TCRLA_Public/070808.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, August 8, 2007, Vol. 8, Issue 156

                          Headlines

A R G E N T I N A

ALITALIA SPA: Italian Magistrate Probes Alitalia Insider Trading
BIODET SA: Trustee Filing General Report Tomorrow
CASASOLA MAYORISTA: Trustee Filing Individual Reports Today
CONGRESO SALUD: Files for Reorganization Petition
DAIMLERCHRYSLER AG: Closes Chrysler Sale to Cerberus

DAIMLERCHRYSLER: Chrysler's July Sales Outside N. America Up 24%
ELECTROMECANICA ADRIATICA: General Report Submission Is Tomorrow
ERBO SA: Trustee to File General Report in Court Today
GARBY SRL: Trustee Filing General Report in Court Today
GRUPO SEGURCITY: Trustee Filing Individual Reports Today

GUA CAM: Trustee to File General Report in Court Tomorrow
IMPERIAL CHEMICAL: Akzo Talks Continue Over Revised Takeover Bid
IMPERIAL CHEMICAL: Net Profit Rises 22% to GBP121MM in 2Q 2007
LOMAS DE SAN ANTONIO: Seeks for Reorganization Approval in Court
PANAMERICANA LOGISTIC: Creditors Voting on Settlement Plan Today

POLYMER GROUP: Files Registration Statement for Sale of Shares
PSB SA: Creditors to Vote on Settlement Plan Tomorrow
SEMILLAS FORRAJERAS: Trustee Filing Individual Reports Today
SEPIA BEAUTY: Trustee to File Individual Reports Tomorrow
TELEFONICA DE ARGENTINA: Will Meet with Foetra, Ministry Says

TIA NORMA: Trustee to File General Report in Court Tomorrow

* ARGENTINA: President to Sign Accords with Bolivia
* ARGENTINA: Venezuela Buying US$1 Billion of Argentine Bonds
* ARGENTINA: Building Liquefied Natural Gas Plant with Venezuela


B O L I V I A

* BOLIVIA: Venezuelan Leader To Inaugurate Thermoelectric Plant


B E R M U D A

FOSTER WHEELER: Will Supply Fluidized-Bed Boiler to Jyvaskylan
GRIMSBY INSURANCE: Sets Final General Meeting for Aug. 22


B R A Z I L

BRISTOW GROUP: Hires Hilary Ware as Global Human Resources VP
CA INC: Earns US$129 Million in First Quarter Ended June 30
FIAT SPA: Requests Delisting from New York Stock Exchange
FIAT SPA: Inks Deal to Acquire Car Parts Supplier Ergom Holding
JAPAN AIRLINES: 1st Qtr Loss Declines on Int'l Routes Revenue

HEXCEL CORP: Closes Sale of EBGI to JPS Industries for US$75 Mln
NOVELIS INC: Inks Supply Deal with Rexam for US$1 Billion
TELEMIG CELULAR: S&P Puts BB- Long-Term Corporate Credit Rating

* BRAZIL: Regulator Probing State Firm's Barracuda Accounts


C A Y M A N   I S L A N D S

AMB BLACKPINE: Proofs of Claim Filing Ends on Sept. 3
ASSET BACK: Proofs of Claim Must be Filed by Aug. 23
AVENDIS CDO: Proofs of Claim Must be Filed by Tomorrow
AVENDIS CDO: Sets Final Shareholders Meeting for Tomorrow
CATLEIA OIL: Proofs of Claim Filing Is Until Aug. 22

CONTEL PAGE: Proofs of Claim Filing Deadline Is Aug. 31
CREAFIN FUND: Proofs of Claim Must be Filed by Aug. 25
CYGNUS ASSET: Proofs of Claim Filing Is Until Aug. 28
EACM SELECT: Proofs of Claim Must be Filed by Aug. 28
FCT INVESTMENTS: Will Hold Final Shareholders Meeting on Aug. 9

FRONTIER IV: Proofs of Claim Filing Ends on Aug. 26
GSO CALMET: Proofs of Claim Must be Filed by Aug. 17
IVY MA: Proofs of Claim Filing Deadline Is Aug. 17
IVY MA HOLDINGS: Proofs of Claim Filing Ends on Aug. 17
IVY PARTNERS: Proofs of Claim Must be Filed by Aug. 23

JAPAN ADVISORY: Proofs of Claim Filing Deadline Is Aug. 31
LEVERAGED FUND: Proofs of Claim Filing Ends on Aug. 29
LEVERAGED FUND: Will Hold Final Shareholders Meeting on Sept. 5
MERCOSUR OPPORTUNITY: Proofs of Claim Must be Filed by Sept. 3
SYSTEIA ALTERNATIVE: Proofs of Claim Filing Is Until Aug. 31

WESTROCK LTD: Proofs of Claim Must be Filed by Sept. 3


C H I L E

BELL MICROPRODUCTS: Names William Meyer as Executive VP & CFO
BOSTON SCIENTIFIC: Retains Endosurgery Group, IPO Called


C O L O M B I A

BANCOLOMBIA: Superintendency of Commerce Imposes COP207MM Fine

* COLOMBIA: State Firm to Merge Subsidiaries
* COLOMBIA: Inking Free Trade Pact with Other LatAm Nations


E C U A D O R

GRAHAM PACKAGING: June 30 Balance Sheet Upside-Down by US$612.6M

* ECUADOR: To Ink Oil Refinery Pact with Venezuela


E L   S A L V A D O R

HERBALIFE LTD: Earns US$48.1 Million in Quarter Ended June 30

* EL SALVADOR: Entering Into Free Trade Pact with Three Nations


G U A T E M A L A

BRITISH AIRWAYS: Earns GBP269 Mln in Three Months Ended June 30
BRITISH AIRWAYS: Named Worst Performing Major Airline by AEA

* GUATEMALA: Inking Free Trade Pact with Other LatAm Nations


H O N D U R A S

* HONDURAS: Inking Free Trade Pact with Other LatAm Nations


J A M A I C A

NATIONAL WATER: Installing Water Meters in Kingston & St. Andrew


M E X I C O

BALDOR ELECTRIC: Declares US$0.17 Per Share Quarterly Dividend
BALLY TOTAL: Gets Interim OK to Hire Latham & Watkins as Counsel
BALLY TOTAL: Gets Interim OK to Hire Deloitte as Fin'l Advisor
BLOCKBUSTER INC: Weak Qtr. Results Cue Moody's to Lower Ratings
BLOCKBUSTER INC: S&P Pares Corporate Credit Rating to B-

DOMINO'S PIZZA: June 17 Balance Sheet Upside-Down by US$1.4 Bil.
FREESCALE SEMICONDUCTOR: Taps Collier to Sell East Kilbride Site
GRUPO MEXICO: Assures of Meeting Demands Despite Work Stoppage
INTERTAPE POLYMER: Planned Issue Cues S&P to Watch Ratings
JABIL CIRCUIT: To Set Up Two New Divisions, Appoints Officers

KANSAS CITY SOUTHERN: Won't Develop Multimodal Terminal
KRONOS INC: Hires Chris Todd to Manage Customer Engagements
LEAR CORP: Earns US$123.6 Mln in 2nd Quarter Ended June 30, 2007
PERNOD RICARD: Reports Strong Growth for Fiscal 2006/2007

* MEXICO: S&P Raises Banking Industry Country Risk Assessment


P E R U

HANOVER COMPRESSOR: Prices Tender Offers & Consent Solicitations


P U E R T O   R I C O

B&G FOODS: Earns US$3.7 Million in Second Quarter Ended June 30
PRG SCHULTZ: June 30 Balance Sheet Upside-Down by US$71.3 Mil.


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Sets Stockholders Special Meeting for Sept. 18


V E N E Z U E L A

CMS ENERGY: Fitch Places Ratings on Watch Positive
DAIMLERCHRYSLER: W. Bernhard to Head New Chrysler, Report Says
DAIMLERCHRYSLER AG: Chrysler' July 2007 U.S. Sales Drop 1%
DAIMLERCHRYSLER: Reports 9% Decrease in U.S. Sales for July 2007
PEABODY ENERGY: Appoints Gregg Wickstra as CFO-Australian Unit

PETROLEOS DE VENEZUELA: Building Gas Plant in Argentina

* VENEZUELA: To Ink Oil Refinery Pact with Ecuador
* VENEZUELA: Buying US$1 Billion of Argentine Bonds


                            - - - - -

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


ALITALIA SPA: Italian Magistrate Probes Alitalia Insider Trading
----------------------------------------------------------------
A magistrate in Rome has commenced a probe into possible insider
trading in Alitalia S.p.A.'s shares, Giselda Vagnoni of Reuters
reports, citing judicial sources.

Alitalia's share price, Reuters reports, have swung sharply
before after a failed bid to sell the Italian government's 39.9%
stake in the carrier.  Lawmakers called for an immediate
investigation on the swings and trading suspension after the
shares lost more than 7% on Aug. 1, erasing sharp gains a week
earlier.

The Rome magistrate has asked for a report on Alitalia's stock
movements from Italian stock market regulator CONSOB.

Meanwhile, Alitalia's new chairman, Maurizio Prato, told the
company's trade unions that the government will try to sell its
stake without imposing conditions outlined in the failed
auction.  He also suggested that any potential buyer may not
have to launch a full bid for the airline, according to Claudio
Genovesi, the secretary-general of the FIT-CISL union, Reuters
notes.

                       About Alitalia

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

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


BIODET SA: Trustee Filing General Report Tomorrow
-------------------------------------------------
Juan Manuel Vila Perbeils, the court-appointed trustee for
Biodet S.A.'s bankruptcy proceeding, will file a general report
containing an audit of the company's accounting and banking
records will be submitted in the National Commercial
Court of First Instance in Buenos Aires on Aug. 9, 2007.

Mr. Perbeils verified creditors' proofs of claim until
April 27, 2007.  He presented the validated claims in court as
individual reports on June 12, 2007.

Mr. Perbeils is also in charge of administering Biodet'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 Manuel Vila Perbeils
         Vidal 1670
         Buenos Aires, Argentina


CASASOLA MAYORISTA: Trustee Filing Individual Reports Today
-----------------------------------------------------------
Hector Eduardo Iriarte, the court-appointed trustee for Casasola
Mayorista S.A.'s bankruptcy proceeding, will present the
validated claims in the National Commercial Court of First
Instance in Cordoba as individual reports on Aug. 8, 2007.

Mr. Iriarte verified creditors' proofs of claim until
June 4, 2007.

A general report that contains an audit of Casasola Mayorista's
accounting and banking records will be submitted in court.

Infobae did not state the general report submission date.

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

The debtor can be reached at:

          Casasola Mayorista S.A.
          La Rioja 1142, Ciudad de Cordoba
          Cordoba, Argentina

The trustee can be reached at:

          Hector Eduardo Iriarte
          Juan A. Lavalleja 1950, Ciudad de Cordoba
          Cordoba, Argentina


CONGRESO SALUD: Files for Reorganization Petition
-------------------------------------------------
Congreso Salud S.A. has requested for reorganization approval
after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.

The debtor can be reached at:

          Congreso Salud S.A.
          Moreno 1355
          Buenos Aires, Argentina


DAIMLERCHRYSLER AG: Closes Chrysler Sale to Cerberus
----------------------------------------------------
DaimlerChrysler has completed the closing for the transfer of a
majority interest in Chrysler Group and for the related
financial services business in NAFTA to a subsidiary of Cerberus
Capital Management, L.P., a private-equity company based in New
York.  A subsidiary of Cerberus takes over 80.1% in the Chrysler
Holding LLC, while DaimlerChrysler retains a 19.9% interest, as
announced in May 2007.

The effects on the financial statements of DaimlerChrysler will
be explained on Aug. 29, 2007.

Basically, the conditions of the transaction and the economic
effects have not changed since the agreement was signed on
May 14, 2007.  Furthermore, DaimlerChrysler and Cerberus have
agreed to support the financing of the majority takeover of
Chrysler by Cerberus in light of highly volatile US loan
markets.  Both companies will subscribe US$2 billion of second
lien debt for Chrysler's automotive business, to be drawn within
12 months.  DaimlerChrysler's portion will be US$1.5 billion.
The debt will be priced at market conditions.  One year after
the closing, DaimlerChrysler has the right to sell this loan in
the credit market.  The maturity of this loan is seven years.

DaimlerChrysler's financing support is a strong sign of its
overall determination to make sure that, under the majority of
Cerberus, Chrysler has a good start as a successful stand-alone
car company.

As of today, the Board of Management of DaimlerChrysler AG is
reduced to six members.  Tom LaSorda, Eric Ridenour and Tom
Sidlik are no longer members.  Within the Board of Management,
Bodo Uebber additionally assumes responsibility for procurement.

Due to the new corporate structure, DaimlerChrysler AG is to be
renamed as Daimler AG.  The shareholders are to decide on this
change at an Extraordinary Shareholders' Meeting in Berlin on
Oct. 4, 2007.

Dr. Dieter Zetsche, Chairman of the Board of Management of
DaimlerChrysler AG and Head of the Mercedes Car Group: "Today
marks a new chapter in the history of our company.  Based on the
clearly defined strategies in our Mercedes Car Group, Truck
Group, Financial Services business divisions and for vans and
buses, and our company's healthy balance sheet, we have every
reason to move confidently into the future."

                    About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Chrysler's July Sales Outside N. America Up 24%
----------------------------------------------------------------
In July 2007, Chrysler Group sales outside North America grew by
24 percent (20,944 units), the best July in 10 years.  Much of
the additional sales volume was fueled by increases in fast-
growing regions such as Latin America, where sales were up 48
percent.  The significant July sales contributed to the
Company's year-to-date sales growth, currently 18 percent
(135,257 units), and marked an unprecedented 26 consecutive
months of year-over-year sales increases.

"With 26 consecutive months of sales growth, it is clear that
our international strategy is a success," Michael Manley,
executive vice president of international sales, marketing and
business development, said.  "We now we have three global
brands, a product portfolio that stands out from the crowd, and
a business model that provides our dealers with one of the
highest return on sales in the industry.  We have also improved
our product quality and the overall customer satisfaction rate
to ensure that our global buyers continue to come back for
more."

For the month, all three of Chrysler Group's brands saw
increased demand compared with last year.  Chrysler brand sales
were up eight percent (7,480 units), led by Chrysler 300C sales.
Jeep brand sales jumped 27 percent (8,461 units), supported by
new vehicle availability such as Jeep Wrangler/Wrangler
Unlimited and Compass.  Dodge brand sales continued to grow as
the Dodge Avenger and Nitro made their way into dealerships,
contributing to a 54 percent increase (5,003 units).  Dodge
Caliber continued to lead the Chrysler Group lineup as the top-
selling vehicle year-to-date in 2007, with 18,616 units sold.

"Venezuela is a successful example of our localization strategy
in South America," said Thomas Hausch, vice president of
international sales.  "With more than 2000 units sold, Venezuela
was amongst the highest volume markets in the month of July,
mainly due to the popularity of the locally produced Dodge
Caliber, Jeep Cherokee and Jeep Grand Cherokee."

                     About DaimlerChrysler

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

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

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

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

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


ELECTROMECANICA ADRIATICA: General Report Submission Is Tomorrow
----------------------------------------------------------------
Nelida Grunblatt de Nobile, the court-appointed trustee for
Electromecanica Adriatica Sudamericana's bankruptcy proceeding,
will file in the National Commercial Court of First Instance in
Buenos Aires a general report containing an audit of the
company's accounting and banking records on Aug. 9, 2007.

Ms. Grunblatt de Nobile verified creditors' proofs of claim
until May 3, 2007.  She presented the validated claims in court
as individual reports June 27, 2007.

Ms. Grunblatt de Nobile is also in charge of administering
Electromecanica Adriatica's assets under court supervision and
will take part in their disposal to the extent established by
law.

The trustee can be reached at:

          Nelida Grunblatt de Nobile
          Felipe Vallese 1195
          Buenos Aires, Argentina


ERBO SA: Trustee to File General Report in Court Today
------------------------------------------------------
Francisco Vazquez, the court-appointed trustee for the court-
appointed trustee for Erbo SA's bankruptcy proceeding, will
submit a general report containing an audit of the company's
accounting and banking records in the National Commercial
Court of First Instance No. 21 in Buenos Aires on Aug. 8, 2007.

Mr. Vazquez verified creditors' proofs of claim until
April 26, 2007.  He presented the validated claims in court as
individual reports on June 11, 2007.

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

Clerk No. 41 assists the court on this case.

The debtor can be reached at:

          Erbo SA
          Tucuman 1538
          Pueyrredon 1221, Martinez
          Buenos Aires, Argentina

The trustee can be reached at:

          Francisco Vazquez
          Callao 215
          Buenos Aires, Argentina


GARBY SRL: Trustee Filing General Report in Court Today
-------------------------------------------------------
Norma Elida Fistzen, the court-appointed trustee for Garby
S.R.L.'s bankruptcy proceeding, will file a general report that
contains an audit of the company's accounting and banking
records will be submitted in the National Commercial
Court of First Instance in Buenos Aires on Aug. 8, 2007.

Ms. Fistzen verified creditors' proofs of claim until
April 27, 2007.  She presented the validated claims in court as
individual reports on June 12, 2007.

Ms. Fistzen is also in charge of administering Garby S.R.L.'s
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

         Norma Elida Fistzen
         Viamonte 1446
         Buenos Aires, Argentina


GRUPO SEGURCITY: Trustee Filing Individual Reports Today
--------------------------------------------------------
Isabel A. Ramirez, the court-appointed trustee for Grupo
Segurcity S.A.'s bankruptcy proceeding, will present the
validated claims in the National Commercial Court of First
Instance in Buenos Aires as individual reports on Aug. 8, 2007.

Ms. Ramirez verified creditors' proofs of claim until
June 11, 2007.

A general report that contains an audit of Grupo Segurcity's
accounting and banking records will be submitted in court on
Sept. 20, 2007.

