TCRLA_Public/070802.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, August 2, 2007, Vol. 8, Issue 152

                          Headlines

A R G E N T I N A

BALLY TECH: Will Provide Viejas Casino with Systems Solution
CASARES AUTOMOTORES: Proofs of Claim Verification Ends Tomorrow
CITRUS NEGRO: Trustee To File Individual Reports on Aug. 21
INGENIERO GUSTAVO: Trustee Verifies Claims Por Via Incidental


B A H A M A S

ISLE OF CAPRI: Calls for Buyback of 9% US$200 Mil. Senior Notes
ISLE OF CAPRI: Restatement Causes 10K Filing Delay


B E R M U D A

AIG LATIN: Proofs of Claim Filing Is Until Aug. 2
AIG SILK: Sets Final General Meeting for Aug. 13


B O L I V I A

INTERNATIONAL PAPER: Closes CMCP Stake Purchase for US$40 Mil.


B R A Z I L

ABN AMRO REAL: Eyes Up to 25% Increase in Lending This Year
AFFINIA GROUP: Appoints Josh Russell as VP for Brand Marketing
AMERICAN AXLE: Robert W. Baird Keeps Underperform Rating on Firm
BANCO CRUZEIRO: Foreign Investors Get 66.5% of Shares Offered
BANCO PINE: Earns BRL50.5 Million in Second Quarter 2007

BAUSCH & LOMB: Wants AMO to Secure Shareholder Approval
BRASIL TELECOM: Earns BRL145.5 Million in 2007 Second Quarter
COMPANHIA PARANAENSE: Completes Ethanol Pipeline Studies
DRESSER-RAND: Bags Supply Contract for US$154 Million
DRESSER-RAND: Signs Frame Agreements with Statoil

LAZARD: Paying US$0.09 Per Share Quarterly Dividend on Aug. 31
LAZARD LTD: Buys Australian Fin’l Advisory Firm Carnegie Wylie
TOWER AUTOMOTIVE: Emerges From Chapter 11 Bankruptcy in New York
TOWER AUTOMOTIVE: Completes US$1B Asset Sale to TA Acquisition


C A Y M A N   I S L A N D S

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

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

AZEN OIL: Proofs of Claim Must be Filed by Aug. 21
BRITANNIC WORLD: Proofs of Claim Filing Ends on Aug. 20
C60 CAPITAL: Proofs of Claim Filing Deadline Is Aug. 14
CORFE HOLDINGS: Proofs of Claim Filing Ends on Aug. 23
CRIMEA INC: Proofs of Claim Must be Filed by Aug. 22

CRIMEA INC: Will Hold Final Shareholders Meeting on Aug. 22
DEMIFLOR LIMITED: Proofs of Claim Filing Deadline Is Aug. 23
DIAMOND PARTNERS: Proofs of Claim Filing Is Until Aug. 23
DIAMOND LINE: Proofs of Claim Filing Ends on Aug. 17
MARATHON PETROLEUM: Sets Final Shareholders Meeting for Aug. 21

SAFEWRITE (CAYMAN): Proofs of Claim Filing Deadline Is Aug. 17
TAIB FUNDS: Proofs of Claim Must be Filed by Aug. 22
TAIB FUNDS: Will Hold Final Shareholders Meeting on Aug. 22


C O S T A   R I C A

ALCATEL-LUCENT: Dresdner Kleinwort Reaffirms Share Sell Rating
ALCATEL-LUCENT: Incurs EUR336 Mil. Net Loss in Second Quarter


C U B A

* CUBA: Alabama Wants Free Trade with Nation
* CUBA: Will Create Five Joint Agricultural Firms with Venezuela


E C U A D O R

PETROECUADOR: Six Companies Offer Bid for LNG Supply

* ECUADOR: Gov't Will Buy Bank To Launch Banco del Afiliado


E L   S A L V A D O R

MITEL NETWORKS: S&P Cuts US$330 Mln First-Lien Debt Rating to B+


G U A T E M A L A

LAND O'LAKES: Second Quarter Net Income Rises to US$104.4 Mil.


J A M A I C A

AIR JAMAICA: 38-Year Loss Cycle To End by 2009, Mike Conway Says
AIR JAMAICA: Prosecuting Fraudulent Ticket Holders
DYOLLL INSURANCE: Liquidators Warn To Seek Claims Cut Off Date


M E X I C O

BALLY TOTAL: Files for Chapter 11 Protection in New York
BALLY TOTAL: Case Summary & 50 Largest Unsecured Creditors
CHEMTURA CORP: Closes Organic Peroxides Biz Sale to PERGAN
EMPRESAS ICA: Will Compete for Projects Totaling US$20 Billion
FRESENIUS SE: Fitch Affirms BB Senior Unsecured Debt Rating

FIRST DATA: Shareholders Approve Kohlberg Affiliate Merger Pact
GRUPO MEXICO: Shuts Down Cananea Copper Mine Due to Strike
U.S. STEEL: Paying US$0.20 Per Share Dividend on Sept. 10
WENDY'S INT’L: Earns US$29.2 Mil. in Quarter Ended June 30
WENDY'S: Triarc Wants US$37 to US$41 a Share Offer Considered


P A N A M A

ROYAL CARIBBEAN: Launching Operations in Panama


P A R A G U A Y

* PARAGUAY: IDB Okays US$1MM Loan to Expand Services in Nation


P E R U

GOODYEAR TIRE: Matrix Research Downgrades Firm’s Shares to Sell
GOODYEAR TIRE: Workers' Union Approves Deal with Carlyle Group


P U E R T O   R I C O

DENNY’S CORP: Earns US$11.5 Million in Quarter Ended June 27
DORAL FINANCIAL: Fitch Removes All Ratings from Negative Watch
HORIZON LINES: Prices Tender Offer on 9% & 11% Senior Notes
HORIZON LINES: To Offer US$300 Million Convertible Senior Notes


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Reports US$165 Mil. Net Income in Second Quarter
MIRANT CORP: Court Authorizes Lori Bulhoes to Liquidate Claims


U R U G U A Y

HSBC BANK (URUGUAY): Fitch Lifts Foreign Currency IDR to BB+


V E N E Z U E L A

PEABODY ENERGY: Paying US$0.06 Per Share Dividend on Sept. 4
PETROLEOS DE VENEZUELA: Hugo Chavez Okays Creation of 7 Units

* VENEZUELA: Cantv Eyes VEB1.6-Billion Investment This Year
* VENEZUELA: Will Create Five Joint Agricultural Firms with Cuba


                          - - - - -


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


BALLY TECH: Will Provide Viejas Casino with Systems Solution
------------------------------------------------------------
Bally Technologies Inc. has signed a contract with Viejas Casino & Outlet
Center to provide a complete slot accounting and casino management system
and 2,500 iVIEW interactive displays for all of Viejas Casino's slot
machines.

Located in Alpine, California and serving the San Diego metropolitan
market, Viejas Casino is one of the leading Native American casino
properties in the country.  Viejas Casino will utilize Bally Slot
Management Systems (SMS(TM)), Casino Management Systems (CMS(TM)) and
Bally eTICKET(TM) cashless functionality.  The choice of Bally Systems
followed a comprehensive competitive review.

Viejas Casino also plans to re-wire its casino floor with advanced
Ethernet capabilities that will boost the performance of the Bally slot
and casino management systems even further and prepare the property for
the networked slot floor of the future.

"Our competitive review was extremely thorough and we are confident we
have selected the solution that will move our operations forward today,
while preparing us for the future," said Lyn Baxter, Interim CEO of Viejas
Casino.  "The Bally iVIEW in particular will allow us to communicate in a
more effective manner with our players and gives us the option of
introducing advanced bonusing technologies in the future."

"This particular customer selection of our systems has special meaning for
Bally," said Derik Mooberry, Vice President of Systems Sales, Western
Region.  "We are proud of this decision as this was a true head-to-head
comparison between our products and those of our competitors, which
included in-depth reviews of our latest product releases."

Recognized as the industry systems leader with more than 366,500
machines and 690 casino, bingo, Class II, central determination and
lottery locations worldwide -- including more than 190 locations currently
running Bally eTICKET(TM) on more than 228,000 slot machines -- the Bally
Technologies systems product line offers slot machine cash monitoring,
table management, cashless, accounting, security, maintenance, marketing,
promotional and bonusing capabilities, enabling operators to accurately
analyze performance and accountability while providing an enhanced level
of customer service.

                     About Viejas Casino

Viejas Casino -- http://www.viejas.com/-- is located directly off I-8 on
Willows Road, just 35 miles east of San Diego.  The company has been voted
San Diego's best casino seven years in a row and offers 2500 slots, over
80 table games, bingo, off-track wagering and six restaurants, including
the hip, new V Lounge.

                  About Bally Technologies

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implication on its ratings for Bally Technologies
Inc. to developing from negative.  The corporate credit rating
on the company is 'B-'.  The ratings were initially placed on
CreditWatch on Sept. 9, 2005, and several rating actions have
occurred since the original CreditWatch listing.


CASARES AUTOMOTORES: Proofs of Claim Verification Ends Tomorrow
---------------------------------------------------------------
Guido Maria Salvadori, the court-appointed trustee for Casares
Automotores C. y F. S.A.'s reorganization proceeding, verifies
creditors' proofs of claim until Aug. 3, 2007.

The National Commercial Court of First Instance in Trenque
Lauquen, Buenos Aires, approved a petition for reorganization
filed by Casares Automotores, according to a report from
Argentine daily Infobae.

Mr. Salvadori will present the validated claims in court as
individual reports.  The court will determine if the verified
claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised
by Casares Automotores 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 Casares Automotores'
accounting and banking records will be submitted in court.

Infobae did not state the reports submission dates.

The debtor can be reached at:

         Casares Automotores C. y F. S.A.
         9 de Julio y Maipu, Carlos Casares
         Buenos Aires, Argentina

The trustee can be reached at:

          Guido Maria Salvadori
          Pereyra Rozas 21, Trenque Lauquen
          Buenos Aires, Argentina


CITRUS NEGRO: Trustee To File Individual Reports on Aug. 21
-----------------------------------------------------------
Javier Ariel Del Cerro, the court-appointed trustee for Citrus Negro R
S.A.'s bankruptcy proceeding, will present the validated claims in court
as individual reports on Aug. 21, 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 Citrus Negro and its creditors.

Mr. Del Cerro verified creditors' proofs of claim until
June 25, 2007.

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

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

The debtor can be reached at:

          Citrus Negro R S.A.
          Alberdi 3340, Chajari
          Departamento Federacion, Entre Rios
          Argentina

The trustee can be reached at:

          Javier Ariel Del Cerro
          Avenida 9 de Julio 4105, Chajari
          Entre Rios, Argentina


INGENIERO GUSTAVO: Trustee Verifies Claims Por Via Incidental
-------------------------------------------------------------
Jose Alberto Furnari, the court-appointed trustee for Ingeniero Gustavo
Casali Construcciones S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim por via incidental.

Mr. Furnari will present the validated claims in court as individual
reports.  The National Commercial Court of San Luis 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 Ingeniero Gustavo
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 Ingeniero Gustavo's
accounting and banking records will be submitted in court.

Infobae didn’t state the reports submission dates.

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

The debtor can be reached at:

         Ingeniero Gustavo Casali Construcciones S.R.L.
         Rivadavia 983, Ciudad de San Luis
         San Luis, Argentina

The trustee can be reached at:

         Jose Alberto Furnari
         Pringles 977, Ciudad de San Luis
         San Luis, Argentina




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


ISLE OF CAPRI: Calls for Buyback of 9% US$200 Mil. Senior Notes
---------------------------------------------------------------
Isle of Capri Casinos Inc. has called for mandatory redemption of all
US$200 million principal amount of its 9% Senior Subordinated Notes due
2012, at a redemption price of 104.50% plus accrued and unpaid interest to
the redemption date.  The redemption date is Aug. 29, 2007.

The redemption price will be drawn from the company's new senior secured
credit facility, entered into on July 26, 2007.

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport and Marquette,
Iowa; Kansas City and Boonville, Missouri and a casino and
harness track in Pompano Beach, Florida.  The company also
operates and has a 57% ownership interest in two casinos in Black Hawk,
Colorado.  Isle of Capri Casinos' international gaming interests include a
casino that it operates in Freeport, Grand Bahama, and a two-thirds
ownership interest in casinos in Dudley and Wolverhampton, England.

                        *     *     *

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the company's
debts including a LGD5 rating on its 9% Senior Subordinated Notes,
suggesting debt holders will experience a 76% loss in the event of a
default.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services revised its
rating outlook on Isle of Capri Casinos Inc. to negative from
stable.  Ratings on the company, including the 'BB-' corporate
credit rating, were affirmed.  Standard & Poor's also assigned
its loan and recovery ratings to Isle's proposed US$1.35 billion
senior secured credit facilities.  The loan was rated 'BB+' (two
notches higher than the 'BB-' corporate credit rating on the
company) with a recovery rating of '1', indicating the
expectation for very high (90%-100%) recovery in the event of a
payment default.


ISLE OF CAPRI: Restatement Causes 10K Filing Delay
--------------------------------------------------
Isle of Capri Casinos Inc. said last week that it will delay filing
financial results for the fiscal quarter and fiscal year ended April 29,
2007, due to completion of its on-going restatement of its financial
statements through its fiscal year ended April 30, 2006, and through its
third fiscal quarter ended
Jan. 28, 2007.  The company expects to file its 10-Q/A for the 2007 fiscal
third quarter and its 10-K for the fiscal forth quarter and year ended
April 29, 2007, before the end of
July 2007.

The company disclosed to the SEC that it expects to report a loss from
continuing operations before income taxes and minority
interest for fiscal 2007 of approximately US$15.3 million on
revenues of approximately US$1.0 billion, as compared to income from
continuing operations before income taxes and minority interest for fiscal
2006 (as expected to be restated) of US$20.7 million on revenues of
US$987.4 million.

Year two thousand seven has been a transitional year for the company, as
the company has sold two of its casino operations, developed three new
casino operations and moved its corporate head quarters.  Additionally,
the company’s operating results have been negatively impacted compared to
fiscal year 2006 by increased competition and severe weather in certain of
the company’s markets, as well as the normalization of operating results
along the gulf coast markets in the post hurricane recovery period.
Fiscal year 2007 includes significant pre-opening expenses of
approximately US$13.5 million, primarily incurred in the fourth fiscal
quarter, related to the openings of three casino properties in recent
months and the company will record a valuation charge on its Lula,
Mississippi property of approximately US$8.0 million in the fourth fiscal
quarter.

The impact of the restatement on the fiscal year 2006 operating
results, includes adjustments of approximately US$3.5 million
decreasing income from continuing operations before income taxes
and minority interest relating to the application of EITF 97-10 to the
company’s Coventry Casino Lease, adjustments of approximately US$1.0
million decreasing income from continuing operations before income taxes
and minority interest relating to the amortization of certain intangible
items, and other various adjustments related to operations decreasing
income from continuing operations before income taxes approximately US$3.3
million.  The expected impact of all restatement adjustments on the fiscal
year 2006 net income, including the tax effect on the items mentioned
above and the restatement adjustments to income taxes, is expected to be a
decrease in net income of approximately US$0.1 million.

While the company does not expect the results of operations to
differ materially from those reported above, since the audit of
the fiscal 2007 results and the restatement of the fiscal 2006
results have not been completed, the audited results ultimately
reported in the company's Annual Report on Form 10-K for the
fiscal year ended April 29, 2007, may differ from those reported
above.

                   About Isle of Capri Casinos

Based in Biloxi, Missippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport and Marquette,
Iowa; Kansas City and Boonville, Missouri and a casino and harness track
in Pompano Beach, Florida.  The company also operates and has a 57 percent
ownership interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it operates
in Freeport, Grand Bahama and a two-thirds ownership interest in casinos
in Dudley and Wolverhampton, England.

                        *     *     *

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the company's
debts including a LGD5 rating on its 9% Senior Subordinated Notes,
suggesting debt holders will experience a 76% loss in the event of a
default.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services revised its
rating outlook on Isle of Capri Casinos Inc. to negative from
stable.  Ratings on the company, including the 'BB-' corporate
credit rating, were affirmed.  Standard & Poor's also assigned
its loan and recovery ratings to Isle's proposed US$1.35 billion
senior secured credit facilities.  The loan was rated 'BB+' (two
notches higher than the 'BB-' corporate credit rating on the
company) with a recovery rating of '1', indicating the
expectation for very high (90%-100%) recovery in the event of a
payment default.




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


AIG LATIN: Proofs of Claim Filing Is Until Aug. 2
-------------------------------------------------
AIG Latin America Equity Partners Ltd.'s creditors are given until Aug. 2,
2007, to prove their claims to Mark Waddington, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

         Mark Waddington
         American International Building
         29 Richmond Road, Pembroke
         Bermuda


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

         AIG Building
         29 Richmond Road, Pembroke
         Bermuda

These matters will be taken up during the meeting:

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

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

     -- passing of a resolution dissolving the company.




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


INTERNATIONAL PAPER: Closes CMCP Stake Purchase for US$40 Mil.
--------------------------------------------------------------
International Paper has completed the purchase of the remaining shares of
Compagnie Marocaine des Cartons et des Papiers.  On July 12, 2007, it had
signed an agreement with its joint venture partner Cofipac to acquire
their shares in CMCP for approximately US$40 million.  The Moroccan
packaging company is now wholly owned by International Paper and will be
fully managed as part of the company's European Container business.

                         About CMCP

CMCP has approximately 1,500 employees and operates four box plants and
one recycled containerboard mill in Morocco.  CMCP produces corrugated
packaging materials for the industrial and agricultural markets. In 2006,
CMCP had sales of approximately US$145 million.

                  About International Paper

Based in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is currently
transforming its operations to focus on its global uncoated papers and
packaging businesses, which operate and serve customers in the U.S.,
Europe, South America and Asia.
Its South American operations include, among others, facilities in
Argentina, Brazil, Bolivia, and Venezuela.  These businesses are
complemented by an extensive North American merchant distribution system.
International Paper is committed to environmental, economic and social
sustainability, and has a long-standing policy of using no wood from
endangered forests.

                        *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.




===========
B R A Z I L
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ABN AMRO REAL: Eyes Up to 25% Increase in Lending This Year
-----------------------------------------------------------
ABN Amro Real expects lending to increase up to 25% in 2007, compared to
2006, Brazilian news agency Agencia Estado reports.

