TCRLA_Public/070803.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, August 3, 2007, Vol. 8, Issue 153

                          Headlines

A R G E N T I N A

CASA IUALE: Proofs of Claim Verification Deadline Is Aug. 16
COMPANIA GENERAL: Proofs of Claim Verification Is Until Sept. 21
GETTY IMAGES: Earns US$33.7 Million in Quarter Ended June 30
HUNTSMAN CORP: Closes U.S. Polymers Biz Sale for US$350 Million
LABORATORIO WALKER: Will Hold Informative Assembly on Aug. 29

MAGIA SRL: Trustee to File General Report in Court on Aug. 4
TELECOM PERSONAL: Ericsson to Upgrade Firm’s GSM Network
TELEFONICA DE ARGENTINA: Unit Has 150 Software Clients


B A H A M A S

TEEKAY CORP: Earns US$78.4 Million in Quarter Ended June 30
TYSON FOODS: To Continue Operations in China


B E R M U D A

AIG LATIN: Proofs of Claim Filing Is Until Today
AIG SILK: Sets Final General Meeting for Aug. 13
FOSTER WHEELER: To Supply Fluidized-Bed Boilers to SINOPEC


B O L I V I A

* BOLIVIA: Fitch Revises Rating Outlook from Negative to Stable


B R A Z I L

AMERICAN AIRLINES: Picks AirCell to Launch Broadband Service
ARVINMERITOR: Posts US$70 Mil. Net Loss in Qtr. Ended June 30
ARVINMERITOR INC: Names Amelia Quelas as Trailers Group VP
BANCO DAYCOVAL: Earns BRL46.5 Million in Second Quarter 2007
BANCO NACIONAL: Lending BRL1.8B for Eletrobras Unit’s Plants

BANCO NACIONAL: May Help Ease Air Transport Crisis
BANCO PINE: Has Fewer Loans This Year, Emilio Charazzai Says
BUCKEYE TECH: Reports US$15.9 Mil. Net Income in Second Quarter
COMPANHIA PARANAENSE: Won’t Join Consortium to Bid for Madeira
FLEXTRONICS INT'L: Earns US$134 Million in First Quarter 2007

FORD MOTOR: Affirms Stock Premium for 6.5% Securities Conversion
GENERAL MOTORS: Earns US$891 Mil. in Second Qtr. Ended June 30
KENDLE INTERNATIONAL: Earns US$4.3 Million in 2007 Second Qtr.
REMY INTERNATIONAL: To Begin Prepackaged Plan Vote Solicitation


C A Y M A N   I S L A N D S

ASIAN FUNDING: Will Hold Final Shareholders Meeting on Sept. 10
APET I: Final Shareholders Meeting Is on Aug. 23
BEAR STEARNS: Chapter 15 Petition Summary
BEAUTY POINT: Sets Final Shareholders Meeting for Aug. 23
CHESHIRE FINANCE: Final Shareholders Meeting Is on Sept. 20

CORFE HOLDINGS: Will Hold Final Shareholders Meeting on Aug. 23
CROSS CREDIT: Proofs of Claim Filing Is Until Aug. 24
CROSS CREDIT FUND: Proofs of Claim Must be Filed by Aug. 24
DEMIFLOR LIMITED: Holding Final Shareholders Meeting on Aug. 23
GALAHAD FUND: Sets Final Shareholders Meeting for Aug. 23

GARDEN INVESTMENTS: Final Shareholders Meeting Is on Aug. 23
PLAZA GLOBAL: Proofs of Claim Filing Deadline Is Aug. 23
Q INVESTMENT: Proofs of Claim Filing Is Until Aug. 23
SCARBOROUGH STATION: Proofs of Claim Filing Ends on Aug. 23
SHINSEI FUNDING: Proofs of Claim Filing Deadline Is Aug. 23

STONE CREEK: Proofs of Claim Filing Ends on Aug. 23
STUYVESANT CDO: Proofs of Claim Filing Is Until Aug. 23
UFJ CAPITAL: Proofs of Claim Filing Deadline Is Aug. 23
UFJ CAPITAL FINANCE: Proofs of Claim Filing Is Until Aug. 23
UFJ CAPITAL FINANCE 3: Proofs of Claim Filing Ends on Aug. 23

URANUS LIMITED: Proofs of Claim Filing Deadline Is Aug. 23


C H I L E

BELVEDERE SA: S&P Affirms Long-Term Corporate Credit Rating at B
ROCK-TENN CO: S&P Raises Corporate Credit Rating to BB+ from BB


C O L O M B I A

ARMOR HOLDINGS: US$4.5 Billion BAE Systems Buyout Deal Completed
ARMOR HOLDINGS: Completed BAE Deal Cues S&P to Withdraw Ratings
PARKER DRILLING: Second Qtr. Net Income Rises to US$18.1 Million


C O S T A   R I C A

ARMSTRONG WORLD: Shareholders Approve AHI Dissolution Plan


C U B A

PETROLEOS DE VENEZUELA: To Explore for Oil in Cuban Coasts


D O M I N I C A N   R E P U B L I C

ALCATEL-LUCENT: Societe Generale Downgrades Shares to Sell
ALCATEL-LUCENT: UBS Reaffirms Buy Rating on Firm’s Shares


E L   S A L V A D O R

* EL SALVADOR: 13 Water Privatization Strikers May be Jailed


G R E N A D A

* GRENADA: S&P Lifts Long-Term Sovereign Credit Rating to B-


G U A T E M A L A

BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Shares
TECO ENERGY: Paying 19.5 Cents Per Share Dividend on Aug. 28


H A I T I

DIGICEL: Will Present Bid To Enter Mobile Phone Market in Fiji
DYNCORP INT'L: Earns US$12.3 Mil. in First Quarter Ended June 29


J A M A I C A

GOODYEAR TIRE: Closes Engineered Products Sale for US$1.475 Bil.


M E X I C O

BALLY TOTAL: Inks US$292 Mil. DIP Loan Pact with Morgan Stanley
BALLY TOTAL: Wants to Use Prepetition Lenders' Cash Collateral
BAUSCH & LOMB: Buys Soothe(R) Emollient Eye Drops from Alimera
BEST MANUFACTURING: Trustee Hires LogiServe as Collection Agent
DAIMLERCHRYSLER: Chrysler Offers Lifetime Warranty to Hike Sales

MAZDA MOTORS: Local & Overseas June 2007 Production Falls
PRIDE INTERNATIONAL: Moody’s Affirms Ba1 Corporate Family Rating
RADIOSHACK CORP: Earns US$47 Million in Quarter Ended June 30
RYERSON INC: Second Quarter Net Income Increases to US$38.1 Mil.
VALASSIS COMM: Robert W. Baird Keeps Outperform Rating on Shares


P E R U

GRAN TIERRA: Discloses 50% Farmout of Azar Block in Colombia


P U E R T O   R I C O

B&G FOODS: Moody's Junks Rating on US$166 Million Senior Notes
PILGRIM'S PRIDE: Earns US$62.6 Million in Quarter Ended June 30


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Unveils Development Plans with Tenedora Augusta


V E N E Z U E L A

CMS ENERGY: Completes Power Plant Sale to Endesa for US$80 Mil.
CMS ENERGY: Reports US$33 Mil. Net Income in 2007 Second Quarter
NORTHWEST AIRLINES: Reports US$2.15 Bil. Profit in Second Qtr.
PETROLEOS DE VENEZUELA: Shutting Down Plant Unit & Facilities
TIMKEN COMPANY: Earns US$55.6 Million in Second Quarter of 2007


                            - - - - -

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


CASA IUALE: Proofs of Claim Verification Deadline Is Aug. 16
------------------------------------------------------------
Fernando Dario Perazzo, the court-appointed trustee for Casa Iuale S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim Aug. 16, 2007.

Mr. Perazzo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance in Bahia Blanca,
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 Casa Iuale 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 Casa Iuale's accounting and
banking records will be submitted in court.

Infobae didn’t state the reports submission dates.

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

The debtor can be reached at:

          Casa Iuale S.A.
          Pueyrredon 88, Bahia Blanca
          Buenos Aires, Argentina

The trustee can be reached at:

          Fernando Dario Perazzo
          Cerrito 98, Bahia Blanca
          Buenos Aires, Argentina


COMPANIA GENERAL: Proofs of Claim Verification Is Until Sept. 21
----------------------------------------------------------------
Juan Jose Romanelli, the court-appointed trustee for Compania General de
Limpieza S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim
Sept. 21, 2007.

Mr. Romanelli will present the validated claims in court as individual
reports on Nov. 5, 2007.  The National Commercial Court of First Instance
in Buenos Aires will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by Compania General 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 Compania General's accounting
and banking records will be submitted in court on Dec. 17, 2007.

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

The trustee can be reached at:

          Juan Jose Romanelli
          Gandara 2700
          Buenos Aires, Argentina


GETTY IMAGES: Earns US$33.7 Million in Quarter Ended June 30
------------------------------------------------------------
Getty Images Inc. reported net income of US$33.7 million for the second
quarter ended June 30, 2007, compared to net income of US$23.2 million for
the same period in 2006.  Results for the second quarter of 2006 included
a total of US$14.1 million after taxes for a restructuring charge and a
loss on the sale of short-term investments.  Excluding these items, net
income for the second quarter of 2006 was US$37.3 million or US$0.59 per
diluted share.

"Soon after we founded Getty Images in 1995, we recognized that the
breadth of creators and users of digital imagery would expand.  This trend
continues and we remain the leader in all areas and categories of the
visual content industry from traditional stock photography to microstock.
Furthermore, we are extending our leadership position in editorial
imagery, footage and our imagery-related products and services, all of
which have excellent growth potential," said Jonathan Klein, co-founder
and chief executive officer.  "We are making wonderful strides with some
of our newer businesses, including commercial music licensing and the
opportunity for growth in the consumer market while remaining focused on
stabilizing our traditional creative stills business."

The company disclosed that revenue increased 6.5 percent to US$218.0
million from US$204.6 million in the second quarter of 2006.  Excluding
the effects of changes in currency exchange rates, revenue grew 2.4
percent.  Growth in almost all areas of the business was partly offset by
a decline in traditional creative stills imagery revenue.

As a percentage of revenue, cost of revenue was 26.7 percent, compared to
24.8 percent in the prior year due primarily to revenue growth in certain
of the company's product lines with average royalties that are higher than
traditional creative stills imagery, in particular in editorial and
microstock imagery.

Selling, general and administrative expenses (SG&A) totaled US$84.1
million or 38.6 percent of revenue for the second quarter of 2007,
compared to US$77.9 million or 38.1 percent of revenue in the second
quarter of 2006.

Excluding US$1.3 million of non-recurring professional fees, the effects
of changes in currency exchange rates, and SG&A associated with acquired
companies, SG&A declined on a year over year basis.

Income from operations was US$53.1 million or 24.4 percent of revenue in
the second quarter of 2007 compared to US$41.2 million in the second
quarter of 2006.  Results for the second quarter of 2006 included a
restructuring charge of approximately US$16.5 million.  Excluding this
charge, income from operations for the second quarter of 2006 was US$57.7
million, or 28.2 percent of revenue.

Cash balances were US$288.6 million at June 30, 2007.  Net cash provided
by operating activities during the second quarter of 2007 was US$48.8
million.  During the quarter, the company spent a total of US$248 million
for acquired businesses, of which US$120 million was financed through the
company's senior credit facility and the remaining US$128 million paid
from existing cash balances.

                      Business Outlook

The following forward-looking statements reflect Getty Images'
expectations as of Aug. 1, 2007.  The company currently does not intend to
update these forward-looking statements until the next quarterly results
announcement.

The company has announced a restructuring and related reduction in
workforce of about 100 employees that will result in a charge of
approximately US$4.0 million in the third quarter of 2007 and is expected
to result in annualized savings of approximately US$20 million in staff
and staff related costs.  The company continues to focus on managing costs
effectively while investing in the areas of the business that provide the
best opportunities for growth.

For the third quarter of 2007, the company expects revenue of
approximately US$210 million and diluted earnings per share of US$0.43.
Excluding approximately US$0.04 for restructuring costs, diluted earnings
per share would be US$0.47.

For full year 2007, the company expects revenue of approximately US$855
million and earnings per share of approximately US$2.18.  Excluding
approximately US$0.04 for restructuring costs in the third quarter of
2007, diluted earnings per share would be US$2.22.

Guidance for 2007 assumes just over 60 million fully diluted shares for
both the third quarter and for the full year.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes visual
content.  The company has corporate offices in Australia, the United
Kingdom and Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on June 18,
2007, Standard & Poor's Ratings Services said revised its CreditWatch
implications on Getty Images Inc. to positive from developing, following
the company's filing of its SEC 10-Q forms for its first and third
quarters, and its 2006 Form 10-K.  The corporate credit rating on the
company remains at 'B+'.

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Moody's Investors Service affirmed the Ba1 Corporate
Family Rating and Ba2 rating on the USUS$265-million of convertible
subordinated debentures of Getty Images, Inc.  The rating outlook remains
stable.

Moody's affirmed these ratings:

   -- US$265-million series B convertible subordinated notes
      due 2023, Ba2 (LGD 5, 77% from LGD 5, 71%);

   -- Corporate family rating, Ba1; and

   -- Probability of default rating, Ba1.


HUNTSMAN CORP: Closes U.S. Polymers Biz Sale for US$350 Million
---------------------------------------------------------------
Huntsman Corporation and Flint Hills Resources LP, an independent, wholly
owned subsidiary of Koch Industries, Inc., have closed on the sale of
Huntsman's U.S. Polymers business.  The parties will close on the sale of
Huntsman's remaining U.S. Base Chemicals business upon the restart of
Huntsman's Port Arthur, Texas, olefins manufacturing facility,
commissioning of which is expected to occur later this year.

Huntsman received approximately US$350 million at the closing, including
the estimated value of associated inventory for its U.S. Polymers
business, which remains subject to a post-closing adjustment.  Huntsman
will retain other elements of working capital, including accounts
receivables, accounts payable and certain accrued liabilities, which will
be liquidated for cash.

Included in the closing announced today are Huntsman's manufacturing
assets located at four U.S. sites: Odessa and Longview, Texas; Peru,
Illinois; and Marysville, Michigan.  Huntsman's amorphous polyalphaolefin
(or APAO) products, which Flint Hills will manufacture for Huntsman at the
Odessa site under a long-term supply arrangement, are not included in the
sale.

"We are delighted to have closed on the sale of our U.S. Polymers business
and look forward to completing this strategic divestiture by closing on
the sale of our U.S. Base Chemicals business later this year," said
President and Chief Executive Officer Peter R. Huntsman.  "The associates
that have transferred to FHR today are among the finest in our industry,
and we are pleased they have joined another world class operator of
chemical assets."

"Today's acquisition is an important step for Flint Hills Resources as we
seek opportunities to leverage our capabilities," said Brad Razook,
president and chief executive officer of Kansas-based Flint Hills
Resources, LP.  "With the addition of these polymer production assets and
the talented, experienced workforce, we believe we are positioned to
create
superior value for our customers and continue growing."

                         About Huntsman

Huntsman Corp. -- http://www.huntsman.com/-- manufactures and
markets differentiated and commodity chemicals.  Its operating
companies manufacture products for a variety of global
industries including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction,
technology, agriculture, health care,  detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later for rapid and
integrated growth in petrochemicals, Huntsman today has
operations in 24 countries, including Argentina, Belarus,
Japan, Luxembourg, Malaysia, Spain and teh United Kingdom, among
others.  The company had 2006 revenues from all operations of
over US$13 billion.

                        *     *     *

As reported in the Troubled Company Reporter on June 28, 2007,
Moody's Investors Service placed the debt ratings and the
corporate family ratings (CFR -- Ba3) for Huntsman Corporation
and Huntsman International LLC, a subsidiary of Huntsman under
review for possible downgrade.


LABORATORIO WALKER: Will Hold Informative Assembly on Aug. 29
-------------------------------------------------------------
The court-appointed trustee for Laboratorio Walker S.R.L.'s reorganization
proceeding, will hold an informative assembly on Aug. 29, 2007.

Infobae didn’t state the name of the trustee.

The court-appointed trustee for Laboratorio Walker's reorganization
proceeding verified creditors' claims against the company.  Validated
claims were used as basis in creating individual reports, which he or she
presented in court.


MAGIA SRL: Trustee to File General Report in Court on Aug. 4
------------------------------------------------------------
Susana Beatriz Gobbi, the court-appointed trustee for Magia
S.R.L.'s bankruptcy proceeding, will submit to court a general
report containing an audit of the company's accounting and
banking records on Aug. 4, 2007.

Ms. Gobbi verifies creditors' proofs of claim "por via
indicidental."  She will then present the validated claims in
court as individual reports.  The National Commercial Court of
First Instance in Cordoba will determine the verified claims'
admissibility, taking into account the trustee's opinion and the
objections and challenges that Magia and its creditors will
raise.

Infobae did not state the reports submission date.

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

The debtor can be reached at:

          Magia S.R.L.
          Santa Rosa 3085, Ciudad de Cordoba
          Cordoba, Argentina

The trustee can be reached at:

          Susana Beatriz Gobbi
          Obispo Trejo 351, Ciudad de Cordoba
          Cordoba, Argentina


TELECOM PERSONAL: Ericsson to Upgrade Firm’s GSM Network
--------------------------------------------------------
Telecom Personal has chosen Swedish telecoms equipment supplier Ericsson
to expand, modernize and upgrade its GSM network, Ericsson said in a
statement.

Business News Americas relates that Ericsson's mobile softswitch software
will let Telecom Personal boost coverage and capacity in Paraguay.
Ericsson will provide “a range of associated professional services” to
guarantee successful network delivery.

According to Ericsson’s statement, the firm’s software grant “efficient
and low-risk evolution of existing circuit-switched networks” to an
Internet protocol-based service platform.

Telecom Personal is the wireless provider of Telecom Argentina
SA, providing services in Argentina and Paraguay over a GSM
network.  The company has 7.7 million users, with an estimated
30% market share in Argentina and a customer mix of 66% prepaid
and 34% postpaid as of June 30, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, Fitch Ratings affirmed Telecom Personal SA's
foreign and local currency Issuer Default Rating at 'B', and the
senior unsecured at 'B/RR4', and revised the Rating Outlook of
the international scale IDRs to Positive from Stable.
Approximately US$200 million in debt is affected by the rating
action.  Fitch has also upgraded the national scale rating of
Personal to 'A(arg)' from 'BBB+(arg)' with a stable rating
outlook.


TELEFONICA DE ARGENTINA: Unit Has 150 Software Clients
------------------------------------------------------
Telefonica de Argentina's business software division Telefonica Negocios’
subscribers for its call center software increased over 150 in July 2007,
compared to July 2006, Business News Americas reports, citing Spanish firm
Telefonica.

BNamericas relates that Telefonica de Argentina offers call center
software mainly to small and medium-sized enterprises.

Telefonica Negocios has over 300,000 customers in Argentina offering a
wide range of software for the agribusiness, health, finance and
construction sectors.  It has over 1.2 million subscribers in Latin
Americas, BNamericas states.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating).  The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.




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


TEEKAY CORP: Earns US$78.4 Million in Quarter Ended June 30
-----------------------------------------------------------
Teekay Corporation reported net income of US$78.4 million for the quarter
ended June 30, 2007, compared to net income of US$20.4 million for the
same period in 2006.  The results for the quarters ended June 30, 2007,
and 2006 included a number of specific items that had the net effect of
increasing net income by US$10.8 million and decreasing net income by
US$29.4 million, respectively.  Net voyage revenues for the second quarter
of 2007 increased to US$442.6 million from US$311.2 million for the same
period in 2006, and income from vessel operations increased to US$117.6
million from US$68.9 million.

Net income for the six months ended June 30, 2007, was US$154.8 million
compared to US$122.1 million for the same period last year.  The results
for the six months ended June 30, 2007, and 2006 included a number of
specific items that had the net effect of increasing net income by US$3.4
million and decreasing net income by US$46.8 million respectively.  Net
voyage revenues for the six months ended June 30, 2007 increased to
US$902.0 million from US$703.6 million for the same period in 2006, and
income from vessel operations increased to US$243.1 million from US$211.6
million.

                     Angola LNG Project

Teekay announced that a consortium, in which it has a 33% interest, has
signed a letter of intent to charter four newbuilding 160,400 cubic meter
LNG carriers for a period of 20 years to the Angola LNG Project, which is
being developed by subsidiaries of Chevron, Sonangol, BP, and Total.
Final award of the charter contract is still subject to certain
conditions, which are expected to be met by September 30, 2007.  The
vessels will be chartered at fixed rates, with inflation adjustments,
commencing in 2011.

Mitsui & Co., Ltd. and NYK Bulkship (Europe) Ltd. have 34% and 33%
interests in the consortium, respectively.

In accordance with existing agreements, Teekay is required to offer to
Teekay LNG its 33% interest in these vessels and related charter contracts
no later than 180 days before the scheduled delivery dates of the vessels.