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

The debtor can be reached at:

          Grupo Segurcity S.A.
          Acoyte 1360
          Buenos Aires, Argentina

The trustee can be reached at:

          Isabel A. Ramirez
          Tte. Gral. Juan D. Peron 2082
          Buenos Aires, Argentina


GUA CAM: Trustee to File General Report in Court Tomorrow
---------------------------------------------------------
Eduardo Daniel Gruden, the court-appointed trustee for Gua Cam
S.R.L.'s bankruptcy proceeding, will present a general report
containing an audit of the company's accounting and banking
records will be submitted in the National Commercial
Court of First Instance in Buenos Aires on Aug. 9, 2007.

Mr. Gruden verified creditors' proofs of claim until
April 27, 2007.  He presented the validated claims in court as
individual reports on June 12, 2007.

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

The trustee can be reached at:

         Eduardo Daniel Gruden
         Pte. Roque Saenz Pena 1219
         Buenos Aires, Argentina


IMPERIAL CHEMICAL: Akzo Talks Continue Over Revised Takeover Bid
----------------------------------------------------------------
Imperial Chemical Industries plc is currently conducting "very
cordial" talks with Akzo Nobel, after the Dutch company raised
its offer for ICI, the Telegraph reports.

The TCR-Europe reported on Aug. 2, 2007, that Akzo Nobel NV had
submitted a further indicative proposal, under which it
would acquire ICI for 650 pence per share in cash
(GBP7.8 billion).  The Company's Board considered this revised
proposal and unanimously rejected it on the grounds that it
failed to recognize the full strategic value of ICI.

"You can have discussions about value without opening the
books," the Telegraph quotes ICI CFO Alan Brown as saying.  ICI
has not granted Akzo access to due diligence information.

ICI's pension deficit has been cut to GBP721 million, little
more than half the GBP1.3 billion at the end of last year, the
Telegraph reveals.

                          About ICI

Headquartered in London, England, Imperial Chemical Industries
Plc -- http://www.ici.com/-- is a major paints, adhesives and
specialty products business with products and ingredients
developed for a wide range of markets.

The company has a number of Regional and Industrial businesses
in Argentina, India and Pakistan.  It has around 26,000
employees and had sales in 2006 of GBP4.8 billion.

At Dec. 31, 2006, the company's balance showed GBP4.29 billion
in total assets, GBP4.48 billion in total liabilities and
GBP189 million in stockholders' deficit.


IMPERIAL CHEMICAL: Net Profit Rises 22% to GBP121MM in 2Q 2007
--------------------------------------------------------------
Imperial Chemical Industries plc reported a 22% growth in Group
adjusted net profit to GBP121 million for the second quarter
ended June 30, 2007, compared with GBP99 million for the same
period in 2006.  Adjusted profit before tax also increased by
12%.

ICI's sales for continuing operations experienced a 4%
comparable growth while Group trading profit for continuing
operations had a 12% comparable growth in the second quarter.
Group adjusted profit before tax increased 13% to GBP154
million.

ICI's adjusted profit before tax for the first half of 2007 grew
12% to GBP255 million compared with GBP228 million in 2006.  Net
profit after special items attributable to ICI equity holders
rose to GBP1,055 million from GBP80 million in 2006, including
the GBP908 million profit from the sale of Quest.

"The second quarter has continued our strong start to 2007,
despite additional raw material cost increases for our adhesives
business," said ICI CEO John McAdam.  "Trading conditions
remained buoyant in Asia, Latin America and Continental Europe.
As expected, North America was mixed with weak construction
markets, although we continued to reduce costs and improve
returns in the Decorative Paint business.  The efficiency
benefits of our transformation programme contributed to an
improvement in trading margins."

"The outlook for the year as a whole remains positive; although
visibility beyond the next quarter is limited, our expectations
for the balance of the year remain unchanged," Mr. McAdam added.

                         About ICI

Headquartered in London, England, Imperial Chemical Industries
Plc -- http://www.ici.com/-- is a major paints, adhesives and
specialty products business with products and ingredients
developed for a wide range of markets.

The company has a number of Regional and Industrial businesses
in Argentina, India and Pakistan.  It has around 26,000
employees and had sales in 2006 of GBP4.8 billion.

At Dec. 31, 2006, the company's balance showed GBP4.29 billion
in total assets, GBP4.48 billion in total liabilities and GBP189
million in stockholders' deficit.


LOMAS DE SAN ANTONIO: Seeks for Reorganization Approval in Court
----------------------------------------------------------------
Lomas de San Antonio S.A. has requested for reorganization
approval after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.

The debtor can be reached at:

          Lomas de San Antonio S.A.
          Olga Cossetini 1071
          Buenos Aires, Argentina


PANAMERICANA LOGISTIC: Creditors Voting on Settlement Plan Today
----------------------------------------------------------------
Panamericana Logistic S.A.'s creditors will vote on a settlement
plan that the company will lay on the table on Aug. 8, 2007.

Ernesto Garcia, the court-appointed trustee for Panamerican
Logistic's reorganization proceeding, verified creditors' proofs
of claim until Oct. 12, 2006.

The National Commercial Court of First Instance No. 5 in Buenos
Aires handles this case, with the assistance of Clerk No. 9.

The debtor can be reached at:

          Panamericana Logistic S.A.
          Montevideo 451
          Buenos Aires, Argentina

The trustee can be reached at:

          Ernesto Garcia
          Sarmiento 1587
          Buenos Aires, Argentina


POLYMER GROUP: Files Registration Statement for Sale of Shares
--------------------------------------------------------------
Polymer Group Inc. has filed a registration statement on Form
S-3 with the U.S. Securities and Exchange Commission.

The shelf registration statement covers Class A Common Stock
having an aggregate sales amount of up to US$350 million held by
MatlinPatterson Global Opportunities Partners L.P. and certain
of its affiliates.  The shelf registration statement will permit
such selling stockholders to sell, from time to time, shares of
PGI's Class A Common Stock but they are under no obligation to
do so.  The selling stockholders will determine the number of
shares to be included in any offering and have informed the
company that they intend to make sales as early as the third
quarter of 2007 based on market conditions.  PGI will not
receive any proceeds from the sale of such shares.

A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not
yet become effective.  The securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement becomes effective.

Polymer Group, Inc., -- http://www.polymergroupinc.com/--
(OTC Bulletin Board: POLGA/POLGB) develops, manufactures and
markets engineered materials.  The company operates 22
manufacturing facilities in 10 countries throughout the world.
The company has manufacturing offices in Argentina, China and
France, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Standard & Poor's Ratings Services revised its outlook on
Polymer Group Inc. to negative from stable.  All ratings,
including the 'BB-' corporate credit rating, were affirmed.

The outlook revision followed several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.  Also contributing to the disappointing results were
several one-time items such as costs related to technical
problems associated with new equipment, an acquisition that was
not consummated, the closing of manufacturing capacity, and
moving the company's headquarters.


PSB SA: Creditors to Vote on Settlement Plan Tomorrow
-----------------------------------------------------
PSB S.A.'s will vote on a settlement plan that the company will
lay on the table on Aug. 9, 2007.

Marcela Vainberg, the court-appointed trustee for PSB's
reorganization proceeding, verified creditors' proofs of claim
until Oct. 16, 2006.  Ms. Vainberg presented the validated
claims in court as individual reports.  She also submitted a
general report that contains an audit of PSB's accounting and
banking records.

Clerk No. 27 assists the court in the case.

The debtor can be reached at:

              PSB S.A.
              Arce 949
              Buenos Aires, Argentina

The trustee can be reached at:

              Marcela Vainberg
              Lavalle 2024
              Buenos Aires, Argentina


SEMILLAS FORRAJERAS: Trustee Filing Individual Reports Today
------------------------------------------------------------
Pablo Daniel Exposito, the court-appointed trustee for Semillas
Forrajeras S.R.L.'s bankruptcy proceeding, will file the
validated claims in the National Commercial Court of First
Instance in Buenos Aires as individual reports on Aug. 8, 2007.

Mr. Exposito verified creditors' proofs of claim until
June 11, 2007.

A general report that contains an audit of Semillas Forrajeras'
accounting and banking records will be submitted in court on
Sept. 20, 2007.

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

The trustee can be reached at:

          Pablo Daniel Exposito
          Avenida Cordoba 859
          Buenos Aires, Argentina


SEPIA BEAUTY: Trustee to File Individual Reports Tomorrow
---------------------------------------------------------
Hector Julio Grisolia, the court-appointed trustee for Sepia
Beauty S.A.'s bankruptcy proceeding, will present the validated
proofs of claim in court as individual reports on Aug. 9, 2007.

Mr. Grisolia verified creditors' proofs of claim until
May 12, 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 Sepia Beauty
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 Sepia Beauty's
accounting and banking records will be submitted in court on
Sept. 21, 2007.

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

The debtor can be reached at:

          Sepia Beauty S.A.
          Coronel Diaz 1466
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Julio Grisolia
          Jeronimo Salguero 2533
          Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Will Meet with Foetra, Ministry Says
-------------------------------------------------------------
The Argentine labor ministry has called on Telefonica de
Argentina and telecommunications union Foetra to sit down and
try to find a final solution to the labor conflict that has now
entered its 124th day, Foetra said in a statement.

Business News Americas relates that Telefonica de Argentina
workers belonging to Foetra continued their protest after
rejecting the company's 11% salary raise and offer of more
flexible work contracts.

As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2007, protesting workers of Telefonica de Argentina took
over a Aerolineas Argentina's call center.  Aerolineas
Argentinas said that a group of affiliates of Foetra closed down
its Buenos Aires call center.  Strikers also marched on the
offices of Spanish energy firm Repsol YPF and Brazilian oil firm
Petroleo Brasileiro, which are Telefonica de Argentina clients.
There, they continued to make their protest in front of TV
channel Telefe, a division of the Telefonica group.  The
building housing Aerolineas Argentinas call center is a
Telefonica de Argentina property where the telecommunications
company offers services of data transmission, logistics, and
technical reviews.

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.


TIA NORMA: Trustee to File General Report in Court Tomorrow
-----------------------------------------------------------
Jose Angel Tsanis, the court-appointed trustee for Tia Norma
S.R.L.'s bankruptcy proceeding, will submit a general report
containing an audit of the company's accounting and banking
records will be submitted in the National Commercial
Court of First Instance No. 25 in Buenos Aires on Aug. 9, 2007.

Mr. Tsanis verified creditors' proofs of claim until
April 27, 2007.  He presented the validated claims in court as
individual reports on June 12, 2007.

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

The debtor can be reached at:

          Tia Norma SRL
          Arevalo 2706
          Buenos Aires, Argentina

The trustee can be reached at:

          Jose Angel Tsanis
          Tte. Gral. J. D. Peron 1410
          Buenos Aires, Argentina


* ARGENTINA: President to Sign Accords with Bolivia
---------------------------------------------------
Argentine President Nestor Kirchner and his Venezuelan
counterpart, Hugo Chavez, will be in Bolivia this week to sign
agreements with Evo Morales to spur industrialization of the
Andean nation's energy sector, Prensa Latina says.

The same report says the Venezuelan leader will inaugurate an
US$80 million thermoelectric plant in Entre Rios that is
expected to generate 100 megawatts of power.  Pres. Chavez will
also sign an accord for the establishment of a joint venture
between state-oil firms Yacimientos Petroliferos Fiscales
Bolivianos and Petroleos de Venezuela S.A.

The joint venture, to be called Petroandean S.A. Mixed
Enterprise, will engage in exploration works in La Paz,
according to Prensa Latina.

Meanwhile, Pres. Kirchner's visit to Bolivia will involve the
signing of an accord to create a joint venture between Energia
Argentina Sociedad Anonima, or ENARSA, and YPFB.  Other
strategic alliances will be discussed, but Prensa Latina
provided no information on what these alliances will cover.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005


* ARGENTINA: Venezuela Buying US$1 Billion of Argentine Bonds
-------------------------------------------------------------
The Venezuelan government would purchase US$1 billion in
Argentine bonds, Business News Americas reports, citing
Venezuela's President Hugo Chavez.

Venezuela is the largest holder of Argentine bonds.  The
purchase of new bonds will bring Venezuela's total bond holdings
in Argentina to US$4.2 billion.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005


* ARGENTINA: Building Liquefied Natural Gas Plant with Venezuela
----------------------------------------------------------------
State-run oil company Enarsa and Venezuelan counterpart
Petroleos de Venezuela SA will construct a liquefied natural gas
regasification plant in Argentina, local press says, citing
Venezuela's President Hugo Chavez

Published reports say that the Venezuelan government will invest
about US$400 million in a liquefied natural gas regasification
plant in Argentina.

Argentina is dependent on natural gas.  Low state-regulated
prices have held back private investment in the industry.  Cold
temperatures resulted to severe shortages of gas in the country.
The government then imposed limits on industrial use lessened
exports to Chile, Business News Americas states.

                About Petroleos de Venezuela

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

                        About Enarsa

Energia Argentina Sociedad Anonima, aka Enarsa, is a company
managed by the national state of Argentina for the integral
exploitation of petroleum and natural gas, and the production,
industrialization, transport and trade of these and of
electricity.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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


* BOLIVIA: Venezuelan Leader To Inaugurate Thermoelectric Plant
---------------------------------------------------------------
Venezuelan President Hugo Chavez and his Argentine counterpart,
Nestor Kirchner, will be in Bolivia this week to sign agreements
with Evo Morales to spur industrialization of the Andean
nation's energy sector, Prensa Latina says.

The same report says the Venezuelan leader will inaugurate an
US$80 million thermoelectric plant in Entre Rios that is
expected to generate 100 megawatts of power.  Pres. Chavez will
also sign an accord for the establishment of a joint venture
between state-oil firms Yacimientos Petroliferos Fiscales
Bolivianos and Petroleos de Venezuela S.A.

The joint venture, to be called Petroandean S.A. Mixed
Enterprise will engage in exploration works in La Paz, according
to Prensa Latina.

Meanwhile, Pres. Kirchner's visit to Bolivia will involve the
signing of an accord to create a joint venture between ENARSA
and YPFB.  Other strategic alliances will be discussed, but
Prensa Latina provided no information on what these alliances
will cover.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

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




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


FOSTER WHEELER: Will Supply Fluidized-Bed Boiler to Jyvaskylan
--------------------------------------------------------------
Foster Wheeler Ltd. disclosed that a subsidiary of its Global
Power Group has been awarded a contract for a 200-MWe (gross
megawatt electric) circulating fluidized-bed steam generator by
Jyvaskylan Energia Oy.  The boiler would be built as a part of a
greenfield power plant project in the city of Jyvaskyla in
central Finland.

Foster Wheeler has received a full notice to proceed on this
contract, which will be included in Foster Wheeler's third-
quarter 2007 bookings.  The terms of the contract were not
disclosed.

Foster Wheeler will design and supply the CFB boiler and
auxiliary equipment and will also carry out the erection and
commissioning of the boiler island.  The planned power plant
will be a combined heat and power plant fueled by milled peat
and biomass (mostly logging chips).  It will be located at
Keljonlahti by Lake Paijanne about five kilometers south of
Jyv„skyl„ city center.  The plant will produce up to 200 MW of
electricity and up to 240 MW of district heat to the city of
Jyvaskyla.  Commercial operation is scheduled for the spring of
2010.

"This is a very important project for us," said James E. Stone,
president and chief executive officer of Foster Wheeler Power
Group Europe.  "We are very pleased with this award which
confirms Jyvaskyla Energia's confidence in our CFB technology
and our project execution capabilities."

"We selected Foster Wheeler for this important project for its
outstanding technology," said Juha Lappalainen, chief executive
officer of Jyvaskylan Energia Oy.  "We were also able to improve
our economics with features provided by the selected CFB
technology and innovative tail end heat recovery.  I am sure we
all will have a successful project."

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.


GRIMSBY INSURANCE: Sets Final General Meeting for Aug. 22
------------------------------------------------- -------
Grimsby Insurance Co. Ltd.'s final general meeting is scheduled
on Aug. 22, 2007, at 9:30 a.m., at:

        Clarendon House, Church Street
        Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.




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


BRISTOW GROUP: Hires Hilary Ware as Global Human Resources VP
-------------------------------------------------------------
Bristow Group Inc. has appointed Hilary Ware as Vice President,
Global Human Resources.  Ms. Ware will report directly to
William E. Chiles, President and Chief Executive Officer of
Bristow.

Mr. Chiles, President and Chief Executive Officer, said, "I am
excited to announce the appointment of Hilary to our senior
management team.  Hilary brings extensive experience and
knowledge in global human resources at the executive level.
During the course of her life and career, Hilary has lived and
worked in Europe, Russia, Australia, Africa and the Middle East,
and we believe her international experience and perspective will
be very beneficial to Bristow as we seek to grow our operations
worldwide."

Prior to joining Bristow, Ms. Ware served as Vice President,
Human Resources for BHP Billiton Petroleum, the multinational
oil & gas exploration and production division of BHP Billiton
from 2006 to 2007.  Prior to joining BHP Billiton, Ms. Ware was
Vice President Human Resources, Worldwide for Hanover Compressor
Company, an international gas compression company, from 2002 to
2006.  Prior to 2002, Ms. Ware served for 20 years in a variety
of roles as a human resources professional with BP and its
predecessor companies followed by a brief tenure as a principle
at De Novo Partners, a Houston based human resources consulting
firm.  Ms. Ware earned a Bachelor's Degree in Industrial
Psychology from the University of California at Berkley in 1977.

Headquartered in Houston, Texas, Bristow Group, Inc. --
http://www.bristowgroup.com-- (NYSE:BRS), fka Offshore
Logistics, Inc., provides helicopter transportation services to
the worldwide offshore oil and gas industry with operations in
the United States Gulf of Mexico and the North Sea. The Company
also has operations, both directly and indirectly, in offshore
oil and gas producing regions of the world, including Australia,
Brazil, China, India, Mexico, Nigeria, Russia and Trinidad.  The
Company also provides production management services for oil and
gas production facilities in the United States Gulf of Mexico.