ABN Amro Real's chief financial officer Fabio Barbosa told Agencia Estado,
"The increase will not be more because the second half of 2006 was quite
strong and the comparison base is very high."

Business News Americas relates that ABN Amro Real's lending rose 25% to
BRL54.3 billion in June 2007, from June 2006.  Its retail lending
increased 27.1% to BRL26.6 billion.  Its housing loans grew 36.7% to
BRL2.36 billion.  Commercial loans increased 22.3% to BRL26.8 billion due
to higher lending to small and medium-sized enterprises.

According to BNamericas, ABN Amro Real's recurring net profits increased
46.0% to BRL1.21 billion in the first half of 2007, compared to the same
period in 2006.  Its return on equity rose to 24.4% in the second quarter
of this year, from 19.7% in last year's second quarter.

Second quarter 2007 profits, including gains from the sale of a 3.64%
stake in Brazilian credit analysis firm Serasa, increased 84.0% to BRL1.26
billion, year-on-year, BNamericas notes.

ABN Amro Real's assets increased 75% to BRL154 billion in the first six
months of 2007, from the first half of 2006, BNamericas states.

ABN Amro Real specializes in commercial banking, capital
markets, corporate banking, asset management, and trade finance.
Its more than 22,000 employees assist over five million clients
throughout five thousand different points of sales.  In 1999,
the bank merged with Brazil's Banco Real.  The regional office
for Latin America and the Caribbean is located in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept 4, 2006, Moody's Investors Service upgraded Banco ABN AMRO
Real S.A.'s long-term foreign currency deposits to Ba3, from B1.
Moody's said the rating outlook was stable.


AFFINIA GROUP: Appoints Josh Russell as VP for Brand Marketing
--------------------------------------------------------------
Affinia Group Inc. has named Josh Russell as Vice-President of Brand
Marketing for its Under Vehicle Group with responsibility for brand
strategy and marketing support in the U.S., Mexico and Canada.  Mr.
Russell will report to Jeff Stauffer, Senior Vice President of Global
Group Marketing for Affinia.

"Josh has a proven track record in all aspects of brand marketing and
management at the highest levels, from strategy development and integrated
communications to category management and promotions," Mr. Stauffer said.
"With an experience base that cuts across business-to-business and
consumer marketing, Josh will assure that we continually energize our
industry-leading brands in support of our channel partners and their
customers."

Prior to joining Affinia, Mr. Russell served as Director of Marketing for
Old World Industries of Northbook, Ill., where he worked with leading
national brands, such as PEAK Antifreeze and Mr. Clean.  Mr. Russell was
instrumental in bolstering the PEAK brand through an innovative campaign
that includes a partnership with IndyCar Series driver Danica Patrick.

During his career, Mr. Russell has also served as a Vice President and
Account Supervisor with BBDO in Chicago where he worked with leading
national brands, including Wrigley's gum, the YMCA of the USA and Borden
Cheese and Dairy Products.  As an agency team leader, Mr. Russell managed
brand strategy and advertising and promotion efforts that strengthened
leading national brands, resulting in sales and market share growth.

Mr. Russell earned a Bachelor of Business Administration degree from
Western Michigan University in Kalamazoo where he was the recipient of the
WMU Medallion Academic Scholarship.

                      About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  Its South American operation is located in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Moody's Investors Service has upgraded Affinia Group Inc.'s
Corporate Family Rating to B2 from B3 and revised the outlook to
stable from negative.


AMERICAN AXLE: Robert W. Baird Keeps Underperform Rating on Firm
----------------------------------------------------------------
Robert W. Baird analysts have kept their "underperform" rating on American
Axle & Manufacturing’s shares, Newratings.com reports.

Newratings.com relates that the target price for American Axle was set at
US$24.

The analysts said in a research note that American Axle reported its
second quarter 2007 GAAP earnings per share ahead of the estimates, due to
higher-than-expected revenues.

The analysts told Newratings.com that American Axle continues to see
“market share contraction of its mid-size SUVs and pickups.”   It would
have to increase spending for launching new business in 2009 to 2012.

The earnings per share estimate for fiscal year 2008 was increased to
US$1.65 from US$1.60, Newratings.com states.

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL)
-– http://www.aam.com/-- and its wholly-owned subsidiary, American Axle &
Manufacturing, Inc. manufactures, engineers, designs and validates
driveline and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks, sport utility
vehicles and passenger cars.  In addition to locations in the United
States (in Michigan, New York and Ohio), the company also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico,
Poland, South Korea and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Standard & Poor's Ratings Services assigned its 'BB' rating
to American Axle & Manufacturing Inc.'s proposed US$250 million senior
unsecured term loan due 2012.  The parent company, American Axle &
Manufacturing Holdings Inc., is the guarantor.  Proceeds are expected to
be used to repay existing debt.


BANCO CRUZEIRO: Foreign Investors Get 66.5% of Shares Offered
-------------------------------------------------------------
Banco Cruzeiro do Sul said in a statement that foreign investors have
purchased 66.5% of the shares on offer in the bank's initial public
offering.

According to Banco Cruzeiro's statement, investment funds acquired less
than 25% of the shares, while retail investors bought 8.51%.

Business News Americas relates that Banco Cruzeiro sold over 37 million
preferred shares on the Sao Paulo stock exchange Bovespa.  It raised
almost BRL574 million.  Banco Cruzeiro "debuted on Bovespa on June 26,
2007, using the ticker CZRS4.

BNamericas notes that Banco Cruzeiro first sold 36.1 million preferred
shares, 27.7 million in the initial offering and 8.43 million in the
secondary.  The bank then sold 860,919 preferred shares.

The report says that the shares were each priced at BRL15.50, within the
expected range of BRL13.50 to BRL17.50.

UBS Pactual managed the transaction, with the assistance of ABN Amro Real
and the investment-banking unit of federal Banco do Brasil, BNamericas
states.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul's core
business is lending to civil servants, with payments
automatically deducted from payrolls.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Moody's Investors Service upgraded Banco Cruzeiro
do Sul SA's long-term foreign currency deposits to Ba3 from Ba1.
Moody's said the rating outlook was stable.


BANCO PINE: Earns BRL50.5 Million in Second Quarter 2007
--------------------------------------------------------
Banco Pine said in its earnings release that its net profits increased
213% to BRL50.5 million in the second quarter 2007, from BRL16.1 million
in the same period last year.

Banco Pine Chief Executive Officer Emilio Carazzai said in a conference
call that the bank's earnings in the first half of 2007 grew 166% to
BRL71.9 million, compared to the same period in 2006, excluding BRL11.5
million in expenses from the bank's initial public offering in March 2007.

According to Business News Americas, Banco Pine's return on equity dropped
to 31.1% in the second quarter 2007, from 32.4% in the same quarter in
2006, up from 27.5% in the first quarter 2007.  Its shareholder equity
increased to BRL737 million in June 2007, from BRL225 million in June
2006.

BNamericas notes that Banco Pine increased lending by 149% to BRL2.62
billion in June 2007, compared to June 2006.  Its retail lending rose 305%
to BRL910 million, while its commercial lending grew 103% at BRL1.56
billion.

Mr. Carazzai told BNamericas that Banco Pine will double lending in 2007 by:

          -- introducing new products for the middle-market
             segment,

          -- launching payroll-linked loans for private sector
             workers, and

          -- starting vehicle-financing operations.

BNamericas relates that Banco Pine "divides its loan book 60% to
middle-market operations and 40% to payroll and retirement loans."  In the
payroll and retirement loan portfolio, 66.2% went to public sector workers
in the second quarter 2007, while  33.8% went to pensioners from federal
social security system INSS.

The report says that Banco Pine's operating income increased 202% to
BRL63.6 million in the second quarter 2007, from the second quarter 2006.
Its net interest income grew 89.9% to BRL116 million.

Banco Pine, with higher lending, increased its second quarter 2007
loan-loss provisions by 461% to BRL12.6 million year-on-year.  The
non-performing loan ratio of loans over 15 days overdue improved to 0.7%
by June 2007, compared to 1.3% in June 2006 and 0.8% in March 2007.

Banco Pine had BRL4.10 billion in total assets in the second quarter 2007,
compared to BRL2.25 billion in the second quarter 2006, BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Pine S.A. 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.

Headquartered in Sao Paulo, Banco Pine was established in 1997
by the brothers Nelson and Noberto Pinheiro after the sale in
1996 of their participation in another family institution.  A
comprehensive corporate and operational restructuring was
implemented and in the first half of 2005 Noberto Pinheiro
became the bank's majority shareholder.  In April 2007, Banco
Pine went public by placing non-voting preferred shares at the
Bovespa Level 1 on the New Brazilian Stock Market.  These shares
enjoy a tag-along privilege, giving minority shareholders 100%
of the value of the block of controlling shares in the event of
the sale of the institution.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on June 26,
2007, Standard & Poor's Ratings Services raised its long-term counterparty
credit rating on Banco Pine S.A. to 'BB-' from 'B+'.  The rating was
removed from CreditWatch Positive where it was placed June 11, 2007.  S&P
said the outlook is stable.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May 18,
2007, Fitch Ratings upgraded the National ratings of Banco Pine S.A. as:

     -- Long-term National rating to 'A-(bra)' from 'BBB(bra)';
     -- Short-term National rating to 'F2(bra)' from 'F3(bra)'.

Fitch also affirms these ratings:

     -- Long-term Foreign Currency Issuer Default Rating 'B+'
     -- Short-term Foreign Currency rating 'B';
     -- Long-term Local Currency Issuer Default Rating 'B+';
     -- Short-term Local Currency rating 'B';
     -- Individual 'D'
     -- Support '5'.


BAUSCH & LOMB: Wants AMO to Secure Shareholder Approval
-------------------------------------------------------
Bausch & Lomb Incorporated sent a letter Sunday to Advance
Medical Optics regarding Advance Medical's bid to acquire
Bausch & Lomb.

Last month, Advanced Medical offered Bausch & Lomb's
shareholders US$45.00 in cash and US$30.00 in AMO stock per share of
Bausch & Lomb stock, which offer Bausch & Lomb is pressing for revision.

In its letter, Bausch & Lomb stated, among others, that AMO's
proposed US$50 million reverse termination fee is inadequate
given what Bausch & Lomb believes to be substantial uncertainty
with respect to AMO's ability to obtain approval from its
stockholders.

For the same reason, Bausch & Lomb added that it intends to
revoke AMO's designation as an excluded party under Bausch &
Lomb's merger agreement with Warburg Pincus.  However, to permit
AMO to attempt to provide evidence that AMO stockholder approval
can be secured, Bausch & Lomb granted AMO a limited waiver
for AMO to provide information to certain of its stockholders.

Bausch & Lomb expects AMO to provide the required evidence no
later than 12:00 p.m., on Aug. 3, 2007.

                     Warburg Pincus Deal

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

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

                       FTC Approval

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

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

                   About Bausch & Lomb

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

                        *     *     *

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

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

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

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


BRASIL TELECOM: Earns BRL145.5 Million in 2007 Second Quarter
-------------------------------------------------------------
Brasil Telecom Participacoes S.A. has registered consolidated EBITDA of
BRL972.7 million in second quarter 2007 -- 2.2% and 19.6% higher than
first quarter 2007 and second quarter 2006, respectively.  Consolidated
EBITDA margin in second quarter 2007 was 35.5%.  Consolidated net revenue
reached BRL2,743.3 million in second quarter 2007, 11.9% higher than
second quarter 2006, and the company's net income amounted to BRL145.5
million.

Mobile telephony's EBITDA was positive, totaling BRL5.2 million in second
quarter 2007, with an EBITDA margin of 1.2%.

During second quarter 2007, Brasil Telecom added 69.9 thousand ADSL
accesses to its plant, totaling 1,453.4 thousand accesses in service at
the end of June 2007, which represents an increase of 5.1% and 25.9% in
comparison with first quarter 2007 and second quarter 2006, respectively.
The ADSL accesses represented 17.9% of Brasil Telecom's plant in service
at the end of second quarter 2007, compared to 12.3% in second quarter
2006 and 16.7% in first quarter 2007.  The company also grew in data
transmission services for the corporate market.

The Internet Group, which holds Brasil Telecom's Internet services,
reached 1.3 million broadband clients in all of Brazil in second quarter
2007, which represents an increase of 42.3% and 7.9% in relation to second
quarter 2006 and first quarter 2007, respectively.

Gross revenue from data communication and other services amounted to
BRL686.0 million in 2Q07, an increase of 6.7% in comparison with the last
quarter and 28.5% higher than in the second quarter 2006.  ADSL revenue
totaled BRL312.7 million in second quarter 2007, representing 45.6% of the
total data communication revenue share.

BrT Mobile reached 3,768.6 thousand mobile accesses in service at the end
of second quarter 2007, which represents a net gain of 130.5 thousand
accesses this quarter.  BrT Mobile maintained its market share of 12.9% in
Region II at the end of second quarter 2007.  Mobile telephony's
non-consolidated gross revenue in second quarter 2007 totaled BRL609.1
million, an increase of 62.6% in relation to second quarter 2006.

Operating costs and expenses in second quarter 2007 totaled BRL2,397.3
million, stable in relation to first quarter 2007 and 3.9% higher than the
same period last year, due to an increase in inter-connection expenses and
credit provision of doubtful accounts, which was partly compensated by a
reduction in controllable expenses, such as: personnel, material,
subcontracted services, and advertising and marketing.  The relation
between operating costs and expenses (excluding depreciation and
amortization) and gross revenue was 44.6%, 0.6 p.p. below the 45.2% of the
same period last year.

In second quarter 2007, Brasil Telecom's investments totaled BRL302.6
million.  Net debt at the end of second quarter 2007 was BRL1,260.0
million, 34.4% less than what was registered in June 2006.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

Brasil Telecom Participacoes' local currency long-term debt
carries Fitch's BB+ rating.

Moody's Investors Service placed a Ba1 local currency long-term
issuer rating on Brasil Telecom.


COMPANHIA PARANAENSE: Completes Ethanol Pipeline Studies
--------------------------------------------------------
Companhia Paranaense de Energia SA said in a statement that it has
concluded the feasibility studies for a 528-kilometer, BRL630-million
ethanol pipeline that would connect ethanol mills in Parana to Paranagua
port.

Companhia Paranaense’s corporate management officer Luiz Antonio Rossafa
said in a statement, "This would be a very complex project and a tough
challenge for Copel [Companhia Paranaense] as it would be the company's
debut in the liquid fuel transportation segment."

Business News Americas relates that the construction of the 300,000-cubic
meter per month, 12-inch diameter ethanol pipeline would take up to four
years.

Mr. Rossafa told BNamericas that producers like state-run oil firm
Petroleo Brasileiro and Companhia Paranaense gas subsidiary Compagas said,
"The great thing about this project is it would create a lot of synergies
with ethanol producers."

According to BNamericas, Mr. Rossafa said that the project would benefit
shareholders of those involved in the project.

Meanwhile, Companhia Paranaense hasn’t decided to develop the project,
BNamericas notes.

A Companhia Paranaense commented to BNamericas, "The preliminary
feasibility studies are done, but the decision to build the pipeline will
be taken by company management and Parana governor Roberto Requiao."  The
company could form a consortium or a special-purpose firm to develop the
project.

Mr. Rossafa told BNamericas that Companhia Paranaense, which is controlled
by the Parana state government, must be the controlling shareholder in
every project it develops.

Once Companhia Paranaense decides to construct the pipeline, it would
present the proposal to state lawmakers and seek authorization from
Governor Requiao, BNamericas states.

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

                        *     *     *

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

Moody's upgraded these ratings:

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

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

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


DRESSER-RAND: Bags Supply Contract for US$154 Million
-----------------------------------------------------
Dresser-Rand Group Inc. will supply advanced turbomachinery for a
floating, production, storage and offloading (FPSO) vessel.

The award is estimated to be more than US$154 million.  Dresser-Rand will
supply gas turbine packages for power generation and gas compression.
Dresser-Rand booked the order in May 2007.

"We are very pleased to have been awarded this contract," said Jesus
Pacheco, Dresser-Rand's executive vice president, New Equipment Worldwide.
"The award is further evidence of our leading role as a total solution
provider of power generation and gas compression equipment for offshore
platforms.  Jim Heid, Dresser-Rand's vice president, Business Solutions,
commented that "The contract will be executed under the agreement that
exists between Dresser-Rand and BP, one of its key alliance clients, and
reaffirms the value of alliance agreements to both Dresser-Rand and our
clients."

Dresser-Rand will provide six DATUM(R) centrifugal compressor trains
driven by variable speed electric motors for gas compression service, four
generator sets for main power generation and control panels for each
equipment package.

The electric motor-driven gas compressor packages include transformers and
frequency converters for the drive system.  The packages include complete
three-point mounted baseplates, full enclosures for noise protection, and
all auxiliary systems.  String testing for the equipment will be conducted
at the Dresser-Rand facility in Le Havre, France.

The power generation packages feature three point mounted, torque tube
baseplates, noise enclosures, and all auxiliary systems.  The equipment
will be full-load string tested at Dresser-Rand's facility in Drammen,
Norway.

                       About Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                        *     *     *

Standard & Poor's Ratings Services raised on Sept. 13, 2006, its
corporate credit rating on rotating equipment maker Dresser-Rand
Group Inc. to 'BB-' from 'B+' and revised the outlook on the
rating to stable from positive.


DRESSER-RAND: Signs Frame Agreements with Statoil
-------------------------------------------------
Dresser-Rand Group Inc. has entered into two, five-year frame agreements
with Statoil to supply new compression and power generation equipment, and
to supply aftermarket parts and service for existing turbo machinery.

Total value of frame agreements announced this month by Statoil was
US$1,363 million (NOK 7.8 billion).  The value of the agreements between
Statoil and Dresser-Rand is estimated to be US$1 billion (NOK 6.1
billion), including options to extend the agreements for an additional
five years.

The agreements cover the purchase and installation of new equipment for
several Statoil project locations, consisting of compressors, and turbo
generator sets that will be used in both onshore and offshore
applications.

