activity for Xerox’s
mid-range line of multifunction devices.  Installs for office color
multifunction devices grew 54% in the quarter.

Gross margins were 40.3%, a less than one point decline from second
quarter of 2006.  Selling, administrative and general expenses were 25.7%
of revenue, about the same as the prior year.  Xerox generated operating
cash flow of US$388 million in the second quarter and closed the quarter
with US$870 million in cash and short-term investments.

Since launching its stock buyback program in October 2005, the company to
date has repurchased about 117 million shares, totaling US$1.8 billion of
its US$2.5-billion program.

Xerox expects third-quarter 2007 earnings in the range of 24 to 26 cents
per share.  The company increased its range of earnings expectations for
full-year 2007 to US$1.16 to US$1.18.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Fitch Ratings has affirmed Xerox Corp.'s and its
subsidiary's ratings:

   Xerox Corp.

     -- Trust preferred securities at 'BB';
     -- Issuer Default Rating at 'BBB-';
     -- Unsecured credit facility at 'BBB-'; and
     -- Senior unsecured debt at 'BBB-'.

   Xerox Credit Corp.

     -- Issuer Default Rating at 'BBB-'; and
     -- Senior unsecured debt at 'BBB-'.

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Standard & Poor's Ratings Services placed its
ratings on Xerox Corp., including the 'BB+' corporate credit
rating, on CreditWatch with positive implications.  The
CreditWatch placement reflects the company's announcement that
it has reached an agreement in principle to acquire Global
Imaging Systems Inc. for approximately US$1.5 billion in cash.




=======
P E R U
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DOE RUN: Launches Plant Construction Works at La Oroya Smelter
--------------------------------------------------------------
Doe Run said in a statement that it has begun building the sulfuric acid
plant at the lead circuit of its La Oroya smelter in Peru.

According to Doe Run's statement, the plant is aimed at decreasing sulfur
dioxide emissions.

Business News Americas relates that the lead circuit would be complete by
September 2008.  Engineering began in October 2006, while Doe Run started
purchasing equipment in May 2007.

BNamericas notes that the project is related to an environmental agreement
Doe Run signed when it acquired La Oroya from the Peruvian government in
1997.  Environmental and social groups have been scrutinizing the smelter.

Doe Run told BNamericas that its total investment related to the agreement
will be over US$244 million once complete.  The original accord required
the firm to spend US$108 million.

Based in St. Louis, Mo., The Doe Run Company --
http://www.doerun.com/-- is a privately held natural resources
company dedicated to environmentally responsible mineral
production, metals fabrication, recycling and reclamation.  The
company and its subsidiaries deliver products and services
needed to provide power, protection and convenience through
premium products and associated metals including lead, zinc,
copper, gold and silver.  As the operator of one of the world's
only multi-metal facilities and the Americas' largest integrated
lead producer, Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

Doe Run Peru S.R.L., an indirect Peruvian subsidiary, operates a
smelter in La Oroya, Peru, one of the largest polymetallic
processing facilities in the world, producing an extensive
product mix of non-ferrous and precious metals, including
silver, copper, zinc, lead and gold.  Doe Run Peru also has a
copper mining and milling operation in Cobriza, Peru in the
region of Huancavelica, which is approximately 200 miles
southeast of La Oroya in Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.




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


MICRON TECHNOLOGY: Gordon Smith Resigns as Director
---------------------------------------------------
Director Gordon C. Smith has resigned from Micron Technology, Inc.'s board
of directors for personal reasons.

Mr. Smith served two terms on Micron Technology’s board from February 1982
through February 1984 and from September 1990 to the present.  Mr. Smith
is Chairperson and Chief Executive Officer of SFG, L.L.C., a holding
company for ranch operations and other investments.

"I’ve had a tremendous experience with the company during my 19 years on
the Board," said Mr. Smith.  "I have enjoyed the opportunity to work with
fellow Board members and the Micron team.  The semiconductor business is a
challenging, competitive business, and I wish the best for Micron as they
continue to pursue success in this industry."

