TCRLA_Public/070730.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, July 30, 2007, Vol. 8, Issue 149

                          Headlines

A R G E N T I N A

AEROFLEX INC: Stockholders Approve Proposed Merger Accord
ALITALIA SPA: Revised Conditions May Spur AirOne SpA to Re-Bid
ARO SRL: Proofs of Claim Verification Deadline Is Tomorrow
ARVINMERITOR INC: To Close Ontario Assembly Operations
AUTO OMBU: Proofs of Claim Verification Deadline Is Oct. 2

AVAYA INC: Earns US$55 Million in Third Quarter Ended June 30
BANCO DE GALICIA: Parent Inks US$80MM Loan for Capital Increase
DAIMLERCHRYSLER: Banks to Pool Money to Raise Buyout Financing
EMPLOYS SA: Proofs of Claim Verification Is Until Sept. 19
ORIGLIA NESTOR: Proofs of Claim Verification Ends April 19

PRIDE INTERNATIONAL: Acquires Drillship from Lexton
ROCK-TENN CO: Declares US$0.10 Per Share Dividend
SAN ISIDRO: Proofs of Claim Verification Ends on Oct. 1


B A H A M A S

KNOLL INC: Moody's Holds Ba3 Rating & Withdraws Other Ratings


B A R B A D O S

HILTON HOTELS: Paying US$0.04 Per Share Dividend on Sept. 21


B E R M U D A

ASPEN INSURANCE: Paying US$0.15 Per Share Dividend on Aug. 17
ASPEN INSURANCE: Earns US$114.7 Million in Second Quarter 2007
CRIMEA INC: Proofs of Claim Must be Filed by Aug. 22
CRIMEA INC: Will Hold Final Shareholders Meeting on Aug. 22


B R A Z I L

BANCO SANTANDER: S&P Affirms BB+/B Counterparty Credit Rating
DELPHI CORP: Plans Opening of New Diesel Plant in Romania
FIAT SPA: Buys Back 2.09 Million Ordinary Shares
GENERAL MOTORS: Will Cut Jobs & Reduce Production in Michigan
NOVELIS INC: Will Invest US$9 Million in New York Plant

PETROLEO BRASILEIRO: Will Charge Thermo Plant Operators Extra
PETROLEO BRASILEIRO: On Track To Invest Over US$10B This Year
TAM SA: Pays Crash Victim's Family
WESTERN UNIION: Launches Operations at 587 Locations in Mexico


C A Y M A N   I S L A N D S

ASIAN FUNDING: Will Hold Last Shareholders Meeting on Sept. 10
CHESHIRE FINANCE: Sets Last Shareholders Meeting for Sept. 20
HFT REAL: Will Hold Final Shareholders Meeting on Sept. 20
MECKLENBERGH INVESTMENT: Proofs of Claim Filing Ends on Aug. 20
MORGAN STANLEY: Will Hold Final Shareholders Meeting on Sept. 20

PARMALAT SPA: NY Court Grants Final Okay to U$50 Mln Settlement


C H I L E

BOSTON SCIENTIFIC: Mulling Sale of Fluid Management Business
COEUR D'ALENE: Names Stuart Mathews as Palmarejo Project Manager


C O L O M B I A

DOLE FOOD: Secures SA 8000 Certification in Colombia
INDUSTRIAS METALURGICAS: S&P Assigns B Corporate Credit Rating

* COLOMBIA: Names Cesar Prado Villegas as Superfinanciera Chief


E C U A D O R

PETROECUADOR: Inks Strategic Alliance with Flopec


G U A T E M A L A

IMAX CORP: March 31 Balance Sheet Upside-Down by US$58.7 Million


M E X I C O

BAUSCH & LOMB: Asks Advanced Medical to Revise Buyout Bid
FORD MOTOR: Bidders for Units to Begin Due Diligence in August
FORD MOTOR: Earns US$750 Million Net Profit in Second Quarter
GRUPO FINANCIERO: Signs Up for Two-Year US$80-Million Loan
GRUPO IMSA: Ternium Obtains Full Ownership of Firm

ITRON INC: Earns US$7.2 Million in First Quarter Ended March 31
KANSAS CITY SOUTHERN: Earns US$30.2 Mil. in Second Quarter 2007
MAXCOM TELECOMUNICACIONES: Earns MXN48.1 Mil. in Second Quarter
MCDERMOTT INT'L: Completes Amendments to Credit Facilities
METROFINANCIERA SA: S&P Affirms B+ Long-Term Credit Rating


P A N A M A

CHIQUITA BRANDS: S&P Holds Ratings on CreditWatch Negative


P U E R T O   R I C O

BURGER KING: Discloses Additional Debt Retirement for US$25 Mil.
HANESBRANDS INC: Second Quarter Operating Profit Is US$88.1MM
ORIENTAL FINANCIAL: Reports US$5.2MM Income in Second Quarter


T R I N I D A D   &   T O B A G O

DIGICEL: Enhancing Network with Cisco Technology
HILTON HOTELS: Unit Launches Hilton Garden Inn Beaumont


V E N E Z U E L A

LEAR CORP: Terminated Merger Deal Cues S&P to Lift Rating to B+
MARSULEX INC: S&P Withdraws BB- Long-Term Corporate Rating
PEABODY ENERGY: AG Edwards Downgrades Firm's Shares to Hold

* VENEZUELA: State Telecom Inks Interconnection Pact with ETB
* BOOK REVIEW: Bankruptcy: A Feast for Lawyers


                            - - - - -

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


AEROFLEX INC: Stockholders Approve Proposed Merger Accord
---------------------------------------------------------
Aeroflex Incorporated's stockholders have approved the previously
announced acquisition of the company by affiliates of or funds managed by
The Veritas Capital Fund III, L.P., Golden Gate Private Equity, Inc. and
Goldman, Sachs & Co.  Approximately 98% of stockholders present and voting
adopted the merger agreement under the terms of which Aeroflex
stockholders will be entitled to receive US$14.50 per share at the time of
closing.  The number of shares voting to adopt the merger agreement
represents approximately 69% of the total number of shares outstanding and
entitled to vote.

In addition, the European Commission issued its decision to clear the merger.

Stockholder approval and clearance by the European Commission of the
merger satisfy conditions to the closing of the transaction.  Aeroflex
expects to receive the remaining regulatory approvals to the merger by the
end of this month.  In addition, the buyer is currently working to
complete its financing arrangements.  The merger will not be consummated
until those financing arrangements are completed.

Headquartered in Plainview, New York, Aeroflex Inc. is a
specialty provider of microelectronics and test and measurement
products to the aerospace, defense, wireless, broadband and
medical markets.  For the twelve months ended March 31, 2007,
revenues were US$577 million.  Aeroflex has offices in China,
France, Germany, and Argentina.

As reported in the Troubled Company Reporter-Latin America on July 13,
2007, Standard & Poor's Ratings Services removed its 'B' corporate credit
rating on Plainview, New York-based Aeroflex Inc. from CreditWatch, where
it was placed with negative implications on May 30, 2007.  The 'B'
corporate credit rating is affirmed; the outlook is negative.  The rating
action follows a review of a revised buyout offer for the company from a
private equity consortium led by Veritas Capital.

"At the same time, we assigned our 'B+' bank loan rating and '2'
recovery rating to Aeroflex's proposed US$560 million first-lien
credit facilities, consisting of a $60 million revolving credit
and a US$500 million term loan," said Standard & Poor's credit
analyst Lucy Patricola.  The '2' recovery rating indicates that
lenders can expect substantial (70%-90%) recovery of principal in the
event of payment default.  The 'B+' rating is one notch higher than the
'B' corporate credit rating on Aeroflex.  All ratings are based on
preliminary offering statements and are subject to review upon final
documentation.


ALITALIA SPA: Revised Conditions May Spur AirOne SpA to Re-Bid
--------------------------------------------------------------
AirOne S.p.A. will submit a binding offer for the Italian government's
39.9% stake in Alitalia S.p.A. if Italy amends some conditions of the
sale, Chris Staiti writes for Bloomberg News.

AirOne chief executive Carlo Toto confirmed the carrier's interest in
Alitalia before Italy's lower house of parliament, Bloomberg News relates.

As previously reported in the Troubled Company Reporter-Europe, the
Italian 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.

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

In a TCR-Europe report on July 25, 2007, Italy said it may relaunch the
process to sell stake in Alitalia on lighter 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.

Meanwhile, Italian Finance Minister Tommaso Padoa-Schioppa remains
optimistic that the government would find a solution for the current
crisis at Alitalia, Agenzia Giornalistica Italia reports.  Mr.
Padoa-Schioppa will deliver a speech regarding Alitalia's condition before
the Parliament today.

                          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.


ARO SRL: Proofs of Claim Verification Deadline Is Tomorrow
----------------------------------------------------------
The court-appointed trustee for Aro S.R.L.'s bankruptcy proceeding,
verifies creditors' proofs of claim until
July 31, 2007.

Infobae didn’t state the name of the trustee.

The trustee will present the validated claims in court as individual
reports on Sept. 13, 2007.  The National Commercial Court of First
Instance in Rafaela, 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 Aro 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 Aro's accounting and banking
records will be submitted in court on Oct. 29, 2007.

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

The debtor can be reached at:

          Aro S.R.L.
          Martin Oliver 1261
          Rafaela, Santa Fe
          Argentina


ARVINMERITOR INC: To Close Ontario Assembly Operations
------------------------------------------------------
ArvinMeritor Inc. would close its Commercial Vehicle Systems
assembly operation in St. Thomas, Ontario, Canada by
Nov. 23, 2007.

The closure is part of restructuring actions in North America and Europe
which the company expects to affect 13 plants and 2,800 employees,
resulting in an estimated annual run rate savings of US$130-US$140 million
by 2012.

The facility in St. Thomas employs 17 people, and serves as an assembly
site of the company's drivelines.  Operations based in St. Thomas will be
transferred to ArvinMeritor's facility in Laurinburg, North Carolina.

Employees were advised of the closure today during a meeting at the
facility.  ArvinMeritor will offer outplacement support and severance and
benefits packages to affected employees.

"Actions like these are never easy, but are necessary because of the
highly competitive nature of the motor vehicle industry," Wayne Watson,
general manager, Operations, North America, said. "The company must have a
global manufacturing footprint that optimizes capacity, reduces costs, and
creates the greatest level of customer service."

"The closure of St. Thomas is in no way a reflection of our fine
workforce,” Brad Ducharme, site manager at the St. Thomas facility said.
Our employees are talented and highly skilled individuals who have worked
hard to support our customers."

                      About ArvinMeritor Inc.

Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and certain
aftermarket.  ArvinMeritor employs approximately 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These countries are:
China, India, Japan, Singapore, Thailand, Australia, Venezuela, Brazil,
Argentina, Belgium, Czech Republic, France, Germany, Hungary, Italy,
Netherlands, Spain, Sweden, Switzerland, United Kingdom, among others.
ArvinMeritor common stock is traded on the New York Stock Exchange under
the ticker symbol ARM.

                        *     *     *

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

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

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

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

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

    -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


AUTO OMBU: Proofs of Claim Verification Deadline Is Oct. 2
----------------------------------------------------------
Mirta Aurora Lopez, the court-appointed trustee for Auto Ombu S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Oct. 2,
2007.

Ms. Lopez will present the validated claims in court as individual reports
on Nov. 14, 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 Auto Ombu 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 Auto Ombu's accounting and
banking records will be submitted in court on Dec. 27, 2007.

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

The trustee can be reached at:

          Mirta Aurora Lopez
          Avenida Corrientes 2335 Capital Federal
          Buenos Aires, Argentina


AVAYA INC: Earns US$55 Million in Third Quarter Ended June 30
-------------------------------------------------------------
Avaya Inc. reported net income of US$55 million for the third fiscal
quarter of 2007.  In the third fiscal quarter of 2006, the company
reported net income of US$44 million.

Avaya's third fiscal quarter 2007 revenues decreased 1.6% to
US$1.3 billion, over revenue for the same period last year.  Sales of
products declined 1.6%, rental and managed services revenues declined
7.1%, and services revenues were flat.  Foreign exchange benefited
revenues by approximately US$30 million, primarily in Europe.  U.S.
revenues declined 8%.  EMEA revenues were relatively flat, with growth
outside of Germany offset by declines within Germany.  Asia Pacific
revenues grew by 33%.  Revenues in the Americas, non-U.S., grew by 11%,
driven by performance in Latin America.

The company's total gross margin was 46.8% for the third fiscal quarter of
2007 compared to 45.3% in the prior year.

Selling, general and administrative expense and research and development
expense were both lower compared to the prior year, contributing to the
year-over-year income improvement.

The company reported operating income for the third fiscal quarter of 2007
of US$70 million.  In the third fiscal quarter of 2006, the company
reported operating income of US$28 million.

Avaya's effective tax rate was 31.3% for the third quarter of fiscal 2007.

Avaya generated US$202 million in operating cash flow during the third
fiscal quarter of 2007 compared to US$181 million in the third fiscal
quarter of 2006.  Avaya's cash balance at the end of the third quarter of
fiscal 2007 was US$1.1 billion, compared with US$899 million as of Sept.
30, 2006.

                 Fiscal 2007 Year-To-Date Results

For the first nine months of fiscal 2007, the company earned net income of
US$183 million, compared to net income of US$153 million for the first
nine months of fiscal 2006.  Operating income for the first nine months of
fiscal 2007 was US$241 million compared to US$188 million for the first
nine months of fiscal 2006.  Revenues for the first nine months of fiscal
2007 were US$3.9 billion, compared to US$3.784 billion last year.
Operating cash flow for the first nine months of fiscal 2007 was US$424
million compared to US$456 million last year.

At June 30, 2007, the company reported total assets of
US$5.5 billion, total liabilities of US$3.1 billion, and total
stockholders' equity of US$2.4 billion.