All equipment and services will be supplied from Dresser-Rand global
operations.  The Dresser-Rand facility in Kongsberg, Norway will assemble
and test the turbo generator sets.  The company's facility in Le Havre,
France and Olean, New York in the U.S. will provide the centrifugal
compressors.  Service and maintenance will be supplied from the
Dresser-Rand service center in Kongsberg.

"We're appreciative of the confidence that Statoil has placed in
Dresser- Rand," said Vincent R. Volpe, Jr., president and CEO of
Dresser-Rand.  "As long-time alliance partners, we have developed a
business model focused on lowest life cycle cost and minimal emissions."

Commenting on the new frame agreements, Rune Norseng, Statoil vice
president for procurements in operations support, Exploration & Production
Norway, noted that the selected companies would be "important partners in
our work to increase energy efficiency and to reduce emissions from our
facilities.

                        About Statoil

Statoil is an integrated oil and gas company with headquarters in
Stavanger, Norway.  During a business association with Dresser-Rand
spanning more than three decades, Statoil has purchased more than 50
compressors and 20 turbo generator sets.

                      About Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                        *     *     *

Standard & Poor's Ratings Services raised on Sept. 13, 2006, its
corporate credit rating on rotating equipment maker Dresser-Rand
Group Inc. to 'BB-' from 'B+' and revised the outlook on the
rating to stable from positive.


LAZARD: Paying US$0.09 Per Share Quarterly Dividend on Aug. 31
--------------------------------------------------------------
Lazard Ltd.'s Board of Directors has declared a quarterly dividend of
US$0.09 per share on its outstanding Class A common stock, payable on Aug.
31, 2007, to stockholders of record on Aug. 10, 2007.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and Brazil.  With origins dating back to
1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.


LAZARD LTD: Buys Australian Fin’l Advisory Firm Carnegie Wylie
--------------------------------------------------------------
Lazard Ltd. has acquired Carnegie, Wylie & Company, Australia’s leading
independent financial advisory firm, for a combination of cash and stock,
effective immediately.  Carnegie Wylie, located in Melbourne, Sydney and
Brisbane, provides mergers and acquisitions advisory services in Australia
and the Asia Pacific region, and has a successful and expanding private
equity business.

“The acquisition of Carnegie Wylie is another important step in our
five-year strategy to expand our financial advisory business by
geographies, and reinforces our commitment to provide premium service to
clients,” said Charles G. Ward III, President of Lazard.  “Acquiring
Carnegie Wylie will allow us to bring Australia’s top banking talent into
the Lazard fold, to build on our existing Australian business faster,
inherit an established presence and premier brand in Melbourne, Sydney and
Brisbane, and strengthen our access in the important Asia Pacific region.”

The current Sydney-based Lazard Financial Advisory team will join with
Carnegie Wylie, under the leadership of Carnegie Wylie co-founder and
principal John Wylie.  Carnegie Wylie co-founder and principal Mark
Carnegie will become CEO of Lazard’s Australian Private Equity business.
Lazard Asset Management’s Australian business will continue to be managed
separately, under its current leadership in Sydney.

“We are proud of our firm’s achievements in the Australian market.
However, we recognise that more and more opportunities are cross-border
and require the access and expertise of a premium global firm,” said Mr.
Wylie.  “It is a compelling combination.  With Lazard, we preserve our
integrity and maintain our independent business model, which has proven
successful with clients. Now we can deliver an international network.”

Lazard’s Paul Binsted and Brian Wilson, Managing Directors in Sydney said:
“We admire and respect the tremendous success of Carnegie Wylie and we are
delighted to be working with John Wylie and his team.  We regard John as
one of Australia’s outstanding investment bankers and he has developed a
superb team. This acquisition catapults the Lazard Australian business
forward.”

“Having known the Lazard management for years, I respect their culture and
professional approach to providing trusted, independent advice with a
long-term view.  Perhaps one of the most exciting aspects of this deal is
the potential to attract more of Australia’s best investment bankers to
advise our ever-expanding, international client base,” added Mr. Wylie.

Both Messrs. Wylie and Carnegie have worked in the investment banking
industry for more than twenty years in New York, the UK and Australia.
Prior to co-founding Carnegie Wylie in 2000,  Mr. Wylie was Head of
Investment Banking at Credit Suisse First Boston in Australia.  He has
advised on a wide range of mergers and acquisitions, and equity and debt
capital raisings for companies and governments, and has led teams in a
number of Australia’s largest advisory transactions, including BHP
Billiton’s AUS$9.2 billion acquisition of WMC Resources, Toll on its
AUS$7.4 billion takeover of Patrick, Alinta on its proposed AUS$13.5
billion sale to a Babcock and Brown/Singapore Power consortium, the Coles
Group on its pending AUS$22 billion sale to Wesfarmers, the AUS$1.4
billion sale of its Myer business to TPG and the three stages of the
Telstra privatization.

Mr. Carnegie, an entrepreneur and career investor, was a principal
consultant for San Francisco-based private equity group Hellman & Friedman
in Australia and Southeast Asia for almost a decade.  Amongst other
investments he has been a participant in groups that acquired major stakes
in the Courage Pub Estate, John Fairfax Holdings, Hoyts Cinemas, Formula
One Holdings, SCTV, Macquarie Radio Network and Lonely Planet
Publications.

Over the past three months, Lazard has continued to invest in its
Financial Advisory business for future growth in vibrant markets.  The
firm recently announced plans to acquire 50 percent of MBA Banco de
Inversiones, extending Lazard’s reach across Central and South America,
and signed a cooperation agreement with Raiffeisen Investment, the M&A
advisory business for Austria’s largest banking group, strengthening its
footprint across Russia, Central and Eastern Europe.  In July, Lazard
announced its planned acquisition of Goldsmith Agio Helms, a U.S.
middle-market advisory firm, which will serve as the core of a new growth
initiative focused on advising U.S. mid-sized private companies.

                     About Carnegie Wylie

John Wylie and Mark Carnegie founded Carnegie Wylie in
January 2000.  Over the past seven years, the firm, with 23 professionals,
has become one of Australia’s premier independent advisors for mergers and
acquisition transactions, advising on six out of ten of the most recent,
largest M&A transactions in the Australian market. Recent corporate
advisory clients include Telstra, the Coles Group, BHP Billiton, Qantas,
Toll, Newcrest Mining, Suncorp, Bluescope Steel, Origin Energy, Lend
Lease, Sigma and Hastings Funds Management.  Carnegie Wylie Australian
government advisory clients include the Commonwealth Government and the
State Governments of Victoria and New South Wales.  The firm also has a
successful and expanding private equity investment business, including the
recently established private equity fund with leading Queensland
institution, Sunsuper.

                     About Lazard Ltd.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and Brazil.  With origins dating back to
1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.


TOWER AUTOMOTIVE: Emerges From Chapter 11 Bankruptcy in New York
----------------------------------------------------------------
Tower Automotive, Inc., and its debtor subsidiaries' First
Amended Joint Plan of Reorganization became effective on
July 31, 2007, Anup Sathy, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, informs the U.S. Bankruptcy Court for the Southern District of
New York.

As previously reported, The Honorable Allen L. Gropper issued a bench
order confirming Tower's Plan on July 11, 2007.  The Court entered its
formal order approving the Plan on July 12.

Under Tower's Plan, a US$680,000,000 balance on the company's DIP loan,
and US$41,000,000 in second-lien loan obligations will be paid.  Secured,
priority and second-lien claims totaling
US$65,500,000 will also be paid in full.  Tower's stock will be
canceled and Cerberus Capital Management LP's affiliate, TA
Acquisition Company, LLC, will assume Tower's pension plans,
which have a minimum funding requirement of about US$40,000,000.

          PBGC Applauds Tower's Commitment to Retirees

"Early on in the bankruptcy of Tower Automotive Inc., the PBGC
made known its analysis that the company could afford its pension plan
when it emerged from Chapter 11.  In fact, Tower Automotive has exited
bankruptcy with its defined benefit pension plan intact," Charles E.F.
Millard, interim director of the Pension Benefit Guaranty Corporation,
said.

According to Mr. Millard, the 7,000 participants in the pension
plan, including more than 2,000 current retirees, will continue
to enjoy their full retirement benefit.

"Unlike many other pension plan sponsors, Tower Automotive met
all financial obligations to its pension plan during the course
of the bankruptcy.  Tower Automotive and its asset purchaser,
Cerberus Capital Management, are to be commended for keeping this
commitment to their workers' retirement security," Mr. Millard said.

                   About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board: TWRAQ) is a
global designer and producer of vehicle structural components and
assemblies used by every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia,
Nissan, Toyota, Volkswagen and Volvo.  Products include body structures
and assemblies, lower vehicle frames and structures, chassis modules and
systems, and suspension components.  The company has operations in Korea,
Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.  On June 4,
2007, the Debtors submitted an Amended Plan and Disclosure Statement.  The
Court approved the adequacy if the Amended Disclosure Statement on June 5,
2007.  (Tower Automotive
Bankruptcy News, Issue No. 69; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Completes US$1B Asset Sale to TA Acquisition
--------------------------------------------------------------
Tower Automotive Inc. completed the sale of most of its assets to Cerberus
Capital Management LP's affiliate, TA Acquisition
Company, LLC, for roughly US$1,000,000,000, on July 31, 2007.

The sale concludes Tower's restructuring process and finalizes
its emergence from Chapter 11.

According to Auto Industry, the European Commission gave its
clearance to Cerberus' acquisition of Tower Automotive on
July 11, 2007 -- the day the Honorable Allen L. Gropper issued a bench
ruling allowing Tower to sell its assets to Cerberus.

The U.S. Bankruptcy Court for the Southern District of New York
entered its formal order approving the sale on July 12, 2007.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board: TWRAQ) is a
global designer and producer of vehicle structural components and
assemblies used by every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia,
Nissan, Toyota, Volkswagen and Volvo.  Products include body structures
and assemblies, lower vehicle frames and structures, chassis modules and
systems, and suspension components.  The company has operations in Korea,
Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.  On June 4,
2007, the Debtors submitted an Amended Plan and Disclosure Statement.  The
Court approved the adequacy if the Amended Disclosure Statement on June 5,
2007.  (Tower Automotive
Bankruptcy News, Issue No. 69; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).




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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


AZEN OIL: Proofs of Claim Must be Filed by Aug. 21
--------------------------------------------------
Azen Oil Company Ltd.’s creditors are given until Aug. 21, 2007, to prove
their claims to David A.K. Walker and Lawrence Edwards, the company's
liquidators, or be excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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


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

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

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

The liquidators can be reached at:

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


DIAMOND PARTNERS: Proofs of Claim Filing Is Until Aug. 23
---------------------------------------------------------
Diamond Partners Offshore Fund Ltd.’s creditors are given until Aug. 23,
2007, to prove their claims to Stuart K. Sybersma and Ian A. N. Wight, the
company's liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

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


DIAMOND LINE: Proofs of Claim Filing Ends on Aug. 17
----------------------------------------------------
Diamond Line International Ltd.’s creditors are given until
Aug. 17, 2007, to prove their claims to Bernard McGrath, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


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

          Walker House
          87 Mary Street, George Town
          KY1-9001, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


SAFEWRITE (CAYMAN): Proofs of Claim Filing Deadline Is Aug. 17
--------------------------------------------------------------
Safewrite (Cayman Islands) Ltd.’s creditors are given until
Aug. 17, 2007, to prove their claims to Bernard McGrath and David
Barnewall, the company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

          Clifton House, 75 Fort Street,
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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




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


ALCATEL-LUCENT: Dresdner Kleinwort Reaffirms Share Sell Rating
--------------------------------------------------------------
Dresdner Kleinwort analyst Per Lindberg has reaffirmed his "sell" rating
on Alcatel-Lucent’s shares, Newratings.com reports.

Newratings.com relates that the target price for Alcatel-Lucent’s shares
was set at EUR8.

Mr. Lindberg said in a research note that Alcatel-Lucent’s interim report
was “soft.”

Mr. Lindberg told Newratings.com that Alcatel-Lucent’s sales have
surpassed expectations.  However, the company’s income dropped on a
"like-for-like" basis.

“Cost synergies from the merger are being largely offset by pricing
pressure,” Newratings.com states, citing Dresdner Kleinwort.

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALCATEL-LUCENT: Incurs EUR336 Mil. Net Loss in Second Quarter
-------------------------------------------------------------
Alcatel-Lucent recorded revenues at EUR4.33 Billion, up 13% sequentially
and 0.5% Year-Over Year at Constant Euro/USD Exchange Rate.  Adjusted
Operating Loss at EUR19 million, Including EUR34 million from a litigation
settlement.

The company posted an adjusted net loss (Group Share) at EUR336 million
(EUR0.15 Per Diluted Share), including a net impact of EUR176 million
(EUR0.08) from several significant items.

                   Executive Commentary

Patricia Russo, CEO commented: "This quarter, our revenues sequentially
grew by a solid 13% at a constant Euro/USD exchange rate, with the
strongest performance in the wireline and services businesses.  From a
regional perspective, we saw strong growth in Asia Pacific.  We are seeing
the benefits of the merger with momentum building in our order flow for
the second consecutive quarter.  As a result, our order backlog at the end
of the second quarter 2007 continues to improve compared to first quarter
2007.  We are also seeing the benefits of revenue synergies through the
combined company's strengths.  For example, Reliance Communications
selected us for both their GSM and CDMA network expansions, marking our
entry into the GSM portion of Reliance's network and we have also been
selected by Telecom New Zealand to deploy our W-CDMA technology, along
with our existing CDMA contract."

"As we have said, 2007 is clearly a transition year for the company as we
continue to execute on our integration plans in a rapidly changing
industry.  During the quarter, we reduced our cost structure, in areas
such as IS/IT and R&D.  Additionally, we reduced approximately 1,900
positions, before the impact of new managed services contracts and
acquisitions (approximately 400 positions) are taken into account.  Year
to date we have reduced headcount by 3,800 people which is 30% of the
3-year 12,500 target.  Again, this is before the impact of managed
services contracts and acquisitions.  Based on this progress and the
ongoing efforts underway, we are planning to achieve our synergy related
pre-tax savings of EUR600 million this year.  However during 2007, we are
strategically reinvesting our gross margin savings to position the company
for the long term, while achieving most of our operating expense savings
on a comparable basis."

"In the second quarter 2007, the gross margin was lower than we would have
liked and was negatively impacted by continued significant investments in
key markets, an unfavorable product and geographic mix as well as some
impact from product related transition costs as customers migrate their
networks.  We believe the gross margin level this quarter is not
indicative of the business going forward."

"Finally, we anticipate sequential revenue growth as the year progresses,
which implies a strong ramp-up in the second half 2007.  Looking forward
to the full year 2007, we continue to expect revenues to increase on a
percentage basis at the carrier market growth rate of mid single digits at
a constant Euro/USD exchange rate."

                      Reported Results

In accordance with regulatory reporting requirements, the second quarter
2007 reported results include the non-cash impacts from purchase price
allocation entries following the merger with Lucent Technologies.  The
global Thales transaction has been closed during the second quarter 2007
and all activities, which have been contributed to Thales as of June 30,
2007 (space activity on April 10, 2007 and railway signaling and
integration and services activities for mission-critical systems on
Jan. 5, 2007) are not included in second quarter 2007 results.

For the second quarter 2007, Alcatel-Lucent's reported revenues amounted
to EUR4,326 million.  The reported gross profit was EUR1,397 million,
including the impacts from purchase price allocation entries of EUR50
million.  Reported operating loss was EUR206 million, including the impact
from purchase price allocation entries of EUR187 million.  For the
quarter, reported net loss (group share) was EUR586 million or EUR0.26 per
diluted share (US$0.35 per ADS), including the impact from purchase price
allocation entries of EUR250 million.

                      Adjusted Results

In addition to the reported results Alcatel-Lucent is providing adjusted
financial results in order to provide meaningful comparable information,
which exclude the main non-cash impacts from purchase price allocation
entries.  The global Thales transaction has been closed during the second
quarter 2007 and all activities which have been contributed to Thales as
of
June 30, 2007 (space activity on April 10, 2007 and railway signaling and
integration and services activities for mission-critical systems on Jan.
5, 2007) are not included in second quarter 2007 results.  Prior period
results refer to the adjusted pro forma combined operations for
Alcatel-Lucent as of Jan. 1, 2006.

For the second quarter, Alcatel-Lucent's revenues were
EUR4,326 million, compared to a pro-forma EUR4,491 million in the year-ago
quarter, a 0.5% increase at a constant Euro/USD exchange rate, or a 4%
decline at current rate.  The adjusted gross profit was EUR1,447 million,
33.4% of sales, including a positive impact of EUR34 million from a
litigation settlement, compared to an adjusted pro-forma gross profit of
EUR1,711 million in the year-ago quarter.  Adjusted operating loss was
EUR19 million, 0.4% of sales, compared with an adjusted pro-forma
operating loss of EUR252 million in the year-ago quarter.  For the
quarter, adjusted net income (group share) was
EUR336 million, or EUR0.15 per diluted share (US$0.20 per ADS).  The
adjusted pro-forma net income (group share) was EUR302 million, or EUR0.13
per diluted share (US$0.18 per ADS), in the second quarter 2006.

The adjusted net income (group share) for the second quarter 2007 included
three significant items:

   -- a positive pre & post-tax impact of EUR42 million from a
      litigation settlement,

   -- a positive pre-tax impact of EUR265 million, or post-tax
      of EUR80 million, reflecting an amendment of the OPEB
      liabilities,

   -- a negative pre and post-tax impact EUR298 million from a
      one-time impairment charge related to W-CDMA assets
      following our annual impairment assessment of each
      business division's assets;

Together all three items total EUR176 million or EUR0.08 per diluted share
(US$0.11 per ADS).

The net (debt)/cash position was EUR221 million as of
June 30, 2007, compared with EUR48 million as of March 31, 2007.

                    Business Commentary

The following business comments are based on a year over year comparison,
unless otherwise stated.  Business trend comparisons are based on
variations at a constant Euro/USD exchange rate.

                  Carrier Business Segment

For the second quarter 2007, revenue for the carrier business segment was
EUR3,104 million compared to EUR3,367 million in the year-ago quarter, a
5% decline at a constant Euro/USD exchange rate, or an 8% decline at
current rate.  Adjusted operating loss was EUR73 million, a (2.4)%
operating margin.

