TCRLA_Public/070809.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, August 9, 2007, Vol. 8, Issue 157

                          Headlines

A R G E N T I N A

CENTAURUS CORPORATION: Seeks for Reorganization Okay in Court
CONGRESO SALUD: Files Reorganization Petition in Buenos Aires
DESARROLLADORA BRETON: Claims Verification Deadline Is Oct. 5
GRANDES BAZARES: Reorganization Proceeding Concluded
LOMAS DE SAN ANTONIO: Seeks for Reorganization Okay in Court

LUIS CINGOLANI: Proofs of Claim Verification Ends on Sept. 7
POLYMER GROUP: S&P Retains Negative CreditWatch on B- Rating
TELEFONICA DE ARGENTINA: Workers Accept Salary Raise

* ARGENTINA: Forming Joint Venture with Venezuela


B E R M U D A

FOSTER WHEELER: Milan Unit Bags Deal for Refinery Modernization
FOSTER WHEELER: Madrid Unit Inks Contract with Petronor
J.P. MORGAN: Proofs of Claim Filing Is Until Aug. 10
J.P. MORGAN: Sets Final General Meeting for Sept. 4
SPECTRUM (BERMUDA): Proofs of Claim Filing Is Until Aug. 10

SPECTRUM (BERMUDA): Sets Final General Meeting for Aug. 30


B R A Z I L

AMAZONIA CELULAR: Moody's Reviews B2 Rating for Likely Downgrade
AMERICAN AIRLINES: Names Mark Mitchell as Managing Director
CENTRAIS ELETRICAS: Regulator Orders Firm To Reduce Rates
DELPHI CORP: Attains Tentative Accord with IUE-CWA & GM
ESPIRITO SANTO CENTRAIS: Regulator Orders Rate Reduction

NOVELIS INC: Bags Sheet Contract for Cadillac CTS Aluminum Hood
TELEMIG CELULAR: Moody's Reviews Ratings for Possible Downgrade

* BRAZIL: State Firm Enters Into Two Agreements with Pemex
* BRAZIL: State Firm Wants to Fuse Petrochemicals in Southeast


C A Y M A N   I S L A N D S

336275 LIMITED: Proofs of Claim Filing Is Until Sept. 6
ALPHAGEN ABSOLUS: Proofs of Claim Must be Filed by Sept. 6
ASIAN ABSOLUTE: Proofs of Claim Filing Ends on Sept. 6
ASIAN ABSOLUTE ALPHA: Proofs of Claim Filing Deadline Is Sept. 6
AVENIR ASIAN: Proofs of Claim Must be Filed by Sept. 6

BEAR STEARNS FUNDS: Liquidators Ask for Temp. Restraining Order
BEAR STEARNS FUNDS: Liquidators Want Cayman Cases Recognized
BEAR STEARNS FUNDS: Obtain Stay from Cayman Grand Court
BNS LONG/SHORT: Proofs of Claim Filing Is Until Sept. 6
BNS MASTER: Proofs of Claim Filing Ends on Sept. 6

CV GROWTH: Proofs of Claim Must be Filed by Sept. 6
H1 NEW: Proofs of Claim Filing Deadline Is Sept. 6
KEEFE-RAINBOW: Proofs of Claim Must be Filed by Sept. 6
PURE IP: Proofs of Claim Filing Is Until Sept. 6
RHICON 4XIM: Proofs of Claim Filing Ends on Sept. 6

SA NOSTRA: Proofs of Claim Must be Filed by Sept. 6
VEGA GLOBAL: Proofs of Claim Filing Is Until Sept. 6
VEGA GLOBAL 3X: Proofs of Claim Filing Deadline Is Sept. 6
VEGA INTERNATIONAL: Proofs of Claim Filing Ends on Sept. 6
VEGA INVESTMENT: Proofs of Claim Must be Filed by Sept. 6

VEGA LIQUIDITY: Proofs of Claim Filing Is Until Sept. 6
VEGA LIQUIDITY FUND: Proofs of Claim Must be Filed by Sept. 6
VEGA MAG: Proofs of Claim Filing Deadline Is Sept. 6


C H I L E

AES CORP: Lehman Brothers Reaffirms Overweight Rating on Firm
AES CORP: Restates 2006 Results
THERMADYNE HOLDINGS: Earns US$1.6 Million in 2007 Second Quarter
THERMADYNE HOLDINGS: Picks Terry Moody as VP-Global Operations


C O L O M B I A

BANCOLOMBIA: Earns COP181.3 Billion in Quarter Ended June 30


C O S T A   R I C A

ALCATEL-LUCENT: Costa Rican State Firm Levies CRC31.2-Bil. Fine
COVANTA HOLDING: To Redeem 8-1/2% & 7-3/8% Senior Secured Notes

* COSTA RICA: State Firm Levies CRC31.2B Fine on Alcatel-Lucent


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Pedro Castillo Testifies in Fraud Case
BANCREDITO: Ministry Files Indictment Against Ex-Officials


E C U A D O R

PETROECUADOR: Investment Fund To Extend US$358 Million to Firm


E L   S A L V A D O R

HERBALIFE LTD: Lehman Bros. Maintains Overweight Rating on Firm


H O N D U R A S

DOLE FOOD: Says Honduran Workers Have Free Medical Care


J A M A I C A

GOODYEAR TIRE: Names Mark Schmitz as Executive VP & CFO
NACIONAL COMMERCIAL: Loan Portfolio Increases Over 12 Months


M E X I C O

ARROW ELECTRONICS: To Acquire Centia & AKS Group
EMPRESAS ICA: Consortium Has Lowest Bid for La Yesca Project
FOAMEX INT'L: Appoints Robert Larney as Chief Financial Officer
KANSAS CITY SOUTHERN: Board Declares US$0.25 Per Share Dividend
MOVIE GALLERY: Inks Amendment to Forbearance Agreement

NUANCE COMMS: S&P Puts B- Rating on US$150 Mil. Senior Notes
ROCK-TENN CO: Raises Limit on Stock Cash Repurchases to US$100MM
SMTC CORP: Inks Five-Year Loan Refinancing Deal with Two Lenders


N I C A R A G U A

* NICARAGUA: Inks Accord with Union Fenosa To End Conflict


P A N A M A

CHIQUITA BRANDS: Morgan Joseph Maintains Buy Rating on Firm


P U E R T O   R I C O

ADVANCED MEDICAL: Bid Retraction Cues S&P's Negative CreditWatch
ANGIOTECH PHARMA: S&P Junks Senior Subordinated Debt Rating
B&G FOODS: Declares US$0.2120 Per Share Dividend Due Oct. 30
GLOBAL HOME: Court Extends Removal Period Until Jan. 15, 2008
HORIZON LINES: S&P Assigns BB+ Rating on US$375-Mil. Financing

MUSICLAND HOLDING: Plan Confirmation Hearing Adjourned to Aug. 9
PIER 1: Brings In Sharon Leite as Executive VP-Store Operations
SUNCOM WIRELESS: S&P Lifts Corp. Credit Rating to B- from CCC+


V E N E Z U E L A

ARVINMERITOR INC: Selling European Operations to Klarius Group
DAIMLERCHRYSLER AG: Completes Chrysler Group's Interest Transfer
PETROLEOS DE VENEZUELA: Forming Joint Venture with Enarsa
PETROLEOS DE VENEZUELA: Unit Bills VEB1.93B in First Six Months


                            - - - - -

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


CENTAURUS CORPORATION: Seeks for Reorganization Okay in Court
-------------------------------------------------------------
The Centaurus Corporation S.A. has requested for reorganization
approval after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Centaurus 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 No. 12 in Buenos Aires.  Clerk No. 24 assists the
court.

The debtor can be reached at:

          The Centaurus Corporation S.A.
          Cordoba 657
          Buenos Aires, Argentina


CONGRESO SALUD: Files Reorganization Petition in Buenos Aires
-------------------------------------------------------------
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 No. 10 in Buenos Aires.  Clerk No. 20 assists the
court.

The debtor can be reached at:

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


DESARROLLADORA BRETON: Claims Verification Deadline Is Oct. 5
-------------------------------------------------------------
Ricardo Randrup, the court-appointed trustee for Desarrolladora
Breton Woods SA's bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 5, 2007.

Mr. Randrup will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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 Desarrolladora Breton 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 Desarrolladora
Breton's accounting and banking records will be submitted in
court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Desarrolladora Breton Woods SA
          Avenida Corrientes 222
          Buenos Aires, Argentina

The trustee can be reached at:

          Ricardo Randrup
          Avenida Cordoba 1351
          Buenos Aires, Argentina


GRANDES BAZARES: Reorganization Proceeding Concluded
----------------------------------------------------
Grandes Bazares del Norte S.A.'s reorganization proceeding has
ended.  Data published by Infobae on its Web site indicated that
the process was concluded after a court in Buenos Aires approved
the debt agreement signed between the company and its creditors.

Grandes Bazares presented the debt restructuring scheme on
Oct. 25, 2005.

The debtor can be reached at:

          Grandes Bazares del Norte S.A.
          Cordoba 725/727, San Miguel de Tucuman
          Tucuman, Buenos Aires, Argentina


LOMAS DE SAN ANTONIO: Seeks for Reorganization Okay 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 No. 17 in Buenos Aires.  Clerk No. 34 assists the
court.

The debtor can be reached at:

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


LUIS CINGOLANI: Proofs of Claim Verification Ends on Sept. 7
------------------------------------------------------------
Eluani Gustavo, Ferreyra Sergio and Lujan Rene, the court-
appointed trustee for Luis Cingolani S.A.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
Sept. 7, 2007.

The trustees will present the validated claims in court as
individual reports on Oct. 29, 2007.  The National Commercial
Court of First Instance in Cordoba 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 Luis Cingolani 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 Luis Cingolani's
accounting and banking records will be submitted in court on
May 5, 2008.

The trustees are also in charge of administering Luis
Cingolani's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

          Luis Cingolani S.A.
          Duarte Quiros 651, Ciudad de Cordoba
          Cordoba, Argentina

The trustee can be reached at:

          Eluani Gustavo, Ferreyra Sergio y Lujan Rene
          9 de Julio 40, Ciudad de Cordoba
          Cordoba, Argentina


POLYMER GROUP: S&P Retains Negative CreditWatch on B- Rating
------------------------------------------------------------
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 S&P's 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.
      
"We 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, S&P have concerns about the highly leveraged financial
profile.  Total adjusted debt 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, S&P will likely lower the
ratings.  If the transaction and debt payment occur as planned,
S&P will raise the corporate credit rating on Intertape to 'B'
from 'B-' to reflect a meaningful decline in leverage, an
improvement in liquidity, and its 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 expect 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.

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.


TELEFONICA DE ARGENTINA: Workers Accept Salary Raise
----------------------------------------------------
Telefonica de Argentina's workers belonging to telecoms union
Foetra have agreed to the salary raise proposed by the company,
Argentine news daily La Nacion reports.

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, the Argentine labor ministry called on Telefonica
de Argentina and telecommunications union Foetra to sit down and
try to find a final solution to the labor conflict.

La Nacion relates that Telefonica de Argentina offered a 16.5%
salary hike that will be immediately implemented, emulating the
one Telecom Argentina offered to Foetra members on July 21.

The employees' acceptance of the salary increase ended a series
of protests that lasted for two months.  

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.


* ARGENTINA: Forming Joint Venture with Venezuela
-------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA and
Argentine counterpart Enarsa will create joint venture
Petrosuramerica, Business News Americas reports, citing an
Enarsa spokesperson.

BNamericas relates that Petrosuramerica will:

          -- carry out hydrocarbons exploration and production,
          -- refine oil products,
          -- produce petrochemicals,
          -- develop infrastructure and transit works,
          -- generate electricity,
          -- conduct work in the renewable energy sector, and
          -- perform work in the maritime transport sector.

The spokesperson told BNamericas that Petrosuramerica has
already been incorporated.  It will most likely be based in
Buenos Aires.

BNamericas notes that Venezuelan President Hugo Chavez signed an
energy security treaty with Argentine counterpart Nestor
Kirchner.  The agreement is aimed at increasing Venezuela's
participation in the Argentine energy market.

Reports say that Petroleos de Venezuela will open its regional
headquarters in Buenos Aires.  It will perform exploration and
production work in Argentina's southern San Jorge Gulf.

Petroleos de Venezuela said in a statement that Enarsa will
continue exploration and production work in the Orinoco heavy
crude belt in Venezuela.

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


FOSTER WHEELER: Milan Unit Bags Deal for Refinery Modernization
---------------------------------------------------------------
Foster Wheeler Ltd.'s Milan-based subsidiary Foster Wheeler
Italiana S.p.A., part of its Global Engineering and Construction
Group, has been awarded a contract by Italiana Energia e Servizi
S.p.A. for the engineering, procurement and construction
supervision services for a modernization project at IES' Mantua
refinery in northern Italy.  The refinery modernization aims to
produce automotive diesel complying with European Union ultra-
low-sulfur specifications and reduce refinery emissions to the
environment.

The majority of Foster Wheeler's contract value, which was not
disclosed, was included in the company's first-quarter 2007
bookings, and the balance will be included in the company's
second-quarter 2007 bookings.

The project has been awarded to Foster Wheeler under the terms
of a three-year general framework agreement for engineering,
procurement and construction management services signed with IES
in 2006.

The contract includes new gasoil hydrodesulfurization, sulfur
recovery and amine washing units, a new flare system and
utilities and offsites.  Foster Wheeler will also upgrade the
existing mild hydrocracking and gasoil hydrodesulfurization
units, steam and electrical systems.

"We are extremely pleased with this award by IES, which follows
our successful execution of the front-end engineering design for
this modernization project," said Marco Moresco, chief executive
officer of Foster Wheeler Italiana.  "We will spare no efforts
in continuing to deliver our best performance to IES."

"We look forward to strengthening our business relationship with
Foster Wheeler Italiana," said Adolfo Vannucci, managing
director of IES.  "Our approach to the management of this
project is on a collaborative partnership basis and we are
confident that Foster Wheeler will provide us with superior
performance in the successful implementation of this 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.


FOSTER WHEELER: Madrid Unit Inks Contract with Petronor
-------------------------------------------------------
Foster Wheeler Ltd.'s Madrid-based subsidiary Foster Wheeler
Iberia, S.A.U., part of its Global Engineering and Construction
Group, has been awarded a contract by Petroleos del Norte, S.A.
(Petronor) for the engineering, procurement and construction
management of a delayed coking complex at its refinery at
Somorrostro (Vizcaya), in northern Spain.  The coking complex
will be comprised of a 36,000 barrels per stream day delayed
coker, which will use Foster Wheeler's leading SYDEC(SM) delayed
coking technology, plus coke handling and storage facilities and
a gas concentration unit.  Petronor is majority-owned by Repsol
YPF.