                    About Avaya

Headquartered in Basking Ridge, New Jersey, Avaya, Inc.
(NYSE:AV) -- http://www.avaya.com/-- designs, builds and
manages communications networks for more than one million
businesses worldwide, including more than 90% of the FORTUNE
500(R).  Avaya is a world leader in secure and reliable Internet
Protocol telephony systems and communications software
applications and services.

Avaya has locations in Malaysia, Argentina and the United Kingdom.


BANCO DE GALICIA: Parent Inks US$80MM Loan for Capital Increase
---------------------------------------------------------------
Grupo Financiero Galicia said in a filing with the Argentine stock
exchange that it has signed up for a two-year,
US$80-million loan to integrate its banking unit Banco Galicia's capital
increase.

Business News Americas relates that Banco Galicia will issue up to 100
million B class shares -- about 21% greater than its outstanding shares --
at ARS4.991 each.

"The preferential subscription period will run through Aug. 1," BNamericas
states.

                     About Grupo Financiero

Grupo Financiero Banorte S.A. de C.V. is a holding company that
operates, through its subsidiaries, in the Mexican banking
industry.  The company's main activities include commercial,
personal and investment banking, securities trading, insurance,
pension funds, leasing and credit financing.  Its two main
subsidiaries are Banorte (96.11%) and Bancentro (99.99%), which
both offer personal and commercial banking services such as
credit and debit cards, insurance products, savings accounts and
mortgage financing.  As of Dec. 31, 2005, Grupo Financiero
Banorte run a total of 986 offices and over 2,800 automated
teller machines across Mexico.

                     About Banco de Galicia

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

                        *     *     *

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


DAIMLERCHRYSLER: Banks to Pool Money to Raise Buyout Financing
--------------------------------------------------------------
Bankers for DaimlerChrysler AG's Chrysler Group have deferred a US$12
billion debt sale to investors as part of a buyout
severing Chrysler from its German parent, The Wall Street
Journal reports.

According to WSJ, rather than fund the operations of the
newly independent auto maker with money raised from loans,
as planned, the underwriters of the deal -- five banks led
by J.P. Morgan Chase & Co. -- will have to provide much of
the money themselves, at least until the market settles down.

Chrysler's bankers -- including J.P. Morgan, Goldman Sachs Group Inc.,
Citigroup Inc., Bear Stearns Cos. and Morgan Stanley -- have spent the
past month trying to convince investors to buy US$12 billion in loans for
Chrysler's auto business and US$8 billion in loans for its financial arm.
The underwriters of the debt sale have been discussing plans to take half
or more of a US$10 billion piece of the Chrysler auto loan, WSJ states,
citing people familiar with the matter as its source.

The US$8 billion debt sale for Chrysler Financial, meanwhile, is still
expected to be completed this week, though the interest that the company
would have to pay on the debt has been jacked up, WSJ relates.

The New York Times notes that executives at the automaker's
parent company said the financing problem will not affect
the purchase of the Chrysler Group by the private equity firm
Cerberus Capital Management, which signed to buy an 80% stake in the U.S.
Arm.

                      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.


EMPLOYS SA: Proofs of Claim Verification Is Until Sept. 19
----------------------------------------------------------
Maria Cristina Agrelo, the court-appointed trustee for Employs S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Sept. 19,
2007.

Ms. Agrelo will present the validated claims in court as individual
reports on Nov. 1, 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 Employs 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 Employs' accounting and banking
records will be submitted in court on Dec. 13, 2007.

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

The debtor can be reached at:

          Employs S.A.
          Lavalle 1570
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria Cristina Agrelo
          Viamonte 1365
          Buenos Aires, Argentina


ORIGLIA NESTOR: Proofs of Claim Verification Ends April 19
----------------------------------------------------------
Aldo Alfredo Maydana, the court-appointed trustee for Origlia
Nestor Felix y Origlia Edgardo Jose S.H.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
April 19, 2007.

Mr. Maydana will present the validated claims in court as
individual reports on June 4, 2007.  The National Commercial
Court of First Instance in Rafaela, 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 Origlia Nestor 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 Origlia Nestor's
accounting and banking records will be submitted in court on
July 31, 2007.

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

The debtor can be reached at:

          Origlia Nestor Felix y Origlia Edgardo Jose S.H.
          Localidad de Colonia Josefina
          Santa Fe, Argentina

The trustee can be reached at:

          Aldo Alfredo Maydana
          26 de Enero 40
          Rafaela, Santa Fe
          Argentina


PRIDE INTERNATIONAL: Acquires Drillship from Lexton
---------------------------------------------------
A report posted on Rigzone says that Pride International has acquired an
ultra-deepwater drillship from Lexton, Inc., an affiliate of the Tanker
Pacific group of companies.

Rigzone relates that the drillship is being built at the Samsung Heavy
Industries Co., Ltd. shipyard in Geoje, South Korea, on a fixed-price
basis.  It would be delivered to Pride International in the first quarter
of 2010.

According to the report, the drillship construction cost could total
US$675 million, which includes US$108.5 million to be paid to Lexton at
closing, commissioning and system integrated testing.  Pride International
would finance the cost of the rig through available cash and borrowings
against its revolving credit facility.

Pride International President and Chief Executive Officer Louis A. Raspino
told Rigzone, "This acquisition is consistent with our stated strategy to
invest in premium, offshore drilling assets, with a particular focus on
deepwater.  When combined with our recently announced drillship
construction project and acquisitions of our partners' interests in two
deepwater joint ventures, we have now invested or committed over US$2
billion toward our deepwater growth strategy.  Strong global demand for
energy and attractive commodity prices are fueling our customers'
continued growth in exploration and development spending.  As a result, we
are highly confident that the favorable conditions in the deepwater sector
will persist for quite some time, producing attractive opportunities for
deepwater drilling rigs, especially ultra-deepwater rigs of this caliber.
Furthermore, un-contracted ultra-deepwater rig capacity under construction
and with an expected delivery prior to the first quarter of 2010 has
declined to four units.  In light of continued deepwater rig capacity
constraints, we believe the planned first quarter 2010 delivery of this
drillship will be valuable in meeting the future needs of our clients,
and, accordingly, should produce excellent contracting prospects."

Rigzone notes that the rig will be capable of operating in water depths of
up to 10,000 feet and drilling to a total vertical depth of 40,000 feet.
It will feature:

          -- dynamic positioning station-keeping with DPS-3
             certification,

          -- expanded drilling fluids capacity, and

          -- a 1,000 ton top drive.

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.
The Company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semi submersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  Pride also provides a
variety of oilfield services to customers in Argentina,
Venezuela, Bolivia and Peru.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service affirmed its Ba1 Corporate Family
Rating for Pride International Inc.


ROCK-TENN CO: Declares US$0.10 Per Share Dividend
-------------------------------------------------
Rock-Tenn Company's Board of Directors declared a dividend of US$0.10 per
share on its Class A Common Stock to shareholders of record at the close
of business on Aug. 7, 2007.  The dividend will be paid on Aug. 20, 2007.

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.

Headquartered in Norcross, Georgia, Rock-Tenn Company, provides
marketing and packaging solutions to consumer products companies
from operating locations in the United States, Canada, Mexico,
Argentina and Chile.

                        *     *     *

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.


SAN ISIDRO: Proofs of Claim Verification Ends on Oct. 1
-------------------------------------------------------
Roque Alberto Pepe, the court-appointed trustee for San Isidro Pizza
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until
Oct. 1, 2007.

Mr. Pepe 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 San Isidro 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 San Isidro's accounting and
banking records will be submitted in court on Dec. 26, 2007.

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

The trustee can be reached at:

          Roque Alberto Pepe
          Argentina 5785
          Buenos Aires, Argentina




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


KNOLL INC: Moody's Holds Ba3 Rating & Withdraws Other Ratings
-------------------------------------------------------------
Moody's Investors Service withdrew the Ba3 ratings on Knoll Inc.'s US$500
million senior secured credit facility, which is comprised of a revolver
and a term loan term loan, following the refinancing of the facility with
an unrated US$500 million revolving credit facility.

At the same time, Moody's affirmed the company's Ba3 corporate family
rating, but withdrew the B1 probability of default rating and LGD
assessments as these ratings/assessments are only applicable for
speculative grade companies that have rated debt. The rating outlook is
stable.

Knoll's Ba3 rating reflects its strong brand name, diversified customer,
industry leading margins, and distributor base, and a good market position
in its core office systems business with more than a 15% market share.
The rating further reflects Knoll's long-standing reputation for product
quality and design/innovation.  The rating also reflects Moody's
expectation of the continuation of favorable demand trends, although the
growth rate is expected to be slower than the last few years. The ratings
are constrained by its modest top line, which is about two-thirds of the
median for similarly rated companies, by the cyclical and competitive
nature of the industry and by high raw material prices.

The rating was affirmed:

   -- Corporate family rating at Ba3;

These ratings/assessments were withdrawn:

   -- Senior secured revolver at Ba2 (LGD2, 27%);
   -- Senior secured term loan at Ba2 (LGD2, 27%);
   -- Probability of default rating at B1.

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




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


HILTON HOTELS: Paying US$0.04 Per Share Dividend on Sept. 21
------------------------------------------------------------
Hilton Hotels Corporation has declared a dividend of US$0.04 per share,
payable in cash on Sept. 21, 2007, to stockholders of record at the close
of business on Sept. 7, 2007.

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.




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


ASPEN INSURANCE: Paying US$0.15 Per Share Dividend on Aug. 17
-------------------------------------------------------------
Aspen Insurance Holdings Limited's Board of Directors has declared on July
26, 2007, a quarterly cash dividend on its ordinary shares of US$0.15 per
ordinary share.  The dividend is payable on Aug. 17, 2007, to the holders
of record as of the close of trading on Aug. 7, 2007.

The company’s Board of Directors also declared a cash dividend on its
Perpetual Preferred Income Equity Replacement Securities of US$0.703125
per Perpetual PIER.  The dividend is payable on Oct. 1, 2007 to the
holders of record as of the close of business on Sept. 15, 2007.

The company’s Board of Directors declared a dividend on the 7.401%
Perpetual Non-Cumulative Preference Shares of US$0.462563 per Perpetual
Preference Share, payable on Oct. 1, 2007, to the holders of record as of
the close of business on Sept. 15, 2007.

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.


ASPEN INSURANCE: Earns US$114.7 Million in Second Quarter 2007
--------------------------------------------------------------
Aspen Insurance Holdings Limited reported net income of US$114.7 million
for the quarter ended June 30, 2007, compared to US$101.8 million for the
same quarter in 2006, up 13%.  Its net income increased 45% in the first
half of 2007 to US$236.6 million, versus US$163.6 million for the first
half of 2006.

The company also reported:

    * Diluted earnings per share of US$1.19 for the quarter
      ended June 30, 2007 versus US$1.01 for the same period in
      2006, up 18%, after payment of preference share dividends.
      For the first six months of 2007, diluted earnings per
      share were US$2.46 versus US$1.61 from the first half of
      2006, up 53%.

    * Annualized return on average equity for the quarter was
      20.4%, equaling the return for the second quarter of 2006
      of 20.4%.

    * Net investment income in the second quarter of 2007
      increased by 58% to US$78.8 million against US$49.9
      million in the second quarter of 2006.

    * The combined ratio for the second quarter of 2007 was
      88.4% versus 81.6% for the same quarter in 2006.

    * Net earned premium increased for the quarter to US$451.2
      million versus US$429.0 million in the same period in
      2006, up 5%.

    * Book value per ordinary share at June 30, 2007, is
      US$24.44 versus US$20.19 at June 30, 2006, up 21%.

    * The company also reported UK flood losses resulting from
      heavy storms during June in northern England of US$23.5
      million.

Aspen Insurance Chief Executive Officer Chris O'Kane said, "I am delighted
to report another very strong quarter for Aspen this year.  We reported a
21% increase year on year in book value per share and an annualized return
on average equity of 20.4% for the quarter, which reflect strong
performance across our underwriting segments and an increasing
contribution from investment income.  Our results this quarter and
year-to-date clearly show the impact of the changes to our business in
2006 and the benefits of our targeted approach to managing our key
performance levers."

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 US$200 million
Perpetual Non-Cumulative Preference Shares issued by Aspen Insurance
Holdings Limited, the existing perpetual "PIERS" of which were rated Ba1
by Moody's.


CRIMEA INC: Proofs of Claim Must be Filed by Aug. 22
----------------------------------------------------
Crimea Inc.’s creditors are given until Aug. 22, 2007, to prove their
claims to Mr. Elvon Clarke, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

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

The liquidator can be reached at:

        Mr. Elvon Clarke
        20 Victoria Street
        Hamilton, Bermuda HM11


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

          20 Victoria Street
          Hamilton, Bermuda HM11

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Mr. Elvon Clarke
          20 Victoria Street
          Hamilton, Bermuda HM11




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


BANCO SANTANDER: S&P Affirms BB+/B Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' counterparty
credit rating on Banco Santander Banespa S.A.  The outlook is positive.

"The ratings on Santander Banespa are supported by its improved
stand-alone profile; the bank's strong franchise in the South/Southeast
regions of Brazil; and the adequate rofitability and increasing revenues
from its commercial operation, reflecting the successful implementation of
its business model," said Standard & Poor's credit analyst Tamara
Berenholc.  It
also incorporates the benefits of belonging to Banco Santander Central
Hispano S.A. (BSCH; AA/Stable/A-1+), leveraging on the parent's retail
bank know-how and the synergies derived from such ownership.  These
factors are partially mitigated by the exposure to the economic and
industry risk of the local financial system.  The bank is also challenged
to continue boosting revenues from clients to dilute the technological,
advertising, and commercial investments, and improve the efficiency ratio;
and to continue increasing its retail market share in the Brazilian
competitive banking industry.