                         *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB' rating to
helicopter service company Bristow Group Inc.'s US$250 million
senior notes due 2017.  At the same time, Standard & Poor's
affirmed the 'BB' corporate credit rating and all other ratings
on the company.  S&P said the outlook is negative.


CA INC: Earns US$129 Million in First Quarter Ended June 30
-----------------------------------------------------------
CA Inc. recorded net income of US$129 million for the first
quarter ended June 30, 2007, compared to US$35 million in the
prior year period.

Total revenue for the first quarter was US$1 billion, an
increase of 8%,compared to the US$949 million reported in the
comparable prior year period.  Aside from the gains attributed
to currency, the increase in revenue primarily came from growth
in subscription revenue and professional services.  The increase
was partially offset by decreases in software fees and other
revenue, and revenue from maintenance and financing fees as CA
continues to transition from its prior business model.

                 Liquidity and Capital Resources

The company's cash balances, including cash equivalents and
marketable securities, are held in numerous locations throughout
the world, with about 70% residing outside the United States at
June 30, 2007.  Cash and cash equivalents totaled US$1.73
billion at June 30, 2007, representing a decline of US$546
million from the March 31, 2007 balance of US$2.28 billion.  The
primary reason for the decline was the US$500 million
Accelerated Share Repurchase program executed in June 2007.

For the first quarter of fiscal year 2008, CA reported negative
cash flow from operations of US$13 million, compared to negative
US$46 million in cash flow from operations in the first quarter
of fiscal year 2007.

As of June 30, 2007, the company had total assets of
US$10.1 billion, total liabilities of US$6.7 billion, and total
stockholders' equity of US$3.3 billion.

A full-text copy of the company's quarter report is available
for free at http://ResearchArchives.com/t/s?221c

               Accelerated Share Repurchase Program

The company has repurchased about 16.9 million common shares, or
3% of its outstanding common shares, at a cost of about
US$435 million.

The repurchase was executed under an accelerated share
repurchase agreement with a third-party financial institution
and was funded with existing cash.  The company is authorized to
repurchase up to US$500 million in common shares under the ASR
agreement.  The ASR is part of the company's previously
announced US$2 billion share repurchase plan.

The ASR provides CA with immediate delivery of the common
shares.  The third-party financial institution is expected to
purchase an equivalent number of common shares in the open
market during the term of agreement.  The initial price of the
accelerated share repurchase is subject to an adjustment based
on the volume weighted average price of CA's common shares
during this period.  As a result, the company may receive
additional common shares at the termination of the program.  The
program is expected to terminate on or before Dec. 6, 2007.  The
company does not plan to make additional share repurchases
during this period.

                   Outlook for Fiscal Year 2008

The company updated its fiscal 2008 annual outlook:

   -- total revenue in the range of US$4 billion to US$4.1
      billion or 3% to 4% growth in constant currency, as
      previously stated;

   -- an increase in the high end of the range for earnings per
      share from continuing operations from US$0.75 to US$0.79
      to US$0.75 to US$0.81 per share; and


   -- full-year cash flow from operations in the range of
      US$1 billion to US$1.1 billion, as previously stated.

The company anticipates about 514 million actual shares
outstanding at fiscal year-end and a weighted average diluted
share count of about 543 million shares for the fiscal year.

                          About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.


FIAT SPA: Requests Delisting from New York Stock Exchange
---------------------------------------------------------
Fiat S.p.A. has filed a request to delist its American
Depositary Shares from the New York Stock Exchange effective
Aug. 13, 2007, various reports say.

The company also filed for deregistration from the U.S.
Securities and Exchange Commission, which becomes effective 90
days after the filing, Thomson Financial reports.

Fiat submitted both requests to the SEC on Aug. 3, 2007, after
its U.S. shares suffered from low trading, Reuters relates.
Fiat CEO Sergio Marchionne said it is costly for the company to
remain listed on the SEC.  The company maintains, however, that
the delisting and deregistration would not affect its business
strategy.

The company's shares continue to trade in Milan, Italy.

                         About Fiat SpA

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

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

                        *     *     *

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

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

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


FIAT SPA: Inks Deal to Acquire Car Parts Supplier Ergom Holding
---------------------------------------------------------------
Fiat S.p.A. is acquiring the entire share capital of Ergom
Holding S.p.A. for a "symbolic" price, Thomson Financial
reports.

The acquisition is subject to due diligence clearance from
antitrust.  Fiat expects to complete the takeover in September,
Thomson Financial reports.

Ergom, which supplies car shelves and fuel tanks to Fiat,
employs 4,000 people at 11 sites in Italy, France, Brazil,
Poland, and Turkey, Thomson Financial relates citing an industry
source.  The supplier has sales of EUR540 million, 80% of which
were to Fiat.

Thomson Financial's source revealed that Ergom is in a
"financial crisis" and owes money to Fiat.  The source added
that full details on Ergom's finances will be released by the
end of September after Fiat completes the due diligence process.

According to the source, Thomson Financial reports, Fiat
considers its acquisition of Ergom as strategic, since it would
guarantee the supply of components.

                         About Fiat SpA

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

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

                          *     *     *

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

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

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


JAPAN AIRLINES: 1st Qtr Loss Declines on Int'l Routes Revenue
-------------------------------------------------------------
Japan Airlines Corp.'s first-quarter loss narrowed by two-
thirds, thanks to increases in revenue on international routes
and efforts to cut labor costs, Reuters reports.

JAL said its operating loss for the quarter ended June 30, 2007,
came in at JPY8.5 billion (US$73 million), down from the
JPY31.9-billion loss recorded a year earlier.

Moreover, Reuters notes that air transport revenue rose 3%,
lifted by brisk business passenger demand on routes to China and
Southeast Asia, fuel surcharges and the axing of unprofitable
routes.

Reuters' Edwina Gibbs writes that the result puts JAL slightly
ahead in its plan to post a net profit for the first time in
three years, although not enough to bump up its full-year
outlook.

The airline has forecast an operating profit of JPY35 billion
and a net profit of JPY7 billion for the year to end-March, the
report says.

JAL, Reuters recalls, presented a restructuring plan in February
that focused on using smaller planes to improve fuel efficiency,
reducing jobs, overhauling its pension system and selling non-
core assets.

Reuters, however, says that a media report has suggested that
the plan is now on hold in the face of reluctance from its banks
and because the airline thought it might obtain better terms if
it waited until progress on restructuring was clearer.


Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.
Moody's said the rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


HEXCEL CORP: Closes Sale of EBGI to JPS Industries for US$75 Mln
----------------------------------------------------------------
Hexcel Corporation has completed the previously announced sale
of the remaining assets of its U.S. Electronics, Ballistics &
General Industrial reinforcement product lines to JPS Industries
Inc.  Hexcel has received the agreed upon initial cash purchase
price of US$62.5 million and it may receive up to US$12.5
million of additional payments dependent upon future sales of
the Ballistics product line.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  The ratings outlook was Stable.


NOVELIS INC: Inks Supply Deal with Rexam for US$1 Billion
---------------------------------------------------------
Novelis Inc. has signed a multi-year supply agreement with the
South American operations of Rexam PLC, one of the world's
leading consumer packaging groups and the No. 1 beverage can
maker.

Under the terms of the agreement, valued at approximately
US$1 billion, Novelis will be the lead supplier of aluminum can
sheet for Rexam plants throughout Brazil, Argentina and Chile.

The long-term agreement consolidates Novelis' business with one
of its largest customers in an important market sector and
provides supply assurance for Rexam in South America.

"Rexam is an important global customer for Novelis," said Martha
Brooks, President and Chief Operating Officer of Novelis Inc.
"This agreement to supply the growing South American markets
further strengthens our long-standing relationship with Rexam
and signifies our commitment to be the global leader in high-
value aluminum rolled products."

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

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

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Fitch Ratings has affirmed the Issuer Default
Rating for Novelis, Inc. and Novelis, Corp. at 'B' and assigned
a Negative Rating Outlook.  The company's previous senior
secured bank debt ratings have been withdrawn.  Ratings for the
new credit facility of 'BB' were assigned and the senior
unsecured debt ratings have been affirmed as:

Novelis, Inc.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1';
  -- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1'.

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Standard & Poor's Ratings Services assigned its
'BB' debt rating, with a recovery rating of '2', to Novelis
Inc.'s US$860 million secured term loan due 2014.  The '2'
recovery rating indicates an expectation of substantial (70%-
90%) recovery in the event of default.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services affirmed all of its ratings
on Novelis Inc., including the 'BB-' long-term corporate credit
rating, and removed the ratings from CreditWatch with developing
implications, where they were placed Feb. 12, 2007.  S&P said
the outlook is negative.


TELEMIG CELULAR: S&P Puts BB- Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Telemig Celular S.A. and its 'B+'
long-term corporate credit rating on Amazonia Celular S.A. on
CreditWatch with positive implications.  The 'B+' rating on the
US$120 million notes co-issued by Amazonia and Telemig was also
placed on CreditWatch with positive implications.

Telemig's total debt outstanding amounted to US$81.4 million in
March 2007 and Amazonia's total debt outstanding amounted to
US$113.5 million in the same period.

The rating actions follow Vivo Participacoes S.A.'s (Vivo;
brAA-/Stable/--) announcement that it will acquire Telpart
Participacoes S.A.'s 53.9% voting shares in Telemig
Participacoes S.A.; and Telepart's 51.86% voting shares of Tele
Norte Celular Participacoes S.A. -- which controls Amazonia --
with a cash disbursement of approximately US$630 million after
regulator's approval.  "Vivo will proceed with a tender offer to
acquire up to one-third of the preferred outstanding shares held
by Telemig, Amazonia, and Tele Norte investors.  If the company
succeeds with the tender offer, the acquisition's total cost
could reach approximately US$1.5 billion," said Standard &
Poor's credit analyst Beatriz Degani.

As long as the transaction is concluded (regulatory approval is
still pending), the ratings on Telemig could be raised up to one
notch (to 'BB') and the ratings on Amazonia and the co-issued
notes could be raised up to two notches (also to 'BB').  This
action would reflect the improvement in these companies'
business profiles, benefiting from being part of Brazil's market
leader in the mobile segment, with larger geographical
diversification and financial flexibility.

S&P's 'brAA-' National Scale rating on Vivo reflects the
company's improved service area after the acquisition, now
reaching the important state of Minas Gerais.  It also considers
the company's strong operating performance throughout 2006 and
2007 that permitted Vivo to accumulate the cash it will use to
finance an important part of the acquisition.  S&P believes Vivo
will continue to report strong operating performance, sustaining
a total debt-to-EBITDA ratio of about 2x and funds from
operations-to-total debt ratio of 20%-30% in the years ahead,
despite expectations of additional debt to finance the largest
part of the acquisition.

Headquartered in Belo Horizonte, Brazil, Telemig Celular is the
leading provider of mobile communications services in the state
of Minas Gerais, Brazil.  As of Sept. 30, 2006, Telemig had 3.42
million subscribers, with a market share of 33% in its
concession area.


* BRAZIL: Regulator Probing State Firm's Barracuda Accounts
-----------------------------------------------------------
Brazilian hydrocarbons regulator Agencia Nacional do Petroleo
will conduct a probe on state-owned oil firm Petroleo Brasileiro
SA's accounts in the Barracuda field in the Campos basin, news
service Estado reports.

Business News Americas relates that the regulator wants to find
out if Petroleo Brasileiro miscalculated the "special
participation government contribution" in Barracuda.

Estado notes that Barracuda's average daily production last year
was 310,000 barrels.

According to BNamericas, the regulator decided in July 2007 that
Petroleo Brasileiro must pay BRL1.3 billion for the alleged
incorrect deductions to the amount it should have paid at the
Marlim field.

Petroleo Brasileiro will appeal the Marlim decision, BNamericas
states.

                  About Petroleo Brasileiro

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

                        *     *     *

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

   -- 'BB' for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

                        *     *     *

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




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


AMB BLACKPINE: Proofs of Claim Filing Ends on Sept. 3
-----------------------------------------------------
AMB Blackpine Ltd.'s creditors are given until Sept. 3, 2007, to
prove their claims to Guy F. Jaquier, 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.

AMB Blackpine's shareholders agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

       Guy F. Jaquier
       Attention: Nick Robinson
       P.O. Box 265
       George Town, George Town
       Grand Cayman KY1-9001
       Cayman Islands
       Tel: 345 914 4216
       Fax: 345 814 8216


ASSET BACK: Proofs of Claim Must be Filed by Aug. 23
-----------------------------------------------------
Asset Back Servicing Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to Martin Couch and Emile
Small, 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.

Asset Back's shareholders agreed on July 19, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Emile Small
       Maples Finance Limited
       P.O. Box 1093
       George Town, Grand Cayman
       Cayman Islands


AVENDIS CDO: Proofs of Claim Must be Filed by Tomorrow
------------------------------------------------------
Avendis CDO I Finance Ltd.'s creditors are given until
Aug. 9, 2007, to prove their claims to Cereita Lawrence and
Mitzi Smith, 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.

Avendis CDO'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:

       Cereita Lawrence
       Mitzi Smith
       P.O. Box 1109
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 914-7593
       Fax: (345) 949-7634


AVENDIS CDO: Sets Final Shareholders Meeting for Tomorrow
---------------------------------------------------------
Avendis CDO I Finance Ltd. will hold its final shareholders
meeting on Aug. 9, 2007, at:

          HSBC Financial Services (Cayman)Limited
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

         Cereita Lawrence
         Mitzi Smith
         P.O. Box 1109
         George Town, Grand Cayman KY1-1102
         Cayman Islands
         Tel: (345) 914-7593
         Fax: (345) 949-7634


CATLEIA OIL: Proofs of Claim Filing Is Until Aug. 22
-----------------------------------------------------
Catleia Oil Co.'s creditors are given until Aug. 22, 2007, to
prove their claims to John Cullinane and Derrie Boggess, 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.

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

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


CONTEL PAGE: Proofs of Claim Filing Deadline Is Aug. 31
-------------------------------------------------------
Contel Page International Inc.'s creditors are given until
Aug. 31, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


CREAFIN FUND: Proofs of Claim Must be Filed by Aug. 25
------------------------------------------------------
Creafin Fund Management (Cayman) Ltd.'s creditors are given
until Aug. 25, 2007, to prove their claims to RTB Secretaries
Limited, 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.

Creafin Fund's shareholders agreed on July 26, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       RTB Secretaries Limited
       c/o Rothschild Trust Cayman Limited
       P.O. Box 10129
       5th Floor, Citrus Grove
       George Town, Grand Cayman KY1-1002
       Cayman Islands
       Tel: (345) 946 7033
       Fax: (345) 946 7043


CYGNUS ASSET: Proofs of Claim Filing Is Until Aug. 28
-----------------------------------------------------
Cygnus Asset Management Ltd.'s creditors are given until
Aug. 28, 2007, to prove their claims to Ronald Tompkins, 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.

Cygnus Asset's shareholders agreed on July 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:

       Ogier
       Attention: Angus Davison
       c/o Ogier
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Tel: (345) 949 9876
       Fax: (345) 949 1986


EACM SELECT: Proofs of Claim Must be Filed by Aug. 28
-----------------------------------------------------
EACM Select Alternative Fund 1 Ltd.'s creditors are given until
Aug. 28, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

EACM Select's shareholders agreed on July 11, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       David A.K. Walker
       Attention: Jyoti Choi
       P.O. Box 258
       Grand Cayman KY1-1104
       Cayman Islands
       Tel: (345) 914 8657
       Fax: (345) 945 4237


FCT INVESTMENTS: Will Hold Final Shareholders Meeting on Aug. 9
---------------------------------------------------------------
FCT Investments Ltd. will hold its final shareholders meeting on
Aug. 9, 2007, at:

         Boundary Hall, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


FRONTIER IV: Proofs of Claim Filing Ends on Aug. 26
---------------------------------------------------
Frontier IV Ltd.'s creditors are given until Aug. 26, 2007,
to prove their claims to John Cullinane and Derrie Boggess, 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.

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

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


GSO CALMET: Proofs of Claim Must be Filed by Aug. 17
-----------------------------------------------------
GSO Calmet Holdings (Cayman) Ltd.'s creditors are given until
Aug. 17, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

GSO Calmet's shareholders agreed on July 18, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


IVY MA: Proofs of Claim Filing Deadline Is Aug. 17
--------------------------------------------------
Ivy Ma Holdings Cayman 5 Ltd.'s creditors are given until
Aug. 17, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

Ivy Ma'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 liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


IVY MA HOLDINGS: Proofs of Claim Filing Ends on Aug. 17
--------------------------------------------------------
Ivy Ma Holdings Cayman 8 Ltd.'s creditors are given until
Aug. 17, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

Ivy Ma's shareholders agreed on June 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:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


IVY PARTNERS: Proofs of Claim Must be Filed by Aug. 23
------------------------------------------------------
Ivy Partners Fund CI I Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

Ivy Partners shareholders agreed on July 19, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


JAPAN ADVISORY: Proofs of Claim Filing Deadline Is Aug. 31
----------------------------------------------------------
Japan Advisory Ltd.'s creditors are given until Aug. 31, 2007,
to prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


LEVERAGED FUND: Proofs of Claim Filing Ends on Aug. 29
------------------------------------------------------
The Leveraged Fund Ltd.'s creditors are given until
Aug. 29, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Leveraged Fund's shareholders agreed on July 25, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


LEVERAGED FUND: Will Hold Final Shareholders Meeting on Sept. 5
---------------------------------------------------------------
The Leveraged Fund Ltd. will hold its final shareholders meeting
on Sept. 5, 2007, at 10:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


MERCOSUR OPPORTUNITY: Proofs of Claim Must be Filed by Sept. 3
--------------------------------------------------------------
Mercosur Opportunity Fund's creditors are given until
Sept. 3, 2007, to prove their claims to Paulo Belluschi, 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.