The contract value was not disclosed and will be included in
Foster Wheeler's third-quarter 2007 bookings.

This award follows the successful completion of the process
design package by Foster Wheeler's coking center of excellence
in Houston and of the front-end engineering design undertaken by
Foster Wheeler Iberia.

"This award reflects the successful and long-standing working
relationship between Petronor and Foster Wheeler Iberia, which
began with our involvement in the design and construction of the
new refinery in 1969 at Somorrostro," said Jesus Cadenas, chief
executive officer of Foster Wheeler Iberia.  "We are very
pleased that Petronor has selected Foster Wheeler's technology
and project execution expertise for its new delayed coking
complex, which will allow it to reduce its production of low-
value fuel oil, by upgrading it into higher-value products such
as naphtha and diesel."

Foster Wheeler's SYDEC(SM) process is a thermal conversion
process used by refiners worldwide to upgrade heavy residue feed
and process it into high-value transport fuels.  The SYDEC(SM)
process achieves maximum clean liquid yields and minimum fuel
coke yields.  Foster Wheeler is a market leader in delayed
coking and has supplied its delayed coking process technology
worldwide for over 80 new cokers and has worked on more than 70
delayed coker revamps.

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.


J.P. MORGAN: Proofs of Claim Filing Is Until Aug. 10
----------------------------------------------------
J.P. Morgan Corsair II Capital Partners Bermuda Ltd.'s creditors
are given until Aug. 10, 2007, to prove their claims to Robin J.
Mayor, 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.

J.P. Morgan's shareholders agreed on July 25, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


J.P. MORGAN: Sets Final General Meeting for Sept. 4
----------------------------------------------------
J.P. Morgan Corsair II Capital Partners Bermuda Ltd.'s final
general meeting is scheduled on Sept. 4, 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.


SPECTRUM (BERMUDA): Proofs of Claim Filing Is Until Aug. 10
-----------------------------------------------------------
Spectrum (Bermuda) IV Ltd.'s creditors are given until
Aug. 10, 2007, to prove their claims to Robin J. Mayor, 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.

Spectrum's shareholders agreed on July 26, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


SPECTRUM (BERMUDA): Sets Final General Meeting for Aug. 30
----------------------------------------------------------
Spectrum (Bermuda) IV Ltd.'s final general meeting is scheduled
on Aug. 30, 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
===========


AMAZONIA CELULAR: Moody's Reviews B2 Rating for Likely Downgrade
----------------------------------------------------------------
Moody's Investors Service changed the direction of the review of
the B2 foreign currency rating of the US$120 million senior
unsecured notes issued by Telemig Celular S.A and Amazonia
Celular S.A. to review for possible upgrade from review for
possible downgrade.  The change in direction of the review
follows the announcement that VIVO Participacoes S.A. reached an
agreement to buy control of Telemig and Amazonia.  The
transaction is subject to the approvals of regulators and
shareholders.  Moody's, however, believes that both regulatory
and shareholder approvals should not face major obstacles.

"Despite the fact that Amazonia continues to face operating,
competitive and liquidity challenges, with still nearly 50% of
its debt concentrated in the short-term, Moody's decision to
place its ratings on review for possible upgrade reflects the
foreseen scale benefits of being part of Vivo, the largest
Brazilian mobile network with a significantly stronger credit
profile", said Moody's AVP-Analyst Soummo Mukherjee.  
"Amazonia's operations should benefit from better purchasing
power for handsets and network equipment, for instance, and Vivo
has already identified a significant amount of fiscal and
operating synergies for the combined entity going forward", he
added.

The review will focus on the perceived benefits from being
controlled by Vivo as well as the possibility that Amazonia
would receive support from Telemig should it become unable to
make its debt service payments on a timely basis.  Additionally,
the review will continue to focus on the company's growth
strategy, expected synergies as a result of this transaction,
ability to generate cash flow and timely address its near-term
refinancing needs.

The announced transaction refers to Vivo's acquisition of
Telpart Participacoes S.A.'s (Telemig's and Amazonia's holding
company) 51.9% of Tele Norte Participacoes' voting shares
(Amazonia's holding company); and, 53.90% of Telemig
Participacoes' voting shares (Telemig's holding company), giving
Vivo control of both Amazonia and Telemig with a 14.5% and 18.9%
economic stakes, respectively.  The deal is subject to approval
from telecom regulator Anatel, CADE (anti-trust authority) and
the shareholders' meetings of Vivo and Telpart, scheduled for
the 21st of August.  On the expected approval of the offer, Vivo
will launch separate mandatory tag along offer and a voluntary
offer for the minorities in the two companies, which if
approved, would raise Vivo's economic stakes in Amazonia and
Telemig to 54.6% and 58.2%, respectively, for total
consideration of approximately BRL 2.9 billion (US$1.55
billion).

Headquartered in Belem, Brazil, Amazonia Celular is the leading
provider of mobile communications services in a region covering
the states of Maranhao, Para, Amazonas, Amapa and Roraima in the
northern region of Brazil.  As of Sept. 30, 2006, Amazonia had
1.27 million subscribers, with a market share of 24% in its
concession area.


AMERICAN AIRLINES: Names Mark Mitchell as Managing Director
-----------------------------------------------------------
American Airlines Inc. has appointed Mark Mitchell to the new
position of Managing Director - Customer Experience, effective
immediately.

Mr. Mitchell, the Managing Director - Operations for American at
Los Angeles International Airport since mid-2006, will be
responsible for a team that will integrate new customer-focused
programs, processes, systems, products, services and other
enhancements designed to improve the overall experience for
American Airlines passengers worldwide.

"We've taken a great number of steps in recent years at American
Airlines to improve the customer experience," said Dan Garton,
Executive Vice President - Marketing at American Airlines.  "For
example, we've simplified fare structures.  We provide a new,
robust booking tool on AA.com for customers who prefer to make
travel plans online.  We have easier-to-use phone reservation
systems.  We offer greater comfort for Business and First Class
passengers.  We're upgrading our in-flight entertainment
technology.  We will soon be testing onboard connectivity to the
Internet on transcontinental flights.  Our lounges are the best
in the industry."

"Our customer value proposition, however, becomes increasingly
more complex each day.  Customers continue to tell us that we
need to do a better job on all fronts or they will take their
business elsewhere.  So, with this appointment, Mark Mitchell
and his new team will strive to ensure that -- no matter how
small or large the business task -- we remain completely focused
on delivering what customers value."

American Airlines employees in various locations and work groups
already have embarked upon initiatives to:

   -- Control ground delays and better inform customers when
      unexpected delays occur;

   -- Smoothly and more efficiently process customers when
      boarding aircraft;

   -- Improve interactions with customers;

   -- Clean and maintain the general condition of aircraft
      interiors; and

   -- Efficiently handle baggage and quickly resolve issues with
      misplaced or misdirected bags.

In addition to his most recent stint at Los Angeles
International Airport, Mr. Mitchell brings to his new position
several years experience in airport operations at American's
headquarters unit, in American Eagle's northeast region, and at
New York's LaGuardia Airport.  Those experiences will prove
beneficial in overseeing the implementation of customer
experience activities that already are under way, the launch of
new customer experience initiatives, customer research, tracking
of results, and cross-functional improvements being made to
American's product and service mix.

Mr. Mitchell graduated from Purdue University with a degree in
Industrial Engineering.  He and his wife, Michelle, have two
daughters, Makayla and Mallory.

                   About American Airlines

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

                        *     *     *

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


CENTRAIS ELETRICAS: Regulator Orders Firm To Reduce Rates
---------------------------------------------------------
Brazilian power regulator Aneel said in a statement that it has
ordered Centrais Eletricas do Para to decrease its rates.

Business News Americas relates that Centrais Eletricas must
implement a 13.06% reduction for its residential customers and a
6.56% to 11,10% reduction for industries.

Centrais Eletricas do Para S.A. aka Celpa, a subsidiary of Rede
Empresas de Energia Eletrica SA, distributes electricity to the
entire state of Para and 50% of its 1,287,000 residential
customers are low-income consumers. Its new program will target
additional rural low-income populations.

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Moody's Investors Service affirmed the B2 global
local currency and Ba1.br Brazilian national scale senior
unsecured issuer ratings of Centrais Eletricas do Para S.A. aka
Celpa.  

Ratings affirmed are:

     -- B2 global local currency senior unsecured issuer rating;
        and

     -- Ba1.br Brazilian national scale rating.

Moody's said the outlook was stable.

As reported in the Troubled Company Reporter-Latin America on
June 13, 2007, Fitch Ratings affirmed the ratings of Brazil's
Rede Empresas de Energia Eletrica S.A., and its subsidiaries,
Centrais Eletricas Matogrossenses S.A. and Centrais Eletricas do
Para S.A.  All companies' Issuer Default Ratings and long-term
National Ratings have a Stable Rating Outlook.

Fitch affirmed these ratings:

       -- Local and Foreign Currency IDRs at 'B'; Stable
          Outlook

       -- Long-term National Rating: at 'BBB(bra)'; Stable
          Outlook

       -- US$100 million notes units due in 2012 long-term
          International Rating affirmed at 'B/RR4'.


DELPHI CORP: Attains Tentative Accord with IUE-CWA & GM
-------------------------------------------------------
Delphi Corp. continues to make significant progress on its
transformation initiatives and has signed a Memorandum of
Understanding with four additional unions representing certain
U.S. hourly employees.  The company reached tentative pacts with
the IUE-CWA (International Union of Electronic, Electrical,
Salaried, Machine and Furniture Workers-Communications Workers
of America), International Association of Machinists,
International Brotherhood of Electrical Workers, International
Union of Operating Engineers and General Motors covering
workforce transition, legacy pension items as well as other
comprehensive transformational matters.  The agreements are
subject to union ratification and approval by the U.S.
Bankruptcy Court.

"This series of tentative labor agreements demonstrates Delphi's
continued commitment to achieving a consensual resolution with
all parties in its Chapter 11 cases," John Sheehan, Delphi's
chief restructuring officer, said.  "We believe these
agreements, if ratified, provide additional traction towards our
emergence."

Delphi will not comment on the details of the tentative
agreements, pending ratification by the respective unions.

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

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


ESPIRITO SANTO CENTRAIS: Regulator Orders Rate Reduction
--------------------------------------------------------
Brazilian power regulator Aneel said in a statement that it has
ordered Espirito Santo Centrais Eletricas S.A. to reduce its
rates.

Business News Americas relates that Espirito Santo Centrais must
bring down rates by 12.45% for its residential clients.  
Meanwhile, industrial customers will see rates change from a
1.35% increase to a 16.74% reduction.

Headquartered in Vitoria, Brazil, Espirito Santo Centrais
Eletricas S.A. - Escelsa is an electricity distribution utility,
serving approximately 1,071,100 clients in the state of Espirito
Santo with net revenues of BRL1,165 million (US$540 million) in
the last twelve months ended March 31, 2007.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Moody's America Latina upgraded the senior
unsecured local currency debentures of Espirito Santo Centrais
Eletricas S.A. -- Escelsa to Ba2 from Ba3 on its global scale
and to Aa3.br from A3.br on its Brazilian national scale.  
Moody's also upgraded Escelsa's foreign currency senior
unsecured notes due 2007 to Ba2 from Ba3, and assigned issuer
ratings of Ba2 on its global scale and Aa3.br on its Brazilian
national scale to Escelsa.

Ratings upgraded were:

   -- BRL264 million senior unsecured local currency debentures
      due 2011: to Ba2 from Ba3 (Global Local Currency); to
      Aa3.br from A3.br (Brazilian National Scale).

   -- US$114 million Foreign Currency Senior Unsecured Notes due
      July 2007: to Ba2 from Ba3.

Ratings assigned were:

   -- Senior Unsecured Issuer Rating: Ba2 (Global Local
      Currency); Aa3.br (Brazilian National Scale)

   -- Outlook: Stable


NOVELIS INC: Bags Sheet Contract for Cadillac CTS Aluminum Hood
---------------------------------------------------------------
Novelis Inc. has been selected by General Motors to supply
aluminum sheet for the hood of the 2008 Cadillac CTS, expected
to launch in late August.  Novelis is the world's leading
supplier of high performance aluminum sheet for use in
automotive applications.

The CTS, Cadillac's luxury sport sedan, has been redesigned for
2008, offering a higher level of technology, luxury and
performance.  The exterior is notable for extremely tight gap
tolerances, flush-mounted elements and high-grade components,
says the automaker.

"The result is a car we feel is more desirable in every way,
including the value it offers to luxury sport sedan buyers,"
says Jim Taylor, Cadillac General Manager.

Novelis will supply aluminum sheet for the CTS hoods from its
manufacturing plants in Oswego, NY and Kingston, Ont.  The use
of aluminum helps reduce vehicle mass and improve vehicle
performance and handling.  Novelis also supplies aluminum sheet
for the hoods of Cadillac's STS, DTS and SRX models.

"The new CTS is an impressive car and we are especially proud to
have our material on what will no doubt be another winning model
for Cadillac," said Pat McNulty, Automotive Market Director for
Novelis in North America.  "We have enjoyed a long supply
relationship with General Motors, bringing the benefits of
strong, lightweight aluminum to many of their vehicles."

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'.


TELEMIG CELULAR: Moody's Reviews Ratings for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service changed the direction of the review of
the B2 foreign currency rating of the US$120 million senior
unsecured notes issued by Telemig Celular S.A and Amazonia
Celular S.A. to review for possible upgrade from review for
possible downgrade.  The change in direction of the review
follows the announcement that VIVO Participacoes S.A. reached an
agreement to buy control of Telemig and Amazonia.  The
transaction is subject to the approvals of regulators and
shareholders.  Moody's, however, believes that both regulatory
and shareholder approvals should not face major obstacles.

"Despite the fact that Amazonia continues to face operating,
competitive and liquidity challenges, with still nearly 50% of
its debt concentrated in the short-term, Moody's decision to
place its ratings on review for possible upgrade reflects the
foreseen scale benefits of being part of Vivo, the largest
Brazilian mobile network with a significantly stronger credit
profile", said Moody's AVP-Analyst Soummo Mukherjee.  
"Amazonia's operations should benefit from better purchasing
power for handsets and network equipment, for instance, and Vivo
has already identified a significant amount of fiscal and
operating synergies for the combined entity going forward", he
added.