Santander Banespa is the fifth-largest private bank in Brazil in terms of
assets.  Despite holding a relatively lower market share in terms of the
system's loans and deposits, the bank has a larger market presence in the
South and Southeast regions of Brazil, where it has 12% share and the
third-largest branch network.  The bank's business profile has
consistently improved due to better product coverage, strong
commercialization efforts, and a focus on segmentation of the client base.
As a consequence, the bank has been able to improve its revenue mix
toward higher commercial and clientele results, and has gained market
share in retail funds, deposits, and total lending.  In our opinion,
Santander Banespa's key success factors, which
include a competitive product base and loyal clientele, provide room to
further expand its retail franchise and gather the benefits of cross
selling.  Being part of BSCH, Santander Banespa also benefits from the
technology, culture, management skills, and commercial know-how of its
parent, besides the
potential global synergy for the wholesale operation.

The positive outlook reflects our perception of improvements in industry
and economic risks for the banking industry in Brazil. The bank's rating
will be automatically raised if there is a similar action on the sovereign
foreign currency rating.  A differentiation of the bank's rating from the
sovereign
foreign currency rating would depend on Santander Banespa substantially
enhancing its market share in the retail industry, and thus achieving
greater stability in funding access and results in a stressful economic
scenario.

The Santander Banespa group is comprised of Santander Brasil,
Santander, Santander Meridional and Banespa, and is a subsidiary
of Spanish financial group Grupo Santander.  Santander Banespa
is the biggest foreign-owned bank in Brazil and the fourth
largest on the overall ranking for private banks.


DELPHI CORP: Plans Opening of New Diesel Plant in Romania
---------------------------------------------------------
In a move to service its growing customer base, Delphi Corporation is
planning to open a new diesel engine management system components plant.
The facility, to be operated by Delphi Powertrain Systems division, is
scheduled to receive equipment in late 2007.  The site is in Iasi, in
north-east Romania.  The initial location is a pre-existing industrial
site which will begin the first phase of manufacturing operations before
year-end.

Delphi has well-developed expansion plans that call for several additional
phases of new investment to launch products specified in already awarded
new business contracts.  Each of these future multi-million dollar phases
of investment are for new building, machinery and equipment and will
support attainment of long-range planned capacity in Iasi.  Subject to
Delphi's board of directors supporting future phases of investment,
Delphi's total presence in Iasi could reach over 1,000 workers and could
accumulate to exceed EUR100 million investment.

"We have recently won a large number of new programmes and new customers,
especially for diesel engine management systems that are Euro V compatible
and we need to support our customers who are rapidly expanding in Central
and Eastern Europe.  We require additional plant capacity to support our
continued growth," Jose Avila, general manager for Delphi Diesel Systems,
said.  "Delphi is a key player in the global diesel market and this new
site will strengthen our position by providing an efficient new
manufacturing base nearer to our customers."

With this planned site, Delphi will strengthen its extensive global diesel
manufacturing footprint.  The group operates 13 sites dedicated to the
diesel engine management system activity globally and has a presence in
Brazil, Korea, India, Turkey, Mexico, France, Spain and the United Kingdom
and now intends to add Romania to the list of global locations.

As a dedicated diesel site, the Iasi plant would produce high-precision
diesel fuel injection components, mainly pumps and injectors for common
rail systems, and will serve various customers around the world.

Recruitment to fill jobs at the initial facility has already started.
According to Michel Stanciu, director of manufacturing strategy &
engineering for Delphi Diesel Systems, workers at the plant will receive
important training.  "Iasi has a deep pool of well-qualified employees
from which we will select," Mr. Stanciu said.  "To augment those talents,
each new employee will go through an extensive training programme."  Mr.
Stanciu, a native Romanian, was integral in bringing the plant to Romania
and expects mutual benefits to be realized by the company and the country
through the localization of the plant.  "We look forward to a continued
strong partnership with government officials, economic development
agencies and local educational institutions to finalize our long-range
investment and capacity expansion plans," Mr. Stanciu said.

             Precision Required from Diesel Plants

The manufacturing of diesel fuel injection systems requires an extremely
skilled workforce.  The common rail system working at a pressure up to
1800 bar requires a high-precision machining down to a few microns and the
assembly operation needs to be done in a very strictly controlled clean
room.

              Delphi's Multec Common Rail System

The Delphi Multec Common Rail Diesel Fuel Injection System is widely used
throughout the industry.  It is a high-value, cost-competitive
servo-hydraulic system that is not only high performance but simple and
robust.  In addition, Delphi's Multec Common Rail injection is easily
packaged, and takes up less space than competing systems.  Many of the
world's top automakers have chosen this Delphi system over all others.
Customers include familiar names such as: Ford PAG, Hyundai, Kia, PSA
Peugeot Citroen, Renault-Nissan, Ssangyong, Suzuki.

                       Strong expertise

Delphi engineers have extraordinary expertise in air, fuel and exhaust
management systems, because they work with all these technologies in the
Delphi portfolio. Delphi engineers can easily orchestrate them to work in
optimum harmony.  This flexible, balanced expertise allows them to design
the best fuel injection system solutions to meet car makers' specialized
needs.

                  Delphi Powertrain Systems

Delphi's powertrain technologies provide robust solutions to complex
challenges, helping its customers develop vehicles that offer outstanding
performance, refinement and emissions.  They include multi point injection
and direct injection gasoline systems, common rail, rotary pump diesel
systems in a range of capacities and, for heavy duty diesel applications,
Electronic Unit Injectors and Electronic Unit Pumps.  All are complemented
by innovative fuel handling, evaporative emissions, engine and
transmission electronic controls, valve train, and after-treatment
solutions.

                      About Delphi Corp.

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

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


FIAT SPA: Buys Back 2.09 Million Ordinary Shares
------------------------------------------------
Within the frame of the buy back program announced on
April 5, 2007, Fiat S.p.A. purchased 2.085 million Fiat ordinary shares at
the average price of EUR21.999 including fees on
July 25.

From the start of the buy back program on April 24, the total number of
shares purchased by Fiat amounts to 13.166 million for a total invested
amount of EUR277.2 million.

                  Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                       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.


GENERAL MOTORS: Will Cut Jobs & Reduce Production in Michigan
-------------------------------------------------------------
General Motors Corp. plans to cut production at its Pontiac, Michigan,
assembly plant from 54.5 vehicles per hour to 45 and lay off an
undisclosed number of workers beginning September, The Associated Press
reports.

The Pontiac plant, which mostly makes heavy-duty GMC Sierra and Chevrolet
Silverado pickups, employs about 2,800 hourly workers, including 300
temporary employees hired to replace those who accepted buyout and early
retirement offers, AP states.

"There's been a decline in the full-sized pickup market.  We've seen a
decline in the heavy duty side, which prompted the action we took," AP
quotes GM spokesman Tom Wickham as saying.

GM would lay off temporary workers first and they would receive no
benefits, Mr. Wickham said, AP notes.  If it's necessary to lay off
full-time workers, they would receive benefits or would have the chance to
go to other GM plants nearby if there are openings.  Other plants will not
be affected by the changes, he added.

                      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.


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

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

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

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

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

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

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


PETROLEO BRASILEIRO: Will Charge Thermo Plant Operators Extra
-------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a statement
that it will charge some thermo plant operators an extra of US$1.90 per
one million British thermal unit to import liquefied natural gas.

Business News Americas relates that the fee will be implemented on plants
selling power in auctions for delivery in 2010.

Liquefied natural gas imports are uncertain, while thermo needs are
constant, BNamericas notes, citing Petroleo Brasileiro.  The fee replaces
the penalties the firm would face if it fails to supply the plants.

As reported in the Troubled Company Reporter-Latin America on July 27,
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 said 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.

Petroleo Brasileiro told BNamericas that it will give preferred rights to
thermo plants.  "The company is committed to deliver the gas whenever the
plants need it."

Petroleo Brasileiro said it has been negotiating the sale of natural gas
with several suppliers for delivery in 2010, BNamericas states.

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

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

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

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

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


PETROLEO BRASILEIRO: On Track To Invest Over US$10B This Year
-------------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said in a
statement that it is "on track" to invest over US$10 billion throughout
2007, an increase of nearly 70% from the US$5.9 billion it invested last
year.

Business News Americas relates that "the increased investment is in line
with the Plan Siembra Petrolera goal of producing 5.8 million barrels a
day by 2012."

Petroleos de Venezuela told BNamericas that it produced some 3.3 million
barrels per day in June 2007.  However, OPEC said the firm's output that
month was 2.36 million barrels a day.

Petroleos de Venezuela disclosed this month that it will spend about
US$3.5 billion on new drilling rigs, BNamericas notes.  Reports say it
will launch an international tender for the acquisition of the rigs.

Petroleos de Venezuela said in a statement that it has transferred US$15.3
billion to the Venezuelan state.  The amount accounts for 79% of the total
US$19.3 billion called for in this year's budget.

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.


TAM SA: Pays Crash Victim's Family
----------------------------------
Reporters in Brazil say that TAM has paid an undisclosed amount to the
family of one of the victims of the July 17 crash that killed 200 people.

Business News Americas relates that "Unibanco AIG provided TAM with
aircraft hull and civil liability coverage for up to US$1.5 billion."

According to BNamericas TAM paid some BRL35 million in premiums in 2006
and BRL40 million in 2005.

The report says that Unibanco and engineering and construction consortium
Via Amarela paid almost BRL40 million in claims from the Jan. 12, 2007
collapse of construction works on the Sao Paulo subway's line 4.

The plane crash killed seven persons and left at least 132 people
homeless.  Via Amarela had a BRL1.30-billion, all-risks policy with
Unibanco for the works, BNamericas states.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on July 25,
2007, Fitch affirmed the 'BB' foreign currency and local currency Issuer
Default Ratings of TAM S.A.  Fitch has also affirmed the 'BB' rating of
its US$300 million of senior unsecured notes due 2017 as well as the
company's 'A+(bra)' national scale rating and for its first debentures
issuance (BRL500 million).  Fitch said the rating outlook was stable.


WESTERN UNIION: Launches Operations at 587 Locations in Mexico
--------------------------------------------------------------
The Western Union Company and retail and financial services firm Grupo
Elektra reported that 587 Farmacias Benavides locations throughout Mexico
are offering Western Union consumer money-transfer services.

Grupo Elektra has offered Western Union services since 1993.  The company
currently offers Western Union services through 2,000 Agent locations in
Mexico, including Salinas y Rocha, Elektra and Banco Azteca.

Farmacias Benavides, a well-recognized and established pharmacy chain in
Mexico, offers consumers the option to receive Western Union consumer
money transfers at 587 locations in 16 states and 110 cities throughout
Mexico.  Most Farmacias Benavides locations are open 12 hours a day, seven
days per week, and some are open 24 hours.

In addition, the chain plans to roll out the money transfer services of
Western Union subsidiaries Orlandi Valuta and Vigo within a year.

"We remain committed to offering additional locations to our consumers in
Mexico, and this agreement extends our in-country reach while
strengthening our unmatched global Agent network," said Western Union
Latin America and the Caribbean Executive Vice President Liz Alicea-Velez.

With these 587 locations, the total number of Mexico Agent locations
offering Western Union, Orlandi Valuta and Vigo services is approximately
13,700.

"Farmacias Benavides is a trusted brand name with reach primarily
throughout northern Mexico," Grupo Elektra Chief Executive Officer Carlos
Septien.  "By teaming this pharmacy chain with another trusted brand name
-– Western Union -– more and more consumers in Mexico have access to the
financial services they need when they want, where they want."

                    About Grupo Elektra

Grupo Elektra is Latin America’s specialty retailer, consumer finance and
banking services company.  Grupo Elektra sells retail goods and services
through its Elektra and Salinas y Rocha stores and sells and markets its
consumer finance, banking and financial products and services through more
than 1,700 Banco Azteca branches.  The group operates in Mexico,
Guatemala, Honduras, Peru, El Salvador, Panama and Argentina.

                     About Western Union

The Western Union Company (NYSE: WU) -- http://www.westernunion.com/--
provides a range of money transfer and bill payment services worldwide,
including Belgium, Brazil and the Philippines.  It offers various
consumer-to-consumer money transfer services, primarily through a network
of third-party agents using multi-currency and real-time money transfer
processing systems.

As reported in the Troubled Company Reporter-Latin America on June 7,
2007, the Western Union reported financial results for the first quarter
of 2007.  It had total assets of US$5.3 billion, total liabilities of
US$5.5 billion, and total stockholders’ deficit of US$172.4 million as of
March 31, 2007.

In the first quarter 2007, total revenues were US$1.1 billion, as compared
with US$1 billion in the first quarter 2006.  Revenue growth in the first
quarter was slightly slower than expected as a result of the ongoing
challenges within the U.S. domestic, Mexico and U.S. outbound markets as
well as lower revenue from westernunion.com, the company’s Internet
service, in the U.S., where Western Union and card issuing banks
implemented additional controls to help protect themselves and consumers
from credit and debit card fraud.

First quarter operating income of US$305 million and the 27% operating
income margin included US$15 million of incremental independent public
company expenses compared to the first quarter of 2006.

Net income of US$193 million for the first quarter 2007 included
US$48 million in incremental pre-tax interest expense compared to the
first quarter of 2006.  The effective tax rate for the quarter was about
31.5%.  Net income for the first quarter 2006 was US$219.8 million.




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


ANTHRACITE BALANCED: Proofs of Claim Filing Is Until Aug. 24
-------------------------------------------------------------
Anthracite Balanced Company (11) Ltd.’s creditors are given until Aug. 24,
2007, to prove their claims to Scott Aitken and Connan Hill, the company's
liquidators, or be excluded from receiving any distribution or payment.

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

Anthracite Balanced shareholders agreed on July 27, 2007, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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



APET I: Will Hold Last Shareholders Meeting on Aug. 23
------------------------------------------------------
Apet I Investment Holding will hold its final shareholders meeting on Aug.
23, 2007, at:

          Fourth Floor, Citrus Grove
          P.O. Box 1787
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


BEAUTY POINT: Sets Last Shareholders Meeting for Aug. 23
--------------------------------------------------------
Beauty Point Investments Ltd. will hold its final shareholders meeting on
Aug. 23, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CORFE HOLDINGS: Will Hold Last Shareholders Meeting on Aug. 23
--------------------------------------------------------------
Corfe Holdings Ltd. will hold its final shareholders meeting on Aug. 23,
2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CROSS CREDIT: Proofs of Claim Filing Is Until Aug. 24
-----------------------------------------------------
Cross Credit (General Partner) Ltd.’s creditors are given until
Aug. 24, 2007, to prove their claims to Linburgh Martin and John Sutlic,
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.