                 OMI Corporation Acquisition

On April 17, 2007, the company and A/S Dampskibsselskabet TORM announced
they had entered into a definitive agreement to jointly acquire OMI
Corporation, a major international owner and operator of Suezmax and
product tankers.  Under the agreement, Teekay and Torm offered US$29.25
per share for the outstanding common shares of OMI, representing a total
cost of approximately US$2.2 billion, including assumed net debt and
transaction costs.

On June 8, 2007, Teekay and Torm successfully completed the joint
acquisition, and most of OMI’s assets are expected to be divided equally
between the two companies with effect from the beginning of August 2007.

Teekay will acquire seven Suezmax tankers, three Medium Range product
tankers and three Handysize product tankers.  Teekay will also assume
OMI's in-charters of a further six Suezmax tankers and OMI’s third party
asset management business, the Gemini pool.  Teekay and Torm will continue
to hold two Medium Range product tankers jointly in OMI, as well as two
Handysize product tanker newbuildings scheduled to deliver in 2009.  The
parties intend to divide these remaining assets equally in due course.

Teekay has accounted for OMI's results using the equity method of
accounting for the period of June 1, 2007 to June 30, 2007, and will
consolidate the results of OMI's assets from the effective date the assets
are divided.

                      Operating Results

During the second quarter of 2007, fixed-rate businesses generated
approximately 69 percent of the Company’s cash flow from vessel operations
compared to 66 percent in the second quarter of 2006.

                        Teekay Tankers

As previously announced, the Company’s Board of Directors has approved a
plan to create a new publicly traded entity, Teekay Tankers, that will
focus on the conventional tanker business.  The Company expects to file
publicly with the U.S. Securities and Exchange Commission a registration
statement for the initial public offering of the common shares of Teekay
Tankers during the second half of 2007.

                      About Teekay Corp.

Teekay Corporation -- http://www.teekay.com/-- together with its
subsidiaries, provides crude oil and petroleum product transportation
services worldwide.  The company operates through four segments: Offshore,
Fixed-Rate Tanker, Liquefied Gas, and Spot Tanker.  As at June 07, 2007,
the company's fleet consisted of 158 vessels. Its customers include oil
companies, oil traders, oil consumers and petroleum product producers,
government agencies, and various other entities that depend upon marine
transportation. Teekay Corporation was formerly known as Teekay Shipping
Corporation and changed its name to Teekay Corporation in June 2007.  It
has location in Nassau, The Bahamas.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on July 10,
2007, Standard & Poor's Ratings Services affirmed the ratings, including
the 'BB+' long-term corporate credit rating, on Vancouver-based Teekay
Corporation.  At the same time, Standard & Poor's removed the ratings from
CreditWatch with negative implications, where they were placed Sept. 1,
2006.  S&P said the outlook is negative.


TYSON FOODS: To Continue Operations in China
--------------------------------------------
Tyson Foods Inc. will continue to do business in China, while noting that
it was working with both United States and Chinese government to get the
tainted food matter resolved.

According to reports, the company's chief executive officer, Richard Bond,
spoke highly of the business in China on a conference call, saying: "They
are an excellent trading partner."

Mr. Bond, however, gave no details about trade with China other than to
say that Tyson had achieved growing exports of chicken leg quarters to
China, as well as other Asian countries, reports relate.

The Troubled Company Reporter–Asia Pacific reported on July 17, 2007, that
China's General Administration of Quality Supervision, Inspection and
Quarantine has suspended the import of meat products from seven U.S.
companies, including Tyson Foods Inc.

According to the report, the meat products were banned after it was found
that the main ingredients of some Chinese delicacies such as pig ears and
chicken feet, which are imported from the U.S., contained salmonella, feed
additives and veterinary drugs.

A Tyson spokeswoman assured that the company was already investigating the
tainted chicken claim by China's quality watchdog, sources say.  "We will
work with the U.S. and Chinese governments to get this matter resolved,"
the spokeswoman was quoted by the U.S. media as saying.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of chicken,
beef, and pork.  The company produces a wide variety of protein-based and
prepared food products, which are marketed under the "Powered by
Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South Korea, and
Taiwan.  In Latin America, Tyson Foods has operations in Argentina.

                        *     *     *

On Sept. 25, 2006, Moody's Investors Service took a number of
rating actions in relation to Tyson, including the assignment of
a Ba1 rating to the company's:

   -- US$1 billion senior unsecured bank credit facility; and

   -- US$345 million senior unsecured bank term loan for its
      Lakeside Farms Industries Ltd. subsidiary, under a full
      Tyson Foods, Inc. guarantee.




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


AIG LATIN: Proofs of Claim Filing Is Until Today
------------------------------------------------
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.


FOSTER WHEELER: To Supply Fluidized-Bed Boilers to SINOPEC
----------------------------------------------------------
Foster Wheeler Ltd. related that subsidiaries of its Global Power Group
have been awarded a contract for two circulating fluidized-bed steam
generators by SINOPEC Maoming Company, a subsidiary of China Petroleum &
Chemical Corporation, located in southwest Guangdong Province in the
People’s Republic of China.  This CFB project is part of a major refinery
expansion by SINOPEC Maoming.

Foster Wheeler has received a full notice to proceed on the engineering
and supply of two 100 MWe class (gross megawatt electric) CFB steam
generators, which will be included in Foster Wheeler’s third-quarter 2007
bookings.  The terms of the contract were not disclosed.

“With this award, SINOPEC confirms its continued confidence in Foster
Wheeler’s highly reliable CFB design,” said Gary Nedelka, chief executive
officer of Foster Wheeler Power Group Asia.  “In total, SINOPEC has
purchased 21 CFBs from us in the past 11 years, clearly indicating the
value of excellent performance in generating repeat business.”

“We are fully confident in Foster Wheeler’s high quality CFB product and
the outstanding service they will bring for our refinery expansion,” said
Li Yonglin, vice-president of SINOPEC Maoming.  “Foster Wheeler’s previous
work on our ethylene expansion project demonstrated the company’s
expertise and professionalism in completing complex jobs –- and was a
major factor in our selection of the company to provide the boilers for
Maoming.”

The coal and coke-fired CFBs will be designed by Foster Wheeler
International Engineering & Consulting (Shanghai) Company Limited.  Foster
Wheeler Power Machinery Company Limited, which owns a state-of-the-art
manufacturing facility in Xinhui, China, will be responsible for the
manufacturing.  Commercial operation of the new boilers is scheduled for
the first quarter of 2009.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.




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


* BOLIVIA: Fitch Revises Rating Outlook from Negative to Stable
---------------------------------------------------------------
Fitch Ratings revised the Outlook on Bolivia's long-term foreign and local
currency sovereign Issuer Default Rating to Stable from Negative, and
affirmed these ratings:

  -- Long-term foreign currency Issuer Default Rating at 'B-';
     Outlook to Stable;

  -- Long-term local currency IDR at 'B-'; Outlook to Stable;

  -- Short-term IDR at 'B';

  -- Country Ceiling at 'B-'.

Public debt reductions under the Multilateral Debt Relief Initiative,
maintenance of macroeconomic stability and positive economic prospects,
underpinned by a favorable external environment, supported the revision of
Bolivia's Outlook to Stable.  'Though political, social and policy
challenges will continue to weigh on Bolivia's ratings, the MDRI and
sustained growth have reversed the prior trend of deteriorating external
solvency and liquidity ratios,' said Theresa Paiz Fredel, Senior Director
of Fitch's Latin American Sovereign team.

As a result of the MDRI, debt sustainability is no longer a pressing
issue. MDRI covered 100% of debt incurred by Bolivia before January 2005
to the IMF (US$230 million) and the World Bank (US$ 1.5 billion).
Bolivia's public debt/GDP ratio declined to 32% by year-end 2006 from a
peak of 60% at year-end 2004.  Additional debt relief from the
Inter-American Development Bank totaling US$1.2 billion will reduce the
public debt/GDP ratio to below 20% of GDP this year.  As other sovereigns
in the 'B' rating category have also benefited from the MDRI, Bolivia's
debt levels remain in line with similarly rated credits.

Despite divisive domestic issues including the direction of macroeconomic
policy and the Constituent Assembly, Bolivia's overall macroeconomic
performance has strengthened within the context of a favorable external
environment.  Inflation declined in 2006, though negative supply shocks
and rapid monetary expansion are putting upward pressure on prices so far
in 2007. The performance of the extractive sectors will continue to drive
moderate GDP growth of around 4.5%, as well as a strong balance of
payments over Fitch's forecast period.  The latter has led to record
accumulation of international reserves, which are projected to increase by
over US$800 million this year, reaching more than US$4 billion by
year-end.  Additionally, changes in the hydrocarbons law and expenditure
restraint have underpinned a significant fiscal adjustment as the general
government balance reverted to a surplus of 3.5% of GDP in 2006 after
peaking at an 8.9% of GDP deficit in 2002.

Bolivia's short-term economic outlook remains favorable, but the country
faces many challenges and risks over the medium-to-long term, particularly
with respect to attracting foreign direct investment, which is needed to
develop its abundant natural resources and to deliver on gas contracts it
has already signed with Argentina and Brazil.  Better infrastructure,
stronger institutions, and improvements in the rule of law are also
critical to supporting growth and raising employment and living standards.

Now that the renegotiation of the hydrocarbons contracts has been
successfully completed, more clarity on macroeconomic policy choice,
particularly pertaining to other key sectors of the economy such as
mining, electricity and telecommunications, would be positive for
creditworthiness.  Continued macroeconomic stability and/or an easing of
social tensions which results in improved governability would also benefit
Bolivia's credit fundamentals.  By contrast, increased social and/or
political instability that detracts from Bolivia's economic performance or
affects debt service willingness could bring renewed pressure to Bolivia's
ratings.




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


AMERICAN AIRLINES: Picks AirCell to Launch Broadband Service
------------------------------------------------------------
American Airlines is teaming with AirCell, the leading wireless data and
voice communications provider in business aviation, to test broadband
services with passengers across the U.S. beginning 2008.  AirCell's new
Broadband Internet service will allow business and leisure passengers to
check e-mail, surf the Web, tap into an office network and stay current on
the latest news, using their own Wi-Fi enabled laptops, PDAs, iPhones(R),
BlackBerrys(R) and portable gaming systems -- while in flight. Passenger
testing will be conducted on American Airlines fleet of Boeing 767-200
aircraft that primarily fly transcontinental routes.  As the first to
launch in-flight broadband capabilities, American and AirCell are
pioneering the last frontier of domestic Internet service.

This high-speed broadband Internet service is made possible by
AirCell's unique air-to-ground network, which uses the latest technology
to transmit and receive data between the ground and the aircraft.
American Airlines customer testing will incorporate the following features
and capabilities upon initial rollout:

   -- Nationwide in-flight broadband Internet service

   -- Coast-to-coast, border-to-border, U.S. coverage, extending
      from the Atlantic to the Pacific and the Canadian to the
      Mexican borders -- day

   -- Usable by passengers equipped with 802.11a/b/g Wi-Fi
      enabled devices Real-time access to the Internet (using
      the passenger's own browser, bookmarks, etc.)

   -- An array of context and destination-related content.

"We understand that broadband connectivity is important to our business
customers and others who want to use their PDAs and laptops for real-time,
in-flight broadband communications," said Dan Garton, Executive Vice
President - Marketing for American Airlines.  "This is part of our
continuing effort to take the lead in enhancing the travel experience for
our customers and meet their evolving needs."

"Travelers are already bringing their own Wi-Fi enabled devices onto
planes," said Jack Blumenstein, AirCell CEO.  "Bringing broadband access
onto domestic flights at an everyday, affordable price provides travelers
the opportunity to recapture time.  Making productive use of the time in
the air will give them time back on the ground with family or just
relaxing."

"Airline customers across the U.S. list broadband access in flight as one
of their top wishes," continued Mr. Blumenstein. "As the first airline to
deploy broadband access, American is demonstrating its commitment to the
business traveler and to its industry-leading position in technological
innovation."

The cost of the service on American Airlines will be announced at the time
of service rollout.

                       About AirCell

AirCell(R) -- http://www.aircell.com/-- is the leader in global airborne
telecommunications for the Business Aviation market.  Its products are
offered by virtually every fixed- and rotor-wing airframe manufacturer in
business aviation, and are installed aboard the world's four largest
fractional ownership fleets.  A single-source, turnkey provider of
equipment, service, and technical support, AirCell simplifies airborne
communications and keeps you In Touch, In Flight(R).

The 2006 winner of the FCC's exclusive broadband frequency license,
AirCell is also pioneering a revolutionary new wireless broadband system
for North America.  Available only from AirCell, it will include robust
Wi-Fi hotspots that enable airline passengers to surf the Internet, use
e-mail, and log on to their corporate VPN's using their personal
802.11a/b/g-equipped Wi-Fi data devices.  The system will also offer
airline operational communications capabilities and provide a path to a
wealth of future cabin services.

Set for introduction in 2008, the new broadband service will also be
available to business aircraft operators, offering a similar set of
features.  Customers that currently have an AirCell Axxess(TM)
communications system aboard their aircraft can easily add the new AirCell
broadband link by installing the appropriate radio and a small,
air-to-ground antenna. AirCell has facilities in Louisville, Colorado, and
Itasca, Illinois, USA.

                   About American Airlines

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

                        *     *     *

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


ARVINMERITOR: Posts US$70 Mil. Net Loss in Qtr. Ended June 30
-------------------------------------------------------------
ArvinMeritor Inc. announced on Monday its financial results for the third
quarter ended June 30, 2007.

The company reported a net loss of US$70.0 million for the third quarter
of fiscal year 2007, compared with a net income of
US$20.0 million for the third quarter of fiscal 2006.

The company posted sales of US$1.66 billion, a 4-percent decrease from
sales of US$1.73 billion for the the same period last year.  The primary
factor that drove this decrease was the downturn in the North American
Class 8 market, partially offset by strong Western Europe and Asia Pacific
volumes.

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

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

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

"As we continue to work our way through a challenging operating
environment, we are making solid progress in implementing our strategic
initiatives," said chairman, chief executive officer and president Chip
McClure.  "As a result of the restructuring activities underway at
ArvinMeritor and a focus on improving our operational performance, our
Commercial Vehicle Systems business maintained respectable margins despite
the decline in the North American heavy truck market, and we saw continued
margin improvement in our Light Vehicle Systems business."

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

         Third-Quarter Performance Plus Accomplishments

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

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

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

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

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

            Fourth-Quarter and Full-Year 2007 Outlook

The company now expects sales from continuing operations in fiscal year
2007 to be in the range of US$6.2 to US$6.3 billion, up from US$6.0 to
US$6.2 billion.  This guidance excludes gains or losses on divestitures,
restructuring costs, and other special items, including potential extended
customer shutdowns or production interruptions.

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

At June 30, 2007, the company's consolidated balance sheet showed US$4.78
billion in total assets, US$3.88 billion in total liabilities, US$77
million in minority interests, and US$823 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial statements for
the quarter ended June 30, 2007, are available for free at
http://researcharchives.com/t/s?21f9

                   About ArvinMeritor Inc.

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

                        *     *     *

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

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

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

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

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

    -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


ARVINMERITOR INC: Names Amelia Quelas as Trailers Group VP
----------------------------------------------------------
ArvinMeritor Inc.'s Commercial Vehicle Systems business has appointed
Amelia Quelas as vice president and general manager of the Trailers Group,
effective August 1.

Ms. Quelas is responsible for the leadership and growth of the worldwide
commercial trailer business.  She will lead business process improvement
initiatives designed to strengthen the performance of the trailer
business, develop strategic plans, drive market growth initiatives, and
manage customer relationships.

"Amelia brings strong leadership skills and extensive knowledge of the
global commercial vehicle industry, combined with an international
business background, to this position," said Carsten Reinhardt, president,
CVS.  "She will be an asset to the CVS leadership team as we aggressively
implement actions to improve the performance and profitability of the
business."

Most recently, Ms. Quelas was responsible for Freightliner's sales and
marketing efforts in Mexico and Latin America.  Previously, she served as
president of Detroit Diesel Allison de Mexico in Mexico and Latin America.
Ms. Quelas also held various management positions with Penske Corporation
over a period of 13 years.

Ms. Quelas holds a bachelor's and master's degree in Systems Analysis from
CAECE University in Buenos Aires, Argentina, and a master's degree in the
Management of Information Systems from UCLA.

                     About ArvinMeritor Inc.

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

                        *     *     *

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

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

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

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

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

    -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


BANCO DAYCOVAL: Earns BRL46.5 Million in Second Quarter 2007
------------------------------------------------------------
Banco Daycoval said in it earnings release that its recurring net profits
increased 164% to BRL46.5 million in the second quarter 2007, from BRL17.6
million in the same quarter last year.

Banco Daycoval told Business News Americas that its second quarter 2007
results don’t consider the impact of its initial public offering in June
2007.

BNamericas relates that Banco Daycoval’s net profits increased 5.70% on
the BRL44.0 million recorded in the first quarter 2007, excluding BRL19.3
million in tax credits applied in the first quarter of this year.

Banco Daycoval’s second quarter 2007 return on equity increased to 40.5%
from 19.5% year-on-year.  However, it dropped from 44.5% in the first
quarter 2007.  Shareholders equity rose 37.3% to BRL538 million in June
2007, compared to June 2006, and 8.30% in the first quarter 2007,
BNamericas notes.

According to BNamericas, Banco Daycoval’s second quarter 2007 net interest
income grew 44.0% to BRL75.6 million, year-on-year.   The bank’s lending
rose 73.4% to BRL1.77 billion.  Middle market lending operations increased
69.3% to BRL1.67 billion, while payroll-linked loans grew 93.7% to BRL305
million.

BNamericas says that Banco Daycoval started trading on the Sao Paulo stock
exchange Bovespa on June 29, 2007.  It sold 64.3 million preferred shares
in primary and secondary share offerings, raising a total of BRL1.09
billion.

Banco Daycoval’s assets increased 64.6% to BRL3.89 billion in June 2007,
compared to June 2006.

Banco Daycoval, a Brazilian midsize bank, was founded in 1989.
It operates 15 branches concentrated in the south and southeast
of the country.  Its main business is commercial lending to
small and medium enterprises, with a diversified portfolio in
agribusiness, automotives, commerce, foods, financial services,
general services, manufacturing, and textiles.  Daycoval
established its trade finance department in 1995 to satisfy the
increasing demand for trade finance instruments.

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


BANCO NACIONAL: Lending BRL1.8B for Eletrobras Unit’s Plants
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social will lend up to
BRL1.8 billion for four hydroelectric plants that federal power firm
Eletrobras’ units Eletrosul and Furnas will construct, Eletrosul said in a
statement.

Eletrosul told Business News Americas that the plants are part of the
growth acceleration program the Brazilian government is promoting to
advance the nation's development process.  The plants are:

          -- Maua,
          -- Sao Joao,
          -- Simplicio, and
          -- Batalha.

BNamericas relates that Banco Nacional will extend some BRL700 million for
the 362-megawatt Maua plant, which Eletrosul is constructing in
partnership with power firm Copel in Parana.

Parana governor Roberto Requiao commented to BNamericas, "Eletrosul and
Copel will invest BRL950 million in Maua."

An Eletrosul spokesperson told BNamericas that Maua could start operating
in January 2011.

BNamericas says that Banco Nacional will extend BRL190 million to
Eletrosul's 775-megawatt Sao Joao plant in Rio Grande do Sul.

The spokesperson told BNamericas, "The first turbine will arrive in Sao
Joao in 2009 and the plant will start its operations a year later."

BNamericas notes that the Banco Nacional loan will be disbursed from 2007
to 2010.  Eletrosul will have 10 years to repay the loan at an interest
rate of 10% per year.

A Furnas spokesperson told BNamericas that Banco Nacional will fund the
334-megawatt Simplicio plant between Rio de Janeiro and Minas Gerais.  The
bank will also finance the 152-megawatt Batalha plant in Minas Gerais and
Goias.

According to the report, Furnas said in April that Batalha and Simplicio
would begin operations in the first and second quarters of 2009,
respectively.

The Furnas spokesperson told BNamericas, "However, the construction will
be delayed because of environmental issues raised by [Brazil's
environmental agency] Ibama."

Investments in Simplicio and Batalha will total BRL1.2 billion and BRL380
million, respectively, BNamericas reports.

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

                        *     *     *

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


BANCO NACIONAL: May Help Ease Air Transport Crisis
--------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social head Luciano Coutinho
told reporters in Brazil that the bank is keen on working with the defense
ministry to help ease the air transport crisis in the country.

Business News Americas relates that Mr. Coutinho said Banco Nacional is at
the disposal of Defense Minister Nelson Jobim to help develop studies and
projects that would let the government objectively and effectively
confront the air transport infrastructure crisis.

According to BNamericas, Mr. Coutinho had said that Banco Nacional was not
allowed to lend the federal government.  However, it was looking for ways
to help resolve the crisis.

