TCRLA_Public/070801.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

            Wednesday, August 1, 2007, Vol. 8, No. 151

                            Headlines


A R G E N T I N A

AES CORP: Shuts Down Two Units at Alamitos Power Station
ARVINMERITOR INC: Incurs US$70 Mil. Net Loss in Third Quarter
DYNAMOTIVE ENERGY: Posts US$3.2MM Net Loss in Qtr. Ended Mar 31
FORD MOTOR: Unveils Amount of Shares Billed in Conversion Offer
JOYITA SA: Trustee to File Individual Reports in Court Tomorrow

LOGISTICA NEA: Proofs of Claim Verification is Until Tomorrow
MODAS BUENOS AIRES: Trustee Filing Individual Reports on Aug. 31
NUESTRA SENORA: Trustee to File General Report in Court Tomorrow
PINNACLE ENTERTAINMENT: Stephen Comer Joins Board of Directors
VIUDA DE C: Trustee to File General Report in Court on Sept. 14

W.R. GRACE: Delaware Coiurt Terminates Exclusive Periods


B A R B A D O S

ANDREW CORP: Posts US$96 Million Net Loss in 2007 Third Quarter


B E R M U D A

AIG SILK: Proofs of Claim Filing Ends Tomorrow
ARION INSURANCE: Chapter 15 Petition Hearing Set for Aug. 8
CRIMEA INC: Proofs of Claim Must be Filed by Aug. 22
CRIMEA INC: Will Hold Final Shareholders Meeting on Aug. 22


B O L I V I A

* BOLIVIA: May Ink Pact with Chile After Long-Standing Dispute


B R A Z I L

BANCO NACIONAL: Board Grants BRL764.2 Mil. Financing to CTEEP
BANCO PINE: Reports BRL50.4 Mil. Net Income in Second Qtr. 2007
COMMSCOPE INC: Second Quarter Net Income Rises to US$61.1 Mil.
LYONDELL CHEMICAL: Earns $176 Million in Quarter Ended June 30
SENSATA TECHNOLOGIES: Moody's Ups B3 Rating on US$450 Mil. Notes

* BRAZIL: Central Bank Holding Auction to Buy US Dollars


C A Y M A N   I S L A N D S

ADVANCE: Will Hold Final Shareholders Meeting on Oct. 4
AZEN OIL: Sets Final Shareholders Meeting for Aug. 28
BOSS CAYMAN: Will Hold Final Shareholders Meeting on Oct. 4
CANADA GUARANTEED: Sets Final Shareholders Meeting for Sept. 21
CANADA GUARANTEED: Proofs of Claim Must be Filed by Sept. 21

CAPRICORN INVESTMENT: Final Shareholders Meeting is on Sept. 3
CAPRICORN INVESTMENT: Proofs of Claim Filing Ends on Sept. 3
CONDOR INSURANCE: Chapter 15 Petition Summary
CROSS CREDIT FUND: Sets Final Shareholders Meeting for Sept. 7
CROSS CREDIT: Will Hold Final Shareholders Meeting on Sept. 7

GLOBAL LOAN: Final Shareholders Meeting is on Oct. 4
HYPHAISTOS ADVISERS: Sets Final Shareholders Meeting for Sept. 7
HYPHAISTOS ADVISERS: Proofs of Claim Filing Ends on Sept. 7
KOCH NGL: Will Hold Final Shareholders Meeting on Sept. 7
KOCH NGL: Proofs of Claim Filing Ends on Sept. 7

NLB CAPITAL: Sets Final Shareholders Meeting for Oct. 18
NLB CAPITAL: Proofs of Claim Filing Deadline is Sept. 6
PILAR TREASURY: Proofs of Claim Must be Filed by Sept. 7
PLAZA GLOBAL: Will Hold Final Shareholders Meeting on Aug. 30
Q INVESTMENT: Sets Final Shareholders Meeting for Oct. 4

SCARBOROUGH STATION: Final Shareholders Meeting is on Oct. 4
SHINSEI FUNDING: Sets Final Shareholders Meeting for Oct. 4
STUYVESANT CDO: Will Hold Final Shareholders Meeting on Oct. 4
UFJ CAPITAL: Will Hold Final Shareholders Meeting on Oct. 4
UFJ CAPITAL FINANCE: Final Shareholders Meeting Is on Oct. 4

UFJ CAPITAL FINANCE 3: Sets Last Shareholders Meeting for Oct. 4


C H I L E

BELL MICROPRODUCTS: Picks Andrew Hughes as General Counsel
SUN MICROSYSTEMS: Earns US$329 Million in Quarter Ended June 30


C O L O M B I A

ECOPETROL: Financial Regulator OKs Initial Public Offering


C O S T A   R I C A

* COSTA RICA: Strengthening Bilateral Ties with Panama
* COSTA RICA: State Firm Extends Fuels Project Bid Submission


D O M I N I C A N   R E P U B L I C

GENERAL CABLE: Completes Sr. Floating Rate Notes Exchange Offer


M E X I C O

EMPRESAS ICA: Earns MXN216 Million in Second Quarter 2007
GRUPO CASA: Second Quarter Net Income Increases by 6.37%
GRUPO IMSA: Earns MXN784 Million in First Six Months of 2007
GRUPO MEXICO: Earns US$525 Million in Second Quarter 2007
GRUPO MEXICO: Union Holds Demonstrations in Cananea Copper Mine

KRISPY KREME: Moody's Assigns Junk Corporate Family Rating
MEGA BRANDS: Moody's Downgrades Corporate Family Rating to B1
ONEIDA LTD: S&P Holds 'B' Corporate Credit Rating
U.S. STEEL: Names Leslie Broglie as General Manager-Procurement


N I C A R A G U A

* NICARAGUA: Seeks US$32.7MM Power Project Funding from IDB


P A N A M A

MITEL NETWORK: Moody's Junks Second Lien Sr. Secured Notes

* PANAMA: Strengthening Bilateral Ties with Costa Rica


P U E R T O   R I C O

FOOT LOCKER: Kicks Off Plans to Support Business Operations
HORIZON LINES: Earns US$9.6 Mil. in Second Quarter Ended June 24
HORIZON LINES: Moody's Puts B3 Rating on US$300-Mil. Sr. Notes
HORNBECK OFFSHORE: To Acquire Nabors' Fleet for US$186 Million


T R I N I D A D   &   T O B A G O

MIRANT CORP: Mirant Lovett Wants Confirmation Hearing Continued


U R U G U A Y

GERDAU SA: Names Manoel Vitor as Unit Vice President


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Renames Four Orinoco Joint Ventures
PETROLEOS DE VENEZUELA: Pays Crude to Orinoco Minority Partners
PETROLEOS DE VENEZUELA: Eyes Production Oil Pact with LUKOIL
PETROLEOS DE VENEZUELA: Ex-Officers Allegedly Allows Pact Breach

* VENEZUELA: May Pay Statoil Crude with Oil
* VENEZUELA: In Talks with Brazil Over Natural Gas Transport
* IDB Commits US$3.3 Mil. to Prepare New Infrastructure Projects

* Large Companies with Insolvent Balance Sheets

                            - - - - -

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


AES CORP: Shuts Down Two Units at Alamitos Power Station
--------------------------------------------------------
The California Independent System Operator said in a report that
The AES Corporation has closed down its 485-megawatt Unit 5 and
335-megawatt Unit 4 at its Alamitos natural gas-fired power
station in California for unplanned work.

Reuters relates that the 1,997-megawatt Alamitos plant is in
Long Beach in the Los Angeles County.  It has six units,
including:

          -- 175-megawatt Unit 1,
          -- 175-megawatt Unit 2,
          -- 332-megawatt Unit 3,
          -- 335-megawatt Unit 4,
          -- 485-megawatt Unit 5, and
          -- 495-megawatt Unit 6.

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

                        *     *     *

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


ARVINMERITOR INC: Incurs US$70 Mil. Net Loss in Third Quarter
-------------------------------------------------------------
ArvinMeritor, Inc. posted a US$70 million net loss for the third
quarter ended June 30, 2007, compared to US$20 million of net
income for the same period in 2006.

"As we continue to work our way through a challenging operating
environment, we are making solid progress in implementing our
strategic initiatives," said Chairman, CEO and President Chip
McClure.  "As a result of the restructuring activities underway
at ArvinMeritor and a focus on improving our operational
performance, our CVS business maintained respectable margins
despite the decline in the North American heavy truck market,
and we saw continued margin improvement in our LVS business."

Mr. McClure continued, "Also during the quarter, we moved
forward with plans to optimize our manufacturing footprint,
announced new military contracts, and entered into a significant
joint venture with Chery Motors in China.  Although we continue
to face the challenges we anticipated, we are taking the
necessary actions to manage through the rough seas while
competitively positioning ourselves for 2008 and 2009."

             Fiscal Year 2007 Third-Quarter Results

For the third quarter of fiscal year 2007, ArvinMeritor posted
sales of US$1.7 billion, a 4-percent decrease from the same
period last year.  The primary factor that drove this decrease
was the downturn in the North American Class 8 market, partially
offset by strong Western Europe and Asia Pacific volumes.

Operating income in the third quarter of 2007, before special
items, was US$45 million, down 31 percent, compared to US$65
million in the prior year's third quarter.  EBITDA, before
special items, was US$85 million, down US$16 million from the
same period last year, reflecting lower commercial vehicle sales
volume in North America.

Income from continuing operations, excluding special items, was
US$18 million, or US$0.25 per diluted share, compared to US$31
million, or US$0.44 per diluted share, a year ago. Special items
primarily included restructuring charges and totaled US$22
million net of related tax benefits.

For the third quarter of fiscal year 2007, ArvinMeritor reported
negative free cash flow of US$156 million.  Free cash flow was a
positive US$155 million in the third quarter of fiscal year
2006.  The decline in free cash flow reflects increases in
working capital of discontinued operations prior to the sale of
the Emissions Technologies business group, a portion of which
will be recovered in post-closing purchase price adjustments.  
Also contributing to the negative free cash flow was increases
in working capital outside of North America, resulting from the
strong commercial vehicle volumes in Western Europe and Asia
Pacific.

         Third-Quarter Performance Plus Accomplishments

As previously announced, ArvinMeritor expects restructuring and
cost reductions resulting from its Performance Plus initiatives
to generate US$150 million in savings by 2009.  The company
remains on track to achieve that goal.  Accomplishments this
quarter include:

   -- Achieved growth in specialty business through contracts
      with International Military and Government, LLC, a wholly
      owned subsidiary of International Truck & Engine
      Corporation, and Armor Holdings, which represent 58
      percent of the total Mine Resistant Ambush Protected
      Vehicles (MRAP) business awarded to date.

   -- Entered into significant joint venture with Chery Motors
      in China to produce light vehicle chassis products in
      Wuhu, China, which the company expects to represent
      US$150 million of business by 2010 when related door and
      wheel businesses launch.

   -- Announced the closure of three plants in Brussels,
      Belgium; Frankfurt, Germany; and St. Thomas, Ontario,
      Canada.

   -- Implementing lean manufacturing across the company to
      build a stronger culture of operational excellence.

             Fourth-Quarter & Full-Year 2007 Outlook

The company's fiscal year 2007 outlook for light vehicle
production in North America is 15.1 million vehicles, down from
15.3 million vehicles in the previous forecast, and 16.5 million
vehicles in Western Europe, up from the company's prior forecast
of 16.1 million vehicles.

The outlook for North American Class 8 truck production is
238,000 units in fiscal year 2007, up from 224,000 units in the
previous forecast.  The company's fiscal year 2007 forecast for
medium and heavy truck production in Western Europe is 510,000
units, up from 475,000 units in the previous forecast.

The company now expects sales from continuing operations in
fiscal year 2007 to be in the range of US$6.2 to US$6.3 billion,
up from US$6.0 to US$6.2 billion, and is narrowing its outlook
for full-year earnings per share from continuing operations to
be in the range of US$0.75 to US$0.80.  This guidance excludes
gains or losses on divestitures, restructuring costs, and other
special items, including potential extended customer shutdowns
or production interruptions.

In addition, free cash flow guidance is being lowered for fiscal
year 2007 to a range of US$50 million to US$100 million outflow,
due to working capital increases outside of North America driven
by higher commercial vehicle volumes and the use of cash by the
Emissions Technologies business prior to sale.

"Although we anticipated that the third fiscal quarter of 2007
would be a challenge, we were pleased to report positive results
of US$0.25 per share, before special items," said Mr. McClure.  
"Going forward, we will build on the strength of our global
leadership team and the Performance Plus initiatives we are
implementing to continually improve shareowner value."

                      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 USUSUS$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


DYNAMOTIVE ENERGY: Posts US$3.2MM Net Loss in Qtr. Ended Mar 31
---------------------------------------------------------------
For the three months ended March 31, 2007, Dynamotive Energy
Systems Corp. reported a net loss of US$3.2 million, compared
with a net loss of US$3.3 million for the same period a year
earlier.  When stock-based compensation is excluded,
Dynamotive's first quarter net loss was US$2.4 million, compared
with US$2.0 million during 2006.  The slightly lower loss for
the quarter is due mainly to the lower stock based compensation,
largely offset by increased activity in most business areas.

As at March 31, 2007, the company had cash and cash equivalents
of US$4.4 million, compared to US$11.7 million at March 31,
2006.  The lower cash level is mainly due to capital
expenditures for building the new, modular intermediate
BioOil(R) production plant at Guelph, Ontario, and upgrading the
established West Lorne, Ontario, facility.

Commenting on the company's activities during the quarter
president and chief executive officer Andrew Kingston said: "We
continued our steady progress in the first quarter of 2007 with
the commissioning of our Guelph plant under way and work on West
Lorne accelerating.  We have now completed our initial
production run of intermediate-grade biofuel - BioOil Plus - at
Guelph and we expect to have both plants operational in the
third quarter; signalling full commercial operation.  
Furthermore, our activities in Europe, the U.S., Latin America
and China continued at an increased pace, with commercial
project prospects in each of these markets.

"Strategically, we continue to have constructive discussions
with Mitsubishi, and we are consolidating our partnerships with
Consensus Business Group, Evolution Biofuels and Tecna.
Internally, we continue to grow our capabilities in every area
of the Dynamotive organization, and our progress can be easily
monitored through our website, which we update regularly,"
continued Kingston.

At March 31, 2007, the company's consolidated balance sheet
showed US$44.3 million in total assets, US$7.3 million in total
liabilities, US$1.3 million in non-controlling interest, and
US$33.7 million in total stockholders' equity.

The company's consolidated balance sheet at March 31, 2007, also
showed strained liquidity with US$6.6 million in total current
assets available to pay US$6.7 million in total current
liabilities.

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?21e0   

                      Going Concern Doubt

BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of
Dynamotive Energy Systems Corp.'s consolidated financial
statements for the years ended Dec. 31, 2006, and 2005, in
accordance with Canadian reporting standards which do not permit
a reference to conditions and events casting substantial doubt
about the company's ability to continue as a going concern when
these are adequately disclosed in the financial statements.

Dynamotive Energy incurred a loss of US$14.3 million for the
year ended Dec. 31, 2006.  The company's ability to continue as
a going concern is dependent on achieving profitable operations,
commercializing its BioOil production technology and obtaining
the necessary financing in order to develop this technology.

                    About Dynamotive Energy

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider  
headquartered in Vancouver, Canada, with offices in the USA, UK
and Argentina.  Its carbon/greenhouse gas neutral fast pyrolysis
technology uses medium temperatures and oxygen-less conditions
to turn dry waste biomass and energy crops into BioOil(TM) for
power and heat generation.  BioOil(TM) can be further converted
into vehicle fuels and chemicals.


FORD MOTOR: Unveils Amount of Shares Billed in Conversion Offer
---------------------------------------------------------------
Ford Motor Company disclosed the number of shares of Ford common
stock that will constitute the premium to be paid in connection
with its conversion offer related to the outstanding 6.50%
Cumulative Convertible Trust Preferred Securities of Ford's
wholly owned subsidiary trust, Ford Motor Company Capital Trust
II.  