Cross Credit's shareholders agreed on June 20, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Linburgh Martin
       Attention: Kim Charaman
       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


CROSS CREDIT FUND: Proofs of Claim Must be Filed by Aug. 24
-----------------------------------------------------------
Cross Credit Fund Ltd.’s creditors are given until
Aug. 24, 2007, to prove their claims to Linburgh Martin and John Sutlic,
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.

Cross Credit's shareholders agreed on June 20, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Linburgh Martin
       Attention: Kim Charaman
       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


DEMIFLOR LTD: Will Hold Last Shareholders Meeting on Aug. 23
------------------------------------------------------------
Demiflor Ltd. will hold its final shareholders meeting on
Aug. 23, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


GALAHAD FUND: Sets Final Shareholders Meeting for Aug. 23
---------------------------------------------------------
Galahad Fund Ltd. will hold its final shareholders meeting on Aug. 23,
2007, at 10:30 a.m., at:

          Fourth Floor, Citrus Grove
          P.O. Box 1787
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


GARDEN INVESTMENTS: Sets Last Shareholders Meeting for Aug. 23
--------------------------------------------------------------
Garden Investments Ltd. will hold its final shareholders meeting on Aug.
23, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


MB FUNDING: Sets Last Shareholders Meeting for Aug. 23
------------------------------------------------------
MB Funding will hold its final shareholders meeting on
Aug. 23, 2007, at 10:30 a.m., at:

          Strathvale House
          North Church Street
          P.O. Box 1109
          Grand Cayman KY1-1102
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


MTB FINANCE: Proofs of Claim Filing Is Until Aug. 24
----------------------------------------------------
MTB Finance (Cayman) Co. Ltd.’s creditors are given until
Aug. 24, 2007, to prove their claims to Toshinao Sakai, 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.

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

The liquidator can be reached at:

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


NF HOLDING: Proofs of Claim Must be Filed by Aug. 24
----------------------------------------------------
NF Holding Corp.’s creditors are given until Aug. 24, 2007, to prove their
claims to Shinji Arakawa, 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.

NF Holding's shareholders agreed on June 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:

          Shinji Arakawa
          Kokusai BLDG
          9F, 1-1 Marunouchi 3-chome
          Chiyoda-ku, Tokyo


PETROCHEMICAL INVESTMENTS: Last Shareholders Meeting on Aug. 23
---------------------------------------------------------------
Petrochemical Investments Ltd. will hold its final shareholders meeting on
Aug. 23, 2007, at 10:00 a.m., at:

          Fourth Floor, Citrus Grove
          P.O. Box 1787
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


STONE CREEK: Will Hold Last Shareholders Meeting on Aug. 23
-----------------------------------------------------------
Stone Creek Ltd. will hold its final shareholders meeting on
Aug. 23, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


URANUS LTD: Sets Last Shareholders Meeting for Aug. 23
------------------------------------------------------
Uranus Ltd. will hold its final shareholders meeting on
Aug. 23, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


PARMALAT SPA: NY Court Grants Final Okay to U$50 Mln Settlement
---------------------------------------------------------------
The Honorable Lewis Kaplan of the U.S. District Court for the Southern
District of New York gave final approval to a proposed US$50 million
settlement by:

   -- Banca Nazionale del Lavoro S.p.A. (BNL),
   -- Credit Suisse Group,
   -- Credit Suisse,
   -- Credit Suisse International, and
   -- Credit Suisse Securities (Europe) Ltd.

in the matter, "In re Parmalat Securities Litigation, Case No. 04-0030
(LAK)," Reuters reports.

During a July 19 brief hearing, Judge Kaplan approved the settlement,
under which Credit Suisse and Italy's bank BNL will each pay US$25
million.  BNL of Italy is now owned by France's BNP Paribas.  The judge
also approved a reimbursement of
US$6 million to the plaintiff's attorneys.

The lawsuit alleged that Parmalat and numerous other defendants
participated in a fraudulent financial scheme, resulting in the
understatement of Parmalat's debt by nearly US$10 billion and the
overstatement of its net assets by over US$16 billion.  Parmalat
ultimately filed for bankruptcy, and the value of its stock and bonds
dramatically declined.

Though some defendants agreed to settle the case, it will still proceed
against Parmalat S.p.A. (the successor to Parmalat Finanziaria S.p.A.),
financial institutions, two auditing firms, and certain individuals.

In particular, the defendants not settling, against whom claims are still
pending in the class action, are:

     -- Bank of America Corp.,
     -- Bank of America, N.A.,
     -- Banc of America Securities Ltd.,
     -- Citigroup Inc.,
     -- Citibank N.A.,
     -- Eureka Securitisation plc,
     -- Deloitte Touche Tohmatsu,
     -- Deloitte & Touche USA LLP,
     -- Grant Thornton International,
     -- Grant Thornton LLP,
     -- Pavia e Ansaldo,
     -- Parmalat S.p.A., and
     -- numerous individuals.

In May 2004, the court appointed the law firms of Cohen, Milstein,
Hausfeld & Toll, P.L.L.C, of Washington, D.C., Grant & Eisenhofer, P.A.,
of Wilmington, Del., and Spector Roseman & Kodroff, P.C., of Philadelphia,
Pa., to represent the plaintiffs in the case.  These firms have been
litigating this case since
that time, and they negotiated the partial settlement.

The settlement covers all investors, brokers, financial institutions, and
other nominees who bought the common stock or bonds of Parmalat
Finanziaria S.p.A. and its subsidiaries and affiliates from Jan. 5, 1999,
through and including
Dec. 18, 2003.

                        About Parmalat

Based in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.




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

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

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

                        *     *     *

As reported in the TCR-Europe on July 26, 2007, 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.


COEUR D'ALENE: Names Stuart Mathews as Palmarejo Project Manager
----------------------------------------------------------------
Coeur d'Alene Mines Corporation has appointed Stuart Mathews, the
Technical Director of Coeur Australia who has been assigned to the
Company’s South American properties, as interim project manager for the
Palmarejo project in Mexico.  Mr. Mathews would be named General Manager
at Palmarejo once the transaction is completed in the fourth quarter 2007.

Mr. Mathews will direct the newly established Project Development
Committee at Palmarejo, whose focus is to develop the Rosario deposit at
the project utilizing open pit mining methods.  The Project Development
Committee will complete a pre-feasibility study by the end of August,
which will include a combined open-pit and underground mine development
scenario.

"Stuart’s more than 20 years of experience and broad range of technical
skills in exploration, mine geology, resource modeling and grade control
methodology fit perfectly with our objectives in taking Palmarejo to the
next level of development during this interim period," said Coeur
D'Alene's Operations Vice President Richard Weston.  "Stuart’s new role
will allow him to make an easy transition to General Manager of the
Palmarejo Project once the transaction is completed, and the mine moves
toward production."

Mr. Mathews, who has a Master’s Degree in Geology from the University of
Canterbury, Christchurch, New Zealand, has worked in a number of senior
geology, project development and management positions at major mines and
mining projects throughout Australia, New Zealand, South America and
Mexico.

Coeur, Bolnisi Gold NL and Palmarejo Silver and Gold Corporation would
begin mailing information to shareholders in September.  All three
companies’ shareholder meetings are expected to be held in October.
Assuming timely completion of the required regulatory processes and
receipt of the required shareholder and court approvals, the companies
expect the transaction to be completed in the fourth quarter of 2007.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.




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


DOLE FOOD: Secures SA 8000 Certification in Colombia
----------------------------------------------------
All of Dole Food Company, Inc.'s company-owned banana farms in Colombia
have been certified to the Social Accountability International SA 8000
work place and human rights standard.  The certification’s scope covers
the cultivation, harvesting and packing of organic and conventional
bananas in eight farms located in the Santa Marta area, Colombia.

SA 8000, an internationally recognized standard based on the ILO
conventions, the United Nations' Universal Declaration of Human Rights and
the Convention on Rights of the Child, focuses on child labor, forced
labor, health and safety, freedom of association and the right to
collective bargaining, discrimination, disciplinary practices, working
hours, compensation and the implementation of an efficient management
system.

In 2000, Dole Food's then owned subsidiary, Pascual Hermanos, was the
first agricultural company in the world to be certified to SA 8000.
Subsequent to this certification, all Dole managed banana and pineapple
plantations in the Philippines and Costa Rica have been certified to the
SA 8000 standard. In addition, Dole Food’s Hua Hin cannery, located in
Thailand, was certified in November 2006.  In total, Dole Food has over
40,000 full-time, seasonal and temporary employees in its banana and
pineapple operations covered by SA 8000 certifications. Dole is a
Signatory Member of Social Accountability International and serves on its
Advisory Board.

Dole Food President and Chief Executive Officer David A. DeLorenzo stated,
"This new certification emphasizes the company’s on-going commitment to
provide a safe, healthy working environment while complying with all labor
aspects addressed in SA 8000.  It also illustrates our employees’ high
ethical standards and their unfailing support to Dole’s Corporate Social
Responsibility programs, worldwide."

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the U.S.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook was stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.


INDUSTRIAS METALURGICAS: S&P Assigns B Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate credit
rating to Argentina-based Industrias Metalurgicas Pescarmona S.A.I.C. y
F..  The outlook is stable.

At the same time, S&P assigned its 'B' rating to the company's upcoming
issuance for up to US$250 million in 10-year amortizing notes.  Proceeds
from the notes are expected to be used mainly to refinance a great portion
of the company's outstanding debt (US$310 million as of April 30, 2007),
and to a lesser extent the company's capital expenditures and working
capital needs for
2007.

"The rating on IMPSA reflects the company's relatively high leverage and
its exposure to the volatility inherent in the capital goods market and to
the fluctuations of the economic activity in the main countries where
IMPSA operates," said Standard & Poor's credit analyst Ezequiel Gomez.
"The rating
also incorporates the significant concentration of the company's backlog
in a small number of large-scale projects."

Those factors are partially mitigated by the expected improvement in
IMPSA's financial profile as a result of the company's sizable backlog and
significant extension of its debt maturity profile, once the refinancing
process is closed. IMPSA's adequate competitive position in the hydropower
generation turbines business and the crane manufacturing industry, as well
as its good geographic diversification, are also reflected in the ratings.

IMPSA is engaged in providing equipment mainly for hydroelectric power
generation and other renewable energies such as wind power projects.  The
company is also engaged in manufacturing and sale of port crane systems,
as well as wire harnesses in MERCOSUR, and also offers waste collection
and disposal services in Argentina and Colombia.

The stable outlook reflects our expectations regarding the appropriate
completion of IMPSA's current main projects underway, which would
contribute to rating stability, as well as the continuity of an adequate
backlog from here onward.  The ratings could be raised in case
higher-than-expected growth
is recorded in backlog and income, which would allow a significant
improvement in credit metrics.  The rating could be pressured, however, as
long as difficulties and significant delays appear in the execution of
projects, which could lead to a substantial reduction in revenues.

Pescarmona Group of Companies is a multinational group with
presence in different business areas such as hydro electrical
power generation and equipment, wind power generation and
equipment, port systems, automobile parts, control systems,
environmental services and insurance, among others.  PGC employs
more than 6,000 people and operates in 27 countries in the five
continents.


* COLOMBIA: Names Cesar Prado Villegas as Superfinanciera Chief
---------------------------------------------------------------
The Colombian presidential Web site reports that Cesar Prado Villegas has
been appointed as the new head of the country's financial regulator
Superfinanciera.

Business News Americas relates that Mr. Villegas will succeed Augusto
Acosta Torres, who left the post earlier in July.

Mr. Villegal is also the chief of the financial regulation at Colombia's
finance ministry, according to the presidential Web site.

As reported in the Troubled Company Reporter-Latin America on June 15,
2007, Standard & Poor's Ratings Services assigned its 'BB+' long-term
senior unsecured rating to the Republic of Colombia's proposed 2027 Global
Titulos de Tesoreria bond, a bond denominated in Colombian pesos but
payable in US dollars.




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


PETROECUADOR: Inks Strategic Alliance with Flopec
-------------------------------------------------
Ecuadorian state-run oil firm Petroecuador has signed a strategic alliance
with state hydrocarbons maritime transporter Flopec for the construction
of a liquefied petroleum gas storage and transport project, according to a
report posted on Ecuador's presidential Web site.

Business News Americas relates that Petroecuador declared in June that the
tender for the construction of the project was void.

According to BNamericas, Dutch trader Trafigura Beheer supplies the gas
from a barge anchored in the Guayaquil gulf.  The firm's contract expires
this November.

BNamericas notes that under the five-year renewable alliance, Flopec will
construct and run an onshore maritime terminal and storage facility in
Monteverde.  The Monteverde terminal will be able to receive vessels with
a deadweight exceeding 40,000 tons.  "Cryogenic and operative storage
spheres at Monteverde" will be able to store 45,000 tones and 4,500 tons,
respectively.

Meanwhile, Petroecuador will build and operate the La Libertad-Pascuales
pipeline and a storage terminal in Pascuales, BNamericas says.  "The
10-inch pipeline will run 146 kilometers from Monteverde to Pascuales,
where the storage terminal will boast spheres with capacity of 6,000
tons."

The report says that Petroecuador initially said that the project would
cost some US$98 million, with works taking 18 months.

The Ecuadorian government told BNamericas that the project will increase
the nation's liquefied petroleum gas storage efficiency and safety.  It
will also lessen operating costs over US$30 million a year.

Petroecuador had launched earlier this year a call for bids to supply
liquefied petroleum gas for two years when Trafigura's contract expires.
The winner will transport the fuel from the barge to the Tres Bocas
terminal.  The winner will supply 1.6 million tons -- plus or minus 20% --
at Petroecuador's choice with monthly deliveries.  Deadline for the
presentation of bids is on July 30, BNamericas states.