BNamericas notes that the defense ministry is considering the possibility
of Banco Nacional providing funding for the construction of small
passenger aircraft since unofficial recommendations have been made that
Congonhas airport tighten the weight restrictions on aircraft using its
facilities.

Banco Nacional is considering making a fund that will fund the contracting
of consultants, studies and projects on infrastructure in general,
BNamericas states, citing Mr. Coutinho.

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

                        *     *     *

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


BANCO PINE: Has Fewer Loans This Year, Emilio Charazzai Says
------------------------------------------------------------
Banco Pine Chief Executive Officer Emilio Charazzai said in a conference
call that the bank has sold significantly fewer loans since it raised
BRL517 million through an initial public offering on the Sao Paulo stock
exchange Bovespa this year.

Mr. Charazzai told Business News Americas, "Last year we sold 82% of these
loans to bigger banks.  This year we've sold 40%."

BNamericas relates that since 2005 Banco Pine has an accord to sell
payroll and retirement loans to Banco Bradesco.

Banco Pine backed off on selling loans to diversify funding, which
culminated in March's initial public offering, BNamericas says, citing Mr.
Charazzai.

"This has been the brightest six months for the bank in its 10 years of
existence," Mr. Charazzai commented to BNamericas.

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'.


BUCKEYE TECH: Reports US$15.9 Mil. Net Income in Second Quarter
---------------------------------------------------------------
Buckeye Technologies Inc. has earned US$15.9 million after tax (US$0.41
per share) in the quarter ended June 30, 2007.  The company’s results
included a US$2.0 million pre-tax benefit from a water conservation
partnership payment, a US$2.1 million pre-tax benefit from reversal of
accrued interest related to cancellation of a contingent note owed to
Stac-Pac Technologies Inc., and a US$3.3 million tax benefit from
adjustments relating to federal and state valuation allowances and
credits.  The combined benefit of these three items on our Q4 earnings was
US$.15 per share.

During the same quarter of the prior year the company earned US$1.2
million after tax (US$.03 per share) which included a US$0.8 million tax
benefit (US$.02 per share) related to a reduction in Canadian federal and
provincial tax rates and restructuring and impairment expenses of US$0.5
million after tax (US$.01 per share) primarily associated with equipment
sales at the closed operations in Lumberton, North Carolina and
Glueckstadt, Germany.

During the 2007 fiscal year, the company earned US$30.1 million after tax
(US$.79 per share), which included the benefit of the US$5.7 million after
tax (US$.15 per share) discussed above and restructuring charges of US$0.8
million after tax (US$.02 per share).  This compares to fiscal year 2006
earnings of US$2.0 million after tax (US$.05 per share), including
restructuring and impairment expenses of US$3.6 million after tax (US$.10
per share).

Net sales for the April-June quarter were US$200 million, 3.5% above the
US$193 million achieved in the same quarter of the prior year.  Net sales
for fiscal year 2007 were US$769 million, 5.6% above the US$728 million
achieved in the prior year.

Chairman and Chief Executive Officer John B. Crowe said, “We are pleased
with the improved results, both for the quarter and fiscal year.  We
credit the improved earnings to strong demand across all of our businesses
and to the combination of higher prices, better mix and cost reductions.
Reduced costs and higher volumes at our Americana plant also contributed
to improved earnings, both for the quarter and total year.  Our Nonwoven
materials segment sales and earnings were strong for the total year, but
even though sales were higher, operating income for the quarter was down
compared to the January – March quarter due to higher corporate SRA
allocations and special maintenance items.  We continue to generate strong
cash flow and we lowered our debt during the year by US$76 million (from
US$521 million to US$445 million), which includes the cancellation of the
US$5.0 million Stac-Pac note.”

Mr. Crowe went on to say, “With the anticipated improved fourth quarter
results, we provided an earnings alert on July 25.  Today we are releasing
our results ahead of schedule and we will discuss fourth quarter and
annual results at our conference call scheduled for 10:30 a.m. Eastern,
Wednesday, August 8, 2007 following a review of our results with the Board
of Directors at the previously scheduled August 7 meeting.  We appreciate
your understanding for the delay between today’s announcement and our
conference call.”

                   About Buckeye Technologies

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

                        *     *     *

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


COMPANHIA PARANAENSE: Won’t Join Consortium to Bid for Madeira
--------------------------------------------------------------
Companhia Paranaense de Energia SA’s corporate management officer Luiz
Antonio Rossafa told Business News Americas that the firm doesn’t have
plans to join a consortium to bid for construction of the 6.45-gigawatt
Madeira hydro complex in the Amazon.

Mr. Rossafa commented to BNamericas, "Copel's [Companhia Paranaense] focus
is on Parana state.  Our by-laws and our history leave us pretty focused
in Parana, where we can extract more synergies from renewables for the
production of electric power."

According to BNamericas, Companhia Paranaense Chief Executive Officer
Rubens Ghilardi said in May 2007 that under the law, the company can’t be
the minority shareholder in a project.  Madeira could be too large for the
firm to take on as project leader.

However, Mr. Ghilardi said in 2006 that Companhia Paranaense was
considering accepting an invitation to participate in a consortium to bid
for Madeira, BNamericas notes.

Madeira plants Santo Antonio and Jirau will be auctioned separately within
the year, 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.  The rating outlook was stable.  This
rating action concludes the review process initiated on
July 26, 2006.

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).


FLEXTRONICS INT'L: Earns US$134 Million in First Quarter 2007
-------------------------------------------------------------
Flextronics International Ltd. reported that net sales for the first
quarter ended June 29, 2007, were US$5.2 billion, which represents an
increase of US$1.1 billion, or 27%, over the year ago quarter.  For the
first quarter ended June 29, 2007, adjusted net income increased 29% over
the year ago quarter to US$134 million, compared to US$104 million in the
year ago quarter.

GAAP net income increased 26% to US$107 million, or US$0.17 per diluted
share, for the first quarter ended June 29, 2007, compared to US$85
million, or US$0.14 per diluted share, in the year ago quarter.

"We continue to maintain a strong financial position with US$770 million
in cash, no short term debt maturities, and a record low debt to capital
leverage ratio of 19%," said Flextronics CEO Mike McNamara.  "We decreased
our inventory balance by US$47 million sequentially and increased our
sequential inventory turns from 6.9 to 7.7 times.  We remain intensely
focused on generating a higher return on capital while growing our
business, as evidenced by our 40 basis point increase in return on
invested capital from the year ago quarter."

"We continue to lead the industry with a cash conversion cycle of 13 days,
which resulted in our operations generating positive cash flow of US$145
million for the quarter.  Even though revenues grew 27%, we still
generated US$73 million of free cash flow," Mr. McNamara added.

"I am very proud of the dedication and hard work of our employees and
management across the globe in making this a very successful quarter for
Flextronics.  I remain confident that our organization will continue to
execute on our normal day-to-day operations and customer service
requirements as we work through the integration planning associated with
our previously announced acquisition of Solectron," Mr. McNamara
concluded.

                           Guidance

For the second quarter ending Sept. 28, 2007, revenue is expected to grow
approximately 10-20% on a year-over-year basis to a range of approximately
US$5.3 billion to US$5.6 billion and adjusted (non-GAAP) EPS is expected
to grow 10-20% on a year-over-year basis to a range of US$0.22-US$0.24 per
share.

The Company reiterated its 2008 fiscal year expectations, with revenue
expected to grow 10-15% on a year-over-year basis to a range of US$20.7
billion to US$21.7 billion and adjusted (non-GAAP) EPS is expected to grow
15-20% on a year-over-year basis to a range of US$0.92-US$0.96 per share.
The fiscal year 2008 guidance excludes any impact from the Solectron
acquisition.

Quarterly GAAP earnings are expected to be lower than the guidance
provided herein by approximately US$0.04 per diluted share per quarter
reflecting quarterly intangible amortization and stock-based compensation
expense.

                 Update on Solectron Acquisition

As reported in the Troubled Company Reporter-Europe on June 6, 2007,
Flextronics and Solectron Corporation have entered into
a definitive agreement for Flextronics to acquire Solectron under a US$3.6
billion deal, creating the most diversified and premier global provider of
advanced design and vertically integrated electronics manufacturing
services.

"While we have received U.S. antitrust clearance, we have not yet received
all outstanding regulatory approvals," Flextronics CFO Thomas J. Smach
stated.  "Assuming no complications in the remaining approvals required we
now feel as though we could close the transaction in October."

"Our integration planning has been further developed since the
announcement and we are now reducing the estimated time to achieve at
least US$200 million of annualized after-tax
synergies from 18-24 months to 12-18 months," Mr. Smach added.

                       About Flextronics

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide.  The company delivers complete design,
engineering, and manufacturing services to aerospace, automotive,
computing, consumer digital, industrial, infrastructure, medical and
mobile original equipment manufacturers.

The company has operations in Brazil and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on June 8,
2007, Fitch has placed Flextronics' ratings on Rating Watch Negative:

    -- Issuer Default Rating at 'BB+';
    -- Senior Unsecured credit facility at 'BB+';
    -- Senior subordinated notes at 'BB';

The decision follows the announcement by Flextronics International Ltd. of
its agreement to acquire Solectron Corp. (Issuer Default Rating [IDR] of
'BB-' on Rating Watch Positive by Fitch) for US$3.6 billion in a
combination of cash and stock.

Standard & Poor's Ratings Services placed its 'BB+' corporate credit and
'BB-' subordinated debt ratings on Singapore-based Flextronics
International Ltd. on CreditWatch with negative implications following the
company's announcement that it intends to acquire Solectron Corp. for cash
and stock valued at about US$3.6 billion.


FORD MOTOR: Affirms Stock Premium for 6.5% Securities Conversion
----------------------------------------------------------------
Ford Motor Company disclosed the number of shares of Ford common
stock that will constitute the premium to be paid with its conversion
offer related to the outstanding 6.50% Cumulative Convertible Trust
Preferred Securities of Ford's wholly owned subsidiary trust, Ford Motor
Company Capital Trust II.

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

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

On July 2, 2007, Ford commenced an offer to pay a premium to holders of
any and all trust preferred securities who elect to convert their trust
preferred securities to shares of Ford common stock subject to the terms
of the offer.  The offer expired at 5:00 p.m., New York City time, July
31, 2007, and is expected to settle on Friday, Aug. 3, 2007.

If all trust preferred securities that were outstanding as of the
commencement of the offer were validly tendered and accepted for
conversion, Ford would issue an aggregate of 457,163,141 shares of Ford
common stock, including approximately 282,485,762 shares pursuant to the
conversion terms of the trust preferred
securities, plus an aggregate premium of 174,677,379 shares of Ford common
stock.

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

Holders of trust preferred securities may address questions about the
conversion offer or make requests for copies of the offering circular and
related documents for free to Georgeson Inc., the information agent for
the conversion offer, by calling toll-free at 888-605-7541.

                      About Ford Motor Co.

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second quarter of
2007 was significantly stronger than the previous year and better than
street expectations.

However, Moody's explained that the company continues to face significant
competitive and financial challenges, and the rating agency expects that
Ford's credit metrics and rate of cash consumption will likely remain
consistent with no higher than a B3 corporate family rating level into
2008.

According to the rating agency, Ford's corporate family rating is
currently a B3 with a negative outlook.  The rating is pressured by the
shift in consumer preference from high margin trucks and SUVs, and by the
need for a new 2007 UAW contract that provides meaningful relief from high
health care costs and burdensome work rules, Moody's relates.


GENERAL MOTORS: Earns US$891 Mil. in Second Qtr. Ended June 30
--------------------------------------------------------------
General Motors Corp. released on Tuesday its preliminary financial results
for the 2007 second quarter, marked by record automotive revenue driven by
strong sales in key growth markets, improved net income, and solid
operating cash flow.

GM reported net income of US$891 million for the second quarter of 2007,
an improvement of US$4.3 billion compared with a reported net loss of
US$3.4 billion in the year-ago quarter.

"We again saw improved results in sales, income and cash flow this
quarter, driven by the continued successful implementation of our business
strategies," said Rick Wagoner, GM chairman and chief executive officer.
"In particular, our heavy commitment to key growth markets around the
world really paid off in strong growth and earnings.  In North America we
continue to make progress with our focus on great new products, a
disciplined sales and marketing strategy, and structural cost reduction,
although profitability remains close to breakeven."

The results for the second quarter 2007 included US$520 million in net
special items, including US$374 million in charges associated with GM's
support of the bankruptcy and reorganization of Delphi and various GM
North America (GMNA) restructuring-related charges.

GM posted 2007 second-quarter adjusted net income, excluding special
items, of US$1.4 billion, compared to US$1.1 billion in the year-ago
quarter.

                    GM Automotive Operations

GM's global automotive net income from continuing operations totaled
US$764 million on an adjusted basis in the second quarter of 2007
(reported net income from continuing operations of US$618 million),
compared to an adjusted net income of US$367 million (reported net loss
from continuing operations of US$3.48 billion) in the second quarter 2006.
Results for GM's automotive operations, specifically GMNA, exclude
Allison Transmission, which is now classified as a discontinued operation
and an asset held for sale, pending the close of the previously-announced
sale transaction.

GM's global sales volume surpassed 2.4 million units in the second
quarter, up marginally from the same quarter a year ago.  Global market
share was down slightly at 13.3%, compared to 13.7% in the year-ago
period, driven by a softer U.S. market, a reduction in fleet sales, and a
disciplined incentive strategy.  GM market share outside of North America
increased to 9.4% in the second quarter 2007, compared to 9.2% in the
second quarter 2006.

GMNA had adjusted net income from continuing operations of
US$78 million in the second quarter 2007 (reported net loss from
continuing operations of US$39 million), compared to adjusted net loss of
US$94 million from continuing operations (reported net loss from
continuing operations of US$3.95 billion) in the second quarter 2006.  The
net income improvements reflect favorable mix and reduced structural
costs.  These savings were partially offset by lower volume, favorable
policy and warranty adjustments in the prior-year period and unfavorable
foreign exchange.

"It's true that our North America team has made huge improvements, and we
appreciate everyone's hard work.  But our current earnings clearly
demonstrate we've got more to do," Wagoner said.

"We remain focused on growing revenue in North America by introducing
great new cars and trucks, and enhancing our revitalized sales and
marketing strategy.  At the same time, we must continue to address our key
areas of cost disadvantage such as healthcare.  Going forward, we need to
generate adequate profitability and cash flow to fund new product and key
technology investments, like bio-fuel and hybrid-powered vehicles, to
better position our business for sustainable growth." Wagoner added.

GM Europe posted adjusted net income of US$236 million for the quarter
(reported net income of US$217 million), compared to
US$143 million in the second quarter of 2006 (reported net loss of US$39
million).  The results mark the best quarterly performance for GME since
the second quarter of 1996.  The improved earnings were driven by
favorable pricing, combined with solid structural cost performance
associated with the region's ongoing restructuring.

Despite industry pressures in Germany, Europe's largest vehicle market,
GME set a quarterly sales record of 574,000 units, up five percent over
the second quarter 2006.  The new Opel Corsa small car and the Chevrolet
Captiva compact SUV continued to perform especially well.  In addition,
GME's multi-brand strategy continues to gain momentum.  Chevrolet had
record sales of 115,000 units, up 34%.  GME growth in key Eastern European
markets was strong, especially in Russia, where unit sales were up 106
percent over the second quarter 2006, and share was up 3.9 percentage
points.

GM Asia Pacific recorded adjusted net income of US$237 million in the
second quarter (reported net income of US$227 million), which marks a
second-quarter net income record for the region, and compares with US$164
million in the same quarter a year ago (reported net income of US$376
million, which included US$212 million from the sale of GM's equity
interest in Isuzu).  The improvements were largely driven by strong
performance at GM Daewoo and GM China.  GM enjoyed eight percent sales
growth in the Asia Pacific region, and GM China set a new volume record
with 234,000 units in the quarter, up over six percent year-over-year. GM
sales in South Korea were up 20%, and India was up 46% aided by the
success of the newly-introduced Chevrolet Spark.

GM Latin America, Africa and Middle East continued to leverage explosive
regional growth and its traditionally strong position in the region.
GMLAAM posted its best quarterly net income in a decade with adjusted
earnings of US$213 million (reported net income also US$213 million),
compared to US$155 million in the same quarter last year (reported net
income of US$139 million).  Improvements in net income were driven
primarily by volume growth and favorable pricing.  GMLAAM set a volume
record for the quarter, selling over 293,000 units, up 20 percent
year-over-year.  GM sales performance was highlighted by an all-time sales
record in Venezuela, and second quarter records in Argentina, Brazil,
Chile, Colombia, Egypt, and the Middle East Operations.

"As we head into the second half of the year, we're optimistic about
continued growth prospects in key emerging markets.  In the U.S., the
economy and auto market outlook remains challenging, but we'll continue
our future product and technology investments, while staying focused on
growing our revenue and improving our cost competitiveness," Wagoner said.
"We look forward to the U.A.W. negotiations as an opportunity to continue
to address issues that are important to the company, the union and our
employees."

In addition to strong year-over-year performance in automotive operations,
GM also recognized adjusted net income of US$401 million in Corporate
Other and Other Financing (reported net income of US$27 million).  This
represents a US$517 million improvement over the second quarter 2006,
principally related to reductions in income tax contingencies.

                            GMAC

As a standalone company, GMAC Financial Services reported net income of
US$293 million for the second quarter 2007, compared to US$787 million in
the second quarter 2006 which included a one-time gain on the sale of a
regional homebuilder of US$259 million.  GM recognized US$139 million in
net income attributable to GMAC as a result of its 49 percent equity
interest as well as accrued preferred dividends.  Financial performance at
GMAC represents a US$598 million improvement over the first quarter 2007,
which was significantly affected by pressures in the U.S. nonprime
mortgage market.

"We're pleased that GMAC returned to profitability in the second quarter,
with significantly better results than the first quarter. GMAC's auto
financing and insurance businesses continues to post strong results while
the company continues to progress in addressing the challenging conditions
in the residential mortgage market," Wagoner said.

GMAC's automotive finance, insurance and other operations (excluding
Residential Capital, LLC (ResCap)) generated more than twice the net
income of these same operations in the year-ago period.  Despite continued
challenges in the residential mortgage industry, ResCap significantly
reduced losses in the second quarter.

                     Cash and Liquidity

GM generated adjusted operating cash flow of US$1.1 billion in the second
quarter of 2007, up from US$600 million in the year-ago quarter, and
continues to maintain a strong liquidity position.

Cash, marketable securities, and readily-available assets of the Voluntary
Employees' Beneficiary Association (VEBA) trust totaled US$27.2 billion as
of June 30, 2007, up from US$24.7 billion on March 31, 2007.  The balance
includes US$1.4 billion net cash raised through a convertible debt
offering in May 2007, which replaced US$1.1 billion in convertible debt
that was redeemed in March 2007.

As announced in June 2007, the sale of the Allison Transmission business
will further bolster GM's liquidity, with proceeds of approximately US$5.6
billion.  The sale is expected to close in the third quarter 2007.

At June 30, 2007, the company's consolidated balance sheet showed
US$186.53 billion in total assets, US$188.82 in total liabilities, and
US$1.27 billion in minority interests, resulting in a total stockholders'
deficit of US$3.56 billion.

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

                        *     *     *

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

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


KENDLE INTERNATIONAL: Earns US$4.3 Million in 2007 Second Qtr.
--------------------------------------------------------------
Kendle International Inc. disclosed its financial results for second
quarter 2007.

Net service revenues for second quarter 2007 were US$97.8 million, an
increase of 58 percent over net service revenues of US$62.1 million for
second quarter 2006.  Net income per diluted share of US$0.29 for second
quarter 2007 includes a charge for amortization of acquired intangibles
related to the August 2006 acquisition of the Phase II-IV clinical
services business of Charles River Laboratories International, Inc.
Excluding this amount, which is detailed in the Condensed Consolidated
Statements of Income, earnings per share (EPS) for second quarter 2007 was
US$0.34 per diluted share.  Interest expense in the second quarter was
approximately US$4.3 million (or about US$0.18 per diluted share),
primarily related to debt incurred to finance the Charles River Clinical
Services acquisition, compared to interest expense of US$51,000 in second
quarter 2006.  EPS for second quarter 2006 was US$0.29 per diluted share.

Income from operations for second quarter 2007 was approximately US$10.9
million.  Excluding the amortization charge referenced above, proforma
income from operations was approximately US$11.9 million, or 12.2 percent
of net service revenues, compared to income from operations of
approximately US$6.4 million in second quarter 2006.  Net income was
approximately US$4.3 million in both the second quarter of 2007 and 2006.
Net service revenues by geographic region for the second quarter were 50
percent in North America, 42 percent in Europe, 5 percent in Latin America
and 3 percent in the Asia/Pacific region.  The top five customers based on
net service revenues accounted for 28 percent of net service revenues for
second quarter 2007 compared to 29 percent of net service revenues for
second quarter 2006.

New business awards were US$165 million for second quarter 2007, which
represents a 96 percent increase over the same quarter last year.
Contract cancellations for the quarter were approximately US$13 million.
Total business authorizations, which consist of signed backlog and
verbally awarded business, totaled US$758 million at June 30, 2007, up 8
percent from
March 31, 2007.