Key Highlights:

   * Reliance Communications, India's largest integrated telecom
     service provider, selected Alcatel-Lucent to expand its
     wireless network to more than 20,000 towns and 600,000
     villages.  In a contract valued at more than US$400
     million, Alcatel-Lucent will deploy an IP-based next-
     generation CDMA and GSM network expansion, extending the
     range of wireless solutions Alcatel-Lucent provides to
     Reliance Communications.

   * As part of a EUR168 million mobile network investment,
     Telecom New Zealand selected Alcatel-Lucent as its
     technology partner for a new 3G W-CDMA network upgrade, in
     addition to the recent contract award for CDMA EVDO
     Revision A upgrade.

   * LGS, Alcatel-Lucent's subsidiary dedicated to serving the
     US Government, is part of a team led by Qwest which was
     awarded a stake in the Networx Universal contract.

                          Wireline

For the second quarter 2007, revenue for the wireline business group was
EUR1,505 million compared to EUR1,460 million in the year-ago quarter, a
7% increase at a constant Euro/USD exchange rate, or a 3% increase at
current rate.

Key Highlights:

   * Revenues were solid in access, with strong growth in the
     IP-based DLSAM and Fiber-to-the premises businesses.  This
     quarter marked the highest ever quarterly performance in
     DSL with 9.6 million lines delivered, and for the first
     time more than half of the volume from the IP-based DSLAM
     platform.  The GPON momentum continued in North America and
     in Western Europe where the GPON standard gained ground
     over competitive technologies to support very high speed
     services.  Verizon completed a definitive agreement with
     Alcatel-Lucent to supply equipment for their next major
     advancement in GPON-based FiOS services.

   * Revenue was somewhat lower for the data business compared
     to the second quarter 2006, which included particularly
     strong results in MSWAN.  The IP/MPLS service routing
     business recorded the tenth consecutive quarter of growth,
     with increasing traction and presence in the Asia Pacific
     region and worldwide growth faster than the market,
     confirming our #2 market position.

   * Revenues were very strong in optics, with robust growth in
     both terrestrial and submarine transport.  The strong
     growth in the quarter was fueled by metro and long haul
     DWDM, OMSN and cross-connects to support high bandwidth
     requirements for IP video services.

   * Alcatel-Lucent won several new contracts for the Triple
     Play Service Delivery Architecture to support IP video
     services: Portugal Telecom, Vodafone Portugal and Kenya
     Data Network.

                          Wireless

For the second quarter 2007, revenue for the wireless business group was
EUR1,237 million compared to EUR1,396 million in the year-ago quarter, a
8% decline at a constant Euro/USD exchange rate, or a 11% decline at
current rate.

Key Highlights:

   * The wireless revenue decline was largely driven by low
     volumes, particularly in 2G GSM radio in Africa and Eastern
     Europe.  By comparison, shipments were strong in South East
     Asia and in China where the company has improved its market
     share.  The refreshed 2G product offerings (Twin TRX and
     ATCA BSC) gained traction as mobile operators migrate to
     all-IP architectures.  As a result of softness in the 2G
     business, the wireless transmission business also recorded
     a slight decline in the quarter.

   * The 3G business recorded good growth, primarily driven by
     TD-SCDMA in China, where Alcatel Shanghai Bell and its
     partner Datang Mobile deployed network solutions for China
     Mobile in Shanghai and Guangzhou.  Activity in W-CDMA,
     which grew sequentially, was driven by Western Europe and
     South Korea.  CDMA revenues increased in North America,
     with continued EVDO Rev A upgrades and growth in the
     subscriber base while investment in CDMA in China and Latin
     America declined.

   * With 2 new WiMAX trials announced during the second
     quarter, Alcatel-Lucent had more than 70 trials deployed.
     As an example, Alcatel-Lucent signed a two-year contract
     with SHD (a corporate joint venture between SFR and Neuf
     Cegetel in France) for the supply and installation of the
     first next-generation WiMAX network, using standard
     802.16e-2005.

   * Alcatel-Lucent won several new contracts in GSM/EDGE
     including: Indonesia (Indosat and Excelcommindo), UAE
     (Etisalat), Kenya (Celtel), China (China Mobile) and
     Pakistan (CMPak/China Mobile).

                        Convergence

For the second quarter 2007, revenue for the convergence business group
was EUR362 million compared to EUR511 million in the year-ago quarter, a
27% decline at a constant Euro/USD exchange rate, or a 29% decline at
current rate.

Key Highlights:

   * In a continued competitive market, classic core switching
     revenue, in both wireline and wireless, continued to
     decline in line with the market rate.  While the company
     continues to make progress in growing the next generation
     core business, revenues do not yet offset the declines in
     classic core networking.  The company continues to make
     significant R&D investments in advance of the market impact
     resulting from the IP network transformations that are
     underway.

   * Revenues were strong in the IMS business, albeit on a small
     base, with investments being carried out to deliver multi
     access and -device, and multimedia applications in a
     converged Internet protocol environment.

   * In the multimedia and payment businesses, revenues were
     negatively impacted by a declining market in pre-paid
     payment solutions.  Investments continued in order to
     evolve IPTV capabilities.

   * Alcatel-Lucent has been selected by TerreStar to support
     their build of an integrated mobile satellite and land-
     based communications network in North America, using IMS to
     deliver universal access and personalized services over
     standard wireless devices.

   * Alcatel-Lucent has been selected by Portugal Telecom for
     its IPTV commercial service meo, which includes broadcast
     HD-TV, and video on demand.

                Enterprise Business Segment

For the second quarter 2007, revenue for the enterprise business
segment was EUR376 million compared to EUR368 million in the year-ago
quarter, a 5% increase at a constant Euro/USD exchange rate, or a 2%
increase at current rate.  Adjusted operating income was EUR23 million, a
6.1% operating margin.

Key Highlights:

   * Revenues showed strength across all parts of the enterprise
     business, with a strong performance in Western and Eastern
     Europe.  The voice and data business contributed to the
     segment's growth with good momentum in IP telephony
     migration pulling infrastructure upgrades as for small,
     medium and large businesses.  Alcatel-Lucent continued
     further investment and effort in channel development and
     achieved positive results, with an 18% increase in service
     provider channel sales over the previous quarter, globally.

   * In addition, Alcatel-Lucent acquired privately held
     NetDevices, which delivers a market recognized, innovative
     and flexible enterprise networking platform known as a
     Unified Service Gateway which is designed to reduce the
     cost and complexity of managing branch office networks.

   * Alcatel-Lucent also entered into an agreement with NCR
     Corporation to provide on-site installation and maintenance
     services for Alcatel-Lucent enterprise communications
     customers in North America.

   * Alcatel-Lucent continued to innovate and target growth
     markets like security during the quarter.  Alcatel-Lucent
     released two new products in this area: the OmniAccess 3500
     Nonstop Laptop Guardian, and the OmniAccess SafeGuard.

   * The Alcatel-Lucent contact center activity, led by Genesys,
     continued to scale its market presence and executed
     extremely well in its core market of large enterprises,
     while extending its market reach via capabilities for
     managed services.  Genesys reported strong growth in Europe
     and Australia, reinforcing their #1 position in CTI
     (Computer Telephony Integration).

                  Services Business Segment

For the second quarter 2007, revenue for the services business segment was
EUR750 million compared to EUR699 million in the year-ago quarter, a 11%
increase at a constant Euro/USD exchange rate, or a 7% increase at current
rate.  Adjusted operating income was EUR29 million, a 3.9% operating
margin.

Key Highlights:

   * The Services Business Segment continued to focus on the
     strategic growth areas of IP transformation, applications
     integration, multi vendor maintenance, and network
     operations.

   * Network operations and hosted services registered a strong
     performance, with significant wins including a three year
     contract with Vivo in Brazil, the largest mobile operator
     in the Southern hemisphere and a turnkey build out of a
     carrier network operations center with Shanghai Telecom in
     China.  In addition Alcatel-Lucent won a contract to supply
     Network Operations Support Center services for Nextgen
     Networks optical network.

   * Multi vendor maintenance revenue continued to grow based on
     new orders such as the win with Global Crossing to oversee
     the maintenance of multi-vendor optical and transport
     equipment.

   * IPTV remains a major driver of Internet protocol network
     transformation.  Alcatel-Lucent further penetrated the
     market with a key win in Portugal Telecom.  In Internet
     protocol transformation, Alcatel-Lucent will assist BT in
     ensuring the 21CN migration control center is operational
     to migrate 20 million customers over to the new all-
     Internet protocol network.

   * Alcatel-Lucent continued to add new customers in the
     Enterprise and Government vertical markets.  A contract
     with Transpower New Zealand to deliver, operate and
     maintain a new IP-based private communications network
     connecting 192 sites across New Zealand was signed.  And, a
     multi-million Euro contract by RTE, the French electricity
     network operator, to deploy an additional fiber-optic
     network was also secured.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.




=======
C U B A
=======


* CUBA: Alabama Wants Free Trade with Nation
--------------------------------------------
Published reports say that farmers in U.S. state Alabama demand more trade
without restrictions with Cuba.

According to the reports, the 45-year-old trade ban that the U.S. imposed
on Cuba needlessly limits commerce with that nation and is "a demonstrated
failure that should have been abandoned long ago."

Alabama Agriculture Commissioner Ron Sparks commented to Prensa Latina,
"Cuba is a natural trading partner.  The Port of Mobile is 600 miles from
Cuba.  It takes two days for a ship to make the trip."

Alabama's trade with Cuba isn’t fueling military threat to the US, Prensa
Latina says, citing Mr. Sparks.

Mr. Sparks told Prensa Latina, "We're not selling them bullets or tanks or
aircraft.  We're selling them peanut butter, syrup and shingles.  Alabama
has shipped 25 million utility poles to Cuba."  He said that “Alabama
producers did about US$120 million in business with Cuba” last year.

State figures indicate that Alabama exported US$100 million or more of
goods to Cuba in each of the past three years, Prensa Latina says.

Sales have been fairly limited by requirements that Cuba make the payments
in full before receiving the shipments, USA Today states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1


* CUBA: Will Create Five Joint Agricultural Firms with Venezuela
----------------------------------------------------------------
Cuban Agricultural Minister Maria del Carmen Perez has signed accords with
Venezuelan counterpart Elias Jaua for the creation of five joint
agricultural enterprises, Venezolana de Television state channel reports.

Prensa Latina relates that the agreements are under the framework of the
Bolivarian Alternative for the Americas.

According to Prensa Latina, the joint ventures will include:

          -- leguminous plants,
          -- rice,
          -- poultry, and
          -- dairy products.

The joint ventures “can be linked to other members of the integrating
mechanism,” Prensa Latina states.  The new entities in Venezuela will
produce basic foods to ensure food security for the two nations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


PETROECUADOR: Six Companies Offer Bid for LNG Supply
----------------------------------------------------
Ecuadorian state-run oil firm Petroecuador said in a statement that six
companies have presented offers to supply the company with liquefied
petroleum gas.

Business News Americas relates that the bidders are:

          -- Anglo Energy Refining,
          -- Flopec,
          -- Glencore,
          -- Naftomar Shipping and Trading,
          -- Trafigura Beheer, and
          -- Global Companies.

According to BNamericas, the two-year contract involves the supply of 1.6
million tons, plus or minus 20%, at Petroecuador's choice with monthly
deliveries.  The contract will start in November 2007 when current
supplier Trafigura's contract expires.  The winning bidder will need a
40,000-ton storage vessel and two 2,500-ton vessels to ship the liquefied
petroleum gas to the Tres Bocas terminal in Guayas.  The contract will
cover demand while an onshore liquefied petroleum gas storage and
transport project is constructed in Monteverde.  Petroecuador signed a
strategic alliance pact with state hydrocarbons maritime transporter
Flopec last month to build this project.

An evaluation committee will disclose the winning bidder on
Aug. 2, 2007, BNamericas states.

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


* ECUADOR: Gov't Will Buy Bank To Launch Banco del Afiliado
-----------------------------------------------------------
Ecuador's presidential Web site said that the government will purchase a
bank and change its name to Banco del Afiliado y del Migrante.

According to the Web site, Banco del Afiliado will start operating in 2008.

President Rafael Correa told Business News Americas that Banco del
Afiliado will boost competition and force corrupt banks to lessen the
interest rates they charge.  The bank was part of a government plan to
support Ecuadorian emigrants living in Spain.

Banco del Afiliado will "build a credit history for remittance senders and
reduce costs for remittance receivers," BNamericas states.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


MITEL NETWORKS: S&P Cuts US$330 Mln First-Lien Debt Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its bank loan and recovery
ratings on Ottawa, Ontario-based business communications solutions
provider Mitel Networks Corp.'s proposed US$460 million senior secured
credit facility.  The bank loan rating on Mitel's proposed US$330 million
first-lien credit facility has been revised to 'B+', with a recovery
rating of '2', from 'BB-', with a recovery rating of '1'.  The '2'
recovery rating reflects S&P's expectation of substantial (70%-90%)
recovery of principal in a default scenario.

The company recently altered the terms to reallocate US$55 million from
the second-lien term loan to the first-lien term loan and also added a
maximum leverage maintenance covenant to the first-lien credit agreement.
The first-lien facilities now consist of a US$300 million term loan
(formerly US$245 million) and a US$30 million revolver.  The amount on the
second-lien facility has been revised to US$130 million from US$185
million.  The 'B' long-term corporate credit rating is unchanged.

All ratings are based on preliminary terms and conditions.  Net proceeds
will be used to help fund Mitel's acquisition of Tempe, Arizona-based
Inter-Tel Inc., a provider of Private Branch Exchange telephony platforms
and related services.

The 'B' long-term corporate credit rating and stable outlook on Mitel
reflect its very high pro forma debt leverage and correspondingly weak
credit measures, narrow focus on the small-to-medium business segment,
strong competition from large industry players, weak historical operating
performance at both companies, and integration risks associated with the
purchase of a large company.  These factors are somewhat tempered by
Mitel's enhanced market presence; potential for improved margins, given
the synergies and scale benefits; a better product roadmap; enhanced
distribution; and healthy cash flow generation.

Mitel Networks Corp.

Ratings Revised
                                            To      From
                                            --      ----
US$330 million first-lien debt              B+      BB-
Recovery rating                            2       1

Ratings Unchanged
Corporate credit rating                     B/Stable/--
US$130 million second-lien credit facility  CCC+
Recovery rating                            6

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.

It has also operations in the United Kingdom and Indonesia.




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


LAND O'LAKES: Second Quarter Net Income Rises to US$104.4 Mil.
--------------------------------------------------------------
Land O'Lakes Inc. reported net sales of US$2.0 billion and net earnings of
US$104.4 million for the second quarter, as compared to US$1.7 billion and
US$34.8 million for the second quarter of 2006.  The company also reported
year-to-date net sales of US$4.2 billion and net earnings of US$159.4
million, as compared to US$3.7 billion and US$60.9 million, respectively,
one year ago.  Year-to-date sales are up 14 percent over the first half of
2006, while net earnings are up 162 percent.

Land O'Lakes Chief Executive Officer Chris Policinski said, "Our
first-half results are not only driven in part by strong markets and, to a
lesser degree, some one-time gains, but also reflect an ongoing commitment
to effective cost control, the strength of our brands, and an intense
focus on simplifying our business portfolio."

Mr. Policinski acknowledged the volatile nature of the markets in many of
the industries Land O'Lakes operates in, adding that positive first-half
results put the company in a good position to deal with any market or
competitive challenges that may emerge in the second half of the year.

Total EBITDA was US$152.8 million for the quarter and US$254.7 million
year to date, versus US$75.5 million and US$144.9 million for the same
period in 2006.

The company also reports EBITDA on a normalized basis, excluding the
effects of unrealized hedging, significant asset sales or impairments,
legal settlements, debt extinguishment costs and other special items.
Normalized EBITDA for the quarter was US$122.6 million, compared to
US$65.0 million for the second quarter of 2006.  Year-to-date normalized
EBITDA was US$227.9 million, versus US$126.5 million for the first half of
2006.  The company increased its guidance for full-year (2007) normalized
EBITDA by US$35 million, to US$305 million.

Second-quarter and year-to-date results include a US$28.5-million pretax
gain on the company's April sale of Cheese and Protein International, a
West Coast cheese and whey manufacturing facility.  That sale reflects the
company's commitment to portfolio management aimed at intensifying its
business focus.

In respect to the balance sheet, the company reported an improved
Long-Term-Debt to Capital ratio (36.7 percent versus 39.9 percent as of
June 30, 2006) and strong liquidity (US$766.6 million in cash-on-hand and
unused borrowing authority).  During the second quarter, the company
received debt ratings upgrades from Moody's Investor Service.  The company
is reporting solid earnings in each of its major business segments (Dairy
Foods, Feed, Seed, Layers/Eggs and Agronomy.)

                         Dairy Foods

In Dairy Foods, Land O'Lakes reported second-quarter sales of US$993
million and US$59.1 million in pretax earnings for the quarter, as
compared to second-quarter sales of US$776 million and US$0.2 million in
pretax earnings one year ago.  Second-quarter and year-to-date results in
Dairy Foods include the US$28.5-million gain on the sale of CPI noted
earlier.  Land O'Lakes reported year-to-date sales of US$1.87 billion in
Dairy Foods, versus US$1.58 billion for the first two quarters of 2006.
The company reported US$79.5 million in pretax earnings in Dairy Foods
through June, versus a US$2.7-million pretax loss for the first two
quarters of 2006.

Volumes in Dairy Foods are mixed year to date, with results boosted by
strong markets and a product mix shift toward higher-value items.  Branded
retail butter volume, for example, was up 2 percent, while private label
butter and spreads volumes were down a combined 9 percent.  Company
officials attributed solid first-half performance to a combination of
strong markets, product mix, brand strength, effective cost control, and
ongoing efforts to build a right-sized, strategically located and
profitable manufacturing infrastructure.

                            Feed

The Feed division reported US$704 million in sales and a US$1.2 million in
pretax earnings for the second quarter, as compared to US$646 million in
sales and a US$1.1-million pretax loss for the second quarter of 2006.
Feed reported US$1.45 billion in sales year to date, and US$5.5 million in
pretax earnings, versus US$1.34 billion in sales and US$2.2 million in
pretax earnings through the first two quarters of 2006.  Pretax earnings
for 2007 include US$5.9 million in income from insurance proceeds, as well
as a US$3.0-million reserve (charge) related to ongoing litigation.