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




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



IMAX CORP: March 31 Balance Sheet Upside-Down by US$58.7 Million
----------------------------------------------------------------
IMAX Corporation completed its restatement of financial results covering
2002 through 2005, and will file its Form 10-K for fiscal 2006 ended
December 31, and Form 10-Q for the first quarter of fiscal 2007 ended
March 31.

At March 31, 2007, the company’s balance sheet showed total assets of
US$217.9 million, total liabilities of US$276.6 million, and total
stockholders’ deficit of US$58.7 million.

At Dec. 31, 2006, the company had total assets of US$227 million, total
liabilities of US$279.2 million, and total stockholders’ deficit of
US$52.1 million.

                        Financial Results

The company recorded a net loss of US$4.9 million for the first quarter of
fiscal 2007, compared to a restated net loss of
US$3.7 million for the first quarter of fiscal 2006.  Net loss for the
fiscal year 2006 was US$16.9 million, compared to a net income of US$7.8
million for the fiscal year 2005.

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

For the first quarter of 2007, film revenues were US$9.1 million, as
compared to US$6 million in the first quarter of 2006.  This included IMAX
DMR(TM) revenues of US$4.6 million, compared to US$1.1 million in 2006.
Theatre operations revenue was US$4.5 million in the first quarter of
2007, compared to US$3.7 million in the first quarter of 2006.

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

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

For fiscal 2006, film revenues were US$36.3 million, as compared to US$26
million in fiscal 2005.  This included IMAX DMR revenues of US$14.6
million, compared to US$8.9 million in 2005, an increase of 65%.  Theatre
operations revenue decreased to US$16.9 million in 2006 from US$17.5
million in 2005.  Other revenue was US$4 million in fiscal 2006, compared
to US$3.2 million in fiscal 2005.

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

A full-text copy of the company’s first quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?21bc

A full-text copy of the company’s fiscal 2007 report is
available for free at http://ResearchArchives.com/t/s?21bd

                      Management’s Comments

IMAX Co-Chief Executive Officers Richard L. Gelfond and Bradley J.
Wechsler stated, "We are pleased to complete our restatement and [file]
our 10-K and 10-Q [on July 20, 2007].  In recent months we have been
working very closely with the regulators, our auditors, counsel, Audit
Committee and Board to manage this process, and are happy to be moving
ahead unencumbered by the overhang of delayed filings.  Most recently, we
carefully evaluated our accounting practices in light of comments received
from the staffs of the U.S. Securities and Exchange Commission and Ontario
Securities Commission, and, during the course of our interaction with
these regulators, decided that we should revise our accounting policy as
it relates to revenue recognition of theatre systems.  The SEC and OSC
inquiries remain ongoing.  As for our performance to date in 2007, we are
pleased to have had 19 signings completed in the first half of the year.
In addition, our joint venture initiative is being positively received by
exhibitors due principally to the strength of our film slate and the
strong financial performance of the JV's that have been installed to date.
While the Company navigated several challenges in fiscal 2006, we believe
IMAX is now well positioned to expand our worldwide network and generate
greater recurring revenues.  Many of the events that impacted the Company
in fiscal 2006 are now behind us, and several compelling growth
opportunities lie ahead."

                         Joint Venture

In 2007 to date, IMAX has signed joint venture agreements for five
theatres: a two-theatre joint venture agreement with Regal Cinemas in the
first quarter and three-theatre deal with Muvico Theaters in the second
quarter.  Three of those five theatres have since opened and have
experienced strong early results, and numerous discussions are ongoing
both domestically and abroad.

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

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

                    About IMAX Corporation

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




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


BAUSCH & LOMB: Asks Advanced Medical to Revise Buyout Bid
---------------------------------------------------------
William H. Waltrip, the chairman of a special committee of the Board of
Directors of Bausch & Lomb Incorporated, sent a letter Tuesday asking
Advanced Medical Optics to revise its offer to buy Bausch & Lomb.

In July 2007, Advanced Medical proposed to acquire 100% of the outstanding
shares of Bausch & Lomb in a merger in which Bausch & Lomb's shareholders
would receive, per share of Bausch & Lomb stock, US$45.00 in cash and
US$30.00 in AMO stock.

In his letter, Mr. Waltrip noted that "without further assurances as to
value and certainty of consummation and, in particular, without concrete,
credible evidence that holders of a significant percentage of the
outstanding AMO shares would affirmatively support the proposed
acquisition of Bausch & Lomb by AMO, the Special Committee and the Board
intend to revoke AMO’s designation as an excluded party under [a merger
agreement with] Warburg Pincus."

Mr. Waltrip also emphasized that any proposed increase in the fee that
would be payable by AMO in the event the transaction did not close due to
failure to obtain AMO shareholder approval should be accompanied by an
opinion of counsel that such fee is legally payable in light of the known
opposition of at least one significant shareholder to the proposed
transaction.

Bausch & Lomb is expecting additional information from AMO no later than
12:00 p.m., Eastern time, today, July 27, 2007.

                       Warburg Pincus Deal

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

Pursuant to the Warburg Pincus merger agreement, AMO has been
designated as an "excluded party," thus permitting Bausch & Lomb, subject
to certain conditions, to continue negotiating with AMO with respect to
the AMO proposal despite the end of the "go shop" period, so long as AMO
remains an "excluded party."

                         FTC Approval

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

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

                      About Bausch & Lomb

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

                        *     *     *

As reported in the Troubled Company Reporter on 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.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its review of
Bausch & Lomb Incorporated's ratings for possible downgrade following the
announcement that the company has entered into a definitive merger
agreement with affiliates of Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned that the
transaction would significantly increase leverage and likely  result in a
multiple-notch downgrade, including an Issuer Default Rating of no higher
than 'BB-'.


FORD MOTOR: Bidders for Units to Begin Due Diligence in August
--------------------------------------------------------------
Ford Motor Company plans to let prospective bidders begin due diligence on
its Jaguar and Land Rover brands next month, adding that it was pleased
with the expressions of interest it had received in the brands, and in the
“strength and quality” of the interested parties, as its efforts to sell
the two brands continue to progress, The Financial Times reports.

Ford CEO Alan Mulally told the Financial Times that the company remains
"open to different options," including retaining a minority stake in both
operations.  He stressed, however, that he prefers a joint sale as both
brands were so highly integrated.

Mr. Mulally also confirmed that Ford was "conducting a strategic review of
Volvo," the Swedish carmaker, which could be sold separately from the
other luxury brands.  The chief executive said Volvo had generated
significant interest among potential bidders but Ford has not yet
appointed financial advisers, although he expects that the company will
reach a decision by year-end, FT notes.

According to the report, bidders that include private equity groups
Ripplewood Holdings, One Equity Partners, TPG Capital, and Cerberus
Capital Management, as well as India's Tata Motors and Mahindra & Mahindra
submitted indicative offers for Land Rover and Jaguar last week.  Ford has
hired Goldman Sachs, HSBC and Morgan Stanley to act as advisors.

The carmaker's advisors have contacted at least six buyout groups that
expressed preliminary interest in Ford's UK luxury marques.  They are
expected to get access to financial and operational data, FT states,
citing people close to the sale as its source.

Ford is expected to ask for binding offers by September, with the aim of
completing the sale by the end of the year, FT suggests.

                      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.


FORD MOTOR: Earns US$750 Million Net Profit in Second Quarter
-------------------------------------------------------------
Ford Motor Company reported a net profit of US$750 million for the second
quarter of 2007, compared with a net loss of US$317 million in the second
quarter of 2006.

Ford's second-quarter revenue was US$44.2 billion, up from US$41.9 billion
a year ago.  The increase primarily reflected currency exchange, mix and
net pricing improvements, partially offset by lower volume.

Ford's second-quarter profit from continuing operations, excluding special
items, was 13 cents per share, or US$258 million, compared with a loss of
6 cents per share, or US$118 million, in the same period a year ago.

Special items -- which primarily reflected the sale of Aston Martin and
the recognition of previously deferred gains on certain hedges at Jaguar
and Land Rover -- increased pre-tax results by US$443 million in the
second quarter.

With regard to Jaguar and Land Rover, the company confirmed it is
currently exploring in greater detail the potential sale of the combined
business and is in discussions with selected parties who have expressed
interest.  The company also is conducting a strategic review of Volvo that
likely will conclude prior to year-end.

"We continue to focus on the four priorities of our plan -- restructuring
the business to operate profitably, accelerating the development of new
products that our customers want and value, funding our plan and improving
our balance sheet, and working even more effectively together as one
global Ford team, leveraging our assets," said Ford President and CEO Alan
Mulally.  "Our team is very encouraged by the significant progress we are
making.  We recognize the challenges that lie ahead and remain fully
committed to delivering our plan."

                      Automotive Sector

On a pre-tax basis, worldwide Automotive sector profits in the second
quarter were US$378 million.  This compares with a pre-tax loss of US$716
million during the same period a year ago.  The improvements were more
than explained by favorable net pricing and cost reductions, partially
offset by unfavorable currency exchange.

Vehicle wholesales in the second quarter were 1,773,000, down from
1,806,000 a year ago.  Worldwide Automotive revenue for the second quarter
was US$40.1 billion, up from US$37.8 billion in the same period last year.
The increase primarily reflected currency exchange, mix and net pricing
improvements, partially offset by lower volume.

Automotive gross cash, which includes cash and cash equivalents, net
marketable securities, loaned securities and short-term VEBA assets, was
US$37.4 billion at June 30, 2007, up from US$35.2 billion at the end of
the first quarter.

Ford North America: In the second quarter, Ford North America reported a
pre-tax loss of US$279 million, compared with a pre-tax loss of US$789
million a year ago.  The improvement primarily reflected favorable net
pricing and cost reductions, partially offset by lower volume net of mix.
Revenue was US$18.8 billion, down from US$19.1 billion for the same period
a year ago.

Ford South America: Ford South America reported a second-quarter pre-tax
profit of US$255 million, compared with a pre-tax profit of US$99 million
a year ago.  The improvement was primarily explained by favorable net
pricing and volume.  Second quarter revenue improved to US$1.8 billion
from US$1.3 billion in 2006.

Ford Europe: Ford Europe's second-quarter pre-tax profit was US$262
million, compared with a pre-tax profit of US$185 million during the same
period in 2006.  The improvement was more than explained by favorable net
pricing and higher volumes, partially offset by higher manufacturing
costs, primarily to support increased volumes.  During the second quarter
of 2007, Ford Europe's revenue was US$9.2 billion, compared with US$7.5
billion during the second quarter of 2006.

Premier Automotive Group: PAG reported a pre-tax profit of US$140 million
for the second quarter, compared with a pre-tax loss of US$162 million for
the same period in 2006.  All PAG brands improved compared with the same
period in 2006.  The improvement was more than explained by favorable cost
performance across all brands, including the non-recurrence of adverse
2006 adjustments to warranty accruals.  Favorable net pricing was more
than offset by the effect of the continued weakening of the U.S. dollar
against key European currencies.  Second-quarter 2007 revenue was US$8.4
billion, compared with US$7.8 billion a year ago.

Ford Asia Pacific and Africa:  For the second quarter, Ford Asia Pacific
and Africa reported a pre-tax profit of US$26 million, compared with a
pre-tax profit of US$4 million a year ago.  The improvement reflected
strong cost performance, including restructuring savings, and improved
results in China.  These factors were partially offset by lower volume and
adverse mix, more than explained by Australia and Taiwan, and unfavorable
currency exchange.  Revenue was US$1.7 billion for the second quarter of
2007, compared with US$1.8 billion in 2006.

Mazda: For the second quarter, Ford earned US$81 million from its
investment in Mazda and associated operations, compared with US$32 million
during the same period a year ago.

Other Automotive: Second-quarter results included a pre-tax loss of US$107
million, compared with a loss of US$85 million a year ago.  The
year-over-year decline was more than explained by higher interest expense
associated with financing actions taken in the fourth quarter of 2006.
This was partially offset by increased interest income.

                   Financial Services Sector

For the second quarter, the Financial Services sector earned a pre-tax
profit of US$105 million, compared with a pre-tax profit of US$425 million
a year ago.

Ford Motor Credit Company:  Ford Motor Credit Company reported net income
of US$62 million in the second quarter of 2007, down US$242 million from
earnings of US$304 million a year earlier.  On a pre-tax basis from
continuing operations, Ford Motor Credit earned US$112 million in the
second quarter compared with US$435 million in the previous year.  The
decrease in earnings primarily reflected higher borrowing costs, lower
credit loss reserve reductions, higher depreciation expense for leased
vehicles and higher net losses related to market valuation adjustments
from derivatives.  Lower expenses, primarily reflecting improved operating
costs, were a partial offset.

In the second quarters of 2007 and 2006, pre-tax earnings were US$428
million and US$667 million, excluding the net losses related to market
valuation adjustments from derivatives, which were US$316 million and
US$232 million, respectively.

Ford expects Ford Motor Credit to earn on a pre-tax basis US$1.3 billion
to US$1.4 billion this year, excluding the impact of gains and losses
related to market valuation adjustments from derivatives, up from the
previous estimate of US$1.2 billion.

                      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.


GRUPO FINANCIERO: Signs Up for Two-Year US$80-Million Loan
----------------------------------------------------------
Grupo Financiero Galicia said in a filing with the Argentine stock
exchange that it has signed up for a two-year, US$80-million loan to
integrate its banking unit Banco Galicia's capital increase.

Business News Americas relates that Banco Galicia will issue up to 100
million B class shares -- about 21% greater than its outstanding shares --
at ARS4.991 each.

"The preferential subscription period will run through Aug. 1," BNamericas
states.