"Kendle delivered a strong performance for the second quarter," commented
Chairman and Chief Executive Officer Candace Kendle, PharmD.  "Revenues,
backlog and new business awards were all record highs, demonstrating the
continued strength of our growing global organization.  Our ability to
build strategic relationships is being increasingly recognized as a key
differentiator, with Kendle recently being named the 'Top CRO to Work
With' in the Thomson CenterWatch 2007 survey of U.S. investigative sites."

Dr. Kendle continued, "Our completion of the recent convertible note
offering further enhances our financial position.  Kendle has never been
stronger and we look forward to the remainder of 2007 with great
confidence."

Reimbursable out-of-pocket revenues and expenses were US$41.4 million for
second quarter 2007 compared to US$19.8 million in the same quarter a year
ago.

Cash flow from operations for the quarter was a positive US$9.9 million.
Cash and marketable securities totaled US$25.1 million, including US$1.0
million of restricted cash.  Days sales outstanding in accounts receivable
were 42 and capital expenditures for second quarter 2007 totaled US$4.3
million.

Net service revenues for the six months ended June 30, 2007, were US$193.2
million, an increase of 59 percent over net service revenues of US$121.8
million for the six months ended June 30, 2006.  Net income per diluted
share of US$0.57 for the six months ended June 30, 2007, includes a charge
for amortization of acquired intangibles related to the August 2006
acquisition of the Phase II-IV clinical services business of Charles River
Laboratories International, Inc. Excluding this amount, which is detailed
in the Condensed Consolidated Statements of Income, earnings per share
(EPS) for the six months ended June 30, 2007, was US$0.66 per diluted
share.

Interest expense in the six months ended June 30, 2007, was approximately
US$8.7 million (or about US$0.37 per diluted share), primarily related to
debt incurred to finance the Charles River Clinical Services acquisition,
compared to interest expense of US$114,000 in the first six months of
2006.
EPS for the six months ended June 30, 2006, was US$0.62 per diluted share.

Income from operations for the six months ended June 30, 2007, was
approximately US$23.4 million.  Excluding the amortization charge,
proforma income from operations was approximately US$25.5 million, or 13.2
percent of net service revenues, compared to income from operations of
approximately US$13.7 million in the first six months of 2006.  Net income
for the first six months of 2007 was approximately US$8.5 million compared
to net income of US$9.2 million in the first six months of 2006.  Net
service revenues by geographic region for the six months ended June 30,
2007, were 50 percent in North America, 43 percent in Europe, 4 percent in
Latin America and 3 percent in the Asia/Pacific region.  The top five
customers based on net service revenues accounted for 26 percent of net
service revenues for the first half of 2007 compared to 30 percent of net
service revenues for the first half of 2006.

Cash flow from operations for the six months ended June 30, 2007, was a
positive US$24.4 million.  Capital expenditures for the six-month period
totaled US$7.4 million.

Kendle also updated full-year 2007 guidance.  Net service revenue guidance
for the full-year 2007 remains in the previously-provided range of US$400
to US$420 million with revenues expected to be at the lower end of this
range.  Operating margin on both a GAAP and proforma basis remains
unchanged from previous guidance and is expected to be between 12 and 14
percent and 13 and 15 percent, respectively.  Kendle now expects GAAP EPS
in the range of US$1.32 to US$1.52, which represents an US$0.18 reduction
primarily related to the non- cash charge of the write-off of term debt
financing fees.  The write-off of financing fees results from the debt
payments made in July with proceeds from the convertible note offering.
The company has increased its guidance for proforma EPS (excluding the
financing fee write-off as well as the intangible amortization from the
Charles River Clinical Services acquisition) by US$0.04 from previously
issued guidance and now projects proforma EPS to be in the range of
US$1.72 to US$1.92.

                        About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, Europe,
Asia/Pacific, Africa and Latin America including Brazil.

                        *     *     *

As of July 3, 2007, the company carries Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability
of default rating.  Moody's said the outlook is stable.

In addition, the company also carries Standard & Poor's B+ long-
term foreign and local issuer credits.  S&P said the outlook is
stable.


REMY INTERNATIONAL: To Begin Prepackaged Plan Vote Solicitation
---------------------------------------------------------------
Remy International Inc. said a press statement that it will
commence a solicitation of votes on its prepackaged chapter 11
plan by mid-August as a result of finalizing two critical aspects of its
financial restructuring.

Remy reached agreements with General Motors Corporation with
respect to the extension and enhancement of the company's existing supply
relationship with GM.

Remy considers the new GM arrangement as an important development in the
furtherance of the company's financial restructuring.  While certain
aspects of the arrangement will be implemented immediately, the agreement
will become fully effective upon the consummation of the company's
financial restructuring.

"We are extremely pleased to have reached agreement with GM on
a comprehensive restructuring of our commercial arrangement.  We
look forward to a long and mutually beneficial relationship with GM," said
John Weber, Remy's chief executive officer.

In addition, Remy obtained a binding commitment from Barclays Capital, the
investment banking division of Barclays Bank PLC, to provide
debtor-in-possession financing of up to US$225 million and US$330 million
of long-term exit financing, subject to certain closing conditions and
documentation.

In June 2007, Remy, said it reached an agreement with holders of
approximately:

    * 83% of its 8-5/8% Senior Notes,
    * 84% of its 9-3-8% Senior Subordinated Notes, and
    * 75% of its 11% Senior Subordinated Notes,

on the terms of a consensual financial restructuring that would
reduce the company's debt obligations by approximately
US$360 million.

Remy says the terms of its consensual financial restructuring with its
noteholders contemplates that all trade creditors, employees and suppliers
will continue to be paid in the ordinary course of business.

                 Terms of the Prepackaged Plan

The significant elements of the prepackaged plan include:

    - Repaying the Second Priority Senior Secured Floating Rate
      Notes in full.

    - Raising US$75 million in preferred equity through a rights
      offering to be made to holders of the company's Senior
      Notes and Senior Subordinated Notes.

    - Exchanging the company's existing 8-5/8% Senior Notes for
      US$100 million of new third-lien Pay-in-Kind Notes and
      approximately US$50 million in cash.

    - Converting the 9-3/8% Senior Subordinated Notes and 11%
      Senior Subordinated Notes into 100% of the common equity
      of the reorganized company.

    - Cancelling all of the company's existing equity interests.

Headquartered in Anderson, Indiana, Remy International Inc. --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Brazil and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Standard & Poor's lowered its rating on Remy's US$145
million senior unsecured notes to 'D' from 'CC' because Remy elected to
not make the June 15, 2007, interest payment.  It is expected that these
creditors will have their claim exchanged for US$100 million of new
third-lien payment-in-kind notes and about US$50 million in cash under the
reorganization plan.  At the same time, S&P lowered the rating on Remy's
US$165 million senior subordinated notes to 'D' from 'CC' because these
notes are expected to be converted into 100% of common equity of the
reorganized company.

To date, Remy International Inc. carries Moody's "Caa3" Senior
Secured Debt Rating and "Ca" Long-Term Corporate Family Rating,
which were placed on April 16, 2007.




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


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



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

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

These agendas will be taken during the meeting:

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

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


BEAR STEARNS: Chapter 15 Petition Summary
-----------------------------------------
Petitioner: Simon Lovell Clayton Whicker
            Kristen Beighton

Debtor: Bear Stearns High-Grade Structured Credits
        Strategies Enhanced Leverage Master Fund, Ltd.
        c/o Walkers SPV Limited
        P.O. Box 908GT
        87 Mary Street
        George Town
        Grand Cayman, Cayman Islands

Case No.: 07-12384

Type of Business: The Debtor is an open-ended investment
                  company, which sought high income and capital
                  appreciation relative to the London Interbank
                  Offered Rate, and was designed for long-term
                  investors.

Chapter 15 Petition Date: July 31, 2007

Court: Southern District of New York (Manhattan)

Judge: Burton R. Lifland

Petitioners' Counsel: Fred S. Hodara, Esq.
                      Akin, Gump, Strauss, Hauer & Feld, LLP
                      590 Madison Avenue
                      New York, NY 10022
                      Tel: (212) 872-1000
                      Fax: (212) 872-1002

Estimated Assets: More than US$100 Million

Estimated Debts:  More than US$100 Million


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

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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


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

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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


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

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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


CROSS CREDIT: Proofs of Claim Filing Is Until Aug. 24
-----------------------------------------------------
Cross Credit (General Partner) Ltd.’s creditors are given until
Aug. 24, 2007, to prove their claims to Linburgh Martin and John Sutlic,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

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

The liquidator can be reached at:

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


CROSS CREDIT FUND: Proofs of Claim Must be Filed by Aug. 24
-----------------------------------------------------------
Cross Credit Fund Ltd.’s creditors are given until
Aug. 24, 2007, to prove their claims to Linburgh Martin and John Sutlic,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

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

The liquidator can be reached at:

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


DEMIFLOR LIMITED: Holding Final Shareholders Meeting on Aug. 23
---------------------------------------------------------------
Demiflor Ltd. will hold its final shareholders meeting on
Aug. 23, 2007, at:

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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


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

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

These agendas will be taken during the meeting:

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

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


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

          CIBC Financial Centre
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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


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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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

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

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

The liquidators can be reached at:

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


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

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

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

The liquidators can be reached at:

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




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


BELVEDERE SA: S&P Affirms Long-Term Corporate Credit Rating at B
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term corporate
credit rating on France-based spirits and wine producer and supplier
Belvedere S.A. and removed it from CreditWatch where it was placed with
developing implications on July 9, 2007.  The outlook is positive.

"The rating action follows the successful placement of the interest in
Belvedere, previously held by Trinidad & Tobago-based CL Financial, among
institutional investors, as well as the company's announcement that it
will deleverage the group's balance sheet through a series of asset
divestments to be executed by year-end 2007," said Standard & Poor's
credit
analyst Michael Seewald.

The successful closing of the transaction may result in an improved
financial risk profile for the company, which could have a positive impact
on the ratings.  However, S&P expect that the proceeds from the planned
asset divestments may not immediately be used to pay back debt and that
despite an
improved net debt position at fiscal year-end 2007, Belvedere's total debt
figure would not be materially different from today's levels.

The rating on Belvedere reflects its highly leveraged financial profile
following the acquisition of France-based wine and spirits producer and
supplier Marie Brizard & Roger International in 2006.  It also reflects
the combined group's exposure to the highly competitive, mature, and
consolidating French and Polish spirit and wine industries and its
positioning in the low and medium market segments, accounting for high
exposure to retailer bargaining power.  These negative rating factors are
partially mitigated by Belvedere's increased diversification in terms of
product mix and geography following the acquisition, and ownership of some
brands with leading market shares in the Polish and French core markets.

At the end of the first quarter of fiscal 2007, Belvedere's total adjusted
financial indebtedness amounted to €531 million, not taking into account a
cash position of €70 million.

"The positive outlook reflects our expectation that, through the planned
deleveraging exercise, the company will be able to achieve and sustain
financial metrics that are above our expectations for the current
ratings," said Mr. Seewald.  "S&P also expect that Belvedere will generate
positive free
operating cash flow of at least €20 million per year under its new
operating parameters, and that further restructurings or acquisitions will
not have a negative impact on Belvedere's leverage."

Headquartered in Beaune, France, Belvedere S.A. --
http://www.belvedere.fr/-- is a French company with four areas
of activity: designing luxury bottles for clear spirits, notably
vodka; distributing wines, notably Bulgarian; marketing spirits,
and producing vodka.  The Company carries out the majority of
its activity in Poland through its subsidiary, Sobieski Spolka
(formerly Belvedere Dystrybucja).  It also has a presence in a
number of other Eastern European countries, as well as France,
Greece, Switzerland, the United States, Brazil, Mexico, Chile,
China and Japan.  Alongside other brands, Belvedere SA produces,
markets and distributes its own brand of vodka, Sobieski.


ROCK-TENN CO: S&P Raises Corporate Credit Rating to BB+ from BB
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Norcross,
Ga.-based Rock-Tenn Co., including raising its corporate credit rating to
'BB+' from 'BB'.  S&P removed
all ratings from CreditWatch, where they were placed with positive
implications on June 15, 2007.  The outlook is stable.

"The upgrade reflects meaningful improvement in the company's operating
results and credit measures over the past year," said Standard & Poor's
credit analyst Andy Sookram, "due to the acquisition of Gulf States Paper
Corp. in mid 2005, which resulted in synergies and greater vertical
integration, as
well as better leveraging of Rock-Tenn's fixed costs in a favorable sales
pricing environment.  Debt reduction has exceeded our expectations."

Fairly favorable near-term market conditions should facilitate good
operating performance and cash flows to maintain credit measures
appropriate for the ratings.

"S&P could revise the outlook to negative if the company makes a large
debt-financed acquisition or pursues shareholder-friendly initiatives that
lead to an increase in debt to EBITDA of 3.5x or greater on a sustained
basis," Mr. Sookram said. "Although less likely, we could revise the
outlook to positive if financial performance improves substantially and
management
commits to a less aggressive financial policy."

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




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


ARMOR HOLDINGS: US$4.5 Billion BAE Systems Buyout Deal Completed
----------------------------------------------------------------
BAE Systems completed its acquisition of Armor Holdings Inc. after
receiving all required shareholder and regulatory approvals.  The company
had entered into a definitive merger agreement to acquire Armor Holdings
on May 7, 2007, in a transaction valued at approximately US$4.532 billion.

Under the terms of the merger agreement, Armor Holdings shareholders will
receive US$88 for each share of Armor Holdings common stock held at
closing, without interest.

The acquisition of Armor Holdings strengthens BAE Systems' position in the
land systems businesses.  Armor Holdings had sales in 2006 of
approximately US$2.361 billion.

“Armor Holdings is a welcome addition to BAE Systems,” Mike Turner, BAE
Systems chief executive officer, said.  “Armor Holdings is a strong
business with an excellent track record and a heritage of innovation and
technology.  The integration with BAE Systems' existing land systems
business will strengthen our ability to provide our military customers
with innovative capabilities, products and services.”

Armor Holdings will be integrated into BAE Systems Land and Armaments,
headquartered in Arlington, Virginia.  The combined business will serve
new tactical vehicle requirements, such as the Family of Medium Tactical
Vehicles, the Mine-Resistant Ambush Protected vehicles, and future
prospects such as the Joint Light Tactical Vehicle.

“BAE Systems and Armor Holdings share a common commitment to the men and
women of the armed forces,” Walt Havenstein, president and CEO of BAE
Systems Inc., said.  “Armor Holdings' expertise in automotive design and
lean, high-volume manufacturing technologies in combination with BAE
Systems' expertise in combat vehicle design, rapid prototyping and
survivability systems, will strengthen our ability to provide the armed
forces with tactical wheeled vehicles with increased survivability.”

Armor Holdings' customers will benefit from logistics and support through
integration with BAE Systems' established reset, upgrade and support
capability.   In addition, BAE Systems' marketing presence will enhance
Armor Holdings' ability to offer tactical wheeled vehicle replacement in
overseas markets.

In connection with the completion of the acquisition, Armor Holdings
disclosed that US$150 million in aggregate principal amount, or 100%, of
its outstanding 8.25% Senior Subordinated Notes due 2013, were tendered
pursuant to its cash tender offer and consent solicitation.  Armor
Holdings will promptly pay for all such 8.25% Notes.

The acquisition constitutes a “fundamental change” under the indenture
pursuant to which Armor Holdings' 2% Senior Subordinated Convertible Notes
due 2024 were issued.  As a result, holders who surrender their
Convertible Notes for conversion after the closing date of the acquisition
and on or prior to a date to be fixed by Armor Holdings, which will be not
earlier than Aug. 16, 2007, will receive the merger consideration on an
as-converted basis plus additional consideration in accordance with the
Convertible Notes indenture.

                     About BAE Systems

Based in United Kingdom, BAE Systems –- http://www.baesystems.com/-- is a
defense and aerospace company, delivering a full range of products and
services for air, land, and naval forces, well as advanced electronics,
information technology solutions, and customer support services.  The
company has 88,000 employees worldwide.


                  About Armor Holdings Inc.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.


ARMOR HOLDINGS: Completed BAE Deal Cues S&P to Withdraw Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings, including the
'BB' corporate credit rating, on Armor Holdings Inc.  The ratings were
also removed from CreditWatch, where they were placed with positive
implications on May 7, 2007.

"The ratings action follows the announcement that BAE Systems PLC
completed its acquisition of the company and that all rated debt has been
or will soon be repaid," said Standard & Poor's credit analyst Christopher
DeNicolo.  The total transaction was valued at US$4.5 billion.


PARKER DRILLING: Second Qtr. Net Income Rises to US$18.1 Million
----------------------------------------------------------------
Parker Drilling Company reported net income of US$18.1 million, on
revenues of US$150.3 million for the three months ended
June 30, 2007, compared to net income of US$13.8 million on revenues of
US$146.0 million for the second quarter 2006.

EBITDA was US$56.3 million for the second quarter 2007, 13 percent higher
than the US$49.8 million in the second quarter 2006.  Significantly higher
dayrates resulted in a 44 percent EBITDA improvement for Parker's U.S.
operations over the second quarter 2006.

For the first six months of 2007, Parker Drilling reported revenues of
US$301.6 million and net income of US$48.1 million or US$0.44 per diluted
share compared to revenues of US$293.3 million and net income of US$25.2
million or US$0.24 per diluted share for the first six months of 2006.
Included in 2007 results are an after-tax gain of US$0.07 per diluted
share from the sale of two workover barge rigs in January and non-cash FIN
48 charges of US$0.05 per diluted share compared to income from
non-routine items of US$0.02 per diluted share in 2006.

Capital expenditures for the six months ended June 30, 2007 totaled
US$129.6 million.  Total debt remained unchanged at approximately US$329
million, and the Company's cash, cash equivalents and marketable
securities totaled US$102.3 million at June 30, 2007.

Average utilization for barge rigs drilling in the Gulf of Mexico
transition zone for the second quarter 2007 was 74 percent, slightly above
the 71 percent reported for the second quarter 2006 and similar to the 73
percent reported for the first quarter 2007.  Current barge rig
utilization is 88 percent.  The company's deep drilling barge dayrates in
the Gulf of Mexico continued to experience record levels, averaging
US$51,600 per day during the second quarter 2007, up approximately 28
percent, or US$11,200 per day, from the second quarter 2006.

The average utilization of international land rigs for the second quarter
2007 increased to 71 percent, up from the 66 percent reported for the
first quarter 2007 and the 65 percent in the second quarter 2006.  Current
international utilization is 78 percent and is expected to further
increase during 2007 as rigs continue to reposition between contracts.

Quail Tools, Parker Drilling's drilling and production rental tools
subsidiary, continued its solid performance as it recorded EBITDA of
US$18.9 million in the second quarter 2007, up US$0.1 million from the
first quarter 2007.  The expansion of Quail is well underway as equipment
is being delivered to Quail's new facility in Texarkana, Texas, which
opened on April 2.  The new facility provides increased coverage of the
Barnett, Fayetteville and Woodford shale areas in East Texas, Arkansas and
Oklahoma.

                          Summary

Robert L. Parker Jr., chairman and chief executive officer of Parker
Drilling, said: "Parker Drilling's second quarter results are continued
evidence that our disciplined approach is driving profitable growth.  Our
performance was driven by solid day rates and sustained demand for our
preferred barge rigs despite recent uncertainties in the U.S. gas market.

"In line with our strategic growth plan of providing our customers with
preferred rigs, three barge rigs completed refurbishment programs during
the quarter and re-entered our U.S. fleet in June, all under contract.
Two of our four new 2,000 horsepower rigs have begun operations in
Algeria, and
the remaining two rigs are rigging up in Mexico for a three-year contract.
Two new land rigs built in conjunction with our Saudi Arabian joint
venture are also operating, with an additional four rigs expected to
deploy in the country for the joint venture throughout 2007.

"Quail Tools was flat for the quarter as key deepwater projects have been
delayed by our customers and new equipment relating to Quail's expansion
has been delivered later than anticipated.  We expect the second half of
the year to be much improved as new equipment is placed into service and
deepwater projects begin.

"With the second quarter announcement of three multi-year contracts in
Mexico and Turkmenistan, our global utilization now stands at 81 percent,
a strong improvement over last year.  Looking ahead, we continue to expect
increased contributions from our international segments as more rigs come
online, benefiting from our focus on securing long-term, high-margin work
in regions with significant growth potential.  We remain optimistic that
our U.S. barge segment can continue to generate strong utilization and
dayrates in the third and fourth quarters, and are confident in the growth
of our rental tools segment.

"Additionally, in July we completed a public offering of US$125 million
aggregate principal amount of convertible senior notes due 2012 that will
reduce our interest costs going forward by using the majority of the
proceeds to pay down our more expensive debt.  As a result, we will be
saving approximately US$7.4 million in cash interest expense annually,
allowing us to reinvest more of our cash flow into growing our business
and
building high-performance, preferred equipment.