The premium represents the amount of shares of Ford common stock
determined by dividing (i) US$14.25 by (ii) US$8.1576, the
volume-weighted average of the reported sales prices on the New
York Stock Exchange of Ford common stock during the three
trading-day period of July 25, July 26, and July 27, 2007.

Accordingly, each trust preferred security validly tendered and
accepted for conversion will be converted into an aggregate of
4.5717 shares of Ford's common stock, which includes the premium
of 1.7468 shares and 2.8249 shares of Ford common stock issuable
pursuant to the conversion terms of the trust preferred
securities.

On July 2, 2007, Ford commenced an offer to pay a premium to
holders of any and all trust preferred securities who elect to
convert their trust preferred securities to shares of Ford
common stock subject to the terms of the offer.  The offer is
scheduled to expire at 5:00 p.m., New York City time, on July
31, 2007, unless extended or earlier terminated, and is expected
to settle on August 3, 2007.  If all trust preferred securities
that were outstanding as of the commencement of the offer were
validly tendered and accepted for conversion, Ford would issue
an aggregate of 457,163,141 shares of Ford common stock,
including approximately 282,485,762 shares pursuant to the
conversion terms of the trust preferred securities, plus an
aggregate premium of 174,677,379 shares of Ford common stock.

The conversion offer is being made pursuant to an offering
circular dated July 2, 2007, as amended on July 13, 2007, and
related documents.  The completion of the offer is subject to
conditions described in the conversion offer documents.  Subject
to applicable law, Ford may waive the conditions applicable to
the offer or extend, terminate or otherwise amend the offer.

                      About Ford Motor Co.

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

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

                          *    *    *

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

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


JOYITA SA: Trustee to File Individual Reports in Court Tomorrow
---------------------------------------------------------------
Leandro Jose Villari, the court-appointed trustee for Joyita
S.A.'s bankruptcy proceeding, will present the validated claims
in court as individual reports on Aug. 2, 2007.

The National Commercial Court of First Instance No. 12 in Buenos
Aires, with assistance from Clerk No. 23, 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 Joyita and its creditors.

Mr. Villari verified creditors' proofs of claim until June 6,
2007.

A general report that contains an audit of Joyita’s accounting
and banking records will be submitted in court on Sept. 13,
2007.

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

The trustee can be reached at:

          Leandro Jose Villari
          Parana 426
          Buenos Aires, Argentina


LOGISTICA NEA: Proofs of Claim Verification is Until Tomorrow
-------------------------------------------------------------
Estudio Contable integrado por Hebe Magda Kaenel y Jose Manuel
Varela, the court-appointed trustee for Logistica Nea S.R.L.'s
reorganization proceeding, verifies creditors' proofs of claim
on Aug. 2, 2007.

Estudio Contable will present the validated claims in court as
individual reports on Sept. 18, 2007.  The National Commercial
Court of First Instance in Resistencia, Chaco, 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 Logistica Nea 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 Logistica Nea's
accounting and banking records will be submitted in court on
Oct. 31, 2007.

The informative assembly will be held on May 15, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Logistica Nea S.R.L.
         Ruta Nac. 11, Km. 1006
         Resistencia, Chaco
         Argentina

The trustee can be reached at:

         Estudio Contable integrado por Hebe Magda Kaenel y
         Jose Manuel Varela
         Avenida Sarmiento 270
         Resistencia, Chaco
         Argentina


MODAS BUENOS AIRES: Trustee Filing Individual Reports on Aug. 31
----------------------------------------------------------------
Aldo Gabriel Sarquis, the court-appointed trustee for Modas
Buenos Aires S.R.L.'s reorganization proceeding, will present
the validated claims in court as individual reports on Aug. 31,
2007.

The National Commercial Court of First Instance in San Fernando
del Valle de Catamarca, Catamarca, 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 Modas Buenos Aires and its creditors.

Mr. Sarquis verified creditors' proofs of claim until
June 27, 2007.

A general report that contains an audit of Modas Buenos Aires'
accounting and banking records will be submitted in court on
Nov. 6, 2007.

The debtor can be reached at:

          Modas Buenos Aires S.R.L.
          Republica 625, San Fernando del Valle de Catamarca     
          Catamarca, Argentina

The trustee can be reached at:

          Aldo Gabriel Sarquis
          Peru 338, San Fernando del Valle de Catamarca
          Catamarca, Argentina


NUESTRA SENORA: Trustee to File General Report in Court Tomorrow
----------------------------------------------------------------
Miguel Angel Troisi, the court-appointed trustee for Nuestra
Senora de Pompeya S.A.'s bankruptcy proceeding, will present the
validated claims in court as individual reports on Aug. 2, 2007.

The National Commercial Court of First Instance in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Nuestra Senora and its
creditors.

Mr. Troisi verified creditors' proofs of claim until
April 20, 2007.

A general report that contains an audit of Nuestra Senora’s
accounting and banking records will be submitted in court on
Aug. 2, 2007.

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

The debtor can be reached at:

         Nuestra Senora de Pompeya S.A.
         Avenida Escalada 2831
         Buenos Aires, Argentina

The trustee can be reached at:

         Miguel Angel Troisi
         Cerrito 146
         Buenos Aires, Argentina


PINNACLE ENTERTAINMENT: Stephen Comer Joins Board of Directors
--------------------------------------------------------------
Pinnacle Entertainment Inc. has appointed Stephen C. Comer,
former national and global gaming industry leader for the
worldwide accounting firms Deloitte & Touche LLP and Arthur
Andersen LLP, to its Board of Directors.

Mr. Comer, 57, served as Managing Partner and Partner of
Deloitte & Touche's Nevada practice prior to retiring from the
firm in 2006.  From 1985 to 2002, Mr. Comer established and
developed Arthur Andersen's Las Vegas office, serving as audit
partner for many public companies and advising on mergers and
acquisitions, consultation and related projects.  He had
previously served in various capacities in Arthur Andersen's Los
Angeles office, where he was named audit partner in 1982.  He
joined the firm in 1972 after receiving a bachelor's degree in
business from California State University Northridge.

In addition to his numerous professional affiliations, Mr. Comer
is active in several charitable and civic organizations,
including the United Way of Southern Nevada and the UNLV
Research Foundation.  He also serves as a board member of
Southwest Gas Corporation.

"Steve Comer brings a wealth of accounting and gaming industry
expertise to Pinnacle's board," said Daniel R. Lee, Pinnacle
Entertainment's Chairman and Chief Executive Officer.  "In his
years with Arthur Andersen and Deloitte, he played an active
role in the casino industry's transition from a relatively
small, fragmented sector to a highly visible, worldwide
entertainment business.  We're pleased to have someone of
Steve's caliber and integrity to help us as we develop our
portfolio of major casino projects across the country."

Headquartered in Las Vegas, Nevada, Pinnacle Entertainment Inc.
(NYSE: PNK) -- http://www.pnkinc.com/-- owns and operates    
casinos in Nevada, Louisiana, Indiana and Argentina, owns a
hotel in Missouri, receives lease income from two card club
casinos in The Los Angeles metropolitan area, has been licensed
to operate a small casino in the Bahamas, and owns a casino site
and has significant insurance claims related to a hurricane-
damaged casino previously operated in Biloxi, Mississippi.  
Pinnacle opened a major casino resort in Lake Charles, Louisiana
in May 2005 and a new replacement casino in Neuquen, Argentina
in July 2005.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Pinnacle Entertainment Inc.'s proposed US$350 million senior
subordinated notes due 2015.

On June 1, 2007, the Troubled Company Reporter related that
Fitch Ratings assigned a rating of 'B-/(Recovery Rating) RR5' to
the company's US$350 million senior subordinated notes due 2015.  
The company's credit ratings were: (i) Issuer Default Rating of
'B'; (ii) Bank facility at 'BB/RR1'; (iii) Senior Subordinated
notes at 'B-/RR5'.  Fitch said the rating outlook is stable.


VIUDA DE C: Trustee to File General Report in Court on Sept. 14
---------------------------------------------------------------
Enrique Jose Luna, the court-appointed trustee for Viuda de C.
Barbiero e Hijos S.A.'s reorganization proceeding, will file in
the National Commercial Court of First Instance in Rosario del
Tala, Entre Rios, a general report that contains an audit of the
company's accounting and banking records on Sept. 14, 2007.

Mr. Luna verified creditors' proofs of claim until June 5, 2007.

Mr. Luna also presented the validated claims in court as
individual reports on July 13, 2007.

The informative assembly will be held on Oct. 26, 2007.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

          Viuda de C. Barbiero e Hijos S.A.
          Misael J. Parodi 194, Rosario del Tala
          Entre Rios, Argentina

The trustee can be reached at:

          Enrique Jose Luna
          Urquiza 341, Rosario del Tala
          Entre Rios, Argentina


W.R. GRACE: Delaware Coiurt Terminates Exclusive Periods
--------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware notes that despite more than six years of
exclusivity, W.R. Grace & Co. and its 61 debtor affiliates have
not been able to forge an agreement to achieve a consensus with
respect to asbestos personal injury liabilities and certain
asbestos-related property damage claims, notwithstanding their
filing of a disclosure statement and a plan of reorganization on
November 13, 2004.

The Plan and Disclosure Statement were amended on January 13,
2005, after vehement opposition by representatives of Personal
Injury Claimants, the Future Claims Representative, and other
constituents, Judge Fitzgerald relates.

The Plan amendments resolved certain issues but failed to
resolve some issues relating to Asbestos Personal Injury
Liabilities, the Court points out.  Those issues remain
unresolved and litigation is ongoing regarding PI Liabilities
estimation and there are numerous discovery disputes, including,
but not limited to, those concerning the PI Questionnaires
propounded by the Debtors, the reliability of x-rays and B-
reads, confidentiality and sources of information, evidentiary
matters, and Daubert issues.

No further amendments to the Plan and Disclosure Statement have
been filed since January 2005.

In their latest request, the Debtors emphasized to the Court
that the estimation trial for their PI Liabilities must first be
concluded so that the results can be incorporated into the Plan.

Various counsel have argued, and Judge Fitzgerald finds, that
without an agreement as to the Asbestos PI Liabilities, the PI
Estimation Trial must conclude and rulings must be issued before
a plan of reorganization can be confirmed.  The PI Estimation
Trial is currently set for January through April 2008.

"The Debtors have had sufficient exclusive time to control
negotiations with creditors and to propose and confirm a
feasible plan," Judge Fitzgerald holds.  "[Yet they] have failed
to establish that extending exclusivity will result in advancing
their case towards resolution."

Accordingly, Judge Fitzgerald terminates the period by which the
Debtors may exclusively file a plan and solicit votes of that
plan.

Termination of the Debtors' exclusivity will facilitate moving
their bankruptcy cases toward conclusion by changing the
dynamics for negotiation while permitting the Debtors to
continue to operate their business, resolve claims, and
participate in negotiations, Judge Fitzgerald opines.

Termination of exclusivity will not prejudice any party or
adversely affect the progress of the case pending estimation,
the Court adds.

In light of the Court's ruling, any creditor now has the right
to file a competing plan in the Debtors' cases.

"Grace is disappointed in the ruling, but was happy to see Judge
Fitzgerald reaffirms her commitment to the estimation process
and endorse the way the company is being run," Grace spokesman
Greg Euston told Bloomberg News.

                      About W.R. Grace

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

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

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

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

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.  
(W.R. Grace Bankruptcy News, Issue No. 135; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)




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


ANDREW CORP: Posts US$96 Million Net Loss in 2007 Third Quarter
---------------------------------------------------------------
Andrew Corporation reported total sales of US$546 million for
the third quarter fiscal 2007, compared to US$551 million in the
prior year third quarter.  Wireless Infrastructure sales were
US$523 million, compared to US$524 million in the prior year
third quarter, due to ongoing challenges in the North American
market, which were partially offset by strong growth in emerging
markets.

On a GAAP basis, the company reported a net loss of US$96
million, or US$0.61 per share for the third quarter, including
US$0.72 per share of significant items, compared to net income
of US$7 million, or US$0.04 per share, including US$0.05 per
share of significant items in the prior year third quarter.  
Excluding significant items, non-GAAP earnings were US$0.11 per
share for the third quarter, compared to US$0.09 per share for
the prior year third quarter.

“Andrew continued to benefit from record sales growth in several
emerging markets such as India, however, demand in the North
American market remained sluggish during our third quarter due
to ongoing weaker spending from a key operator and an original
equipment manufacturer (OEM) customer in this region,” said
Ralph Faison, president and chief executive officer, Andrew
Corporation.  “Consistent with our comments throughout fiscal
2007, we have seen a reduction in sales from these two key
customers, and year-to-date, sales to these customers decreased
by approximately US$200 million year over year.  However, we are
confident that we have maintained our market position with these
customers and anticipate that they will increase their level of
spending in future periods.  Overall, we are pleased with the
sequential improvement in sales in the quarter, and our book-to-
bill as we entered our fourth quarter was positive.”

Due to the significant losses generated by the Base Station
Subsystems segment in the first six months of fiscal 2007, the
company had previously determined that an indicator of goodwill
impairment existed as of March 31, 2007.  Based on the
completion of required “step-two” impairment testing, the
company recognized a non-cash goodwill impairment loss of US$108
million during the quarter.  The Base Station Subsystems segment
had approximately US$412 million of goodwill as of March 31,
2007.

“Our results in Base Station Subsystems have been significantly
impacted by customer consolidation over the past several
quarters,” said Mr. Faison.  “While we believe that our customer
relationships and product technology in this segment will help
deliver sustainable improvement in future quarters, due to the
amount of recorded goodwill, recognizing an impairment loss was
required upon completion of our analysis.  We continue to strive
to generate an adequate return from all of our product lines and
anticipate that the pending transaction with CommScope will
provide further opportunity to continue to rationalize our
overall product portfolio.”

                 Third Quarter Financial Summary

Wireless Infrastructure sales decreased slightly to US$523
million from US$524 million due to weaker sales of certain base
station components, which was partially offset by strong demand
for antenna and cable products, the implementation of price
increases on cable products and a favorable foreign exchange
impact.

Total orders of US$568 million decreased 6% from the prior year
third quarter due mainly to a reduction in orders for active
products, which was partially offset by an increase in orders
for antenna and cable products.  Orders were down in North
America, partially offset by strong orders in Asia Pacific and
Latin America.  Ending backlog was US$312 million compared to
US$367 million in the prior year third quarter.

The company completed its transition from the Orland Park
facility to its new Joliet, Illinois cable facility during the
quarter.  Approximately US$5 million of relocation and start-up
costs were incurred during the quarter, which reduced gross
margin by approximately 90 basis points.  The total Joliet
relocation and start-up costs in the second and third quarters
were below the company’s previous forecast by approximately US$3
million due to lower unabsorbed overhead than was originally
expected.  Gross margin was 20.7% in the third quarter.
Excluding these costs, non-GAAP gross margin was 21.6%, compared
to 22.1% in the prior year third quarter, primarily as a result
of a less favorable product line and geographic sales mix
significantly impacted by a year-to-date reduction of
approximately US$200 million in revenues from two key North
American customers.

Operating loss for the quarter was US$85.7 million, or (15.7)%
of sales, compared to operating income of US$18.0 million, or
3.3% of sales in the prior year third quarter.  Excluding
significant items, non-GAAP operating income for the quarter was
US$28.0 million, or 5.1% of sales, compared to US$27.6 million,
or 5.0% of sales, in the prior year third quarter.

Research and development expenses were US$29.0 million, or 5.3%
of sales, in the third quarter, compared to US$28.4 million, or
5.2% of sales, in the prior year third quarter.  Sales and
administrative expenses decreased to US$60.9 million, or 11.1%
of sales, in the third quarter, compared to US$65.6 million, or
11.9% of sales, in the prior year third quarter.  Sales and
administrative expenses decreased in absolute dollars and as a
percentage of sales due mainly to the company’s sale of its
broadband cable business in April 2007, lower provisions for bad
debts and reduced incentive compensation.

Intangible amortization decreased to US$4.6 million in the third
quarter, compared to US$4.7 million in the prior year third
quarter and other expenses decreased to US$3.2 million in the
third quarter, compared to US$3.8 million in the prior year
third quarter.