The review will focus on the perceived benefits from being
controlled by Vivo as well as the possibility that Amazonia
would receive support from Telemig should it become unable to
make its debt service payments on a timely basis.  Additionally,
the review will continue to focus on the company's growth
strategy, expected synergies as a result of this transaction,
ability to generate cash flow and timely address its near-term
refinancing needs.

The announced transaction refers to Vivo's acquisition of
Telpart Participacoes S.A.'s (Telemig's and Amazonia's holding
company) 51.9% of Tele Norte Participacoes' voting shares
(Amazonia's holding company); and, 53.90% of Telemig
Participacoes' voting shares, giving Vivo control of both
Amaz“nia and Telemig with a 14.5% and 18.9% economic stakes,
respectively. The deal is subject to approval from telecom
regulator Anatel, CADE (anti-trust authority) and the
shareholders' meetings of Vivo and Telpart, scheduled for the
21st of August.  On the expected approval of the offer, Vivo
will launch separate mandatory tag along offer and a voluntary
offer for the minorities in the two companies, which if
approved, would raise Vivo's economic stakes in Amaz“nia and
Telemig to 54.6% and 58.2%, respectively, for total
consideration of approximately BRL 2.9 billion (US$1.55
billion).

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: State Firm Enters Into Two Agreements with Pemex
----------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA aka
Petrobras has signed two agreements with Mexican national oil
company Petroleos Mexicanos (Pemex) on Monday, in Mexico City.  
The agreements foresee joint studies aimed at developing heavy
oil production processes in shallow waters and at oil production
in fractured carbonated reservoirs (type of structure where oil
is found and for which Pemex has already developed technology).  
Petrobras' president, Jose Sergio Gabrielli de Azevedo, who is
on the official entourage of the president of the Republic, Luiz
Inacio Lula da Silva, also held a joint work meeting with
Pemex's general director, Jesus Reyes Heroles, and with
executives from the two companies.

                          Biofuels

In the morning, president Gabrielli participated in the 7th
Mexico-Brazil Plenary Meeting, organized by the Comce (the
Mexican Corporate Council for Foreign Trade, Investments, and
Technology).  The event was opened by the presidents of Brazil,
Luiz Inacio Lula da Silva, and of Mexico, Felipe Calderon, which
was also attended by Brazilian and Mexican ministers and
executives.  The Plenary Meeting's goal was to assess new trade
opportunities and to analyze current and controversial issues in
the bilateral economic relationship seeking to contribute to
growing mutual trade and investments.

During the Meeting, Mr. Gabrielli made a presentation on
Petrobras' biofuel strategy.  The company's president
highlighted the Brazilian experience with ethanol production and
exports, in addition to the great potential there is to increase
Latin America's participation in this market.  Mr. Gabrielli
mentioned data published by the FAO (the United Nations' Food &
Agricultural Organization) that indicate Latin America uses only
13.9% of its total farming land, compared to 61.4% in Asia,
55.6% in Europe, and 48.6% in North America.  He also added the
region has extensive water and labor availability, factors that
would render ethanol production in Latin America competitive.

Petrobras president's agenda in Mexico also included a
presentation to investors at the Mexican Stock Exchange, where,
this afternoon, he spoke to Mexican analysts and investors about
Petrobras' future perspectives and about the company's business
plan through 2011.

                      Petrobras in Mexico

Petrobras currently leads the PTD consortium, which renders
services in the Burgos Basin, in Northern Mexico. The consortium
is formed by Petrobras (45%), by Japanese Teikoku Oil (40%), and
by Mexican Diavaz (15%).  PTD has two agreements with Pemex
Exploration and Production to render services in the Cuervito
and Fronterizo gas-producing Fields.  The agreements are
expected to be in effect for 15 years and are estimated to be
worth nearly US$260 million each.

                       About Petrobras

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.


* BRAZIL: State Firm Wants to Fuse Petrochemicals in Southeast
--------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA aka
Petrobras' Downstream director, Paulo Roberto Costa, Petrobras
Petroquimica (Petroquisa) president, Jose Lima de Andrade Neto,
and ABN-Amro Merger & Acquisition director, Flavio Valadao,
discussed the Suzano Petroquimica S.A acquisition During a press
conference on Aug. 6, 2007.  The operation was announced last
week.

"With the Suzano acquisition, we took a huge step towards
consolidating petrochemicals in Southeastern Brazil.  This marks
the company's expressive return to second generation activities.  
We will no longer only provide raw materials.  Our next great
move will be the Rio de Janeiro Petrochemical Complex (Comperj),
the biggest project in the company's history," highlighted Paulo
Roberto.

The director said "Petrobras does not want to participate in a
majority, rather in a relevant manner in the second generation
activity, which has significant financial returns."  To the
director, Petrobras' heightened performance in this area will
contribute to technology and product development.  "Our
strategic vision is to have highly competitive companies in
Brazil and in the international market.  We don't want a
monopoly.  Instead, we want to leverage the petrochemical
industry to remain competitive."

To Petroquisa's president, Lima Neto, Petrobras' intends to
"encourage changes in the current model, which is not compatible
with the Brazilian and with the international market reality,
emphasizing polyethylene and polypropylene production, products
for which there is large demand in the petrochemical sector."

Flavio Valadao, Fusion & Acquisition director for ABN-Amro, said
the Suzano evaluation, acquired for BRL2.7 billion, was long and
detailed, and refuted criticism regarding the value that was
paid.  "One must keep the business' strategic vision in mind.
Petrobras is totally comfortable with this acquisition."

So far as the deal's value is concerned, director Paulo Roberto
made a comparison, "It is necessary to consider not only the
value to be paid for Suzano, but Petrobras' strategy for the
sector too.  In an NPA auction, one company may offer BRL100
million for an exploratory block, while another BRL1 billion for
the same block.  Values are very different all the time.  This
has to do with strategy.  We are building a petrochemical sector
to compete with the global market, where only major players
operate."  The Suzano Petroquimica acquisition operation is
expected to be wrapped-up on 90 days.

                    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
===========================


336275 LIMITED: Proofs of Claim Filing Is Until Sept. 6
-------------------------------------------------------
336275 Ltd.'s creditors are given until Sept. 6, 2007, to prove
their claims to Royhaven Secretaries Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

336275 Ltd.'s shareholders agreed on July 6, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Royhaven Secretaries Limited
       Attention: Nick Wilkins
       P.O. Box 707
       Grand Cayman KY1-1107
       Cayman Islands
       Tel: 945-4777
       Fax: 945-4799


ALPHAGEN ABSOLUS: Proofs of Claim Must be Filed by Sept. 6
----------------------------------------------------------
The Alphagen Absolus Fund Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Linburgh Martin and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

       Linburgh Martin
       Attention: Kim Charaman
       Close Brothers (Cayman) Limited
       Fourth Floor, Harbour Place
       P.O. Box 1034
       Grand Cayman, KY1-1102
       Tel: (345) 949 8455
       Fax: (345) 949 8499


ASIAN ABSOLUTE: Proofs of Claim Filing Ends on Sept. 6
------------------------------------------------------
Asian Absolute Alpha Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Asian Absolute's shareholders agreed on July 24, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


ASIAN ABSOLUTE ALPHA: Proofs of Claim Filing Deadline Is Sept. 6
----------------------------------------------------------------
Asian Absolute Alpha Master Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Asian Absolute's shareholders agreed on July 24, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


AVENIR ASIAN: Proofs of Claim Must be Filed by Sept. 6
------------------------------------------------------
Avenir Asian Multi-Strategy Fund Ltd.'s creditors are given
until Sept. 6, 2007, to prove their claims to Linburgh Martin
and John Sutlic, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidator can be reached at:

       Linburgh Martin
       Attention: Kim Charaman
       Close Brothers (Cayman) Limited
       Fourth Floor, Harbour Place
       P.O. Box 1034
       Grand Cayman, KY1-1102
       Tel: (345) 949 8455
       Fax: (345) 949 8499


BEAR STEARNS FUNDS: Liquidators Ask for Temp. Restraining Order
---------------------------------------------------------------
Simon Lovell Clayton Whicker and Kristen Beighton as provisional
liquidators and foreign representatives of Bear Stearns High-
Grade Structured Credit Strategies Master Fund, Ltd., and Bear
Stearns High-Grade Structured Credit Enhanced Leverage Master
Fund, Ltd., ask the U.S. Bankruptcy Court for the Southern
District of New York to immediately enter a
temporary restraining order:

  1. staying the commencement or continuation of any action or
     proceeding concerning the Funds' assets, rights,
     obligations or liabilities, including any action or
     proceeding against the Liquidators, to the extent not
     stayed under Section 1520(a) of the Bankruptcy Code --
     except as provided in Sections 555 through 557, 559 through
     562, 1520 and 1521 of the Bankruptcy Code;

  2. staying execution against the Funds' assets to the extent
     not stayed under Section 1520(a);

  3. suspending the right to transfer or otherwise dispose of
     any of the Funds' assets to the extent the right has not
     been suspended under Section 1520(a);

  4. providing for the examination of witnesses, the taking of
     evidence, the production of documents, or the delivery of
     information concerning the Funds' assets, affairs, rights,
     obligations or liabilities, and finding that the
     information is required in the Cayman Islands proceeding
     under the law of the United States; and

  5. entrusting the administration or realization of the Funds'
     properties to the Foreign Representatives.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in
New York, relates that several secured parties have already
seized or sold off certain of the Funds' assets, negatively
impacting them.  The Foreign Representatives have also received
a notice of redemption from the Funds' sole investor, which led
them to prohibit any redemption to conserve their assets.  

Moreover, the Funds have received inquiries from creditors about
their status.

Mr. Hodara says the Foreign Representatives are concerned that
the Funds will face litigation in the United States with
creditors and other parties, and that those parties may seek to
obtain prejudgment attachment of the Funds' assets.

Mr. Hodara notes that under New York law, prejudgment attachment
may be obtained if the defendant is not a domiciliary of New
York, and in this case, the Foreign Debtors are Cayman Islands
Companies.  While prejudgment attachment is not routinely
granted in New York, Mr. Hodara contends that the Foreign
Debtors' financial instability is a basis for granting a
prejudgment attachment relief.

The Foreign Debtors are insolvent and are unable to pay their
debts as they come due that is why they sought to be wound up
under the appropriate provisions of the Cayman Islands Companies
Law, Mr. Hodara asserts.  The Foreign Representatives are
concerned that those facts may provide a creditor with a
sufficient basis to obtain a prejudgment attachment.  

Any litigation of this kind will distract the Foreign
Representatives from their duties, drain the Foreign Debtors of
important resources, and disrupt both the Foreign Proceedings
and the Foreign Debtors' Chapter 15 proceedings in the United
States, Mr. Hodara further asserts.

Moreover, any actions could result in the inequitable
distribution of the Foreign Debtors' remaining assets among its
creditors.

The temporary restraining order will afford the Foreign Debtors
the "breathing room" necessary to conduct an orderly review and
wind-up of their affairs so that their creditors receive
equitable treatment, Mr. Hodara contends.

Furthermore, the Foreign Representatives believe that the
Foreign Debtors will be entitled to relief after the U.S.
Bankruptcy Court considers the Foreign Debtors' Petition,
seeking recognition of the Foreign Proceeding as a foreign main
proceeding.  

The Foreign Representatives also believe that unless the U.S.
Bankruptcy Court enjoins the commencement and continued
prosecution of actions against the Foreign Debtors and gives
effect to the Foreign Representatives' exclusive authority to
manage and control the Foreign Debtors' assets, the Foreign
Debtor will be irreparably harmed and will have no adequate
remedy at law for that harm.

               U.S. Court Enters Show Cause Order

Judge Lifland of the U.S. Bankruptcy Court finds and concludes
that:

  (a) There is a substantial likelihood of success that the
      Foreign Representatives will be able to demonstrate that
      the Foreign Debtors are subject to the Foreign Proceeding
      and that the Petitioners are the Foreign Representatives
      of the Foreign Debtors;

  (b) The commencement or continuation of any action or
      proceeding in the United States against the Foreign
      Representatives, in connection with their representation
      of the Foreign Debtor, the Foreign Debtors, or any of
      their assets should be enjoined pursuant to Sections
      105(a) and 1519 of the Bankruptcy Code to permit the
      expeditious and economical administration of the Foreign
      Debtors' estate in the Foreign Proceeding, and the relief
      sought will not cause either an undue hardship or any
      hardship to parties in interest is outweighed by the
      benefits;
     
  (c) There is a material risk that the Foreign Debtors may
      suffer cognizable injury for which they will have no
      adequate remedy at law; and

  (d) The Foreign Representatives, in connection with their
      representation of the Foreign Debtors, and the Foreign
      Debtors are entitled to the full protections and rights
      afforded pursuant to Section 1519(a)(1)-(3).

Accordingly, Judge Lifland directs parties-in-interest to show
why a preliminary injunction should not be granted enjoing
parties from commencing or continuing actions against the Funds
or the Foreign Representatives.

Judge Lifland will convene a hearing on Aug. 9, 2007, at 10:00
a.m. to consider issuance of a preliminary injunction.

Pending the hearing, Judge Lifland rules that all persons and
entities are enjoined and restrained from:

  * continuing any Action or commencing any Action involving the
    Foreign Representatives, the Foreign Debtors, or their U.S.
    assets;

  * enforcing any steps to enforce any judicial, quasi-judicial,
    administrative or regulatory judgment, assessment or order
    or arbitration award against the Foreign Representatives, or
    the Foreign Debtors, or their U.S. assets; or

  * commencing or continuing any Action to create, perfect or
    enforce any lien, setoff, or other claim against the Foreign
    Debtors or against any of their properties.  

The Foreign Representatives and the Foreign Debtors are entitled
to the full protections and rights afforded pursuant to Section
1519(a)(1)-(3), including:

  * The right and power to administer and realize all or part of
    the Foreign Debtors' assets located in the United States to
    protect and preserve the value of those assets;

  * The right and power to transfer, encumber, or otherwise
    dispose of any assets of the Foreign Debtors is prohibited,
    except by the Foreign Representative;

  * The right and power to examine witnesses, take evidence or
    deliver information concerning the Foreign Debtors' assets,
    affairs, rights, obligations or liabilities; and

  * The right and power to seek additional relief that is
    available to a trustee, except for relief available under
    Sections 522, 544, 545, 547, 548, 550, and 724(a).