"We have significant momentum heading into the rest of 2007 and are
committed to the execution of our strategic growth plan while anticipating
the needs of our customers.  I am excited about the opportunities ahead."

Headquartered in Houston, Texas, Parker Drilling Company --
http://www.parkerdrilling.com/-- provides contract drilling and
drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2007, Standard & Poor's Ratings Services assigned its
'B-' rating to contract drilling and rental tool provider Parker
Drilling Co.'s (Parker) proposed US$115 million convertible
senior notes due 2012.  S&P also affirmed the 'B' corporate
credit rating on Parker and the 'B-' rating on its US$150 million senior
floating rate notes due 2010 and US$225
million senior notes due 2013.  S&P said the outlook is
positive.




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


ARMSTRONG WORLD: Shareholders Approve AHI Dissolution Plan
----------------------------------------------------------
The Board of Directors of Armstrong Holdings, Inc., the former parent
company of Armstrong World Industries, Inc., has directed management to
proceed with the company's Plan of Dissolution, Distribution and Winding
Up, approved by a vote of shareholders at a special meeting on July 18,
2007.

More than 95% of the votes cast were in favor of the Plan.  The results of
the vote were:

    * In Favor: 18,230,373
    * Against:     765,210
    * Abstain:     185,726

Following these actions, the Board elected Walter Gangl and John Rigas as
directors to replace Messrs. Sellers and Stead, who resigned effective the
close of that meeting.  The new directors with Mr. Lockhart, who remains
as chairman, will oversee implementation of the Plan of Dissolution.

Messrs. Gangl and Rigas are also officers of the company (Assistant
Secretary and Secretary, respectively) and of Armstrong World Industries,
Inc.  There is no arrangement or understanding between them or any other
person concerning their selection or service as directors.

Upon this change in the Board's composition, the Board as a whole will act
as the audit committee to the extent necessary prior to the company's
dissolution.

The timetable for dissolution depends on a variety of factors outside the
company's control including receipt of necessary tax clearance.  The
company hopes to be able to file Articles of Dissolution and distribute
its net assets to shareholders as soon as the fourth quarter of this year.

The company's assets consist of approximately US$27 million in cash.  AHI
has no operations and no employees.  There are 40.55 million AHI shares
outstanding.

The costs of the company's governance and dissolution are being paid by
AWI as provided for in AWI's Chapter 11 Plan of Reorganization.

Other provisions of the AWI Chapter 11 Plan affecting the company include:

   -- AHI and its directors and officers have protection from
      liability for asbestos liabilities of AWI as specified in
      that Plan.

   -- AWI assumed obligations to indemnify certain directors and
      officers of AHI who served during the course of AWI's
      Chapter 11 case for their service.

   -- All existing equity compensation plans of AHI (which had
      previously been used to compensate employees of AWI and
      its subsidiaries) were terminated.

   -- AHI and its officers, directors, employees and agents
      received the benefit of certain exculpation provisions.

As previously reported in the TCR-Europe on Feb. 28, 2007, AHI and AWI
have reached a settlement on all inter-company claim and tax issues.

The settlement, if approved by the U.S. Bankruptcy Court for the
District of Delaware, calls for AWI to pay AHI US$20 million in
cash, and gives AHI an allowed claim under AWI's confirmed Plan
of Reorganization of US$8.5 million.

                      About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc. (NYSE:
AWI) -- http://www.armstrong.com/-- designs and manufactures floors,
ceilings and cabinets.  AWI operates 42 plants in 12 countries and employs
approximately 14,200 people worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection on Dec. 6,
2000 (Bankr. Del. Case No. 00-04469).  Stephen Karotkin, Esq., at Weil,
Gotshal & Manges LLP, and Russell C.Silberglied, Esq., at Richards, Layton
& Finger, P.A., represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for analysis,
evaluation, and treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and O'Connor, and
Robert Drain, Esq., Andrew Rosenberg, Esq., and Alexander Rohan, Esq., at
Paul, Weiss, Rifkind, Wharton & Garrison, represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of Asbestos
Personal Injury Claimant hired Ashby & Geddes as counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The District
Court Judge Robreno confirmed AWI's Modified Plan on Aug. 14, 2006.  The
Clerk entered the formal written confirmation order on Aug. 18, 2006.  The
company's "Fourth Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                        *     *     *

As reported on March 13, 2007, Standard & Poor's Ratings Service revised
its outlook to developing from stable for Armstrong World Industries Inc.

At the same time, Standard & Poor's affirmed the 'BB' corporate credit and
senior secured ratings for the Lancaster, Pennsylvania-based company.

In October 2006, Moody's Investors Service assigned a Ba2 rating on
Armstrong World Industries, Inc.'s new credit facility and a Corporate
Family Rating of Ba2.  Moody's said the ratings outlook is stable.




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


PETROLEOS DE VENEZUELA: To Explore for Oil in Cuban Coasts
----------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA told Xinhua
News that it will help Cuba explore for oil off the nation’s coast.

According to Petroleos de Venezuela’s statement, the company will work
with its Cuban counterpart CUPET to explore some 10,000 square kilometers
for light crude oil.

Exploration will start this month, Xinhua News 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.




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


ALCATEL-LUCENT: Societe Generale Downgrades Shares to Sell
----------------------------------------------------------
Societe Generale analysts have downgraded Alcatel-Lucent’s shares to
"sell" from "hold," Newratings.com reports.

Newratings.com notes that the 12-month target price for Alcatel-Lucent’s
shares was decreased to EUR7 from EUR9.5.

The analysts said in a research note that Alcatel-Lucent posted its second
quarter 2007 sales marginally ahead of the consensus.

Alcatel-Lucent also reported operating losses in the second quarter 2007,
compared to the “consensus expectations of profits, due to significantly
lower-than-expected gross margins,” Newratings.com says, citing the
analysts.

Alcatel-Lucent “has been expanding its market share, especially in China
and India, by compromising on its margins,” Societe Generale told
Newratings.com.

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: UBS Reaffirms Buy Rating on Firm’s Shares
---------------------------------------------------------
UBS analysts have reaffirmed their "buy" rating on Alcatel-Lucent’s
shares, Newratings.com reports.

Newratings.com relates that the target price was decreased to EUR12 from
EUR13.

The analysts said in a research note that though Alcatel-Lucent reported
its second quarter 2007 revenues ahead of expectations, its margins were
short of the consensus.

The analysts told Newratings.com that the loss was due to an unfavorable
geographic and product mix and the reinvestment of the “COGS synergies”
realized during the quarter.

The 2007 gross margin estimate for Alcatel-Lucent has been reduced to
33.7%, while the 2008 estimate was decreased to 36.7%.  The earnings per
share estimates for 2007 and 2008 were reduced to EUR0.39 from EUR0.53 and
to EUR0.99 from EUR1.08, respectively, Newratings.com states.

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.




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


* EL SALVADOR: 13 Water Privatization Strikers May be Jailed
------------------------------------------------------------
A report posted on news Web site Democracy Now! says that 13 protesters
against El Salvador’s water privatization have been charged with terrorism
and could be imprisoned for up to 60 years if found guilty.

According to Democracy Now!, the protest against water privatization was
launched on July 2, 2007.  Hundreds of Salvadorians gathered in Suchitoto
to protest President Antonio Saca’s plan to decentralize water
distribution, as they believed that the plan as an attempt to privatize
municipal water resources as stipulated in a 1998 World Bank loan.  About
14 strikers were arrested but 13 were subsequently charged with committing
acts of terrorism.

The prisoners were released on bail last week due to national and
international pressure, Democracy Now! relates.

As reported in the Troubled Company Reporter-Latin America on July 27,
2007, Standard & Poor's Ratings Services affirmed its 'BB+' long- and 'B'
short-term sovereign credit ratings on the Republic of El Salvador.  S&P
said the outlook remained stable.




=============
G R E N A D A
=============


* GRENADA: S&P Lifts Long-Term Sovereign Credit Rating to B-
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term sovereign credit
rating on Grenada to 'B-' from 'CCC+', reflecting steps taken by the
government to improve debt-payment management.  Standard & Poor's also
affirmed its 'C' short-term
sovereign credit rating on Grenada.  The outlook remains stable.

According to Standard & Poor's credit analyst Olga Kalinina, improvements
in debt-servicing procedures lower the risk of new domestic debt arrears.
"Specifically, administrative measures taken by the government in June
2007 to streamline its debt-payment mechanism significantly reduce the
risk of new intermittent arrears on Grenada's domestic commercial debt,"
Ms. Kalinina said.  "At the same time, the likelihood of a new
rescheduling of the 2025 bond remains slim.  As such, the risk of imminent
default on domestic and external debt has subsided, which is reflected in
the rating upgrade," she added.

Nevertheless, the ratings remain constrained by the persistently
difficult fiscal situation and slower-than-expected economic recovery.
Grenada's fiscal accounts and economic structure were severely impaired
following 2004's Hurricane Ivan.  While the ensuing debt restructuring in
2005 alleviated fiscal pressure by reducing interest costs by more than
one-half and postponing the maturity of 45% of the total government debt
(87% of total
commercial debt) to 2025, the size of the fiscal debt remained at 118% of
GDP, the third largest among speculative-grade-rated countries.

Given this indebtedness, Grenada's fiscal sustainability hinges upon a
resolute fiscal consolidation and a pick-up in economic activity, the
expectation of which underpinned the post-default ratings.  However,
progress is below par in both of these areas. On the fiscal front, the
deficit, at 7.1% of GDP in 2006 (4.5% on a general government level,
including the 2.6% Social
Security surplus) was worse than projected.  The higher-than-expected
deficits attest to the ongoing inefficiencies in tax revenue collection,
declining inflow of grants, and difficulty in containing capital
expenditure, especially in light of expenditure related to the Cricket
World Cup.

Mrs. Kalinina explained that a number of measures in the 2007
budget—including strengthening of the revenue collection departments,
cutting tax exemptions, and working with the International Monetary Fund
team under the Poverty Reduction and Growth Facility to set responsible
fiscal targets—have been put in place to boost the fiscal accounts.
However, the recently announced postponement of the VAT introduction
(originally expected in October 2007), decreasing inflow of grants,
preelection spending pressures amid a polarized political situation, and
ongoing large reconstruction needs are likely to work in the opposite
direction, putting downward pressure on
fiscal performance.  As a result, Standard & Poor's projects only a
gradual reduction in the fiscal deficit to 5.4% of GDP on a central
government level (2.1% on a general government level) in 2007.

"The stable outlook balances out the risk of continuing fiscal
underperformance with a relatively favorable amortization profile on
Grenada's debt," noted Mrs. Kalinina.  "Any upward movement of the rating
hinges on the government's success in improving its fiscal position and
achieving economic growth that will put Grenada's high debt on the
declining trend. Conversely,
downward rating pressure would stem from the government's inability to
keep deficits under control, which would make resolute debt reduction
difficult and, hence, increase the risk of new debt renegotiations," she
concluded.




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


BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Shares
--------------------------------------------------------------
Panmure Gordon analysts have kept their "buy" rating on British Airways
Plc’s shares, Newratings.com reports.

According to Newratings.com, the target price for British Airways’ shares
was set at 540 pounds.

The analysts said in a research that British Airways decided to pay a
121.5 million-pound fine to the UK Office of Fair Trading, with respect to
anti-competitive activity in the airline’s long-haul passenger and cargo
business.

The analysts told Newratings.com that British Airways also signed a plea
accord with the US Department of Justice.

“The total combined fine is in-line with the guidance and the provision”
worth 350 million pounds,” Newratings.com states, citing Panmure Gordon.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the existing non-financial speculative-grade corporate
issuers in Europe, Middle East and Africa, Moody's Investors
Service's confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways, Plc

                                                      Projected
                           Old      New      LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%


TECO ENERGY: Paying 19.5 Cents Per Share Dividend on Aug. 28
------------------------------------------------------------
TECO Energy Inc.'s Board of Directors has declared a dividend of 19.5
cents per share on the company’s common stock.  The dividend is payable
Aug. 28 to shareholders of record as of
Aug. 15.

Effective with the January 2007 dividend, the expected payment dates moved
from the 15th of the month to the 28th.  Thus, the next expected 2007
dividend payment date is Nov. 28.

TECO Energy, Inc. -- http://www.tecoenergy.com/-- is an
integrated energy-related holding company with regulated utility
businesses, complemented by a family of unregulated businesses.
Its principal subsidiary, Tampa Electric Company, is a regulated
utility with both electric and gas divisions (Tampa Electric and
Peoples Gas System).  Other subsidiaries are engaged in
waterborne transportation, coal and synthetic fuel production
and electric generation and distribution in Guatemala.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on June 15,
2007, Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on diversified energy company TECO Energy Inc. and revised
its outlook on the company to positive from stable.

As reported in the Troubled Company Reporter-Latin America on April 23,
2007, Moody's Investors Service upgraded the ratings of TECO Energy, Inc.,
including its senior unsecured debt rating, to Ba1 from Ba2.  TECO
Energy's ratings remain on review for possible further upgrade.  The
Corporate Family Rating and Probability-of-Default Rating for TECO Energy
have been withdrawn.  In addition, Moody's affirmed the ratings of Tampa
Electric Company (Baa2 senior unsecured, stable outlook).




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


DIGICEL: Will Present Bid To Enter Mobile Phone Market in Fiji
--------------------------------------------------------------
Fiji Times Online reports that Digicel Ltd. will bid for entry in Fiji’s
mobile phone market.

According to Fiji Times, the Fiji Commerce Ministry has called for tenders
from firms keen on entering the nation’s mobile phone market.

Digicel’s Pacific marketing director Niamh Byrne told Fiji Times, "Digicel
will submit a bid as part of the tendering process by the required
submission date."

Once Digicel is awarded a license it would launch services and operations
as soon as possible, Fiji Times says, citing Mr. Byrne.

Fiji Times notes that Digicel is allegedly on the top of the list of new
mobile service providers seeking to enter the Fiji market.

The “interim government” was opening the market to other operators, Fiji
Times says, citing Interim Commerce Minister Taito Waradi.

According to a statement from the government, documents outlining aspects
to be contained in the expression of interest submission are available in
the Department of Communications from July 27.  Interested parties have
until 3:30 p.m. on
Aug. 28, 2007, to submit their documents.

Fiji Times relates that the allocation of frequencies to the proposed
licenses will be in the GSM bands.  Any interested party can submit an
expression of interest for licenses either on its own or as part of a
consortium.

Firms holding a license in the GSM 900 band won’t be included in the
tender, Fiji Times states.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                    About Digicel Group

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

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.


DYNCORP INT'L: Earns US$12.3 Mil. in First Quarter Ended June 29
----------------------------------------------------------------
DynCorp International Inc. had net income of US$12.3 million for the first
quarter ended June 29, 2007, as compared with net loss of US$617,000 for
the first quarter ended June 30, 2006.

Revenue for the first quarter of fiscal 2008 was US$548.7 million, a 2%
increase over revenue of US$537.7 million for the first quarter of fiscal
2007.  Revenue for the Government Services segment, which represented 65%
of Company revenue in the first quarter, decreased to US$358 million for
the first quarter of fiscal 2008, down US$0.9 million or 0.3% from the
comparable period in fiscal 2007.  GS revenue was impacted by task order
losses under the Worldwide Personal Protective Services program and
completion of construction projects under the CIVPOL program.  Offsetting
these reductions were revenue increases on the International Narcotics and
Law Enforcement program, construction work in Africa and additional
services in Afghanistan on the CIVPOL program.  Revenue for the
Maintenance and Technical Support Services segment for the first quarter
of fiscal 2008 increased to US$190.7 million, up US$11.9 million or 6.7%
as compared to the first quarter of fiscal 2007.  MTSS revenue, which
represented 35% of Company revenue in the first quarter of fiscal 2008,
benefited from a new contract under which the Company provides logistics
support services to the U.S. Air Force C-21 fleet.

Total assets were US$1.4 billion, total liabilities were
US$972.2 million, and total stockholders' equity totaled
US$392.9 million as of June 29, 2007.

Total debt was US$595.5 million at June 29, 2007, a reduction of US$35.5
million from March 30, 2007.  Of this total, US$34.6 million was due to an
Excess Cash Flow payment requirement under the terms of our credit
agreement.  Accounts receivable as of June 29, 2007, was US$496.1 million,
up from US$462 million as of March 30, 2007, which resulted in a
corresponding increase in Days Sales Outstanding to 74 days from 67 days.
This increase was primarily due to payment timing issues related to a
system change with the Department of State.

Backlog as of June 29, 2007 was US$6 billion.

                    Fiscal 2008 Guidance

The company confirms its previously provided guidance for its fiscal year
ending March 28, 2008.  The company expects fiscal 2008 revenue between
US$2.3 billion to US$2.4 billion.

                 About DynCorp International

DynCorp International Inc. -- http://www.dyn-intl.com/-- (NYSE:
DCP) through its operating company DynCorp International LLC, is
a provider of specialized mission-critical technical services,
mostly to civilian and military government agencies.  It
operates major programs in law enforcement training and support,
security services, base operations, aviation services and
operations, and logistics support worldwide.  Headquartered in
Falls Church, Virginia, DynCorp International LLC has
approximately 14,600 employees worldwide including Haiti.

                        *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.




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


GOODYEAR TIRE: Closes Engineered Products Sale for US$1.475 Bil.
----------------------------------------------------------------
The Goodyear Tire & Rubber Company has completed the previously announced
sale of substantially all of its Engineered Products business to EPD,
Inc., an entity sponsored by Carlyle Partners IV, L.P., for US$1.475
billion, subject to certain post-closing adjustments.

"The completion of the sale of the Engineered Products business is the
culmination of the Capital Structure Improvement Plan we began in 2003,"
said Robert J. Keegan, Goodyear chairman and chief executive officer.
"This plan has been critical in creating a more competitive balance sheet
that will now enable us to execute against our growth strategy by
providing reliable access to capital throughout the economic cycle."

Goodyear anticipates net proceeds of approximately US$1.4 billion net of
transaction costs, taxes and other agreed-upon payments related to
employee buyouts and retirement benefits.  It expects to record an
after-tax gain on the sale in the third quarter of 2007.

The company expects to use the proceeds to reduce debt, address legacy
obligations and invest in growing its core consumer and commercial tire
businesses.  Goodyear's global strategy includes additional investment to
increase high value added production capacity by 40 percent over five
years and increase low cost capacity by 33 percent in existing plants as
part of the strategy to drive low cost capacity to 50 percent of its
total.
Consistent with these global investment plans, Goodyear has agreed with
the United Steelworkers to extend its commitment to invest in high value
added capacity in North America beyond the previously announced three-year
commitment.

The Engineered Products business operates 32 facilities in 12 countries
and has approximately 6,300 associates.  It manufactures and markets
engineered rubber products for industrial, military, consumer and
transportation original equipment end-users.

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.




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


BALLY TOTAL: Inks US$292 Mil. DIP Loan Pact with Morgan Stanley
---------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-affiliates ask the
U.S. Southern District of New York in Manhattan permission to obtain
postpetition secured financing from Morgan Stanley Senior Funding Inc.

Don R. Kornstein, interim chairman and chief restructuring
officer of Bally Total Fitness Holding Corporation, relates that
the Debtors' reorganization efforts hinge on obtaining access to
postpetition and exit financing.  The Debtors, Mr. Kornstein
explains, require additional additional funds for working capital
necessary to allow them to, among other things, continue
operating their businesses in the ordinary course of business
during the Chapter 11 cases.

"[T]he Debtors must instill their employees, vendors, service
providers and members with confidence in the Debtors' ability to
seamlessly transition their business to chapter 11, operate
normally in that environment and ultimately to reorganize in a
successful and expedient manner," Mr. Kornstein says.

Beginning in June 2007, the Debtors and Morgan Stanley commenced
negotiation of a proposed postpetition facility to be entered into among
Bally Total Fitness Holding, as borrower, the other Debtors, as
guarantors, Morgan Stanley or one of its affiliates, as lead arranger and
sole bookrunner, and as administrative agent and collateral agent.

Morgan Stanley agreed to arrange a US$292,000,000 DIP facility
comprised of a US$50,000,000 revolving facility and a US$242,000,000 term
loan facility.

The Debtors decided to pursue the Morgan Stanley financing
proposal after undertaking a rigorous process under which they
solicited proposals from several well-known financial
institutions.  According to Mr. Kornstein, the Morgan Stanley DIP Facility
was particularly attractive to the Debtors because it enables them to
enter into an exit financing facility upon
consummation of their plan of reorganization in an identical
amount, with identical pricing, with no additional fees
whatsoever.  The revolver under the exit facility would have up
to a five-year term and the term loans up to a six-year term, Mr.
Kornstein says.