Gain on sale of assets increased to US$6.0 million, compared to
US$0.3 million in the prior year third quarter due primarily to
a real estate transaction and a gain on the company’s sale of
its broadband cable business to Andes Industries in April 2007.

The reported tax provision for the third quarter was US$6.8
million.  The tax provision for the third quarter was
unfavorably impacted by losses in the U.S. and Italy for which
the company cannot record current tax benefits.  Although the
company continues to experience losses in the U.S. and Italy,
there was a more favorable mix of earnings and losses by taxing
jurisdiction during the third quarter compared to the first half
of fiscal 2007.  The reported tax provision for the prior year
third quarter was US$7.3 million.

Average shares outstanding decreased to approximately 156
million from approximately 160 million in the prior year third
quarter primarily due to shares that have been repurchased by
the company.  The company has repurchased 4.4 million shares
over the last twelve months.

                       Goodwill Impairment

As a result of the significant losses generated by Base Station
Subsystems in the first six months of fiscal 2007, the company
determined that a potential indicator of impairment had occurred
and an interim test for impairment was required.  The company
performed “step one” of the goodwill impairment test, in
accordance with Statement of Financial Accounting Standards 142,
on this reporting unit as of March 31, 2007.  Based on that
test, the company determined that the fair value of the
reporting unit was less than the carrying value of its net
assets.  The company has completed “step two” of the impairment
test and has recognized a non-cash impairment loss of US$108
million in the third quarter to write down the carrying value of
goodwill.

              Balance Sheet & Cash Flow Highlights

Cash flow from operations was US$12.2 million in the third
quarter, compared to US$24.5 million in the prior year third
quarter.  Accounts receivable were US$552 million and days’
sales outstanding (DSOs) were 89 days at June 30, 2007, compared
to US$512 million and 90 days at March 31, 2007.  Inventories
were US$389 million and inventory turns were 4.5x at June 30,
2007, compared to US$398 million and 4.0x at March 31, 2007.  
Inventories decreased and inventory turns improved compared to
the prior quarter due partially to increased sales and the
completed relocation of the company’s Orland Park, Illinois
facility to Joliet, Illinois.

Capital expenditures decreased to US$14.4 million in the third
quarter compared to US$17.7 million in the prior year third
quarter primarily due to the completion of two significant cable
and antenna facility moves during fiscal 2007.

Cash and cash equivalents were US$119 million at June 30, 2007,
compared to US$127 million at March 31, 2007.  Cash and cash
equivalents decreased from the prior quarter due mainly to the
reduction of approximately US$16 million in outstanding debt.

Total debt outstanding and debt to capital were US$351 million
and 19.6% at June 30, 2007, compared to US$366 million and 19.5%
at March 31, 2007.

                    Fiscal 2007 Sales Outlook

Due to the pending acquisition of Andrew by CommScope, Inc.
(NYSE:CTV), which was announced on June 27, 2007, the company is
providing the following sales guidance, but will not be
providing any other guidance.  Accordingly, previous estimates
of future financial or operational performance should be
considered obsolete.

Sales are now anticipated to range from US$2.15 billion to
US$2.20 billion for fiscal 2007, compared to the previous
guidance of US$2.20 billion to US$2.30 billion.  The revised
sales guidance is primarily due to anticipated continuation of
reduced spending by two key customers, compared to previous
expectations, in the fourth quarter.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                        *    *    *

The Troubled Company Reporter – Asia Pacific reported that
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on Aug. 10,
2006.




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


AIG SILK: Proofs of Claim Filing Ends Tomorrow
----------------------------------------------
AIG Silk Fund Ltd.'s creditors are given until Aug. 2, 2007, to
prove their claims to Mark Waddington, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

AIG Silk's shareholders agreed on June 26, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Mark Waddington
         American International Building
         29 Richmond Road, Pembroke
         Bermuda


ARION INSURANCE: Chapter 15 Petition Hearing Set for Aug. 8
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on Aug. 8, 2007, 10:00 a.m., New York
time, to consider responses and objections, if any, to the
Chapter 15 petition filed on July 9, 2007, by Tamsin Victoria
Walker for Arion Insurance Company Limited as the company's
foreign representative.

Interested parties have until 5:00 p.m., New York time on
Friday, Aug. 3, 2007, to file their responses or objections
to the petition.

Lawyers at Allen & Overy LLP in New York City represent the
Foreign Representative in this case.

Arion is a Bermuda insurance company.  The case is In Re
Arion Insurance Company Limited, (Bankr. S.D. N.Y. Case No.
07-12108).


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


* BOLIVIA: May Ink Pact with Chile After Long-Standing Dispute
--------------------------------------------------------------
Bolivia and Chile may put behind them a long-standing dispute to
reach an energy accord that would benefit the two Latin American
countries.

The Financial Times reports Chile's Energy Minister Marcelo
Tokman visited Bolivia June 30 to discuss a possible alliance
between his energy-starved country and gas-rich Bolivia.  

Bolivia and Chile have not had diplomatic ties since
1978.  Relations have been tense since the 19th century, when
Chile defeated Bolivia and annexed its mineral-rich coastline.  
In 2003, former Bolivian president Gonzalo Sanchez de Lozada was
forced out of office after proposing gas exports via Chile.

“We’re going to propose seeing if there is the opportunity to
work together. . . to develop fields,” Ricardo Lagos Weber,
Chile’s government spokesman, was quoted by the FT as saying.  
He noted that Bolivian gas offered no immediate way out of
Chile’s current energy crisis.

Chile has been importing gas from Argentina but supplies have
been unrealiable as the latter is also experiencing energy
shortages.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


BANCO NACIONAL: Board Grants BRL764.2 Mil. Financing to CTEEP
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
board of directors approved a BRL764.2 million financing to
Companhia de Transmissao de Energia Eletrica Paulista [CTEEP].  
The funds will be destined to works in improvements,
reinforcements, modernizations and new connections for the
company's transmission system, which is included in the
Multiannual Investment Plan, corresponding to the 2006/2008
period.

The Bank's share is equivalent to 76% of the project's total
cost, of BRL1 billion.  The investments supported by BNDES will
generate 1.2 thousand direct jobs during the works, which will
involve 6 thousand indirect jobs in the supporting
infrastructure.

CTEEP's project will allow an improvement in the company's
transmission system conditions, contributing to expand reliance
in the National Integrated System [SIN] and to increase the
quality of electric energy supply, especially at the Center-
South region of the country.

In addition, the project will meet CTEEP's market increase
expectations, allowing the incorporation of new clients by means
of the transmitter's connections with new generators,
distributors or free consumers.

Since 2003, BNDES has approved 27 operations for transmission
projects, including CTEEP's, amounting to 7.5 thousand
kilometers. Financings amounted to BRL4.7 billion, allowing
total investments of BRL7.4 billion.

CTEEP, the first electric energy company in the State of Sao
Paulo to join formally the Corporate Governance practices in
2002, is responsible for a complex electrical system, which
guarantees to it the transmission of virtually all electricity
consumed in the state.  The system is comprised of 11,781
kilometers of transmission lines, 18,266 kilometers of circuits
(aerial and underground) and 102 substations.

The company also holds and operates one of the most important
transmission networks in Brazil, so becoming a fundamental part
of SIN.  Directly connected to a large generating park, the
company's network is also interlinked to the South and Southeast
of Brazil's transmission systems, which grants it the role of
SIN's integrator link.

CTEEP's investment plan, which counts upon BNDES's financing, is
comprised of:

   a) Modernization - Projects aiming at adjusting the existing
      transmission system, directed to the system's maintenance
      and confidence;

   b) Systemic improvements - Investments destined to
      guaranteeing safety to installations, usually related to
      the substitution of equipment with depleted useful life or
      with poor performance, adjusting them to current
      technology;

   c) Expansion and reinforcement program - New projects that
      should be included in the National System Organizer [OSN]
      expansion plan.  The projects aim at increasing the
      transmission system capacity, necessary to meet the
      increases in network load and generation and to meet the
      required quality rates; and

   d) New Connections - Refer to projects for the transmitter's
      new connection points with generators, distributors or
      free consumers.

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

                        *     *     *

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


BANCO PINE: Reports BRL50.4 Mil. Net Income in Second Qtr. 2007
---------------------------------------------------------------
Banco Pine S.A. earned net income of BRL50.4 million (excluding
the non-recurring IPO expenses), for the second quarter of 2007,  
compared to BRL16.1 million for the same period in 2006.  The
increase in net income was chiefly due to higher loan volumes,
better efficiency and the greater offering of complementary
products.

In the first half year of 2007, the financial margin before
provisions for loan losses reached 13.1%, 240 basis points over
the first half year of 2006.

The total credit portfolio, including assignments loans (with
co-obligation) and guarantees, exceeded BRL2.6 billion on
June 30, 2007, posting growth rates of 24.4% in the quarter and
148.8% in the previous 12 months.

The origination of payroll loans posted consistent growth,
expanding to BRL463 million in the first half year of 2007,
compared to BRL216 million in the first half year of 2006, for
growth of 114.4%.

At the end of June 2007, the loan coverage ratio of the overdue
portfolio was 251%, 9,600 basis points higher than at the end of
June 2006.

The quality of the credit portfolio is attested by the fact that
at the end of June 2007, 97.3% of its composition was rated
between AA and C.

The main funding source of Banco Pine consists of time deposits.  
The 126.4% increase in the period outpaced the growth registered
in the Brazilian National Financial System (2.6%).

Cost control combined with higher revenue generation allowed for
significant improvement in the efficiency ratio, which fell
1,780 basis points in the past 12 months to reach 37.3% in the
first half year of 2007.

On July 20, 2007, the Board of Directors approved the payment of
interest on capital stock, in the total gross amount of
BRL16.385 million and total net amount of BRL13.927 million.

Headquartered in Sao Paulo, Brazil, Banco Pine S.A. --
http://ir.bancopine.com.br/-- is a mid-size bank with over US$1  
billion in assets.  It has eleven branches, located primarily in
the south and southeast regions of Brazil.  The bank provides
financial services mainly to middle market companies and
individuals.

                        *     *     *

Standard & Poor's Ratings Services assigned on Oct. 3, 2006, its
'B+' foreign-currency long-term senior unsecured debt rating to
Banco Pine S.A.'s issuance of USUS$150 million notes with
maturity in 2008.


COMMSCOPE INC: Second Quarter Net Income Rises to US$61.1 Mil.
--------------------------------------------------------------
CommScope Inc. recorded second quarter sales of US$519.1 million
and net income of US$61.1 million, or US$0.83 per diluted share.

For the second quarter of 2006, CommScope reported sales of
US$411.9 million and net income of US$46.6 million, or US$0.65
per diluted share.  The reported second quarter 2006 net income
included an after-tax gain of US$18.6 million related to the
recovery on a note receivable from OFS BrightWave, LLC and
after-tax charges of US$2.6 million related to restructuring
costs.  Excluding these special items, adjusted earnings were
US$30.6 million, or US$0.43 per diluted share.

"We are pleased to deliver another record quarter as we expand
our global leadership in infrastructure solutions for
communications networks," said CommScope Chairman and Chief
Executive Officer, Frank M. Drendel.  "We believe that customer
demand for bandwidth remains strong and we look forward to
building upon positive industry fundamentals.

"We are also excited about the pending acquisition of Andrew
Corporation, which we announced last month.  We are moving
forward and continue to expect the transaction to close before
the end of 2007," Mr. Drendel added.

                          Sales Overview

Sales for the second quarter of 2007 increased 26.0 percent year
over year, driven by increased customer demand across all
business segments and price increases in the Enterprise and
Broadband segments due to higher material costs, which were
implemented in the first half of 2006.  The company experienced
particularly strong sales growth in the Carrier segment.

Enterprise segment sales rose 16.7 percent year over year to
US$239.4 million, primarily due to higher sales volume,
favorable mix and price increases implemented in 2006 in
response to higher costs.  CommScope continues to experience
success with its high-performance and industry-leading products,
including the SYSTIMAX(R) GigaSPEED(R) X10D unshielded twisted
pair cabling solution and the innovative iPatch(R) Real Time
Infrastructure Management System, as enterprises upgrade their
networks to manage expected bandwidth requirements.  Enterprise
sales grew in all geographic regions.

Broadband segment sales rose 19.7 percent year over year to
US$163.4 million, primarily due to higher sales volumes, price
increases implemented in the first half of 2006 in response to
higher material costs and the positive impact of the Signal
Vision, Inc. acquisition, which closed on May 1, 2007.  
Competition between cable television and telephone companies has
resulted in ongoing investment in their networks to support
expanded video, data and voice services, which has stimulated
Broadband sales.  Broadband sales growth in the quarter was
strongest in the Latin American and North American regions.

Carrier segment sales increased 64.4 percent year over year to
US$116.7 million.  This robust growth is primarily the result of
large domestic wireline carriers continuing to deploy broadband
services to their customers.  The Carrier segment has been
CommScope's fastest growing and most volatile segment.

Total international sales for the second quarter of 2007 rose
20.5 percent year over year to US$160.1 million, or
approximately 30.8 percent of total company sales.

External orders booked in the second quarter of 2007 were
US$548.3 million, up 12.2 percent from the year-ago quarter.

                       Andrew Acquisition

On June 27, 2007, CommScope and Andrew Corporation announced a
definitive agreement, unanimously approved by their respective
Boards of Directors, under which CommScope will acquire all of
the outstanding shares of Andrew for US$15.00 per share, at
least 90 percent in cash.  The combined company will be a global
leader in infrastructure solutions for communications networks,
including:

   * structured cabling solutions for the business enterprise;

   * broadband cable and apparatus for cable television
     applications; and

   * antenna and cable products, base station subsystems,
     coverage and capacity systems, and network solutions for
     wireless applications.

"With this acquisition, we are advancing CommScope's position as
a worldwide leader in 'last mile' solutions and are creating
important cost reduction and growth opportunities that we
believe will drive increased shareholder value," Mr. Drendel
stated.  "We intend to build upon the complementary global
product offerings to provide customers with a broader array of
infrastructure solutions for video, voice, data and mobility."

The total transaction value is approximately US$2.6 billion,
based on Andrew's estimated 176 million shares outstanding on a
fully diluted basis, which includes shares associated with
Andrew's existing convertible notes.  CommScope expects to fund
the cash portion of the purchase price through a combination of
new credit facilities and available cash on hand.  CommScope has
obtained customary fully underwritten debt financing commitment
letters from Bank of America and Wachovia Bank, N.A. (and their
respective affiliates).  The transaction is expected to close
before the end of 2007 and is not conditioned on receipt of
financing by CommScope.

The transaction is subject to completion of customary closing
conditions, including effectiveness of a registration statement
on Form S-4, approval by Andrew's stockholders, clearance under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, and any other applicable laws or regulations.  On
July 16, 2007, CommScope and Andrew submitted their pre- merger
notification filings as required under the Hart-Scott-Rodino
Act.

"Our revised revenue guidance reflects expectations of continued
strength across all of our business segments," said Executive
Vice President and Chief Financial Officer, Jearld L. Leonhardt.  
"However, material costs continue to rise and we may not be able
to fully recover these costs in the short term.  As a result of
this volatility, we expect operating margin in the second half
of 2007 to be lower than the first half of the year.  
Nonetheless, we are pleased to raise 2007 guidance and to be in
a position to achieve record calendar year financial
performance."

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last   
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Moody's Investors Service placed CommScope Inc.'s
ratings under review for downgrade after their announced intent
to acquire Andrew Corp. for US$2.6 billion.

The ratings under review for downgrade include:

  -- Corporate Family Rating, Ba2
  -- US$250 million Convertible Senior Subordinated Debentures
     due 2024, Ba3


LYONDELL CHEMICAL: Earns $176 Million in Quarter Ended June 30
--------------------------------------------------------------
Lyondell Chemical Company disclosed on Thursday its results for
the second quarter ended June 30, 2007.

The company reported net income of $176 million on sales and
other operating revenues of $7.48 billion for the second quarter
2007, compared with net income of $160 million on sales and
other operating revenues of $4.71 billion for the second quarter
2006.  Income from continuing operations for the second quarter
2007 was $271 million, compared to income from continuing
operations of  $129 million for the second quarter 2006.  