Mercosur Opportunity's shareholders agreed to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Paulo Belluschi
       Attention: Nick Robinson
       P.O. Box 265
       George Town, George Town
       Grand Cayman
       Cayman Islands
       Tel: 345 914 4216
       Fax: 345 814 8216


SYSTEIA ALTERNATIVE: Proofs of Claim Filing Is Until Aug. 31
------------------------------------------------------------
Systeia Alternative Risk Trading Fund's creditors are given
until Aug. 31, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


WESTROCK LTD: Proofs of Claim Must be Filed by Sept. 3
------------------------------------------------------
Westrock Ltd.'s creditors are given until Sept. 3, 2007, to
prove their claims to Guy F. Jaquier, 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.

Westrock Ltd's shareholders agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

       Guy F. Jaquier
       Attention: Nick Robinson
       P.O. Box 265
       George Town, George Town
       Grand Cayman KY1-9001
       Cayman Islands
       Tel: 345 914 4216
       Fax: 345 814 8216




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


BELL MICROPRODUCTS: Names William Meyer as Executive VP & CFO
-------------------------------------------------------------
Bell Microproducts Inc. has appointed William Meyer as executive
vice president and chief financial officer.  Mr. Meyer will be
responsible for all finance operations at Bell Microproducts,
including accounting, tax, treasury, internal controls and
management of the financial functions associated with the
company's various divisions around the world.  Mr. Meyer assumes
the CFO role previously held by Jim Illson, who remains the
company's president of the Americas and chief operating officer.

Mr. Meyer brings more than twenty years of technology finance
leadership experience to Bell Microproducts.  Prior to joining
the company, he served as managing director at the highly
respected financial consulting firm Financial Intelligence LLC.
Over the past several months, Mr. Meyer has been working with
Bell Microproducts in an interim management capacity to assist
with accounting and financial matters.  His experience at
Financial Intelligence has included leading financial consulting
teams for major customer engagements, directing implementation
of revenue recognition policies, and other financial and
accounting consulting activities.  Prior to Financial
Intelligence, Mr. Meyer served in financial leadership roles for
a number of publicly and privately-held technology companies.
Most recently, he was the executive vice president and CFO for
BroadVision, Inc., where he was responsible for all finance,
legal, IT and operations functions.  He has held similar
positions at Phoenix Technologies, in Silicon Corporation,
Mainsoft Corporation and Microprose/Spectrum Holobyte.

"Bill has a wealth of experience and a stellar track record as a
financial executive in the high tech industry, and we are
excited to welcome him to the Bell Microproducts management
team," noted Don Bell, Bell Microproducts' president and CEO.
"We have gotten to know Bill over the past several months as he
worked with our finance team and senior management.  His depth
of knowledge in accounting matters and industry experience will
be a tremendous help in our financial management moving
forward."

"I am proud to be joining an experienced management team that
has built a world-class storage distribution business," said Mr.
Meyer.  "I've had a unique opportunity to learn the business and
work with the team for several months now, and I believe it is
an excellent fit.  I look forward to the challenges and
opportunities ahead as we strive to further Bell Microproducts'
leadership position."

Mr. Meyer is a CPA, and received his B.S. in Business
Administration from California State University, Sacramento.

                  About Bell Microproducts

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

                        *     *     *

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

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


BOSTON SCIENTIFIC: Retains Endosurgery Group, IPO Called
--------------------------------------------------------
Boston Scientific Corporation provided an update on its plans
to strengthen operating and financial performance as part of
its overall strategy of restoring growth, increasing sustainable
short- and long-term shareholder value, and continuing to build
a broad, diversified medical device company.

The company said it has completed its exploration of an initial
public offering of a minority interest in its Endosurgery group
and that the group will remain wholly owned by the company.  On
March 12, the company had announced it intended to explore the
benefits that may be gained from operating the Endosurgery group
as a separately traded public company that would become a
majority-owned subsidiary of Boston Scientific.

The company also said it plans a number of announcements in the
coming weeks and months that will advance its previously
disclosed objectives of selling non-strategic assets, divesting
elements of its investment portfolio, and reducing expenses and
headcount to be more in line with the company's revenue base.
An expense and headcount restructuring plan is in development
and will be communicated next quarter.  The plan will be one of
many critical actions designed to begin enhancing shareholder
value.  The company also reiterated its plans to be more
selective in its business development activities.

"Our decision to retain the Endosurgery group is the first in a
series of steps we plan to take to advance our strategy of
restoring growth, increasing shareholder value and continuing to
build a broad, diversified company," said Jim Tobin, Boston
Scientific President and Chief Executive Officer.  "We believe
we can create more shareholder value with the Endosurgery group
remaining wholly owned by Boston Scientific, and we have
concluded that an IPO would have reduced -- rather than enhanced
-- Boston Scientific's shareholder value.  The benefits of
retaining the Endosurgery group clearly outweigh those offered
by the sale of a minority interest."

"The exploration process has increased visibility to the
historic strengths and future potential of the Endosurgery
group," added Mr. Tobin.  "Endosurgery is a market leader that
has delivered consistent double-digit growth and impressive
performance year after year, and it is expected to generate more
than US$1.4 billion in revenue this year.  It represents great
value, and it provides important balance within our portfolio of
businesses. We believe these considerable contributions are best
maintained by keeping Endosurgery as a strategic asset of Boston
Scientific."

Mr. Tobin said the retention of the Endosurgery group should
serve to strengthen the company's financial position going
forward, particularly Endosurgery's strong gross profit margins
and robust operating cash flows.

                    Lower Ratings Expected

The Wall Street Journal said on its Web site Friday that Boston
Scientific's moved raised questions about whether the company's
credit rating will face further downgrades.

According to WSJ, credit analysts had regarded the IPO as
critical to the company's ability to pay down the US$9 billion
in debt it took on to buy Guidant Corp. last year.

                    About Boston Scientific

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Standard & Poor's Ratings Services has lowered its
corporate  credit rating on Boston Scientific Corp. to 'BB+'
from 'BBB-' and placed the ratings on the company on CreditWatch
with negative implications.

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Fitch has downgraded the ratings on Boston
Scientific Corp:

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

Fitch has also withdrawn BSX's Commercial Paper rating of 'F2'.
This rating action affects approximately US$8 billion of debt.
Fitch said the rating outlook is negative.




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


BANCOLOMBIA: Superintendency of Commerce Imposes COP207MM Fine
--------------------------------------------------------------
The Superintendency of Commerce and Industry has issued
Resolution 23299, imposing on Bancolombia S.A. a fine in the
amount of COP207 million (approximately US$105,737).  The fine
was imposed in connection with a request for information made in
an administrative proceeding in which Bancolombia is not
involved, and which it considers inappropriate pursuant to the
applicable law.

Pursuant to the applicable law, the decision that imposes the
fine could be appealed.

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

                        *     *     *

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

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

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

In addition, Fitch affirmed these ratings:

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

Fitch says the rating outlook was stable.


* COLOMBIA: State Firm to Merge Subsidiaries
--------------------------------------------
Colombia's state-run electric power transmission and telecoms
holding firm Grupo ISA said in a statement that it will merge
the operations of its two telecoms subsidiaries Internexa and
Flycom Comunicaciones.

Business News Americas relates that the merger was ratified in a
Grupo ISA board meeting last week.  It combines fixed wireless
Flycom Comunicaciones' Local Multipoint Distribution System
technology with Internexa's carrier of carrier and telecoms
infrastructure business.

Flycom Comunicaciones is in Bogota, Medellin, Barranquilla,
Cali, Cartagena and Bucaramanga.  Meanwhile, Internexa has
deployed a fiber optics network designed to connect Peru,
Colombia and Ecuador.  It started installing the network in
March 2007 and will complete the work in the second half 2007,
BNamericas notes.

Grupo ISA told BNamericas that "Internexa has a 63.7% share of
the carrier of carriers market and 35.4% of Internet transport."

The merger wouldn't affect its clients or operations, BNamericas
states, citing Grupo ISA.

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


* COLOMBIA: Inking Free Trade Pact with Other LatAm Nations
-----------------------------------------------------------
Published reports say that Colombian President Alvaro Uribe will
sign a Free Trade Agreement with his counterparts from El
Salvador, Guatemala and Honduras.

According to a report posted on English.eastday.com, El
Salvador's President Elias Antonio Saca said through an official
radio broadcast that he would sign the agreement in Medellin,
Colombia, this Thursday.

The accord will open great benefits to El Salvador's economy,
because free trade agreements "mean jobs," English.eastday.com
reports, citing President Saca.

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




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


GRAHAM PACKAGING: June 30 Balance Sheet Upside-Down by US$612.6M
----------------------------------------------------------------
As of June 30, 2007, Graham Packaging Holdings Company's balance
sheet showed US$2.5 billion in total assets, US$1.9 billion in
total liabilities, and US$612.6 million in total stockholders'
deficit.

For the three months ended June 30, 2007, the company had net
income of US$5.1 million as compared with net loss of US$15.3
million for the three months ended June 30, 2006.

Net sales for the three months ended June 30, 2007, were
US$651 million, as compared with net sales of US$653.3 million
for the three months ended June 30, 2006.

For the six months ended June 30, 2007, the company had net loss
of US$10.5 million on net sales of US$1.3 billion.  The company
had net loss of US$25.3 million on net sales of US$1.3 billion
for the six months ended June 30, 2006.

In the six months ended June 30, 2007, the company funded,
through its operating activities, US$66.8 million of investing
activities and US$20.5 million of financing activities.

A full-text copy of the company's quarter report is available
for free at http://ResearchArchives.com/t/s?221d

                    About Graham Packaging

Graham Packaging Holdings Company also known as Graham Packaging
Co, Inc., is the parent company of Graham Packaging Company, LP,
formerly known as Graham Packaging Holdings I LP, --
http://www.grahampackaging.com/-- designs and manufactures
customized blow-molded plastic containers for branded food and
beverages, household and personal care products, and automotive
lubricants.  The company has manufacturing facilities in
Argentina, Belgium, Brazil, Canada, Ecuador, England, Finland,
France, Hungary, Mexico, the Netherlands, Poland, Spain, Turkey,
the U.S. and Venezuela.  The company has no assets, liabilities
or operations other than its direct and indirect investments in
the Operating Company and its ownership of GPC Capital Corp. II,
its wholly owned subsidiary.


* ECUADOR: To Ink Oil Refinery Pact with Venezuela
--------------------------------------------------
Venezuelan President Hugo Chavez is to sign an accord for the
construction of an oil refinery in Manabi, Ecuador.

The project, first contemplated more than a year ago, will
finally be signed on Thursday after months of delay caused by
disagreements on the accord's terms.

"On Thursday, the Venezuelan President will arrive in order to
sign an agreement to build together a refinery in (coastal)
province of Manabi," Ecuador's Mines and Oil Minister Galo
Chiriboga was quoted by AFP as saying.

According to El Universal, the project, at a cost of US$5
billion, could be the first to be funded by the proposed Bank of
the South.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


HERBALIFE LTD: Earns US$48.1 Million in Quarter Ended June 30
-------------------------------------------------------------
Herbalife Ltd. reported second-quarter net sales of US$530.1
million, an increase of 13.8 percent compared to the same period
of 2006.  This record performance was largely attributable to
continued growth in the company's top countries, with the U.S.
up 30.7 percent and Mexico up 1.7 percent, versus the second
quarter of 2006.  The company's Chairman and Chief Executive
Officer Michael O. Johnson, said, "We are pleased to report our
14th consecutive quarter of double-digit year-over-year revenue
growth and another record quarter for revenue and earnings.  All
seven of our regions realized net sales growth for the quarter.
This performance was driven by the strength of our independent
distributors, the success of their daily methods of operations
and our products that support them."

For the quarter ended June 30, 2007, the company reported net
income of US$48.1 million compared to US$36.3 million in the
second quarter of 2006.  The increase in net income was
primarily attributable to strong net sales growth, expansion in
operating profit margins and a lower effective tax rate during
the period.  Excluding the impact of a favorable tax settlement
in one of the company's international markets, second quarter
2007 net income was US$47.5 million compared to US$0.49 per
diluted share in the second quarter of 2006.

During the second quarter 2007, 56,112 distributors qualified as
new supervisors, an increase of 4.9 percent versus the second
quarter of 2006.  Total supervisors of 368,062 increased 18.5
percent versus second quarter 2006 and the company's President's
Team membership increased 11.6 percent to 1,031 members.  One
distributorship attained the prestigious level of Chairman's
Club, bringing the total to 31 members.

                    Financial Performance

The company invested US$13.5 million in capital expenditures
during the second quarter, primarily related to enhancements to
its management information systems and additional infrastructure
investments to improve distributor productivity and service
levels.  Additionally, the company repurchased 3.5 million
shares of its common stock at an average price of US$39.65 under
the recently approved US$300 million share repurchase program.
The company used excess cash along with debt to fund the
repurchase.

For year to date June 30, 2007, the company reported net income
of US$89.3 million, or US$1.20 per diluted share, compared to
US$75.0 million, or US$1.01 per diluted share in the comparable
2006 period.  Excluding the impact of favorable tax settlements
in international markets in 2006 and 20071 as well as 2007
expenses related to the 2006 realignment for growth initiative,
year to date 2007 net income increased 30.7 percent to US$93.2
million, or US$1.25 per diluted share, compared to US$0.96 per
diluted share in the year to date 2006.

                     Business Highlights

Consistent with its distributor strategy, the company continued
to support the development and training of its distributors
during the second quarter by hosting more than 45,000
distributors globally at numerous local and regional events.
Highlights included Active Supervisor School in Mexico,
Leadership Development meeting in South America, Spring
Spectaculars in the EMEA region and Nutrition Club training in
numerous markets.

The company also continued to support distributor business
methods by expanding its distribution reach in key markets and
expanding the global distribution of its leading products.  "We
continue to focus our company resources on increasing product
availability and services to better support our distributors'
daily methods of operations," said Greg Probert, the company's
president and chief operating officer.

In June, the company received notification from China's Ministry
of Commerce that its direct-selling license was expanded to
permit the company to conduct its direct-selling business in the
entire Jiangsu province.  Located in China's east coast, the
Jiangsu province, consisting of 13 cities and 61 counties, has a
permanent and transient population of approximately 85 to 90
million people.

The company was also added to the Russell 1000, in June 2007,
which tracks the performance of the 1000 U.S. companies with the
largest market capitalization.  The Russell 1000 accounts for
approximately 92 percent of total equities traded on U.S.
exchanges.

                   Regional Performance

The EMEA region reported net sales of US$146.0 million in the
second quarter, up 0.6 percent versus the same period of 2006.
However, excluding currency fluctuations, net sales decreased
5.6 percent.  EMEA performance was primarily attributable to net
sales growth in several of the region's top markets, including
Spain which was up 24.6 percent; Portugal, up 16.0 percent;
Italy, up 14.9 percent; and France, up 6.3 percent, in each case
compared to the second quarter of 2006.  These net sales gains
were partially offset by declines in other core markets
including Germany and the Netherlands, which were down 29.1
percent and 19.4 percent, respectively, versus the comparable
period of 2006.  Total supervisors in the region, as of June 30,
2007, decreased 5.3 percent versus the same period in 2006.

The North America region reported net sales of US$113.9 million
in the second quarter, up 30.3 percent versus the same period of
2006.  Excluding currency fluctuations, net sales increased 30.3
percent.  Total supervisors in the region, as of June 30, 2007,
increased 20.2 percent versus the same period in 2006.

The Mexico and Central America region reported net sales of
US$97.9 million in the second quarter, up 4.1 percent versus the
same period of 2006.  Excluding currency fluctuations, net sales
increased 1.4 percent.  Total supervisors in the region, as of
June 30, 2007, increased 41.8 percent as compared to the same
period in 2006.

The SAM/SEA region reported net sales of US$59.0 million in the
second quarter, up 24.2 percent versus the same period of 2006.
Excluding currency fluctuations, net sales increased 18.5
percent.  The growth in the region was primarily attributable to
double and triple digit growth in the region's top three markets
-- Venezuela 320.1 percent, Thailand 38.1 percent and Argentina
20.9 percent.  Total supervisors in the region, as of June 30,
2007, increased 42.9 percent versus the same period in 2006.

The Greater China region reported net sales of US$47.0 million
in the second quarter, up 69.7 percent versus the same period of
2006.  Excluding currency fluctuations, net sales increased 70.3
percent.  The increase was primarily attributable to sales
growth in China and Taiwan, up 187.9 percent, and 43.1 percent,
respectively.  Total supervisors in the region, as of June 30,
2007, increased 41.1 percent versus the same period in 2006.
Herbalife currently operates 47 stores and 37 service centers in
28 provinces in China.

The North Asia region reported net sales of US$34.0 million in
the second quarter, up 2.4 percent versus the same period of
2006.  Excluding currency fluctuations, net sales increased 4.2
percent.  This performance reflects an 18.8 percent net sales
increase in South Korea, partially offset by a 10.1 percent
decline in net sales in Japan.  Total supervisors in the region,
as of June 30, 2007, decreased 0.4 percent versus the same
period in 2006.

The Brazil region reported net sales of US$32.3 million in the
second quarter, up 4.2 percent versus the same period of 2006.
Excluding currency fluctuations, net sales decreased 5.2
percent.  Total supervisors, as of June 30, 2007, decreased 0.6
percent versus the same period in 2006.

            Third Quarter and Full Year 2007 Guidance

Based on its current business trends, the company is raising its
full year 2007 diluted earnings per share guidance to a range of
US$2.56 to US$2.61.  Additionally, the company is providing
guidance for the third quarter of 2007 in the range of US$0.59
to US$0.64 for diluted earnings per share.  The full year 2007
diluted earnings per share estimates exclude severance expenses
associated with the company's realignment for growth initiative
along with the increase in tax reserves reported in the first
quarter 2007 financial results and the favorable international
tax settlement reported this quarter.