Pursuant to a Superpriority Secured Debtor-in-Possession
Financing Agreement among the parties, the DIP loan proceeds will be used to:

   (a) repay obligations owed to the Debtors' prepetition
       secured lenders under their US$284,000,000 Amended and
       Restated Credit Agreement dated October 16, 2006, with
       JPMorgan Chase Bank, N.A., as administrative agent for
       the lenders party, and Morgan Stanley, as syndication
       agent; and

   (b) fund the Debtors' working capital and general corporate
       needs in Chapter 11.

The DIP Facility will terminate on the earlier of:

   (i) March 31, 2008;

  (ii) the effective date of a plan of reorganization in the
       Debtors' cases; and

(iii) the date on which the acceleration of the loans and the
       termination of the commitments in accordance with the
       DIP Facility occurs.

The Debtors' obligations under the DIP Facility will be:

   -- entitled to super-priority claim status in the Chapter 11
      cases;

   -- secured by a perfected first priority lien on all
      unencumbered property and assets of the Debtors;

   -- secured by a perfected junior lien on all property and
      assets of the Borrower that are subject to valid and
      perfected liens in existence on the Petition Date; and

   -- secured by perfected senior priming liens on all property
      and assets of the Debtors that secure obligations under
      the Prepetition Credit Facility, senior to the liens
      securing the Prepetition Credit Facility to the extent not
      repaid, and any liens that are junior to those liens.

The DIP Liens, however, are subject to a carve-out for:

   (a) United States Trustee fees payable pursuant to 28 U.S.C.
       Section 1930;

   (b) fees of the Clerk of the Bankruptcy Court;

   (c) fees of a Chapter 7 trustee of up to US$350,000 if a
       chapter 7 trustee is appointed; and

   (d) the payment of allowed and unpaid professional fees and
       disbursements incurred by the Debtors, the ad hoc
       committee of prepetition senior noteholders and
       prepetition senior subordinated noteholders, and any
       statutory committees appointed in the Chapter 11 cases.

Advances outstanding under the Revolving Credit Facility will
bear interest, at the Borrower's option, at either (a) the Base
Rate plus 100 basis points per annum or (b) at the LIBOR Rate
plus 200 basis points per annum.

Advances outstanding under the Term Loan Facility will bear
interest, at the Borrower's option, at either (a) the Base Rate
plus 325 basis points per annum or (b) at the LIBOR Rate plus 425 basis
points per annum.  The Term Loan Facility will also be
subject to original issue discount of 1.5% -- that is, in
addition to the interest and fees and the fees set forth in a Fee Letter,
US$3,630,000 of the proceeds of the Term Loan Facility will be paid to the
Lenders.

The Debtors also seek the Court's permission to pay a variety of
fees to Morgan Stanley:

   1. a letter of credit fee under the Revolving Credit Facility
      payable quarterly at a rate of 200 basis points per annum
      times the amount of all outstanding letters of credit,
      minus a fronting fee;

   2. a letter of credit issuance fee -- plus bank issuance
      charges -- equal to 25 basis points of the face amount of
      all letters of credit;

   3. an Unused Revolving Credit Facility Fee of 0.50% times an
      amount equal to the difference between (a) US$50,000,000
      and (b) the sum of the amount of outstanding advances plus
      letters of credit issued under the Revolving Credit
      Facility;

   4. additional fees set forth in a Fee Letter dated June 29,
      2007, which is filed with the Court under seal.

During the continuance of an Event of Default, all obligations
will bear interest at the otherwise applicable rate plus 200
basis points per annum.

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 Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-packaged chapter
11 plan.  Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents
the Debtors in their restructuring efforts.  As of June 30, 2007, the
Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total
liabilities.  (Bally Total Fitness Bankruptcy News, Issue No. 1;
Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BALLY TOTAL: Wants to Use Prepetition Lenders' Cash Collateral
--------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-affiliates seek
authority from the U.S. Southern District of New York in Manhattan to use
the cash collateral securing repayment of their obligations to their
prepetition lenders and to provide the lenders with adequate protection in
connection with the use of the cash collateral.

The Debtors also seek permission to use the cash collateral on
an interim basis pending final approval of their request.

Prior to bankruptcy filing, Bally Total borrowed money under an
Amended and Restated Credit Agreement dated Oct. 16, 2006, arranged by
JPMorgan Chase Bank, N.A., as administrative agent for the lending
parties, and Morgan Stanley Senior Funding Inc., as syndication agent.  As
of bankruptcy filing, the principal amount of the Debtors' Prepetition
Obligations was roughly US$284,000,000.

Under a Guarantee and Collateral Agreement, dated Nov. 18, 1997, as
amended, the Debtors granted JPMorgan for the benefit of the Lenders,
perfected, valid and enforceable first priority
liens and security interests on substantially all of their assets to
secure their obligations under the Prepetition Credit
Agreement.

According to Don R. Kornstein, Bally's interim chairman and chief
restructuring officer, the company is too highly leveraged.

As of May 31, 2007, the Debtors' total consolidated debt,
excluding trade debt, was more than $812,641,000:

                                       Amount Outstanding
                                       ------------------
   Prepetition Credit Agreement         US$284,000,000

   10-1/2% Senior Notes Due 2011        US$235,000,000

   9-7/8% Series B Senior Subordinated  US$300,000,000
     Notes and 9-7/8% Series D Senior
     Subordinated Notes due 2007

   Various capital leases                 US$8,520,000

   Other secured debt                     US$6,500,000

For the next 30 days following bankruptcy filing, the Debtors
estimate cash receipts and disbursements, net cash gain or loss,
and obligations and receivables expected to accrue but remain
unpaid, other than professional fees, on a consolidated basis, to be:

                                        Estimated Amount
                                        ----------------
   Cash Receipts                         US$67,551,000
   Cash Disbursements                    US$62,873,000
   Net Cash Gain (Loss)                   US$4,678,000
   Unpaid Obligations                  US$57,538,00030
   Unpaid Receivables                   Not Applicable

The Debtors also expect to incur these expenses during the next
30 days:

                                        Estimated Amount
                                        ----------------
   Payroll to Employees                  US$22,200,000

   Payroll to Directors, Officers           US$860,000
     Stockholders and Partners

   Financial Consultants
     AlixPartners LLP                       US$375,000
     Jefferies & Company                    US$205,000
     Deloitte Financial Advisory            US$500,000
       Services LLP
     Deloitte Tax LLP                       US$250,000
     Tatum, LLC                              US$27,300

Mr. Kornstein says the Debtors require access to their cash and
the proceeds of existing accounts receivable to operate their
businesses and preserve their value as going concerns.  Without
immediate access to cash collateral, the Debtors' business
operations would grind to an almost immediate halt, which would
seriously jeopardize, and may destroy, the going concern value of the
Debtors' businesses, Mr. Kornstein explains.  Immediate
access to cash collateral will enable the Debtors to operate in
the ordinary course on a postpetition basis, Mr. Kornstein adds.

Mr. Kornstein notes that the Debtors and JPMorgan have reached an
agreement regarding the Debtors' use of Cash Collateral during the period
from the date of entry of an interim order until the earliest to occur of:

   (a) Sept. 14, 2007;

   (b) consummation of a refinancing with proceeds sufficient to
       repay the Prepetition Obligations, any unpaid adequate
       protection obligations and any other unpaid amounts owing
       under the Interim Order in full; or

   (c) upon written notice by JPMorgan to the Debtors after the
       occurrence and continuance of any Event of Default.

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 Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-packaged chapter
11 plan.  Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents
the Debtors in their restructuring efforts.  As of June 30, 2007, the
Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total
liabilities.  (Bally Total Fitness Bankruptcy News, Issue No. 1;
Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BAUSCH & LOMB: Buys Soothe(R) Emollient Eye Drops from Alimera
--------------------------------------------------------------
Bausch & Lomb has acquired Soothe emollient (lubricant) eye drops from
Alimera Sciences, a privately-held ophthalmic pharmaceutical company.
Financial terms were not disclosed.

Bausch & Lomb will expand upon the Soothe brand’s success, establishing a
broader line of professionally-recommended, over-the-counter products to
relieve dry eye symptoms.  The company will initially focus on two
technologies, each designed to target a different layer of the tear film.

Introduced in 2004, Soothe -- now renamed Soothe XP -- was the first
over-the-counter multi-dose, emollient-based (lubricating) artificial tear
product, offering relief to an estimated 12 million Americans who suffer
from dry eye.  The Soothe XP formulation is unique in that it
re-establishes the eye’s protective lipid layer, reducing tear evaporation
and sealing in essential moisture, providing up to eight hours of relief
from dry eye discomfort.  This advanced formula is a meta-stable
oil-in-water emulsion -- a combination of oils (Restoryl(R) mixture) and a
key interfacial molecule -- developed after years of research into
replicating the lipid layer of the tear film.

Bausch & Lomb has also begun shipping a new over-the-counter formulation,
Soothe Lubricant Eye Drops Long Lasting Relief Preservative Free.  In an
innovative approach to relieving dry eye, this formulation uses a novel
hydrophilic polymer to interact with the eye’s mucin layer.  The
polymer-mucin interaction stabilizes and rebuilds the tear film by forming
a scaffolding system, allowing water and the product’s demulcent active
ingredients to be retained on the cornea.

This transaction follows Bausch & Lomb’s December 2006 purchase of
Alimera’s OTC allergy franchise, including AlawayTM (ketotifen fumarate
ophthalmic solution) antihistamine eye drops indicated for up to 12 hours
of relief for itchy eyes due to ragweed, pollen, grass, animal hair and
dander.

“We are pleased that Bausch & Lomb is committed to advancing the growth of
the Soothe line, which has been an excellent addition to the market and a
good performer for us,” said Dan Myers, president and chief executive of
Alimera.  “This sale strengthens our cash position, enabling stronger
investment and focus behind our strategy of improving the delivery of
ocular therapeutics.”

“Our pharmaceutical business continues to grow, due in part to the
expansion of our OTC product lines,” said Gary Phillips, M.D., corporate
vice president and global pharmaceutical category leader for Bausch &
Lomb.  “The Soothe brand acquisition further strengthens our portfolio,
and provides a first-rate platform for further line extensions in this
fast-growing segment of the ophthalmic industry.”

Soothe products will be widely available at retail stores across the
United States, with the potential for future international distribution.
Packaging will be changed to reflect Bausch & Lomb branding on a stock
turnover basis, beginning immediately.

Alimera’s complete divestiture of its over-the-counter portfolio marks the
company’s increased focus on improving the delivery of therapeutic agents
to enhance patients’ and physicians’ ability to manage ocular conditions —
in particular, fluocinolone acetonide (FA) in the MedidurTM delivery
technology, an investigational product for the treatment of diabetic
macular edema (DME).  Alimera Sciences and pSivida Limited (NASDAQ:PSDV,
ASX:PSD, Xetra:PSI) have a worldwide agreement to co-develop and market FA
in Medidur to treat DME.  In April, Alimera and pSivida announced that
Phase 3 global clinical trial enrollment for Medidur had exceeded 500
patients.

                    About Alimera Sciences

Alimera Sciences Inc. -- http://www.alimerasciences.com/-- a venture
backed company, specializes in the development and commercialization of
over-the-counter and prescription ophthalmology pharmaceuticals.  Founded
by an executive team with extensive development and revenue growth
expertise, Alimera Sciences’ products are focused on improving the
delivery of therapeutic agents to enhance patient’s lives and to
strengthen physicians’ ability to manage ocular conditions.

                     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-'.


BEST MANUFACTURING: Trustee Hires LogiServe as Collection Agent
---------------------------------------------------------------
The Honorable Donald H. Steckroth of the United States Bankruptcy Court
for the District of New Jersey gave Stacey L. Meisel, the Chapter 7
trustee for Best Manufacturing Group LLC and its debtor-affiliates'
bankruptcy cases, permission to employ LogiServe Inc. as her collection
agent.

LogiServe is expected to assist in the recovery of freight incentives from
various carries, among others, including: R&L Carries, Estes Express,
Yellow Freight, New Penn Motor Express, SAIA, and Southern Freight Lines.

On a contingency fee, the firm will receive:

   i. 10% of money recovered from R&L Carries; and

  ii. 50% of money recovered from all other carries.

Tom Beck, president of the firm, assures the Court that his firm does not
hold any interest adverse to the Debtors' estate and is a “disinterested
person” as defined in Section 101(14) of the Bankruptcy Code.

Headquartered in Jersey City, New Jersey, Best Manufacturing
Group LLC -- http://www.bestmfg.com/-- and its subsidiaries
manufacture and distribute textiles, career apparel and other
products for the hospitality, healthcare and textile rental
industries with satellite operations located across the United
States, Canada, Mexico, the United Kingdom, and the Philippines.

The company and four of its subsidiaries filed for chapter 11
protection on Aug. 9, 2006 (Bankr. D. N.J. Case No. 06-17415).
The case was converted to Chapter 7 on May 3, 2007.

Stacey L. Meisel was appointed as Chapter 7 Trustee on
May 4, 2007.  Michael D. Sirota, Esq., at Cole, Schotz, Meisel,
Forman & Leonard, P.A., represents the Debtors.  Scott L. Hazan,
Esq., at Otterbourg, Steindler, Houston & Rosen, and Brian L.
Baker, Esq., and Stephen B. Ravin, Esq., at Ravin Greenberg PC,
represent the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
estimated assets and debts of more than US$100 million.


DAIMLERCHRYSLER: Chrysler Offers Lifetime Warranty to Hike Sales
----------------------------------------------------------------
Chrysler Group has extended its powertrain warranty from the
three-year/36,000-mile Basic Limited Warranty to a new Lifetime Powertrain
Warranty.  The new Chrysler Lifetime Powertrain Warranty applies to most
new Chrysler, Jeep and Dodge vehicles purchased from dealer inventory and
delivered on or after
July 26, 2007.

The Lifetime Powertrain Warranty covers the cost of all parts and labor
needed to repair covered powertrain components -- engine, transmission and
drive system.  The new powertrain warranty is limited to the first
registered owner or retail lessee.  Customers should contact dealers for
details on vehicle selection.

"This new Chrysler Lifetime Powertrain Warranty is a statement of
confidence to our customers to the reliability of their powertrain.  It's
peace-of-mind reassurance for as long as they own the vehicle," said
Steven Landry, Chrysler Group's executive vice president for North
America, Sales and Marketing, Service and Parts.

To continue warranty coverage, the owner must have a powertrain
inspection performed by an authorized Chrysler, Jeep or Dodge dealer once
every five years.  This inspection will be performed at no charge.  The
inspection must be made within 60 days of each 5-year anniversary of the
warranty start date of the vehicle.

"The new Chrysler Lifetime Powertrain Warranty underscores our focus on
quality and customer satisfaction.  It demonstrates our commitment to
customers and the confidence we have in our ability to produce quality,
reliable and durable vehicles.  That's why we put 'lifetime' on it," Mr.
Landry added.

                      About the Company

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

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

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

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

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


MAZDA MOTORS: Local & Overseas June 2007 Production Falls
---------------------------------------------------------
Mazda Motors Corporation posted its production output for the month of
June 2007 with decrease in both domestic and overseas sectors.

Domestic total production slumped 3.3% from 85,103 to 82,288 units.
Passenger cars production went down to 78,283 from 79,356 units, while
commercial vehicles unit output slumped 30.3% to 4,005 units from 5,747
units.

According to the Hiroshima-based auto manufacturer, the domestic downfall
was mainly due to reduced production volumes of commercial vehicles and
the Mazda6, despite its abundant production of the Mazda3, which has gone
up to 25.6% year-on-year.

Overseas total production output for the month of June 2007 also fell from
24,374 to 19,821 units.  Passenger cars production descended to 14,337
from the same period last year's 17,900.  Commercial vehicles output
plummeted to 5,484 units from 6,474 units.

Reduced production of the Mazda6 and Mazda2, among other models led to the
result of the declining overseas production despite the increase of
production of the Mazda3.

                      About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and
associates, is primarily involved in the manufacture and distribution of
automobiles.  The company manufactures passenger cars and commercial
vehicles.  Mazda Motor distributes its products in both domestic and
overseas markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany, Belgium, France,
the United Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China.  The Company has a
global network.

                        *     *     *

As reported on April 27, 2007, that Standard & Poor's Ratings Services
raised Mazda Motor Corp.'s long-term corporate credit rating and the
company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and financial
performance, and financial risk profile.  Mazda's operating and financial
performance has been improving over the past several years due to the
success of new products following a shift in strategy.  The company
continued to improve operating and financial performance in the nine
months ended Dec. 31, 2006, owing to an improved sales mix and favorable
foreign exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also has
excellent product engineering capabilities.


PRIDE INTERNATIONAL: Moody’s Affirms Ba1 Corporate Family Rating
----------------------------------------------------------------
Moody's affirmed Pride International, Inc.'s credit ratings
following the company's announcement of the acquisition of a
newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2. The
outlook is stable.

"Pride's recent drillship construction commitments reflect
management's strategy of increasing the ultradeepwater capacity
of its fleet," commented Pete Speer, Moody's Vice-
President/Senior Analyst.  "Although the US$1.4 billion cost and
lack of customer contracts for these drillships are substantial
risks, Pride's contract backlog, along with a favorable near
term outlook for the deepwater drilling sector, appears to
provide sufficient free cash flows to fund the construction
progress payments without significant additional debt.  These
investments will raise the overall quality of the company's
fleet while addressing shareholders' desires for growth or
return of capital.  Moody's considers these drillships to be a
full claim on Pride's free cash flow over the next few years."

The stable outlook is supported by Pride's US$5.7 billion
contract backlog and Moody's expectation that market conditions
will remain supportive for the remainder of 2007 and into 2008,
particularly for the deepwater markets.

The stable outlook also reflects Moody's expectation that the
company will not add any additional newbuild commitments or rig
acquisitions without

   i. substantial equity funding or proceeds from the
      divestiture of its Latin American onshore business or
      other asset sales; and

  ii. a customer contract on the additional rig or at least one
      of the new drillships.

If the drillships remain without customer contracts for a
prolonged period the outlook could come under negative pressure.

There is limited upside to the rating in the near-to-medium term
due to the substantial funding commitments for the drillships
and little likelihood of further debt reduction.  Further
expansion of Pride's speculative newbuild program, debt-funded
rig or corporate acquisitions that do not include meaningful
equity funding, and/or debt-funded share repurchases could
result in a negative outlook or rating downgrade.

In July, Pride announced that it entered into a contract with
Samsung Heavy Industries Co., Ltd to construct a dual activity,
ultra-deepwater drillship for a cost of US$680 million,
excluding capitalized interest.  The drillship will be capable
of drilling in depths up to 12,000 feet, with total vertical
drilling depth of up to 40,000 feet, and is expected to be
delivered in the third quarter of 2010.

Pride subsequently announced that it had acquired a second
speculative newbuild for about US$675 million that is currently
under construction with Samsung.  The drillship will be capable
of drilling in depths up to 10,000 feet, with total vertical
drilling depth of up to 40,000 feet, and is expected to be
delivered in the first quarter of 2010.

Pride does not have customer contracts for either drillship and
there are many newbuild ultra-deepwater drillships and
semisubmersibles scheduled for delivery in 2008 through 2010.
Both construction contracts have been described as fixed-price,
but there are still risks of construction delays and cost
overruns due to modifications of equipment and design
specifications.

While deepwater demand is currently very strong and there are
indications that this strength will continue, there is still
significant uncertainty in predicting market conditions three
years out.  In addition to the speculative nature of these
newbuilds and the funding of the combined US$1.4 billion cost,
the company's ratings are constrained by the overall size and
quality of Pride's fleet in comparison to its investment grade
competitors.

Although the company owns 60 rigs, including the two newbuilds,
38 are vintage shallow water jackups, mat, barge and other rigs.
Excluding these rigs, the company's 22 remaining rigs are much
smaller than the comparable fleet of Transocean/GlobalSantaFe
(142 rigs), Diamond Offshore Drilling (43), Noble Drilling (57)
and Ensco (48).

The company's smaller number and proportion of premium rigs
could pressure earnings in the next cyclical downturn because
premium equipment tends to keep working, albeit at lower
dayrates, compared to less capable older generation rigs which
often ends up being stacked.  Pride's shallow water jackups, mat
and barge rigs are particularly vulnerable to rapid declines in
utilization and dayrates.

Also, while long-term contracts are beneficial to earnings
stability, there is still a risk that drilling contracts could
be amended or cancelled during industry downturns because of
construction delays, unsatisfactory rig performance or other
competitive considerations.  Additionally, in this high
utilization environment, escalating labor, raw material and
construction costs will continue to pose a challenge for Pride
as well as the rest of the industry in the near-to-medium term.

The ratings are supported by Pride's deepwater assets, which are
comparable in number with several offshore drilling peers and
represent the second largest fleet of dynamically positioned
deepwater rigs.  The company has also steadily reduced its
leverage (Debt/Capitalization of 37% at March 31, 2007 compared
to 55% at Dec. 31, 2004), strengthened the depth and experience
of its management team, and appears to have resolved its
previously persistent internal control issues.

