TCRLA_Public/070813.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

          Monday, August 13, 2007, Vol. 8, Issue 159

                          Headlines

A R G E N T I N A

ASOCIACION MUTUAL: Files for Reorganization in Buenos Aires
BANCO BISEL: Reorganization Proceeding Concluded
BANCO MACRO: Reports Second Quarter Net Income of ARS$115.3 Mil.
BOSTON SCIENTIFIC: Amends Merger Pact with Advanced Bionics
CONSTRUCCIONES LATINA: Individual Reports Filing Ends Aug. 14

COOPERATIVA DE PROVISION: Individual Reports Filing Ends Aug. 14
DIAZ Y QUIRINI: Creditors Voting on Settlement Plan Tomorrow
FIORE SA: Trustee To File General Report in Court Tomorrow
HARRAH'S ENTERTAINMENT: Earns US$238 Mil. in Qtr. Ended June 30
HUNTSMAN CORP: Messrs. Matlin & Pechock Quit from Board

MANDATARIOS DE SERVICIOS: Trustee Filing General Report Tomorrow
NUTRITIONAL SOURCING: Wants Pepper Hamilton as Delaware Counsel
RAW LEATHER: Creditors Voting on Settlement Plan Tomorrow
SINDY SA: Proofs of Claim Verification Deadline Is Aug. 24
SHUMIS SA: Seeks for Reorganization Okay in Buenos Aires Court

TELECOM ARGENTINA: Earns ARS387 Million for First Six Months
TENNECO INC: Will Complete Financial Restatement by Aug. 14
TRANSPORTES EL SOL: Trustee Filing Individual Reports Tomorrow


B E R M U D A

GENERAL MILLS: Proofs of Claim Filing Is Until Aug. 22, 2007
GENERAL MILLS: Sets Final General Meeting for Sept. 10
INTELSAT: Posts US$31.7-Million Loss in Second Quarter 2007
MAN ARAA: Proofs of Claim Filing Is Until Aug. 22, 2007

MAN ARAA: Sets Final General Meeting for Sept. 28
MAN BENTLEY: Proofs of Claim Filing Is Until Aug. 22, 2007
MAN BENTLEY: Sets Final General Meeting for Sept. 28
MAN MAC: Proofs of Claim Filing Is Until Aug. 22
MAN MAC JACKOBSHORN: Proofs of Claim Filing Is Until Aug. 22

MAN MAC NORDEND: Proofs of Claim Filing Is Until Aug. 22
MAN MAC VORAB: Creditors Must File Proofs of Claim by Aug. 22


B R A Z I L

ACTUANT CORP: Paying US$0.08 Per Share Dividend on Oct. 15
BRASKEM SA: Earns BRL408 Million in First Six Months
DELPHI CORP: Names Umicore as Best Bidder for Catalyst Business
DELPHI CORP: June 30 Balance Sheet Upside-Down by US$13.2 Bil.
DYNEA INT'L: S&P Raises Long-Term Corporate Credit Rating to B+

FORD MOTOR: Aims for Productivity & Lower Costs in Labor Talks
GOL LINHAS: Incurs BRL35.4 Million Net Loss in 2007 Second Qtr.
TELEMIG CELULAR: S&P Places BB- Rating on Credit Watch Positive
USINAS SIDERURGICAS: Posts BRL802MM Income in Qtr. Ended June 30


B O L I V I A

COEUR D'ALENE: Earns US$11.9 Million in Second Quarter 2007

* BOLIVIA: Telephony Operators Must Improve Quality of Service


C A Y M A N   I S L A N D S

ADROIT PRIVATE: Will Hold Last Shareholders Meeting on Sept. 7
ALPHAGEN ABSOLUS: Sets Last Shareholders Meeting for Sept. 17
AMB BLACKPINE: Sets Last Shareholders Meeting for Sept. 17
AVENIR ASIAN: Will Hold Last Shareholders Meeting on Sept. 14
BAILEY COATES: Sets Last Shareholders Meeting for Sept. 7