Headquartered in Grand Cayman, Cayman Isands, Bear Stearns High-
Grade Structured Credits and Strategies Enhanced Leverage Master
Fund, Ltd. are open-ended investment compie, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and was designed for long-term investors.  On July
30, 2007, the Funds filed for wounding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton, at KPMG, were
appointed joint provisional liquidators.  On July 31, 2007, the
joint liquidators filed for Chapter 15 petition in the U.S.
Bankruptcy Court for the Southern District of New York.  The
case is under Honorable Burton R. Lifland.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP represent
the liquidators in the United States.  The Funds assets and
debts are estimated to be more than US$100,000,000 each.


BEAR STEARNS FUNDS: Liquidators Want Cayman Cases Recognized
------------------------------------------------------------
Simon Lovell Clayton Whicker and Kristen Beighton, the joint
provisional liquidators and foreign representatives of Bear
Stearns High-Grade Structured Credit Strategies Master Fund,
Ltd., and Bear Stearns High-Grade Structured Credit Enhanced
Leverage Master Fund, Ltd., appeared before the U.S. Bankruptcy
Court for the Southern District of New York pursuant to Section
1515 of the Bankruptcy Code seeking an order recognizing the
Funds' liquidation in the Cayman Islands as a "foreign main"
proceeding, or in the alternative, a "foreign non-main"
proceeding.

The Foreign Representatives told the U.S. Bankruptcy Court that
they are seeking the U.S. Bankruptcy Court's assistance in
identifying, realizing and properly administering the assets of
the Funds for the benefit of the Funds' stakeholders.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, explained that all of the Funds' assets are managed by
Bear Stearns Asset Management and are located within the
jurisdiction of the U.S. Bankruptcy Court.  Although Bear
Stearns Asset Management has indicated to the Foreign
Representatives that it will follow their directions with
respect to the assets within its control, other assets of the
Funds consist of receivables from broker dealers and all are
located within the U.S. Bankruptcy Court's judicial district,
Mr. Hodara said.

Headquartered in Grand Cayman, Cayman Isands, Bear Stearns High-
Grade Structured Credits and Strategies Enhanced Leverage Master
Fund, Ltd. are open-ended investment compie, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and was designed for long-term investors.  On July
30, 2007, the Funds filed for wounding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton, at KPMG, were
appointed joint provisional liquidators.  On July 31, 2007, the
joint liquidators filed for Chapter 15 petition in the U.S.
Bankruptcy Court for the Southern District of New York.  The
case is under Honorable Burton R. Lifland.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP represent
the liquidators in the United States.  The Funds assets and
debts are estimated to be more than US$100,000,000 each.


BEAR STEARNS FUNDS: Obtain Stay from Cayman Grand Court
-------------------------------------------------------
The Honourable Madam Justice Levers of the Grand Court of Cayman
Islands issued an order dated July 31, 2007, imposing a stay on
all actions, suits or proceedings against Bear Stearns High-
Grade Structured Credit Strategies Master Fund, Ltd., and Bear
Stearns High-Grade Structured Credit Strategies Enhanced
Leverage Master Fund, Ltd.

Pursuant to Section 99 of the Companies Law, the Cayman Grand
Court held that all actions, lawsuits or proceedings of any
nature against the Bear Stearns Funds are restrained until
further order of the Cayman Grand Court, and no future action,
lawsuit or proceeding will be commenced against the Bear Stearns
Funds without the leave of the Cayman Grand Court.

Madam Justice Levers also appointed Simon Lovell Clayton Whicker
and Kristen Beighton of KPMG, Cayman Islands, as joint
provisional liquidators and foreign representatives of the
Funds.

Madam Justice Levers granted to the Joint Liquidators the
powers:

  (a) to locate, protect, secure and take into their possession
      and control all asserts and property to which the Bear
      Stearns Funds are to be entitled;

  (b) to locate, protect, secure and take into their possession
      and control the books, papers and records of the Bear
      Stearns Funds including the accounting and statutory
      records;

  (c) to carry out investigations as they may consider
      appropriate into the promotion, formation, business,
      dealings, affairs or property of the Bear Stearns Funds,
      including without limitation applying for relief under
      Section 127 of the Companies Law of the Cayman Islands or
      an equivalent in any other jurisdiction;

  (d) to do any acts or things considered by them to be
      necessary or desirable for the protection of the assets
      and property of the Bear Stearns Funds including but not
      limited to causing the Funds to vote as a shareholder in
      other companies, as the Liquidators deem appropriate;

  (e) to take any action as may be necessary to obtain the
      recognition of the appointment of the Liquidators in any
      other relevant jurisdiction and to make applications to
      the courts of those jurisdictions for that purpose,
      including without limitation, the filing of a petition
      under Chapter 15 of the U.S. Bankruptcy Code and the
      Liquidators are designated as the foreign representatives
      of the Bear Stearns Funds for that purpose;

  (f) to retain barristers, solicitors or attorneys and other
      agents or professionals, whether in Cayman Islands or
      elsewhere, as the Liquidators consider appropriate for
      advising or assisting in the execution of their powers;

  (g) subject to the provisions of Section 107(2) of the
      Companies Law, to render and pay invoices out of the Bear
      Stearns Funds' assets for their own remuneration at their
      usual and customary rates, together with all costs,
      charges and expenses of their attorneys and all other
      agents, managers, accountants or other persons that the
      Liquidators may employ; and

  (h) to exercise these powers without further sanction of the
      Cayman Islands Grand Court.

Justice Levers ruled that no disposition of the Bear Stearns
Funds' property will be avoided pursuant to Section 156 of the
Cayman Islands Companies Law.

Sandra Corbett, Esq., a partner at Walkers, in the Cayman
Islands, which serves as counsel to the Funds, relates that
provisional liquidators are officers of the Cayman Grand Court.  
They are required to be independent of the management of the
company and its creditors, and are required to act in an even-
handed fashion when dealing with creditors.

Headquartered in Grand Cayman, Cayman Isands, Bear Stearns High-
Grade Structured Credits and Strategies Enhanced Leverage Master
Fund, Ltd. are open-ended investment compie, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and was designed for long-term investors.  On
July 30, 2007, the Funds filed for wounding up petitions under
the Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton, at KPMG, were
appointed joint provisional liquidators.  On July 31, 2007, the
joint liquidators filed for Chapter 15 petition in the U.S.
Bankruptcy Court for the Southern District of New York.  The
case is under Honorable Burton R. Lifland.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP represent
the liquidators in the United States.  The Funds assets and
debts are estimated to be more than US$100,000,000 each.


BNS LONG/SHORT: Proofs of Claim Filing Is Until Sept. 6
-------------------------------------------------------
BNS Long/Short Offshore Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to dms Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

BNS Long/Short Offshore's shareholders agreed on May 18, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Dms Corporate Services Ltd
       Attention: Jenny Suto
       Ansbacher House
       P.O. Box 1344
       Grand Cayman, KY1-1208
       Cayman Islands
       Tel: (345) 946 7665
       Fax: (345) 946 7666


BNS MASTER: Proofs of Claim Filing Ends on Sept. 6
--------------------------------------------------
BNS Master Fund Ltd.'s creditors are given until Sept. 6, 2007,
to prove their claims to dms Corporate Services Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

       Dms Corporate Services Ltd
       Attention: Jenny Suto
       Ansbacher House
       P.O. Box 1344
       Grand Cayman, KY1-1208
       Cayman Islands
       Tel: (345) 946 7665
       Fax: (345) 946 7666


CV GROWTH: Proofs of Claim Must be Filed by Sept. 6
---------------------------------------------------
CV Growth Fund's creditors are given until Sept. 6, 2007, to
prove their claims to S.L.C. Whicker and K.D. Blake, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

CV Growth'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 liquidator can be reached at:

       K.D. Blake
       Attention: Dube, Bekilizwe
       P.O. Box 493
       Grand Cayman KY1-1106
       Cayman Islands
       Tel: 345-949-4800
       Fax: 345-949-7164


H1 NEW: Proofs of Claim Filing Deadline Is Sept. 6
--------------------------------------------------
H1 New Media Ltd.'s creditors are given until Sept. 6, 2007, to
prove their claims to Stuart K. Sybersma and Ian A. N. Wight,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

H1 New's shareholders agreed on July 13, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


KEEFE-RAINBOW: Proofs of Claim Must be Filed by Sept. 6
-------------------------------------------------------
Keefe-Rainbow Offshore Fund Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Keefe-Rainbow's shareholders agreed on June 28, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


PURE IP: Proofs of Claim Filing Is Until Sept. 6
------------------------------------------------
Pure IP Holdings creditors are given until Sept. 6, 2007, to
prove their claims to Brynley Davies, 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.

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

The liquidator can be reached at:

       Brynley Davies
       P.O. Box 10310
       Alamander Way, Grand Pavilion
       West Bay Road, George Town
       Grand Cayman KY1-1003
       Cayman Islands
       Tel: (345) 945 3737
       Fax: (345) 945 3782


RHICON 4XIM: Proofs of Claim Filing Ends on Sept. 6
---------------------------------------------------
The Rhicon 4XiM CMP Fund Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Linburgh Martin and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Rhicon's shareholders agreed on June 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:

       Linburgh Martin
       Attention: Kim Charaman
       Close Brothers (Cayman) Limited
       Fourth Floor, Harbour Place
       P.O. Box 1034
       Grand Cayman, KY1-1102
       Tel: (345) 949 8455
       Fax: (345) 949 8499


SA NOSTRA: Proofs of Claim Must be Filed by Sept. 6
---------------------------------------------------
SA Nostra International Finance Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to K.D. Blake, 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.

SA Nostra'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 liquidator can be reached at:

       K.D. BLAKE
       Attention: Camele Burke
       P.O. Box 493
       Grand Cayman KY1-1106
       Cayman Islands
       Tel: 345-949-4800
       Fax: 345-949-7164


VEGA GLOBAL: Proofs of Claim Filing Is Until Sept. 6
----------------------------------------------------
Vega Global 3x Feeder Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Vega Global'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 liquidator can be reached at:

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


VEGA GLOBAL 3X: Proofs of Claim Filing Deadline Is Sept. 6
----------------------------------------------------------
Vega Global 3x Master Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Vega Global'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 liquidator can be reached at:

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


VEGA INTERNATIONAL: Proofs of Claim Filing Ends on Sept. 6
----------------------------------------------------------
Vega International Fund SPC Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Vega International'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 liquidator can be reached at:

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


VEGA INVESTMENT: Proofs of Claim Must be Filed by Sept. 6
---------------------------------------------------------
Vega Investment Platform Funds Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


VEGA LIQUIDITY: Proofs of Claim Filing Is Until Sept. 6
-------------------------------------------------------
Vega Liquidity Non-Us Feeder Fund Ltd.'s creditors are given
until Sept. 6, 2007, to prove their claims to Stuart K. Sybersma
and Ian A. N. Wight, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Vega Liquidity'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 liquidator can be reached at:

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


VEGA LIQUIDITY FUND: Proofs of Claim Must be Filed by Sept. 6
-------------------------------------------------------------
Vega Liquidity Fund Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Vega Liquidity'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 liquidator can be reached at:

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


VEGA MAG: Proofs of Claim Filing Deadline Is Sept. 6
----------------------------------------------------
Vega Mag Ltd.'s creditors are given until Sept. 6, 2007, to
prove their claims to Stuart K. Sybersma and Ian A. N. Wight,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

Vega Mag'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 liquidator can be reached at:

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




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


AES CORP: Lehman Brothers Reaffirms Overweight Rating on Firm
-------------------------------------------------------------
Lehman Brothers analyst Gregg Orrill has reaffirmed his
"overweight" rating on The AES Corp's shares, Newratings.com
reports.

According to Newratings.com, the target price for AES' shares
was set at US$28.

Mr. Orrill said in a research note that AES's share price
dropped by 21% since July 19, 2007, due to concerns surrounding
additional restatement of financials and the project finance
markets.

Newratings.com relates that analysts consider the recent
weakness in AES' share price as "overdone."

AES restated its results to 2004 to indicate changes in
accounting of regulatory "amortization offsets" in Brazil and
revision in lease accounting, Newratings.com states, citing
Lehman Brothers.

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

                        *     *     *

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


AES CORP: Restates 2006 Results
-------------------------------
The AES Corp. has restated its 2006 results and "changed the
accounting related to the sale" of its Venezuelan unit, Reuters
reports.

AES said in an amended 10-K annual filing with the U.S.
Securities and Exchange Commission that it lowered its 2006
earnings excluding special items by US$94 million, mainly by
moving its Venezuelan subsidiary to discontinued operations.

Reuters relates that including a restatement filed on
Aug. 6, 2007, which reduced earnings by 9 cents per share for
last year, AES is reporting 2006 earnings excluding special
items of 93 cents per share, down from US$1.14 per share
previously disclosed.

AES said in a quarterly 8-K filing with the Securities and
Exchange Commission that it reduced its net income to 30 cents
per diluted share from 39 cents.

According to Reuters, "earnings were hit by a US$57-million non-
cash charge related to accounting changes for its Brazilian
utility business" and for three power purchase accords in
Pakistan and the US.

Reuters notes that as part of President Hugo Chavez's drive to
nationalize Venezuela's electricity and telecommunications
firms, AES acquiesced early this year to sell its 82% stake in a
Venezuelan firm that included 2,600 of megawatt generation
capacity for US$740 million to the government of Venezuela.

AES previously restated its financial results for 2002 to 2005
due to weaknesses in its internal controls, Reuters states.

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

                        *     *     *

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


THERMADYNE HOLDINGS: Earns US$1.6 Million in 2007 Second Quarter
----------------------------------------------------------------
Thermadyne Holdings Corporation reported net income of US$1.6
million for the three months ended June 30, 2007, compared to
net loss of US$5.2 million for the same period in 2006.

Net sales in the 2007 second quarter rose to US$128.4 million,
an increase of 12.3% from the same quarter of 2006.  Net sales
for the first six months of 2007 increased to US$245.6 million,
8.6% greater than the comparable period of 2006.

"Year-to-year sales growth in the second quarter was driven by
the Asia Pacific and Middle Eastern regions where strong
markets, the results of our brand and product strategies,
enhanced sales and marketing efforts and the weaker U.S. dollar
combined to produce a 20% sales gain in the period," said Paul
D. Melnuk, Chairman and Chief Executive Officer. "U.S. markets
remained soft in the second quarter with mid-single digit growth
over last year's second quarter," he added.

"Gross profit in the second quarter of 2007 increased to US$38.3
million, or 29.8% of net sales, as compared to US$32.1 million,
or 28.1% of net sales, in the prior-year second-quarter period.  
Gross profit through June 2007 increased to US$76.4 million, or
31.1% of net sales, as compared to US$64.2 million, or 28.4% of
net sales, in the prior-year comparable period.