Pride Ratings Affirmed:

  -- Ba1 CFR and Probability of Default Rating;

  -- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

  -- US$500 million Senior Secured Credit Facility rated Baa2
     (LGD2, 13%);

  -- Speculative Grade Liquidity Rating -- SGL-2;

  -- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

  -- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

  -- Preferred Shelf rated Ba2 (LGD6, 97%);

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.


RADIOSHACK CORP: Earns US$47 Million in Quarter Ended June 30
-------------------------------------------------------------
RadioShack Corp. announced on Monday its results for the second quarter
ended June 30, 2007.

The company reported net income of US$47 million on net sales and
operating revenues of US$934.8 million for the second quarter of 2007.  In
the second quarter of 2006 the company reported a net loss of US$3.2
million on net sales and operating revenues of US$1.10 billion.  Compared
with the prior year period, the company reported an improved gross margin
rate, a reduced SG&A expense rate and a significant increase in cash
balances.  In addition to the improved gross margin rate and reduced SG&A
expense, the results for the second quarter were also favorably impacted
by a US$10 million reversal of an income tax contingency reserve.

Cash balances increased to US$630 million at the end of the second quarter
of 2007, an increase of US$460 million versus second quarter of 2006.  The
increase was mainly driven by the growth in net income, as well as
improvements in working capital management.

Second quarter 2007 comparable store sales declined by 8.9%, while total
sales declined 15%.  The post-paid wireless business continued to
negatively impact both the comparable store and total sales results.  In
addition, total sales were impacted by the closure of 481 stores during
2006.

Gross margin rate for the second quarter increased 330 basis points over
last year, from 47.2% to 50.5%.  The increased gross margin rate was a
result of improved inventory management and a more profitable product mix.

"We are increasing our focus on opportunities to offer our customers
solutions to their needs, whether those needs can be met with a simple
'one product' solution, or whether a more complex solution requiring our
expertise in connectivity is needed," said Julian C. Day, chairman and
chief executive officer.  "Our improved gross margin rate this quarter
reflects some success in increasing the role of the 'value-added' products
in our mix, as well as our commitment to continue to 'freshen' the
merchandise we offer our customers."

SG&A expenses declined by US$106 million or 22% for the second quarter of
2007.  This decrease reflects a continuing effort to improve the company's
return on expense dollars, most notably on payroll, professional fees and
advertising.

The company generated US$132 million of free cash flow for the six months
ended June 30, 2007, compared with a use of cash of
US$138 million for the same period last year.  This increase reflects
improvements in working capital management, more prudent allocation of
capital expenditures, and increased levels of net income.

"Against the background of a smaller, but more profitable, sales base our
financial performance this quarter marked a continuation in trend.  Our
continued disciplined management of expenses and working capital allowed
us to drive improved profit and produce increased levels of cash on the
balance sheet," said Jim Gooch, chief financial officer.  "We continue to
look for opportunities to improve our company's performance as we head
into the second half of the year."

At June 30, 2007, the company's consolidated balance sheet showed US$1.99
billion in total assets, US$1.17 billion in total liabilities, and
US$811.2 million in total stockholders' equity.

Full-text copies of the company's consolidated financial statements for
the quarter ended June 30, 2007, are available for free at
http://researcharchives.com/t/s?21fa

                  About RadioShack Corporation

RadioShack Corporation (NYSE: RSH) -- http://radioshack.com/ --
retails consumer electronics specialty products through amost 6,000
company-operated stores and dealer outlets in the United
States, over 100 RadioShack locations in Mexico and nearly 800
wireless phone kiosks.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on June 25,
2007, Fitch Ratings has downgraded these ratings for RadioShack
Corporation:

   -- Issuer Default Rating (IDR) to 'BB' from 'BB+';
   -- Bank credit facility to 'BB' from 'BB+';
   -- Senior unsecured notes to 'BB' from 'BB+'.

The short-term IDR is affirmed at 'B'.


RYERSON INC: Second Quarter Net Income Increases to US$38.1 Mil.
----------------------------------------------------------------
Ryerson Inc. reported net income was US$38.1 million for the second
quarter of 2007, compared with net income of US$22.2 million, for the same
period in 2006 and US$28.1 million in the first quarter of 2007.  The
second quarter of 2007 included a US$4.6 million, or US$0.15 per share,
benefit from an income tax settlement.

"We demonstrated excellent cost control, continued inventory reductions,
and improvement based on short-term initiatives, which we began
implementing in the third quarter of 2006," said Neil S. Novich, Chairman,
President, and CEO of Ryerson.  "Those factors, coupled with metal price
increases, more than offset a decline in volume, which moved in line with
the metal service center industry."

In order to assist investors in comparing the company's performance with
that of other industry participants, Ryerson also presents supplemental
results on a FIFO basis, in addition to its reported results on a LIFO
basis.  Supplemental FIFO earnings per diluted share would have been
US$2.02 in the second quarter of 2007, compared with US$1.51 in the second
quarter of 2006 and US$1.20 in the first quarter of 2007.

                  Second-Quarter Performance

Sales for the second quarter of 2007 increased 7.2 percent to US$1.6
billion, compared to the year-ago period, as a 17.5 percent rise in the
average selling price per ton offset an 8.8 percent decline in tons
shipped.  Sequentially, sales declined 2.7 percent from the first quarter
of 2007 on a 1.1 percent increase in the average selling price per ton and
a 3.7 percent decline in tons shipped.

Gross profit per ton was US$298 in the second quarter of 2007, compared to
US$265 in the second quarter of 2006 and US$307 in the first quarter of
2007.  Inventory reductions in the second quarter of 2007 resulted in a
LIFO liquidation gain of approximately US$32 million, or US$40 per ton in
the second quarter of 2007, compared to a gain of US$18 million, or US$22
per ton, in the first quarter of 2007.  The gross margin of 14.7 percent
in the second quarter of 2007 compared with 15.4 percent in the second
quarter of 2006 and the first quarter of 2007.  Despite the US$32 million
liquidation gain, second quarter 2007 gross profit would have been
approximately US$43 million higher under FIFO inventory accounting than as
reported under LIFO due to rising material costs, particularly in
stainless steel.

Operating expenses were US$168.7 million in the second quarter of 2007,
compared to US$179.5 million in the second quarter of 2006 and US$186.2
million in the first quarter of 2007.  Year-over-year and sequentially,
lower expenses reflected the benefit of various cost-savings initiatives,
including the Integris integration and the company's Six Sigma
problem-solving and continuous improvement process, which resulted in the
improvement in wages, salaries, benefits, and service center operating
expenses.  Sequentially, operating expenses also benefited from lower
non-cash stock-based compensation.

Interest expense was US$15.2 million in the second quarter of 2007,
compared to US$15.8 million in the second quarter of 2006 and US$24.5
million in the first quarter of 2007.  The first quarter 2007 expense
included US$5.6 million of one- time, non-cash write offs.

                     Financial Condition

Ryerson ended the second quarter of 2007 with a debt-to-capital ratio of
54.1 percent-the lowest level since the Integris Metals acquisition in
January 2005-compared to 60.2 percent at the end of the first quarter.
Combined availability under the amended revolving credit facility and the
new receivable securitization facility expanded to US$618 million,
compared to US$451 million at the end of the first quarter.

Ryerson continued to make excellent progress improving inventory
management.  At the end of the second quarter of 2007, inventory stood at
764,000 tons-the lowest level since the acquisition of Integris Metals,
representing a decline of 111,000 tons, or 13%, from the end of the first
quarter.  From year-end 2006, inventory declined 282,000 tons, or 27%.
Inventory dollars declined US$40 million from the end of the first quarter
of 2007 to the end of the second.  If metals prices had remained constant
from the end of the first quarter, current value inventory would have
declined approximately US$150 million.  Inventory turnover improved to 3.9
times for the second quarter of 2007 and ended the quarter at a run rate
of 4.1 turns.  Ryerson remains committed to attaining an annualized run
rate of 5 turns by the end of the year.

                           Outlook

"We expect the third quarter of 2007 to be affected by the typical
seasonal slowdown," concluded Mr. Novich.  "And we expect metal prices to
soften, particularly in stainless."

                      Merger Agreement

On July 24, 2007, Ryerson entered into a definitive Agreement and Plan of
Merger with Rhombus Holding Corporation (an affiliate of Platinum Equity,
LLC) and Rhombus Merger Corporation, a wholly owned subsidiary of Rhombus
Holding Corporation, by which Ryerson will become a wholly owned
subsidiary of Rhombus Holding Corporation.  Under the terms of the Merger
Agreement and subject to certain conditions, including stockholder
approval, Rhombus will acquire all of the outstanding shares of the
company's common stock and Series A US$2.40 Cumulative Convertible
Preferred Stock for US$34.50 per share in cash.  The Merger Agreement
contains a "go shop" provision under which the company has the right to
initiate, solicit, and encourage third-party acquisition proposals through
Aug. 18, 2007.  There can be no assurance that solicitation of proposals
will result in an alternative transaction.  After that date, the company
is subject to certain restrictions on its ability to solicit third- party
acquisition proposals.  The merger is expected to be submitted to Ryerson
stockholders for their approval at a special meeting of stockholders to be
held sometime in the fourth quarter of 2007.  The Merger Agreement has
been filed with the U.S. Securities and Exchange Commission in Form 8-K.

                         Annual Meeting

The company'd Board of Directors has set Aug. 23, 2007, as the date of its
annual meeting of stockholders.  The meeting will be at 8:00 a.m., Central
Time, at the Conrad Hotel, 521 N. Rush Street, Chicago, Illinois.
Stockholders of record at the close of business on August 3, 2007 will be
entitled to receive notice of, and vote on the election of directors and
other matters at the annual meeting.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings placed its 'B+' corporate credit
and 'B-' senior unsecured debt ratings on Ryerson Inc. on CreditWatch with
negative implications.

Moody's Investors placed the ratings for Ryerson Inc. (B1 corporate family
rating) under review for possible downgrade. The review was prompted by
the announcement that Ryerson has entered into a definitive merger
agreement with Platinum Equity in a transaction valued at approximately
US$2.0 billion.


VALASSIS COMM: Robert W. Baird Keeps Outperform Rating on Shares
----------------------------------------------------------------
Robert W. Baird analysts have kept their "outperform" rating on Valassis
Communications Inc’s shares, Newratings.com reports.

According to Newratings.com, the target price for Valassis Communications’
shares was decreased to US$23 from US$25.

The analysts said in a research note that Valassis Communications reported
its second quarter 2007 results short of expectations.

The analysts told Newratings.com that Valassis Communications would
continue witnessing “FSI pricing pressure” in 2008, “whereas ADVO revenue
synergies are unlikely to materialize” before the second half of next
year.

Valassis Communications reduced its EBITDA guidance for this year by US$14
million to US$241 million.  The earnings per share estimates for 2007 and
2008 have been reduced to US$1.35 from US$1.50 and to US$1.36 from
US$1.65, respectively.

Headquartered in Livonia, Michigan, Valassis Communications Inc.
(NYSE: VCI) -- http://www.valassis.com/-- provides marketing
services to consumer-packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, Europe, Mexico and Canada.  Valassis' products
and services portfolio includes: newspaper-delivered promotions
and advertisements such as inserts, sampling, polybags and
on-page advertisements; direct-to-door advertising and sampling;
direct mail; Internet-delivered marketing; loyalty marketing
software; coupon and promotion clearing; and promotion planning
and analytic services.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Standard & Poor's Ratings Services assigned its
'B-' rating to Valassis Communications Inc.'s proposed USUS$590
million senior unsecured notes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2007, Moody's Investors Service assigned a B3 rating to
Valassis Communications, Inc.'s proposed USUS$590 million of
fixed and floating rate senior unsecured notes due 2015.
Moody's Feb. 12, 2007, rating action on Valassis contemplated
the issuance of USUS$590 million of junior debt in conjunction
with the acquisition of ADVO and the company's existing ratings
are not affected by the issuance of the new senior unsecured
notes.  Valassis' Corporate Family rating is B1 and the rating
outlook remains stable.




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


GRAN TIERRA: Discloses 50% Farmout of Azar Block in Colombia
------------------------------------------------------------
Gran Tierra Energy Inc. has farmed out 50% of its 80% interest in the Azar
Block in the Putumayo Basin of Colombia.  Gran Tierra Energy will retain a
40% interest in the Azar Block and will retain Operatorship.  Under the
terms of the farmout, Gran Tierra Energy’s share of costs for its retained
40% interest in work commitments in the first three exploration phases
will be carried by the new partner.  The farmout arrangement creates for
Gran Tierra Energy a more attractive capital risk/reward profile for this
prospective asset, and positions the company for additional drilling in
2008 with an experienced partner to complement emerging development plans
related to two recent oil discoveries in Colombia.

The Azar Block covers 51,639 acres (209 square kilometers).  It is located
immediately east of Gran Tierra Energy’s current operations and production
in the Santana and Guayuyaco Blocks and is located approximately 20
kilometers east of the recent Juanambu-1 and Costayaco-1 oil discoveries
operated by Gran Tierra Energy that tested flow rates up to 5,906 barrels
of oil per day and 778 barrels of oil per day respectively.  The Azar
Block is located approximately 60 kilometers east of the two new technical
evaluation areas that were recently awarded 100% to Gran Tierra Energy by
the Agencia Nacional de Hidrocarburos and announced on July 23, 2007.

Work commitments in the Azar Block consist of six consecutive phases.  The
first phase requires the acquisition of new seismic data, which will be
acquired in 2007.  The second phase requires a workover of an existing
exploration well, Palmera-1, which encountered oil shows during drilling
and in which oil pay was interpreted from logs after drilling.  The well
was never tested as it was not deemed commercial at the time it was
drilled in 1996.  The third phase requires the drilling of a new
exploration well.  The subsequent three phases each contain one
exploration well commitment per phase.  The Azar block is subject to the
new and fiscally attractive ANH royalty/tax contract that includes no
additional state participation.

Dana Coffield, President and CEO stated "The assignment of interests and
Operatorship of this block to Gran Tierra Energy in early 2007, and
subsequent award of the two recently announced technical evaluation
contracts, continues to advance our strategy of actively acquiring
under-developed assets to replenish and maintain a substantial inventory
of drilling prospects as our existing inventory of prospects is drilled.
With our new partner, we are now advancing the execution of our work
commitments in the Azar Block and will add an exploration well to our 2008
drilling program, which will include exploration drilling in addition to
the development drilling program associated with our recent oil
discoveries in Colombia."

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

                        *     *     *

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




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


B&G FOODS: Moody's Junks Rating on US$166 Million Senior Notes
--------------------------------------------------------------
Moody's Investors Service upgraded to B2 from B3 the senior unsecured
notes of B&G Foods, Inc., concluding the review for possible upgrade of
these notes begun on May 15, 2007.  Moody's also affirmed B&G's other
ratings, including its B2 corporate family rating and B2 probability of
default rating.  The rating outlook is stable.

Rating upgraded:

  -- US$240 million 8% senior unsecured notes due 2011 to B2
     (LGD4, 51%) from B3 (LGD4, 59%)

Ratings affirmed:

  -- Corporate family rating at B2

  -- Probability of Default rating at B2

Ratings affirmed, with LGD percentages adjusted:

  -- US$25 million senior secured revolving credit agreement due
     2011 at Ba2 (LGD2, 11%), from 16%

  -- US$130 million senior secured term loan C due 2013 at Ba2
     (LGD2, 11%), from 16%

  -- US$166 million 12% senior subordinated notes due 2016 at
     Caa1 (LGD5, 88%), from 89%

In May 2007, B&G publicly issued 15.985 million Class A shares at a price
of US$13 per share.  Net proceeds of US$193.2 million were applied to the
repurchase of a portion of the outstanding Class B shares for US$82.4
million and to a US$100 million repayment of the company's term loan C.
The reduction in the term loan C, which is senior secured, lowered the
amount of debt that ranks ahead of B&G's senior unsecured notes; while the
probability of default rating remains B2, the resulting improvement in the
loss given default assessment and expected loss percentage upon default to
LGD4 and 51%, respectively, prompted the upgrade in the rating on this
debt instrument.

B&G's B2 corporate family rating is driven by the company's high leverage,
but also takes into account its relatively stable cash flow, good product
diversification, and double-digit EBITA margins, all of which are stronger
than for a typical B2 company. These strengths are offset by the maturity
of many of the company's brands and by a growth strategy that has relied
on leveraged acquisitions.

The stable rating outlook is based on Moody's expectation that Cream of
Wheat's sales will stabilize and that its margin will be preserved over
the intermediate term.  Moody's also anticipates that profit performance
of B&G's other products will remain fairly stable.

B&G Foods (AMEX: BGF) -- http://www.bgfoods.com/-- and its
subsidiaries manufacture, sell and distribute a diversified
portfolio of high-quality, shelf-stable foods across the United
States, Canada and Puerto Rico.  B&G Foods' products include
jams, jellies and fruit spreads, canned meats and beans, spices,
seasonings, marinades, hot sauces, wine vinegar, maple syrup,
molasses, salad dressings, Mexican-style sauces, taco shells and
kits, salsas, pickles and peppers and other specialty food
products.  B&G Foods competes in the retail grocery, food
service, specialty store, private label, club and mass
merchandiser channels of distribution.  Based in Parsippany, New
Jersey, B&G Foods' products are marketed under many recognized
brands, including Ac'cent, B&G, B&M, Brer Rabbit, Emeril's,
Grandma's Molasses, Joan of Arc, Las Palmas, Maple Grove Farms
of Vermont, Ortega, Polaner, Red Devil, Regina, San Del, Ac'cent
Sa-Son, Trappey's, Underwood, Vermont Maid and Wright's.
Preliminary revenues for the fiscal year ended Dec. 30, 2006,
were US$411.3 million.


PILGRIM'S PRIDE: Earns US$62.6 Million in Quarter Ended June 30
---------------------------------------------------------------
Pilgrim's Pride Corporation reported net income of US$62.6 million on
record sales of US$2.12 billion for the third fiscal quarter ended June
30, 2007.  For the third quarter of fiscal 2006, the company reported a
net loss of US$20.5 million on total sales of US$1.29 billion.

"We are pleased with our improved financial performance in the third
quarter, particularly in light of continued high costs for feed
ingredients," O.B. Goolsby Jr., Pilgrim's Pride president and chief
executive officer, said.  "Our return to profitability is a direct result
of improved pricing driven by industry-wide production cuts implemented
earlier this year, coupled with strong demand for our products,
particularly in the consumer retail segment.  As a result of these higher
selling prices for our products, we were able to offset the impact of
higher corn and soybean meal costs."

Mr. Goolsby also said the company's Mexico operations returned to
profitability in the third quarter.

He also said the company continues to make good progress with the Gold
Kist integration.  Through the end of the third fiscal quarter, the
company had realized approximately US$48 million in annualized cost
savings -- well ahead of its previously forecasted schedule of US$25
million by the end of September.

"Our employees are making good progress in identifying opportunities to
improve our combined businesses,” Mr. Goolsby said.  “Together they are
working on a wide variety of projects that will help us operate more
efficiently and deliver improved service to our customers.  In some cases,
we've been able to capture synergy savings ahead of schedule, while in
other cases the project timelines have been adjusted to meet the demands
of our business.  In total, however, I'm now confident that we'll be able
to exceed our previously announced synergy savings target of US$100
million and believe that our annual run rate is likely to be closer to
US$150 million by January 2008.”

Looking ahead, he believes that feed-ingredient costs will continue to
pose one of the biggest operating challenges for the U.S. chicken
industry.

"There is no question that high feed costs are with us for the long-term,
thanks to what many believe is the nation's misguided public policy that
subsidizes production of corn-based ethanol,” Mr. Goolsby said.  “It's
important to note that next year the agriculture industry once again will
have to find millions of additional acres for corn -- on top of this
year's record plantings -- just to meet increased production demand for
ethanol.  While American consumers may one day realize some marginal
benefit from cheaper prices at the fuel pump, they undoubtedly will
continue to pay more for food items at their neighborhood grocery store or
favorite restaurant.”

For the nine months ended June 30, 2007, the company reported
net income of US$13.8 million on record sales of US$5.45 billion.
Included in these results were charges of US$14.5 million, US$9.1 million,
related to the early extinguishment of debt incurred by the company in
connection with the financing for the Gold Kist acquisition.  For the
first nine months of fiscal 2006, Pilgrim's Pride reported a net loss of
US$26.7 million on sales of US$3.9 billion.

                    About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  Pilgrim's Pride employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and Utah.

                        *     *     *

Pilgrim's Pride Corp. carries Moody's Investors Service's B1
senior unsecured credit rating, B2 senior subordinated notes, and Ba3
corporate family ratings.  PPC's planned new $250 million senior unsecured
notes also bears Moody's B1 rating and its new US$200 million senior
subordinated notes bears Moody's B2 rating.  Moody's said the outlook on
all ratings is stable.

Standard & Poor's Ratings Services gave Pilgrim's Pride Corp. a
'BB-' corporate credit rating.