Customer consolidation, increased ingredients costs and system
rationalization contributed to reduced volumes (lifestyle feed volumes
were down 4 percent versus the first six months of 2006, while livestock
feed volumes were down 9 percent.)  These volume decreases were offset by
an improved (higher-margin) product mix and effective cost-reduction
efforts.

                         Layers/Eggs

The company participates in the layers/shell eggs industry through MoArk
LLC, its wholly owned subsidiary.  For the second quarter, the company
recorded US$111 million in sales and US$2.7 million in pretax earnings in
shell eggs, compared to US$105 million in sales and a US$5.7-million
pretax loss in the second quarter of 2006.  First-half sales in eggs
totaled US$231 million, with pretax earnings through June of US$6.9
million.  In the first half of 2006, the company recorded sales of US$213
million and a pretax loss of US$12.1 million in this business.

Improved volumes, up 6 percent overall, strong performance in branded and
specialty eggs, and strong markets all contributed to 2007 results in
Layers/Eggs.  Over the first six months of 2007, shell egg prices averaged
US$1.01 per dozen, versus US$0.74 per dozen over the first six months of
2006.

                            Seed

For the second quarter, the Seed division reported sales of US$223 million
and pretax earnings of US$10.3 million, as compared to sales of US$163
million and pretax earnings of US$6.9 million for the second quarter of
2006.  For the first half, the company reported US$659 million in sales
and US$44.3 million in pretax earnings, versus US$552 million in sales and
US$47.1 million in pretax earnings one year ago.

From a volume perspective, corn was up 37% (driven to a great extent by
ethanol industry demands), while soybeans and alfalfa were down 6% and
21%, respectively.  The decline in alfalfa volumes can be partially
attributed to legal proceedings regarding the USDA's approval of Roundup
Ready(R) Alfalfa for non-regulated status.  Seed's 2007 results include a
US$6.4-million (reserve) charge related to Roundup Ready Alfalfa sales
returns and inventory reserves.

                          Agronomy

Land O'Lakes conducts its Agronomy business through Agriliance LLC, a
joint venture in which the company holds a 50% ownership interest.
Second-quarter Agronomy earnings totaled US$53.1 million, as compared to
US$38.4 million for the second quarter of 2006.  Year-to-date, Agronomy
operations contributed US$55.3 million in pretax earnings, versus US$32.0
million one year ago.  Dollar sales from the agronomy joint venture are
not consolidated in Land O'Lakes financial reports.

For the first half of the year, crop nutrients volume was up 5% versus one
year ago, while crop nutrient sales (tracked in dollars) were up 6%.

In late June or early July, the company announced plans to restructure its
investment in Agronomy, under which Land O'Lakes will acquire the
Agriliance wholesale crop protection products business and CHS, Inc. (Land
O'Lakes Agriliance joint venture partner) will acquire the wholesale crop
nutrients business.  The retail agronomy business initially will continue
as a 50/50 joint venture.  However, as announced on July 11, the two
parent companies are exploring repositioning options for the Agriliance
retail business.

                   About Land O'Lakes Inc.

Land O'Lakes Inc. -- http://www.landolakesinc.com/-- is a
national, farmer-owned food and agricultural cooperative.  Land
O'Lakes does business in all 50 states and more than 50 countries,
including the Philippines, Ukraine and Guatemala.  It is a leading
marketer of a full line of dairy-based consumer, foodservice and food
ingredient products across the United States; serves its international
customers with a variety of food and animal feed ingredients; and provides
farmers and ranchers with an extensive line of agricultural supplies and
services.  Land O'Lakes also provides agricultural assistance and
technical training in more than 25 developing nations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Moody's Investors Service upgraded the long-term ratings of
Land O'Lakes Inc., including its corporate family rating and probability
of default rating to Ba2 from Ba3, and affirmed its speculative grade
liquidity rating of SGL-2.  Moody's said the rating outlook was stable.




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


AIR JAMAICA: 38-Year Loss Cycle To End by 2009, Mike Conway Says
----------------------------------------------------------------
Hylton Dennis at the Jamaica Information Service reports that Air Jamaica
Chief Executive Officer Mike Conway is positive that the airline's 38-year
loss cycle will end by 2009.

Mr. Conway explained to the Jamaica Information Service that Air Jamaica
can break the loss cycle through its fleet and route rationalization
program, which involves using more reliable aircraft and concentrating on
more profitable new destinations and services.

"The key strategic changes that are already in process involve route and
fleet rationalization.  Here, I must make the point that rationalization
does not necessarily mean downsizing; it means right-sizing, which can
involve expansion or contraction, depending on the circumstances," Mr.
Conway commented to the Jamaica Information Service.

According to the Jamaica Information Service, Mr. Conway expects the
strategy to eradicate the long trend in operating losses and help Air
Jamaica “achieve a break-even position by 2009 and profitability on a
consistent basis thereafter.”

Air Jamaica has seen in the first six months of 2007 improvements in
operations, the Jamaica Information Service says.  Passengers have
increased 41,400 over the previous year, while passenger revenues grew
8.4%.

The Jamaica Information Service notes that Air Jamaica's decision to cut
the London route would result in further improvement of yearly operating
performance by eradicating an estimated US$30 million in annual losses on
that route.

The discontinuation of the London route was one such decision involving
route rationalization, the Jamaica Information Service says, citing Mr.
Conway.

Mr. Conway told the Jamaica Information Service, "Replacing our A321
aircraft with Boeing 757s is another with respect to fleet
rationalization.  The A321 aircraft have some unique drawbacks in so far
as range and payload are concerned.  It's not unusual on a full A321
flight for 100 bags to be left behind due to payload restrictions --
meaning, there's room for the bags, but the payload performance threshold
is not high enough for the weight.  The comparably sized Boeing 757
aircraft has 30% more payload capability and will solve most of our
baggage challenges out of New York and Toronto to Jamaica and the Eastern
Caribbean.  With its extended range, the 757 will also provide us with the
opportunity to serve any major city in South America on a non-stop basis
from Jamaica."

The fleet rationalization includes ensuring that the equipment utilized is
what is suited for the route system and the needs of the passengers and is
readily adaptable to new market opportunities, the Jamaica Information
Service notes, citing Mr. Conway.

Mr. Conway commented to the Jamaica Information Service, "This includes
putting in place an efficient cross-island service in Jamaica, unlike what
existed under the former Air Jamaica Express service, which used small
turbo-prop aircraft between Montego Bay and Tinson Pen -- not Norman
Manley.  The express service constituted an airline within an airline that
did not properly connect the country's two largest population centers from
the two key arrival points.  All of our flights into Jamaica arrive at
either Montego Bay or Norman Manley International Airport and have a
unique passenger makeup -- tourists destined for the north coast resorts,
and Jamaicans or visiting friends and relatives whose predominant
destination is Kingston.  As a result, each of our arrivals in Jamaica
requires a further movement of passengers to the other major city on a
20-minute flight.  It's not very efficient to fly large aircraft on such a
short segment."

Mr. Conway explained to the Jamaica Information Service that maintenance
of an aircraft is tied to hours of use and to the number of take-offs and
landings.  By using a smaller jet aircraft like an A319 with approximately
125 seats, operating up to six roundtrips daily on a reliable basis
between Montego Bay and Norman Manley, Air Jamaica can eradicate expensive
cross-island flights.  This will let a larger aircraft to be immediately
deployed on a return long-haul routing.

According to the report, the development of new markets is important to
the success of Air Jamaica's efforts to end its loss cycle.

Mr. Conway is positive that “Air Jamaica can tap into the Central and
South American travel markets by taking advantage of Jamaica's centralized
geographic position in the heart of the Caribbean and developing Jamaica's
potential as an alternative gateway to Miami for traffic between North and
South America,” the Jamaica Information Service states.

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

                        *     *     *

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

                        *     *     *

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


AIR JAMAICA: Prosecuting Fraudulent Ticket Holders
--------------------------------------------------
Air Jamaica’s senior vice president and chief revenue officer told The
Jamaica Gleaner that the airline would be pushing to have fraudulent
ticket holders prosecuted.

The Gleaner relates that airlines flying from Jamaica detected some cases
of clients tendering tickets fraudulently bought “online with unsuspecting
cardholders' credit.”  Air Jamaica seems to have been the greatest
affected.  Instigators of the scheme allegedly get credit card numbers of
US citizens to be used to fund e-ticket buys.  The tickets are then sold
to travelers at a cheaper price than advertised.

Air Jamaica told The Gleaner that it first detected the problem on the
Curacao route, where ticket prices can be over US$500 but since then the
tickets have been tendered on other travel routes.  The airline didn’t say
the size of the fraud it has detected.

“Losses in percentage terms” are low.  However, it could amount to a
fairly substantial sum, The Gleaner says, citing Mr. Hill.  Air Jamaica
was pushing for purchasers of the illicit tickets to be prosecuted.

The Gleaner notes that Air Jamaica is taking another look at its detection
systems.

"And we will put in place new measures to limit any loss to the national
carrier," Mr. Hill told The Gleaner.

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

                        *     *     *

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

                        *     *     *

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


DYOLLL INSURANCE: Liquidators Warn To Seek Claims Cut Off Date
--------------------------------------------------------------
Dyoll Insurance Company's joint liquidators have threatened to  apply to
the Supreme Court to seek a cut off date for the presentation of claims,
Radio Jamaica reports.

According to Radio Jamaica, the liquidators are threatening to get tough
on creditors who are tardy in submitting claims.  They issued a public
appeal to all potential claimants of Dyoll Insurance to provide proof of
their debts or claims in a timely fashion.

Those who are late in submitting claims could be excluded from receiving
any future distributions from Dyoll Insurance's winding up, Radio Jamaica
states.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based Dyoll
Insurance Co. Ltd. in Mar. 7, 2005, in order to establish the true
position of the Company, address the matter of settlement to its claimants
and ensure that its policies will remain in force after a high level of
insurance claims were leveled on the company as a result of the hurricane
Ivan.  Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million fund held
by the FSC in accordance with the Insurance Act 2001, section 59, which
says that the prescribed deposit, on the winding up of an insurance
company, should be applied first to settle the claims of local
policyholders.




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


BALLY TOTAL: Files for Chapter 11 Protection in New York
--------------------------------------------------------
Bally Total Fitness Holding Corp. filed a Chapter 11 petition
with the U.S. Southern District of New York in Manhattan after
obtaining requisite number of votes in favor of its pre-packaged
chapter 11 plan.

Under the company's pre-packaged plan, these claims are expected a 100%
recovery:

     * Administrative Claims, estimated at US$24,704,600;
     * Priority Tax Claims, estimated at US$17,904,440;
     * Non-Tax Priority Claims, estimated at US$25,265,635;
     * Other Secured Claims, estimated at US$15,040,312;
     * Unimpaired Unsecured Claims, estimated at US$107,222,660;
       and
     * Lenders Claims, estimated at US$262,400,000.

Holders of Senior Notes, with claims estimated at US$235,000,000, on the
effective date, will receive the Prepetition Senior Notes Indenture
Amendment Fee and the New Senior Second Lien Notes, which alter their
contractual rights as set forth in the New Senior Second Lien Notes
Indenture.

Holders of Prepetition Senior Subordinated Notes, owed an
estimated US$323,041,667, and Holders of Rejection Claims against Bally
Total will receive:

    (a) New Subordinated Notes with a principal amount equal to
        24.8% of the amount of such Allowed Claim,

    (b) New Junior Subordinated Notes with a principal amount
        equal to 21.7% of the amount of such Allowed Claim,

    (c) 0.00093 shares of New Common Stock per US$1.00 of
        Allowed Claim and

    (d) Rights to purchase Rights Offering Senior Subordinated
        Notes with a principal amount equal to 27.9% of the
        amount of such Allowed Claim.

Holders of Rejection Claims against any of Bally's affiliates, at the
company's option, will receive either:

    (a) cash in an amount equal to the amount of the Claim,

    (b) other less favorable treatment to which the Holder and
        the Debtors agree or

    (c) quarterly installments over a 5 year period equal to the
        amount of the Claim plus interest at 12-3/8% per annum.

Holders of Subordinated Claims will receive nothing under the
plan.

On the Effective Date, the Old Equity Interests of Bally will be
canceled and the Holders will receive no distribution.

The Reorganized Debtors will retain the Interests they hold in
Affiliate Debtors.

A full-text copy of the Pre-Packaged Chapter 11 Plan and
Disclosure Statement may be viewed for free at:

               http://ResearchArchives.com/t/s?214a

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness
centers in the U.S., with over 375 facilities located in 26 states,
Mexico, Canada, Korea, China and the Caribbean under the Bally Total
Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands.
Bally offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious adult
consumers.


BALLY TOTAL: Case Summary & 50 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: Bally Total Fitness Holding Corporation
             8700 West Bryn Mawr, 2nd Floor
             Chicago, IL 60631

Bankruptcy Case No.: 07-12396

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Bally Total Fitness of Greater New York, Inc.      07-12395
Bally Total Fitness Holding Corporation            07-12396
Bally Total Fitness of Connecticut Coast, Inc.     07-12397
BTF Cincinnati Corporation                         07-12398
BTF Europe Corporation                             07-12399
Bally Total Fitness of Connecticut Valley, Inc.    07-12400
BTF Indianapolis Corporation                       07-12401
BTF Minneapolis Corporation                        07-12402
Bally Total Fitness of Colorado, Inc.              07-12403
B.T.F./C.F.I., Inc.                                07-12404
Bally Total Fitness of California, Inc.            07-12404
B.T.F.C.C., Inc.                                   07-12406
B.T.F.F. Corporation                               07-12407
Bally Total Fitness International, Inc.            07-12408
Greater Philly No. 1 Holding Company               07-12409
Bally Total Fitness Franchising, Inc.              07-12410
Greater Philly No. 2 Holding Company               07-12411
Health & Tennis Corporation of New York            07-12412
Bally Total Fitness Corporation                    07-12413
Bally Sports Clubs, Inc.                           07-12414
Holiday Health Clubs of the East Cost, Inc.        07-12415
Bally A.R.A. Corporation                           07-12416
Holiday/Southeast Holding Corporation              07-12417
Bally Fitness Franchising, Inc.                    07-12418
Bally Franchise R.S.C., Inc.                       07-12419
Jack LaLanne Holding Corp.                         07-12420
Bally Franchising Holdings, Inc.                   07-12421
New Fitness Holding Co., Inc.                      07-12422
Nycon Holding Co., Inc.                            07-12423
Bally Real Estate I, L.L.C.                        07-12424
Rhode Island Holding Company                       07-12425
Bally REFS West Hartford, L.L.C.                   07-12426
Tidelands Holiday Health Clubs, Inc.               07-12427
U.S. Health, Inc.                                  07-12428
Bally Total Fitness of the Southeast, Inc.         07-12429
Bally Total Fitness of the Midwest, Inc.           07-12430
Bally Total Fitness of Toledo, Inc.                07-12431
Bally Total Fitness of Minnesota, Inc.             07-12432
Bally Total Fitness of Rhode Island, Inc.          07-12433
Bally Total Fitness of Upstate New York, Inc.      07-12434
Bally Total Fitness of Philadelphia, Inc.          07-12435
Bally Total Fitness of the Mid-Atlantic, Inc.      07-12436
Bally Total Fitness of Missouri, Inc.              07-12437

Type of business: The Debtors (Pink Sheets: BFTH.PK) operate
                  fitness centers in the U.S., with over 375
                  facilities located in 26 states, Mexico,
                  Canada, Korea, China and the Caribbean under
                  the Bally Total Fitness(R), Bally Sports
                  Clubs(R) and Sports Clubs of Canada (R)
                  brands.  The Debtors offer a unique platform
                  for distribution of a wide range of products
                  and services targeted to active, fitness-
                  conscious adult consumers. See
                  http://www.ballyfitness.com/

Chapter 11 Petition Date: July 31, 2007

Court: Southern District of New York (Manhattan)

Debtors' Counsel: Joseph Furst, III, Esq.
                  Latham & Watkins, L.L.P.
                  885 Third Avenue
                  New York, NY 10022
                  Tel: (212) 906-1200
                  Fax: (212) 751-4864

Debtors' financial condition as of December 31, 2006:

   Total Assets: US$396,771,000

   Total Debts:  US$761,347,000

Debtors' Consolidated List of their 50 Largest Unsecured Creditors:

   Entity                       Nature of Claim     Claim Amount
   ------                       ---------------     ------------
HSBC Bank USA, N.A.             9 7/8% Series B&D US$321,618,229
Corporate Trust & Loan Agency   Senior Sub. Notes
Indenture Trustee
Robert Conrad
452 Fifth Avenue
New York, NY 10018-2706

U.S. Bank N.A.                  10 1/2% Senior    US$246,309,375
Indenture Trustee               Unsubordinated
Patricia J. Kapsch              Notes
Assistant Vice President
60 Livingston Avenue
St. Paul, MN 55107
Tel: (651) 495-3960

Harry Schwartz                  Professional Fees   US$2,096,649
10859 Emerald Coast
Parkway West, Unit #4-404
Destin, FL 32550

El Segundo Plaza, L.P.          Trade Debt          US$1,179,318
11101 Lakewood Boulevard
Downey, CA 90241

Grupo Gallegos                  Trade Debt            US$846,312
Julie Beall
401 East Ocean Boulevard
6th Floor
Long Beach, CA 90802
Tel: (562) 256-3600

Vornado Forest Plaza, LLC       Trade Debt            US$705,833
c/o Skyline Management Corp.
600 Old Country Road, Suite 425
Garden City, NY 11530

750 Sunrise Associates          Trade Debt            US$640,556
c/o Allan Kozich
1220 Northeast 4th Avenue
Fort Lauderdale, FL 33304

The Morris Rochlin              Trade Debt            US$621,866
Trust UAD 3/3/94
613 Rue Du Lac
West Bloomfield, MI 48323

Jenner & Block LLP              Professional Fees     US$618,377
Jody Lucey
330 North Wabash Avenue
Chicago, IL 60611
Tel: (312) 222-9350

Rancon Realty Fund V            Trade Debt            US$600,087
Subsidiary LLC
P.O. Box 6022
Hicksville, NY 11802-6022

David Mandelbaum                Professional Fees     US$500,000
80 Main Street
West Orange, NJ 07052-5497