"In the second-quarter our gross profit margin percentage
improved 170 basis points over the prior year.  We achieved this
improvement despite continuing material price inflation due to
the favorable impact of the cost savings initiatives from our
'TCP' program as well as the benefits from improved pricing
management made possible with the achievement of targeted
customer service levels and our brand strategy.  We began to
show improvement in our gross margin in the third quarter of
last year and we are encouraged by our ongoing progress,"
commented Mr. Melnuk.

"Our business plan has focused on sales growth while
simultaneously expanding profit margins in the face of
substantial increases in commodity material costs.  Enhanced
customer service levels, a brand and product strategy, improving
pricing management and a company-wide program to reduce our cost
structure have more than offset the US$12.0 million inflationary
increases we experienced in the first half of the year," Mr.
Melnuk added.

Selling, general and administrative costs of US$26.7 million in
the second quarter of 2007 were 20.8% of net sales.  The second
quarter 2007 expenses are US$2.7 million less than the 2006
second quarter which included US$3.3 million of incremental
accounting related costs and bondholder consent fees associated
with the company's delayed financial statement filings in 2006.
Selling, general and administrative costs of US$53.0 million for
the six months ended June 2007 were 21.6% of net sales and
US$0.6 million less than 2006, which included US$4.0 million of
incremental accounting related costs and bondholder consent fees
associated with the company's delayed financial statement
filings in 2006.

                  Other Income & Expense Items

Interest costs of US$7.3 million increased US$1.0 million over
second quarter 2006 and were US$14.3 million for the six months
ended June 2007, increasing US$1.9 million over the prior year's
first six months.  These increases result primarily from the
1.25% Special Interest Adjustment applicable in 2007 to the
Company's US$175 million Senior Subordinated Notes.  In
addition, US$20 million of Second Lien Facility borrowings
during the third quarter 2006 replaced Working Capital Facility
borrowings also increasing the 2007 interest costs as compared
to the same period of 2006.

The second quarter of 2007 reflects an income tax provision of
US$1.3 million, an effective rate of 43.8%.  In 2006, despite
the net loss in that period, the Company recognized an income
tax provision of US$1.3 million in the second quarter consisting
of taxes payable in various foreign locations.  For the first
six months of 2007, the income tax provision was US$3.6 million,
an effective rate of 55.3%.  Approximately 80% of the US$3.6
million tax provision is for foreign taxes, which are currently
payable.  The portion of the income tax provision that is not
currently payable relates to the use of net operating loss
carryovers and the deferred payment of additional U.S. income
taxes associated with earnings in foreign countries.

                       Net Income (Loss)

For the 2007 second quarter, net income from continuing
operations was US$1.7 million with net income of US$1.6 million,
after US$0.1 million of net loss from discontinuing operations.  
In comparison, the second quarter of 2006 figure was a net loss
of US$5.3 million, including net income of US$1.2 million from
discontinued operations during that period.  Net income from
continuing operations was US$2.9 million for the six months
ending June 30, 2007, with net income of US$3.0 million
including US$0.1 million of income from discontinued operations.  
In comparison, the first six months of 2006 reflected a net loss
from continuing operations of US$7.2 million and a net loss of
US$6.7 million including income of US$0.5 million from
discontinued operations.

             Divestitures & Discontinued Operations

In May 2007, the company completed the sale of its remaining
South African operations.  The sales proceeds were approximately
US$13.8 million.  The proceeds from the sale were used to reduce
the Second Lien Facility.

As announced in December 2006, the Company is in the process of
selling its manufacturing operations in Brazil and expects to
complete the disposition no later than September 2007.  
Operational results of the Brazilian and South African
businesses are shown as discontinued operations in the company's
2007 financial statements.

On Aug. 7, 2007, the company reported it had a material weakness
in its internal control over financial reporting as of
Dec. 31, 2006, with respect to the accounting for discontinued
operations and a US$0.3 million gain was included in
discontinued operations during the three months ended
June 30, 2007, as a correction of previously recorded amounts.  
The company also reported on Aug. 7, 2007, that the material
weakness has been remediated as of June 30, 2007.

                        2007 Outlook

"In addition to continuing our tradition of providing high-
quality products, we are showing good progress in delivering an
improved selection of competitively priced products and quick-
response service to meet the needs of our customers.  By
broadening our product lines in markets outside the United
States and strengthening our international sales capabilities,
we have further stimulated our international activity.  We see
continued strong growth in these markets for the remainder of
the year.  In addition, we anticipate that our new welding
products line will provide incremental growth in both the U.S.
and international markets.  We believe our U.S. sales pace will
continue at the slower mid-single digit pace that we have
experienced so far this year," Mr. Melnuk observed.

               Working Capital And Liquidity

"Our inventory and receivables management initiatives continue
to show an impact with further improvement in the working
capital efficiency in the second quarter of 2007.  It is
particularly noteworthy that our inventory turnover ratio
improved to 3.61 versus the 3.10 shown at Dec. 31, 2006, despite
the conscious build in welding equipment inventory to support
the launch," Mr. Melnuk stated.

On June 29, 2007, the company amended its senior secured credit
and second lien facilities increasing the amounts available to
the company under the senior facility to US$100 million from
US$70 million, reducing the interest rate structure on both
facilities and extending the maturities on both.  The company
also repaid US$14 million of the second lien facility reducing
it to US$36 million as of June 30, 2007.

As of June 30, 2007, the company had combined cash and
availability under its revolver of US$45 million in comparison
with US$35 million at December 31, 2006.

                  About Thermadyne Holdings

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national  
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Moody's Investors Service affirmed the Caa1
corporate family  rating of Thermadyne Holdings Corporation and
the Caa2 rating of the USUS$175 million senior subordinated
notes due in 2014.  Moody's changed the outlook to stable from
negative.


THERMADYNE HOLDINGS: Picks Terry Moody as VP-Global Operations
--------------------------------------------------------------
Thermadyne Holdings Corporation has appointed Terry A. Moody as
its Executive Vice President of Global Operations.

Mr. Moody was formerly employed by Videocon Industries, a
privately held manufacturer of high-end digital products, where
he served as the chief operating officer and senior vice
president of Europe.  In this role, he was responsible for
sales, marketing, new business development, manufacturing and
distribution for US$500+ million in revenues in Europe, North
and South America.

"Terry has extensive experience in all facets of operations and
executive management.  He has a history of achieving results in
a low-margin, highly competitive industry where efficiency and
cost effectiveness are critical to success.  I am confident
Terry's experience will contribute to the growing success of
Thermadyne. We are very pleased to welcome him to the company
and our executive leadership team," stated Paul D. Melnuk,
Chairman and Chief Executive Officer.

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national  
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Moody's Investors Service affirmed the Caa1
corporate family  rating of Thermadyne Holdings Corporation and
the Caa2 rating of the US$175 million senior subordinated notes
due in 2014.  Moody's changed the outlook to stable from
negative.




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


BANCOLOMBIA: Earns COP181.3 Billion in Quarter Ended June 30
------------------------------------------------------------
Bancolombia S.A. disclosed its financial results for the second
quarter of fiscal year 2007, ended June 30, 2007, including
Banagricola's results for the first time.

The company said that this is the first time that it has
released consolidated results since the acquisition of
Banagricola, which was settled on May 16, 2007; therefore, going
forward, the Bank's consolidated financial statements will
include Banagricola's results.  However, for this presentation,
Bancolombia's consolidated results excluding Banagricola are
presented on a quarterly basis, permitting trend analysis.

Including Banagricola, total assets contributed by the
consolidation of Banagricola amounted to COP6,927 billion, where
net loans and financial leases totaled COP4,876 billion and net
investment securities of COP342 billion.

The net income contributed by the consolidation of Banagricola
amounted to COP66.4 billion in the first half of 2007.

The consolidated companies reported net income for the first
half of 2007 of COP447.7 billion, increasing 58.1% compared to
the first half of 2006.

Net loans and financial leases totaled COP31,110 billion.  
Investments in debt securities totaled COP5,363 billion (11.9%
of total assets).  Net interest income for the first half of
2007 totaled COP1,304.9 billion.

In a stand-alone basis, the Bank's net income for the second
quarter of 2007 totaled COP181.3 billion.  Net loans and
financial leases totaled COP26,234 billion as of June 30, 2007,
representing an increase of 5.5% over the quarter and a 24.4%
over the year.

The company recorded debt securities represented 11.1% of total
assets as of June 30, 2007, decreasing 15.0% over the quarter
and 45.1% over the year.  Net interest income for the period
ended June 30, 2007, represented an increase of 10.8% over the
quarter and 226.6% over the year.  The Bank's net interest
margin for the second quarter of 2007 was 7.42%.

Efficiency, measured as operating expenses as a percentage of
interest, fees, services and other operating income, for the
second quarter of 2007 was 58.2%, improving from the 60.9% in
the previous quarter.  Allowances for loan losses increased 8.0%
over the quarter and 25.9% over the year.  Asset quality
remained in similar ratios as past due loans to total loans
stayed at 2.7% and allowances to past due loans remained close
to 130%.

In the second quarter of 2007, the Bank concluded the public
offering of US$400 million U.S. dollar denominated subordinated
notes due 2017.  Additionally, on July 24, 2007, Bancolombia
concluded its public offering of preferred shares.  As a result
of this transaction, the Bank increased its equity by
approximately COP927.6 billion (US$ 480 million).  Most of this
equity increase took place in July and is not reflected in
June's consolidated balance sheet.

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.




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


ALCATEL-LUCENT: Costa Rican State Firm Levies CRC31.2-Bil. Fine
---------------------------------------------------------------
Published reports say that Costa Rican state-owned multi-utility
monopoly Instituto Costarricense de Electricidad has demanded a
CRC31.2-billion payment from Alcatel-Lucent.

According to the reports, Alcatel-Lucent failed to comply with a
mobile telephony infrastructure contract with Instituto
Costarricense.

Business News Americas relates that Instituto Costarricense
figured it is due an additional CRC10-billion payment in damages
resulting from the scandal that officials were bribed so Alcatel
could win the contract for 400,000 GSM lines.  

Alcatel-Lucent was then called Alcatel when it still had
contract with Instituto Costarricense, the press says, citing
the state firm's executive president Pedro Pablo Quiros.  

The contract was granted to Alcatel in 2002 for US$149 million,
BNamericas notes.  Instituto Costarricense cut off its relations
with Alcatel-Lucent in February 2007.

Alcatel-Lucent must compensate Instituto Costarricense for
service failures and noncompliance of the contract, BNamericas
says, citing Mr. Quiros.

Instituto Costarricense is also asking the 11 individuals
involved in the bribery scandal to pay.  Among those charged
with bribery are Costa Rica's former president Miguel Angel
Rodriguez and former Alcatel workers, BNamericas states.

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

                        *     *     *

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

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

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


COVANTA HOLDING: To Redeem 8-1/2% & 7-3/8% Senior Secured Notes
---------------------------------------------------------------
Covanta Holding Corporation plans to redeem:

   a) all outstanding Senior Secured Notes due 2010, issued
      by MSW Energy Holdings LLC and its wholly owned
      subsidiary, MSW Energy Finance Co., Inc., at a redemption
      price equal to 104.250% of the aggregate principal amount
      plus accrued and unpaid interest, on Sept. 6, 2007; and

   b) all outstanding 7-3/8% Senior Secured Notes due 2010,
      issued by MSW Energy Holdings II LLC and its wholly owned
      subsidiary, MSW Energy Finance Co. II, Inc., at a
      redemption price equal to 103.688% of the aggregate
      principal amount plus accrued and unpaid interest, on
      Sept. 6, 2007.  

MSW I and MSW II intend to provide the holders of the
outstanding notes with formal notices of redemption on
Aug. 6, 2007.

As of June 30, 2007, the remaining principal amount outstanding
of the MSW I Notes and MSW II Notes was US$5.6 million and
US$0.5 million.  The planned redemptions will complete Covanta's
debt refinancing that was initiated in January 2007.

Headquartered in Fairfield, New Jersey, Covanta Holding Corp.
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad.  Covanta has operations in the
Philippines, China, Costa Rica, India, and Bangladesh.

                        *     *     *

The company carries Standard & Poor's Ratings Services' BB-
corporate credit rating with a stable outlook.  It also carries
Moody's Investors Service's Ba2 Corporate Family Rating.


* COSTA RICA: State Firm Levies CRC31.2B Fine on Alcatel-Lucent
---------------------------------------------------------------
Published reports say that Costa Rican state-owned multi-utility
monopoly Instituto Costarricense de Electricidad has demanded a
CRC31.2-billion payment from Alcatel-Lucent.

According to the reports, Alcatel-Lucent failed to comply with a
mobile telephony infrastructure contract with Instituto
Costarricense.

Business News Americas relates that Instituto Costarricense
figured it is due an additional CRC10-billion payment in damages
resulting from the scandal that officials were bribed so Alcatel
could win the contract for 400,000 GSM lines.  

Alcatel-Lucent was then called Alcatel when it still had
contract with Instituto Costarricense, the press says, citing
the state firm's executive president Pedro Pablo Quiros.  

The contract was granted to Alcatel in 2002 for US$149 million,
BNamericas notes.  Instituto Costarricense cut off its relations
with Alcatel-Lucent in February 2007.

Alcatel-Lucent must compensate Instituto Costarricense for
service failures and noncompliance of the contract, BNamericas
says, citing Mr. Quiros.

Instituto Costarricense is also asking the 11 individuals
involved in the bribery scandal to pay.  Among those charged
with bribery are Costa Rica's former president Miguel Angel
Rodriguez and former Alcatel workers, BNamericas states.

                     About Alcatel-Lucent

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

                        *     *     *

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




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


BANCO INTERCONTINENTAL: Pedro Castillo Testifies in Fraud Case
--------------------------------------------------------------
Former Progreso Bank head Pedro Castillo has testified as former
Banco Intercontinental chief Ramon Baez Figueroa's witness in a
fraud case, Dominican Today reports.

According to Dominican Today, the Banco Intercontinental fraud
case resumed after it was suspended several weeks ago because
Vivian Lubrano, one of the defendants, was hospitalized.  The
other defendants were former Banco Intercontinental officials
Jesus Maria Troncoso and Luis Alvarez Renta.

The collapse of Banco Intercontinental cost the Dominican
taxpayers over DOP55 billion, Dominican Today states.

Located in Dominican Republic, Banco Intercontinental aka
Baninter collapsed in 2003 as a result of a massive fraud that
drained it of about US$657 million in funds.  As a consequence,
all of its branches were closed.  The bank's current and savings
accounts holders were transferred to the bank's new owner --
Scotiabank.  The bankruptcy of Baninter was considered the
largest in world history, in relation to the Dominican
Republic's Gross Domestic Product.  It cost Dominican taxpayers
DOP55 billion and resulted to the country's worst economic
crisis.