CHINA INVESTMENT: Will Hold Last Shareholders Meeting on Sept. 7
FRONTIER IV: Sets Last Shareholders Meeting for Sept. 7
IASIA ALLIANCE: Proofs of Claim Filing Deadline Is Sept. 21
IC MEDIA: Will Hold Last Shareholders Meeting on Sept. 21
IC MEDIA: Proofs of Claim Must be Filed by Sept. 21

IVY PARTNERS: Will Hold Last Shareholders Meeting on Sept. 7
JAPAN ADVISORY: Sets Last Shareholders Meeting for Sept. 7
OPAL: Proofs of Claim Filing Deadline Is Sept. 21
OPAL: Will Hold Last Shareholders Meeting on Sept. 21
SYSTEIA ALTERNATIVE: Sets Last Shareholders Meeting for Sept. 7

RHICON 4XIM: Will Hold Last Shareholders Meeting on Sept. 17
TRIGON ADVISERS: Sets Last Shareholders Meeting for Sept. 21
TRIGON ADVISERS: Proofs of Claim Must be Filed by Sept. 21
TRIGON ASIAN: Proofs of Claim Filing Deadline Is Sept. 21
TRIGON ASIAN: Will Hold Last Shareholders Meeting on Sept. 21

TRIGON ASIAN CREDIT: Proofs of Claim Filing Deadline Is Sept. 21
WESTROCK LTD: Will Hold Last Shareholders Meeting on Sept. 17


C H I L E

AES GENER: Submits Environmental Study for Thermo Plant in Chile


C O L O M B I A

BANCOLOMBIA: Reports COP69.1 Million Net Income in July 2007
EMCALI: Fitch Affirms CCC Foreign & Local Currency Ratings
QUEBECOR WORLD: S&P Places B+ Long-Term Corporate Credit Rating


E C U A D O R

* ECUADOR: Renews State of Emergency To Stop Fuel Smuggling


M E X I C O

ADVANCED MICRO: Fitch Assigns CCC+ Rating on US$1.5-Bil. Notes
AXTEL SAB: Moody's Reviews Ba3 Corp. Rating for Likely Upgrade
BALLY TOTAL: Court Gives Interim Nod on Kurtzman as Notice Agent
BALLY TOTAL: Gets Prelim OK to Hire AP Svcs. as Crisis Managers
GRUPO MEXICO: Strikes by Union Continue

INTERTAPE POLYMER: Amends Debt Facility for Covenant Flexibility


P A N A M A

AES CORPORATION: Net Income Up to US$247 Million in Second Qtr.


P U E R T O   R I C O

CELESTICA INC: Appoints Craig Muhlhauser as President & CEO
CENTENNIAL COMM: Posts US$31.6-Million Loss in Fiscal Year 2007
DORAL FINANCIAL: Posts US$37.5 Mil. Net Loss in Second Quarter
MAIDENFORM BRANDS: Four Executives to Adopt Stock Trading Plans
NUTRITIONAL SOURCING: Wants Pepper Hamilton as Delaware Counsel


U R U G U A Y

* URUGUAY: Forming Joint Venture with Venezuela


V E N E Z U E L A

DIRECTV GROUP: CEO Chase Carey Signs Three-Year Employment Deal
DIRECTV: LatAm Unit Reports US$409MM Revenues in Second Quarter
PEABODY ENERGY: Hires Morry Davis as Director-Gov't Relations
PETROLEOS DE VENEZUELA: Employs 1,112 Former Rigs Operators
PETROLEOS DE VENEZUELA: Forming Joint Venture with Ancap

REVLON INC: June 30 Balance Sheet Upside-Down by US$1.1 Billion

* BOND PRICING: For the Week August 6 to August 10, 2007


                            - - - - -

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


ASOCIACION MUTUAL: Files for Reorganization in Buenos Aires
-----------------------------------------------------------
Asociacion Mutual Para el Personal de Reparticiones del Estado
has requested for reorganization approval after failing to pay
its liabilities.

The reorganization petition, once approved by the court, will
allow Asociacion Mutual 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. 21 in Buenos Aires.  Clerk No. 42 assists the court
in this case.