For the first six months of 2007, net income was $195 million on
sales and other operating revenues of $13.27 billion, compared
with net income of $450 million on sales and other operating
revenues of $9.13 billion for the first six months of 2006.  
Forthe first six months of 2007, net income from continuing
operations was $277 million, compared with $415 million for the
first six months of 2006.

Second-quarter 2007 results from continuing operations of
$271 million improved versus income from continuing operations
of $6 million for the first quarter 2007 primarily due to record
refining segment results coupled with strong fuels (MTBE/ETBE)
performance.  Ethylene segment results continued to reflect good
volumes and operating rates with modest margin improvement.  In
the propylene oxide segment, chemical product results declined
primarily due to increased raw material costs; however, these
were more than offset by the strength in fuels (MTBE/ETBE).

The inorganic chemicals business is accounted for as a
discontinued operation as it was sold midway through the quarter
for a total transaction value of approximately $1.3 billion.
After-tax cash proceeds of approximately $1.05 billion were used
to repay debt.

"The strength in our refining operations was quite clear during
the quarter and demonstrated the way in which the segment
complements our chemical operations and provides balance within
our portfolio.  While our refining and fuel products benefited
from the strong fuel markets, similar dynamics within the energy
markets pressured our chemical products.  In fact, ethylene
segment raw material costs on average increased by approximately
20 percent.  Consequently, despite a relatively strong market
and several price increases, margin improvement in this segment
was quite modest," said Dan F. Smith, chairman, president and
chief executive officer of Lyondell Chemical Company.  "The
strong refining results were complemented by the sale of our
inorganics business, which enabled us to accelerate our debt
repayment program providing additional value to our investors."

                          Debt Reduction

During the second quarter, debt repayment, including scheduled
amortization of term loans and debt of discontinued operations,
totaled $1.3 billion. Millennium debt repayment was $436
million, Equistar repaid $600 million, and LCC repaid $274
million.

As of June 30, 2007, Lyondell's receivable facility was
unutilized and Equistar's receivable facility was utilized by
$155 million.


At June 30, 2007, the company's unaudited balance sheet showed
$16.79 billion in total assets, $13.34 billion in total
liabilities, $117 million in minority interests, and $3.33
billion in total stockholders' equity.

                     About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com/-- is a leading global  
producer of petrochemicals and plastics, and owns a refinery
with the unique ability to process 100% heavy sour crude oil
from Venezuela.  Lyondell produces propylene oxide, MTBE, ETBE
and butanediol, as well as co-product styrene.  

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

Equistar Chemicals LP and Millennium Chemicals Inc. are wholly
owned subsidiaries of Lyondell.  Equistar is a leading North
American producer of commodity petrochemicals and plastics.  
Millennium Chemicals is a single-site producer of acetic acid
and vinyl acetate monomer and small producer of turpenes.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Fitch Ratings expects to assign a 'BB-' rating to
Lyondell Chemical Company's US$500 million announced offering of
senior unsecured notes due 2017.  Proceeds from this offering
are expected to fully repay the existing US$500 million, 10.875%
senior subordinated notes due 2009.

Fitch also affirmed other ratings:

    -- Issuer Default Rating at 'BB-';
    -- Senior secured credit facility and term loan at 'BB+';
    -- Senior secured notes at 'BB+';
    -- Senior unsecured notes at 'BB-';
    -- Debentures at 'BB-';

As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Standard & Poor's Ratings Services assigned its
'B+' rating to the proposed Lyondell Chemical Co.'s US$500
million of unsecured notes due 2017, issued pursuant to
Lyondell's Rule 415 shelf registration.

S&P also affirmed its corporate credit rating on Lyondell
(BB-/Stable/B-1).  S&P said the outlook was stable.


SENSATA TECHNOLOGIES: Moody's Ups B3 Rating on US$450 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service affirmed Sensata Technologies B.V.'s
B2 corporate family rating in response to the company's issuance
of EUR141 million (US$195 million) senior subordinate term loan
and use of cash on hand to acquire Airpax Holdings, Inc. for
US$276 million, including fees and expenses.  

At the same time, Moody's upgraded Sensata's senior secured
credit facility to Ba3 and its US$450 million unsecured notes to
B3.  The rating of the subordinate notes remains at Caa1.  The
outlook is negative.

Sensata's B2 corporate family rating reflects its strong
competitive position, long-standing customer relationships,
significant barriers to competitive entry, and stable free cash
flow generation.  The company continues to benefit from the
favorable trends in increased sensor content per unit for many
of its customers' products.  Yet, these strengths are balanced
against the company's high leverage.  For 2006 adjusted
debt/revenues was almost 200%.  While the Airpax acquisition
will increase the company's revenue and earnings, it will also
increase the company's debt levels.  Sensata's increasing levels
of debt and cash interest payments could stress its credit
metrics and hinder the company's financial flexibility in a
downturn.

The negative outlook reflects Sensata's willingness to pursue
relatively large debt-financed acquisitions that add
significantly more incremental debt while increasing the
company's overall leverage.  This strategy is a departure from
Moody's expectations incorporated into the existing B2 corporate
family rating, which included small to modest acquisitions.
Furthermore, Sensata must contend with integrating a sizeable
company in addition to its previous acquisitions while operating
as a stand-alone entity.  Additionally, correcting material
weaknesses identified by management in order to comply with SEC
filing requirements adds additional uncertainty.

The ratings for the company's debt instruments reflect the
overall probability of default of the company, to which Moody's
assigns a probability of default rating of B2.  The one notch
upgrade of the company's senior secured credit facility and
unsecured notes reflects a lower expected loss driven largely by
the additional junior capital provided by the €195 million term
loan; on a relative basis, the existing debt has a more senior
position in the company's capital structure because of the
increase in subordinate debt.  The term loan will have
substantially the same terms and conditions as the company's
existing subordinate notes. Moody's does not rate this term
loan.

The following ratings/assessments were affected by this action:

  -- Corporate family rating affirmed at B2;

  -- Probability-of-default rating affirmed at B2;

  -- US$1.5 billion (equivalent) senior secured credit facility
     upgraded to Ba3 (LGD2, 29%) from B1 (LGD3, 33%);

  -- US$450 million senior unsecured notes due 2014 upgraded to
     B3 (LGD5, 75%) from Caa1 (LGD5, 82%);

Ratings affirmed/LGD assessments revised:

  -- EUR245 million senior subordinate notes due 2016 at Caa1
     (LGD6, 91%) from Caa1 (LGD6, 93%).

The company's speculative grade liquidity rating of SGL-2 is
unchanged.

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


* BRAZIL: Central Bank Holding Auction to Buy US Dollars
--------------------------------------------------------
The Brazilian central bank will launch an auction to purchase US
dollars on the spot foreign exchange market, Reuters reports.

According to Reuters, the move is “part of an effort to build up
international reserves.”

Reuters notes that the Brazilian Real was 0.84% stronger at
1.879 per dollar.  “The real has traded below 2.0 per dollar
since May 15, 2007, when it broke that level for the first time
in six years.”

The central bank aggressively bought dollars over the past year
to boost reserves “and, indirectly, blunt the Brazilan Real's
gains.”  It purchased almost US$62 billion on the spot market
this year, surpassing the US$35.1 billion it bought last year,
Reuters states.

                        *     *     *

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

   -- 'BB' for long-term foreign currency credit rating,

   -- 'BB+' for long-term local currency credit rating, and

   -- 'B' for short-term currency sovereign credit rating.

                          *    *     *

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




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


ADVANCE: Will Hold Final Shareholders Meeting on Oct. 4
-------------------------------------------------------
Advance will hold its final shareholders meeting on
Oct. 4, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


AZEN OIL: Sets Final Shareholders Meeting for Aug. 28
-----------------------------------------------------
Azen Oil Company Ltd. will hold its final shareholders
meeting on Aug. 28, 2007, at 10:00 a.m., at the office of the
company.

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:

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


BOSS CAYMAN: Will Hold Final Shareholders Meeting on Oct. 4
-----------------------------------------------------------
Boss Cayman Ltd. will hold its final shareholders meeting on
Oct. 4, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CANADA GUARANTEED: Sets Final Shareholders Meeting for Sept. 21
---------------------------------------------------------------
Canada Guaranteed – Mortgage Fund Ltd. will hold its final
shareholders meeting on Sept. 21, 2007, at 9:00 a.m., at:

          The Charles Building
          189 North Church Street, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981
          Grand Cayman KY1-1104
          Cayman Islands


CANADA GUARANTEED: Proofs of Claim Must be Filed by Sept. 21
------------------------------------------------------------
Canada Guaranteed – Mortgage Fund Ltd.’s creditors are given
until Sept. 21, 2007, to prove their claims to Stuart Brankin
and Desmond Campbell, 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.

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

The liquidators can be reached at:

        Stuart Brankin
        Desmond Campbell
        c/o Aston Corporate Managers, Ltd.
        P.O. Box 1981
        Grand Cayman KY1-1104
        Cayman Islands


CAPRICORN INVESTMENT: Final Shareholders Meeting is on Sept. 3
--------------------------------------------------------------
Capricorn Investment Corp. will hold its final shareholders
meeting on Sept. 3, 2007, at 10:00 a.m., at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Cereita Lawrence
          Sylvia Lewis
          P.O. Box 1109
          Grand Cayman KY1-1102
          Cayman Islands
          Tel: (345) 949-7755


CAPRICORN INVESTMENT: Proofs of Claim Filing Ends on Sept. 3
------------------------------------------------------------
Capricorn Investment Corp.’s creditors are given until
Sept. 3, 2007, to prove their claims to Cereita Lawrence and
Sylvia Lewis, 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.

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

The liquidators can be reached at:

        Cereita Lawrence
        Sylvia Lewis
        P.O. Box 1109
        Grand Cayman KY1-1102
        Cayman Islands
        Tel: (345) 949-7755


CONDOR INSURANCE: Chapter 15 Petition Summary
---------------------------------------------
Petitioners: Richard Fogerty
             Kroll (Cayman) Limited
             P.O. Box 1102
             Bermuda House, 4th Floor
             Cayman Financial Centre
             Grand Cayman
             Cayman Islands, BWI

                  -- and --

             William Tacon
             Kroll (BVI) Limited
             P.O. Box 4571
             Road Town
             Tortol
             British Virgin Islands

Debtor: Condor Insurance Limited
        c/o Richard Fogerty and William Tacon
        Joint Official Liquidators Kroll(Cayman)
        P.O. Box 1102 Bermuda House
        4th Fl Cayman Financial Centre
        Grand Cayman KY1-1102
        Cayman Islands, BWI

Case No.: 07-51045

Type of Business: Promed Casualty Insurance Company Ltd. and
                  Promed Reinsurance Ltd. is seeking to collect
                  assets in the U.S. to satisfy an arbitration
                  award it obtained in their adversary
                  proceedings against the Debtors in 2006.
                  Promed argues that the Debtors hold US$2.38
                  million in a UBS Bank.

                  The Petitioners say that they have been unable
                  to confirm the existence of such account.

Chapter 15 Petition Date: July 26, 2007

Court: Southern District of Mississippi (Gulfport)

Judge: Edward Gaines

Petitioners' and
Debtors' Counsel: David W. Parham, Esq.
                  Baker & McKenzie LLP
                  2001 Ross Avenue
                  Suite 2300
                  Dallas, TX 75201
                  Tel: (214) 978-3000

                       -- and --

                  Nicholas Van Wiser, Esq.
                  P.O. Box 1939
                  Biloxi, MS 39533
                  Tel: (228) 432-8123
                  Fax: (228) 432-7029

                       -- and --

                  Laurie D. Babich, Esq.
                  Baker & McKenzie LLP
                  2001 Ross Avenue, Suite 2300
                  Dallas, TX 75201
                  Tel: (214) 978-3000
                  Fax: (214) 978-3099

Estimated Assets: US$1 Million to US$100 Million

Estimated Debts:  US$1 Million to US$100 Million


CROSS CREDIT FUND: Sets Final Shareholders Meeting for Sept. 7
--------------------------------------------------------------
Cross Credit Fund Ltd. will hold its final shareholders meeting
on Sept. 7, 2007, at 9:00 a.m., at:

          Fourth Floor Harbour Place
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CROSS CREDIT: Will Hold Final Shareholders Meeting on Sept. 7
-------------------------------------------------------------
Cross Credit (General Partner) Ltd. will hold its final
shareholders meeting on Sept. 7, 2007, at 9:00 a.m., at:

          Fourth Floor Harbour Place
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


GLOBAL LOAN: Final Shareholders Meeting is on Oct. 4
----------------------------------------------------
Global Loan Co. will hold its final shareholders meeting on
Oct. 4, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


HYPHAISTOS ADVISERS: Sets Final Shareholders Meeting for Sept. 7
----------------------------------------------------------------
Hyphaistos Advisers Ltd. will hold its final shareholders
meeting on Sept. 7, 2007, at 9:00 a.m., at:

          36A Dr Roy’s Drive
          Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Andrew Hersant
          Chris Humphries
          Attention: Stuarts Walker Hersant
          P.O. Box 2510
          Grand Cayman KY1-1104
          Cayman Islands
          Tel: (345) 949 3344
          Fax: (345) 949 2888


HYPHAISTOS ADVISERS: Proofs of Claim Filing Ends on Sept. 7
------------------------------------------------------------
Hyphaistos Advisers Ltd.’s creditors are given until
Sept. 7, 2007, to prove their claims to Andrew Hersant and Chris
Humphries, 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.

Hyphaistos Advisers' shareholders agreed on April 16, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Andrew Hersant
        Chris Humphries
        Attention: Stuarts Walker Hersant
        P.O. Box 2510
        Grand Cayman KY1-1104
        Cayman Islands
        Tel: (345) 949 3344
        Fax: (345) 949 2888


KOCH NGL: Will Hold Final Shareholders Meeting on Sept. 7
---------------------------------------------------------
Koch NGL Cayman I Ltd. will hold its final shareholders meeting
on Sept. 7, 2007, at 9:00 a.m., at:

          36A Dr Roy’s Drive
          Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Andrew Hersant
          Chris Humphries
          Attention: Stuarts Walker Hersant
          P.O. Box 2510
          Grand Cayman KY1-1104
          Cayman Islands
          Tel: (345) 949 3344
          Fax: (345) 949 2888


KOCH NGL: Proofs of Claim Filing Ends on Sept. 7
------------------------------------------------
Koch NGL Cayman I Ltd.’s creditors are given until
Sept. 7, 2007, to prove their claims to Andrew Hersant and Chris
Humphries, 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.

Koch NGL's shareholders agreed on April 16, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

        Andrew Hersant
        Chris Humphries
        Attention: Stuarts Walker Hersant
        P.O. Box 2510
        Grand Cayman KY1-1104
        Cayman Islands
        Tel: (345) 949 3344
        Fax: (345) 949 2888


NLB CAPITAL: Sets Final Shareholders Meeting for Oct. 18
--------------------------------------------------------
NLB Capital Cayman Inc. will hold its final shareholders meeting
on Oct. 18, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


NLB CAPITAL: Proofs of Claim Filing Deadline is Sept. 6
-------------------------------------------------------
NLB Capital Cayman Inc.’s creditors are given until
Sept. 6, 2007, to prove their claims to Cereita Lawrence and
Sylvia Lewis, 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.

NLB Capital’s shareholders agreed on July 13, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


PILAR TREASURY: Proofs of Claim Must be Filed by Sept. 7
--------------------------------------------------------
Pilar Treasury Holding Ltd.’s creditors are given until
Sept. 7, 2007, to prove their claims to Andrew Hersant and Chris
Humphries, 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.

Pilar Treasury’s shareholders agreed on April 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Andrew Hersant
        Chris Humphries
        Attention: Stuarts Walker Hersant
        P.O. Box 2510
        Grand Cayman KY1-1104
        Cayman Islands
        Tel: (345) 949 3344
        Fax: (345) 949 2888


PLAZA GLOBAL: Will Hold Final Shareholders Meeting on Aug. 30
-------------------------------------------------------------
Plaza Global Alpha Selection SPC Ltd. will hold its final
shareholders meeting on Aug. 30, 2007, at 10:00 a.m., at the
office of the company.