Robert E. Switz, Chairperson of the Governance Committee of the Micron
Technology's Board of Directors, commented, "Speaking on behalf of the
Board of Directors, we wish to thank Gordon for his many years of service
to Micron.  Gordon has been associated with Micron since 1982 and has
participated in the company’s growth from a small semiconductor memory
company to a globally competitive leader in semiconductor technology and
innovation. We wish Gordon well in his future endeavors."

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's US$1.1 billion convertible senior notes due 2014.




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


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

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

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

The eight European properties are:

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

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

                       About Hilton Hotels

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

                          *     *     *

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

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

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


HILTON HOTELS: Inks First Doubletree Hotel Agreement in Europe
--------------------------------------------------------------
Hilton Hotels Corporation continues the expansion of its upscale
Doubletree hotel collection in Europe following the signing of a franchise
agreement with G&W Hotel Invest Srl. to introduce the Doubletree by Hilton
Milan, which is set to open in October 2008.

Hilton Hotels - Europe President Wolfgang Neumann said, "Today marks a
historic occasion for us at Hilton, with the debut of our first-ever
Doubletree by Hilton development in Europe.  As an established and highly
popular, upscale hotel brand in the United States, this latest Doubletree
by Hilton hotel in one of Europe’s finest cities underscores our strategy
to integrate our successful Hilton Family of Hotels brands into growth
markets throughout Europe - enabling us to provide an incredible range and
choice of quality accommodation to our customers wherever they travel."

This new development will be the second Hilton Family of Brands property
in Milan and will compliment the 319-room Hilton Milan hotel, which opened
in 1972 and is situated close to the city’s key sights and attractions.

Located to the Northwest of Milan, close to one of the main gateways into
the city, the newly built Doubletree by Hilton Milan will offer 240
guestrooms, complimented by a 225-seat restaurant and a covered terrace
for 250 people, with lobby bar and fitness area.  Extensive meeting
facilities will also feature with over 450 square meters of flexible
meeting room space.  It is anticipated that the hotel’s location, situated
in a business district that is currently undergoing a major redevelopment,
combined with excellent links to both of Milan’s main trade fair venues,
will be a key appeal for the business and meetings market.

"This first foray into Italy and the European hotel market is an
incredible new chapter for our Doubletree and Doubletree by Hilton hotel
collection.  We continue to attract considerable interest from hotel
owners and management companies across North America, and now the world,
as they discover Doubletree has quickly become one of the most dynamic
brands in the upscale, full-service hotel market today," said Doubletree
Hotels brand management senior vice president Dave Horton.

Doubletree has a fast-growing portfolio of more than 180 full-service
hotels and resorts in gateway cities, airport locations, suburban markets
and leading leisure destinations throughout North America and South
America.  However in mid-2006, the Company announced the launch of a
worldwide expansion effort for the brand and has since confirmed
management contracts for Doubletree by Hilton hotel and resort projects in
Costa Rica, Thailand and Peru.

"The strength and appeal of the Doubletree by Hilton product lies in their
versatility.  Whether it is a city centre conversion project, large new
build development or destination resort, Doubletree by Hilton delivers a
unique blend of contemporary design with informal and friendly service
within the upscale hotel sector.  This is enabling us to take advantage of
a number of different development opportunities as we look to grow in
primary and secondary cities across Italy and respond to the growing
demand among corporate and leisure travelers for quality accommodations
across Europe," Mr. Neumann noted.

Doubletree by Hilton Milan will be managed by G&W Hotels Srl. which is
headed by Walter and Gregorio Pecoraro.  An experienced hospitality
operator in the Italian market, G&W Hotels Srl. has managed other hotels
in Rome and Fiumicino Airport since 1970.