The debtor can be reached at:

          Asociacion Mutual para el Personal de
          Reparticiones del Estado
          Avenida Rivadavia 2134
          Buenos Aires, Argentina


BANCO BISEL: Reorganization Proceeding Concluded
------------------------------------------------
Banco Bisel 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.


BANCO MACRO: Reports Second Quarter Net Income of ARS$115.3 Mil.
----------------------------------------------------------------
Banco Macro S.A. recorded net income of ARS115.3 million for the
second quarter of 2007.  This result is 17% more than the 2006
second quarter's ARS98.9 million income.  The annualized ROAE
and ROAA reached 20.4% and 2.9%, respectively.

The Bank's net interest income was ARS233.8 million, decreasing
10% quarter on quarter (QoQ), but increasing 33% year over year
(YoY).

Banco Macro's financing to the private sector also showed an
attractive growth rate of 11%, or ARS716.3 million, QoQ, and
77%, or ARS3.08 billion, YoY.  Personal loans, which represent a
strategic product for the Bank, once again led private loan
portfolio growth.   This product grew 23% QoQ and 160% YoY.

Total deposits grew 9%, or ARS1.04 billion, QoQ, totaling
ARS12.0 billion, and represented 78% of the Bank's liabilities.  
The highest growth in private sector funding was in sight
deposits (current and savings accounts).

Banco Macro continued showing a strong solvency ratio, with an
excess capital of ARS1.7 billion.  In addition, the Bank's
liquid assets remained at a high level, reaching 64.1% of total
deposits.

The Bank's asset quality improved to more attractive levels.  In
the second quarter of 2007, Banco Macro's PDLs to total loan
ratio was 1.55% compared to 2007 first quarter's 1.64%, and the
coverage ratio reached 159.25%.

Headquartered in Buenos Aires, Argentina, Banco Macro --
http://www.macro.com.ar/-- had consolidated assets of ARS16.8  
billion (USUS$5.4 billion) and consolidated deposits of ARS11
billion (USUS$3.5 billion) as of March 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2007, Moody's Investors Service assigned a Ba1 global
local currency rating to Banco Macro S.A.'s USUS$100 million
senior unsecured Argentine peso-linked notes due 2012, issued
under Macro's existing US$400 million Medium-Term Note Program.


BOSTON SCIENTIFIC: Amends Merger Pact with Advanced Bionics
-----------------------------------------------------------
Boston Scientific Corporation has entered into an agreement to
amend its merger accord with Advanced Bionics, which it acquired
in 2004, eliminating shared management provisions and modifying
the schedule of earnout payments.  The amendment grants Boston
Scientific sole management and control of the Pain Management
business, including the emerging indications program.  The
Company also announced it has entered into definitive agreements
to sell the Auditory business and drug pump development program
to principals of Advanced Bionics.  The transactions must be
approved by former Advanced Bionics shareholders who are
entitled to earnout payments under the original merger
agreement, and are subject to customary regulatory approvals.  
The transactions are expected to close in January 2008.

Following the closing of the transactions, the parties have
agreed to dismiss currently pending litigation between Boston
Scientific and former Advanced Bionics shareholders.

The Pain Management business Boston Scientific will retain
includes spinal cord stimulation technologies, as well as
emerging technologies such as the bion(R) microstimulator, that
will position the Company well in the broader neuromodulation
field.  Boston Scientific currently has the number two overall
market position in pain management.  The transaction provides a
new schedule of consolidated, fixed earnout payments by Boston
Scientific to former Advanced Bionics shareholders, consisting
of US$650 million payable upon closing in January 2008 and
US$500 million payable in March 2009.  The Advanced Bionics
principals will acquire a controlling interest in the auditory
and drug pump businesses for an aggregate payment of US$150
million at closing.  The Company expects to record an estimated
after-tax charge, primarily non-cash, of US$360 million related
to the transactions.