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:

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


Q INVESTMENT: Sets Final Shareholders Meeting for Oct. 4
-------------------------------------------------------
Q Investment Ltd. will hold its final shareholders meeting on
Oct. 4, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


SCARBOROUGH STATION: Final Shareholders Meeting is on Oct. 4
------------------------------------------------------------
Scarborough Station Funding Ltd. will hold its final
shareholders meeting on Oct. 4, 2007, at:

          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


SHINSEI FUNDING: Sets Final Shareholders Meeting for Oct. 4
-----------------------------------------------------------
Shinsei Funding Two Tmk Holding will hold its final shareholders
meeting on Oct. 4, 2007, at:

          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


STUYVESANT CDO: Will Hold Final Shareholders Meeting on Oct. 4
--------------------------------------------------------------
Stuyvesant CDO I Ltd. will hold its final shareholders meeting
on Oct. 4, 2007, at:

          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


UFJ CAPITAL: Will Hold Final Shareholders Meeting on Oct. 4
-----------------------------------------------------------
UFJ Capital Finance 1 Ltd. will hold its final shareholders
meeting on Oct. 4, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


UFJ CAPITAL FINANCE: Final Shareholders Meeting Is on Oct. 4
------------------------------------------------------------
UFJ Capital Finance 2 Ltd. will hold its final shareholders
meeting on Oct. 4, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


UFJ CAPITAL FINANCE 3: Sets Last Shareholders Meeting for Oct. 4
----------------------------------------------------------------
UFJ Capital Finance 3 Ltd. will hold its final shareholders
meeting on Oct. 4, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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




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


BELL MICROPRODUCTS: Picks Andrew Hughes as General Counsel
----------------------------------------------------------
Bell Microproducts Inc. has named Andrew Hughes as the company's
general counsel and secretary.  In his new position, Mr. Hughes
will have global responsibility for all legal matters of the
company.  He will focus on general corporate legal activities,
contracts, Sarbanes-Oxley compliance, and securities, and will
serve as legal advisor to Bell Microproducts' senior management
and board of directors.  Mr. Hughes will report directly to Don
Bell, president and CEO for Bell Microproducts, and will operate
out of the company's San Jose headquarters.

"We are exceedingly pleased to have someone of Andrew's caliber
join us, and he will play an integral role in ensuring that the
company achieves its objectives and reaches its goals in the
years to come," noted Mr. Bell.  "With his extensive background
in managing internal and external legal resources for two
different high technology Fortune 1000 companies, Andrew is
ideally suited to this position and will bring a wealth of legal
expertise to Bell Microproducts' management team."

Mr. Hughes has more than 15 years of legal experience.  In 2000,
Mr. Hughes joined LSI Logic Corporation as assistant general
counsel, and in 2006 was named vice president, general counsel
and secretary, where he had responsibility for the worldwide
legal organization.  Prior to joining LSI, Mr. Hughes was a
division counsel for Harris Corporation, providing legal support
to several of Harris' commercial divisions.

"I am very excited to join Bell Microproducts and its excellent
management team," said Mr. Hughes.  "I look forward to helping
the company continue its success on a global basis."

Mr. Hughes holds a Juris Doctorate and MBA from Santa Clara
University, and received his B.A. in Sociology from the
University of California, Los Angeles.

                  About Bell Microproducts

Headquartered in San Jose, California, Bell Microproducts Inc.
(Nasdaq: BELM) -- http://www.bellmicro.com/-- is an  
international, value-added distributor of high-tech products,
solutions and services, including storage systems, servers,
software, computer components and peripherals, as well as
maintenance and professional services.  Bell is a Fortune 1000
company that has operations in Argentina, Brazil, Chile and
Mexico.

                        *     *     *

In March 2007, the company received a Nasdaq Staff Determination
notice because the company did not file its Annual Report 10-K
for the period ended Dec. 31, 2006.  The Nasdaq Listing and
Hearing Review Council expects a response to why the company
failed to file its annual report.  Nasdaq Listing Qualifications
Panel extended until May 22, 2007, the company's request for
continued listing.

In addition, the company received waivers in relation to the
delivery of certain of its quarterly information and
documentation until May 31, 2007, under credit agreements with
Wachovia Capital Finance Corp., Wachovia Bank, National
Association, and the Teachers' Retirement Systems of Alabama.


SUN MICROSYSTEMS: Earns US$329 Million in Quarter Ended June 30
---------------------------------------------------------------
Sun Microsystems Inc. reported financial results for its fourth
quarter and full fiscal year, which ended June 30, 2007,
exceeding its operating margin target, improving gross margin
and delivering another sequential quarter of profit.

Net income for the fourth quarter of fiscal 2007 on a GAAP basis
was US$329 million, or US$0.09 per share on a diluted basis.  
For the full fiscal year, net income was US$473 million, or
US$0.13 per share, on a diluted basis, as compared with a net
loss of US$864 million, or (US$0.25) per share, for fiscal 2006.

Revenues for the fourth quarter of fiscal 2007 were US$3.835
billion.  For the full fiscal year, the Company reported
revenues of US$13.873 billion, an increase of 6.2 percent over
fiscal year 2006.  Total gross margin as a percent of revenues
for the fourth quarter was 47.2 percent, and gross margin for
the full fiscal year was 45.2 percent, an increase of 2.1
percentage points over fiscal year 2006.  Operating margin for
the fourth quarter was 8.5 percent.

Cash generated from operations for the fourth quarter of fiscal
2007 was US$564 million, and cash and marketable debt securities
balance at the end of the quarter was approximately US$5.9
billion.

"With a solid strategy and consistent execution, we delivered on
our commitment to achieve at least 4 percent operating margin in
the fourth quarter.  This milestone marks significant progress
toward our longer-term growth plan of at least 10 percent
operating margin for the full fiscal year 2009," said Jonathan
Schwartz, president and CEO of Sun Microsystems.  "The
Solaris(TM) 10 Operating System continues to fuel opportunity
for us and our partners, allowing customers to leverage built-in
virtualization to harvest more value from their datacenters,
without the unnecessary expense of separate software licenses."

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network    
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.  

Sun Microsystems conducts business in 100 countries around the
globe, including Latin America: Chile, Colombia, Brazil,
Argentina, Mexico and Venezuela.

                        *     *     *

Moody's Investors Service confirmed its Ba1 Corporate Family
Rating for Sun Microsystems Inc. in connection with Moody's
Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Technology Hardware
sector.

Sun Microsystems, Inc.'s 7.65% Senior Notes due Aug. 15, 2009,
carry Moody's Investors Service's Ba1 rating and Standard &
Poor's BB+ rating.




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


ECOPETROL: Financial Regulator OKs Initial Public Offering
----------------------------------------------------------
Colombian financial regulator Superintendencia Financiera said
in a statement that it has authorized the country’s state-run
oil firm Ecopetrol’s initial public offering.

Business News Americas relates that the government will sell a
20% stake in Ecopetrol that would generate up to US$4.5 billion
in an auction process that will start on Aug. 27.  About 18
billion ordinary shares will be issued, each with a COP250
nominal value.  

According to BNamericas, the initial public offering will have
three rounds, with the first two being directed towards current
and retired Ecopetrol workers, pension funds, unions and
cooperatives.  The first round will require a minimum purchase
of 1,000 shares.  The second round will require a minimum
purchase of 2,000 shares and the third round a minimum 5,000
shares.

BNamericas notes that Colombian private citizens will get a 5%
discount on all shares bought and other preferred buyers will
have a 2% discount.  

Colombian and foreign corporate entities will be able to
participate in the third issue of shares in 2008, BNamericas
says.  However, firms can’t buy over 3% of the shares in
circulation.

Some of the revenues from the sale would be used for Ecopetrol’s
US$12.5-billion investment plan.  The firm could also use the
funds in the construction of a Central American plant,
BNamericas states, citing Ecopetrol head Javier Genaro
Gutierrez.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Fitch Ratings upgraded the foreign currency
Issuer Default Ratings of Ecopetrol to 'BB+' from 'BB'.  The
rating action followed the upgrade of The Republic of Colombia's
foreign currency Issuer Default Ratings to 'BB+' from 'BB'.




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


* COSTA RICA: Strengthening Bilateral Ties with Panama
------------------------------------------------------
The Tico Times reports that Costa Rica agreed to strengthen its
commercial ties with Panama.

According to the report, the two nations also agreed to strive
for more cooperation.

Panama and Costa Rica promised to continue take advantage of the
friendly relationship they enjoy to boost commerce and tourism,
The Tico Times notes.

                        *     *     *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.


* COSTA RICA: State Firm Extends Fuels Project Bid Submission
-------------------------------------------------------------
Costa Rican state refiner Recope said in a statement that it has
extended the bids submission deadline for the drafting of the
basic engineering for a Pacific coast fuels import, storage and
distribution terminal, to Aug. 31 from Aug. 8.

Business News Americas relates that the winning bidder will be
awarded a 10-month contract to draft basic engineering work for
a terminal that could receive vessels from 20,000 tons to 40,000
tons.  The terminal would be an alternative entry point.  It
would help ensure fuel supply when bad weather prevents ships
from docking at Moin port on the Atlantic.  Moin handles vessels
that can transport up to 30,000 tons.

Recope will construct a new terminal next to the port to handle
vessels with transporting capacity of up to 80,000 tons,
BNamericas reports.

                        *     *     *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.



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


GENERAL CABLE: Completes Sr. Floating Rate Notes Exchange Offer
---------------------------------------------------------------
General Cable Corporation has completed its offer to exchange an
aggregate principal amount of US$125 million of its Senior
Floating Rate Notes due 2015, and an aggregate principal amount
of
US$200 million of its 7.125% Senior Fixed Rate Notes Due 2017,
which was registered under the Securities Act of 1933, as
amended for all of its US$125 million principal amount
restricted Senior Floating Rate Notes due 2015, and all of its
US$200 million principal amount restricted 7.125% Senior Fixed
Rate Notes due 2017, from the registered holders thereof.

This Offer to Exchange was effected pursuant to the terms of a
registration rights agreement entered into by the company and
Goldman Sachs& Co., as representative for the Holders of the Old
Notes, in connection with the private placement of the Old Notes
in March 2007.

The Offer to Exchange expired at 5:00 p.m., Eastern Standard
Time, on July 26, 2007.  Based on information provided by U.S.
Bank National Association, the agent for the exchange offer,
US$325 million of General Cable's US$325 million principal
amount Old Notes were validly tendered and not withdrawn
pursuant to the Offer to Exchange.

This amount represents 100% of the outstanding principal amount
of Old Notes.  General Cable has accepted for exchange all of
the Old Notes outstanding.  General Cable intends to issue the
New Notes for all such exchanged Old Notes as soon as
practicable.


Holders of the Old Notes may obtain further information on
Exchange Offer by calling the exchange agent at (800) 934-6802.

                  About General Cable Corporation

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes       
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).  
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                        *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Moody's Investors Service assigned a rating of B1 to the
US$325 million senior unsecured notes of General Cable
Corporation consisting of US$125 million of floating rate notes
and US$200 million fixed rate notes.  Concurrently, Moody's
affirmed all other ratings for this issuer.  The rating outlook
remains stable.


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


EMPRESAS ICA: Earns MXN216 Million in Second Quarter 2007
---------------------------------------------------------
Empresas ICA, S.A. de C.V. said in a statement that its
consolidated net profits for the second quarter 2007 period
decreased 13.9% to MXN216 million, compared to MXN251 million in
the same period last year.

According to Empresas ICA’s statement, its revenues dropped 6.5%
to MXN5.48 billion in the second quarter this year, from MXN5.86
billion in the second quarter last year.

Empresas ICA’s statement says that a decline in construction
revenues, which accounted for 80% of all sales, was partially
compensated for by a growth in infrastructure and housing
revenues.

Business News Americas relates that Empresas ICA's second
quarter 2007 infrastructure revenues increased 19.7% to MXN633
million year-on-year.  Its airport revenues rose 12.7% to MXN460
million, while its concession revenues grew 43.0% to MXN173
million.

According to BNamericas, total passenger traffic at Empresas
ICA's airports increased 22.9% to 3.49 million in the second
quarter 2007, from the same quarter in 2006.  

Empresas ICA’s second quarter 2007 costs dropped 6.4% to MXN5.08
billion year-on-year, the report says.

BNamericas states that Empresas ICA has taken on credit to fund
its purchase of shares in central and northern airport operator
GACN, which has been consolidated into the firm's financial
results.  

Reports say that Empresas ICA’s subsidiary Aeroinvest issued a
MXN2.13-billion bond on June 27, 2007, to fund its purchase of
36% of GACN in June 2006, as well as 36.3% of GACN's strategic
partner, Servicios de Tecnología Aeroportuaria.

Empresas ICA said in a statement that traffic on its concession
for the Corredor Sur highway increased 31.9% to an average
65,683 vehicles per day in the second quarter 2007, compared to
the second quarter 2006.  Revenue from this concession grew 8%
to MXN76 million.  Traffic on the firm’s Acapulco tunnel
increased 6.7% to 9,125 vehicles per day and revenues rose 7% to
MXN31 million.

BNamericas says that Empresas ICA invested some MXN624 million
in the upgrade of the Irapuato-La Piedad highway, funded with
its own capital, plus a MXN580-million credit, of which MXN414
million “has been provided thus far.”

Empresas ICA invested about MXN183 million for the Queretaro-
Irapuato highway public-private partnership upgrade in the
second quarter of this year.  The work has moved forward,
BNamericas notes.

Investment in Irapuato-La Piedad totaled MXN539 million in the
second quarter 2007.  Meanwhile, investment in the Queretaro-
Irapuato totaled MXN75 million, Empresas ICA said in a
statement.

Empresas ICA -- http://www.ica.com.mx/-- the largest    
engineering, construction, and procurement company in Mexico,
was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.

Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, Standard & Poor's Ratings Services revised its
long-term corporate credit rating on Empresas ICA S.A. de C.V.
to 'BB-' from 'B'.  The ratings were removed from CreditWatch
Positive, where they were placed on April 7, 2006.  S&P said the
outlook was stable.


GRUPO CASA: Second Quarter Net Income Increases by 6.37%
--------------------------------------------------------
Grupo Casa Saba announced its consolidated financial and
operating results for the second quarter of 2007.

GCS's net income for the second quarter of 2007 totaled
MXN175.70 million, a 6.37% increase compared to the MXN165.17
million registered in second quarter 2006.  The net margin for
the period was 2.97%, higher than the 2.89% achieved during the
same period of 2006.

During the second quarter, Grupo Casa Saba's sales totaled
MXN5.9 million, an increase of 3.35%.

The Private Pharma division had the best performance when
compared to the second quarter of 2006, growing 4.63%.  The
increase was the result of the positive performance that the
private pharmaceutical market has demonstrated for the past
several quarters, along with the strategy and commercial
practices that GCS has implemented, which are focused on
actively serving our traditional clients as well as drugstore
chains and supermarkets.

Sales of health, beauty, consumer goods, general merchandise and
other products increased 2.39% during the quarter, while our
publications sales, which include books and magazines, declined
0.24%.  Government Pharma's share of total sales decreased to
reach 2.82%, as a result of lower sales to Petroleos Mexicanos
(PEMEX), which were due to modifications in this company's
acquisition and subrogation schemes for pharmaceutical products.

On June 8, 2007, GCS complied with its commitment to distribute
a portion of its profits to its shareholders by paying out a
cash dividend of MXN170.0 million.  This amount is 13.33% higher
than the dividend that was paid out in 2006.

During the second quarter of the year, Citem's sales decreased
slightly, by 0.24%, as a result of stable prices and volumes.

As a percentage of sales, this division's contribution to total
sales went from 3.79% in second quarter 2006 to 3.66% in second
quarter 2007.

                          Gross Income

Grupo Casa Saba's gross income during the second quarter totaled
MXN534.01 million, an increase of 0.99%.  This relatively small
increase is due to a high degree of competition within the
market, which resulted in greater discounts to our customers.

As a result, the gross margin reached 9.03%, a decline of 21
basis points versus the 9.24% registered in second quarter 2006.