"Our Doubletree by Hilton agreement is an indication of the growth and
expansion of our Group, which is the result of both a careful study of the
existing market as well as the identification of the most successful
brands, which are two concept of the G&W Hotels philosophy," G&W Hotels
Chairperson Walter Pecoraro commented.

G&W Hotels Chief Executive Officer Gregorio Pecoraro noted, "With
Doubletree by Hilton, for the first time we are bringing to Italy and
Europe one of the most innovative hotel brands of the Hilton Family, as
far as design and technology are concerned.  This is another demonstration
of our organization’s constant experimentation with new models for Italian
hospitality.  We are, therefore, proud of our relationship with such a
great worldwide hospitality company as Hilton."

"Doubletree Hotels embraces a strong philosophy of providing millions of
travellers with a fine collection of full-service hotels across the
Western Hemisphere that combine contemporary style and comfort with an
attention to detail that ensures guests are appreciated and well taken
care of.  By introducing the Doubletree experience worldwide with the
recognition and legacy of the Hilton name, we are honoured to work with
G&W Hotels to deliver this uniquely branded Doubletree by Hilton hotel
opportunity in Italy," Mr. Horton said.

Hilton currently operates 17 properties (including those opening in coming
months) within the Hilton Family of Brands across Italy, located in key
destinations like:

          -- Rome;
          -- Venice;
          -- Florence;
          -- Milan;
          -- Palermo;
          -- Portorosa, Sicily; and
          -- Siracusa, Sorrento, in addition to Bari and Matera,
             which will open later this year.

The company also recently opened the historically important Hilton Molino
Stucky Venice.  The waterfront landmark and former 19th century flourmill
turned premier hotel boasts 380 rooms, Venice’s first rooftop pool, the
city’s largest spa, and two new restaurants from former Hotel Cipriani
alumnus, Chef Franco Luise.

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

                        *     *     *

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

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

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




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


DAIMLERCHRYSLER: Chrysler Aims to Cut Costs as Labor Talks Begin
----------------------------------------------------------------
Chrysler Group and the United Auto Workers union have officially begun
contract negotiations through which the DaimlerChrysler AG unit is hoping
to get new concessions on pay and conditions to narrow the efficiency gap
with Japanese carmakers, the BBC reports.

"It's been four years since our last round of negotiations with the UAW,
and since then, a lot has changed for our industry, and for Chrysler,"
Chrysler Group President and CEO Tom LaSorda said in a statement.  "Today,
the domestic auto industry faces unprecedented challenges, and we can no
longer afford to conduct ‘business as usual.’  Our circumstances demand
that we re-think our approach to our business and achieve true change."

The union and Chrysler have already been in negotiations over retiree
health care costs, initially aimed at giving the automaker a cost-saving
deal similar to the ones granted to Ford and GM because of their own
deteriorating finances, Reuters relates.

Chrysler's hourly labor costs are an industry-leading US$75.86, higher
than GM at US$73.26 or Ford at US$70.51, according to data compiled by the
automaker.  Chrysler also pays its 26,000 UAW-represented workers over
US$30 per hour more than Japan's own Big Three -- Toyota Motor Corp.,
Honda Motor Co. and Nissan Motor Co. -- pay their American workers,
Reuters reveals.

The difference is made even more significant by higher pensions and
retiree health care costs.  These issues are expected to be at the center
of negotiations meant to cement a new contract that shall replace the
current four-year deal expiring at midnight on September 14, 2007, Reuters
states.  Many analysts expect the UAW to consider establishing a
union-aligned trust fund for retiree health care, if it can reach an
agreement with the automakers on how fully to fund it.

"Finding answers to close the competitive gaps are crucial to the U.S.
auto industry," Cerberus Chairman John Snow told reporters last week.  "If
it's going to survive and prosper, we need to close the gap.  That's for
sure."