BANCREDITO: Ministry Files Indictment Against Ex-Officials
----------------------------------------------------------
The Dominican Republic's Justice Ministry and the Central Bank
have filed an indictment against Manuel Arturo Pellerano and
Juan Felipe Mendoza, the collapsed bank Bancredito's former
officials, for allegedly stealing over DOP23 billion, Dominican
Today reports.

Dominican Today relates that special prosecutors for Bank Frauds
filed the indictment in the National District 3rd Collegiate
Court.  The Central Bank's legal representatives filed a list of
the documentary evidences and testimony to support the
allegation.

According to Dominican Today, Messers. Pellerano and Mendoza
were indicted for:

          -- breach of trust,
          -- embezzlement, and
          -- forgery, in connection with Bancredito's collapse
             in 2003, after authorities found alleged
             irregularities in the handling of over DOP23
             billion.

The attorneys for the Central Bank told Dominican Today that
they expect the defendants to pay over DOP20 billion, "an amount
similar to what the monetary authority had to reimburse
depositors for the alleged fraud committed by Bancredito's
directors."

"The case has schemes very similar to money laundering,"
Dominican Today notes, citing Central Bank lawyer Fidel
Pichardo.

Bancredito is a subsidiary of Banco Intercontinental, which
collapsed in 2003 as a result of massive fraud that drained it
of about US$657 million.  As a consequence, all of its branches
were closed.  The bank's current and savings accounts holders
were transferred to the bank's new owner -- Scotiabank.




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


PETROECUADOR: Investment Fund To Extend US$358 Million to Firm
--------------------------------------------------------------
The Ecuadorian mines and oil ministry said in a statement that
the nation's energy and hydrocarbons investment fund FEISEH will
extend some US$358 million to state-owned oil firm Petroecuador.

Business News Americas relates that of the US$358 million, about
US$91.3 million would be used to help Petroecuador subsidiary
Petroproduccion renew secondary piping in fields run by
Petroecuador.  Some US$81.2 million would be allocated for the
purchase of power generation equipment, while about US$15
million would be used in the construction of the maritime
terminal as part of the onshore liquefied petroleum gas storage
project.

FEISEH sought for additional information of a planned US$171-
million revamp of the Esmeraldas plant in the lead-up to
possible funding, BNamericas states.

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




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


HERBALIFE LTD: Lehman Bros. Maintains Overweight Rating on Firm
---------------------------------------------------------------
Lehman Brothers analyst Michael Lasser has kept his "overweight"
rating on Herbalife Ltd's shares, Newratings.com reports.

Newratings.com relates that the target price for Herbalife's
shares was increased to US$51 from US$49.

Mr. Lasser said in a research note that Herbalife reported
strong second quarter 2007 results, with net sales and earnings
per share ahead of the estimates.

Mr. Lasser told Newratings.com that Herbalife repurchased 3.5
million shares for US$139 million in the second quarter 2007.

Herbalife increased its earnings per share guidance for 2007 to
US$2.61 from US$2.49.  The earnings per share estimates for 2007
and 2008 were raised to US$2.60 from US$2.55 and to US$2.99 from
US$2.85, respectively, Newratings.com states.

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.




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


DOLE FOOD: Says Honduran Workers Have Free Medical Care
-------------------------------------------------------
Dole Food workers have free medical care that included
monitoring for any reproduction problems, the Associated Press
reports, citing the company's president and chief executive
officer David DeLorenzo.

The AP notes that Mr. DeLorenzo testified in a lawsuit claiming
that Dole Food was negligent in using a pesticide in the 1970s.  
Twelve former banana workers in Honduras filed the complaint
against Dole Food subsidiaries Dole Fresh Fruit Co. and Standard
Fruit for alleged negligence and fraudulent concealment while
using the DBCP pesticide.

DBCP was used to kill microscopic worms on the roots of banana
plants, the report says.  The Environmental Protection Agency
approved the use of the chemical until 1979.  Usage of the
pesticide in Nicaragua was legal from 1973 until 1993.

According to the AP, the complainants claimed that the pesticide
made them sterile.

Mr. DeLorenzo told the AP that Dole Food urged its Honduran
workers to report any infertility problems when he was in charge
of the firm's banana operations in Honduras in the 1970s.

Duane Miller, the former workers' legal representative, denied
to the AP that Dole Food had a program to test its workers, even
after it was revealed that the employees in Coast Rica were
suffering infertility problems due to the use of DBCP.  
According to him, Dole Food continued the use of DBCP at its
Nicaragua operations, even after Mr. DeLorenzo received a 1978
report that 10 at its Costa Rican plantation became sterile
because of the pesticide.

The application process in Dole Food's Nicaraguan and Costa
Rican operations were "100% different" compared to its Honduran
subsidiaries, the AP says, citing Mr. DeLorenzo.  He commented,
"We thought it was safer in Honduras."

Mr. DeLorenzo told the AP that Dole Food has never believed that
the chemical causes sterility.  According to the attorneys for
the firm, the workers' exposure to DBCP wasn't severe enough to
cause sterilization and that "there is always a certain
percentage of a population that is sterile."

The AP relates that Mr. Miller presented internal company
documents indicating that the Dow Chemical Company sent a letter
to Dole Food in the 1970s saying that it would stop selling the
pesticide.  The documents also showed that Dole Food threatened
Dow Chemical with a breach of contract action if it didn't
receive the supply it ordered.

Dole Food stopped purchasing the pesticide three days after the
US government suspended its use, the AP says, citing Rick
McKnight, the company's legal representative.  The attorney
emphasized how little the employees were exposed to DBCP when it
was applied once or twice per year.  He said that the pesticide
"was diluted with water, sprayed at night for 15 minutes, and
the plants were then washed with 56,000 gallons of water for
more than an hour afterward."

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

                        *     *     *

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

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




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


GOODYEAR TIRE: Names Mark Schmitz as Executive VP & CFO
-------------------------------------------------------
The Goodyear Tire & Rubber Company has hired W. Mark Schmitz as
its executive vice president and chief financial officer,
effective immediately.  Mr. Schmitz succeeds Richard J. Kramer,
who in March was named to the additional post of president of
Goodyear's North American Tire business unit.

Prior to joining Goodyear, Mr. Schmitz was most recently vice
president and CFO for Tyco International's Fire and Security
Segment, where he has been since 2003.  Mr. Schmitz, however,
spent the majority of his career with General Motors.

"As we considered candidates, we sought an experienced CFO who
could work with our leadership team to build on our recent
successes and drive our business strategy going forward," said
Robert J. Keegan, Goodyear chairman and chief executive officer.  
"In Mark, we found an individual with a successful track record,
who is intimately familiar with the automotive industry and who
has considerable international experience."

"I'm fortunate to be joining Goodyear at such an exciting time,"
said Mr. Schmitz.  "Following the successful execution of its
turnaround strategy, the company is now in a position to pursue
growth opportunities.  I look forward to working with the
leadership team to help the company capitalize on the
opportunities that lie ahead."

Mr. Schmitz began his career with GM in the late 1970s, where he
rose to executive assistant to the president and chief executive
officer in Detroit.  In 1994, he was assigned to General Motors
do Brasil and ultimately was director of finance for Mercosul
operations and president of GM do Brasil's finance subsidiary.  
Finally, from 1999 to 2001, he served as vice president and CFO
of GM's DirectTV Latin America.

From 2001 to 2003, Mr. Schmitz served as vice president and
chief financial officer for Plug Power, Inc.

At Tyco International, Mr. Schmitz was part of a leadership team
brought in to turn around the Fire and Security business unit, a
US$12 billion business with eight divisions worldwide.  During
his tenure, the leadership team implemented new business models
and financial controls that underpinned the successful
turnaround and the establishment of a solid control environment
at Tyco's largest business unit.

Mr. Schmitz has had corporate assignments in London, Brazil and
China, and he speaks fluent Mandarin Chinese and Portuguese.
Schmitz received his bachelor's degree and his MBA from Ohio
State University in Columbus, Ohio.  Mr. Schmitz and his wife,
Nancy, have four daughters.

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

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

                        *     *     *

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

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

  The Goodyear Tire & Rubber Company

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

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

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

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

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

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

  Goodyear Dunlop Tires Europe B.V.

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

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


NACIONAL COMMERCIAL: Loan Portfolio Increases Over 12 Months
------------------------------------------------------------
Radio Jamaica reports that the National Commercial Bank has seen
a significant boost in its loan portfolio over the past 12
months.  It registered loans and advances of US$52.7 billion in
June 30, 2007, compared to US$41.9 billion in the same period
last year.

According to Radio Jamaica, non-performing loans accounted for
under 3% of the portfolio, or US$1.4 billion.

Radio Jamaica notes that the National Commercial said in its
latest balance sheet that it has more than adequate provisions
to cover its bad loans.

The National Commercial made provision in June 2007 "to cover
over 100% of its non-performing loans," Radio Jamaica states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Standard & Poor's Rating Services affirmed its
'B/B' counterparty credit and CD ratings on National Commercial
Bank Jamaica Ltd.  S&P said the outlook is stable.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited:

          -- long-term foreign and local currency Issuer Default
             Ratings (IDR) at 'B+';

          -- short-term foreign and local currency rating at
             'B';

          -- individual at 'D';

          -- support at 4.

The Rating Outlook on the bank's ratings was Stable, in line
with Fitch's view of the sovereign's creditworthiness.  




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


ARROW ELECTRONICS: To Acquire Centia & AKS Group
------------------------------------------------
Arrow Electronics Inc. has signed a definitive agreement
pursuant to which Arrow will acquire Centia Group Limited and
AKS Group Nordic AB (Centia/AKS), Europe's leading specialty
distributors of access infrastructure, security and
virtualization software solutions.

"With the acquisition of Centia/AKS, we continue to execute on
our strategic objective to pursue opportunities in fast-growing
market segments.  This transaction further diversifies our
product portfolio in the European region and strengthens our
strategic focus on software solutions - which is unique to Arrow
and will enable us to continue to outgrow the market," said M.
Catherine Morris, president, Arrow Enterprise Computing
Solutions.

Centia/AKS has over 120 employees throughout Denmark, Finland,
France, Germany, Great Britain, the Netherlands, Norway and
Sweden.  The joint linecard includes leading suppliers such as
Citrix, VMware, and RSA.  Centia/AKS support value-added
resellers in delivering solutions that optimize, accelerate,
monitor and secure an end user's IT environment. Total sales for
2007 are expected to exceed US$120 million.

"Our reputation for technical excellence has been built up over
25 years.  We are excited to become part of a world-class value-
added distributor such as Arrow, and gain access to Arrow's
significant resources and broad customer base.  This partnership
will create meaningful opportunities for our organization," said
Yuri Pasea, founder and chairman, Centia/AKS.

The transaction is subject to customary closing conditions,
including obtaining necessary government approvals, and is
expected to be completed within the next 60 days.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and     
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                        *     *     *

As reported on March 30, Moody's affirmed Arrow Electronics'
senior preferred stock at Ba2 and senior subordinated stock at
Ba1.

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  Fitch said the
rating outlook is positive.


EMPRESAS ICA: Consortium Has Lowest Bid for La Yesca Project
------------------------------------------------------------
Empresas ICA, S.A. de C.V.'s consortium has presented the lowest
bid for the construction of the 750-megawatt La Yesca
hydroelectric project, Business News Americas reports, citing
Mexican state power company Comision Federal de Electricidad.

BNamericas relates that the consortium offered a US$768-million
bid for the project.  Other members of the consortium are:

          -- Promotora e Inversora Adisa,
          -- La Peninsular Compania Constructora, and
          -- Constructoria de Proyectos Hidroelectricos.

The report says that the La Yesca hydroelectric project will be
situated on the Santiago river in Nayarit and Jalisco.

According to BNamericas, Comision Federal received two
additional bids for the project.  Mexican group Promotora del
Desarrollo de America Latina made a US$808-million bid.  
Meanwhile, a consortium of Italian construction companies
Impregilo and Techint and local firms Prourbe del Bajio and
Proyecto La Yesca also presented a US$856-million bid, which is
above the US$833-million limit.

Comision Federal's chief executive officer Alfredo Elias Ayub
told the press that the company was satisfied with the results
of the tender, which yielded two experienced groups with bids
below the US$833-million limit.  About 17 companies acquired
bidding rules for the tender.  The firm will award the contract
for the works by Sept. 6.

BNamericas notes that the construction of La Yesca will start at
the end of September and will run through June 2012.

Mr. Ayub said that the reservoir will have a volume of 12
million cubic meters, BNamericas states.  The dam's height will
reach 220 meters.

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

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

                        *     *     *

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


FOAMEX INT'L: Appoints Robert Larney as Chief Financial Officer
---------------------------------------------------------------
Foamex International Inc. has named Robert M. Larney as
Executive Vice President and Chief Financial Officer, effective
Aug. 13, 2007, reporting to Jack Johnson, Chief Executive
Officer of Foamex.

"We're pleased to welcome Bob to Foamex," stated Mr. Johnson.  
"With more than two decades of experience, Bob brings extensive
financial and operational expertise to Foamex, having served as
a senior executive at many well-respected manufacturing
companies.  I am confident that he will be a positive addition
to our management team and he will be instrumental in helping
Foamex's goals of increasing free cash flow generation and
improving operating efficiencies."

Mr. Larney has extensive financial and operational experience,
including profitability and efficiency improvement initiatives,
cash flow generation strategies and business risk management.  
Most recently, he was Executive Vice President and Chief
Financial Officer, Business Group America of Rieter Automotive
Systems, a division of Rieter Group with more than US$500
million in sales.  While at Rieter, Mr. Larney helped to
establish the company's strategic direction, organizational
structure, and manufacturing footprint.  From 2000 to 2004, Mr.
Larney served as Vice President and Chief Financial Officer of
Magee Rieter Automotive Systems.  Prior to that, Mr. Larney was
Chief Financial Officer of Lutron Electronics from 1996 to 2000.  
From 1986 to 1996, Mr. Larney worked at Ingersoll-Rand Company
in positions of increasing responsibility, concluding his tenure
there as Treasurer of Ingersoll-Rand Canada and Japan.  Prior to
his experience with Ingersoll-Rand Company, Mr. Larney held a
number of positions in operational control and administration.

Mr. Larney is a Certified Public Accountant and a Six Sigma
Green Belt.  He received an M.B.A. in finance from LaSalle
University and a B.B.A. in accounting from the Wharton School of
the University of Pennsylvania.