Cuyahoga County Real Estate     Trade Debt            US$491,244
Tax
Real Estate Tax
James Rokakis
P.O. Box 94547
Cleveland, OH 44101-4547

California Personal             Trade Debt            US$421,984
Property Tax
P.O. Box 54027
Los Angeles, CA 90054-0027

119 Sixty Street LLC            Trade Debt            US$393,005
3611 North Kedzie Avenue
Chicago, IL 60618

TXU Energy                      Trade Debt            US$380,429
P.O. Box 660161
Dallas, TX 75266-0161

S&T Investments - Clearwater    Trade Debt            US$376,144
Partnership
c/o Boulder Venture
2226 State Road 580
Clearwater, FL 33763

Ozburn-Hessey Logistics         Trade Debt            US$367,707
Vivian Harris
P.O. Box 692192
Cincinnati, OH 45269-2192
Tel: (615) 880-4865

AT&T Corporation                Trade Debt            US$363,525
Opus Billing Department
P.O. Box 198401
Atlanta, GA 30384-8401
Tel: (800) 262-3589

H.E.C. Holding Company          Trade Debt            US$357,338
c/o Jay Stahler
50 Schrieffer
P.O. Box 1526
South Hackensack, NJ 7606

Bluemound Office Company        Trade Debt            US$347,917
c/o Dennis Klein
16985 West Bluemound Road
Brookfield, WI 53005

R.H. Construction and           Trade Debt            US$347,312
Dal-Tile
11720 Warfield
San Antonio, TX 78216

Starcom Worldwide Inc.          Trade Debt            US$341,278
Division of Leo Burnett USA,
Inc.
12076 Collecitons Center Drive
Chicago, IL 60693

State of Texas                  Trade Debt            US$325,000
Department of Licensing and
Regulation
P.O. Box  12157
Austin, TX 78711
Tel: (512) 463-5522

Standard Funding Corp.          Trade Debt            US$310,386
P.O. Box 9011
Syosset, NY 11791
Tel: (516) 364-0200

Conedison Solutions             Trade Debt            US$309,347
Jaf Station
P.O. Box 1702
New York, NY 10116-1702

Commonwealth Edison             Trade Debt            US$283,295
Bill Payment Center
Chicago, IL 60668

Woolbright Coral                Trade Debt            US$281,271
Springs II, LLC
c/o American Realty Investors
598 Riverside Drive
Coral Springs, FL 33071

BMS Realty Company              Trade Debt            US$276,722
100 Cedar Avenue
Hewlett Bay Park, NY 11557

California SUI Tax              Trade Debt            US$276,344
Employment Development
P.O. Box 82604
Sacramento, CA 94230-6204

Bowne of Chicago                Trade Debt            US$248,100

Cook County Real Estate Tax     Trade Debt            US$238,719

Michigan State Tax              Trade Debt            US$230,000

Florida Sales Tax               Trade Debt            US$219,497

Texas Sales Tax                 Trade Debt            US$216,866

Ernst & Young LLP               Trade Debt            US$209,100

Federal Taxes -                 Trade Debt            US$204,374
Internal Revenue Service

Southern California             Trade Debt            US$203,442
Edison Co.

Orlando Partnership             Trade Debt            US$198,376

California Workmans Comp.       Trade Debt            US$189,387

Qwest                           Trade Debt            US$187,929

Ohio Workmans Compensation      Trade Debt            US$181,006

Sentry Insurance                Trade Debt            US$180,216

Washington Sales Tax            Trade Debt            US$179,308

W.W. Grainger Inc.              Trade Debt            US$177,982

Pacific Gas & Electric Co.      Trade Debt            US$157,317

The Analysis Group              Trade Debt            US$157,025

Verizon - Northwest             Trade Debt            US$153,965

DTE Energy                      Trade Debt            US$152,820

Randolph Investment, LLC        Trade Debt            US$151,084

FPL                             Trade Debt            US$144,552


CHEMTURA CORP: Closes Organic Peroxides Biz Sale to PERGAN
----------------------------------------------------------
Chemtura Corporation has completed the sale of its organic peroxides
business and Marshall, Texas manufacturing facility to German organic
peroxides maker PERGAN GmbH in an all-cash transaction for an undisclosed
amount.  Proceeds from the transaction will be used to reduce debt that
was incurred to fund the recent acquisition of specialty lubricant
producer Kaufman Holdings.

“This divestiture represents additional progress in our ongoing portfolio
refinement plan,” said Chemtura Chairman and CEO Robert L. Wood.  “We are
pleased to be transferring this business to a buyer who is interested in
growing it, which should benefit both customers and affected employees.”

Substantially all of the 40 employees at the Marshall facility are
expected to transfer to PERGAN GmbH.  The organic peroxides business being
sold had revenues for 2006 of approximately US$20 million.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from
      Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from
      Ba1; LGD4 (53%)


EMPRESAS ICA: Will Compete for Projects Totaling US$20 Billion
--------------------------------------------------------------
Empresas ICA, S.A. de C.V.’s chief financial officer Alonso Quintana said
in a conference call that the firm will compete for projects amounting to
US$20 billion over the next 18 months.

Mr. Quintana told Business News Americas that the projects will include
bids for:

          -- La Yesca dam in Nayarit,

          -- La Parota dam in Guerrero,

          -- Agua Prieta and El Ahogado wastewater treatment
             plants in Jalisco,

          -- interurban train in Guanajuato,

          -- Arriaga-Ocozocoautla highway in Chiapas,

          -- Perote-Xalapa highway in Veracruz, and

          -- the second and third suburban train lines running
             from Mexico City to surrounding municipalities in
             Mexico.

Empresas ICA expects to “benefit from an increased pace in the awarding of
contracts following the announcement of President Felipe Calderon's
national infrastructure plan for 2007 to 2012,” Mr. Quintana told
BNamericas.  Considering the increase in the pace of awarding public
works, plus three contracts won by Empresas ICA consortiums during the
second quarter 2007, Mr. Quintana is positive that the firm will stay on
the growth and improved profitability track that it has established over
the last couple of years.

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.


FRESENIUS SE: Fitch Affirms BB Senior Unsecured Debt Rating
-----------------------------------------------------------
Fitch Ratings affirmed Germany-based healthcare group, Fresenius SE
(previously Fresenius AG) and its entities and their respective debt
instruments as follows:-

Fresenius SE:

  -- Long-term Issuer Default rating 'BB'/Stable Outlook
  -- Short-term IDR 'B'
  -- Senior unsecured debt rating 'BB'

Fresenius Finance B.V.:

  -- Senior unsecured debt rating for the guaranteed senior
     notes 'BB'

Fresenius Medical Care AG & CO. KGaA:

  -- Long-term IDR 'BB'/Stable Outlook
  -- Short-term IDR 'B'
  -- Senior unsecured debt rating 'BB'

Fresenius Medical Care Capital Trusts:

  -- Subordinated rating for the guaranteed trust preferred
     securities 'B+'

The ratings are supported by Fresenius's excellent market positioning in
the non-cyclical, steady- growth dialysis market with stable and
relatively predictable cash flow generation.  The ratings also reflect the
group's vertical integration into the manufacturing of hemodialysis
machines and supplies and peritoneal dialysis products and accompanying
cost advantages, which allow the group to build on its reputation for
quality services.  The ratings are constrained by Fresenius's
over-reliance on just one disease area, exposure to private insurers' and
governments' reimbursement policies and appetite for acquisitions.
Despite the improvement in debt protection measures seen during FY06, the
Stable Outlook takes into consideration the likelihood of further
debt-funded acquisitions.  Fitch will assess the impact of any large
acquisitions focusing on their strategic fit and funding mix.

As the largest globally operating dialysis service and product provider,
FMC benefits from a geographical broad network of dialysis clinics.  As
70% of group's EBITDA is derived from dialysis, Fresenius is over reliant
on one treatment area and thus exposed to potential substitution and
technology changes. It is furthermore reliant on private insurers' and
governments' reimbursement policies.  Although legislative or
reimbursement practice changes may have a negative effect on Fresenius's
profitability, Fitch expects no dramatic changes in legislation in the
medium term.

Fresenius's EBITDA margin had remained fairly stable at about 16% since
2002 before it increased to 17.1% in FY06, driven by the Renal Care Group
acquisition.  In FY06 Fresenius SE managed to reduce its net debt-to-
EBITDA leverage ratio to 3x, which was about what it had targeted for 2008
of under 3x.  The group's FY06 net adjusted debt/EBITDAR was, however,
still high at 3.9x (2.8x de-consolidating FMC and only including dividends
and payments for services and leases from Fresenius Medical Care to
Fresenius SE). At YE06, operating EBITDAR/net interest plus rents ratio
stood at 2.9x (FY05: 3.1x) for the group and at 4.8x on a de-consolidated
basis.  While Fresenius Kabi business is expected to remain highly cash
generative, Fresenius ProServe's cash flows are likely to remain weak due
to capital expenditure requirements and planned acquisitions.

The 'BB' unsecured rating for Fresenius SE and FMC reflects Fitch's view
of average recovery prospects on default.  While the USD500m senior notes
issued by FMC benefit from unsecured guarantees provided by certain FMC's
top operating subsidiaries, any claims from FMC's creditors will rank
after its secured bank loan creditors.  The senior notes issued by
Fresenius Finance B.V. benefit from senior unsecured guarantees provided
by Fresenius Kabi and Fresenius ProServe and are supported by the economic
value of Fresenius SE's 36% equity in FMC.

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
is the world's leading provider of dialysis products and
services.

Fresenius AG is a global health care company with products and
services for dialysis (through Fresenius Medical Care),
international healthcare services and facilities management
(Fresenius ProServe) and nutrition and infusion therapies
(Fresenius Kabi).  The company also operates facilities in
Australia, Brazil, Canada, China, France, Korea, Mexico,
Portugal and Sweden, among others.


FIRST DATA: Shareholders Approve Kohlberg Affiliate Merger Pact
---------------------------------------------------------------
First Data Corp.'s shareholders approved the merger agreement with an
affiliate of Kohlberg Kravis Roberts & Co.  Of the shares that were voted,
over 98% were cast in favor of the merger.

Upon the closing of the merger, the Company's shareholders will be
entitled to receive US$34.00 in cash, without interest, for each share of
First Data common stock held.

“I am very pleased to receive such broad support for this transaction from
our shareholders,” said Chairman and CEO, Ric Duques.  “With most of the
necessary conditions now having been met, we are well on our way to
closing this transaction, as expected, in the third quarter.”

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

                        *     *     *

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


GRUPO MEXICO: Shuts Down Cananea Copper Mine Due to Strike
----------------------------------------------------------
Grupo Mexico SA, de C.V., has closed down its Cananea copper mine due to a
strike, Reuters reports, citing a top official of the company.  Two
smaller mines have also been shut down.

Reuters relates that mine employees walked off the job in a conflict over
contracts and safety.

Grupo Mexico told Reuters that it expects the Mexican government to
declare the strike illegal.  The firm's general counsel Alberto de la
Parra said he was waiting for that to happen.

Operations at the mines have stopped but should resume in two days,
Reuters notes, citing Grupo Mexico's Mexican mining division head Xavier
Garcia.

Reuters notes that the Mexican labor ministry has the power to rule on the
legality of strikes.  The ministry prohibited last month an attempt by the
union to close Grupo Mexico's operations.

Meanwhile, some workers would prefer to continue operations at the mine to
take full advantage of a lucrative profit sharing scheme, Reuters 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.


U.S. STEEL: Paying US$0.20 Per Share Dividend on Sept. 10
---------------------------------------------------------
United States Steel Corporation's Board of Directors has declared a
dividend of 20 cents per share on U.S. Steel Common Stock.

The dividend is payable Sept. 10, 2007, to stockholders of record at the
close of business Aug. 15, 2007.

                      About U.S. Steel

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

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/--).


WENDY'S INT’L: Earns US$29.2 Mil. in Quarter Ended June 30
----------------------------------------------------------
Wendy's International Inc. reported net income of US$29.2 million in the
second quarter of 2007, compared to a net loss of
US$29.1 million in the second quarter of 2006.

Total revenues were US$632.9 million in the second quarter of 2007, down
0.2%, compared to US$634.1 million in the second quarter of 2006.

Sales were 558.3 million in the second quarter of 2007, compared
to US$557.8 million in the second quarter of 2006.  Sales are up
slightly due to positive same-store sales, but Wendy's had
31 fewer company-operated restaurants open at the end of the
second quarter of 2007 compared to the same quarter a year ago.

Franchise revenues were US$74.6 million in the second quarter of
2007, compared to US$76.3 million in the second quarter of 2006.
The year-over-year decrease is due primarily to fewer open
franchise restaurants compared to 2006.

Average same-store sales were up 0.7% for U.S. company-operated
restaurants and 0.4% for U.S. franchise restaurants.  Wendy's(R)
has now produced 13 consecutive months of positive same-store
sales.

The company and its franchisees opened a total of 39 new Wendy's
restaurants during the second quarter of 2007.  The total number
of systemwide Wendy's restaurants at the end of the second quarter in 2007
was lower at 6,661, compared to 6,673 at year-end 2006 and 6,743 at the
end of the second quarter in 2006, reflecting closures of underperforming
restaurants.

As of June 30, 2007, total assets were US$1.8 billion, total
liabilities were US$1 billion, and total stockholders’ equity was
US$766.4 million.

                    Management’s Comments

"We delivered significantly improved results versus a year ago,"
said chief executive officer and president Kerrii Anderson.  "Our income
and EBITDA results are encouraging and store operating margins continue to
expand as we execute our strategic plan."

"We are revitalizing the Wendy's brand with innovative product
introductions, a new advertising campaign and improving
operations," said Mr. Anderson.  "Our U.S. company-operated
restaurant EBITDA margin improvement was the result of strategic
initiatives we began implementing this year - an effective menu
management strategy and more efficient operations.  We believe
that price increases, which are impacting transactions in the
short term, will position us to produce profit expansion in the
longer term.  We have good momentum in the business as we focus on
improving profits in every restaurant in the Wendy's system."

"We are very encouraged by the positive consumer reaction to our
new 'That's Right' advertising campaign, and we're stepping up the
creative use of our 'Red Wig' icon in our marketing efforts -- TV
advertising, on-line, in-store and more," said Wendy's chief marketing
officer Ian Rowden.  "After only six weeks, national consumer research
shows more than half of the respondents can play back the 'I deserve a
hot, juicy burger' line from our advertising campaign and immediately
associate the 'Red Wig' with Wendy's.  This is a key reason our core
hamburger business is growing."

                      Other Highlights

Wendy's completed its spinoff of Tim Hortons(R) in the third
quarter of 2006 and completed the sale of Baja Fresh(R) Mexican
Grill during the fourth quarter of 2006.

As a result of its 2006 spinoff of Tim Hortons, the company, now
accounts for its 50% share of the restaurant real estate joint
venture with Tim Hortons, Wendy's and Tim Hortons' combination
units, under the equity method of accounting, rather than
consolidating the results of the joint venture in the company's
financial statements.  This change in accounting for the Company's joint
venture with Tim Hortons resulted in an overall reduction to
second-quarter 2007 operating income of US$2.2 million compared to the
second quarter 2006.

During the second quarter of 2007, the company also entered into a
definitive agreement to sell Cafe Express.

                  118th Consecutive Dividend

The Board of Directors approved a quarterly dividend of 12.5 cents per
share, payable August 20 to shareholders of record as of Aug. 6.  The
dividend payment will represent the company's 118th consecutive dividend.

                        About Wendy's

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, among others.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


WENDY'S: Triarc Wants US$37 to US$41 a Share Offer Considered
-------------------------------------------------------------
Nelson Peltz, chairman of Triarc Companies Inc., sent a letter
Monday to Wendy's International Inc. asking the special committee working
on Wendy's sale to consider his company's purchase offer.

In his letter, Mr. Peltz dislosed that Triarc's offer could range from
US$37.00 to US$41.00 per share, which could increase further depending on
due diligence results.

Mr. Peltz noted that Triarc, as a natural, strategic buyer for
Wendy's, should be encouraged to participate in the sale process.  He
suggested that the special committee execute a confidentiality  agreement
not later than 5:00 p.m. on
Aug. 1, 2007.

                    About Triarc Companies

New York-based Triarc Companies Inc. -- http://www.triarc.com--
(NYSE: TRY, TRY.B) is a holding company and, through its subsidiaries, is
the franchisor of the Arby's restaurant system and the owner of
approximately 94% of the voting interests, 64% of the capital interests
and at least 52% of the profits interests in Deerfield & Company LLC, an
asset management firm.

                       About Wendy's

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, among others.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.




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


ROYAL CARIBBEAN: Launching Operations in Panama
-----------------------------------------------
The Royal Caribbean Cruises Ltd. will make Panama the starting point for
some of its tour operations to boost its presence in the region, Reuters
reports.

Reuters relates that the Panamanian government has agreed with Royal
Caribbean’s plan.  The agreement could attract Central American and
European tourists hoping to avoid tight US visa requirements for Miami,
where many Caribbean-bound cruises depart.

The Panama deal would account for around 1% of yearly sales in the first
year of operation, Reuters says, citing Royal Caribbean President Adam
Goldstein.

Reuters notes that Royal Caribbean will operate 17, one-week cruises from
Panamanian main Caribbean port Colon starting next year.

According to Reuters, cruise liner "Enchantment of the Seas" will leave
Colon, “calling at ports in Colombia, Aruba and Curacao.”

“The deal marked the beginning of a new industry for Panama,” Reuters
says, citing Panamanian vice-president Ruben Arosamena.

Royal Caribbean operates 35 ships in Europe, North America, South America.
However, most of the firm's business is from the Caribbean, Reuters
states.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise
vacation company that operates Royal Caribbean International,
Celebrity Cruises and Pullmantur.  The company has a combined
total of 34 ships in service and seven under construction.  It
also offers unique land-tour vacations in Alaska, Australia,
Canada, Europe and Latin America.  One of the company's tour starting
points is in Panama.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service assigned Royal Caribbean Ltd.'s new
benchmark size Euro senior unsecured notes Ba1, raised RCL's
Speculative Grade Liquidity rating to SGL-2 from SGL-3 and
affirmed all other existing ratings.