                      Quarterly Dividend

The Board of Directors approved a quarterly cash dividend of
US$0.20 payable to shareholders of record effective
Aug. 31, 2007, payable Sept. 14, 2007.

                        About Herbalife

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


* EL SALVADOR: Entering Into Free Trade Pact with Three Nations
---------------------------------------------------------------
Published reports say that El Salvador's President Elias Antonio
Saca will sign a Free Trade Agreement with his counterparts from
Colombia, Guatemala and Honduras.

According to a report posted on English.eastday.com, President
Saca said through an official radio broadcast that he would sign
the agreement in Medellin, Colombia, this Thursday.

The accord will open great benefits to El Salvador's economy,
because free trade agreements "mean jobs," English.eastday.com
reports, citing President Saca.

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 remains stable.




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


BRITISH AIRWAYS: Earns GBP269 Mln in Three Months Ended June 30
---------------------------------------------------------------
British Airways plc released unaudited financial results for the
three months ended June 30, 2007.

BA reported net profit of GBP269 million for the three months
ended June 30, 2007, compared with net profit of GBP154 million
for the three months ended June 30, 2006.

For the three months ended June 30, 2007, BA recorded operating
profit of GBP263 million, compared with GBP206 million for the
same period last year.  The operating margin for the quarter was
12%, compared with 9.2% in the prior year.

Revenue of the company for the three months ended June 30, 2007
was GBP2.19 billion, compared with revenue of GBP2.24 billion
for the same quarter in 2006.

Revenue excluding exchange was flat.

Passenger revenue fell to GBP1.9 billion on a flying program 0.3
percent bigger measured in available-seat-kilometers.  Traffic
measured in revenue-passenger-kilometers fell by 1.9 percent
delivering seat factors down to 76.8 percent.  Yields were flat
year on year with price and mix benefits offset by exchange.

Demand for First and Club World remains strong and traffic was
up 0.1 percent despite a very strong performance in the same
period last year and the impact of the baggage and security
restrictions on premium transfer traffic.  However, traffic in
non-premium cabins fell in the quarter by 2.3 percent driven by
the North Atlantic and domestic routes where the increase in air
passenger duty tax has dampened demand most significantly. The
weakness of the dollar has also affected our US business.

Cargo revenue fell to GBP146 million due to exchange, reductions
in capacity of 5.2 percent and operational disruptions.

Cost performance of BA was strong and benefited from the weak US
dollar.  Employee costs fell by 8.3% to GBP542 million largely
because of the changes to the NAPS pension scheme and severance
costs, which together were some GBP50 million lower than last
year.  Fuel fell 5.2 percent to GBP473 million mainly because of
favorable exchange.  Selling costs were down GBP15 million in
the quarter due to lower agency commissions and passenger
numbers.  Unit costs in the period were down 3.9 percent on an
ATK reduction of 1.6 per cent.

The profit before tax of GBP289 million benefited from financing
income from pensions following the company's one-off
contribution to the pension scheme and a reduction in provisions
for aircraft end of lease guarantees.

The financial position of the company remains strong.  This is
reflected by the Standard and Poors upgrade of the company's
credit rating to investment grade that will support its
investment program

At June 30, 2007, BA had net assets of GBP2.7 billion and net
debt of GBP1.2 billion.

"These are very good results despite operational difficulties at
Heathrow," British Airways CEO Willie Walsh said.  "Profits are
up as a result of the steps we took last year to control costs
and strengthen our business."

"Revenue is flat before exchange and reflects the continued
impact of security and baggage restrictions on short-haul and
premium transfer traffic, which Heathrow has been struggling to
cope with.  We appreciate how frustrating this has been for our
customers and I am pleased the Government has also recognized
this and set up a working group to see how quickly the
restrictions on hand baggage can be eased.  In order for the
Government to remove the restrictions, the BAA must recruit
additional personnel and invest in the right equipment so we can
get back to offering good customer service," Mr. Walsh
continued.

"In the meantime we have taken all available steps to minimize
inconvenience to our customers and have increased manpower
levels in the terminals at Heathrow to an all time high.  The
opening of Terminal 5 is now just 236 days away and on Sept. 17
BAA hands over the terminal to us.  Trials with staff and 2,000
members of the public on all aspects of the new facility start
in November," Mr. Walsh added.

"I am delighted that ahead of our move we have agreed working
practice changes with all our Heathrow customer service and
operational staff and a two year pay deal with all our trade
union groups which takes us through to 2009," Mr. Walsh
concluded.

Trading Outlook

As the Heathrow terminals continue to operate above capacity
this will affect the ability of BA to recover quickly from any
unexpected events.  Combined with the continued weakness of the
US dollar, the company's revenue guidance is reduced by 1
percent to around 4 percent to reflect these risks.

The company's revised cost guidance year-on-year is flat,
excluding fuel, reflecting both expected exchange benefits from
the weaker dollar and strong performance in the first quarter.

Fuel costs are now expected to be up GBP120 million on last
year, GBP20 million worse than its previous guidance.

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-Given
   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%


BRITISH AIRWAYS: Named Worst Performing Major Airline by AEA
------------------------------------------------------------
British Airways plc is the worst performing major European
operator with passengers more likely to experience flight
delays, BBC News says, citing a report by the Association of
European Airlines.

According to the report, in the three months between April and
June 2007, 35.7% of BA's short or medium haul flights did not
arrive on time and 32.7% departed later than scheduled, while
44% of its long haul flights did not arrive on time and 36.6%
departed later than scheduled.

In terms of baggage handling performance, the report revealed
that for every 1000 travelers, 28 bags were held up by the
carrier within the period, BBC relates.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates international and
domestic scheduled and charter air services for the conveyance
of passengers, freight and mail, and provides 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%


* GUATEMALA: Inking Free Trade Pact with Other LatAm Nations
------------------------------------------------------------
Published reports say that Guatemalan President Oscar Berger
will sign a Free Trade Agreement with his counterparts from El
Salvador, Colombia and Honduras.

According to a report posted on English.eastday.com, El
Salvador's President Elias Antonio Saca said through an official
radio broadcast that he would sign the agreement in Medellin,
Colombia, this Thursday.

The accord will open great benefits to El Salvador's economy,
because free trade agreements "mean jobs," English.eastday.com
reports, citing President Saca.

                        *     *     *

Fitch Ratings assigned these ratings on Guatemala:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BB+      Feb. 22, 2006
   Long Term IDR      BB+      Feb. 22, 2006
   Short Term IDR     B        Feb. 22, 2006
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Feb. 22, 2006

Fitch also rated Guatemala's senior unsecured bonds:

Maturity Date          Amount        Rate       Ratings
-------------          ------        ----       -------
Aug. 3, 2007        US$150,000,000     8.5%         BB+
Nov. 8, 2011        US$325,000,000    10.25%        BB+
Aug. 1, 2013        US$300,000,000     9.25%        BB+
Oct. 6, 2034        US$330,000,000     8.125%       BB+




===============
H O N D U R A S
===============


* HONDURAS: Inking Free Trade Pact with Other LatAm Nations
-----------------------------------------------------------
Published reports say that Honduran President Manuel Zelaya will
sign a Free Trade Agreement with his counterparts from El
Salvador, Colombia and Guatemala.

According to a report posted on English.eastday.com, El
Salvador's President Elias Antonio Saca said through an official
radio broadcast that he would sign the agreement in Medellin,
Colombia, this Thursday.

The accord will open great benefits to El Salvador's economy,
because free trade agreements "mean jobs," English.eastday.com
reports, citing President Saca.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


NATIONAL WATER: Installing Water Meters in Kingston & St. Andrew
----------------------------------------------------------------
The National Water Commission's communications manager Charles
Buchanan told Business News Americas that the company will
install 20,000 new meters in Kingston and in the surrounding
municipalities in St. Andrew parish over three months.

More than 500 of the meters had been set up in the first week of
installations in July 2007.  They will be for clients who
previously didn't have meters.  The National Water will also
replace some out-of-date meters that were under-registering the
amounts of water being used, BNamericas notes, citing Mr.
Buchanan.

According to BNamericas, Mr. Buchanan said that the installation
of the new meters "would pay for itself, as the additional
revenue from fully registering the amounts of water consumed
will over time pay for the costs of installation."

Mr. Buchanan commented to BNamericas, "We are trying to attack
the issue of non-revenue water from a variety of angles, to
address each of the contributors to the problem."

Mr. Buchanan told BNamericas that water loss resulted from:

          -- faulty meters,
          -- pipe leakages,
          -- illegal connections, and
          -- production lost from opened fire hydrants.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.




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


BALDOR ELECTRIC: Declares US$0.17 Per Share Quarterly Dividend
--------------------------------------------------------------
Baldor Electric Company's Board of Directors declared a regular
quarterly cash dividend of US$0.17 per share on the Company's
common stock.  The cash dividend is payable on Sept. 28, 2007,
to shareholders of record on Sept. 7, 2007.

The company announced the third quarter 2007 dividend during its
Board's meeting on Aug. 6, 2007.

Baldor Electric Company is a manufacturer of industrial electric
motors, drives and generators.  Baldor is headquartered in Fort
Smith, Arkansas.  Power Systems is a leading provider of Dodge
power transmission products, including mounted bearings and
enclosed gearing, and Reliance Electric industrial motors,
including large AC and custom, variable speed and specialty, and
small and medium AC motors.  The company has offices in Mexico.

                        *     *     *

Moody's Investors Service affirmed on Jan. 26, 2007, the B1
corporate family rating of Baldor Electric Company along with
the Ba3 ratings for the proposed senior secured credit
0facilities and B3 ratings for the proposed US$550 million
senior unsecured notes following the company's disclosure that
the company intends to eliminate a preferred stock issuance from
its previously announced financing plans.  Moody's said the
rating outlook is stable.  These first-time ratings are subject
to final documentation.


BALLY TOTAL: Gets Interim OK to Hire Latham & Watkins as Counsel
----------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates obtained from the U.S. Bankruptcy Court
for the Southern District of New York in Manhattan authority,
on an interim basis, to employ Latham & Watkins LLP as
their attorneys, effective as of July 31, 2007.

Marc D. Bassewitz, senior vice president, secretary and general
counsel of Bally Total Fitness Holding Corporation, relates that
Latham & Watkins has been counsel to the Debtors on a number of
matters for more than 10 years, including the preparation of the
Chapter 11 filings, and, therefore, will be able to quickly
respond to any and all issues that may arise during the Chapter
11 Cases.

The firm is intimately familiar with the Debtors' businesses and
affairs and many of the potential legal issues that may arise in
the context of the Chapter 11 Cases, Mr. Bassewitz says.

As counsel for the Debtors, Latham & Watkins will render legal
services relating to the day-to-day administration of the
Chapter 11 cases and the several issues that may arise,
including:

   -- advising the Debtors with respect to their powers and
      duties in the continued management and operation of their
      business and properties;

   -- attending meetings and negotiating with representatives of
      creditors;

   -- taking all necessary action to protect and preserve the
      Debtors' estates, including prosecuting actions on the
      Debtors' behalf;

   -- preparing all motions, applications, answers, orders,
      reports, and papers necessary to the administration of
      the Debtors' estates;

   -- taking necessary action on behalf of the Debtors to obtain
      approval of their Disclosure Statement and confirmation of
      their Plan of Reorganization;

   -- advising the Debtors in connection with any potential sale
      of assets;

   -- appearing before the Bankruptcy Court, appellate courts,
      and the U.S. Trustee, and protect the interest of the
      Debtors' estates;

   -- performing all other necessary legal services in
      connection with the Debtors' Chapter 11 Cases, including
      analyzing leases and executory contracts and any
      assumptions; analyzing the validity of liens against the
      Debtors; and advising on corporate, litigation,
      environmental, and other legal matters.

Latham & Watkins will be paid based on its hourly rates:

           Partners               US$595 to US$975
           Of Counsel             US$525 to US$850
           Associates             US$275 to US$645
           Paraprofessionals       US$90 to US$320

The firm will also be reimbursed for it's reasonable out-of-
pocket expenses.

These professionals are presently expected to have primary
responsibility for providing services to the Debtors:

   * David S. Heller,
   * Richard A. Levy,
   * Josef S. Athanas,
   * Keith A. Simon, and
   * Caroline A. Reckler

Mr. Bassewitz notes that on Feb. 20, 2007, the Debtors advanced
US$1,250,000 to Latham & Watkins as a retainer.  On each of
March 23, April 5, May 4, and June 5, the Debtors advanced a
further US$250,000 to the firm as a retainer.  On July 30, the
Debtors advanced an additional US$100,000.

Much of the retainer has been applied prior to the Petition
Date to prepetition fees and expenses, and as of the Petition
Date, the amount of Latham & Watkins' retainer was approximately
US$6,200.

As of bankruptcy filing, Mr. Bassewitz continues, the Debtors do
not owe the firm any amounts for legal services rendered before
the Petition Date.  During the one year prior to the Petition
Date, the firm received a total of US$5,755,181 in compensation
from the Debtors.

Mr. Heller, Esq., a partner at the firm, assures the Court that
Latham & Watkins is a "disinterested person" as that phrase is
defined in Section 101(14) of the Bankruptcy Code, as modified
by Section 1107(b).

Mr. Heller adds that Latham & Watkins has in the past
represented or currently represents certain of the Debtors'
creditors, equity security holders, or other parties-in-interest
in matters unrelated to the Debtors or the Chapter 11 cases.
None of the representations are materially adverse to the
interests of the Debtors' estates, he says.

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. 2; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BALLY TOTAL: Gets Interim OK to Hire Deloitte as Fin'l Advisor
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan gave Bally Total Fitness Holding Corporation and
its debtor-affiliates authority, on an interim basis, to employ
Deloitte Financial Advisory Services LLP as their financial
advisors, effective as of July 31, 2007.

Deloitte FAS has provided services to the Debtors on a number of
matters for approximately eight months prior to their bankruptcy
filing, including providing financial advisory services in
preparation for the commencement of the Chapter 11 cases, Marc
D. Bassewitz, senior vice president, secretary and general
counsel of Bally Total Fitness Holding Corporation, tells the
Court.

Deloitte FAS is, thus, familiar with the Debtors' businesses and
affairs and many of the potential issues that may arise in the
context of the Chapter 11 cases, Mr. Bassewitz says.

The Debtors expect the firm to:

   -- assist the Debtors in the accumulation of information
      associated with a Chapter 11 filing;

   -- assist the Debtors in the preparation of, and provide
      recommendations regarding, cash management and invoice
      cut-off procedures;

   -- assist the Debtors in the creation of reporting processes,
      including Schedules of Assets and Liabilities, Statements
      of Financial Affairs, Monthly Operating Reports, a
      creditor matrix, and other ancillary reporting;

   -- assist the Debtors in assembling, compiling, and
      formatting the information necessary to prepare first day
      motions, a plan of reorganization and disclosure
      statement;

   -- assist the Debtors in gathering leases, contracts, and
      other agreements;

   -- assist the Debtors in the development of potential Chapter
      11 execution strategies for operational functions,
      including customer management, purchasing, vendor
      management and other logistical issues;

   -- assist the Debtors in the review and reconciliation of the
      claims of their creditors and response to their creditors;

   -- assist the Debtors with the assessment of their actual and
      projected membership revenues;

   -- assist the Debtors with the assessment of the financial
      data and forecasting models utilized in preparing the
      Debtors' membership revenue projections;

   -- assist the Debtors with the assessment of profitability by
      membership types and on a club-by-club basis;

   -- assist the Debtors in connection with the identification,
      development and implementation of restructuring
      alternatives;

   -- attend and participate in court hearings and meetings on
      matters within the scope of the services to be performed
      and as mutually agreed upon; and

   -- provide other services as may be agreed to by the Debtors
      and Deloitte FAS.

According to Mr. Bassewitz, Bally seeks to retain Deloitte FAS
because of its extensive experience and knowledge in the field
of financial advisory services, including financial advisory
services in cases before bankruptcy courts.

In exchange for its services, Deloitte will be paid based on its
hourly rates:

     Partner, Principal or Director   US$500 to US$575
     Senior Manager                   US$425 to US$475
     Manager                          US$350 to US$400
     Senior Associate                 US$275 to US$300
     Associate                        US$225 to US$250

Deloitte's Walton Brown, Carl S. Lane, and Roberto Cortez are
the professionals expected to have primary responsibility for
providing services to the Debtors.

As a result of Deloitte FAS' and its affiliate, Deloitte Tax
LLP's prepetition services to the Debtors, both parties received
retainers from the Debtors in the 90 days prior to the Petition
Date:
                           Amount
                           ------
    Deloitte FAS     US$1,681,004
    Deloitte Tax          645,863

About US$50,562 in Deloitte FAS' retainers remained as of the
Petition Date, while US$91,370 remained in Deloitte Tax's
retainers.  No amounts were due and owing from the Debtors to
both advisors prior to that Date.

The Debtors will indemnify and hold harmless Deloitte FAS, its
subcontractors and their personnel from all claims, liabilities
and expenses relating to the engagement, except to the extent
finally judicially determined to have resulted primarily from
Deloitte FAS' bad faith, intentional misconduct or recklessness.

Mr. Lane, a principal at Deloitte FAS, assures Judge Lifland
that Deloitte FAS is a "disinterested person" as that phrase is
defined in Section 101(14) of the Bankruptcy Code, as modified
by Section 1107(b).

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. 2; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BLOCKBUSTER INC: Weak Qtr. Results Cue Moody's to Lower Ratings
---------------------------------------------------------------
Moody's Investors Service downgraded Blockbuster Inc.'s
corporate family rating to Caa1, its senior secured credit
facilities to B3, and speculative grade liquidity rating to
SGL-4. In addition, Moody's affirmed the senior subordinated
notes rating at Caa2.  The rating outlook remains negative.

The downgrade is prompted by Blockbuster's very weak first and
second quarter results which were significantly below Moody's
expectations and resulted in the company needing to attain an
amendment to the financial covenants contained in its senior
secured bank credit facilities.  The downgrade also reflects the
significant challenge that the management team of Blockbuster
faces as it seeks to quickly turn its dramatic year-over-year
operating declines in order to avoid any further potential
covenant violations.