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


HILTON HOTELS: Unveils Development Plans with Tenedora Augusta
--------------------------------------------------------------
Hilton Hotels Corporation disclosed development plans with Tenedora
Augusta, S.A.P.I. de C.V., a well established hotel development company
based in Mexico.  Tenedora Augusta will work actively to develop Hampton
Inn and Hampton Inn & Suites focused-service hotels within certain defined
markets throughout Mexico and will operate the hotels under Hampton Inn
franchise agreements.

“This is another major step in our previously announced plan to align with
well established, experienced development partners as we continue to grow
the Hilton Family of Hotels internationally,” said Tom Keltner, chief
executive - Americas & global brands, Hilton Hotels Corporation.  “We
already have eight Hampton flags in Mexico, and this relationship will
help us accelerate our growth rate there.  Tenedora Augusta is a proven
hotel developer with a successful track record and will continue to help
us expand the Hampton flag in the pivotal Mexican marketplace.  In fact,
Tenedora currently owns and operates three Hampton Hotels in the
Monterrey, Saltillo and Torreon markets in Mexico.”

“As the Mexican economy continues to expand, the need for top tier hotels
rises exponentially,” said Victor Zorrilla, president, Tenedora Augusta.
“The Hilton Family of Hotels and the Hampton brand are well respected
throughout North America.  With the growing need for focused-service
hotels in Mexico, we believe associating ourselves with a brand leader
such as Hampton will help us to quickly establish a leading market
position.”

Among the cities and destinations targeted are Tijuana, Queretaro,
Guadalajara, Cancun and Monterrey.  Tenedora Augusta will receive certain
preferred development rights in return for meeting certain goals and
timetables.

“The travel benefits of a major brand are reciprocal to both locals and
foreigners,” said George Massa, senior director – development, Mexico,
Hilton Hotels Corporation.  “All guests can be assured that they will
encounter the same quality product in each new market.  In addition,
through use of the Hilton HHonors loyalty program, points can be earned
and redeemed internationally, driving new business to Mexican markets and
enticing local guests to travel abroad with incentives offered only by the
Hilton Family of brands.”

                   About Tenedora Augusta

Tenedora Augusta is Mexico’s leading focused-service hotel developer
having developed 1,720 rooms in 8 hotels, including the first Hampton
Inn(R) property in Latin America.  Tenedora Agusta is the resulting joint
venture between Centro Rio S.A. de C.V. (Hoteles Prisma), a corporation
owned by Victor Zorrilla Vargas and Joel Zorrilla Vargas and Citigroup
Venture Capital (CVCI) and Indigo Capital.

                    About Hilton Hotels

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

                        *     *     *

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

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

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




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


CMS ENERGY: Completes Power Plant Sale to Endesa for US$80 Mil.
---------------------------------------------------------------
CMS Energy's several subsidiaries have closed on the sale of their
interests in the GasAtacama natural gas pipeline and power plant in South
America to Empresa Nacional De Electricidad S.A. (Endesa) for US$80
million.

Proceeds from the sale will be used for general corporate purposes, to
reduce parent debt, and invest in CMS Energy's Michigan utility, Consumers
Energy.

GasAtacama transports natural gas to northern Chile from Argentina and
owns and operates gas pipelines as well as a 780 megawatt combined-cycle,
gas- fired power plant in northern Chile.  CMS Energy and Endesa of Chile
built the GasAtacama project and placed it in service in 1999.  CMS Energy
held a 50 percent interest in GasAtacama.

Based in Jackson, Michigan, CMS Energy Corporation is an
electric and natural gas utility, natural gas pipeline systems,
and independent power generation operator.  The company has
offices in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch assigned a rating of 'BB-' to these new
issues from CMS Energy Corp.:

   -- US$250 million 6.55% senior notes, due July 17, 2017;
   -- US$150 million floating-rate senior notes, due
      Jan. 15, 2013.

Proceeds from the sale will be used to retire outstanding debt
and for general corporate purposes.  Fitch said the Rating
outlook was positive.


CMS ENERGY: Reports US$33 Mil. Net Income in 2007 Second Quarter
----------------------------------------------------------------
CMS Energy recorded net income of US$33 million, or US$0.15 per share, for
the second quarter of 2007 compared to net income of US$72 million, or
US$0.31 per share, in the same quarter of 2006.

The company's adjusted (non-Generally Accepted Accounting Principles)
second quarter net income, which excludes net earnings or losses primarily
associated with businesses sold, was US$18 million, or US$0.08 per share,
compared to net income of US$45 million, or US$0.19 per share, for the
second quarter of 2006.  The lower quarterly earnings reflect the fact
that certain tax benefits that occurred in 2006 did not repeat in 2007.

For the first six months of 2007, CMS Energy had a reported net loss of
US$182 million, or US$0.82 per share, compared to net income of US$45
million, or US$0.20 per share, for the first half of 2006.  The 2007
six-month results include losses of US$292 million, or US$1.32 per share,
primarily linked to sales of the company's international businesses,
including discontinued operations.

On an adjusted basis, the company had net income of US$110 million, or
US$0.50 per share, for the first half of 2007, compared to net income of
US$11 million, or US$0.05 per share for the first six months of 2006.

CMS Energy maintained its guidance for 2007 adjusted earnings of about
US$0.80 per share and 2008 adjusted earnings of about US$1.20 per share.
CMS Energy anticipates that its 2007, and possibly 2008, reported earnings
will be lower than its adjusted earnings due to the expected effects of
asset sales.  CMS Energy isn't providing reported earnings guidance
because of the uncertainties associated with those factors.

David Joos, CMS Energy's president and chief executive officer, said the
company completed asset sales with about US$1.6 billion of gross proceeds
during the second quarter, and it continues to implement its strategy of
selling non-strategic businesses and focusing on its Michigan utility,
Consumers Energy.

"We continue to have excellent operational performance at Consumers Energy
and our remaining non-utility businesses.  We closed this week on the last
major asset sale in our international portfolio and expect to complete our
international sales plan by the end of the year.  The proceeds from these
sales have allowed us to achieve our capital structure goal at the utility
and improvements in our credit ratings," Mr. Joos said.

Based in Jackson, Michigan, CMS Energy Corporation is an
electric and natural gas utility, natural gas pipeline systems,
and independent power generation operator.  The company has
offices in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch assigned a rating of 'BB-' to these new
issues from CMS Energy Corp.:

   -- USUS$250 million 6.55% senior notes, due July 17, 2017;
   -- USUS$150 million floating-rate senior notes, due
      Jan. 15, 2013.

Proceeds from the sale will be used to retire outstanding debt
and for general corporate purposes.  Fitch said the Rating
outlook was positive.


NORTHWEST AIRLINES: Reports US$2.15 Bil. Profit in Second Qtr.
--------------------------------------------------------------
Northwest Airlines Corporation (NYSE: NWA) reported on Tuesday net profit
of US$2.15 billion for the second quarter of 2007.  This compares to a
second quarter 2006 net loss of US$285 million. Excluding reorganization
items, Northwest reported a second quarter pre-tax profit of US$273
million, compared to a pre-tax profit of US$179 million in the second
quarter of last year.

Excluding reorganization items and a US$6 million out of period
mark-to-market loss on fuel hedges, Northwest reported an 8.8%  second
quarter pre-tax margin.  For the first half of 2007, Northwest reported a
US$373 million pre-tax profit before reorganization items.

Doug Steenland, president and chief executive officer, said, "Our second
quarter financial results are evidence of the results of our
restructuring.  Northwest is well positioned to generate sustained
profitability and steady earnings growth for the long term.  However, our
operational performance in June and July has been unacceptable and we must
restore NWA to its historical position as one of the most reliable
airlines in the industry.  Our immediate focus is to restore operational
reliability."

"We sincerely apologize for the inconvenience these cancellations have
caused our customers.  We are confident that the measures we are taking
will result in materially better operational performance during the coming
months," Steenland said.  "We realize that the recent operational
challenges have been difficult for our employees and we thank them for
their tireless efforts to assist our customers."

                        Operations

During the latter part of June, Northwest experienced numerous flight
cancellations caused by summertime thunderstorms on the east coast and at
several Northwest hubs, air traffic control congestion, and increased
pilot absenteeism.  The airline experienced another significant increase
in flight cancellations over the past weekend that were caused largely by
an increase in pilot absenteeism.

Northwest is taking a series of actions to improve its operational
reliability.  These include short-term measures to minimize the risk of
additional disruptions in August, and systemic operational adjustments to
address concerns raised by Northwest pilots:

  * For August, to create additional reserves and reduce the
    maximum number of hours that our narrowbody pilots will be
    asked to fly, Northwest reduced the month's schedule by 4%.
    The maximum hours for all narrowbody aircraft pilots in
    August will be 86, as compared to 88 or 90 hours in June.

  * Beginning in August, Northwest is reducing the number of
    long trips in certain fleet types and changing the way we
    build trips to and from large East Coast cities.  This will
    minimize the impact on the entire system when delays occur
    due to bad weather and air-traffic control congestion.

  * As of August 1, all furloughed pilots wishing to return to
    Northwest will have received their official training date,
    producing some of the highest numbers of reserve pilots in
    recent history.

  * Once we have recalled all of the eligible pilots from
    furlough, we will begin hiring new pilots.  To date, we have
    received several hundred expressions of interest from pilots
    wishing to work for Northwest.

  * We reached an agreement with our pilots through which, in
    exchange for the settlement of certain grievance issues, we
    modified several contractual provisions, which will improve
    the pilot bidding process.  These changes are being
    implemented and will be in full effect by October.

  * We are currently in discussions with the Air Line Pilots
    Association (ALPA) about other steps we could take to
    address pilot concerns and improve the reliability of the
    operation.

  * Spare international widebody aircraft are being redeployed
    on domestic routes.

  * We have improved processes and technology to make customers
    aware of flight changes as far in advance as possible.

                      Fresh-Start Reporting

Upon emergence from bankruptcy on May 31, 2007, the company adopted fresh
start reporting.  Under fresh start reporting, Northwest revalued its
assets and liabilities to estimated market values.  In addition to these
fair value adjustments, the company changed its presentation of certain
regional carrier-related revenue and expense items, acquired Mesaba
Aviation, and changed its policies pertaining to the accounting for
frequent flyer obligations and breakage of passenger tickets.  These
non-cash adjustments affected Northwest's balance sheet, statement of
operations, and statement of cash flows.  As a result, Northwest's
financial statements on and after June 1, 2007 are not comparable to its
previously issued financial statements.

                    Financial Results Summary

Operating revenues in the second quarter decreased 3.3% versus the second
quarter of 2006 to US$3.18 billion.  Excluding fresh-start adjustments,
system consolidated passenger revenue increased 0.1% to more than US$2.8
billion on 0.9% higher available seat miles (ASMs).  Consolidated revenue
per available seat mile decreased by 0.8% for the second quarter versus
last year.

Operating expenses in the quarter decreased 5.7% year-over-year to US$2.82
billion, while mainline cost per available seat mile, excluding fuel,
decreased by 5.2% on 1.6% more ASMs.

The pre-tax impact of the operational disruptions in the second quarter is
estimated to be approximately US$25 million.

During the second quarter, fuel averaged US$2.04 per gallon, excluding
taxes and non-cash mark-to-market expenses related to future period
contracts, down 2.7 percent versus the second quarter of last year.

Dave Davis, executive vice president and chief financial officer, said,
"In the second quarter, we continued to realize the benefits of our cost
restructuring as evidenced by a five percent reduction in mainline CASM,
excluding fuel.  This is the best performance in the industry.  Continued
focus on cost control, combined with prudent investment in our product and
a return to running a reliable operation, will allow NWA to continue to
achieve strong financial results."

Northwest's quarter-ending unrestricted cash and short-term investments
balance was US$3.3 billion.  Including US$706 million of restricted cash,
the total cash balance was US$4 billion.

                     Significant Developments

Discussing the company's emergence from bankruptcy, Steenland added,
"Northwest has achieved the key objectives of its restructuring plan
including a competitive cost structure and one of the strongest balance
sheets in the industry.  Standard & Poors and Moody's have assigned
Northwest B+ and B1 corporate credit ratings, respectively, which are the
highest ratings among network carriers."

Since the start of the second quarter of 2007, these were among the
significant developments at NWA:

  * The company emerged from bankruptcy on May 31.  That day,
    seventeen Northwest Airlines employees rang the opening bell
    at the New York Stock Exchange and the company's new common
    stock "NWA" began trading.

  * In early July, Northwest distributed to flight attendants
    the proceeds that were generated from the sale of a US$182
    million unsecured claim that was included in the Association
    of Flight Attendants' approved labor contract.  The
    allocation completed the sale of contract employees'
    unsecured claims negotiated during the carrier's Chapter 11
    restructuring, totaling US$1.25 billion for all labor
    groups.  The total dollar amount paid to contract employees
    was US$960 million.  "When we originally negotiated the
    claims, the expected sale price was 15 cents on the dollar,
    which implied a total claims value of US$180 million.
    Instead, as a result of our successful restructuring, those
    unsecured claims are worth US$960 million, a US$780 million
    improvement over what was expected," Mr. Steenland added.
    The claims were in addition to a separate gain-sharing
    program that will see contract employees and non-executive
    salaried staffs receive an additional US$500 million in
    profit sharing through the end of 2010 as Northwest achieves
    its business plan targets.  For the first half of 2007,
    Northwest accrued US$33 million in profit sharing.  "Claims
    sales and gainsharing are allowing Northwest employees to
    share in the airline's continued success.  In addition,
    Northwest completed its Chapter 11 process without having to
    terminate its employee pension plans," he said.

  * The airline is continuing to take delivery of Airbus A330
    and 76-seat regional jetliners as part of its US$6 billion
    international and domestic fleet renewal program.  Next
    year, Northwest will be the first airline in North America
    to begin passenger service with the new, long-range Boeing
    787.  "As we move forward, NWA will continue to see
    increased benefits from its fleet renewal program which will
    significantly improve the travel experience for our
    customers and the profitability of the airline,"
    Mr. Steenland added.

  * The company achieved numerous milestones in launching its
    wholly owned 76-seat regional jet operations including:

    1. In early April, Compass Airlines won final Federal
       Aviation Administration approval to begin commercial
       operations.

    2. In late April, Mesaba Aviation was acquired by the
       company and became a wholly owned subsidiary.

    3. Seven 76-seat dual-class regional jets were delivered,
       including six Bombardier next-generation CRJ-900 aircraft
       and one Embraer 175 aircraft, towards a total of 72, 76-
       seat regional jet aircraft by the end of 2008.

  * In late June, Northwest, along with SkyTeam carriers Air
    France, Alitalia, CSA Czech Airlines, Delta Air Lines, and
    KLM Royal Dutch Airlines applied to the U.S. Department of
    Transportation for antitrust immunity on transatlantic
    flights.  Delta currently has antitrust immunity with Air
    France, Alitalia and CSA, while Northwest has antitrust
    immunity with KLM.  Included in the application is a joint
    venture agreement between Air France, Delta, KLM and
    Northwest that would create a comprehensive and integrated
    partnership among the four SkyTeam members across the
    Atlantic.  A more integrated SkyTeam alliance offers
    significant advantages to consumers, including more choice
    in flight schedules, travel times, services and fares.

  * In mid-July, Northwest applied to the DOT for new rights to
    operate nonstop service between Detroit and Shanghai and
    Detroit and Beijing.  The application is in response to the
    new landmark aviation agreement with China that provides for
    additional service between the two countries.  The U.S.
    government plans to award six new routes between 2007 and
    2009.  "Northwest has a long history of serving China and it
    wants to begin new service there as soon as possible,"
    Steenland said.  "Northwest's WorldGateway hub at Detroit is
    one of the top airport facilities in the world and it offers
    an unmatched combination of broad network coverage of the
    entire eastern half of the United States and convenient
    direct routings."

  * During the second quarter, NWA began operating modified
    Boeing 757-200s as part of its transatlantic operation.
    These aircraft feature a new two-class 160-seat cabin and
    fuel-efficient winglets.

  * Northwest Airlines in the second quarter continued to
    champion online innovation by becoming the first airline to
    provide customers functionality to purchase tickets, check
    in for flights, and complete any transaction on its nwa.com
    website by using any web-enabled handheld device or wireless
    browser, such as Blackberrys, Treos and web-based cell
    phones.  In late June, Northwest became the first airline to
    offer PayPal as a method of payment on nwa.com.

                  About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents, including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce R.
Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq., at
Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld LLP as its
bankruptcy counsel in the Debtors' chapter 11 cases.  When the Debtors
filed for bankruptcy, they listed US$14.4 billion in total assets and
$17.9 billion in total debts.  On Jan. 12, 2007 the Debtors filed with the
Court their Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the adequacy of
the Debtors' Disclosure Statement on March 26, 2007.  On May 21, 2007, the
Court confirmed the Debtors' Plan.  The Plan took effect May 31, 2007.

                        *     *     *

As reported in the Troubled Company Reporter on June 12, 2007,
Standard & Poor's Ratings Services raised its ratings on certain
enhanced equipment trust certificates of Northwest Airlines Inc.
(B+/Stable/--) and removed the ratings from CreditWatch.

Certain other ratings were withdrawn or remain on CreditWatch, and ratings
of 'AAA' rated, insured EETCs, which were not on
CreditWatch, were affirmed.

As reported in the Troubled Company Reporter on June 4, 2007,  Standard &
Poor's Ratings Services raised its ratings on Northwest Airlines Corp. and
its Northwest Airlines Inc. subsidiary, including raising the long-term
corporate credit ratings on both entities to 'B+' from 'D', following
their emergence from Chapter 11 bankruptcy proceedings.  The rating
outlook is stable.

In addition, S&P assigned a 'BB-' bank loan rating, one notch
above the corporate credit rating, with a '1' recovery rating, to
Northwest Airlines Inc.'s US$1.225 billion bankruptcy exit
financing, based on S&P's expectation of a full recovery of
principal in the event of a second Northwest bankruptcy.   That
bank facility converted from a debtor-in-possession credit
facility; S&P withdrew the 'BBB-' rating on the DIP facility.


PETROLEOS DE VENEZUELA: Shutting Down Plant Unit & Facilities
-------------------------------------------------------------
A source at Venezuelan state-owned oil firm Petroleos de Venezuela SA’s
Cardon refinery told El Universal that the plant’s hydro-processing unit
and two related facilities will stop operating for three months for
maintenance.

Reuters relates that Petroleos de Venezuela began the maintenance works
late last week.

Maintenance and enlargement planned for the catalytic cracking unit had
been delayed.  It was suspended again until February 2008, El Universal
says, citing the source.

The source explained to El Universal, "They cannot make it this year, and
have plans to do it for February (2008)."

Major maintenance works in the facilities processing almost 77,000 barrels
per day would be made in August 2007 for a four-month term, El Universal
notes, citing former Petroleos de Venezuela refining head Alejandro
Granado.

Cardon’s output will be reduced by 45,000 barrels per day.  The plant
processes some 300,000 barrels per day, El Universal 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.


TIMKEN COMPANY: Earns US$55.6 Million in Second Quarter of 2007
---------------------------------------------------------------
The Timken Company reported net income of US$55.6 million for the second
quarter of 2007, compared with net income of US$64.9 million of the second
quarter of 2006.

The company reported sales of US$1.35 billion in the second quarter of
2007, an increase of 4% over the same period a year ago.  Strong sales in
industrial markets were partially offset by the strategic divestment of
the company's automotive steering and European steel operations.

"Timken gained further momentum in the second quarter, as demand remained
strong in our major industrial market sectors," James W. Griffith,
Timken's president and chief executive officer, said.  "We expect enhanced
performance going forward as we drive operations improvements, realize
pricing across selected market sectors, bring new capacity online and
complete our restructuring efforts."

During the quarter, the company:

   -- completed the first major U.S. implementation of Project
      O.N.E., a program designed to improve business processes
      and systems;

   -- made further progress on key additions to Industrial Group
      capacity in Asia and North America;

   -- advanced its restructuring initiatives within its
      Automotive and Industrial Groups; and

   -- completed the closure of its steel tube manufacturing
      operations in Desford, England.

Total debt at June 30, 2007, was US$598.5 million, or 26.5 percent of
capital.  Net debt at June 30, 2007, was US$525.2 million, or 24.1% of
capital, compared to US$567.7 million, or 26.7% of capital, at March 31,
2007.  The company expects to end 2007 with lower net debt and leverage
than last year, providing additional financial capacity to pursue
strategic investments.

For the first half of 2007, sales were US$2.63 billion, an increase of 3%
from the same period in the prior year.  Special items in the first half
of 2007 totaled US$43.5 million of pretax expense, compared to US$25.8
million in the same period a year ago.  During the first six months of
2007, the company benefited from strong industrial market demand and
record Steel Group performance, which were countered by lower demand from
the company's North American automotive customers.

                     About The Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech
Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea,
Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America,
Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000
employees.

                        *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate Family, Senior
Unsecured Debt and Probability-of-Default Ratings.  Moody’s said the
outlook is 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
in any form (including e-mail forwarding, electronic re-mailing and
photocopying) is strictly prohibited without prior written permission of
the publishers.

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

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


           * * * End of Transmission * * *