                    About DaimlerChrysler

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

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

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

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

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


HARVEST NATURAL: May Consolidate Assets in Venezuela
----------------------------------------------------
A Harvest Natural Resources official said in a conference call that the
firm would be keen on "consolidating" assets in Venezuela, Business News
Americas reports.

The official commented to BNamericas, "We're excited here at Harvest at
the prospect of the new business that we have in Venezuela.  I don't think
it's any secret that Harvest believes now that we're better positioned
than ever to take part in further consolidations of operations in
Venezuela if that is desirable to our Venezuelan host.  Certainly in the
area of South Monagas, whatever opportunities may exist there we will take
a look at.  I fully expect, depending upon our host government's wishes,
that Harvest will be a consolidator down there over time."

BNamericas notes that PetroFalcon had signed "a binding letter of intent
for the all-stock acquisition of Lundin Venezuela from Swedish oil company
Lundin Petroleum."

An industry analyst told BNamericas that PetroFalcon will use the new
capital to buy assets of foreign operators seeking to leave Venezuela or
on new bidding opportunities including upcoming rounds for mature fields.

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging. Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, Calif., which operates the South Monagas Unit in
Venezuela.

                        *     *     *

Harvest Natural Resources carries these ratings from Moody's
Investor Service since Sept. 17, 2004:

     -- Issuer Rating, Caa1
     -- Long-Term Corp. Family Rating, B3
     -- Senior Unsecured Debt, B3


HARVEST NATURAL: Says Venezuelan Firm's Rig Problems Temporary
--------------------------------------------------------------
Harvest Natural President and Chief Executive Officer James A Edmiston
told Business News Americas that Venezuela's state-run oil firm Petroleos
de Venezuela SA's problems in obtaining drill rigs are temporary.

As reported in the Troubled Company Reporter-Latin America on July 26,
2007, Venezuelan Energy Minister Rafael Ramirez said that Petroleos de
Venezuela was 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, Minister Ramirez
stated.

According to BNamericas, Mr. Edmiston said that problems on the
availability of rigs in Venezuela is a "procurement issue."

Mr. Edmiston commented to BNamericas, "There is quite a bit of iron in
Venezuela.  There hasn't been a situation where rigs are totally
unavailable.  PDVSA [Petroleos de Venezuela] is trying to consolidate its
procurement activities, now that they own a piece of all of these
businesses.  There is a huge amount of procurement leverage that goes
ungathered if you don't consolidate and converge your procurement
activities.  Clearly, if they can create a process and converge on many
procurement items, it will benefit all of us.  The difficulty they are
having now is that they are at the beginning of that process."

"Venezuela's long-term outlook remained positive," BNamericas notes,
citing Mr. Edmiston.  "PDVSA and the government are going to do what most
governments do and act in their best interest.  And it is in their best
interest now to bring the best technology and best operating practices to
their oil fields.  Venezuela has been a significant oil producer for a
whole lot of years and through a whole lot of different governments and
administrations, and I expect them to be that way far into the future.
When I look at the issue from 50,000 feet, the outcome is obvious.  The
road that you travel to get from A to B has bumps in it, but this is an
inherently long-term business. We have a 20-year contract in front of us,
so it's important that we take a long-term view."

Harvest Natural told BNamericas that a workover rig and one drilling rig
will start operations in the Uracoa field in the fourth quarter 2007.

Harvest Natural said in a statement that a third rig would start appraisal
drilling in the new fields early next year.

Mr. Edmiston told BNamericas, "What we have outlined in terms of rigs is
achievable.  We think we can deliver on the schedule that we've outlined.
I'm a bit disappointed with our procurement process though, as it's been a
little slow."

               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.

                   About Harvest Natural

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging. Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, Calif., which operates the South Monagas Unit in
Venezuela.