                       Operating Expenses

As a result of tight spending policies and the implementation of
programs aimed at improving operational efficiency, expenses
only increased by 0.05% during the quarter, and compare
favorably with the growth in sales of 3.35%.  Operating expenses
as a percentage of sales went from 5.74% in second quarter 2006
to 5.55% at the end of the quarter, an improvement of 19b.p.

Operating income for the second quarter of 2007 rose 2.53%,
while the operating margin was 3.47%, 3 b.p. below the margin
registered in second quarter 2006.  This increase was primarily
the result of a higher growth rate in sales than in operating
expenses.

Depreciation and amortization in second quarter 2007 was
MXN229.13 million, an increase of 1.40% compared to the second
quarter of 2006.  This increase was the result of lower asset
depreciation.

GCS's cash and cash equivalents at the end of the second quarter
of 2007 totaled MXN284.89 million, a decrease of 56.33% from the
same period of 2006.  This decline was due to larger investments
in working capital.

                 Comprehensive Cost Of Financing

During the second quarter, GCS's comprehensive cost of financing
(CCF) resulted in an income of MXN6.00 million, slightly less
than the income of MXN6.23 million that was registered in second
quarter 2006.

                     Other Expenses (Income)

During the second quarter of 2007, other income was MXN12.81
million, 0.93% higher than in second quarter 2006.  This was the
result of the sale of transportation equipment, third-party
services and other activities.

It is worth noting that the expenses (income) registered in this
line item are related to activities outside the normal operation
of the business.

                         Tax Provisions

Tax provisions for second quarter 2007 were MXN48.61 million,
10.30% below the second quarter 2006 figure. The decrease is
largely due to the income tax line item.

                         Working Capital

During the second quarter of the year, and compared to the same
quarter of 2006, accounts receivable and inventory days
increased by 3.30 and 4.40 days to 60.20 and 52.40 days,
respectively.  On the other hand, accounts payable days were
46.70 days, a slight decrease of 0.50 days versus second quarter
2006.

                         About Grupo Casa

Grupo Casa Saba, S.A. de C.V., operates as a multichannel,
multiproduct wholesale distributor in Mexico.  It primarily
offers pharmaceutical products, health, beauty aids and consumer
goods, general merchandise, publications, and office and other
products.  The company distributes its products through
pharmacies, mass merchandisers, retail and convenience stores,
supermarkets, and other specialized channels.  As of
Dec. 31, 2005, it operated a network of 22 distribution centers.
Grupo Casa Saba also offers a range of value-added services,
including multiple daily deliveries and emergency product
replacement services, as well as provides services that include
training, conferences, and trade fairs.  The company was founded
in 1892 and is based in Mexico City, Mexico.

                        *     *     *

Moody's assigned a Ba2 long-term corporate family rating on
Grupo Casa Saba S.A. de CV since July 15, 2003.


GRUPO IMSA: Earns MXN784 Million in First Six Months of 2007
------------------------------------------------------------
Grupo Imsa said in a filing with the Mexico City bourse that its
net earnings decreased 43% to MXN784 million during the first
half of 2007, compared to MXN1.38 billion in the same period in
2006.

Business News Americas relates that Grupo Imsa’s revenue rose to
MXN20.2 billion in the first six months of 2007, compared to
MXN18.7 billion in the first six months of 2006.

According to BNamericas, the main factors contributing to Grupo
Imsa’s poor performance in the first six months of this year
were:

          -- a decline in the price of steel,
          -- high prices for raw materials, and
          -- reduced demand in the firm’s target markets.

Grupo Imsa told BNamericas that it is adjusting to the factors
and expects demand to stabilize in the third quarter 2007.

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

                        *     *     *

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


GRUPO MEXICO: Earns US$525 Million in Second Quarter 2007
---------------------------------------------------------
Grupo Mexico SA, de C.V., said in a filing with the Mexico City
bourse that its net earnings increased 48.6% to US$525 million
in the second quarter 2007, from the same period in 2006, mainly
due to increased revenue from its mining division.

Business News Americas relates that Grupo Mexico’s second
quarter 2007 consolidated sales grew 37.9% to US$2.09 billion
year-on-year.  Its Ebitda rose 54% to US$1.23 billion, a record
for the firm.

Grupo Mexico's mining subsidiary Southern Copper’s second
quarter 2007 net earnings increased 65.3% to US$726 million
year-on-year.

Grupo Mexico’s investor relations executive Jorge Pulido told
BNamericas that the difference in the second quarter 2007 net
earnings of the firm and its subsidiary was due to taxes the
company had to pay.

BNamericas notes that Southern Copper’s net sales increased
43.1% to US$1.83 billion in the second quarter 2007, from the
second quarter 2006.  The mining division’s copper sales rose
8.2% to 161,594 tons.

According to BNamericas, Grupo Mexico churned out:

          -- 159,200 tons of copper, a 28.1% increase;
          -- 3,900 tons of molybdenum, a 66.6% growth; and
          -- 33,400 tons of zinc, a 5% raise.

Grupo Mexico told BNamericas that the growth in red metal output
came from Mexican open-pit operations, where 38,097 tons more
copper was produced in the second quarter 2007, compared to the
same quarter last year.

BNamericas notes that about 32,086 tons of copper came from
Grupo Mexico’s La Caridad mine, while 6,011 tons came from
Cananea.

Zinc output rose 1,598 tons, or 5%, to 33,382 tons, on increased
production at the San Martin mine, BNamericas states.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook was stable.


GRUPO MEXICO: Union Holds Demonstrations in Cananea Copper Mine
---------------------------------------------------------------
Mexican national mining-metalworkers union STMMRM told Business
News Americas that its members have launched demonstrations in
Grupo Mexico's Cananea copper mine.

STMMRM also said in a statement that protests have begun at
Grupo Mexico's San Martin zinc mine and Taxco mine.

A Grupo Mexico spokesperson told BNamericas, "The mines have
been taken over by the union and access has been blocked."

The protesting workers are being pressured to leave, BNamericas
says, citing the spokesperson.

BNamericas relates that the union repeatedly asked to negotiate
new collective contracts with Grupo Mexico, seeking changes on
mine and plant security at the firm’s operations.  It has been
threatening to hold a strike against the company.

"We have stock for the next few days, but if this continues
beyond that, the loss [in production and revenues] will be
substantial," the spokesperson commented to BNamericas.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook was stable.


KRISPY KREME: Moody's Assigns Junk Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a first-time corporate family
rating of Caa1 to Krispy Kreme Doughnuts Corp. and a
B3(LGD2,18%) rating to its US$160 million senior secured credit
facilities, which consist of a US$110 million term loan due 2014
and a US$50 million revolving facility due 2013.  The outlook is
stable.  Moody's concurrently assigned a speculative grade
liquidity rating of SGL-3 and probability of default rating of
Caa3 to Krispy Kreme.  The company used the proceeds primarily
to refinance its existing debt and related transaction fees and
expenses.

"The Caa1 corporate family rating reflects Krispy Kreme's very
weak operating profit stemming from continued declining revenues
and escalating cost pressure, limited scale and product offering
and also the event risk related to Krispy Kreme's legacy
litigation and government investigation issues," says the rating
agency.

Moody's says Krispy Kreme's internal control system also remains
a concern given the ten outstanding Sarbanes-Oxley section 404
material weaknesses and the company's recent history of
restatement and delayed filings.  However the ratings also
incorporate the company's strong brand recognition and modest
geographic diversification.

The SGL-3 rating reflects adequate liquidity, supported by
approximately US$30 million cash on the balance sheet as of
April 29, 2007, and projected marginally positive free cash flow
that will be sufficient to cover working capital fluctuations,
capital expenditures, term loan amortization, and other internal
investments over the next twelve months. Nevertheless, the
rating also recognizes the company's weakening covenant cushion
resulting from its continuing trend of weak cash flow
generation.

The stable outlook reflects Moody's expectation that Krispy
Kreme will decisively manage its restructuring program in an
effort to improve debt protection metrics, actively enhance its
internal control system, and minimize any potential
deterioration in liquidity.

The ratings for the senior secured credit facilities reflect
both the overall probability of default of the company, to which
Moody's has assigned a PDR of Caa3, and a loss given default of
LGD2.  The B3 assigned to the secured credit facilities is one
notch higher than the Caa1 corporate family rating reflecting
the expectation of substantial recovery with collateral excess
in a distress scenario.  The B3 rating of the credit facilities
also reflects the first-lien security on substantially all
property and assets including a stock pledge of domestic
subsidiaries in addition to full guarantees of the same entities
and a considerable amount of junior debt and other unsecured
obligations such as leases and guaranteed debt in the capital
structure.

The following ratings are assigned:

Krispy Kreme Doughnut Corporation

  -- Corporate Family Rating -- Caa1

  -- Probability of Default Rating -- Caa3

  -- US$110 million senior secured bank credit facility due 2014      
     - B3

  -- US$50 million senior secured revolving bank credit facility
     due 2013 -- B3

  -- Speculative Grade Liquidity rating -- SGL-3

Rating outlook -- Stable

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.


MEGA BRANDS: Moody's Downgrades Corporate Family Rating to B1
-------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of MEGA Brands, Inc. to B1 from Ba3 and affirmed the speculative
grade liquidity rating of SGL-3.  The outlook is stable.  This
concludes the review for downgrade initiated on April 19, 2007.

The downgrade was the result of:

   i. a deterioration in financial metrics that resulted from
      significant additional charges reported in 2006 and the
      first quarter of 2007 primarily related to Magnetix
      product safety issues for the recall, redesign,
      repackaging and restocking of the product as well as
      payments made to settle related consumer litigation and

  ii. the uncertainties that still exist concerning the Rose Art    
      business and its Magnetix brand.

MEGA Brands' B1 rating is based primarily on:

   i. weak leverage and coverage ratios resulting from the debt-
      financed acquisition of Rose Art in 2005 and the recent
      Magnetix charges and

  ii. the recent and potential future impact on revenues,
      profitability and operating cash flows due to the issues
      with Magnetix and the Rose Art litigation.

These issues are partially offset by:

   i. the company's leading market position in a limited number
      of narrow categories and strong second positions in larger
      categories dominated by much larger players,

  ii. a growing product portfolio with some well-known brands in
      attractive categories due in large part to a robust R&D
      program consistently producing innovative products,

iii. healthy levels of organic growth in most product lines,
      and

  iv. certain long-term benefits expected from the Rose Art
      acquisition including customer, category, and market
      diversification as well as annual integration synergies.

It appears that the Magnetix product issues are now fully scoped
and largely resolved and management has fully reserved for the
Rose Art earn-out litigation.  Moody's notes however, that a
number of uncertainties remain which could result in further
unplanned costs or unfavorable results and these uncertainties
contributed to the downgrade.

Relating to Magnetix, uncertainties include:

   i. the exposure for one full year of self-insured long-tail
      product liability,

  ii. the ability to recover about US$12.5 million in
      litigation settlements from insurance proceeds, and

iii. the impact of the Magnetix product safety issues on the
      company's brand value and expected revenue growth.

Relating to Rose Art, these include:

   i. the impact of the loss of the former owners/operators,

  ii. the unresolved litigation related to the US$51 million
      disputed earn-out,

iii. the ability to realize the synergies and growth planned
      from the acquisition, and

  iv. the risk of higher taxes in the future should there be an
      impairment in the US$300 million of tax-deductible
goodwill
      recorded in connection with the acquisition.

Other factors posing a challenge to the company include risks
specific to the toy industry including, changing play patterns
of children, fashion risk of toys, extreme seasonality, and weak
retailer leverage with sales concentrated with a few large
customers.

The application of Moody's global packaged goods rating
methodology yields a B1 rating for MEGA Brands which is the same
level as the current rating.

The stable outlook assumes no further material unplanned costs
or unfavorable results from product safety issues and litigation
and solid operating performance in core brands.  This will be
evident in improving leverage and coverage ratios going forward,
and these expectations are incorporated into the stable outlook.

The company's speculative grade liquidity rating of SGL-3
reflects the reliance on external sources to fund its operations
and capital expenditures, which is due in part to the highly
seasonal nature of its operational cash flows which will likely
be negative in some quarters over the next 12 months.  

The company's recent tight liquidity has been improved through
an amendment to the terms of its loans which provides immediate
covenant relief as well as a significant increase expected in
availability on the company's US$120 revolver from an infusion
of US$72 million in equity as of July 25, 2007.  Absent
unexpected costs the company should have sufficient availability
under its revolver to fund its peak seasonal needs in 2007 and
2008 with a reasonable cushion.

These ratings were downgraded:

MEGA Brands, Inc.

-- Corporate Family Rating to B1 from Ba3;

-- Probability of Default to B2 from B1;

-- US$120 million 5-year revolving credit facility maturing
    July 2010 to Ba3 (LGD 2, 26%) from Ba2 (LGD 2, 24%);

-- US$40 million, 5-year term loan A facility to Ba3 (LGD-2,
    26%) from Ba2 (LGD 2, 24%)

MEGA Brands Finco

-- US$260 million 7-year term loan B facility to Ba3 (LGD 2,
    26%) from Ba2 (LGD 2, 24%)

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a  
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.


ONEIDA LTD: S&P Holds 'B' Corporate Credit Rating
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Oneida, New York-based Oneida, Ltd.  At the
same time, Standard & Poor's withdrew the 'B+' and '2' recovery
ratings on Oneida's proposed senior secured bank loan due 2014.
     
"This action follows the company's announcement that the deal
had been terminated due to market conditions," said Standard &
Poor's credit analyst Bea Chiem.
     
The outlook is negative.
     
The ratings reflect Oneida's high leverage, aggressive financial
policy, weak operating history, and vulnerability to changes in
consumer preference and potential declines in the foodservice
and/or leisure industries.  Leverage following the canceled
refinancing and proposed leveraged dividend remains high in the
4x area.  S&P expect the company to continue to pursue a more
aggressive financial policy over the near to intermediate term
and remain concerned with the company's ability to improve
operating margins and cash flow.

Headquartered in Oneida, New York, Oneida, Ltd. is a leading
marketer and distributor of tableware products, including
metalware, dinnerware, glassware and other tabletop accessories.
The company's key operations are in North America, U.K., Mexico,
Australia, and revenue is estimated to be about US$350 million.


U.S. STEEL: Names Leslie Broglie as General Manager-Procurement
---------------------------------------------------------------
United States Steel Corporation has appointed Leslie J. Broglie
as general manager-procurement.  Mr. Broglie replaces Thomas A.
Coughlin, who was recently named general manager-materials
management.  Mr. Broglie's responsibilities include overseeing
U.S. Steel's global procurement activities for all energy,
maintenance, repair and operating (MRO) supplies, contract
services, and other commodities that support the company's
domestic and European operations.  He reports to Christopher J.
Navetta, senior vice president-procurement, logistics and
diversified businesses.

Mr. Broglie, 56 and a native of Pittsburgh, earned a bachelor's
degree in commerce and engineering from Drexel University in
1974.  Following graduation, he joined U. S. Steel as a
management trainee in the sheet and tin operations at Mon Valley
Works' Irvin Plant near Pittsburgh.  From 1975 to 1995, he
advanced through increasingly responsible positions in the
plant's cold reduction and hot strip mills as well as its APEX
and special processing unit.

In 1995, Mr. Broglie moved into U. S. Steel's commercial area
after being appointed manager of sales and technical services
for United States Steel International at Pittsburgh
headquarters.  He was transferred to U. S. Steel Kosice in
Slovakia in 2001 to serve as general manager of sales, and in
2002, he advanced to managing director of sales and marketing.  
Mr. Broglie returned to Pittsburgh headquarters in September
2003 after accepting his most recent position, general manager-
tubular products.

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

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

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

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




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


* NICARAGUA: Seeks US$32.7MM Power Project Funding from IDB
-----------------------------------------------------------
The Inter-American Development Bank said in its project document
that the Nicaraguan government has asked for a US$32.7-million
financing for a power support project.

Business News Americas relates that the Nicaraguan project is
aimed at boosting the transmission and generation systems in the
country, as well as strengthening the energy and mines ministry
and regulator Instituto Nicaraguense de Energia.  The project’s
goals also include the financial sustainability of the sector.