                     About Banco de Galicia

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

                     About Grupo Financiero

Grupo Financiero Banorte S.A. de C.V. is a holding company that
operates, through its subsidiaries, in the Mexican banking
industry.  The company's main activities include commercial,
personal and investment banking, securities trading, insurance,
pension funds, leasing and credit financing.  Its two main
subsidiaries are Banorte (96.11%) and Bancentro (99.99%), which
both offer personal and commercial banking services such as
credit and debit cards, insurance products, savings accounts and
mortgage financing.  As of Dec. 31, 2005, Grupo Financiero
Banorte run a total of 986 offices and over 2,800 automated
teller machines across Mexico.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2006, Fitch upgraded the Ratings of Mexico's Grupo
Financiero Banorte Foreign & local currency IDR to 'BBB' from
'BBB-'; Short-term local currency to 'F2' from 'F3'; and
Individual to 'C' from 'C/D'.  Fitch said the ratings outlook is
stable.  Fitch also affirmed the GFNorte's Short-term foreign
currency IDR at 'F3'; and Support at '5'.


GRUPO IMSA: Ternium Obtains Full Ownership of Firm
--------------------------------------------------
Ternium S.A. reported that, following the settlement of its previously
announced tender offer for shares of Mexico-based steel producer Grupo
Imsa S.A.B. de C.V. and the concurrent redemption of those shares not
tendered during the tender offer, it now owns all of the outstanding share
capital of Grupo Imsa.  All of the shares tendered and redeemed received
the same price of US$6.40 per share in cash.

With the completion of the transactions described above, Ternium has
significantly expanded its business in North America, a region that now
accounts for a majority of its net sales, and has broadened its presence
in Mexico, which is the second largest flat steel market in the Americas
behind the United States.  Ternium plans to move promptly to integrate
Grupo Imsa into its industrial and supply-chain systems.

To finance the transactions, partially refinance existing debt and pay
associated taxes and expenses, Ternium and certain of its Mexican
subsidiaries (including Grupo Imsa) are or will become parties to
syndicated term loan facilities in the aggregate principal amount of up to
US$3.8 billion.  Ternium will consolidate Grupo Imsa's balance sheet and
results of operations in its consolidated financial statements from
July 26, 2007.

                        About Ternium

Ternium -- http://www.ternium.com-- is one of the leading steel companies
in the Americas, producing a wide range of flat and long steel products.
With operations in Mexico, Argentina and Venezuela and 18,000 employees,
Ternium had net sales of US$6.6 billion and shipments of 9.0 million tons
of steel products in 2006.

                      About Grupo IMSA

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

                        *     *     *

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


ITRON INC: Earns US$7.2 Million in First Quarter Ended March 31
-------------------------------------------------------------
Itron Inc. reported net income of US$7.2 million for the first quarter
ended March 31, 2007, compared with net income of
US$7.1 million for the same period ended March 31, 2006.

Total revenues for the first quarter of 2007 of US$147.9 million
were approximately US$7.6 million, or 5%, lower than 2006 first quarter
revenues of US$155.6 million.

"First quarter revenues were in line with our projections and our prior
discussions about lower revenue expectations in the first half of the year
compared to the second half," said LeRoy Nosbaum, chairman and chief
executive officer.  "We had a tough comparison this quarter given the
exceptional first quarter we had last year.  As we said coming into 2007,
this will be an interesting year as the industry builds momentum for AMI
(advanced metering infrastructure).  Our AMI development, conversion to a
new ERP system in the first quarter and other activities produced some
higher expenses.  Obviously our highlight of the quarter was our
acquisition of Actaris which brings us a diversification of revenue and a
geographical platform that should allow for nice growth going forward."

Total gross margin of 41% was two percentage points lower
in the first quarter of 2007 compared with the same period of 2006.

Total operating expenses for the first quarter of 2007 were
US$52 million, an increase of approximately US$4 million compared with the
first quarter of 2006.  Research and development expenses were higher in
2007 primarily related to the advanced metering infrastructure (AMI)
initiative, OpenWay.  General and administrative expenses were higher in
2007 due to expenses related to the acquisition of Actaris, increased
professional services and depreciation expense associated with the new ERP
system and higher expenses related to maintaining two corporate
facilities, one of which is held for sale.

Stock-based compensation expenses of US$2.9 million were US$800,000 higher
than the US$2.1 million in 2006.

Interest income of US$6.1 million in the first quarter of 2007 was
substantially higher than the US$362,000 in the comparable
period of 2006.

Net cash provided by operating activities was US$9 million for the first
quarter of 2007, compared with US$37 million in the first quarter of 2006.
The decrease was primarily the result of an increase in accounts
receivable due to delayed invoicing and decreased collection activity
related to our conversion to a new ERP system on Jan. 1, 2007.  Earnings
before interest, taxes, depreciation and amortization (EBITDA) in the
first quarter of 2007, was US$22 million compared with US$29 million for
the same period in 2006.  The lower EBITDA in 2007 was due primarily to
decreased operating income.

At March 31, 2007, the company’s balance sheet showed
US$1.24 billion in total assets, US$606.3 million in total liabilities,
and US$632.8 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?2027

                         About Itron Inc.

Itron Inc. (NASDAQ: ITRI) -- http://www.itron.com/-- provides
solutions to electric, gas and water utilities worldwide to enable them to
optimize the delivery and use of energy and water.  Solutions include
electric meters, handheld computers, mobile and fixed network automated
meter reading (AMR), advanced metering infrastructure (AMI), water leak
detection and related software and services.  Additionally, the company
sells enterprise software to manage, analyze and forecast important
utility data.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2007,
Standard & Poor's Ratings Services lowered its ratings on Itron
Inc., including its corporate credit rating to 'B+' from 'BB-',
following the completion of the company's acquisition of Actaris
Metering Systems.


KANSAS CITY SOUTHERN: Earns US$30.2 Mil. in Second Quarter 2007
---------------------------------------------------------------
Kansas City Southern said in a statement that its net profits increased
25.3% to US$30.2 million in the second quarter 2007, compared to US$24.1
million in the same quarter last year.

According to Kansas City Southern, it revenues rose 3.4% to US$427 million
in the second quarter this year, from the same quarter last year, mainly
due to the increasing importance of Mexico to the US auto sector.

Business News Americas relates that the growth was led by:

          -- a 10.4% increase in coal revenues,

          -- a 7.9% growth in inter-modal and automotive
             products,

          -- a 5.1% revenue growth for oil and chemical
             products,

          -- a 4.6% increase in agricultural and mineral
             products, and

          -- a 1.2% increase in paper and forest product
             revenues.

Kansas City Southern President and Chief Operating Officer Art Shoener
said in a conference call that the firm's operating expenses increased
2.5% year-on-year to US$344 million, mainly due to higher fuel prices.

The firm's executive sales and marketing vice president Dan Avramovich
also said in the conference call that the company predicts that revenue
will increase 7% for the rest of 2007.

Mr. Shoener told BNamericas that Kansas City Southern's growth would
benefit from the completion of the first phase of terminal expansions at
the Lazaro Cardenas port in Michoacan, slated for Sept. 26.  Hong
Kong-based ports firm HPH is unloading and deploying three cranes.
Shipping companies Cosco and Evergreen have started operations at the
port.  Kansas City Southern has been in discussion with two other firms
for operations.

Kansas City Southern Chief Executive Officer Mike Haverty told BNamericas
that construction works at the port terminal will add 600,000 twenty-foot
equivalent units of capacity, other than the 200,000 twenty-foot
equivalent units of existing capacity.

BNamericas notes that Mexican subsidiary KCSM is working on the
construction of a 110-hectare multimodal terminal at the port.  The
US$80-million first phase of construction would start in January 2008 and
end within a year.

Reports say that the multimodal terminal will be able to handle one
million twenty-foot equivalent units yearly.

Kansas City Southern Chief Financial Officer Pat Ottensmeyer said in a
conference call that the company has received pre-tax savings of US$13
million due to refinancing its debt in Mexico.

According to reports, Kansas City Southern had successfully refinanced
US$175 million of notes held at 10.3% interest by KCSM, with notes at
7.63% interest.

Kansas City Southern is working on refinancing its holding in the Panama
Canal Railway Company, repaying all of its interest of US$24 million for
the operation, and receiving an expected US$35 million in additional
revenue.  This transaction would be completed in the third quarter, Mr.
Ottensmeyer told BNamericas.

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

                        *     *     *

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

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

                        *     *     *

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

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

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

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

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


MAXCOM TELECOMUNICACIONES: Earns MXN48.1 Mil. in Second Quarter
---------------------------------------------------------------
Maxcom Telecomunicaciones said in a statement that it had MXN48.1 million
profits in the second quarter 2007, compared to a MXN34-million loss in
the same period in 2006.

According to Maxcom Telecomunicaciones' statement, its revenues increased
39% to MXN561 million in the second quarter 2007, compared to MXN402
million in the same quarter last year.  The improvement showed a boost in
voice lines and in its average revenue per user.

Business News Americas relates that Maxcom Telecomunicaciones filed on
July 23, 2007, prospectus paperwork with U.S. Securities and Exchange
Commission to hold an initial public offering on a US stock exchange to
try to raise US$175 million.  The firm hired investment bank Morgan
Stanley as its adviser on the matter.

According to BNamericas, in the second quarter 2007 voice revenues dropped
two percentage points in the second quarter 2007.  It represented 78% of
the firm's revenues.

The number of voice lines in service in the second quarter 2007 rose 26%
to 299,744, compared to 237,179 lines in the second quarter 2006, and up
6% from 283,139 lines in service at the end of the first quarter 2007,
BNamericas reports.

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

                        *     *     *

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

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


MCDERMOTT INT'L: Completes Amendments to Credit Facilities
----------------------------------------------------------
McDermott International, Inc. has recently completed amendments to two of
its subsidiaries’ outstanding credit facilities, which have a combined
borrowing and performance-related letter of credit capacity of US$900
million.  Currently, there are no borrowings under either facility,
although approximately US$510 million of combined performance-related
letters of credit are currently outstanding.

Following the previously announced upgrades from the major credit ratings
agencies, McDermott International requested from its lenders a number of
modifications to these existing credit facilities.  Among the significant
new financial terms, the amended facilities have lower applicable margins
for borrowings and letters of credit, which will save between 50 to 150
basis points annually compared to the previous cost.  McDermott estimates
that it will realize approximately US$5 million per year of pretax
savings, excluding initial arrangement fees, as a result of the amended
financial terms, subject to the revised ratings-based pricing grid.

"McDermott appreciates the strong support of the many financial
institutions participating in our amended credit facilities," said company
Senior Vice President and Chief Financial Officer Michael S. Taff.  "Both
of these facilities are now completely supported by commercial banks,
which demonstrates our improved credit profile, strong financial
relationships and the lenders’ confidence in our respective subsidiaries."

McDermott International, Inc. (NYSE:MDR)
-- http://www.mcdermott.com/-- is a leading worldwide energy
services company.  McDermott's subsidiaries provide engineering,
construction, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the
energy and power industries, including the U.S. Department of
Energy.  The company operates in most major offshore producing
regions throughout the world, including the U.S. Gulf of Mexico,
Mexico, the Middle East, India, the Caspian Sea and Asia
Pacific.  Operations in this segment are primarily conducted
through its subsidiary, J. Ray McDermott, S.A.

As reported in the Troubled Company Reporter-Latin America on July 5,
2007, Moody's Investors Service upgraded the ratings of McDermott
International Inc. and its subsidiaries.  Moody's raised MII's Corporate
Family Rating to Ba3 from B1.  Moody's upgraded J. Ray McDermott, S.A.'s
CFR to Ba3 from B1, its Probability of Default Rating to B1 from B2 and
its senior secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2,
24%).  The Babcock & Wilcox Company's senior secured bank facility rating
was raised to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).
The rating outlook for J. Ray was positive, while the rating outlooks for
MII and B&W were both stable.


METROFINANCIERA SA: S&P Affirms B+ Long-Term Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
counterparty credit rating on Metrofinanciera S.A. de C.V. SOFOM E.N.R.
At the same time, S&P affirmed its 'CCC+' rating on Metrofinanciera's
perpetual noncumulative subordinated step-up securities.  The outlook is
negative.

Although efforts by the company to restore its financial flexibility are a
positive factor, the rating affirmation reflects the continued pressures
on the company's financial performance despite the payment of MXN1.0
billion made on
July 5, 2007, and an improvement in core earnings in 2Q07.

"S&P ratings on Metrofinanciera reflect weak enterprise risk management
and aggressive growth strategies; negative pressures on adjusted
capitalization, liquidity, leverage, and reserve coverage; and an extreme
reliance on short-term debt.  The ratings are supported by a business
model that allows the company to generate a high revenue stream, a
strategy that
aims to shift to a mortgage-oriented portfolio, and higher-than-average
access to financial markets compared with that of its peers," said
Standard & Poor's credit analyst Francisco Suarez.

The 'CCC+' rating assigned to Metrofinanciera's perpetual noncumulative
subordinated step-up securities (classified by us as "category 2,
adequate") reflects the potential deferability of interest payments, the
subordination of the notes, the terms and conditions of the issuance, and
the issuer's overall
financial strength.

S&P believe that the company's overall risk governance is weak.
Concentration of decision making in one person and poor transparency to
investors and other market participants have become more evident in recent
months.  For instance, the firm applied aggressive accounting practices to
certain operations that did not accurately reflect the company's
liquidity, debt levels, revenues, and land investments.  Some of these
operations were later restated to more normal accounting practices, but
disclosure remains an issue.  The change in legal status to a Sofom from a
Sofol eliminates the possibility of certain potential contingencies
related to land-acquisition
activities.

The outlook is negative.  S&P expect Metrofinanciera to reduce leverage
and partially restore liquidity and cash flow in the coming months, thanks
to ABS and RMBS transactions.  Still, a negative rating action could
follow if Metrofinanciera is unable to reduce its exposure in land
investments and if a sizable amount of liquid assets remains committed.
To create rating stability, apart from solving the land exposure and
liquidity constraint, a significant positive change in risk management
practices is required.  In this context, S&P would expect a significant
change in corporate governance, a reduction of
structural concentrations in assets and liabilities, an increase in
reserve coverage, and a debt-to-ATE ratio in the area of 14.5x.