"We are excited about the immediate and long-term growth
opportunities presented by neuromodulation as an integral part
of the Company," said Jim Tobin, President and Chief Executive
Officer of Boston Scientific.  "We hope to replicate the success
of the pain management technologies across a wide spectrum of
indications, expanding our microelectronic capabilities and
strengthening our leadership in neuromodulation and cardiac
rhythm management.  The sale of the Auditory business and drug
pump program is consistent with our previously announced
objective of selling assets we do not consider core to our long-
term strategy."

"We are very pleased that Advanced Bionics will continue serving
the needs of the hearing impaired, as an independent company,"
said Jeff Greiner, currently head of the Neuromodulation Group
at Boston Scientific and one of the principals purchasing the
Auditory and drug pump businesses.  "Advanced Bionics has always
been a pioneer in developing innovative cochlear implant
technology to treat severely and profoundly deaf children and
adults.  We look forward to building on our proud record of
achievement in hearing health, and to further developing the
implantable drug pump technology."

Under the terms of the agreements, the Pain Management business
and emerging indications program will operate as Boston
Scientific Neuromodulation under the leadership of Michael
Onuscheck, currently head of the Pain Management business.  The
business will continue to be headquartered in Valencia,
California.  The Auditory business and drug pump program will
operate as Advanced Bionics under the leadership of Jeff
Greiner, and will be headquartered in Valencia, California.

                   About Boston Scientific

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

                        *     *     *

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

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

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

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


CONSTRUCCIONES LATINA: Individual Reports Filing Ends Aug. 14
-------------------------------------------------------------
Lidia Roxana Martin, the court-appointed trustee for
Construcciones Latina S.R.L.'s bankruptcy proceeding, will
present the validated claims in the National Commercial Court of
First Instance in Buenos Aires as individual reports on
Aug. 14, 2007.

Ms. Martin verified creditors' proofs of claim until
June 18, 2007.

A general report that contains an audit of Construcciones
Latina's accounting and banking records will be submitted in
court on Sept. 25, 2007.

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

The trustee can be reached at:

          Lidia Roxana Martin
          Avenida Cordoba 1352
          Buenos Aires, Argentina


COOPERATIVA DE PROVISION: Individual Reports Filing Ends Aug. 14
----------------------------------------------------------------
Estudio Correa Cubilla Resnizky y Asociados, the court-appointed
trustee for Cooperativa de Provision de Veterinarios Limitada's
bankruptcy proceeding, will present the validated claims in the
National Commercial Court of First Instance in Moron, Buenos
Aires, as individual reports on Aug. 14, 2007.

A general report that contains an audit of Cooperativa de
Provision's accounting and banking records will be submitted in
court on Sept. 25, 2007.

Estudio Correa is also in charge of administering Cooperativa de
Provision's assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

          Estudio Correa Cubilla Resnizky y Asociados
          Monsenor Angelelli 851, Moron
          Buenos Aires, Argentina


DIAZ Y QUIRINI: Creditors Voting on Settlement Plan Tomorrow
------------------------------------------------------------
Diaz y Quirini S.A.I.C. y F.'s creditors will vote on a
settlement plan that the company will lay on the table on
Aug. 14, 2007.

Estudio de Contadores Celia Cajide y Asociados, the court-
appointed trustee for Diaz y Quirini's reorganization
proceeding, verified creditors proofs of claim until
Oct. 16, 2006.  The trustee presented the validated claims in
court as individual reports on Nov. 27, 2006.  The trustee also
filed a general report containing an audit of Diaz y Quirini's
accounting and banking records on Feb. 13, 2007.

The debtor can be reached at:

         Diaz y Quirini S.A.I.C. y F.
         Los Patos 2948
         Buenos Aires, Argentina

The trustee can be reached at:

         Estudio de Contadores Celia Cajide y Asociados
         Avenida Corrientes 1515
         Buenos Aires, Argentina


FIORE SA: Trustee To File General Report in Court Tomorrow
----------------------------------------------------------
Mauricio L. Zafran, the court-appointed trustee for Fiore S.A.'s
bankruptcy proceeding, will file a general report containing an
audit of the company's accounting and banking records will be
submitted in the National Commercial Court of First Instance in
Buenos Aires on Aug. 14, 2007.