                        *     *     *

Harvest Natural Resources carries these ratings from Moody's
Investor Service since Sept. 17, 2004:

     -- Issuer Rating, Caa1
     -- Long-Term Corp. Family Rating, B3
     -- Senior Unsecured Debt, B3


PETROLEOS DE VENEZUELA: Launching Tender To Acquire 56 Rigs
-----------------------------------------------------------
Venezuelan Energy and oil minister and state-run oil firm Petroleos de
Venezuela SA's head Rafael Ramirez told reporters that the company will
launch an international tender this year for the acquisition of 56
drilling rigs.

Business News Americas relates that the new rigs would be deployed along
the Orinoco heavy crude oil belt.

A Petroleos de Venezuela spokesperson commented to BNamericas, "We can't
say yet when it's going to take place or what companies the tender will be
open to.  The national assembly will make that decision."

Production in the Orinoco's Carabobo block would start soon, BNamericas
notes, citing Minister Ramirez.  However, Petroleos de Venezuela hasn't
set a specific date for the start of production.

Minister Ramirez commented to Panorama de Maracaibo, "The rig shortage is
affecting all oil-producing countries."

According to BNamericas, Minister Ramirez said that the price of a
standard rig has increased to US$450,000 from US$200,000.  Brazilian
state-owned oil firm Petroleo Brasileiro or Mexico's state oil company
Pemex will purchase them if Petroleos de Venezuela fails to do so.

BNamericas states that Petroleos de Venezuela said it will invest some
US$3.5 billion in the acquisition of new drilling rigs.

Petroleos de Venezuela wants to have 202 rigs running in Venezuela to
reach its 2012 Plan Siembra Petrolera goal of producing 5.8 million
barrels a day, BNamericas reports.  It has reached an accord with China to
acquire new rigs.  Almost 140 of its engineers are in China developing a
plan to build rigs in 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.

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: Rig Problems Temporary
----------------------------------------------
Venezuela's state-run oil firm Petroleos de Venezuela SA's problems in
obtaining drill rigs are temporary, Business News Americas reports, citing
Harvest Natural President and Chief Executive Officer James A Edmiston.

As reported in the Troubled Company Reporter-Latin America on July 26,
2007, Venezuelan Energy Minister Rafael Ramirez said that Petroleos de
Venezuela was 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, Minister Ramirez
stated.

According to BNamericas, Mr. Edmiston said that problems on the
availability of rigs in Venezuela is a "procurement issue."

Mr. Edmiston commented to BNamericas, "There is quite a bit of iron in
Venezuela.  There hasn't been a situation where rigs are totally
unavailable.  PDVSA [Petroleos de Venezuela] is trying to consolidate its
procurement activities, now that they own a piece of all of these
businesses.  There is a huge amount of procurement leverage that goes
ungathered if you don't consolidate and converge your procurement
activities.  Clearly, if they can create a process and converge on many
procurement items, it will benefit all of us.  The difficulty they are
having now is that they are at the beginning of that process."

"Venezuela's long-term outlook remained positive," BNamericas notes,
citing Mr. Edmiston.  "PDVSA and the government are going to do what most
governments do and act in their best interest.  And it is in their best
interest now to bring the best technology and best operating practices to
their oil fields.  Venezuela has been a significant oil producer for a
whole lot of years and through a whole lot of different governments and
administrations, and I expect them to be that way far into the future.
When I look at the issue from 50,000 feet, the outcome is obvious.  The
road that you travel to get from A to B has bumps in it, but this is an
inherently long-term business. We have a 20-year contract in front of us,
so it's important that we take a long-term view."

Harvest Natural told BNamericas that a workover rig and one drilling rig
will start operations in the Uracoa field in the fourth quarter 2007.

Harvest Natural said in a statement that a third rig would start appraisal
drilling in the new fields early next year.

Mr. Edmiston told BNamericas, "What we have outlined in terms of rigs is
achievable.  We think we can deliver on the schedule that we've outlined.
I'm a bit disappointed with our procurement process though, as it's been a
little slow."