These ratings are downgraded:

-- Corporate family rating to Caa1 from B3;

-- Senior secured bank credit facilities to B3 (LGD3-42%) from
    B1 (LGD2-25%);

-- Speculative grade liquidity rating to SGL-4 from SGL-3.

These ratings are affirmed:

-- Probability of default rating at B3;
-- Senior subordinated notes at Caa2 (LGD6-92%).

The Caa1 rating reflects Blockbuster's history of highly
volatile and unpredictable operating performance as a result of
the mismanagement of the launch of strategic initiatives,
particularly Total Access and the No Late Fees programs.  In
addition to the need to address its poor execution, Blockbuster
faces the ongoing challenge of all players in the video store
industry of identifying ways of dealing with intense
competition, price deflation and evolving technology.

The corporate family rating reflects Moody's expectation that
EBIT will likely be negative for the fiscal year 2007 even if
the company is able to significantly turn around its operating
declines during the third quarter.  Moody's acknowledges that
the new senior leadership of Blockbuster is in the early stages
of implementing better execution of Total Access and creating an
overall business strategy which will make the most of
Blockbuster's clear leadership in the area of video and game
rentals and preserve its high brand value.

However, the better execution and cost saving initiatives need
to come to fruition quickly as there is a high potential for
further covenant violations unless the company significantly
turns around its operating performance during the third quarter
of 2007.  As a result, the company faces the risk that its bank
lenders may become unwilling to provide additional covenant
relief, particularly if currently difficult market conditions
persist.  In Moody's opinion, the management team not only faces
the challenge of stabilizing the business but also the likely
need to find ways to most cost-effectively rationalize its
leased store base.

The downgrade to SGL-4 reflects Moody's expectation that
Blockbuster's liquidity will be weak over the next four
quarters.  Moody's expects that the company will likely generate
negative free cash flow over the next twelve months.  The
company should have sufficient availability under its US$450
million revolver to be able to fund this deficit.  However,
Moody's believes that Blockbuster is at risk for further
potential covenant violations as the management team of
Blockbuster faces a significant challenge to quickly turn its
dramatic year over year operating declines in order to avoid any
further potential covenant violations.

The company has very limited alternate sources of liquidity as
the majority of the company's tangible and intangible assets are
pledged to the senior secured credit facilities.  In addition,
the company recently monetized two of its assets, GameStation
and Rhino Video, the proceeds of which were used to repay its
term loan facilities, which leaves it with fewer assets to sell
off.

The negative outlook reflects the challenge management faces of
dramatically turning the operating performance quickly to avoid
any further potential covenant violations.  Ratings could be
further downgraded should the risk of a potential covenant
violation come to fruition, should liquidity become constrained,
or should the decline in operating performance not begin to show
signs of improvement.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.


BLOCKBUSTER INC: S&P Pares Corporate Credit Rating to B-
--------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its ratings
on Dallas-based Blockbuster Inc. to 'B-' from 'B'.  The outlook
is negative.

"The ratings action reflects deteriorating operating performance
and declining credit protection metrics," said Standard & Poor's
credit analyst David Kuntz, "as the company spent more on
marketing and cut its fees for Total Access in response to
increased competitiveness in the industry.  "The company also
recently amended its senior secured credit agreement to avoid
covenant violations.  "Standard & Poor's believes Blockbuster's
operating performance will remain weak," added Mr. Kuntz, "given
the industry's poor fundamentals and increasing
competitiveness."

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.


DOMINO'S PIZZA: June 17 Balance Sheet Upside-Down by US$1.4 Bil.
----------------------------------------------------------------
Domino's Pizza Inc.'s balance sheet as of June 17, 2007, showed
total assets of US$474.1 million, total liabilities of US$1.9
billion, and total stockholders' deficit of US$1.4 billion.

The company had working capital of US$86.5 million and cash and
cash equivalents of US$93.3 million at June 17, 2007.

As of June 17, 2007, the company had US$1.7 billion of debt, of
which US$300,000 was classified as a current liability.
Additionally, as of June 17, 2007, the company had borrowings of
US$114.3 million available under its US$150 million revolving
credit facility, net of letters of credit issued of US$30.7
million and US$5 million of borrowings on the variable funding
notes.  The letters of credit are primarily related to the
company's casualty insurance programs and distribution center
leases.

                     Second Quarter Results

Revenues were US$340.3 million, up 3.8% for the second quarter
of 2007, due primarily to an increase in domestic distribution
revenues, driven by higher food prices, primarily cheese, and to
a lesser extent, higher domestic company-owned store and
domestic franchise revenues, driven by increases in same store
sales.  The company had revenues of US$327.7 million for the
second quarter of 2006.

Net income was US$2.3 million, down 90.5% for the second
quarter, driven primarily by the impact of the company's
recapitalization, offset in part by domestic same store sales
growth and continued strong performance in international
operations.  The company had net income of US$24.5 million for
the second quarter of 2006.

A full-text copy of the company's report is available for free
at:

            http://researcharchives.com/t/s?2226

David A. Brandon, Domino's chairman and chief executive officer,
said: "We are pleased to report the sales momentum we created in
our domestic system during the first quarter continued into the
second quarter.  The marketing and operational initiatives we
implemented in our Team USA stores have been duplicated by many
of our franchised stores over the past few quarters, and have
helped drive the sales gains we are reporting today.  And, we
continue to benefit from the strong store growth and same store
sales growth we have come to expect from our International
division."

Mr. Brandon continued: "Our positive sales momentum is
particularly important at this time, as we are currently
experiencing a challenging cost environment with labor,
commodity and energy prices all rising in unison, putting a
short-term strain on store margins.  Although we have nearly 47-
years of experience successfully managing through commodity
pricing cycles and fluctuating cost pressures, the current
situation is unique due to the number of significant cost
increases we are incurring at one time.  We believe these
conditions will lead to a material price increase in the pizza
category."

                     About Domino's Pizza

Headquartered in Ann Arbor, Michigan, Domino's Pizza Inc.
(NYSE: DPZ) -- http://www.dominos.com/-- through its primarily
franchised system, operates a network of 8,190 franchised and
company-owned stores in the U.S. and more than 50 countries.
Founded in 1960, the company has more than 500 stores in Mexico.
The Domino's Pizza(R) brand, named a Megabrand by Advertising
Age magazine, had global retail sales of nearly US$5 billion in
2005, comprised of US$3.3 billion domestically and US$1.7
billion internationally.


FREESCALE SEMICONDUCTOR: Taps Collier to Sell East Kilbride Site
----------------------------------------------------------------
Freescale Semiconductor Inc. has acquired the service of real
estate adviser Collier International to help sell its East
Kilbride manufacturing site, The Scotsman reports.

As reported on July 18, 2007, Freescale is looking for a buyer
for its East Kilbride factory in the United Kingdom and has
already informed the site's around 900 employees of the sale
plan.

The Scotsman notes that many electronics firms are transferring
to countries with lower overheads, which makes the hunt for East
Kilbride site's buyer more difficult.

Freescale is reportedly shifting its production to Texas,
U.S.A., but could retain a research and development operation at
East Kilbride, The Scotsman adds.

                      About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets. Freescale
Semiconductor became a publicly traded company in July 2004.
The company has design, research and development, manufacturing
or sales operations in more than 30 countries.  In Latin
America, Freescale Semiconductor has operations in Argentina,
Brazil and Mexico.  In Europe, the company has operations in
Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey
and the United Kingdom.  Revenues for the 12 months ended
March 31, 2007 were US$6.2 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2007, Moody's Investors Service affirmed the ratings of
Freescale Semiconductor, Inc., and changed the outlook to
negative.

These ratings/assessments were affirmed:

   -- Corporate Family Rating (New) -- Ba3;

   -- Probability of Default Rating -- Ba3;

   -- US$750 Million Senior Secured Revolving Credit Facility
      due 2012 -- Baa3 (LGD-2, 16%);

   -- US$3.50 Billion Senior Secured Term Loan B Facility due
      2013 -- Baa3 (LGD-2, 16%);

   -- US$2.85 Billion Senior Unsecured Notes due 2014 -- B1
     (LGD-4, 63%);

   -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014 --
      B1 (LGD-4, 63%);

   -- US$1.60 Billion Senior Subordinated Unsecured Notes due
      2016 -- B2 (LGD-6, 91%); and

   -- Speculative Grade Liquidity Rating -- SGL-1.


GRUPO MEXICO: Assures of Meeting Demands Despite Work Stoppage
--------------------------------------------------------------
A Grupo Mexico SA, de C.V., spokesperson told Business News
Americas that the company still has sufficient stock to meet the
clients' demands and orders that had already been made.

There were no economic effects resulting from work stoppage
seen, BNamericas notes, citing the spokesperson.

BNamericas relates that the Mexican national mining-metalworkers
union STMMRM launched the strikes against Grupo Mexico at the
company's Cananea copper mine, San Martin zinc mine and Taxco
silver-lead-zinc mine to demand a negotiation of collective
contracts and apply pressure to improve safety and working
conditions.

"As the days pass, this will change," the spokesperson admitted
to BNamericas, alluding to the threat of material and economic
consequences if the strikes are prolonged.

According to BNamericas, Grupo Mexico claimed that the union
wanted allegations against its leader, Napoleon Gomez Urrutia,
to be withdrawn so that he could come back to Mexico.

The spokesperson commented to BNamericas, "The company demanded
an agenda on labor related issues only, such as the labor
contract violations and safety issues the union wanted
addressed."

However, union spokesperson Carlos Pavon denied the Grupo Mexico
spokesperson's statement to Mexican news daily La Jornada.  He
claimed that attorneys on both sides talked about the
allegations thrown at one another.

Mr. Pavon told BNamericas, "We know that the labor ministry
can't do anything about this because they are criminal
accusations."

BNamericas notes that Grupo Mexico "asked the labor ministry's
federal arbitration and reconciliation council to declare the
strikes illegal and to restore the necessary conditions to
resume production."

A Grupo Mexico executive told BNamericas, "We are certain that
the council will declare the strikes illegal, we haven't even
considered them not doing so."

BNamericas states that the union spokesperson had said that the
group was prepared for the council to declare the strikes
illegal.

"We have the option to appeal and if that fails we have the
final administrative appeal.  Until that is done we won't stop
strikes, and this is a process that takes about two months," Mr.
Pavon told BNamericas.

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

                        *     *     *

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


INTERTAPE POLYMER: Planned Issue Cues S&P to Watch Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' corporate
credit rating and other ratings on Intertape Polymer Group Inc.
remain on CreditWatch with negative implications, following the
company's recent announcement of a proposed rights issue of up
to US$90 million.

The ratings were originally placed on CreditWatch in October
2006, after Intertape's announcement of a strategic review
process and our concerns regarding weak operating performance
and tight liquidity.  Littlejohn & Co. LLC's subsequent attempt
to acquire the company was unsuccessful, and the related
financing transaction was cancelled.  S&P are withdrawing its
ratings on Tape Borrower Inc. because of the cancellation of the
financing transaction related to the proposed acquisition.

"S&P remain concerned about Intertape's liquidity. Of particular
concern were the company's comments at the time of the proposed
acquisition that if the acquisition was not approved by
shareholders, Intertape may have to seek appropriate
accommodations from its lenders with respect to financial
covenants," said Standard & Poor's credit analyst Paul Kurias.

The company's US$75 million revolving credit facility is a key
source of liquidity and any constraints in access to the
facility will meaningfully weaken liquidity.  In the recent
past, on occasions when full access to the US$75 million
facility would have resulted in a breach of financial covenants,
Intertape has had only limited access to the facility.

The company also has an unfavorable debt maturity profile with
the revolving credit facility scheduled to mature in 2009. In
addition, we have concerns about the highly leveraged financial
profile.  Total adjusted debt (adjusted to include present value
of operating leases and pension obligations) outstanding as of
March 31, 2007, was US$338 million.

To date, Intertape Polymer has received commitments from some
shareholders totaling slightly more than over US$60 million for
the proposed rights offering.  If successful, the transaction is
likely to partly address our liquidity and leverage concerns.
The company plans to use proceeds to pay down debt. Pro forma
for the US$90 million transaction and the payment of debt,
total adjusted debt to EBITDA at March 31, 2007, would have been
about 4.1x, down from the actual level of 5.5x.

However, Standard & Poor's notes that the commitments from
shareholders are contingent on the company's ability to avoid a
default on its existing credit facilities.  Therefore, if the
rights offering is not consummated or if the company is unable
to obtain bank covenant relief, we will likely lower the
ratings.  If the transaction and debt payment occur as planned,
we will raise the corporate credit rating on Intertape to 'B'
from 'B-' to reflect a meaningful decline in leverage, an
improvement in liquidity, and our expectation for an improvement
in the company's operating performance.  The 'B' corporate
credit rating will reflect a limited scope of operations in the
tapes niche of the North American packaging sector and a small
presence in films, low margins with some volatility in earnings,
vulnerability to cyclical end markets, and a highly leveraged
financial profile.  These risks are partly offset by a fair
position in the company's market niches, breadth of customer
base, and positive growth prospects for industrial tape demand
in North America.  The outlook will be stable. The need to
refinance debt within the next two years and the volatility in
earnings, as demonstrated in the second half of 2006 when
quarterly earnings declined sharply for reasons including a
weaker housing market, which is an ongoing concern, will
constrain the ratings.  The recent track record of low
liquidity, including issues with covenant compliance, also
constrains the ratings.

S&P expects to resolve the CreditWatch listing when information
on the company's capacity to meet its financial covenants,
receipt of proceeds from the rights issue, and payment of debt
becomes available.

Headquartered in Quebec, Canada, Intertape Polymer Group (TSX:
ITP) (NYSE: ITP) -- http://www.intertapepolymer.com/-- develops
and manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use.  The company employs about 2450
employees with operations in 18 locations, including 13
manufacturing facilities in North America, one in Europe and in
Mexico.


JABIL CIRCUIT: To Set Up Two New Divisions, Appoints Officers
-------------------------------------------------------------
Jabil Circuit Inc.'s board of directors has approved a plan to
establish a Consumer Electronics division and an EMS division.
The Consumer division will be formed to meet the distinct needs
of the consumer marketplace.  The EMS division will continue to
provide world-class end-to-end supply chain solutions for
customers in a broad range of industry sectors.  The change is
effective Sept. 1, 2007.

"We believe that we will unleash even more creative and cost-
effective solutions for our customers by grouping business units
with similar needs together into divisions, each with full
ownership and accountability for design, operations, supply
chain and delivery," said Timothy L. Main, Jabil's president and
chief executive officer.  "Our business has grown to a size and
scale that we believe provides the critical mass to make this
free standing division approach successful."

                     Consumer Division

Jabil will establish the Consumer Electronics division with
dedicated resources designed to meet the unique needs of the
consumer products industry.  The division will address the
marketplace needs of mobility, connected displays, set-top boxes
and peripheral products.  Dedicated design resources combined
with vertically integrated supply chain solutions and certain
existing and planned manufacturing operations, will provide a
full complement of assets to provide low cost solutions for
consumer electronics customers.

Seventeen year Jabil veteran John P. Lovato was named executive
vice president and chief executive officer, consumer division,
effective Sept. 1, 2007.

"The consumer electronics sector represents an enormous market
opportunity for Jabil as major consumer product companies around
the world are adopting outsourcing as their go-to-market
strategy.  These customers tend to be very product focused and
prefer suppliers with deep product knowledge and expertise.
They also favor vertical integration of certain technologies and
capabilities.  Jabil's new divisional focus and the
complementary services of Green Point will allow us to address
both of these needs," said Mr. Lovato.

                        EMS Division

The EMS Division will focus on the traditional and emerging
electronic manufacturing services business sectors.  Traditional
sectors, characterized by a longer-term experience in utilizing
the electronics outsourcing model, include networking,
computing, storage and telecommunications businesses.  Emerging
sectors are newer to the outsourcing model and include areas
such as automotive, medical, industrial, instrumentation,
defense and aerospace.  Both traditional and emerging sector
customers primarily sell directly to business or organizations
and utilize outsourcing as a means of reducing internal design
and manufacturing costs while focusing on the core of their
business.  The EMS Division will be chartered with continuing to
grow traditional market business and nurturing the blossoming
emerging sectors with cost-effective design, manufacturing and
delivery of products to these customers.

The EMS Division will be headed by 15-year Jabil executive
William D. Muir, who was named Executive vice president and
chief executive officer of the division, effective
Sept. 1, 2007.

"The new approach will allow enhanced focus on the specific
needs of our traditional and emerging market customers," said
Bill Muir, senior vice president.  "We believe this model will
add to the agility and responsiveness in delivering sector-
specific design, manufacturing, fulfillment and supply chain
solutions."

"For over 30 years we have empowered our customer-centric
business units to develop customized solutions for our
customers.  The continued use of our customer-centric model with
this divisional approach will more narrowly focus our best
people on the unique needs of specific customers and sectors.
Our customers and shareholders will benefit as we strive for
higher levels of performance with strong diversification and
full exposure to the secular trend to an outsourcing model,"
said Mr. Main.

                     About Jabil Circuit

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- is an electronic product solutions
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Moody's Investors Service confirmed Jabil Circuit,
Inc.'s Ba1 corporate family rating and revised the outlook to
negative following the recent filing of its fiscal 2006 (August
yearend) 10-K and fiscal 2007 first and second quarter tenth-
quarters. Simultaneously, Moody's upgraded the rating on the
existing US$300 million senior unsecured notes to Ba1 from Ba2.


KANSAS CITY SOUTHERN: Won't Develop Multimodal Terminal
-------------------------------------------------------
Kansas City Southern de Mexico SA de CV's deputy director of
institutional relations Jaime Valdez told Business News Americas
that the company has no short-term plans to develop a multimodal
terminal in Saltillo, Coahuila.