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


* PARAGUAY: IDB Okays US$1MM Loan to Expand Services in Nation
--------------------------------------------------------------
The Inter-American Development Bank’s Multilateral Investment Fund
announced today the approval of a US$1 million loan to Banco Regional S.A.
in Paraguay to support the expansion of financial services coverage for
small and medium-sized rural entrepreneurs.  The operation includes a
US$146,000 technical cooperation grant.

“This financial and technical cooperation project will promote
diversification of the financial products available to small and
medium-sized producers as new funding options for their traditional
activities,” said MIF Team Leader Edgar Rivera.

“The MIF will extend a line of credit that will enable Banco Regional to
offer longer-term financing,” added Mr. Rivera.  “The technical
cooperation will strengthen the institution to develop new innovative risk
analysis techniques and tools”.

This project is complemented by a US$1 million loan operation approved by
the Inter-American Investment Corporation, another member of the IDB
Group.  The initiative is part of a cooperation program established by the
MIF and the IIC to jointly boost penetration by financial intermediaries
in the small and medium-sized enterprise sector.  Both organizations will
jointly coordinate the project supervision and performance.

Banco Regional S.A. was established in 1991 by a group of local
entrepreneurs to further the development of the productive and industrial
sector in the departments of Itapua and Alto Parana, Paraguay’s most
important agricultural and agroindustrial zone.

MIF, an autonomous fund administered by the IDB, supports private sector
development in Latin America and the Caribbean, focusing on
microenterprise and small business.

                        *     *     *

Moody's assigned these ratings on Paraguay:

     -- CC LT Foreign Bank Deposit, Caa2
     -- CC LT Foreign Currency Debt, Caa1
     -- CC ST Foreign Bank Deposit, NP
     -- CC ST Foreign Currency Debt, NP
     -- LC Currency Issue




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P E R U
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GOODYEAR TIRE: Matrix Research Downgrades Firm’s Shares to Sell
---------------------------------------------------------------
Matrix Research analysts have downgraded Goodyear Tire & Rubber Co’s
shares to "sell" from "hold," Newratings.com reports.

The analysts said in a research note that the production of rubber tires
by Goodyear Tire would be adversely affected in the near term by an
increase in oil prices.

The analysts told Newratigns.com that demand for Goodyear’s tires would
decrease due to increased gasoline prices.

Goodyear Tires’s “EVA” continued to decline during the 12-month period
ended June 2007.  Its “NOPAT” decreased by over 21%, Newratings.com
states, citing Matrix Research.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.

Goodyear maintains Asia-Pacific facilities in Australia, China
and Korea.  Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom.
Goodyear's Latin-American operations are located in Argentina,
Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch Ratings has upgraded the Issuer Default
Rating for The Goodyear Tire & Rubber Company to 'B+' from 'B'.
In addition, these debt ratings have been upgraded:

  The Goodyear Tire & Rubber Company

     -- Issuer Default Rating 'B+' from 'B';

     -- US$1.5 billion first lien credit facility to 'BB+/RR1'
        from 'BB/RR1';

     -- US$1.2 billion second lien term loan to 'BB+/RR1' from
        'BB/RR1';

     -- US$300 million third lien term loan to 'BB-/RR3' from
        'B/RR4';

     -- US$650 million third lien senior secured notes to 'BB-
        /RR3' from 'B/RR4';

     -- Senior unsecured debt to 'B-/RR6' from 'CCC+/RR6'.

  Goodyear Dunlop Tires Europe B.V.

     -- EUR505 million European secured credit facilities to
        'BB+/RR1' from 'BB/RR1'.

Fitch said the rating outlook is positive.  Goodyear Tire had
approximately US$5.8 billion of debt outstanding at
March 31, 2007.


GOODYEAR TIRE: Workers' Union Approves Deal with Carlyle Group
--------------------------------------------------------------
The union representing workers at Goodyear Tire & Rubber Co.'s
engineered-products division said it ratified a contract with the Carlyle
Group, resolving outstanding issues the union cited last week, Terry
Kosdrosky writes for The Wall Street Journal.

According to the report, the outstanding issues include the
creation of a secure trust for retiree health care separate from
the one at Goodyear as well as an extension of the cost of living
adjustment to 2012.

Goodyear said in March 2007 that it is selling substantially all
of its engineered products business to EPD Inc., an entity
sponsored by Carlyle Group, for US$1.475 billion.

The sale is expected to close in the third quarter, WSJ says.

The company anticipates using the proceeds for purposes including reducing
debt, addressing legacy obligations and supporting business growth.

                    About The Carlyle Group

The Carlyle Group is one of the world's largest private equity
firms with US$54.5 billion under management, investments in more
than 185 companies and 750 employees in 16 countries.  In the
aggregate, Carlyle portfolio companies have more than US$68 billion in
revenue and employ more than 200,000 people around the world.

                        About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.

Goodyear maintains Asia-Pacific facilities in Australia, China
and Korea.  Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom.
Goodyear's Latin-American operations are located in Argentina,
Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch Ratings has upgraded the Issuer Default
Rating for The Goodyear Tire & Rubber Company to 'B+' from 'B'.
In addition, these debt ratings have been upgraded:

  The Goodyear Tire & Rubber Company

     -- Issuer Default Rating 'B+' from 'B';

     -- US$1.5 billion first lien credit facility to 'BB+/RR1'
        from 'BB/RR1';

     -- US$1.2 billion second lien term loan to 'BB+/RR1' from
        'BB/RR1';

     -- US$300 million third lien term loan to 'BB-/RR3' from
        'B/RR4';

     -- US$650 million third lien senior secured notes to 'BB-
        /RR3' from 'B/RR4';

     -- Senior unsecured debt to 'B-/RR6' from 'CCC+/RR6'.

  Goodyear Dunlop Tires Europe B.V.

     -- EUR505 million European secured credit facilities to
        'BB+/RR1' from 'BB/RR1'.

Fitch said the rating outlook is positive.  Goodyear Tire had
approximately US$5.8 billion of debt outstanding at
March 31, 2007.




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


DENNY’S CORP: Earns US$11.5 Million in Quarter Ended June 27
------------------------------------------------------------
Denny’s Corporation reported results for its second quarter ended June 27,
2007.  Net income for the second quarter was US$11.5 million, or US$0.12
per diluted common share, an increase of US$9.6 million compared with
prior year net income of US$1.9 million, or US$0.02 per diluted common
share.  Adjusted income before taxes for the second quarter was US$1.5
million, an increase of US$3.9 million compared with the prior year loss
of US$2.4 million.  This measure, which is used as an internal
profitability metric, excludes restructuring charges, exit costs,
impairment charges, asset sale gains, share-based compensation, other
nonoperating expenses and income taxes.

Nelson Marchioli, President and Chief Executive Officer, stated, “During
the second quarter we continued to make progress both operationally and
against our long-term value creation initiatives.  Our marketing
activities during the quarter resulted in improved guest traffic trends as
well as a stronger menu mix.  We are also quite pleased by the initial
demand for Denny’s restaurants under our recently launched Franchise
Growth Initiative, a program designed to facilitate system growth and to
strengthen our operating cash flow.  Under this program, we completed the
sale of 28 company restaurants in the quarter, 22 of which were sold to
new franchisees.  While we face persistent margin pressures from rising
commodity costs and wage rates and cannot control the economic forces
impacting our customers, we will continue to execute operationally and
strategically in order to build the Denny's brand, and increase
shareholder value.”

                   Second Quarter Results

For the second quarter of 2007, Denny’s reported total operating revenue
of US$240.9 million, a decrease of US$2.5 million from the prior year
quarter.  Company restaurant sales decreased US$2.7 million to US$218.3
million as a result of 25 fewer equivalent units, partially offset by a
2.8% increase in company same-store sales.  During the second quarter,
Denny’s sold 28 company restaurants to franchisee operators and closed one
company restaurant.  The 25 fewer equivalent units in the second quarter
resulted primarily from the closure of underperforming restaurants in 2006
along with the impact of restaurants sold to franchisees in 2007.

Franchise revenue increased US$0.1 million to US$22.6 million as a result
of a US$1.8 million increase in royalties and initial fees, offset by a
US$1.7 million decrease in occupancy revenue.  The increase in royalties
and fees is primarily due to a 4.0% increase in franchised same-store
sales combined with upfront franchise fees resulting from the sale of
company restaurants to franchisees.  The decrease in franchise occupancy
revenue is due primarily to the sale of real estate previously leased to
franchisees.

Company restaurant operating margin (as a percentage of company restaurant
sales) for the second quarter was 11.6%, basically flat with same period
last year.  Product costs for the second quarter increased 0.9 percentage
points due primarily to increasing commodity costs. Payroll and benefit
costs increased 0.5 percentage points due primarily to the impact of
higher wage rates, partially offset by improving experience in worker’s
compensation costs and medical benefits.  Legal settlement expense
improved by 0.9 percentage point due primarily to prior year increases in
legal reserves.

General and administrative expenses for the second quarter increased
US$1.6 million from the same period last year due primarily to higher
incentive compensation along with additional staffing expense.

Depreciation and amortization expense for the second quarter decreased by
US$1.6 million compared with the prior year period due primarily to the
sale of real estate assets.  Operating gains, losses and other charges,
net, which reflect restructuring charges, exit costs, impairment charges
and gains or losses on the sale of assets, increased US$7.1 million in the
quarter due primarily to gains on the sale of restaurant operations and
real estate during the quarter.

Operating income for the second quarter increased US$7.2 million to
US$24.3 million due primarily to a US$7.1 million increase in operating
gains, losses and other charges.  Excluding these items in both periods,
operating income for the second quarter increased US$0.1 million to
US$11.3 million.

Interest expense for the second quarter decreased US$3.9 million to
US$11.0 million due primarily to lower debt balances and improved
borrowing costs.

                 Franchise Growth Initiative

Denny’s has made considerable progress on its strategic initiative to
increase franchise restaurant development through the sale of certain
company restaurants in geographic clusters outside of core company
markets.  During the second quarter, the company sold 28 restaurant
operations and related real estate to five franchisees for net proceeds of
US$20.2 million.  This brings the total number of company restaurants sold
year-to-date to 34, yielding net proceeds of US$21.9 million.

Fulfilling the unit growth expectations of this program, the franchisees
that purchased company restaurants during the quarter signed development
agreements to build 23 new franchise restaurants.  This brings the
year-to-date total for restaurant development agreements attributable to
FGI to 26 restaurants.

In addition to franchise development agreements signed under FGI, the
company signed development agreements in the second quarter for an
additional 23 franchise restaurants in markets outside the FGI program.

The company also divested one other real estate asset during the second
quarter for net proceeds of US$0.9 million, bringing the year-to-date
total for other real estate assets sold to four properties and net
proceeds to US$5.0 million.

During the second quarter, net cash proceeds from asset sales along with
cash flow from operations were used to reduce outstanding debt by US$12.5
million, while increasing cash balances by US$12.1 million.  Subsequent to
quarter end, the company made a US$15.0 million prepayment on its credit
facility term loan, reducing the balance to US$215.6 million.
Year-to-date, total outstanding debt has been reduced by approximately
US$33.5 million.

Business Outlook

The company reiterates its previously issued full-year earnings guidance
for 2007.  Due to the successful start of FGI, management has updated its
revenue and interest expense expectations.  This financial and operating
guidance for 2007 is based on year-to-date results and management’s
expectations at this time and excludes the impact of any additional
company restaurants to be sold under FGI.

                  About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's Corporation (Nasdaq:
DENN) -- http://www.dennys.com/-- is a full-service family restaurant
chain in the U.S., with 521 company-owned units and 1,024 franchised and
licensed units, with operations in the United States, Canada, Costa Rica,
Guam, Mexico, New Zealand and Puerto Rico.

                         *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.


DORAL FINANCIAL: Fitch Removes All Ratings from Negative Watch
--------------------------------------------------------------
Fitch Ratings has affirmed and removed all of Doral Financial
Corporation's ratings from rating watch negative.  DRL's Rating outlook is
positive.  Fitch currently rates DRL's long-term Issuer Default Rating
'CCC'.  The support rating floor for DRL and its principal subsidiary
remains unchanged at 'No Floor'.

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

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

Resolution of DRL's ratings will be driven by improved operating metrics
and satisfactory review of liquidity and capitalization plans.

These ratings have a positive rating outlook:

Doral Financial Corporation

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

Doral Bank

  -- Long-term Issuer Default Rating 'B' ;
  -- Long-term deposits B+;
  -- Support '5';
  -- Support Floor 'NF';
  -- Individual 'D';
  -- Short-term Issuer 'B';
  -- Short-term deposit obligations 'B'.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.


HORIZON LINES: Prices Tender Offer on 9% & 11% Senior Notes
-----------------------------------------------------------
Horizon Lines Inc. has priced terms for its previously announced debt
tender offer.  The company has offered to purchase any and all of the
9.00% Senior Notes due 2012 (CUSIP No. 44043YAB8) of its subsidiaries
Horizon Lines LLC and Horizon Lines Holding Corp. and 11.00% Senior
Discount Notes due 2013 (CUSIP No. 40422RAB2) of its subsidiary H-Lines
Finance Holding Corp.  The terms and conditions of the tender offer are
described in detail in the Offer to Purchase and Consent Solicitation
Statement dated July 17, 2007, and the related Letter of Transmittal,
which were mailed to the holders of the Notes.

The total consideration for each series of Notes is based on the
applicable reference U.S. Treasury security yield, which was determined at
2:00 p.m., New York City time, on July 27, 2007, by the dealer manager,
plus a fixed spread as set forth in the Offer to Purchase.  Holders of
Notes subject to the tender offer who validly tendered, and did not
validly withdraw their tender, on or before 5:00 p.m., New York City time,
on July 30, 2007 (the Consent Expiration), are eligible to receive the
total consideration if such tendered notes are accepted for purchase.
Holders of Notes subject to the tender offer who validly tender their
Notes after the Consent Expiration and on or before 12:00 midnight, New
York City time, on Aug. 13, 2007, and do not validly withdraw their
tender, and whose Notes are accepted for purchase will receive the
applicable tender offer consideration.

The company also announced that, for both the Senior Notes and the Senior
Discount Notes, it has received consents from holders representing in
excess of a majority in aggregate principal amount of the outstanding
Notes in such series and that, in each case, the consent condition related
to the tender offer has been satisfied.  Following receipt of the consents
described above, the company, Horizon Lines, LLC and Horizon Lines Holding
Corp. and certain of the Company's subsidiaries and The Bank of New York
Trust Company, N.A., as trustee, executed a supplemental indenture to each
of the indentures governing the Senior Notes and the Senior Discount
Notes, providing for the amendments to the indentures described in the
Offer to Purchase.  These amendments will become operative on the date
that the company accepts for purchase the Senior Notes and the Senior
Discount Notes that are validly tendered and not validly withdrawn in the
tender offer, which is expected to be on or prior to
Aug. 13, 2007.

Subject to market conditions and other factors, the company intends to
finance the tender offer with a portion of the proceeds from the sale of
up to US$300 million of its convertible debt securities and the
replacement of the company's existing credit facility with a new credit
facility consisting of a US$125 million term loan and a US$200 million
revolver.  The company's obligation to accept for purchase and to pay the
consideration for the Notes validly tendered in the tender offer is
subject to, and conditioned upon, the completion and close of the New
Financing on terms and conditions satisfactory to the company, and receipt
by the company of net proceeds from the New Financing sufficient to repay
the company's indebtedness under the existing credit facility and to
purchase all Notes pursuant to the Offer and certain other customary
conditions.

As of 5:00 p.m., New York City time, on July 30, 2007, approximately
95.82% of the outstanding principal amount of the Senior Notes have been
validly tendered and approximately 98.75% of the outstanding principal
amount of the Senior Discount Notes have been validly tendered. The tender
offer will expire at 12:00 midnight, New York City time, on Aug. 13, 2007.

The tender offer is being made only pursuant to the Offer to Purchase and
related Letter of Transmittal and Consent dated July 17, 2007.  The
company has retained Goldman, Sachs & Co. to serve as the exclusive Dealer
Manager and Solicitation Agent for the tender offer and D.F. King & Co.,
Inc. to serve as the Information Agent.  Requests for documents may be
directed to D.F. King & Co., Inc. by telephone at 800-714-3313
(toll-free).
Questions regarding the tender offer and consent solicitation may be
directed to Goldman, Sachs & Co. at 800-828-3182 (toll-free) or
212-357-0775.

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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on July 31,
2007, Standard & Poor's Ratings Services assigned its 'B' rating to
Horizon Lines Inc.'s (BB-/Stable--) proposed US$300 million senior
convertible notes offering due 2012.  Proceeds from the notes offering,
combined with proceeds from a planned new credit facility, will be used
primarily to repay its outstanding 9% senior notes due 2012 and its 11%
senior discount notes due 2013.  The company launched a tender offer for
these notes on July 17, 2007.  The tender offer expires on
July 30, 2007.  The Charlotte, North Carolina-based shipping company
currently has about US$800 million of lease-adjusted debt.


HORIZON LINES: To Offer US$300 Million Convertible Senior Notes
---------------------------------------------------------------
Horizon Lines, Inc. has intented to offer, subject to market and other
conditions, approximately US$300 million principal amount of Convertible
Senior Notes due 2012 through offerings to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended.  The
notes will be convertible under certain circumstances, into cash up to the
principal amount of the notes, and shares of Horizon Lines common stock or
cash (at the option of Horizon Lines) for any conversion value in excess
of the principal amount.  Horizon Lines also expects to grant the initial
purchasers an option to purchase up to US$30 million of additional notes.
The interest rate, conversion price and other terms of the notes will be
determined by negotiations between Horizon Lines and the initial
purchasers of the notes.

Horizon Lines expects to use a portion of the net proceeds of the offering
to repurchase up to approximately 1 million shares of its common stock in
privately negotiated transactions concurrently with this offering.  The
company also intends to enter into convertible note hedge transactions
with one or more of the initial purchasers and/or their affiliates and,
separately, to sell warrants to one or more of the initial purchasers
and/or their affiliates.  It plans to use a portion of the net proceeds of
the offering, and of the warrants that it expects to sell, to pay the cost
of the hedge transactions.  If the initial purchasers exercise their
option to purchase additional notes, the company intends to sell
additional warrants and to use a portion of the net proceeds from the sale
of the additional notes and from the sale of the additional warrants to
increase the size of the convertible note hedge transactions.  Horizon
Lines intends to use the balance of the proceeds, together with cash on
hand or borrowings from our existing facility or borrowings under a new
senior secured credit facility that it expects to enter into to replace
its existing facility, to fund its obligations to holders of its 9.00%
Senior Notes due 2012 and its 11.00% Senior Notes due 2013 under the
previously-announced offer to purchase any and all of such senior notes
and to make certain consent payments to the holders of those notes.