                   About Harvest Natural

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging. Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, Calif., which operates the South Monagas Unit in
Venezuela.

               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.

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.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 25-28, 2007
AMERICAN BANKRUPTCY INSTITUTE
    12th Annual Southeast Bankruptcy Workshop
       The Sanctuary, Kiawah Island, South Carolina
          Contact: http://www.abiworld.org/

July 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Arizona Chapter Meeting
       TBA, Arizona
          Contact: http://www.turnaround.org/

July 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Golf Social Event
       Crystal Lake Golf Club, Lakeville, Minnesota
          Contact: 612-708-0258 or http://www.turnaround.org/

July 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Colorado Chapter Annual Golf Tournament
       Kings Deer Golf Club, Monument, Colorado
          Contact: 303-847-5026 or http://www.turnaround.org/

July 28, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Lake Tahoe Cruise: Getting to Know Your Nevada Associations
       Zephyr Cove, Lake Tahoe, Nevada
          Contact: 702-952-2480 or http://www.turnaround.org/

July 31, 2007
BEARD AUDIO CONFERENCES
    Non-Traditional Lenders and the Impact of
       Loan-to-Own Strategies on the
          Restructuring Process
             Contact: 240-629-3300;
                http://www.beardaudioconferences.com/

July 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Enterprise Florida: Improving Florida's
       Business Climate and Helping Florida Companies
          Market Overseas
             Citrus Club, Orlando, Florida
                Contact: http://www.turnaround.org/

Aug. 2, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA-SA Board Meeting
       Deloitte Place, Sandton, South Africa
          Contact: http://www.turnaround.org/

Aug. 3, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Women's Spa Event
       Short Hills Hilton, Livingston, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 9, 2007
BEARD AUDIO CONFERENCES
    Technology as a Competitive Advantage For Today's Legal
       Processes
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

Aug. 9-11, 2007
AMERICAN BANKRUPTCY INSTITUTE
    3rd Annual Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay
          Cambridge, Maryland
             Contact: http://www.abiworld.org/

Aug. 9, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
    Brown Bag Lunch
       Blum Shapiro & Co., West Hartford, Connecticut
          Contact: http://www.iwirc.org/

Aug. 10, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Special Olympics Sportsman's Lunch
       Sofitel, Brisbane, Queensland, Australia
       Contact: 1300 303 863 or http://www.turnaround.org/

Aug. 10, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Body of Knowledge - CTP Review Class
       Chicago, Illinois
          Contact: http://www.turnaround.org/

Aug. 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Colorado Chapter Annual Brew Pub & Pool Social
       Wynkoop Brewing Company, Denver, Colorado
          Contact: 303-847-5026 or http://www.turnaround.org/

Aug. 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Young Professionals Networking Event
       TBA, Philadelphia, Pennsylvania
          Contact: 215-657-5551 or http://www.turnaround.org/

Aug. 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Annual Fishing Trip
       Point Pleasant, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 23-26, 2007
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
    NABT Convention
       Drake Hotel, Chicago, Illinois
          Contact: http://www.nabt.com/

Aug. 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Annual Fishing Trip
       Point Pleasant, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon - Healthcare Panel
       Centre Club, Tampa, Florida
          Contact: http://www.turnaround.org/

Aug. 29-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    3rd Annual Northeast Regional Conference
       Gideon Putnam Resort and Spa, Saratoga Springs,
          New York
             Contact: http://www.turnaround.org/

Sept. 6, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Breakfast Event
       Carnelian Room, San Francisco, California
          Contact: 510-346-6000 ext 226 or
                   http://www.turnaround.org/

Sept. 6-7, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Complex Financial Restructuring Program
       Four Seasons, Las Vegas, Nevada
          Contact: http://www.turnaround.org/

Sept. 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
    15th Annual Southwest Bankruptcy Conference
       Four Seasons, Las Vegas, Nevada
             Contact: http://www.abiworld.org/