According to BNamericas, Mr. Valdez said that US car company and
long-time Kansas City Southern customer Chrysler wants to
construct a new plant for freightliner cargo trucks to the west
of Saltillo.  But Kansas City Southern has received no formal
offers to develop a multimodal terminal there.

"We know of a project in which some businesses are participating
to develop a multimodal complex there called La Celula.  But we
have not been invited to participate," Mr. Valdez commented to
BNamericas.

"I am sure that [La Celula] will be one of the best pillars for
regional development in the country, due to its position,
infrastructure, water, electricity, highways and proximity to
the ports of Veracruz and Tuxpan," Puebla governor Mario Marin
told BNamericas.

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

                        *     *     *

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

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

                        *     *     *

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

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

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

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

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


KRONOS INC: Hires Chris Todd to Manage Customer Engagements
-----------------------------------------------------------
Kronos(R) Incorporated has appointed Chris Todd to cultivate and
manage customer engagements and oversee the management and
growth of the company's North American professional services
organization.  As vice president of professional services, Mr.
Todd will report directly to Kronos Chief Executive Officer Aron
Ain.

"We welcome Chris to our management team at an exciting juncture
in the growth and development of the company," said Mr. Ain.
"Chris will draw upon his operational expertise and impressive
sales track record to boost the breadth and depth of our
professional services offerings as we strive to build the first
US$1 billion software company exclusively focused on managing
the workforce."

Mr. Todd joins Kronos after seven years with Blackbaud, Inc., a
global provider of application software and related services for
nonprofit organizations.  As senior vice president of worldwide
sales and operations, Todd managed Blackbaud's U.S. sales team
and was responsible for all aspects of operations, including
professional services and support, in Australia, Scotland, and
England.  Prior to Blackbaud, Mr. Todd held various management
positions with NetGen Inc., McKinsey & Co., and S.G. Warburg &
Co. Inc.

Headquartered in Chelmsford, Mass., Kronos Inc. --
http://www.kronos.com/-- provides a suite of solutions that
automate employee-centric processes, as well as tools to
optimize the workforce.  It provides workforce management
software, including time and attendance software and talent
management (recruiting) software.  The company offers its
products primarily in the United States, Canada, Mexico, the
United Kingdom, Australia, and New Zealand.

The company posts about US$617 million of revenues for the
twelve months ended March 31, 2007.

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service assigned Kronos, Inc. a
first time B2 corporate family rating and a stable rating
outlook.  Moody's also assigned a first time Ba3 rating to the
company's:

  -- first lien credit facilities (US$665 million term loan,
     due 2014, and US$60 million revolving credit facility,
     expires 2013); and

  -- a Caa1 rating to its US$390 million second lien term loan,
     due 2015.


LEAR CORP: Earns US$123.6 Mln in 2nd Quarter Ended June 30, 2007
----------------------------------------------------------------
Lear Corporation reported net income of US$123.6 million for the
second quarter ended June 30, 2007, compared with a net loss of
US$6.4 million for the second quarter of 2006.

For the second quarter of 2007, Lear reported net sales of
US$4.2 billion and pretax income of US$143.9 million, including
restructuring costs of US$34.8 million and other special items
of US$3.4 million.  For the second quarter of 2006, Lear
reported net sales of US$4.8 billion and pretax income of
USUS$31.5 million, including restructuring costs and other
special items of US$24.3 million.

In Lear's seating and electrical and electronic segments, net
sales were US$4.1 billion and EBITDA net income was
US$229.3 million for the second quarter of 2007.  This compares
with net sales of US$3.9 billion and core operating earnings of
US$164.7 million for the second quarter of 2006.  A
reconciliation of core operating earnings to pretax income as
determined by generally accepted accounting principles is
provided in the supplemental data pages.

The decline in reported net sales for the quarter reflects
primarily the divestiture of Lear's Interior business and lower
production in North America, offset in part by the benefit of
new business mainly outside of North America and favorable
foreign exchange.  Operating improvement reflects favorable cost
performance, the benefit of new business and the divestiture of
Lear's Interior business, offset in part by lower production in
North America.

During the second quarter, the Company continued to make solid
progress on its global restructuring initiative, including
actions related to low-cost country sourcing, capacity alignment
and further administrative consolidation actions.  Also during
the quarter, the Company continued to win new business in Asia
and with Asian manufacturers globally.  In addition, Lear
announced an industry first with its agreement to supply Ford
Motor Company with SoyFoam for the seats in the 2008 Ford
Mustang.

"The Lear team was able to deliver improved financial results as
benefits from restructuring activities, ongoing cost and
efficiency actions and new business globally more than offset
lower production in North America," said Lear Chairman and CEO
Bob Rossiter.  "Going forward, we plan to continue with our
strategy of global restructuring and further sales
diversification to improve our longer-term competitiveness."

Full-Year 2007 Outlook

Lear expects 2007 net sales of approximately US$15.0 billion.
This is up about US$200 million from the prior outlook,
reflecting primarily a stronger Euro and increased production
outside of North America.

Lear anticipates 2007 core operating earnings to be in the range
of US$600 to US$640 million.  This is unchanged from the last
full-year outlook provided, but the Company now sees earnings at
or near the high end of this range.

Restructuring costs in 2007 are estimated to be about US$100
million.

Interest expense is estimated to be in the range of US$210 to
US$215 million.  Pretax income before restructuring costs and
other special items is estimated to be in the range of US$335 to
US$375 million.  Tax expense is expected to be approximately
USUS$120 million, depending on the mix of earnings by country.

Capital spending in 2007 is estimated at approximately US$235
million, down US$15 million from the prior outlook, reflecting
primarily program timing and spending efficiencies.
Depreciation and amortization expense is estimated at about
US$310 million.

Free cash flow is expected to be positive at about US$275
million for the year.

Key assumptions underlying Lear's full-year financial outlook
include expectations for industry vehicle production of
approximately 15.1 million units in North America and 19.7
million units in Europe.

                       About Lear Corp.

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

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

                        *     *     *

As reported on July 27, 2007, that Standard & Poor's Ratings
Services has raised its corporate credit rating on Lear Corp. to
'B+' from 'B' and removed the ratings from CreditWatch with
positive implications where they were placed on
July 17, 2007.


PERNOD RICARD: Reports Strong Growth for Fiscal 2006/2007
---------------------------------------------------------
Pernod Ricard S.A. realized sales of EUR6.44 billion for
financial year ended June 30, 2007, compared with EUR6.07
billion group sales for the year ended June 30, 2006.

According to the company the performance comprised a strong 9.1%
organic growth, a -2.8% foreign exchange effect, and a +0.2%
group structure effect.

The group's 15 strategic brands registered organic growth: +9%
in volume and +13% in value, in line with the Group's
premiumization strategy.  All of these 15 strategic brands
progressed and the following eight posted double-digit volume
growth:

   -- Stolichnaya (+18%);
   -- Martell (+17%);
   -- Montana (+17%);
   -- Havana Club (+15%);
   -- The Glenlivet (+15%);
   -- Perrier Jouet (+15%);
   -- Ballantine's (+11%); and
   -- Jameson (+11%).

Over the full financial year, the spirits business and the wine
business increased by +11.0% and +1.3%, respectively.  Spirits
continued to grow strongly in the second half-year with a 9.4%
sales increase while wine stepped up its growth to +4.5%.

Overall, the strong 8.6% second half growth confirmed the 9.7%
performance achieved in first half, which included a favorable
comparison effect related to the reduction in inventory that
followed the Allied Domecq acquisition.

Consolidated sales for the fourth quarter increased by 3.2% to
EUR1.54 billion, a +5.5% organic growth, thereby reflecting
continuing strong growth following a particularly buoyant third
quarter.  The level of selling and advertising expenditure in
the second half-year was high due to the launch of new
advertising campaigns.

In Patrick Ricard's opinion, Chairman and CEO of the Group,
"2006/2007 was a further year of very strong growth for Pernod
Ricard which witnessed progress by all strategic brands.  The
great success of our premium brands and our rapid growth in
emerging countries were the two principal drivers of this
performance and should ensure continued vigorous growth for the
year in progress."

The business environment throughout the second half-year and the
favorable evolution of profit margins enabled a significant
increase in selling and advertising expenditure over the second
half of the financial year and leads to the expectation of
growth in net profit from ordinary activities to be slightly in
excess of initial guidance of 20%, on a constant foreign
exchange basis.

The company will release 2006/2007 full-year results on
Sept. 20, 2007.  The company will then have a combined general
meeting on Nov. 7, 2007.

                     About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The Company operates in Europe, North
America, Brazil, Mexico, and the Asia-Pacific region.

                        *     *     *

As reported on Nov. 21, 2006, Standard & Poor's Ratings Services
raised its long-term corporate credit and senior unsecured debt
ratings on French spirits manufacturer and marketer Pernod
Ricard S.A. to 'BB+' from 'BB' following quicker-than-expected
integration of acquired businesses and improved profitability
prospects.

At the same time, the 'B' short-term corporate credit rating was
affirmed.  S&P said the outlook is stable.


* MEXICO: S&P Raises Banking Industry Country Risk Assessment
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its Banking Industry
Country Risk Assessment on United Mexican States to Group 4 from
Group 5.

"This action reflects the relatively stable Mexican economic and
monetary environment, the low levels of indebtedness of
enterprises and households, the expansion and maturation of
Mexico's capital markets, and the sustained improvement in the
financial performance of the banking sector as a whole," said
Standard & Poor's credit analyst Laurence Wattraint.  The
improvement in banking industry country risk is a positive
element that underpins bank credit ratings.  This action alone
will not lead to upgrades of banks in Mexico; combined with
positive trends in other factors specific to individual banks,
however, it could contribute to a positive change in bank
ratings.

The domestic macroeconomic stability that has taken root during
the past five years has spurred credit demand and strong loan
growth and helped broaden and deepen the Mexican financial
markets.  In particular, sustained development of the debt
markets has expanded the funding sources available to both
corporate and financial institutions.  Companies and banks can
now borrow longer term in Mexican pesos.  Mexico is one of the
five largest emerging market recipients of foreign direct
investment, due to the stabilization of its economy, its large
size, and membership in NAFTA (North America Free Trade
Agreement).  These factors all create an improved operating
environment for the banking industry.

The performance of Mexican banks has improved considerably
during the past few years, buoyed by fewer loan losses, a more
profitably asset mix geared to higher yielding consumer loans,
and improvements in operating efficiency.

Mexico's banking industry country risk remains greater than that
in most mature market economies.  Risk points include the
country's lack of political consensus to boost economic growth,
although improving disclosure transparency is still incipient
within the banking industry; shortcomings in the judicial
system; still problematic enforcement of guarantees; and
lingering corruption.  Additionally, the economic cycle has been
benign for the banking industry, and its performance in a
distressed scenario has not been tested.




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


HANOVER COMPRESSOR: Prices Tender Offers & Consent Solicitations
----------------------------------------------------------------
Hanover Compressor Company reported the pricing terms for its
previously announced tender offers and consent solicitations
for:

   (1) US$200 million in aggregate principal amount of its
       8.625% Senior Notes due 2010,

   (2) US$200 million in aggregate principal amount of its 9.0%
       Senior Notes due 2014 and

   (3) US$150 million in aggregate principal amount of its 7.5%
       Senior Notes due 2013.

The total consideration per US$1,000 principal amount of the
8.625% Notes validly tendered and not validly withdrawn prior to
5:00 p.m., New York City time, on Aug. 1, 2007 is US$1,052.39,
of which US$30.00 is the consent payment.  As of 2:00 p.m., New
York City time, on Aug. 3, 2007, the yield to maturity on the
4.25% U.S. Treasury Note due November 30, 2007, the reference
security for the 8.625% Notes, was 4.863% and the tender offer
yield on the 8.625% Notes was 5.363%.  Holders whose 8.625%
Notes are validly tendered at or after the Consent Payment
Deadline and prior to 5:00 p.m., New York City time, on
Aug. 17, 2007, and are accepted for payment will receive the
tender offer consideration of US$1,022.39 per US$1,000 principal
amount of 8.625% Notes tendered, which amount does not include
the US$30.00 consent payment.

The total consideration per US$1,000 principal amount of the
9.0% Notes validly tendered and not validly withdrawn prior to
the Consent Payment Deadline is US$1,107.26, of which US$30.00
is the consent payment.  As of the Price Determination Date, the
yield to maturity on the 4.875% U.S. Treasury Note due
May 31, 2009, the reference security for the 9.0% Notes, was
4.563% and the tender offer yield on the 9.0% Notes was 5.063%.
Holders whose 9.0% Notes are validly tendered at or after the
Consent Payment Deadline and prior to the Expiration Time and
are accepted for payment will receive the tender offer
consideration of US$1,077.26 per US$1,000 principal amount of
9.0% Notes tendered, which amount does not include the US$30.00
consent payment.

The total consideration per US$1,000 principal amount of the
7.5% Notes validly tendered and not validly withdrawn prior to
the Consent Payment Deadline is US$1,094.11, of which US$30.00
is the consent payment.  As of the Price Determination Date, the
yield to maturity on the 4.0% U.S. Treasury Note due
April 15, 2010, the reference security for the 7.5% Notes, was
4.503% and the tender offer yield on the 7.5% Notes was 5.003%.
Holders whose 7.5% Notes are validly tendered at or after the
Consent Payment Deadline and prior to the Expiration Time and
are accepted for payment will receive the tender offer
consideration of US$1,064.11 per US$1,000 principal amount of
7.5% Notes tendered, which amount does not include the US$30.00
consent payment.

In addition, holders whose Notes are validly tendered and
accepted for purchase will receive accrued and unpaid interest
on those Notes from the last interest payment date up to, but
not including, the applicable payment date for the offer.

Withdrawal rights with respect to tendered Notes have expired.
Accordingly, Notes tendered may no longer be withdrawn and
consents delivered may no longer be revoked.

The tender offers and consent solicitations will expire at the
Expiration Time, unless extended or earlier terminated by the
Company.  The company reserves the right to terminate, withdraw
or amend the tender offers and consent solicitations at any time
subject to applicable law.

The company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not validly withdrawn pursuant to the
tender offers and the consent solicitations is subject to the
satisfaction or waiver of certain conditions, including, among
others, the consummation of the mergers contemplated by the
Agreement and Plan of Merger among the Company, Universal
Compression Holdings, Inc., Exterran Holdings, Inc. (formerly
Iliad Holdings, Inc.) and Exterran's subsidiaries, dated
Feb. 5, 2007, as amended, and the receipt of sufficient funds to
consummate the tender offers.  Each tender offer and consent
solicitation is independent of the others, and the complete
terms and conditions of the tender offers and the consent
solicitations are set forth in the tender offer documents, which
are being sent to holders of Notes.  Holders of Notes are urged
to read the tender offer documents carefully.

The tender offers are part of the refinancing plan of the
Company and Universal being implemented in anticipation of the
closing of their pending merger, which is currently expected to
occur on or about Aug. 20, 2007, if the conditions to the
closing set forth in the Agreement and Plan of Merger have been
satisfied as of that date.  As part of the refinancing plan,
Exterran Holdings, Inc., which will be the publicly traded
holding company following the completion of the merger, has
engaged Wachovia Capital Markets, LLC and J.P. Morgan Securities
Inc. to arrange and syndicate a senior secured credit facility,
consisting of a revolving credit facility and a term loan, and
has engaged Wachovia to provide a new asset-backed
securitization facility to Exterran.  The primary purpose of
these new facilities will be to fund the redemption or
repurchase of all of the company's and Universal's outstanding
debt other than the company's convertible debt securities and
the credit facility of Universal's publicly traded subsidiary,
Universal Compression Partners, L.P. The new facilities will
replace the Company's and Universal's existing bank lines and
Universal's existing asset-backed securitization facility.  The
closing of the new facilities is subject to, among other things,
the receipt of sufficient commitments from participating lenders
and the execution of mutually satisfactory documentation.

Wachovia Securities has been retained to act as exclusive dealer
manager in connection with the tender offers and consent
solicitations.  Questions about the tender offers and consent
solicitations may be directed to Wachovia Securities at (866)
309-6316 (toll free) or (704) 715-8341 (collect).  Copies of the
tender offer documents and other related documents may be
obtained from D.F. King & Co., Inc., the information agent for
the tender offers and consent solicitations, at (800) 859-8508
(toll free) or (212) 269-5550 (collect).

The tender offers and consent solicitations are being made
solely by means of the tender offer documents.  Under no
circumstances shall this press release constitute an offer to
purchase or the solicitation of an offer to sell the Notes or
any other securities of the Company or any other person, nor
shall there be any offer or sale of any Notes or other
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.

              About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co. and its related entity Hanover Compression L.P. on
CreditWatch with positive implications.




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


B&G FOODS: Earns US$3.7 Million in Second Quarter Ended June 30
---------------------------------------------------------------
B&G Foods Inc. reported net income of US$3.7 million for the
second quarter ended June 30, 2007, compared to US$2.3 million
for the second quarter of 2006.

Net sales for the second quarter of 2007 increased 12.3% to
US$118.2 million from US$105.3 million for the thirteen weeks
ended July 1, 2006.  Excluding the impact of the Cream of Wheat
acquisition and the termination of a temporary co-packing
arrangement, net sales increased US$1.6 million or 1.5% relating
to increases in sales price and unit volume.  The Cream of Wheat
acquisition accounted for US$12.4 million of the net sales
increase offset by a decrease in net sales of US$1.1 million
relating to the termination of the temporary co-packing
arrangement.

                  First Two Quarters of 2007

Net income was US$7.8 million for the first two quarters of
2007, compared to US$5.3 million for the comparable period of
fiscal 2006.

Net sales for the first two quarters of 2007 increased 12% to
US$221.9 million from US$198.2 million in the comparable period
of fiscal 2006.  Excluding the impact of Cream of Wheat
acquisition and the termination of a temporary co-packing
arrangement, net sales increased US$6.2 million or 3.2% relating
to increases in sales price and unit volume.  The Cream of Wheat
acquisition accounted for US$18.8 million of the net sales
increase offset by a decrease in net sales of US$1.3 million
relating to the termination of the temporary co-packing
arrangement.