The convertible note hedge transactions are intended to offset the
potential dilution to Horizon Lines common stock upon potential future
conversion of the notes.  Horizon Lines has been advised that, in
connection with establishing their initial hedge of the convertible note
and the warrant transactions previously referenced, the counterparties to
those transactions or their affiliates expect to enter into various
derivative transactions with respect to Horizon Lines common stock
concurrently with or shortly after the pricing of the notes.  These
activities could have the effect of increasing or preventing a decline in
the price of Horizon Lines' common stock concurrently with or following
the pricing of the notes.  The counterparties or their affiliates may also
enter into or unwind various transactions with respect to Horizon Lines'
common stock and purchase or sell Horizon Lines common stock in secondary
market transactions following the pricing of the note (and are likely to
do so during any observation period relating to the conversion of notes),
which may adversely affect the value of Horizon Lines' common stock.

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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on July 31,
2007, Standard & Poor's Ratings Services assigned its 'B' rating to
Horizon Lines Inc.'s (BB-/Stable--) proposed US$300 million senior
convertible notes offering due 2012.  Proceeds from the notes offering,
combined with proceeds from a planned new credit facility, will be used
primarily to repay its outstanding 9% senior notes due 2012 and its 11%
senior discount notes due 2013.  The company launched a tender offer for
these notes on July 17, 2007.  The tender offer expires on
July 30, 2007.  The Charlotte, North Carolina-based shipping company
currently has about US$800 million of lease-adjusted debt.




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


HILTON HOTELS: Reports US$165 Mil. Net Income in Second Quarter
---------------------------------------------------------------
Hilton Hotels Corporation Hilton has recorded second quarter 2007 net
income of US$165 million compared with US$144 million in the 2006 quarter.
Diluted net income per share was US$0.40 in the 2007 second quarter,
versus US$0.35 in the 2006 quarter.  Excluding non-recurring items in both
periods, diluted EPS totaled US$0.38 per share in the 2007 quarter, a 19
percent increase from US$0.32 per share in the 2006 quarter.

Net income from the Scandic hotel system, the sale of which was announced
on March 2, 2007, and completed on April 26, 2007, is reflected as
discontinued operations.

The company reported second quarter 2007 total operating income of US$345
million (a 1 percent decrease from the 2006 quarter), on total revenue of
US$2.085 billion (a 4 percent increase from US$2.005 billion in the 2006
quarter).  Total company earnings before interest, taxes, depreciation and
amortization (Adjusted EBITDA) were US$468 million, a decrease of 4
percent from US$489 million in the 2006 quarter.  Revenue, operating
income and Adjusted EBITDA growth in the quarter were impacted by asset
sales completed within the last twelve months.

                    Owned Hotel Results

Continued strong demand trends resulted in high single digit or double
digit ADR increases at many of the company’s gateway hotels around the
world.  Business transient, group and leisure segments all showed solid
ADR gains.

Across all brands, revenue from the company’s owned hotels (majority owned
and controlled hotels) was US$636 million in the second quarter 2007, a 6
percent decrease from US$678 million in the 2006 quarter.  Total owned
hotel expenses declined 8 percent in the quarter to US$435 million.  The
decreases reflect the sale of owned assets over the last year.

Comparable North America (N.A.) owned revenue and expenses increased 8.5
percent and 4.3 percent, respectively.

RevPAR from comparable N.A. owned hotels increased 9.8 percent.
Comparable owned N.A. hotel occupancy increased 2.0 points to 82.0
percent, while ADR increased 7.1 percent to US$211.29.  Particularly
strong RevPAR growth was reported at the company’s owned hotels in New
York and San Francisco, while the Hawaii market was soft during the
quarter.  Comparable N.A. owned hotel margins in the second quarter
increased 270 basis points to 32.9 percent.

Comparatively lower renovation disruption activity at the Hilton New York,
the Waldorf=Astoria, and the Hilton Hawaiian Village in the 2007 second
quarter benefited comparable N.A. owned hotel RevPAR and margin growth.

Comparable international owned revenue and expenses increased 9.3 percent
and 7.7 percent, respectively. RevPAR from international comparable owned
hotels increased 9.4 percent.  Occupancy decreased 1.3 points to 73.0
percent, while ADR increased 11.3 percent to US$162.35.  Particularly
strong results were reported in Barcelona, Zurich, Sydney and Sao Paulo.
Adjusting for the impact of foreign exchange, RevPAR from international
comparable owned hotels increased 3.2 percent.  Comparable international
owned margins improved 110 basis points to 26.8 percent.

On a worldwide basis, comparable owned RevPAR increased 9.7 percent, with
margins improving 230 basis points to 31.3 percent.  Excluding the impact
of foreign exchange, worldwide comparable owned RevPAR increased 8.2
percent.

                        Leased Hotels

Revenue from leased hotels was US$530 million in the second quarter 2007
compared to US$476 million in the 2006 quarter, while leased expenses
(including rents) were US$459 million in the current quarter versus US$415
million last year.  The EBITDAR-to-rent coverage ratio was 1.6 times in
the quarter. Leased results exclude hotels that have been classified as
discontinued operations in connection with the Scandic sale.

Comparable leased revenue increased 12.0 percent, leased expenses
increased 10.7 percent and margins increased 100 basis points to 13.6
percent.  RevPAR from comparable leased properties increased 14.6 percent.
Adjusting for the impact of foreign exchange, RevPAR from comparable
leased hotels increased 9.3 percent, reflective of business strength in
the U.K. (primarily London) and continental Europe.

                   Hilton Grand Vacations

Hilton Grand Vacations Company (HGVC), the company’s vacation ownership
business, reported a 21 percent decline in profitability in the second
quarter, due to percentage-of-completion accounting associated with new
projects.  Revenue and expenses associated with projects in development
are deferred to correspond with the pace of construction.  Unit sales
declined 9 percent, however average unit sales prices increased 35 percent
over last year, with the increase driven by new projects in Hawaii.

HGVC had second quarter revenue of US$159 million, an 8 percent decrease
from US$173 million in the 2006 quarter.  Expenses were US$121 million in
the second quarter, compared with US$125 million in the 2006 period.

                Brand Development/Unit Growth

In the second quarter, the company added 71 properties and 9,436 rooms to
its system as follows: Hampton Inn, 32 hotels and 2,919 rooms; Hilton
Garden Inn, 18 hotels and 2,359 rooms; Hilton, 8 hotels and 1,918 rooms;
Doubletree, 7 hotels and 1,591 rooms; Homewood Suites by Hilton, 5 hotels
and 493 rooms; Embassy Suites, 1 hotel and 156 rooms.

Thirteen hotels and 2,088 rooms were removed from the system during the
quarter.

During the second quarter, the company added new Hilton hotels in Dallas;
New Orleans; Limerick, Ireland; Venice, Italy and Valencia, Spain.  The
company added new Doubletree hotels in Milwaukee, Columbus, Boston, and
Richmond.  Additionally, during the quarter, the company signed over 15
management agreements, including the Conrad Buenos Aires, Argentina
scheduled to open in 2010, the Hilton Forbidden City, Beijing, China
scheduled to open in 2008, and the Hilton Mina Al Arab, U.A.E., scheduled
to open in 2010.

During the second quarter, the company announced four new agreements as:

   -- A strategic alliance with the Caribbean Property
      Development Group to develop approximately 15 franchised
      hotels in Central America and the Caribbean under the
      Hilton Garden Inn, Hampton by Hilton and Homewood Suites
      by Hilton brands over the next five years.

   -- A strategic development alliance with London and Regional
      Properties to develop approximately 25 franchised or
      managed hotels in Russia under the Conrad, Hilton,
      Doubletree by Hilton, Hilton Garden Inn and Hampton by
      Hilton brands over the next five years.

   -- A strategic development alliance with Shiva Hotels Limited
      to develop approximately 15 franchised or managed hotels
      in the U.K. and Ireland under the Hilton, Doubletree by
      Hilton, Hilton Garden Inn and Hampton by Hilton brands
      over the next five years.

   -- A letter of understanding for a development alliance with
      Somerston Hotels U.K. Limited to develop approximately 25
      franchised hotels in the U.K. under the Hampton by Hilton
      brand over the next five years.

At June 30, 2007, the Hilton worldwide system consisted of 2,896
properties and 490,438 rooms.

In July, the company received three highest-ranking awards in the J.D.
Power and Associates 2007 North American Hotel Guest Satisfaction Index
Study, outperforming all other hospitality companies within their
respective segments.  Hilton Garden Inn received the highest ranking (for
the sixth consecutive year) in the mid-scale full service segment.
Embassy Suites received the highest ranking (for the sixth time) in the
upscale segment. Homewood Suites by Hilton received the highest ranking
(for the fifth time) in the extended-stay segment.

Matthew J. Hart, Hilton President & COO, said: “Our operations continue to
be very strong across the board.  Our brand management and development
businesses are experiencing strong RevPAR gains and unit growth both
domestically and internationally.  We are seeing significant RevPAR
increases and improvement in margins across owned hotels, and our
timeshare business continues to perform in-line with our expectations.
Our development pipeline is larger than it has ever been and our four new
strategic agreements add further momentum to our growth.”

                     Asset Dispositions

During the second quarter, the company completed the sale of the Scandic
chain for EUR833 million or approximately US$1.1 billion as of the
transaction date.  Additionally, during the second quarter the company
sold the Hilton Washington for approximately US$290 million.

The company also announced that it entered into an agreement to sell up to
10 hotels in Continental Europe for EUR566 million or approximately US$770
million.  Early in the third quarter, the company announced that it has
completed the sale of eight of the ten hotels and expects to complete the
sale of the remaining two by the end of the third quarter 2007.  The
company will retain management agreements on nine of the ten hotels.

                     Corporate Finance

At June 30, 2007, Hilton had total debt of approximately US$5.68 billion
(net of approximately US$499 million of debt and capital lease obligations
resulting from the consolidation of certain joint venture entities and a
managed hotel, which are non-recourse to Hilton), a reduction of nearly
US$1.4 billion during the quarter. Of the US$5.68 billion, approximately
42 percent is floating rate debt.  Total cash and equivalents (including
restricted cash of approximately US$376 million) were approximately US$546
million at June 30, 2007.

The company’s average basic and diluted share counts for the second
quarter were 390 million and 424 million, respectively.

Hilton’s effective tax rate for continuing operations in the second
quarter 2007 was approximately 35 percent.

Total capital expenditures in the second quarter were approximately US$194
million, including approximately US$76 million expended for timeshare
development.

                        2007 Outlook

The company’s prior guidance regarding the outlook for 2007 has been
withdrawn and no new guidance is being issued due to the pending
transaction.

                 Update On Blackstone Deal

It is anticipated that the proposed acquisition of the company by BH
Hotels LLC, an entity controlled by investment funds affiliated with the
Blackstone Group L.P., will close during the fourth quarter 2007;
completion is subject to the approval of Hilton’s shareholders, as well as
other customary closing conditions. Further details regarding the
transaction can be found in the preliminary proxy statement that was filed
with the Securities and Exchange Commission last week.

Stephen F. Bollenbach, Hilton co-chairman and chief executive officer,
said: “The proposed sale of our company is proceeding on track with an
anticipated closing in the fourth quarter of this year.  As we stated when
we announced the deal, this transaction brings tremendous value to our
shareholders and we look forward to bringing it to completion in the next
several months.”

                     About Hilton Hotels

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

                        *     *     *

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

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

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


MIRANT CORP: Court Authorizes Lori Bulhoes to Liquidate Claims
--------------------------------------------------------------
At Mirant Corporation's Disbursing Agent's behest, the United States
Bankruptcy Court for the Northern District of Texas authorized Lori
Bulhoes to liquidate Claim Nos. 5504 and 5514 in
any court of appropriate jurisdiction without further Court
order.

Craig H. Averch, Esq., at White & Case LLP, in Miami, Florida,
relates that Ms. Bulhoes filed a civil action in the Superior
Court of the State of California City and County of San
Francisco.  In the complaint, Ms. Bulhoes alleged to have
suffered personal injuries while working as an employee of a
contractor at Mirant California, LLC's generating facility
located in Pittsburgh, California.

Subsequently, Ms. Bulhoes filed Claim Nos. 5504 and 5514,
asserting an unsecured claim against, individually, Mirant
California and Mirant Corporation, each for US$395,196, for her
alleged personal injuries.

The Debtors objected to the Claims, and sought to disallow them
for lack of substantation.  Ms. Bulhoes opposed the Objection.

Consequently, the Court advised Ms. Bulhoes to file a request
withdrawing the reference on the Claims, if the dispute is not
settled.  The Court also stated that any decision as to whether
the Complaint "substantiated the [Claims was] something that the
District Court neede[ed] to decide."

Despite the failure of parties to reach a settlement, Ms. Bulhoes has not
filed a request to withdraw the reference with respect to liquidation of
the Claims to the District Court for the Northern District of Texas, nor
did she ask the Court to lift the stay to permit the State Litigation to
go forward in the State Court.

Neither has Ms. Bulhoes taken any post-confirmation steps in the
State Court to liquidate the Claims.

If no action is taken by Ms. Bulhoes to liquidate her Claims by
October 25, 2007, the Disbursing Agent may submit a certificate
of non-prosecution and a proposed order disallowing and expunging the
Claims from the claims registry, Judge Lynn says.

                      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
=============


HSBC BANK (URUGUAY): Fitch Lifts Foreign Currency IDR to BB+
------------------------------------------------------------
Fitch Ratings has upgraded HSBC Bank (Uruguay) S.A.'s foreign currency
Issuer Default Rating to 'BB+' from 'BB' and its local currency IDR to
'BBB-' from 'BB+'.  The Rating Outlook is revised to stable from positive.
This rating action follows the recent upgrade of Uruguay's sovereign
ratings.

The National long-term rating of 'AAA(uy)' (Stable Outlook), and the
bank's Support rating of '3', remains unchanged.

The international ratings of HSBC Bank (Uruguay) are constrained by those
of the sovereign.  The bank's foreign currency IDR is at the country
ceiling, while its local currency IDR is two notches above that of the
Uruguayan sovereign.  These ratings, along with the bank's support rating,
reflect the bank's solid ownership structure and its shareholder's strong
commitment to the bank.

HSBC Bank (Uruguay) offers personal banking services as well as
commercial banking services to important clients of the HSBC
Group. Bank (Uruguay) is fully owned by HSBC Latin America
Holdings (UK) Limited, which in turn is a subsidiary of HSBC
Holdings Plc.




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


PEABODY ENERGY: Paying US$0.06 Per Share Dividend on Sept. 4
------------------------------------------------------------
Peabody Energy Corp.'s board of directors has declared a regular quarterly
dividend on its common stock of US$0.06 per share.  The dividend is
payable on Sept. 4, 2007, to holders of record on Aug. 14, 2007.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Hugo Chavez Okays Creation of 7 Units
-------------------------------------------------------------
Published reports say that state-owned oil company Petroleos de Venezuela
SA has received Venezuelan President Hugo Chavez's approval for the
creation of its seven new subsidiaries.

Business News Americas relates that the new units are:

          -- PDVSA Industrial, which ill provide technical
             services to the oil sector including drilling rigs,
             industrial chemicals and telecommunications
             equipment;

          -- PDVSA Servicios, which will provide construction
             services and maintenance for oil wells;

          -- PDVSA Agricola, which will develop agro-industrial
             services including the development of 100,000ha for
             ethanol production;

          -- PDVSA Ingeniera y Construccion, which will provide
             engineering and construction services for the
             construction of refineries, oil and gas plants and
             pipelines;

          -- PDVSA Desarrollos Urbanos, which will develop non-
             commercial urban infrastructure works;

          -- PDVSA Naval, which will construct ships and ports;
             and

          -- PDVSA Gas Popular, which will produce and
             distribute liquefied petroleum gas.

Another planned subsidiary called PDVSA Hogar is being analyzed.  It would
produce and distribute home furnishings like furniture, televisions and
home construction materials, BNamericas states.

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

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


* VENEZUELA: Cantv Eyes VEB1.6-Billion Investment This Year
-----------------------------------------------------------
Published reports say that Venezuelan state-run Cantv expects investments
to increase 50% to VEB1.6 billion this year, from last year.

Venezuelan telecommunications minister Jesse Chacon told reporters that
Cantv’s fixed telephony lines rose 5% to 4.50 million in the second
quarter 2007, compared to 4.29 million in the first quarter 2007.

Minister Chacon told Business News Americas that Cantv will install some
1.2 million new fixed telephony lines by year-end.

Meanwhile, a special fixed telephony rate for the lower income sector in
Venezuela may be implemented by January 2008, BNamericas notes, citing
Minister Chaco.

According to BNamericas, Cantv implemented on July 1, 2007, a 28% cut in
fixed-to-mobile calling rates between the firm and its mobile unit
Movilnet.  It also reduced by 20% the rates for calls from Cantv fixed
lines to mobile lines of other operators.

Minister Chacon told BNamericas that he doesn’t think the rates reductions
would affect Cantv's profit margins.  According to him, the firm is
concentrating on "social profitability."

Cantv's profits will be reinvested in a state fund for telecommunications
projects, BNamericas states, citing Minister Chacon.

                        *     *     *

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.


* VENEZUELA: Will Create Five Joint Agricultural Firms with Cuba
----------------------------------------------------------------
Venezuelan Agricultural Elias Jaua has signed accords with Cuban
counterpart Maria del Carmen Perez for the creation of five joint
agricultural enterprises, Venezolana de Television state channel reports.

Prensa Latina relates that the agreements are under the framework of the
Bolivarian Alternative for the Americas.

According to Prensa Latina, the joint ventures will include:

          -- leguminous plants,
          -- rice,
          -- poultry, and
          -- dairy products.

The joint ventures “can be linked to other members of the integrating
mechanism,” Prensa Latina states.  The new entities in Venezuela will
produce basic foods to ensure food security for the two nations.

                        *     *     *

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.


                         ***********


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

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

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

This material is copyrighted and any commercial use, resale or publication
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