Mr. Zafran verified creditors' proofs of claim until
May 3, 2007.  He also presented the validated claims in court as
individual reports on June 15, 2007.  

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

The debtor can be reached at:

          Fiore S.A.
          Avenida Cordoba 3650
          Buenos Aires, Argentina

The trustee can be reached at:

          Mauricio L. Zafran
          Avenida Callao 420
          Buenos Aires, Argentina


HARRAH'S ENTERTAINMENT: Earns US$238 Mil. in Qtr. Ended June 30
---------------------------------------------------------------
Harrah's Entertainment Inc. reported on Aug. 7, 2007, its
financial results for the second quarter ended June 30, 2007.

On a GAAP basis, net income was US$238 million, up 84.5 percent
from US$129 million in the 2006 second quarter.  Income from
continuing operations were US$195 million, an increase of 51.9%
from the US$129 million achieved in the year-ago quarter.  
Second quarter income from operations was US$478 million,
compared to US$432 million in the year-ago quarter.

Second Quarter Highlights:

  -- On April 5, Harrah's Entertainment stockholders approved an
     all-cash offer by affiliates of TPG and Apollo Management
     L.P., to acquire the company for US$90 per share.  The
     transaction is expected to close in late 2007 or early
     2008, pending the receipt of regulatory approvals and other
     customary closing conditions.

  -- On May 15, Harrah's Entertainment and Jimmy Buffett
     unveiled plans to develop the Margaritaville Casino and
     Resort in Biloxi, Mississippi, a 46-acre, US$704 million
     Gulf Coast property featuring 100,000 square feet of casino
     space, 250,000 square feet of retail space, 66,000 square
     feet of meeting space, 420 new hotel rooms and 378
     renovated rooms.

  -- Also during the quarter, the company opened the Pool and
     Red Door Spa at Harrah's Atlantic City in the first major
     phase of innovations and renovations at the property.  A
     964-room hotel tower is slated to open in 2008.

  -- On May 30, London Clubs International, Harrah's U.K.
     subsidiary, opened London's largest facility, the Casino at
     the Empire, at Leicester Square in London's West End.

  -- The 2007 World Series of Poker Presented by Milwaukee's
     Best Light ran from June 1 through July 17 at the Rio All-
     Suites Hotel and Casino.  The 55-event tournament drew more
     than 54,000 entrants, up from 48,000 in 2006, and the total
     net prize pool exceeded US$159 million.

  -- During the first weeks of the third quarter, Harrah's
     announced an approximately US$1 billion expansion and
     renovation of Caesars Palace Las Vegas designed to
     reinforce the property's standing as one of the Las Vegas
     Strip's premier integrated-resort destinations. The plan
     includes a new 650-room hotel tower, including 75 luxury
     suites, additional meeting space, and a remodeled and
     expanded pool area.

Other items:

Second quarter 2007 corporate expenses declined 41.8 percent
compared to the prior-year period, to US$26.6 million from
US$45.7 million, due to corporate cost reductions and the
allocation of a portion of the company's stock-based
compensation expenses to individual property units.

Interest expense for the second quarter rose 8.9 percent, to
US$176.6 million, versus US$162.2 million for the same period in
2006, due to higher debt levels and higher interest rates.  
Partially offsetting the higher interest in 2007 is income of
US$14.3 million in income representing an increase in the market
value of the company's interest rate swap agreements for second
quarter.  The prior year's second quarter included charges of
US$61 million due to the early extinguishment of debt during
that period.

Other income in the second quarter of 2007 includes gains on the
sales of corporate aircraft.

The effective tax rate for the second quarter, after minority
interest, was 37.3 percent, compared with 37.7 percent in the
second quarter of 2006.

Discontinued operations for second quarter 2007 reflect
insurance proceeds of US$42.0 million, after taxes, that are in
excess of the net book value of the impacted assets and
accumulated costs and expenses that are expected to be
reimbursed under the company's insurance claims for Harrah's
Lake Charles and Grand Casino Gulfport, both of which were sold
in 2006.  Pursuant to the terms of the sales agreements,
Harrah's will retain all insurance proceeds related to these
properties.