As of June 30, 2006, the company had total assets of US$839.6
million, total liabilities of US$656.2 million, and total
stockholders' equity of US$183.4 million.

David L. Wenner, chief executive officer of B&G Foods, stated,
"The company's second quarter performance reflects successful
pricing initiatives and ongoing effective cost management, as
well as positive contributions from our recently-acquired Cream
of Wheat business.  During the quarter we were delighted to
complete the initial public offering of our Class A common stock
as a separately traded security.  We believe that our new
capital structure and reduced leverage leave us exceptionally
well-positioned to continue to execute our growth strategies and
to pursue attractive acquisition opportunities."

                Class A Common Stock Offering

As previously reported, during the second quarter of 2007, B&G
Foods closed its initial public offering of 15,985,000 shares of
its Class A common stock as a separately traded security, which
includes 2,085,000 shares issued pursuant to the fully exercised
underwriters' option to purchase additional shares, at US$13.00
per share.  The separately traded Class A common stock trades on
the New York Stock Exchange under the trading symbol "BGS" and
trades separately from B&G Foods' Enhanced Income Securities,
each of which represents one share of Class A common stock and
US$7.15 principal amount of 12% senior subordinated notes due
2016 and trade on the New York Stock Exchange under the trading
symbol "BGF."

The proceeds of the offering, after deducting underwriting
discounts and commissions and other fees and expenses, were
US$193.2 million.  In connection with the offering, B&G Foods
repurchased 6,762,455 outstanding shares of its Class B common
stock for US$82.4 million, and the remaining 793,988 shares of
its outstanding Class B common stock were exchanged for an equal
number of shares of Class A common stock.  B&G Foods also
prepaid US$100 million of its term loan borrowings under its
senior secured credit facility.  B&G Foods expects to use the
remaining net proceeds of the offering for general corporate
purposes.

As of July 25, 2007, B&G Foods had 36,778,988 shares of Class A
common stock issued and outstanding, 17,290,567 of which were
held in the form of EISs and 19,488,421 of which were held
separate from EISs.  As of July 25, 2007, the registrant had no
shares of Class B common stock issued or outstanding.

                       About B&G Foods

B&G Foods Inc. (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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, 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.  Moody's said 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%


PRG SCHULTZ: June 30 Balance Sheet Upside-Down by US$71.3 Mil.
--------------------------------------------------------------
PRG Shultz International Inc.'s balance sheet at June 30, 2007,
showed US$114.4 million in total assets, US$177.5 million in
total liabilities, and US$8.3 million in mandatory redeemable
participating preferred stock, resulting in US$71.3 million
stockholders' deficit.

PRG-Schultz had net earnings for the 2007 second quarter of
US$18.6 million, compared to a net loss of US$3.6 million for
the same period in 2006.  The second quarter 2007 net earnings
included a gain on the sale of the Company's Meridian business
unit of about US$19.5 million, earnings from discontinued
operations of US$200,000 and a US$2.7 million charge for stock-
based compensation.  The second quarter 2006 net loss included a
charge of US$400,000 for stock-based compensation and an
operational restructuring charge of US$1.6 million.

Consolidated revenue for the second quarter of 2007 was US$53.3
million, a decrease of 3.3% compared to US$55.1 million for the
same period in 2006.  Cost of Revenue and SG&A expenses combined
were US$49.4 million for the 2007 second quarter, down 6.3%
compared to the same period in 2006.

Net earnings for the first six months of 2007 were US$20.1
million, which included the gain on the sale of the Meridian
business of US$19.5 million, earnings from discontinued
operations of US$300,000, and US$5.4 million of stock-based
compensation expense.  This compares to a net loss of US$13.9
million for the same period in 2006, which included earnings
from discontinued operations of US$1.2 million, a US$10.1
million non-cash charge related to the company's financial
restructuring, a charge of US$700,000 related to stock-based
compensation, and US$2 million of restructuring charges.

Consolidated revenue in the first six months of 2007 was
US$110.3 million compared to US$110.9 million for the same
period in 2006.  Cost of Revenue and SG&A expenses combined were
US$100.3 million for the first six months of 2007, down 5.9%
compared to the same period in 2006.

                          Liquidity

At June 30, 2007, the company had cash and cash equivalents of
US$29.6 million and had no borrowings against its revolving
credit facility.  Total principal amount of debt outstanding at
quarter-end was US$108.9 million, a reduction of US$21.4 million
compared to the debt outstanding at the beginning of the
quarter.  The reduction in debt during the quarter was the
result of the company's paying off the remaining US$15.4 million
balance on its term loan and the conversion of US$5.9 million
principal amount of outstanding senior convertible notes due
2011 into about 903,000 shares of common stock.

Debt outstanding at the end of the second quarter included
US$51.5 million in principal amount of 11% senior notes due
2011, US$56.1 million in principal amount of 10% senior
convertible notes due 2011, and US$1.3 million of capital lease
obligations.

In addition, the company had 9% Series A preferred stock
outstanding at quarter-end with an aggregate liquidation
preference of US$8.3 million, which is mandatorily redeemable in
2011.  The aggregate liquidation preference on the Series A
preferred stock decreased by US$600,000 during the quarter, the
net result of an increase of US$200,000 from the accretion of
unpaid dividends and the conversion of Series A preferred shares
representing US$800,000 in liquidation preference into about
296,000 shares of common stock.

"We continued our forward momentum during the second quarter,
registering our sixth successive quarter of year-over-year
increase in adjusted EBITDA," said James B. McCurry, chairman,
president and chief executive officer.  "During the quarter we
reduced our total debt outstanding while increasing our cash on
hand, and we sharpened our strategic focus by successfully
divesting our Meridian business unit.  We also made significant
progress in our initiative to pioneer recovery audit in
Medicare, with proceeds from our contract to audit Medicare
spending in California making an important contribution to our
revenue for the quarter."

                     About PRG Schultz

Headquartered in Atlanta, PRG Schultz International Inc.
(NasdaqGM: PRGX) -- http://www.prgx.com/-- is the world's
leading recovery audit firm, providing clients throughout the
world with insightful value to optimize and expertly manage
their business transactions.  Using proprietary software and
expert audit methodologies, PRG industry specialists review
client purchases and payment information to identify and recover
overpayments.

The company has operations in Brazil, Mexico, and Puerto Rico.




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


HILTON HOTELS: Sets Stockholders Special Meeting for Sept. 18
-------------------------------------------------------------
Hilton Hotels Corporation has scheduled a special meeting of
stockholders for Sept. 18, 2007, at 9:00 a.m. local time.  The
special meeting will be held at the Beverly Hilton, 9876
Wilshire Boulevard, Beverly Hills, California.

At the special meeting, Hilton's stockholders will vote upon a
proposal to adopt the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the merger is subject
to certain conditions, including the receipt of required
regulatory approvals and the approval of Hilton's stockholders.
Hilton's stockholders of record as of the record date of
Aug. 6, 2007 are entitled to vote on the proposed acquisition at
the special meeting.

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: Fitch Places Ratings on Watch Positive
--------------------------------------------------
Fitch places the ratings of CMS Energy Corp. and Consumers
Energy Co. on Rating Watch Positive.  The Rating Watch Positive
reflects the continuing reduction of business risk that resulted
from the substantial completion of the asset sale and
restructuring program and the company's plan to reduce parent
debt by US$650 million using a portion of the US$1.6 billion of
proceeds from non-strategic asset sales that closed in 2007.
Fitch previously raised the ratings of both CMS and Consumers in
March 2007, and commented on the favorable credit outlook and
the benefits of the simplified business portfolio.

Fitch expects to resolve the Rating Watch status within the next
several months following Fitch's refinement of the expected
improvements in forecasted credit ratios, which will hinge in
part on the progress of Consumers' pending electric and gas rate
cases. Consumers has requested a US$282 million increase in its
electric tariffs, and Michigan Public Service Commission (PSC)
staff is scheduled to file its testimony on the inclusion of the
acquired Zeeland plant in the utility's rate base and the
utility's request for an interim tariff increase on Sept. 18.
Also, Consumers' gas rate case (US$88 million increase
requested) could be settled in the near term; the PSC staff has
recommended an increase of US$35 million.

These ratings have been placed on Rating Watch Positive:

CMS

  -- Issuer Default Rating (IDR) 'BB-';
  -- Senior secured bank loan at 'BB+';
  -- Senior unsecured debt at 'BB-';
  -- Preferred stock 'B'.

CMS Energy Trust I

  -- Preferred stock 'B'.

Consumers Energy

  -- IDR 'BB+';
  -- Senior secured debt 'BBB';
  -- Senior unsecured debt 'BBB-';
  -- Preferred stock 'BB+'.

Consumers Energy Financing I

  -- Preferred stock 'BB+'.

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.


DAIMLERCHRYSLER: W. Bernhard to Head New Chrysler, Report Says
--------------------------------------------------------------
Wolfgang Bernhard is set to become the chairman of the new
Chrysler once Cerberus Capital Management LP completes its
purchase of the automaker from DaimlerChrysler AG, the New York
Times reports, quoting a person familiar with the company's
plans.

According to the report, Thomas W. LaSorda will remain as
Chrysler's chief executive, a position he has held since the
beginning of 2006.  Chrysler is also expected to name the
members of two boards, one for the auto company and another for
a holding company that will be created when the sale is
completed, which may be as early as this week.

Mr. Bernhard left Chrysler to become the head of Mercedes-Benz
in the spring of 2004, but he clashed with DaimlerChrysler
executives who felt his efforts to cut costs were too
aggressive.  Mr. Bernhard became chairman of the Volkswagen
brand a year later but left as part of a management shake-up
earlier this year, the Times states.  Cerberus asked him to be
one of its advisors in its efforts to acquire Chrysler.

As reported on July 27, 2007, that bankers for Chrysler have
deferred a US$12 billion debt sale to investors as part of a
buyout severing the unit from its German parent.  Rather than
fund the operations of the newly independent auto maker with
money raised from loans, as planned, the underwriters of the
deal -- five banks led by J.P. Morgan Chase & Co. -- will have
to provide much of the money themselves, at least until the
market settles down.

Executives at the automaker's parent company were quick to
reassure investors that the financing problem will not affect
the purchase of the Chrysler Group by private equity firm
Cerberus, which had signed to buy an 80% stake in the U.S. Arm.

                    About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER AG: Chrysler' July 2007 U.S. Sales Drop 1%
----------------------------------------------------------
Chrysler Group reported sales for June 2007 of 183,347 units;
down 1 percent compared to June 2006 with 185,946 units.

"In a challenging market, Chrysler Group had softer sales in
June than a year ago.  We saw strong customer interest in our
newly launched, fuel-efficient models," said Darryl Jackson,
Vice President of U.S. Sales.  "Supported by the fuel economy
message of our 'Maximize Your Miles' program, Chrysler continued
to show strong car sales with an increase of 55 percent over the
previous year."

Chrysler brand car sales in June were up 104 percent year-over-
year, while Dodge brand car sales increased 30 percent.
Chrysler Group's offerings in the car segment include the
Chrysler Sebring Sedan and Sebring Convertible, the Chrysler
300, the Dodge Avenger, Dodge Caliber and Dodge Charger.

Jeep brand sales continued to increase in June and posted a gain
of 19 percent over the previous year.  This result was again
driven by the continuously strong Jeep Wrangler and Jeep
Patriot.  Jeep Wrangler and Wrangler Unlimited posted sales of
10,952 units, up 93 percent compared to June 2006 with 5,674
units.  The Jeep Patriot also kept its momentum and finished
June with sales of 4,633 units, up 3 percent from May 2007.  The
vehicle is one of Chrysler Group's recently introduced models
that achieve 30 miles per gallon or better in highway driving.
In addition, the Jeep Grand Cherokee also posted a gain of 3
percent year-over-year.

The Chrysler Sebring Convertible finished the month with sales
of 3,759 units which is 22 percent over May 2007.  The recently
launched redesigned model offers what no other convertible has
offered before -- three automatically latching convertible top
options: vinyl, cloth and a body-color painted steel retractable
hard top, all of which can be retracted with a push of a button
on the key fob.  Sales of the Dodge Charger increased in June by
19 percent with 11,529 units compared to 9,710 units in the
previous year.

"As our strong car sales in May and June demonstrate, our
'Maximize Your Miles' program resonated well with customers,"
said Michael Keegan, Vice President of Volume Planning and Sales
Operations.  "Moving forward, Chrysler Group will extend its
low-rate financing plus additional bonus cash in July, with a 0%
APR offering for 60 months on select models.  These great value
packages were successful in the recent months as well."

Chrysler Group finished the month with 485,429 units of
inventory, or a 71-day supply.  Inventory is down by 25 percent
compared to June 2006 when it was at 647,695 units.

Posting its highest month ever of sales outside of North America
and sustaining 25 consecutive months of year-over-year sales
gains; Chrysler Group's International monthly sales increased 21
percent to 22,901 units in June 2007 compared to 18,971 units in
June 2006.

"The strength of our new product portfolio coupled with the
support of our dealer network outside North America is driving
the growth we have seen so far this year," said Thomas Hausch -
Vice President of International Sales.  "We expect to maintain
the double digit growth this year, including record export
numbers, and continue to strategically grow production volumes
and sales outlets outside North America for all three brands."

                    About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Reports 9% Decrease in U.S. Sales for July 2007
----------------------------------------------------------------
DaimlerChrysler AG reported total group sales of 156,314
passenger vehicles in the U.S. for July 2007, a 9 percent
decrease compared to July 2006.

Chrysler Group, consisting of the Chrysler, Jeep and Dodge
brands, posted sales of 137,728 vehicles in the U.S., an 8
percent decline in July.  Driven by the Chrysler Sebring Sedan
and Sebring Convertible, total Chrysler brand car sales
increased 32 percent year-over-year.  In addition, the New
Chrysler Lifetime Powertrain Warranty -- the first from an OEM
and the longest in the industry -- is a statement of confidence
in the reliability of Chrysler products, and provides worry-free
ownership for new Chrysler, Jeep and Dodge customers as long as
they own their vehicles.

Following its most aggressive product launch in company history
of 10 all-new vehicles in 2006, Chrysler Group continues its
product offensive with the launch of eight all-new vehicles in
2007.

MBUSA recorded 18,586 new car sales for July, bringing its year-
to-date total to 136,826 units, a 0.2 percent increase compared
to the same period last year and marking the best year-to-date
sales volume in its history.

Highlights for the month include a 12 percent increase in sales
of Mercedes- Benz high-end vehicles and a 23 percent increase
(3,015 vs. 2,446 units) for the company's M-Class SUV model
line.  July 2007 had 24 selling days and July 2006 had 25
selling days.

                    About DaimlerChrysler

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

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

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

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

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


PEABODY ENERGY: Appoints Gregg Wickstra as CFO-Australian Unit
--------------------------------------------------------------
Peabody Energy Corp. has hired Gregg P. Wickstra as its Chief
Financial Officer for its Australia Operations in Queensland and
New South Wales.  He will be responsible for finance,
accounting, taxation, information services, and compliance
reporting.  Mr. Wickstra will report to Managing Director of
Australia Operations Ian S. Craig.

Mr. Wickstra has nearly 30 years of U.S. and Australian
experience with the company.  Most recently, he served as Vice
President of Commercial Services with responsibility for
contract administration, risk management and trading/sales
support activities.  From 1993 to 1995, Mr. Wickstra was Finance
Director for Peabody Resources Limited, a former Peabody
Australia subsidiary based in Sydney.

Mr. Wickstra began his career at Peabody in 1978 as a Contract
Administrator and has held senior management positions in sales,
marketing services, market research, property services,
planning, operations services, materials management and
information services.

A Certified Public Accountant, Mr. Wickstra holds a Bachelor of
Arts in Business Administration from Hope College in Holland,
Mich.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Building Gas Plant in Argentina
-------------------------------------------------------
Venezuelan President Hugo Chavez told the press that state-run
oil firm Petroleos de Venezuela SA and Argentine counterpart
Enarsa will construct a liquefied natural gas regasification
plant in Argentina.

According to published reports, the Venezuelan government will
invest some US$400 million for the plant.

Argentina is dependent on natural gas.  Low state-regulated
prices have held back private investment in the industry.  Cold
temperatures resulted to severe shortages of gas in the country.
The government then imposed limits on industrial use lessened
exports to Chile, Business News Americas states.

                        About Enarsa

Energia Argentina Sociedad Anonima, aka Enarsa, is a company
managed by the national state of Argentina for the integral
exploitation of petroleum and natural gas, and the production,
industrialization, transport and trade of these and of
electricity.

                About Petroleos de Venezuela

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

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


* VENEZUELA: To Ink Oil Refinery Pact with Ecuador
--------------------------------------------------
Venezuelan President Hugo Chavez is to sign an accord for the
construction of an oil refinery in Manabi, Ecuador.

The project, first contemplated more than a year ago, will
finally be signed on Thursday after months of delay caused by
disagreements on the accord's terms.

"On Thursday, the Venezuelan President will arrive in order to
sign an agreement to build together a refinery in (coastal)
province of Manabi," Ecuador's Mines and Oil Minister Galo
Chiriboga was quoted by AFP as saying.

According to El Universal, the project, at a cost of US$5
billion, could be the first to be funded by the proposed Bank of
the South.

                        *     *     *

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


* VENEZUELA: Buying US$1 Billion of Argentine Bonds
---------------------------------------------------
The Venezuelan government would purchase US$1 billion in
Argentine bonds, Business News Americas reports, citing
Venezuela's President Hugo Chavez.

According to BNamericas, Venezuela is the largest holder of
Argentine bonds.  The purchase of new bonds will bring
Venezuela's total bond holdings in Argentina to US$4.2 billion.

President Chavez is currently in Argentina, BNamericas states.

                        *     *     *

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


                         ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
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