An IDB project official told BNamericas that the bank's board
will ratify the financing in November.  Meanwhile, a detailed
project document will be released in the coming weeks, including
the local counterpart funds contribution.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


MITEL NETWORK: Moody's Junks Second Lien Sr. Secured Notes
----------------------------------------------------------
Moody's Investors Service revised Mitel Network Corporation's
first lien senior secured rating to B1 from Ba3 and second lien
senior secured rating to Caa1 from B3.  The B2 corporate family
rating remains unchanged.  The outlook is stable.

The rating action follows the company's announcement to change
its current financing structure for its planned acquisition of
Inter-Tel (Delware) Inc.  The new facility tranching will shift
US$55 million from the initial US$185 million second lien to the
US$245 million first lien term loan.

The loan ratings were determined using Moody's Loss Given
Default methodology.  The changes in ratings were driven by the
higher proportion of first lien debt in the capital structure.

The following ratings were revised:

  -- US$30 million first lien senior secured revolver, to B1,
     LGD 3, 33% from Ba3, LGD2, 27%

  -- US$300 million first lien senior secured term loan, B1, LGD
     3, 33% from Ba3, LGD2, 27%

  -- US$130 million second lien senior secured term loan, Caa1,
     LGD 5, 80% from B3, LGD5, 75%

Mitel Networks Corp. -- http://www.mitel.com/-- provides
unified communications solutions and services for business
customers.  Mitel's voice-centric IP-based communications
solutions consist of a combination of telephony hardware and
software that integrate voice, video and data communications
with business applications and processes.  Mitel is
headquartered in Ottawa, Canada, with offices, partners and
resellers worldwide.

The company has Latin America operations in Argentina, Brazil,
Bolivia, Chile, Costa Rica, Ecuador, El Salvador, Guatemala,
Mexico, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Uruguay
and Venezuela.


* PANAMA: Strengthening Bilateral Ties with Costa Rica
------------------------------------------------------
The Tico Times reports that Panama agreed to strengthen its
commercial ties with Costa Rica.

According to the report, the two nations also agreed to strive
for more cooperation.

Panama and Costa Rica promised to continue take advantage of the
friendly relationship they enjoy to boost commerce and tourism,
The Tico Times notes.

                        *     *     *

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


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


FOOT LOCKER: Kicks Off Plans to Support Business Operations
-----------------------------------------------------------
Foot Locker Inc. has initiated several steps during the second
quarter that are designed to strengthen its business operations.  
Among those actions are:

   -- Merchandise Inventory Reduced through Aggressive Clearance
      Strategy

   -- Additional U.S. Stores Identified for Potential Early
      Closure

   -- More Aggressive Store Opening Plans Being Developed for
      Foot Locker Europe

   -- Senior Division Management Changes

The company updated its financial forecast for its second
quarter 2007 primarily to reflect the impact of the merchandise
inventory clearance activity.  As a result of that and other
actions, the company currently expects to report a loss in a
range of US$0.17-to-US$0.20 per share.  This range reflects
increased markdowns in the company's U.S. stores of
approximately US$55 million at cost, or approximately US$0.22
per share, versus the same period last year to liquidate slow-
selling merchandise.  The company's estimate for the second
quarter that was provided at the beginning of the period was net
income of US$0.15-to-US$0.20 per share.  The company also
updated its financial forecast for the second quarter to reflect
that its comparable-store sales are expected to decrease 7-to-8
percent.

"During the second quarter, we made the strategic decision to
liquidate slower-selling merchandise in our U.S. stores more
aggressively than we had planned at the beginning of the
quarter, with an objective of improving our inventory position
before the start of the fall season," stated Matthew D. Serra,
Foot Locker, Inc.'s Chairman and Chief Executive Officer.  "The
financial impact of implementing this important strategy was the
primary reason for the projected net loss for the second quarter
of 2007.  We expect our international units will produce a
double-digit division profit increase versus last year's
comparable period."

The company's financial position continued to strengthen during
the second quarter, as its cash position, net of debt, is
expected to increase by approximately US$50 million from the
same time last year.  Merchandise inventory at the end of the
second quarter is expected to be lower than at the same period
last year.  During the first six months of the year, the company
repurchased 2.3 million shares of its common stock for
US$50 million under a three-year US$300 million share repurchase
program.  Additional shares may be purchased this year based on
market conditions and other factors.

Through an extensive review of its store base, the company
identified a number of unproductive domestic stores that it is
pursuing to close over the next several months.  Depending on
the success in negotiating settlements with its landlords, a
total of up to 250 stores will be closed in 2007.  This is
approximately twice the number of stores that the company had
originally planned to close in 2007 and, as a result of this
action, it is expected that the profitability of the company's
U.S. store base will be enhanced, beginning in 2008.

At the same time, the company is in the process of developing
plans to open additional Foot Locker stores more aggressively in
the European and surrounding markets.  During 2008, the company
currently expects to open up to 30 new stores in this region
that will be managed by the Foot Locker Europe management team.

Three key management changes were also announced, effective
Aug. 6, 2007.  Keith Daly, currently President and CEO of Foot
Locker Europe since 2005, was promoted to President and CEO of
Foot Locker U.S. with responsibility for the company's Foot
Locker, Footaction and Kids Foot Locker stores in the U.S.
Mr. Daly will be replaced by Dick Johnson, who has been
President and CEO of Footlocker.com since 2003.  An executive
search is currently being conducted to identify a suitable
candidate to replace Mr. Johnson.  Dowe Tillema was promoted to
Executive Vice President of Footlocker.com and will continue in
his role as Chief Financial Officer of this division.

The company also confirmed that it had retained Lehman Brothers
as an advisor to work with the company to evaluate strategic
alternatives, including inquiries received from private equity
firms.

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and  
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.  The
company also has about 350 Footaction stores in the US and
Puerto Rico, which sell footwear and apparel to young urbanites.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services said its
ratings, including the 'BB+' corporate credit rating, on New
York City-based specialty footwear retailer Foot Locker Inc.
remain on CreditWatch with negative implications.  This rating
action follows the announcement that Genesco (BB-/Watch
Developing/--) accepted an offer from The Finish Line Inc. for
US$1.53 billion (US$54.50 per share) on June 18, 2007.  Foot
Locker made two bids for Genesco earlier this year, but they
were subsequently rejected after Genesco's board concluded the
proposals were not in the best interest of its shareholders.


HORIZON LINES: Earns US$9.6 Mil. in Second Quarter Ended June 24
----------------------------------------------------------------
Horizon Lines Inc. reported a US$9.6 million net income for the
second quarter of 2007, compared to net income of US$6.4 million
for the second quarter of 2006.  After adjustment to exclude the
non-recurring loss on extinguishment of debt in 2007 and
secondary offering expenses in 2006, and to retroactively apply
tonnage tax to 2006, adjusted net income was US$10 million in
2007's second quarter, versus US$9.7 million in the second
quarter of 2006.

Operating revenue grew by US$5.9 million or 2% in the second
quarter of 2007 to US$295.7 million, compared to US$289.8
million for the second quarter of 2006.

Operating income in the second quarter of 2007 was US$22.9
million versus US$22.4 million in 2006's second quarter.  Absent
non-recurring secondary offering expenses, adjusted operating
income in the second quarter of 2006 would have been US$23.3
million.

As of June 24, 2007, the company had total assets of
US$892.1 million, total liabilities of US$676.1 million, and
total stockholders' equity of US$261 million.

"Despite some lingering volume softness, we once again overcame
challenges and delivered solid earnings in the second quarter of
2007", said Chuck Raymond, chairman, president and chief
executive officer.  "Benefits generated by our Horizon EDGE
process re-engineering and customer service program, stringent
cost controls and unit revenue and cargo mix improvements, all
combined to more than offset the volume shortfall.  We completed
our Transpacific (TP1) fleet enhancement initiative and all five
new vessels are now deployed and are operating in the new TP1
service. Investment in our business continued with the addition
of 707 new refrigerated containers and 238 new flat racks.  
Finally, we initiated a process to refinance our capital
structure that we expect will result in reduced interest expense
going forward when completed in the third quarter of 2007."

The company updated its earnings guidance for the full year
2007, with projections of operating revenue at around US$1.2
billion, EBITDA at US$168 million to US$173 million, diluted
earnings per share at US$1.46 to US$1.58 and free cash flow at
US$30 million to
US$37 million.  Earnings guidance for the third quarter of 2007
was also provided, with forecasts of operating revenue of US$314
million to US$322 million, EBITDA of US$49 million to US$52
million and diluted EPS of US$0.56 to US$0.63.  The earnings
guidance for the third quarter and full year does not reflect
any impact from the company's recently announced planned
refinancing.

                        About Horizon Lines

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizonlines.com/-- is a Jones Act    
container shipping and integrated logistics company and is the
parent company of Horizon Lines Holding Corp. and Horizon Lines
LLC.  Horizon Lines also provides ocean transportation,
trucking, terminal and warehousing operations.  It owns Horizon
Services Group that offers transportation management systems and
software solutions to shippers, carriers, and other supply chain
participants.  The company accounts for about 37% of total U.S.
marine container shipments from the continental U.S. to the
three non-contiguous Jones Act markets -- Alaska, Hawaii, and
Puerto Rico, and to Guam.


HORIZON LINES: Moody's Puts B3 Rating on US$300-Mil. Sr. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the planned
US$325 million first lien senior secured credit facility (US$200
million revolver and US$125 million term loan A) and a B3 rating
to the planned US$300 million of convertible senior unsecured
notes of Horizon Lines, Inc.  The new credit facility and notes
are being issued as part of a broader refinancing plan by the
company. The outlook is stable.

Proceeds of the new credit facility and of the convertible notes
will fund the previously announced offer by Horizon Lines to
purchase 100% of its subsidiaries' outstanding 9% senior notes
and 11% senior discount notes and to replace the subsidiaries'
existing senior secured credit facility.  Moody's has withdrawn
the B1 Corporate Family and Probability of Default ratings of H-
Lines Finance Holding Corporation and has relocated these
ratings to the parent level, Horizon Lines, Inc.  Moody's will
also withdraw the Ba1 rating on the existing senior secured
credit facility upon completion of the refinancing.  Moody's
affirmed the B2 rating on the 9% senior notes of Horizon Lines,
LLC due 2012 and upgraded to B2 from B3, the 11% senior discount
notes of H-Lines due 2013. These instruments are subject to a
tender and consent solicitation as part of the refinancing
transaction.  Moody's will withdraw the ratings for these two
instruments in the event a substantial majority of the
outstanding amounts are redeemed under the tender.

The ratings reflect Horizon Line's leading position in its core
markets, which is enhanced by the protective benefits of the
U.S. Jones Act trade, and the important link in customers'
distribution chains that Horizon provides.  These factors
support a core level of underlying volume for the company's
services and should result in the generation of steady funds
from operations even during cyclical declines in demand.  
Moody's anticipates that the combination of productivity
programs and yield measures over the near term should produce
some modest further expansion in the operating margins,
notwithstanding the recent trend of softening demand across the
Jones Act trade lanes. Anticipated improvements in operating and
free cash flows should sustain financial flexibility.  The
ratings also anticipate that Horizon will reduce amounts
outstanding under the revolver with free cash flow to strengthen
liquidity and to return leverage to pre-refinancing levels
within the next 12 months.

The stable outlook reflects Moody's belief that operational and
demand risks remain with the reconfigured, higher capacity fleet
such that the pace and degree of improvements in earnings and
cash flows could trail Horizon's forecasts.  However, in Moody's
view, the demonstrated pricing power can be maintained to help
offset the effects of potentially lower demand relative to the
company's forecasts.  Ratings could be upgraded if Horizon was
to sustain Debt to EBITDA below 4.0 times or EBIT to Interest
above 2.5 times.  Ratings could be downgraded if EBIT to
Interest was sustained below 1.4 times or Debt to EBITDA was
sustained above 5.0 times.  One or more acquisitions resulting
in meaningfully higher debt levels could also place downward
pressure on the ratings, as could a debt-financed program to
replace the Jones Act fleet.

Upgrades:

Issuer: H-Lines Finance Holding Corp.

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to B2, 67  
     - LGD4 from B3, 93 - LGD6

Assignments:

Issuer: Horizon Lines, Inc.

  -- Probability of Default Rating, Assigned B1

  -- Corporate Family Rating, Assigned B1

  -- Senior Secured Bank Credit Facility, Assigned a range of 18
     - LGD2 to Ba1

  -- Senior Unsecured Conv./Exch. Bond/Debenture, Assigned a
     range of 84 - LGD5 to B3

Outlook Actions:

Issuer: Horizon Lines, Inc.

  -- Outlook, Assigned at Stable

Withdrawals:

Issuer: H-Lines Finance Holding Corp.

  -- Probability of Default Rating, Withdrawn, previously rated
     B1

  -- Corporate Family Rating, Withdrawn, previously rated B1

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizonlines.com/-- is a Jones Act
container shipping and integrated logistics company and is the
parent company of Horizon Lines Holding Corp. and Horizon Lines
LLC.  The company accounts for approximately 37% of total U.S.
marine container shipments from the continental U.S. to the
three non-contiguous Jones Act markets -- Alaska, Hawaii, and
Puerto Rico, and Guam.


HORNBECK OFFSHORE: To Acquire Nabors' Fleet for US$186 Million
--------------------------------------------------------------
Hornbeck Offshore Services Inc. entered into a definitive asset
purchase agreement with certain affiliates of Nabors Industries
Ltd. to acquire 20 offshore supply vessels and their related
business for cash consideration of US$186 million, plus the cost
of any fuel inventory on such vessels.  The Sea Mar Fleet is
comprised of ten 200 class DP-1 new generation OSVs and ten
conventional OSVs.

The company also agreed to purchase one 285-foot DP-2 new
generation OSV currently under construction at a domestic
shipyard with an anticipated fourth quarter 2008 delivery.  The
expected cost of this newbuild vessel, prior to allocation of
construction period interest, is about $34 million, of which
about US$7.3 million will be paid to Nabors at closing.

All of the vessels to be acquired by Hornbeck Offshore are U.S.
flagged and qualify for U.S. coastwise trade under the “Jones
Act" except for one of the conventional vessels, which is
foreign-flagged.  In addition, under a separate agreement and
effective upon closing, Hornbeck Offshore will manage five
Nabors-owned Mexican flagged vessels currently operating
offshore Mexico.

The Sea Mar acquisition will be funded with cash on-hand and is
expected to be immediately accretive to earnings.  Cash utilized
for this transaction will not alter the company's plans to fund
its previously announced newbuild and conversion programs from
remaining cash on-hand and projected cash flows from operations.
Closing is subject to customary conditions, including third
party consents and regulatory approvals, and is expected to
occur in early August 2007.

Todd Hornbeck, the company's Chairman, President and CEO,
commented, “We are very excited about not only acquiring a well
regarded fleet of new generation OSVs, but also the opportunity
to attract Sea Mar's highly respected mariners and its shoreside
management and support staff to become part of the Hornbeck
Offshore team.  Sea Mar has an outstanding reputation for
quality and safety, and we believe that its operational culture
is very similar to our own."

                         About Hornbeck

Based in Covington, Louisiana, Hornbeck Offshore Services Inc.
-- http://www.hornbeckoffshore.com/-- through its subsidiaries,   
provides offshore supply vessels for the offshore oil and gas
industry primarily in the United States Gulf of Mexico and
internationally, including Puerto Rico.

                         *     *     *

As of July 30, 2007, the company holds Moody's Ba3 long-term
corporate family rating, senior secured debt, and probability of
default.  The outlook is negative.

Standard & Poor's also placed the company's long-term foreign
and local issuer credit ratings at BB-.  The outlook is stable.




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


MIRANT CORP: Mirant Lovett Wants Confirmation Hearing Continued
---------------------------------------------------------------
Mirant Lovett, LLC, and Mirant Corporation, as co-proponent to  
Mirant Lovett's Chapter 11 Plan of Reorganization, asks the Hon.
D. Michael Lynn of the U.S. Bankruptcy Court for the Northern
District of Texas to establish procedures to recommence the
adjourned Confirmation Hearing so that the Court may consider
confirmation of the Mirant Lovett Plan.