Mr. Johnson also added, "I would like to thank Steven Markert,
who served as Interim CFO these past eight months.  We
appreciate his contributions to the Company during this
transitional period and wish him well in his future endeavors."

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of  
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.  The
company's Latin American subsidiary is in Mexico.  The Company
and eight affiliates filed for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through
05-12693).  Attorneys at Paul, Weiss, Rifkind, Wharton &
Garrison LLP, represent the Debtors in their restructuring
efforts.  Houlihan, Lokey, Howard and Zukin and O'Melveny &
Myers LLP are advising the ad hoc committee of Senior Secured
Noteholders.  Kenneth A. Rosen, Esq., and Sharon L. Levine,
Esq., at Lowenstein Sandler PC and Donald J. Detweiler, Esq., at
Saul Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2007, Foamex International Inc. recorded total assets of
US$578.6 million and total liabilities of US$850.6 million,
resulting in a total stockholders' deficit of US$272 million as
of March 31, 2007.

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on Linwood, Penn.-based Foamex L.P. to
'B' from 'D', following the company's emergence from bankruptcy
on Feb. 12, 2007.  S&P affirmed all other ratings.  S&P said the
outlook was stable.

As reported in the Troubled Company Reporter on Dec. 8, 2006,
Moody's Investors Service assigned a B2 corporate family and
probability of default ratings on Foamex L.P.  Concurrently,
Moody's has assigned a B1 rating to the company's US$425 million
first lien senior secured Term Loan B and a Caa1 rating to its
US$190 million second lien senior secured term loan (expected to
be downsized to US$175 million).  Moody's said the ratings
outlook was stable.


KANSAS CITY SOUTHERN: Board Declares US$0.25 Per Share Dividend
---------------------------------------------------------------
Kansas City Southern's Board of Directors has declared a regular
dividend of US$0.25 per share on the outstanding KCS 4% non-
cumulative preferred stock.  This dividend is payable on
Oct. 2, 2007, to preferred stockholders of record at the close
of business Sept. 10, 2007.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the US,
Mexico and Panama. I ts 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.


MOVIE GALLERY: Inks Amendment to Forbearance Agreement
------------------------------------------------------
Movie Gallery Inc. disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission that on July 31, 2007,
it entered into an amendment, effective as of July 27, 2007, to
a forbearance agreement it entered into on July 20, 2007 with
Goldman Sachs Credit Partners L.P., as a lender and as
administrative agent, Wachovia Bank, National Association, as a
lender and collateral agent and the lenders party thereto,

The Forbearance Agreement relates to a first lien credit and
guaranty agreement, dated as of March 8, 2007, by and among the
company and the guarantors party, the agents and lenders party
for the purpose of making certain technical corrections to the
Forbearance Agreement.

A copy of the Amendment to Forbearance Agreement may be viewed
for free at http://ResearchArchives.com/t/s?2228

                     Forbearance Agreement

As reported in the Troubled Company Reporter on July 25, 2007,
the company and certain lenders under its First Lien Credit
Facility executed a Forbearance Agreement.

Under the agreement, the senior lender group will forbear until
Aug. 14, 2007, from exercising rights and remedies arising from
existing defaults, absent any new defaults under the senior
credit facility or the Forbearance Agreement.

Joe Malugen, chairman, president and chief executive officer of
Movie Gallery, said, "We are pleased to be working cooperatively
with our lenders to address the company's current financial
situation.  In the near future, we expect to present a longer-
term solution to the lender group that will address the
operational and financial issues currently impacting our
business.  Meanwhile, our plan is to operate our stores and,
together with our outside advisors, execute on our plan to
conserve cash and improve profitability.  We appreciate the
strong support of our customers, the continued dedication of our
employees, and the cooperation of our trusted business partners
as we work through this challenging period."

                     About Movie Gallery

Headquartered in Dothan, Alabama, Movie Gallery, (Nasdaq: MOVI)
-- http://www.moviegallery.com/-- is a provider of in-home  
movie and game entertainment in the United States.  It operates
over 4,600 stores in the United States, Canada, and Mexico under
the Movie Gallery, Hollywood Entertainment, Game Crazy, and VHQ
banners.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 9, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on Movie Gallery Inc. to 'CCC+' from 'B-
' based on the announcement that the company was not able to
meet its financial covenants for the fiscal quarter ended
July 1, 2007, and that the company is exploring available
restructuring and strategic alternatives.  S&P said the outlook
is developing.


NUANCE COMMS: S&P Puts B- Rating on US$150 Mil. Senior Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Burlington, Mass.-based Nuance Communications
Inc. and assigned its 'B-' rating to Nuance's proposed US$150
million senior unsecured convertible notes due 2027.  Proceeds
from the notes will be used to partially fund the previously
announced acquisition of Tegic Communications Inc.  The outlook
is positive.
      
"The ratings on Nuance reflect the company's rapid growth,
highly acquisitive profile, and moderately high debt leverage,"
said Standard & Poor's credit analyst Martha Toll-Reed.  These
factors are partly offset by a leading presence in the market
for speech recognition products, a significant level of
recurring revenues, and a diverse customer base.
     
Nuance is a global provider of speech recognition software and
imaging solutions and related services.  The company is focused
primarily on enterprise customers within the financial services,
telecommunications, automotive, and health care sectors.
Revenues for the three months ended June 30, 2007, were US$157.0
million, up more than 80% over those of the prior-year period.
     
The positive outlook reflects the company's expanding presence
in the market for speech recognition products, strong EBITDA
growth, and significant level of recurring revenues.  A
sustained track record of managing at revenue levels in excess
of US$500 million, continued successful integration of
acquisitions, and maintenance of leverage at or below 4 times
could lead to rating improvement in the intermediate term.  On
the other hand, stepped-up acquisition activity resulting in
sustained leverage in excess of 4.5 times could lead to a stable
outlook.

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft, Inc., -- http://www.nuance.com/--   
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico and the United Kingdom, among others.


ROCK-TENN CO: Raises Limit on Stock Cash Repurchases to US$100MM
----------------------------------------------------------------
Rock-Tenn Company has amended its Senior Credit Facility, dated
June 6, 2005, to increase the limit on cash repurchases of the
company's common stock to US$100,000,000 during any fiscal year,
so long as such repurchases do not cause the company's Leverage
Ratio to exceed 3.25:1.00.

At June 30, 2007, the company's Leverage Ratio was 2.60:1.00.
Prior to this amendment, the Senior Credit Facility limited the
company to stock repurchases of 200,000 shares in any fiscal
year.

The company's board of directors approved a stock repurchase
plan that allows for the repurchase from time to time of shares
of common stock over an indefinite period of time.  As of
June 30, 2007, the company had 2,033,000 shares of common stock
available for repurchase under this plan.
                   
Headquartered in Norcross, Georgia, Rock-Tenn Company (NYSE:
RKT) -- http://www.rocktenn.com/-- provides a wide range of  
marketing and packaging solutions to consumer products
companies, with operating locations in the United States,
Canada, Mexico, Argentina and Chile.  The company is one of
North America's manufacturers of packaging products,
merchandising displays and bleached and recycled paperboard.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Standard & Poor's Ratings Services raised its
ratings on Rock-Tenn Co., including raising its corporate credit
rating to 'BB+' from 'BB'.  S&P removed all ratings from
CreditWatch, where they were placed with positive implications
on June 15, 2007.  S&P said the outlook was stable.


SMTC CORP: Inks Five-Year Loan Refinancing Deal with Two Lenders
----------------------------------------------------------------
SMTC Corporation has signed new five-year loan agreements with
Wachovia Capital Finance Corporation and Monroe Capital LLC to
refinance the company's short and long term debt.

Under the new banking arrangements, Wachovia will provide a new
asset-backed US$40 million revolving credit facility to provide
the Corporation with a larger revolver facility providing
greater flexibility to manage working capital requirements.  
This new credit facility replaces a previous US$35 million asset
backed revolving facility and a term loan also provided by
Wachovia and will be used for working capital and general
purposes.  

In addition, Monroe will provide US$21.5 million in term debt,
which is amortized over seven years.  The Monroe term loan
replaces two tranches of subordinated term debt held by a
syndicate of lenders aggregating US$21 million, which were to
mature on Dec. 31, 2007 and Dec. 31, 2008.

"The refinancing of SMTC's debt is an important step in
supporting the company's overall strategy for growth," Jane Todd
senior vice president finance and chief financial officer,
stated.  "Not only do the new increased revolver and term loan
facilities provide greater flexibility, the company also will
achieve lower interest expense of an estimated US$1 million on
an annualized basis."

                      About the SMTC Corp

Headquartered in Markham, Ontario, SMTC Corporation --
http://www.smtc.com/-- is a provider of advanced electronic  
manufacturing services.  The company's electronics manufacturing
centers are located in; Boston, Massachusetts; San Jose,
California; Toronto, Canada; and Chihuahua, Mexico with a
third party facility in Chang An, China.  SMTC offers technology
companies and electronics OEMs a full range of value-added
services.  SMTC supports the requirements of a growing,
diversified OEM customer base primarily within the industrial,
networking, communications and computing markets.  SMTC is a
public company incorporated in Delaware with its shares traded
on the Nasdaq National Market System under the symbol SMTX and
on The Toronto Stock Exchange under the symbol SMX.

                        *     *     *

Moody's Investor Services assigned Caa1 on SMTC Corporation's
issuer rating and B3 on its long-term corporate family rating on
May 2002.  Mooody's said the outlook is stable.




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


* NICARAGUA: Inks Accord with Union Fenosa To End Conflict
----------------------------------------------------------
The Nicaraguan government has signed a memorandum of
understanding with and Spanish power firm Union Fenosa to find
solutions to resolve the nation's energy crisis, Union Fenosa
said in a statement.

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Union Fenosa officials would try to reach an
accord with the Nicaraguan government to put an end to a
conflict that could force the company out of the country.  The
officials held talks with government representatives for the
signing of a memorandum of understanding.  Nicaraguan officials
said that Union Fenosa was failing to give a good quality
service, "while the majority of the population" blamed it for
the daily eight-hour power cuts in the last few months.

Business News Americas relates that the agreement signed between
the government and Union Fenosa ratified a protocol both parties
signed in Madrid in July 2007 to ensure better service.

Union Fenosa said in a statement, "The distributors are
satisfied they have overcome differences in various aspects
related to electric energy service."

According to BNamericas, the accord ratified Union Fenosa's
interest in keeping its investment in Nicaragua.  The government
has promised to follow the legal framework to form the
conditions to ensure the energy sector's financial solvency.

The government set up with distributors commissions that will
work on initiatives to cut losses and boost service, among other
areas, BNamericas states.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


CHIQUITA BRANDS: Morgan Joseph Maintains Buy Rating on Firm
-----------------------------------------------------------
Morgan Joseph analysts said in a research note published on
Aug. 3 maintain that they kept their "buy" rating on Chiquita
Brands International Inc.'s shares.

The target price for Chiquita Brands' shares was set at US$26,
Newratings.com reports.

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

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) USUS$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  USUS$225 million 8.875% senior unsecured notes due
2015 at Caa2 (LGD5, 89%).  Moody's changed the rating outlook
for Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about USUS$1.3 billion as of March 31, 2007.




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


ADVANCED MEDICAL: Bid Retraction Cues S&P's Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
listing for the ratings on Advanced Medical Optics Inc. to
CreditWatch with negative implications from CreditWatch with
developing implications.
      
"The action reflects the company's August 2 retraction of its
bid to acquire Bausch & Lomb for US$4.3 billion, citing
unrealistic hurdles set by B&L," explained Standard & Poor's
credit analyst Cheryl Richer.
     
Thus, there is no longer the upside potential for the rating on
AMO that might have been achieved through an increase in scale
and product diversity.  While AMO will not incur debt of about
US$2.6 billion (excluding the assumption of US$830 million of
B&L debt) to finance the acquisition, it has already been
extremely acquisitive over the past several years; debt
increased by US$700 million in the second quarter of 2007 due to
the acquisition of IntraLase Corp.  The B&L bid revealed the
company's willingness to increase debt leverage to a greater
level (over 6.5 times on an adjusted basis) than that incurred
in previous transactions.  

In addition, the May 27 global recall of MoisturePlus
multipurpose lens care solution has harmed revenues and will
result in extraordinary charges; on June 26, the company lowered
its guidance for 2007 and 2008 revenues and earnings.  Although
the company has begun to ship an alternative multipurpose
solution outside the U.S., which should be available to U.S.
consumers in September, it will be challenged to regain lost
market share.  Standard & Poor's will review AMO's strategy and
financial policy given these events and resolve the CreditWatch
listing within the next few weeks.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets    
ophthalmic surgical and contact lens care products.  Sales for
the twelve months ended June 24, 2005 were approximately US$921
million.  The company has operations in Germany, Japan, Ireland,
Puerto Rico and Brazil.


ANGIOTECH PHARMA: S&P Junks Senior Subordinated Debt Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on Vancouver,
B.C.-based Angiotech Pharmaceuticals Inc. to 'B-' from
'B+'.  At the same time, S&P lowered the senior subordinated
debt rating to 'CCC' from 'B-'.  The outlook is negative.
     
"This two-notch downgrade reflects Angiotech's sharply
deteriorating credit metrics caused by the declining royalty
revenue stream from drug-eluting stents and the lack of
visibility regarding cash flow generation," said Standard &
Poor's credit analyst Maude Tremblay.
     
Specialty pharmaceutical company Angiotech receives royalty
payments under a licensing agreement with marketing partner
Boston Scientific Corp.  (BSX; BB+/Watch Neg/--) for paclitaxel,
the drug used to coat the Taxus Express and Taxus Libert‚
paclitaxel-eluding stent systems.  These royalty payments are
Angiotech's most important revenue source and represent a
significant product concentration.
     
The drug-eluting stents market has contracted because of safety
issues concerning the possibility that late-stent thrombosis
might be more prevalent following DES implementation than after
bare-metal stent implementation; as a result, penetration of DES
(compared to bare metal stents) has declined to about 65% from a
peak of 88% in early 2006.  Furthermore, overall stenting
procedures have declined in reaction to the COURAGE (Clinical
Outcomes Utilizing Percutaneous Coronary Revascularization and
Aggressive Guideline-Driven Drug Evaluation) Study results
presented at an industry conference in March 2007, which showed
that medical therapy was as effective in reducing angina and
mortality in stable angina patients as was a combination of
medical therapy and stents.
     