The privately held Metrofinanciera is Mexico's fourth largest
specialized housing lending company, with a portfolio of MXN13.3
billion (USUS$1.25billion) under administration at the end of
2005.  Founded in 1996 by local businessmen, the Monterrey-based
lender has developed a network of six regional offices and 50
branches that operates nationwide.




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


CHIQUITA BRANDS: S&P Holds Ratings on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on Cincinnati,
Ohio-based Chiquita Brands International Inc. remain on CreditWatch with
negative implications following reports that the company, in addition to
other banana import companies,
received a Statement of Objections from the European Commission.  The
document concerns an ongoing EC investigation regarding potential
violations of European competition laws in the banana industry.  Based on
Chiquita's voluntary notification and cooperation with the investigation,
the EC granted
the company conditional immunity from any fines related to the conduct,
subject to customary conditions.

The ratings were initially placed on CreditWatch with negative
implications on May 2, 2007, following weak first-quarter operating
results due to high purchased fruit and other industry costs and lower
local banana prices in Europe.  "We will review Chiquita's operating and
financial plans with management before resolving the CreditWatch listing,
as well as developments in this EC investigation, and assess the potential
for regulatory
sanctions and/or financial penalties as part of our review," said Standard
& Poor's credit analyst Alison Sullivan.

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




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


BURGER KING: Discloses Additional Debt Retirement for US$25 Mil.
----------------------------------------------------------------
Burger King Holdings Inc. will retire an additional US$25 million in debt
on July 31, 2007, using cash generated from operations.

"We took advantage of the strong cash flow generated during this past
quarter ended June 30, 2007,” said Burger King Executive Vice President
and Chief Financial Officer Ben Wells.  After evaluating our options, and
given the current debt market environment, we have determined that paying
down debt now to reduce our interest expense will further strengthen the
company's financial position and benefit shareholders."

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/--  operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from
Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


HANESBRANDS INC: Second Quarter Operating Profit Is US$88.1MM
-------------------------------------------------------------
Hanesbrands Inc. has reported results for the 2007 second quarter.

Total net sales were US$1.12 billion, comparable to last year, and
earnings per diluted share were US$0.26, which, as expected, were
significantly lower than a year ago primarily because of several factors
related to the company’s new independent structure following its spin-off
in September 2006.

"Hanesbrands continued executing its key improvement strategies in the
quarter and delivered strong cash flow," Hanesbrands Chief Executive
Officer Richard A. Noll said.  "Sales in the quarter were comparable to a
year ago, and our expanded margins for the first half were driven by
strong cost controls.  Our cash flow allowed us to make additional
prepayments on long-term debt and repurchase shares in the quarter."

     Second Quarter 2007 and Six-Month Financial Highlights

Total net sales in the quarter increased by US$2 million to US$1.12
billion from the year-ago quarter ended July 1, 2006.

The company continues to focus on driving innovation in the innerwear
segment and improving the mix of products sold in the outerwear segment.

Operating profit, based on generally accepted accounting principles, was
US$88.1 million in the quarter, up from US$79.9 million a year ago, and
was US$157.0 million in the first six months, compared with US$176.1
million a year ago.

The company’s operating profit margin excluding actions was 11.2% in the
quarter and 10.0% in the first six months.  A year ago, the operating
profit margin excluding actions was 8.4% in the second quarter and 9.1% in
the six-month period.

"We are pleased with the operating profit margin excluding actions for the
first six months of the year," Mr. Noll said.  "Our ability to exert tight
cost controls and execute on our improvement and streamlining plans is
delivering results.  We are seeing the benefits of past cost-reduction
efforts, including moving production to lower-cost countries as part of
our long-term supply chain globalization initiative."

Diluted earnings per share were US$0.26 in the second quarter 2007,
compared with US$0.62 a year ago.  For the six-month period, diluted
earnings per share was US$0.39 compared with US$1.39 a year ago.  The
decrease in earnings per share reflected increased interest expense and a
higher effective income tax rate as a result of the company’s independent
structure, as well as higher restructuring and related charges.

Diluted earnings per share excluding actions in the second quarter 2007
was US$0.54 in the quarter compared with US$0.73 a year ago, and for the
six-month period was US$0.81 versus US$1.55 a year ago.

Using cash flow from operations, the company paid down long-term debt by
US$53 million, of which US$50 million was a prepayment, and repurchased
US$16 million of company stock.

                       Other Highlights

Hanesbrands continues to build its largest and strongest brands in core
categories through innovation in key items.  On July 9, Hanes launched its
latest “Look Who” national advertising campaign supporting men’s underwear
by featuring actor Cuba Gooding Jr. and basketball great Michael Jordan.
The men’s campaign follows the successful Hanes All-Over Comfort Bra
advertising launch in March featuring celebrity Jennifer Love Hewitt that
has accelerated retail sell-through of the bra.

In April, the Bali "Live Beautifully" advertising campaign launched, and
outdoor advertising for Barely There won a 2007 OBIE Award, outdoor
advertising’s greatest honor.

Hanesbrands continues to execute its long-term global supply chain
strategy of moving production to lower-cost countries to increase
competitiveness.  In the second quarter of 2007, the company announced
plans to close 12 production plants in four countries and eliminate
managerial and administrative jobs by the end of the year.  The company
recognized US$39.6 million in restructuring and related charges in the
quarter for those and previously announced actions.  Of the charge,
US$11.9 million was non-cash.

"We are very pleased with the progress we have made in moving production
to lower-cost countries and reducing costs," Mr. Noll said.  "While we
continue to reap the benefits from these past actions, we are focused on
executing our latest production moves and organizational streamlining to
gain additional benefits.  We are now slightly ahead of schedule with our
cost-reduction and globalization strategy."

                 Hanesbrands Policy on Guidance

Hanesbrands follows a policy of not providing quarterly or annual earnings
per share guidance.  The company plans to communicate appropriately to
provide investors with an understanding of long-term goals, the trends
associated with its business and current financial performance.

Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets
innerwear, outerwear and hosiery apparel under consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size, barely
there and Wonderbra.  The company designs, manufactures, sources
and sells T-shirts, bras, panties, men's underwear, children's
underwear, socks, hosiery, casual wear and active wear.
Hanesbrands has approximately 50,000 employees in 24 countries,
Including Dominican Republic, Mexico, Puerto Rico, India and
China.

                        *     *     *

Standard & Poor's Ratings Services affirmed Hanesbrands Inc.'s
B+ corporate family rating on December 2006.


ORIENTAL FINANCIAL: Reports US$5.2MM Income in Second Quarter
-------------------------------------------------------------
Oriental Financial Group Inc. reported results for the second quarter and
six months ended June 30, 2007.

For the second quarter, the group reported income available to common
shareholders of US$5.2 million, or US$0.21 per common share (basic and
diluted), significantly better than the income of US$1.3 million, or
US$0.05 per share, in the corresponding year ago quarter.  The results of
operations for the second quarter also compare favorably to the first
quarter of 2007, when the group reported income of US$9.8 million, or
US$0.40 per share, which included a gain of US$8.2 million (or US$0.33 per
share basic and diluted) from the elimination of forecasted transactions
on interest rate swaps unwound in 2006.

For the six months, the group reported income available to common
shareholders of US$15.0 million, or US$0.61 per common share (basic and
diluted), compared to US$8.1 million, or US$0.33 per share, in the
corresponding year ago period.

Oriental Financial President and Chief Executive Officer Jose Rafael
Fernandez said, "Profitability improved year over year and quarter over
quarter (excluding the aforementioned one time gain in the previous
quarter) primarily due to a strong increase in net interest income.  The
increase is the direct result of the group’s previously announced
repositioning of its available-for-sale (AFS) securities portfolio and the
restructuring of the repurchase agreement funding portfolio, designed to
achieve a favorable spread on both the AFS and held-to-maturity portfolios
through 2008.  Net interest income growth also benefited from continued
increases in our loan portfolio and recent stability of short term
interest rates.  Net interest income of US$17.7 million increased 65.2%
year over year and 33.3% quarter over quarter, while net interest margin
(NIM) of 1.40% represented increases of 44 basis points year over year and
22 basis points quarter over quarter.  This is the first time since the
December 2002 quarter that NIM has grown two quarters sequentially.  The
increase in net interest income enabled Oriental to more than offset
higher non-interest expenses and slower loan activity as we ride out
current economic conditions in Puerto Rico."

Puerto Rico's economy of late has experienced slower than normal growth,
although recent government efforts to increase public works projects and
tourism activity are expected to have a beneficial impact as the year
progresses.

"Having better positioned the investment and funding portfolios for the
present and foreseeable interest rate environment, Oriental is
increasingly focused on expanding its core strength in financial services
for mid-net worth individuals and families, and high net worth
professionals," Mr. Fernandez said.  "At the same time, we will continue
to work on increasing operational efficiencies.  Our capital position is
very strong, which provides us with a great degree of flexibility going
forward."

Interest income of US$70.8 million for the 2007 second quarter increased
24.4% year over year and 15.1% quarter over quarter, primarily due to
higher investment yields and loan balances.  Investment yield at 5.12%
improved year over year from 4.40% and quarter over quarter from 4.85%,
while average loan balances at US$1.26 billion were 28.9% greater year
over year and up 1.8% quarter over quarter.  At the same time, interest
expense of US$53.1 million increased at a slower pace than interest
income, primarily due to lower rates on borrowings of 4.51% versus 4.68%
in the year ago quarter and 4.77% in the preceding quarter.

The sequential quarter increase in the average balances of investment
securities and borrowings reflects new higher yielding securities and
lower cost borrowings put in place as part of the AFS portfolio
repositioning in December 2006 and repo restructuring implemented over the
course of the first quarter and which were fully in place at the start of
the second quarter.

Total non-interest income of US$7.8 million increased 3.7% year over year
and 10.6% quarter over quarter (excluding the aforementioned gain in the
previous quarter).  Financial and banking service revenues of US$6.3
million combined decreased from US$6.7 million in the preceding quarter,
primarily due to a decrease in income from insurance activities as a
result of reduced mortgage and consumer loan production.

Non-interest expenses of US$17.5 million increased 18.2% year over year
and 10.4% quarter over quarter.  Second quarter expenses included more
than US$1.5 million from items like the launch of a new television
advertising campaign, certain improvements to the information technology
platform, professional service fees, severance costs related to "right
sizing" the mortgage business in line with market demand and foreclosure
expenses.  Most of these expenses are not expected to recur in the second
half of 2007.

At June 30, 2007, total net loans amounted to US$1.27 billion, an increase
of 10.2% year over year and 3.1% quarter over quarter, primarily
reflecting increases in mortgage loans.  During the quarter, Oriental
purchased from another financial institution a portfolio of approximately
US$44 million of residential mortgage loans with average FICO credit
scores of more than 700 and average loan to value ratios below 80%.  This
purchase more than offset the decrease in the production of mortgage loans
compared to the previous quarter.

At June 30, 2007, deposits amounted to US$1.33 billion, an increase of
9.5% year over year remaining substantially flat quarter over quarter.
The year over year change reflects a 90.7% increase in savings, due to the
continued success of the Oriental Money savings account, which more than
offset a 20.9% decline in demand deposits.

Borrowings at June 30, 2007, totaled US$3.52 billion, up 8.6% year over
year, reflecting increases in lower cost repos and federal funds
purchased, which more than offset declines in higher priced advances from
the Federal Home Loan Bank of New York, and the previously announced
reductions of subordinated capital and term notes.  The borrowing levels
were approximately even quarter over quarter.

Net credit losses in the June 2007 quarter remained relatively low at less
than US$1.0 million (0.31% of average loans outstanding) compared to
approximately US$1.0 million (0.34%) during the March 2007 quarter and
US$0.6 million (0.25%) during the June 2006 quarter.

Oriental Financial’s provision for loan losses amounted to US$1.4 million
in the June 2007 quarter (139.0% of net credit losses) compared to US$1.1
million in the March 2007 quarter (102.9%) and US$1.0 million in the June
2006 quarter (156.3%).  The provision is based on an analysis by the Group
of the credit quality and composition of its loan portfolio to maintain
the allowance at an adequate level.

At June 30, 2007, non-performing loans were US$50.1 million (3.91% of
total loans), compared to US$43.9 million (3.53%) at March 31, 2007, and
US$29.4 million (2.53%) at June 30, 2006.  The current level reflects an
increase of US$6.5 million from the March 2007 quarter in non-performing
residential mortgage loans due to the current slow economy in Puerto Rico.
This increase is not expected to translate into significantly higher
losses as these loans are generally well collateralized with adequate loan
to value ratios.

Stockholders’ equity amounted to US$313.5 million at
June 30, 2007, compared to US$338.3 million at March 31, 2007, and
US$340.3 million at June 30, 2006.  Excluding US$68.0 million of preferred
equity, equal to approximately US$2.77 per share, which is included in
stockholders’ equity, book value per common share at June 30, 2007,
amounted to US$10.01 compared to US$11.04 at March 31, 2007, and US$11.09
at June 30, 2006.

The quarter over quarter decline in stockholders’ equity reflects an
increase in the accumulated other comprehensive loss as long rates
increased during the June 2007 quarter, resulting in increased unrealized
loss on the AFS portfolio from the levels in the March 2007 quarter.  The
investment securities that were affected in the mark to market valuation
are funded with long-term repos with lockout periods of one and two years,
which would have a positive effect in other comprehensive income if
reported at fair value.

The Group’s capital ratios remain significantly above regulatory capital
requirements.  At June 30, 2007, the Leverage Capital Ratio was 7.23%,
Tier I Risk-Based Capital Ratio was 19.32%, and Total Risk-Based Capital
Ratio was 19.75%.

During the June 2007 quarter, Oriental Financial repurchased 45,000 shares
of common stock at an average price of US$11.83 per share and a total cost
of US$532,132, leaving approximately US$7.5 million available under the
group’s current stock repurchase program.