Sept. 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Annual Networking at the Yards
       Oriole Park at Camden Yards, Baltimore, Maryland
          Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Body of Knowledge - CTP Review Class
       Chicago, Illinois
          Contact: http://www.turnaround.org/

Sept. 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    14th Annual Connecticut Children's Medical Center
       Fundraiser Golf Outing
          Woodbridge Country Club, Woodbridge, Connecticut
             Contact: 203-265-2048 or http://www.turnaround.org/

Sept. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Buying and Selling Troubled Companies
       Marriott North, Fort Lauderdale, Florida
          Contact: http://www.turnaround.org/

Sept. 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Lean Transformation at Current and Other Case Studies
       Denver Athletic Club, Denver, Colorado
          Contact: http://www.turnaround.org/

Sept. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon - Retail Panel
       Citrus Club, Orlando, Florida
          Contact: http://www.turnaround.org/

Sept. 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Joint Educational & Networking Reception
       TBD, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 26-27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Florida Annual Golf Tournament
       Tampa, Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Arizona Chapter Meeting
       TBA, Arizona
          Contact: http://www.turnaround.org/

Sept. 27-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    8th Annual Cross Border Business
       Restructuring & Turnaround Conference
          Contact: http://www.turnaround.org/

Oct. 2, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Networking Breakfast
       TBD, Bridgewater, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 4, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Breakfast Event
       Carnelian Room, San Francisco, California
          Contact: 510-346-6000 ext 226 or
                   http://www.turnaround.org/

Oct. 5, 2007
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center
          Washington, District of Columbia

Oct. 9-10, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
    CONFEDERATION
       IWIRC Annual Fall Conference
          Orlando, Florida
             Contact: http://http://www.iwirc.org/

Oct. 10-13, 2007
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
    81st Annual National Conference of Bankruptcy Judges
       Contact: http://www.ncbj.org/

Oct. 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon
       University Club, Jacksonville, Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Winn Dixie Bankruptcy
       University Club, Jacksonville, Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 12, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
    Presentation by George F. Will: The Political Argument Today
       Orlando, Florida
          Contact: http://www.ardent-services.com/

Oct. 12, 2007
AMERICAN BANKRUPTCY INSTITUTE
    ABI Educational Program at NCBJ
       Orlando World Marriott, Orlando, Florida
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Copley Place
          Boston, Massachussets
             Contact: 312-578-6900; http://www.turnaround.org/

Oct. 23, 2007
BEARD AUDIO CONFERENCES
    Partnerships in Bankruptcy
       Contact: 240-629-3300;
                http://www.beardaudioconferences.com/

Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Capital Markets Case Study
       Seattle, Washington
          Contact: http://www.turnaround.org/

Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Arizona Chapter Meeting
       Contact: http://www.turnaround.org/

Oct. 26, 2007
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       Hotel Adlon Kempinski, Berlin, Germany
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon
       Centre Club, Tampa, Florida
          Contact: 561-882-1331; http://www.turnaround.org/

Oct. 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Crisis Communications With Employees, Vendors and Media
       Centre Club, Tampa, Florida
          Contact: http://www.turnaround.org/

Nov. 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Breakfast Event
       Carnelian Room, San Francisco, California
          Contact: 510-346-6000 ext 226 or
                   http://www.turnaround.org/

Nov. 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Networking Breakfast
       TBD, Hackensack, New Jersey
          Contact: 908-575-7333; http://www.turnaround.org/

Nov. 12, 2007
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       Marriott, Troy, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Holiday Mixer
       McCormick & Schmick's, Las Vegas, Nevada
          Contact: 702-952-2480 or http://www.turnaround.org/

Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Aloha Airlines Story
       Bankers Club, Miami, Florida
          Contact: http://www.turnaround.org/

Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Australia 4th Annual Conference and Gala Dinner
        Hilton, Sydney, Australia
          Contact: http://www.turnaround.org/

Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Dinner
       TBA, South Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Portland Holiday Party
       University Club, Portland, Oregon
          Contact: 206-223-5495; http://www.turnaround.org/

Nov. 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Networking Mixer
       TBA, Vancouver, British Columbia
          Contact: 206-223-5495; http://www.turnaround.org/

Nov. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon - Real Estate Panel
       Citrus Club, Orlando, Florida
          Contact: http://www.turnaround.org/

Nov. 29, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
    Holiday Gala
       Yale Club, New York, New York
          Contact: http://www.iwirc.org/

Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Special Speaker
       TBD, New Jersey
          Contact: 908-575-7333; http://www.turnaround.org/

Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Special Speaker
       Hilton, Sydney, Australia
          Contact: http://www.turnaround.org/

Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Arizona Chapter Meeting
       Contact: http://www.turnaround.org/

Dec. 6, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Seattle Holiday Party
       Athletic Club, Seattle, Washington
          Contact: 206-223-5495; http://www.turnaround.org/

Dec. 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Westin Mission Hills Resort, Rancho Mirage, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Holiday Extravaganza - TMA & CFA
       Georgia Aquarium, Atlanta, Georgia
          Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Holiday Extravaganza - TMA & CFA
       Georgia Aquarium, Atlanta, Georgia
          Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    South Florida Dinner
       TBA, South Florida
          Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon
       University Club, Jacksonville, Florida

Feb. 7, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    Breakfast Event
       Carnelian Room, San Francisco, California
          Contact: 510-346-6000 ext 226 or
                   http://www.turnaround.org/

Mar. 25-29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Ritz Carlton Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Apr. 3-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
    26th Annual Spring Meeting
       The Renaissance, Washington, District of Columbia
          Contact: http://www.abiworld.org/

Apr. 25-27, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
    NABT Spring Seminar
       Eldorado Hotel & Spa, Santa Fe, New Mexico
          Contact: http://www.nabt.com/

May 1-2, 2008
AMERICAN BANKRUPTCY INSTITUTE
    Debt Symposium
       Hilton Garden Inn, Champagne/Urbana, Illinois
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
    24th Annual Bankruptcy & Restructuring Conference
       J.W. Marriott Spa and Resort, Las Vegas, Nevada
          Contact: http://www.airacira.org/

June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
    15th Annual Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: http://www.abiworld.org/

July 10-13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    16th Annual Northeast Bankruptcy Conference
       Ocean Edge Resort
          Brewster, Massachussets
             Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
    4th Annual Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay
          Cambridge, Maryland
             Contact: http://www.abiworld.org/

Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
    13th Annual Southeast Bankruptcy Workshop
       Ritz-Carlton, Amelia Island, Florida
          Contact: http://www.abiworld.org/

Aug. 20-24, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
    NABT Convention
       Captain Cook, Anchorage, Alaska
          Contact: http://www.nabt.com/

Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
    National Conference of Bankruptcy Judges
       Scottsdale, Arizona
          Contact: http://www.ncbj.org/

Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott New Orleans, Louisiana
          Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
    20th Annual Winter Leadership Conference
       Westin La Paloma Resort & Spa
          Tucson, Arizona
             Contact: http://www.abiworld.org/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
          National Harbor, Maryland
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
2006 BACPA Library
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com;
             http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Distressed Claims Trading
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Distressed Market Opportunities
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
    Code
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Handling Complex Chapter 11
    Restructuring Issues
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
    Hospitals Across the U.S.
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
IP Rights In Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy: Unwinding The Deal
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Reverse Mergers-the New IPO?
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
    and Records Management for Bankruptcy Practitioners
       and Litigators
          Audio Conference Recording
             Contact: 240-629-3300;
                http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Technology as a Competitive Advantage For Today's Legal
Processes
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Twenty-Day Claims
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-mail to
conferences@bankrupt.com are encouraged.


                            ***********


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

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

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

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

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

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


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