Specifically, Mirant Lovett and Mirant Corp. ask the Court to
issue an order:

  (a) approving a proposed form of notice of recommencement of
      confirmation in connection with Mirant Lovett's Chapter 11
      case;

  (b) finding that the Mirant Lovett Plan does not alter in any
      respect the treatment of the holders of unsecured claims
      against Mirant Lovett; therefore, all votes cast by the
      unsecured claimholders in respect of the confirmed Joint
      Plan of Reorganization filed by the New Mirant Entities
      will be deemed votes cast in respect of the Mirant Lovett
      Plan;

  (c) finding that the Mirant Lovett Plan fully incorporates
      the settlement agreement between Mirant Lovett, Mirant New
      York, Inc., and Mirant Bowline, LLC, on the one hand,  
      and Haverstraw, Stony Point, Rockland County, the
      Haverstraw-Stony Point School District and Haverstraw
      Village, on the other hand -- the New York Settlement --
      and that, therefore, Tax Jurisdictions with claims against
      Mirant Lovett are unimpaired under the Mirant Lovett Plan;
      and

  (d) setting a status conference on the Mirant Lovett Plan and
      establishing a deadline to file objections to the Plan.

Jeff P. Prostok, Esq., at Forshey & Prostok, LLP, in Miami,
Florida, states that the proposed Recommencement Notice
establishes September 19, 2007, as the date on which the
Confirmation Hearing will recommence, and September 12, 2007, as
the last day for filing objections to the Mirant Lovett Plan.

Mirant Lovett will serve the Recommencement Notice on all of
their creditors.  The Recommencement Notice will also be
published in (i) The Wall Street Journal, and (ii) The
Journal News, no less than 25 days prior to the recommencement
of the Confirmation Hearing.

Mr. Prostok asserts that no further disclosure is required in
connection with the Mirant Lovett Plan because the Plan treats
holders of unsecured claims against Mirant Lovett as if they
were "MAG Debtor Class 5 - General Unsecured Claims" or "MAG
Debtor Class 7 - Convenience Claims," as appilcable under the
Mirant Plan.  As a result,  the treatment of holders of
unsecured claims against Mirant Lovett under its Plan is
identical to the treatment the holders would have received under
the confirmed Mirant Plan.

Under these circumstances, Mr. Prostok continues, there is no
need for holders of unsecured claims to receive any disclosures
over and above what was received under the Original Disclosure
Statement.  The votes cast by the holders in respect of the
confirmed Mirant Plan should also be deemed votes cast in favor
of the Mirant Lovett Plan, he adds.

Mr. Prostok reminds the Court that Section 1124 of the
Bankruptcy
Code provides that a class of claims or interests is unimpaired
if the plan "leaves unaltered the legal, equitable, and
contractual rights to which such claim of interest entitles the
holder of such claim or interest."  Section 1126(f) further
provides that a class of claims that is unimpaired under a plan
is conclusively presumed to have accepted the plan.

The Mirant Lovett Plan classifies all claims against Mirant
Lovett arising from the New York Settlement as "Class 1 - Tax
Jurisdiction Settlement Claims," which are unimpaired since the
the Claims will "receive the treatment specified in the New York
Settlement."

The Class 1 Claimholders will receive all their legal, equitable
and contractual rights under the New York Settlement without
modification, and should conclusively be deemed to have accepted
the Mirant Lovett Plan, Mr. Prostok asserts.

The Court will convene a hearing on the Debtors' request on
August 8, 2007.  Objections are due August 3, at 4:00 p.m.

                        About Mirant Corp.

Based in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On March 7,
2007, the Court entered a final decree closing 46 Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  (Mirant Bankruptcy News, Issue No. 127
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

The ratings of Mirant Corp. (Issuer Default Rating of 'B+') and
its subsidiaries remain on Fitch's Rating Watch Negative
following
the company's announced plans to pursue alternative strategic
options including a possible purchase of Mirant by a third
party.




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


GERDAU SA: Names Manoel Vitor as Unit Vice President
----------------------------------------------------
Gerdau SA has appointed Manoel Vitor de Mendonca Filho as the
new executive vice president for its Gerdau Acominas unit in
Minas Gerais, Business News Americas reports.

Gerdau said in a statement that Mr. Mendonca will take the place
of Luiz Andre Rico Vicente.  Mr. Vicente, who is also the former
head of Brazilian steel institute IBS, will become a board
member at Gerdau Acominas.

Gerdau is pumping some US$1.5 billion into capacity expansion at
another Minas Gerais unit, Ouro Branco, to 4.5 million tons
yearly from 3.0 million tons per year by year-end, BNamericas
states.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with positive implications.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2007, Moody's Investors Service placed the ratings of
Gerdau Ameristeel Corporation (Ba1 corporate family rating --
Ameristeel) and Gerdau S.A.'s Ba1 corporate family rating under
review for possible downgrade.




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


PETROLEOS DE VENEZUELA: Renames Four Orinoco Joint Ventures
-----------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said
in a statement that it has renamed four Orinoco heavy crude belt
joint ventures.

President Hugo Chavez told Ale Presidente that the name changes
“are in line with socialist reforms and honor figures from
Venezuela's history.”

Business News Americas relates that Petroleos de Venezuela
changed Petrozuata to Petro Anzoategui.  The renamed firm used
to be controlled by oil company ConocoPhillips.  It is now 100%
controlled by Petroleos de Venezuela.

According to BNamericas, Sincor was renamed Petro Cedeno.  Under
the terms of the June 2007 nationalization, French oil firm
Total's interest in Sincor decreased to 30% from 47%, while
Norwegian oil company Statoil's stake dropped to 10% from 15%.   
Petroleos de Venezuela now controls 60% of Petro Cedeno.

BNamericas notes that Ameriven is now called Petro Piar.  
Petroleos de Venezuela controls 70% of the firm after taking
control of ConocoPhillips' former 40% share.  Oil company
Chevron owns 30% of Petro Piar.

The report says that Cerro Negro was renamed Petro Monagas.  
Petroleos de Venezuela controls 83.4% of the joint venture after
taking a 42% stake in the firm from ExxonMobil.  Oil firm BP
owns 16.6% in Petro Monagas.

ExxonMobil and ConocoPhillips pulled out of Venezuela when they
failed to reach an accord with Petroleos de Venezuela on the
requirement that the Venezuelan state oil control 60% of all
joint ventures in the region.  The two firms are still
negotiating with Petroleos de Venezuela for compensation of
their Venezuelan assets, BNamericas reports.

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

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


PETROLEOS DE VENEZUELA: Pays Crude to Orinoco Minority Partners
---------------------------------------------------------------
Oil companies operating in Venezuela's Orinoco oil belt will not
receive cash as compensation for converting their holdings into
minority stakes, El Universal reports, citing unofficial
sources.

As part of President Hugo Chavez's nationalization policy,
heavy-crude projects in Orinoco were converted into joint
ventures, where the state firm has majority interest of at least
80%.  Those that did not want to lose their majority left the
country.  

According to El Universal, The Ministry of Energy and Petroleum
is expected to deliver to the Committee on Energy and Mines,
National Assembly, the relevant documents agreed with the
parties to Orinoco oil belt projects and shared risk and profit
prospecting agreements to complete their conversion into joint
ventures.

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

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


PETROLEOS DE VENEZUELA: Eyes Production Oil Pact with LUKOIL
------------------------------------------------------------
State-owned oil company Petroleos de Venezuela SA will set up a
venture with Russian firm OAO LUKOIL to jointly produce crude,
Russian news daily Kommersant reports.

Venezuelan President Hugo Chavez told Russian news agency ITAR-
TASS that his country wants a joint oil production agreement
with LUKOIL by year-end.

Kommersant relates that President Chavez talked with LUKOIL
spokesperson Sergey Sipunov.  

Mr. Sipunov “spoke about the final stage of assessing reserves
of the Orinoco's Junin-3, which are preliminary estimated at 235
billion barrels of heavy/extra-heavy crude, and about their
international certification,” Kommersant states.

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

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Ex-Officers Allegedly Allows Pact Breach
----------------------------------------------------------------
Former officials of state-run oil firm Petroleos de Venezuela SA
have allowed foreign companies to breach contracts by extracting
billions of barrels of oil without investing in technology
required to produce heavy crude, the Associated Press reports,
citing Venezuela’s President Hugo Chavez.

"The transnational companies did not comply with the agreements.  
They never invested in technology so they wouldn't have to spend
money," President Chavez said on his weekly radio and television
program.

President Chavez commented to the AP that the former officials
have let the foreign firms “rob Venezuela's immense petroleum
wealth.”  He demanded that the officials be charged with crimes.  

According to the AP, President Chavez frequently complains of
widespread government graft and corruption.

President Chavez has urged prosecutors to conduct a probe on the
former officials.  He said, "Those who signed and approved those
agreements during the Fourth Republic, violating the
constitution and the laws, should go to trial."

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

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


* VENEZUELA: May Pay Statoil Crude with Oil
-------------------------------------------
Norwegian oil company Statoil S.A. told Dow Jones Newswires that
it could accept crude oil as payment from Venezuela for
accepting a smaller equity stake in an extra-heavy oil project.  

Dow Jones relates that Venezuela took majority stakes in four
Orinoco extra-heavy crude projects in July 2007.  Statoil's
stake in the Sincor extra-heavy oil project decreased to 9.7%
from 15%.  The government hasn’t yet defined how the firms will
be compensated for accepting smaller stakes.

The government will be paying out compensation in crude oil,
sources told Venezuelan news daily El Universal.

A Statoil spokesperson commented to Dow Jones, "Statoil agreed
with the (Venezuelan) government to be compensated in cash, but
if mutually agreed, payment could also be recovered in crude oil
cargos."

State-run oil company Petroleos de Venezuela has had cash flow
problems due to billions of dollars each year that are used in
social programs, Dow Jones reports.

                        *     *     *

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.


* VENEZUELA: In Talks with Brazil Over Natural Gas Transport
------------------------------------------------------------
The Venezuelan government is continuing negotiations with its
Brazilian counterpart on the transport of natural gas from
Venezuela to Brazil, Business News Americas reports, citing an
industry expert.

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, a proposed US$20-billion gas pipeline that would
link Venezuela with Brazil, Argentina and possibly Uruguay is on
hold.

According to BNamericas, the pipeline would have stretched over
8,000 kilometers and brought the needed natural gas to the
energy-strapped Southern Cone.

Meanwhile, Latin American energy organization Olade’s executive
secretary Alvaro Rios Roca told BNamericas that despite the halt
of plans, Venezuela's reserves still are a long-term option for
the Southern Cone's natural gas needs.

"The Southern Cone has a great demand for natural gas and the
reserves have to come from somewhere.  I don't know if a
pipeline will be constructed, but Venezuela's reserves are one
option for the region in the long term," Mr. Rios commented to
BNamericas.

                        *     *     *

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


* IDB Commits US$3.3 Mil. to Prepare New Infrastructure Projects
----------------------------------------------------------------
The Inter-American Development Bank disclosed the financing
worth US$3.3 million from the Infrastructure Fund (InfraFund)
for initiatives in Argentina, Bolivia, Brazil, Costa Rica,
Honduras, Mexico and Paraguay.  These funds are to be
complemented by US$1.8 million of local counter-part resources.

The US$20 million InfraFund targets critical infrastructure
needs in Latin America and the Caribbean by helping private,
public and mixed-capital organizations in the region to
identify, develop and prepare sustainable infrastructure
projects with the goal of reaching financial closing.  Since its
launch in September 2006, InfraFund has approved US$7.1 million
in non-reimbursable and reimbursable funds (and leveraged an
additional US$7.7 million of local counter-part resources) to
support the preparation of 14 infrastructure projects in Latin
America and the Caribbean.

In the last four months, InfraFund financing was approved for
the following projects:

   1) Argentina - US$800,000 to support an energy sector program
      for the province of Entre Rios

      Non-reimbursable technical assistance to finance a plan to
      ensure the economic and financial sustainability of the
      electric sector in the province of Entre Rios, as well as
      technical and environmental studies for the preparation of
      an energy works program to be financed by the IDB.

   2) Bolivia – US$500,000 to design a drainage program for the
      municipality of La Paz

      Technical cooperation in support of economic,
      environmental, feasability and social impact studies for
      the preparation of a drainage program for the city of La
      Paz which will finance micro and macro-drainage and
      erosion control measures based on an existing drainage
      master plan.

   3) Bolivia – US$426,000 to prepare a pilot program for road
      maintenance based on standards

      Non-reimbursable financing for studies to establish the
      technical, economic and socio-environmental feasibility
      for a road maintenance pilot program based on levels of
      service of the basic paved road grid.  Goal is to
      eventually extend the model to the rest of the system.

   4) Brazil – US$100,000 for optimization of water, energy and
      waste management in petrochemical plant.

      Financing for technical studies to optimize water
      consumption and explore environmental efficiencies by
      recycling residuals (sludge) and using methane as source
      of energy in the Petroquímica Suape plant, located in the
      water-scarce state of Pernambuco.  The project
      shareholders are Petrobras Quimica S.A., the chemical arm
      of Petroleo Brasileiro S.A., and Companhia Integrada
      Textil do Nordeste.

   5) Costa Rica – US$500,000 for the Instituto Costarricense de
      Electricidad (ICE)

      Technical cooperation to help assess ICE’s financial
      sustainability and corporate governance, design a strategy
      to modernize the National Center for Energy Control, and
      carry out technical studies to complete the design and
      feasibility of the Colima thermal plant.

   6) Honduras – US$560,000 for rehabilitation of the El
      Progreso-Tela road corridor

      Non-reimbursable technical cooperation to prepare the
      economical, financial and technical design for a
      multiphase road rehabilitation project to support tourism.
      Opportunities for private sector participation will be
      identified and environmental studies performed.  The
      project will support development of the Atlantic coast
      region by fostering tourism and investment.

   7) Mexico – US$200,000 to enhance environmental and social
      standards in large hydro projects

      Non-reimbursable technical assistance will help the
      Comision Federal de Electricidad (CFE) assess and enhance
      its capability and performance in managing the
      environmental and social aspects of large hydroelectric
      projects.  CFE’s La Yesca project will benefit directly
      from the results of the assessment. CFE is the second-
      largest business entity in Mexico and the largest utility
      in Latin America.

   8) Paraguay - US$200,000 for modernization of the electric
      sector

      Financing for studies to prepare a proposal for updating
      the regulatory and institutional framework and modernizing
      corporate governance structure to improve transmission
      efficiency of the electric sector.  The proposal will also
      provide alternatives for a new tariff structure including
      universal services for low-income sectors, ensuring
      efficiency and long-term financial sustainability.

Operations previously supported by the InfraFund included the
creation, with Brazil’s Banco Nacional de Desenvolvimento
Economico e Social (BNDES) and the World Bank’s International
Finance Corporation (IFC), of the Brazilian Public-Private
Partnerships Development Facility; support for an integrated
watershed management for the Bogota River and the modernization
of the El Dorado international airport in Colombia; a pilot
program for waste management in municipalities with tourism
industries in Argentina; support for the first wind energy
project in Panama, and resources for the preparation of small
hydroelectric power projects in Guatemala.

The Inter-American Development Bank is the main source of
multilateral financing for economic, social and institutional
development projects as well as trade and regional integration
programs in Latin America and the Caribbean. The IDB intends to
direct US$12 billion towards infrastructure projects in the
region during in 2006-2010.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Total
                                Shareholders  Total
                                Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3      (8.88)      56.71
Kuala                    ARTE3     (33.57)      11.86
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (738.69)     456.86
Angel Estrada            ESTR      (68.23)      68.97
Estrada-A                ESTR5     (68.23)      68.97
Bombril Holding          FPXE3  (1,064.31)      41.97
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (233.64)      33.23
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3     (22.20)     478.81
Minupar                  MNPR3     (27.02)     206.98
Telebras-CM RCPT         RCTB30   (139.38)     235.03
Schlosser                SCL03     (55.17)      51.93
Telebras SA              TELB3    (139.38)     235.03
Telebras-CM RCPT         TELE31   (139.38)     235.03
Telebras SA              TLBRON   (139.38)     235.03
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (151.49)   1,914.18
WIEST                    WISA3    (107.73)      92.66


                            ***********


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
delos Santos, and Christian Toledo, Editors.

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

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

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

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


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