The medical products segment has performed in line with
management's expectations and the product pipeline is promising;
however, revenue growth remains in the single digits.
Furthermore, profitability is constrained by restructuring
efforts and one-off expenses, and new products will have no
material impact on EBITDA generation until fiscal 2008.
     
The negative outlook reflects the lack of visibility regarding
Angiotech's ability to remain free cash flow positive due to
uncertain DES demand.  S&P could lower the ratings further if
weakening market conditions for DES or setbacks in the product
pipeline lead to further deterioration of revenues and cash
flow, and the company begins to tap its cash balance for
liquidity needs.  Conversely, if stent royalty payments
stabilize or revenue growth from medical products accelerates,
S&P could revise the outlook to stable.

Angiotech Pharmaceuticals, Inc., founded in 1992, based in
Vancouver, Canada, is a specialty pharmaceutical company that
focuses on drug-device combinations and drug-loaded surgical
biomaterial implants.  The company reported over US$315 million
in total revenue for the twelve months ended Dec. 31, 2006.

Following the acquisition of American Medical Instruments
Holdings, Inc. in the first quarter of 2006, Angiotech expanded
beyond its strong R&D capabilities to encompass the
manufacturing and marketing of a wide range of single use,
specialty medical devices.  Angiotech has several specialized
direct sales and distribution organizations in Puerto Rico, the
United States, the United Kingdom, Denmark and Switzerland, as
well as significant manufacturing capabilities.


B&G FOODS: Declares US$0.2120 Per Share Dividend Due Oct. 30
------------------------------------------------------------
B&G Foods Inc.'s Board of Directors has declared a regular
quarterly cash dividend of US$0.2120 per share of Class A common
stock, payable on Oct. 30, 2007 to holders of record on
Sept. 30, 2007.  Cash payments to holders of the Company's
Enhanced Income Securities, which will include the quarterly
cash dividend payment of US$0.2120 per share on the underlying
Class A common stock and an interest payment of US$0.2145 per
EIS on the underlying 12% senior subordinated notes to holders
of record on Sept. 30, 2007, will aggregate US$0.4265 per EIS.

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%


GLOBAL HOME: Court Extends Removal Period Until Jan. 15, 2008
-------------------------------------------------------------
The Honorable Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware further extended, until Jan. 15, 2008, the
period within which Global Home Products LLC and its debtor-
affiliates can remove state court civil actions.

Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, told the Court that the extension will
allow the Debtors to make fully informed decisions in removing
each action and will assure that the Debtors won't forfeit
valuable rights under Section 1452 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on Jan. 29, 2007
since filing for bankruptcy, the Debtors' efforts were directed
to:

   a) obtain Court approval for the sale of the Burnes Group
      assets and WearEver assets;

   b) address issues attendant to that sales;

   c) consider going forward alternatives for the Anchor Hocking
      business;

   d) extend and modify their dip financing; and

   e) work with key constituencies on issues relating to their
      cases.

Ms. Laura related that the Debtors did not have the opportunity
to thoroughly review actions that may be need to be removed from
other jurisdictions.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/  
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


HORIZON LINES: S&P Assigns BB+ Rating on US$375-Mil. Financing
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB+' rating and a
'1' recovery rating to Horizon Lines Inc.'s (BB-/Stable/--)
proposed senior secured first-lien credit facilities, consisting
of a US$250 million revolving credit facility and a US$125
million term loan A; both facilities mature in 2012.  The
Charlotte, North Carolina-based shipping company currently has
about US$800 million in lease-adjusted debt.
      
"Ratings reflect Horizon Lines' highly leveraged [albeit
improving] financial profile and participation in the capital-
intensive and competitive shipping industry," said Standard &
Poor's credit analyst Lisa Jenkins.  "Positive credit factors
include the barriers to entry afforded by the Jones Act [which
applies to intra-U.S. shipping], stable demand from the
company's diverse customer base, and improving operating
performance."
     
Horizon Lines primarily transports goods between the continental
U.S. and Alaska, Puerto Rico, Hawaii, and Guam.  It operates
under the Jones Act, which requires that shipments between U.S.
ports be carried on U.S.-built vessels that are registered in
the U.S. and crewed by U.S. citizens.  These requirements limit
the competitive landscape by excluding direct competition
from foreign-flagged vessels.  Competition from other modes of
transportation is also limited because of cost and geographic
considerations.  Despite these limitations, however, markets
remain competitive as Horizon Lines faces at least one strong
competitor in each of its markets.  Horizon Lines serve a
diverse customer base that includes major manufacturing and
consumer products companies.  Many of the products it transports
are staples, which results in a fairly stable revenue base,
although certain products (e.g., automobiles) experience more
cyclical demand patterns.
     
Horizon Lines is the sole borrower under the company's proposed
new senior secured bank facility, which consists of a US$250
million revolving credit facility and a US$125 million term
loan. The rating on the proposed facility is 'BB+', two notches
above the corporate credit rating.  The recovery rating is '1',
reflecting expectations of very high (90% to 100%) recovery in
the event of a payment default.
     
The bank facility is secured by all of Horizon Lines' assets,
including a first-priority pledge of all capital stock and a
perfected first-priority security interest in all tangible and
intangible assets of the company.  

We expect Horizon Lines to benefit from improved operating
efficiencies over the near to intermediate term, which should
lead to better credit metrics, and have factored this into the
ratings.  If the expected improvement fails to materialize, we
could revise the outlook to negative.  S&P considers an outlook
change to positive less likely over the near to intermediate
term.

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


MUSICLAND HOLDING: Plan Confirmation Hearing Adjourned to Aug. 9
----------------------------------------------------------------
The Hon. Stuart Bernstein adjourned the hearing to consider
confirmation of Musicland Holding Corp. and its debtor-
affiliates' Second Amended Joint Plan of Liquidation to
Aug. 9, 2007.

The confirmation hearing began November last year and was
previously scheduled for July 24, 2007.

The hearing on the certain of the Debtors' Objections to Claims
and the request of the Official Committee of Unsecured Creditor
for Rule 2004 Examinations will also be covered on the same
date.

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  At March 31, 2007, the
Debtors disclosed US$20,121,000 in total assets and
US$321,546,000 in total liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  (Musicland Bankruptcy News, Issue No. 35;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PIER 1: Brings In Sharon Leite as Executive VP-Store Operations
---------------------------------------------------------------
Pier 1 Imports Inc. has named Sharon M. Leite as its Executive
Vice President - Store Operations.

Ms. Leite brings more than 21 years of retail store operations
experience to Pier 1 Imports.  Most recently, Sharon served as
the Vice President of Sales and Associate Marketing at Bath &
Body Works in Columbus, Ohio.  In that role, she was responsible
for the sales strategies for all store formats and multi-channel
environments.  Previously, she served as Vice President of Store
Operations and Sales Generation, and in that role established
and executed the operational strategy of all store support
functions for 1,600 stores.  She began her eight-year tenure at
Bath & Body Works as the Director of Store Operations.

Before joining Bath & Body Works, Ms. Leite held various
operations positions with several prominent retailers, including
Gap, Inc. and The Walt Disney Company.  She began her stores
career at Limited Stores, Inc., where she spent five years.

Alex Smith, Pier 1's President & CEO, commented, "Sharon's
extensive experience has prepared her for this vital role of
leading our store organization to the level of execution we need
for Pier 1 Imports to return to profitability and beyond."

                     About Pier 1 Imports

Based in Fort Worth, Texas, Pier 1 Imports Inc. (NYSE:PIR)
-- http://www.pier1.com/-- is a specialty retailer of imported  
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico, and Pier 1
kids(R) stores in the United States.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Moody's Investors Service downgraded Pier 1 Imports Inc.'s
corporate family rating to Caa1 from B3 following its continuing
operating struggles and modest performance over the 2006 holiday
season.  Moody's said the rating outlook was revised to
negative.


SUNCOM WIRELESS: S&P Lifts Corp. Credit Rating to B- from CCC+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Berwyn,
Pa.-based SunCom Wireless Holdings Inc., including the corporate
credit rating, which was raised to 'B-' from 'CCC+'.
      
"The upgrade reflects SunCom's better operating performance, as
well as the favorable impact of its May 2007 subordinated debt
exchange," said Standard & Poor's credit analyst Susan Madison.
The outlook is stable.
     
SunCom is a rural and suburban wireless provider serving about
1.1 million subscribers in North Carolina, South Carolina,
Tennessee, Georgia, Kentucky, Puerto Rico, and the U.S. Virgin
Islands. Debt at June 30, 2007, totaled about US$970 million,
including US$241 million of secured bank debt.
     
While still vulnerable, SunCom's business position has improved
over the last 18 months as it has transitioned to a stand-alone
regional wireless provider.  Service revenues for the second
quarter of 2007 grew 5% sequentially and 19% annually, driven by
solid subscriber increases and growth in average revenue per
user. The EBITDA margin also expanded to 22.8% from 13.3% a year
ago, reflecting the absence of elevated transition costs in
2007, and a growing subscriber base.
     
SunCom's second-quarter operating performance was also bolstered
by contributions from roaming revenue, which grew 29% annually
and contributed about 10% of total revenues.  However, the
company's largest roaming partner, has begun to redirect a
portion of its traffic to other network providers.  As
a result, SunCom estimates roaming minutes of use (MOUs) could
decline 25% from second-quarter levels.  Despite this likely
decline in roaming MOUs and associated revenues, Standard &
Poor's expects SunCom to maintain credit parameters consistent
with a 'B-' corporate credit rating as long as its retail
operations, which contribute the bulk of the company's revenues
and cash flow, continue to grow.
     
With about US$1 billion of bank debt and senior notes
outstanding following the recent debt exchange, (which reduced
debt and annual interest expense by US$732 million and US$66
million, respectively), SunCom remains highly leveraged with
debt to annualized last quarter EBITDA of about 5.6x after
adjusting for operating leases.  Although profitability has
improved, SunCom still lags its regional wireless peers, most of
which have EBITDA margins in the high-30% to low-40% range.  
SunCom has also announced the engagement of Goldman Sachs & Co.
as an adviser to explore strategic alternatives for the company,
including the potential sale of substantially all of its
business. Potential outcomes of these initiatives are not
factored into the rating.

Based in Berwyn, Pennsylvania, SunCom Wireless Holdings Inc.
(NYSE: TPC) (OTC: SWSH.OB) -- http://www.suncom.com/-- offers
digital wireless communications services to more than one
million subscribers in the southeastern United States, Puerto
Rico and the U.S. Virgin Islands.  SunCom is committed to
delivering Truth in Wireless by treating customers with respect,
offering simple, straightforward plans and by providing access
to the largest GSM network and the latest technology choices.




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


ARVINMERITOR INC: Selling European Operations to Klarius Group
--------------------------------------------------------------
ArvinMeritor Inc. has sold its Light Vehicle Aftermarket (LVA)
European exhaust operations to Klarius Group Limited, located in
the United Kingdom.  Terms of the sale were not disclosed.

"This transaction completes the divestiture of the LVA
business," said Chip McClure, ArvinMeritor chairman, CEO and
president.  "Our strategy is to focus resources and capital on
areas within our core businesses that produce the highest
returns for our shareowners."

This divestiture includes approximately 1,000 employees at LVA
facilities in Blackpool, Lancaster and Stoke-on-Trent, England;
Dreux and Nanterre, France; and Finale Emilia, Italy.

Mr. McClure added, "Completing the sale of LVA is another recent
achievement toward strengthening the company and positioning
ourselves for profitable future growth."

                     About Klarius Group

Klarius Group is a privately owned U.K. group established to
invest in the European automotive sector.

                     About ArvinMeritor

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

                        *     *     *

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

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

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

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

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

    -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


DAIMLERCHRYSLER AG: Completes Chrysler Group's Interest Transfer
----------------------------------------------------------------
DaimlerChrysler AG has closed the transfer of a majority
interest in the Chrysler Group and for the related financial
services business in NAFTA to a subsidiary of Cerberus Capital
Management LP, a private-equity company.

A subsidiary of Cerberus takes over 80.1% in the Chrysler
Holding LLC, while DaimlerChrysler retains a 19.9% interest, as
disclosed 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 7 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 stand-alone car
company.

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, Bodo Uebber assumes responsibility
for procurement.

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

"This transaction marks a new chapter in the history of our
company," Dr. Dieter Zetsche, chairman of the board of
DaimlerChrysler AG and head of the Mercedes Car Group, said.  
"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 Cerberus Capital Management LP

Headquartered in New York City, Cerberus Capital Management LP -
- http://www.cerberuscapital.com/-- is a private investment  
firm that specializes in providing both financial resources and
operational expertise to help transform undervalued companies
into industry leaders for long-term success and value creation.  
Cerberus has affiliate and/or advisory offices in Atlanta,
Chicago, Los Angeles, London, Baarn, Frankfurt, Tokyo, Osaka and
Taipei.  Cerberus holds controlling or significant minority
interests in companies around the world.

                   About DaimlerChrysler AG

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.


PETROLEOS DE VENEZUELA: Forming Joint Venture with Enarsa
---------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA and
Argentine counterpart Enarsa will create joint venture
Petrosuramerica, Business News Americas reports, citing an
Enarsa spokesperson.

BNamericas relates that Petrosuramerica will:

          -- carry out hydrocarbons exploration and production,
          -- refine oil products,
          -- produce petrochemicals,
          -- develop infrastructure and transit works,
          -- generate electricity,
          -- conduct work in the renewable energy sector, and
          -- perform work in the maritime transport sector.

The spokesperson told BNamericas that Petrosuramerica has
already been incorporated.  It will most likely be based in
Buenos Aires.

BNamericas notes that Venezuelan President Hugo Chavez signed an
energy security treaty with Argentine counterpart Nestor
Kirchner.  The agreement is aimed at increasing Venezuela's
participation in the Argentine energy market.

Reports say that Petroleos de Venezuela will open its regional
headquarters in Buenos Aires.  It will perform exploration and
production work in Argentina's southern San Jorge Gulf.

Petroleos de Venezuela said in a statement that Enarsa will
continue exploration and production work in the Orinoco heavy
crude belt in Venezuela.

                        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.


PETROLEOS DE VENEZUELA: Unit Bills VEB1.93B in First Six Months
---------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that its natural gas subsidiary PDVSA Gas reported
VEB1.93 billion in billing from residential and commercial
clients in the first six months of 2007.

Petroleos de Venezuela told Business News Americas that the
amount accounted for 96% of the total PDVSA Gas billed in the
first half of 2007.

According to Petroleos de Venezuela's statement, the high
collection rate was due to increased collection efforts and
alliances with local banks where clients can pay monthly bills.

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.


                         ***********


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

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

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

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

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

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


           * * * End of Transmission * * *