Mr. Fernandez said that during and after the end of the second quarter,
Oriental Financial entered into several transactions to enhance the
servicing of its mortgage loan portfolio.

On June 15, 2007, Oriental Financial acquired from Doral Financial
Corporation all the servicing rights on the portion of Oriental’s mortgage
loan portfolio that Doral had been servicing.

On July 13, 2007, Oriental Financial unwound certain mortgage-related
transactions entered in 2004 and 2005 with R-G Premier Bank of Puerto Rico
(these transactions were subsequently reclassified as a single commercial
loan) with an unpaid principal balance of US$71.4 million as of July 1,
2007.  Oriental Financial has retained certain mortgage loans with an
unpaid principal balance of US$26.6 million as of such date, R-G
substituted certain mortgage loans with an unpaid principal balance of
US$25.9 million as of such date with mortgage loans selected by Oriental
Financial that comply with its credit underwriting policies, and the
remaining balance of the loan was paid by R-G in cash.  Oriental Financial
will classify as residential mortgage loans the new balance of US$52.5
million in loans that it purchased from R-G on a servicing released basis.

Oriental Financial owns the servicing rights for all its outstanding
mortgage loans and has contracted out the sub-servicing to a third party.

Oriental Financial Group Inc. (NYSE: OFG) --
http://www.OrientalOnline.com/-- is a diversified financial
holding company operating under U.S. and Puerto Rico banking
laws and regulations.  Oriental provides comprehensive financial
services to its clients throughout Puerto Rico and offers third
party pension plan administration through its wholly owned
subsidiary, Caribbean Pension Consultants, Inc.  The Group's
core businesses include a full range of mortgage, commercial and
consumer banking services offered through 24 financial centers
in Puerto Rico, as well as financial planning, trust, insurance,
investment brokerage and investment banking services.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 13, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' long-term
counterparty credit rating to Oriental Financial Group.  S&P
also assigned its 'BBB-' counterparty rating to Oriental's
principal operating subsidiary, Oriental Bank & Trust.  S&P said
the outlook for both entities was negative.




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


DIGICEL: Enhancing Network with Cisco Technology
------------------------------------------------
Digicel is enhancing its network with a Cisco carrier-class signaling
transfer point technology.  Known as the Cisco 7600 Internet Protocol
Transfer Point solution, the technology is a part of the Cisco IP
Next-Generation Network architecture.

The Cisco 7600 ITP solution provides Digicel standard time-division
multiplexing (TDM)-based signaling, high-speed Asynchronous Transfer Mode
(ATM) and STP capabilities.  It is graphically managed by the Cisco Mobile
Wireless Transport Manager (MWTM).  Based in Jamaica, Digicel covers 22
markets in neighboring islands and countries.  The carrier determined that
the Cisco 7600 ITP solution could help it expand its signaling network
while keeping costs and training requirements relatively low.

"The Cisco 7600 ITP solution allows Digicel to freely expand its services
to existing customers and accommodate a rapidly growing customer base. We
also have plans for more IP-based deployments, which make the Cisco 7600
ITP, and Cisco, a logical choice. Coupled with a purpose-built element
management system, the Cisco Mobile Wireless Transport Manager, the
complete solution allows for reduced training requirements and increased
visibility into our operations," said Digicel Group Chief Technical
Officer.  "The Cisco 7600 ITP solution provides a solid foundation for
Digicel and contains many features as part of its standard package that
allows Digicel to utilize more features at less cost."

Digicel offers the latest wireless technologies and services with the
newest handsets as well as tailor-made prepaid and postpaid packages that
include rollover minutes, General Packet Radio Service (GPRS) data
services, prepaid roaming, Call Me, Credit Me, Credit U, Short Messaging
Service (SMS), e-mail and multimedia messaging.

                  Cisco IP Transfer Point

Traditional Signaling System 7 (SS7) transport options provide few choices
in terms of controlling capital and operational expenses.  Legacy STPs are
large, costly and cumbersome, and they require significant resources to
maintain functionality.  In addition, legacy STPs pose limitations on
space efficiency and power consumption as well as network growth in an
Internet protocol-based environment, which leaves service providers in the
position of having to purchase additional interface equipment and more
STPs in order to expand their network.

In contrast, the Cisco7600 ITP software provides flexible, cost-efficient
platforms that can meet a wide variety of service provider needs.  The
Cisco 7600 ITP software also combines the functionality of a
next-generation STP and an Internet protocol router whose features include
high-port density, support for Internet protocol routing protocols, and
transport of SS7 signaling traffic over an Internet protocol network.
Combining STP protocols with the Cisco 7600 ITP software's Internet
protocol routing functionality results in a highly reliable, flexible and
easy-to-manage SS7-over-Internet protocol software.

"The Cisco 7600 ITP solution continues to offer value into the core
signaling transport point market.  By providing this next-generation
signaling transport point, Cisco has successfully demonstrated its ability
to provide signaling solutions that support existing and future service
provider growth needs, even for carriers experiencing significant growth,"
said Tony Jeffs, director of marketing, Mobility Switching and Call
Control Group, Cisco.  "Taking advantage of our core expertise in IP
[Internet protocol], Cisco's ability to provide scalable, reliable and
cost-efficient signaling solutions that meet specific carrier and end user
needs enhances Cisco's unique ability to fulfill the evolving requirements
in this market."

            Cisco Mobile Wireless Transport Manager

The Cisco MWTM provides monitoring and management capabilities to the
Cisco Radio Access Network (RAN) optimization and Cisco 7600 ITP
solutions.  The Cisco MWTM addresses mobile operators' element management
requirements and provides the fault, configuration and troubleshooting
capabilities they need to transition from first-generation fixed
leased-line networks to a converged IP-based infrastructure.

                         About Cisco

Cisco -- http://www.cisco.com-- is the worldwide leader in networking
that transforms how people connect, communicate and collaborate.

                        About Digicel

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.


HILTON HOTELS: Unit Launches Hilton Garden Inn Beaumont
-------------------------------------------------------
Hilton Hotel's Hilton Garden Inn reported the opening of the 100-room
Hilton Garden Inn® Beaumont in Beaumont, Texas.

The Hilton Garden Inn Beaumont is operated by JaiMaha Laxmi, Inc., under a
license agreement with Hilton Inns, Inc., a franchise subsidiary of
Beverly Hills-based Hilton Hotels Corporation.

"With communities like Beaumont experiencing growth in both business and
population during recent years, Hilton Garden Inn is the ideal hotel
product that can provide area visitors –- both business and leisure --
just what they need," said Hilton Garden brand management senior vice
president Adrian Kurre.

The three-story Hilton Garden Inn Beaumont welcomes travelers with the
latest in guestroom offerings, including the Garden Sleep SystemTM bed,
ergonomic Mirra chair by Herman Miller, high definition television and
clock that enables guests to play their MP3 or portable CD player.  The
hotel features:

          -- a signature glass-walled ‘Pavilion’ lobby housing
             the reception desk and lounge area with a
             television and fireplace;

          -- a Pavilion Pantry with a selection of refrigerated,
             frozen and microwaveable packaged items, and
             sundries;

          -- Great American Grill offering cooked-to-order
             breakfast and dinner;

          -- evening room service;

          -- four meeting rooms with 2,000 square feet of
             flexible meeting space;

          -- a 24-hour, complimentary business center;

          -- a workout facility, outdoor swimming pool and
             whirlpool; and

          -- an on-site guest laundry facility.

Guestroom features include:

          -- complimentary Wi-Fi and remote printing to the
             hotel’s business center;

          -- an oversized clutter-free work desk with plugs and
             electrical outlets at desk height;

          -- the Garden Sleep System bed and Mirra chair by
             Herman Miller;

          -- adjustable lighting;

          -- ample outlets throughout the room for cell phones
             and other portable electronics; and

          -- two telephones equipped with data ports and voice
             mail.

All guestrooms also offer:

          -- a "hospitality center" with a microwave oven,
             coffee maker and mini refrigerator;

          -- a sitting area with an easy chair and ottoman;

          -- a hairdryer; and

          -- an iron and ironing board.

In-room entertainment and information services include video-on-demand
movies, video games and interactive Hilton Garden Inn guest services.

Recreational facilities consist of a workout facility with
state-of-the-art cardiovascular and strength training equipment, Stay Fit
Kits available for complimentary check out from the front desk, an indoor
swimming pool and whirlpool.

"The Hilton Garden Inn Beaumont hotel's residential feel will appeal
greatly to corporate travelers conducting business in the area and leisure
travelers visiting friends and relatives in the area," said company
general manager Brian Huguenard.  "Our hotel is located near numerous
office buildings and sports fields and a short driving distance to
numerous and varied shopping, including the Parkdale Mall and Antique
district."

Members of the Hilton HHonors guest reward program can also earn Points &
Miles for every qualifying stay at the Hilton Garden Inn Beaumont.

                     About Hilton Garden

The Hilton Garden Inn Beaumont is located at 3755 I-H 10, Beaumont, Texas.
The hotel is situated off Interstate 10 and Walden Road at Exit 848.
Hilton Garden Inn is a mid-priced brand that is part of Hilton Hotels
Corporation.

                     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 closing 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.




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


LEAR CORP: Terminated Merger Deal Cues S&P to Lift Rating to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
Lear Corp. to 'B+' from 'B' and removed the ratings from CreditWatch with
positive implications where they were placed on July 17, 2007.

The upgrade follows the termination of the agreement to purchase Lear by
Carl Icahn-controlled American Real Estate Partners, L.P., which would
have added US$1.5 billion of debt to Lear's balance sheet.  The outlook is
negative.

The upgrade reflects S&P’s 2view that absent the increase in Lear's
leverage, the company's credit profile will remain consistent with the
'B+' rating.  S&P do not expect any near-term shifts in the company's
business or financial strategies now that Lear will remain independent.
Although S&P do not expect a second attempt to acquire Lear, S&P note that
AREP currently owns or controls about 20% of Lear, and Carl Icahn's
ability to purchase the remainder without triggering the change of control
language in most of the rated public debt remains in effect.

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

                         About Lear Corp.

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

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


MARSULEX INC: S&P Withdraws BB- Long-Term Corporate Rating
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB-' long-term corporate
credit rating on Toronto-based Marsulex Inc. The withdrawal comes at the
request of the company.

Marsulex Inc. is a provider of industrial services, primarily
environmental compliance solutions for air quality control and industrial
hazardous waste streams, and a producer and marketer of sulphur-based
industrial and water treatment chemicals.  The Company’s services are
provided to a base of customers in a range of industries.  In Western
Canada, Marsulex produces and markets sulphur-based industrial and water
treatment chemicals.  The Company's activities are divided into three
operating segments: Industrial Services, Western Markets and Power
Generation.  The fourth non-operating segment is Corporate Support, which
provides centralized services, such as finance, information systems, human
resources and risk management to the operating segments.  On April 1,
2006, the Company completed the acquisition of Petcoke Services, a
provider of in-refinery petcoke cutting and bulk handling services to
major oil refineries in the United States Gulf Coast and West Coast and
Venezuela.


PEABODY ENERGY: AG Edwards Downgrades Firm's Shares to Hold
-----------------------------------------------------------
AG Edwards analyst Mark L. Reichman has downgraded Peabody Energy Corp's
shares to "hold" from "buy," Newratings.com reports.

Mr. Reichman said in a research note that Peabody Energy posted its second
quarter earnings per share short of the estimates and the consensus.

"Peabody Energy’s performance during the remainder of 2007" would be
affected by a drop in sales on account of the port and rail congestion in
Australia and reduced output, Mr. Reichman told Newratings.com.

The long-term growth estimate for Peabody Energy was decreased to 15% from
17%.  The earnings per share estimate for 2007 was dropped to US$2.00 form
US$2.65, while the estimate for next year was decreased to US$3.00 from
US$3.60, Newratings.com states.

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on Mar 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  This instrument has been placed on review
for downgrade.


* VENEZUELA: State Telecom Inks Interconnection Pact with ETB
-------------------------------------------------------------
Venezuela's state-run incumbent telecom firm Cantv said in a statement
that it has signed an interconnection accord with Colombian municipal
telecom ETB to boost the data and voice traffic capacity between the two
nations.

Business News Americas relates that the project named the Interconnection
Project Colombia.  It will see the deployment of over 100 kilometers of
fiber optic cabling linking Venezuela and Colombia.  It would be ready
towards the middle of next year.

According to BNamericas, the project "will give ETB an additional
international exit for Internet traffic" through Brasil Telecom GlobeNet's
undersea cables.

Cantv said in a statement that ETB has about 240,000 broadband clients.
If the firm wants to achieve the growth in subscribers it has set out --
300,000 by year-end and 800,000 by end-2010 -- the project is a must.

"To meet these goals, this relationship [with Cantv] is absolutely
strategic in that it is going to give us an important access [to
international network capacity]," ETB head Rafael Orduz said in a
statement.

                        *     *     *

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


* BOOK REVIEW: Bankruptcy: A Feast for Lawyers
----------------------------------------------
Author:     Sol Stein
Publisher:  Beard Books
Paperback:  341 pages
List Price: $34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1893122123/internetbankrupt

Described by the Chicago Tribune as a "latter-day version of Dicken's
Bleak House," this book is a shattering indictment of bankruptcy law by a
CEO who lived through the experience of a Chapter 11.

The author exposes a system that is supposed to provide an opportunity for
troubled companies to reorganize, but kills more than 70 percent of the
businesses that take refuge in it while enriching legions of lawyers.

In the nightmare world of Chapter 11, the gainers are seldom the creditors
or the debtor company, but rather the bankruptcy bar, impeached in this
book by its own conduct and the condemnation of its ethical brethren.

Besides his own experience, the author draws examples from diverse
industries including trucking, food, real estate, oil and publishing.

Sol Stein, the author of this book, was the former CEO of now-defunct
Stein and Day, one of the last independent American publishing houses
operating in the 1980s.


                          ***********


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


           * * * End of Transmission * * *