Headquartered in Las Vegas, Nevada, Harrah's Entertainment, Inc.
(NYSE: HET) -- http://www.harrahs.com/-- is a gaming  
corporation that owns and operates casinos, hotels, and five
golf courses under several brands on four continents.  The
company's properties operate primarily under the Harrah's,
Caesars and Horseshoe brand names; Harrah's also owns the London
Clubs International family of casinos.  In January, it signed a
joint venture agreement with Baha Mar Resorts Ltd. to operate a
resort in Bahamas.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 16, 2007,
Fitch Ratings may downgrade Harrah's Entertainment Inc.'s Issuer
Default Rating into the 'B' category from its current 'BB+'
rating based on the planned capital structure for its leveraged
buyout by Apollo Management and Texas Pacific Group, which was
outlined in its preliminary proxy statement.


HUNTSMAN CORP: Messrs. Matlin & Pechock Quit from Board
-------------------------------------------------------
Huntsman Corporation announced the resignation of David J.
Matlin and Christopher R. Pechock from Huntsman Corporation's
board of directors, effective Aug. 8, 2007.  Both Matlin and
Pechock are principals of MatlinPatterson Global Advisers LLC,
certain affiliates of which recently completed the sale of
approximately 57 million shares of Huntsman Corporation common
stock pursuant to an underwriting agreement announced by the
company on Aug. 2, 2007.

Jon M. Huntsman, Chairman and Founder of Huntsman Corporation,
said, "On behalf of the Board, we express our appreciation for
the years of service Mr. Matlin and Mr. Pechock have rendered on
the Board of Huntsman Corporation."

David J. Matlin, CEO of MatlinPatterson Global Advisers LLC,
commented, "It has been a wonderful experience to be involved
with such a fine group of directors, officers and managers.  We
leave the Board, not because of any disagreement with the Board
or the Company, but because our firm last week sold over 70% of
its stock holdings, leaving it with an ownership percentage of
less than 10% of the Huntsman equity."

Affiliates of MatlinPatterson Global Advisers LLC continue to
hold an interest in shares of Huntsman common stock by way of a
beneficial interest in HMP Equity Trust.  Pursuant to the terms
of a Voting Agreement dated July 12, 2007, they have agreed,
subject to certain exceptions, to retain ownership and vote
approximately 19.9 million shares in favor of the Agreement and
Plan of Merger with Hexion Specialty Chemicals, Inc.

                        About Huntsman

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

                        *     *     *

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


MANDATARIOS DE SERVICIOS: Trustee Filing General Report Tomorrow
----------------------------------------------------------------
Maria Susana Taboada, the court-appointed trustee for
Mandatarios de Servicios S.A.'s bankruptcy proceeding, will file
a general report containing an audit of the company's accounting
and banking records in the National Commercial Court of First
Instance in Buenos Aires on Aug. 14, 2007.

Ms. Taboada verified creditors' proofs of claim until
May 4, 2007.  She also presented the validated claims in court
as individual reports on June 18, 2007.  

Ms. Taboada is also in charge of administering Mandatarios de
Servicios' assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

          Mandatarios de Servicios S.A.
          Uruguay 469
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria Susana Taboada
          Ezeiza 2641
          Buenos Aires, Argentina


NUTRITIONAL SOURCING: Wants Pepper Hamilton as Delaware Counsel
---------------------------------------------------------------
Nutritional Sourcing Corporation and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware for
permission to employ Pepper Hamilton LLP as their Delaware
counsel.

Pepper Hamilton will:

    a. assist Kay Scholer LLC in representing the Debtors;

    b. advise the Debtors with respect to their rights, powers
       and duties as debtors and debtors-in-possession in the
       continued management and operation of their business and
       properties;

    c. attend meetings and negotiate with representatives of
       creditors and other parties-in-interest;

    d. advise and consult the Debtors regarding the conduct of
       the cases, including all of the legal and administrative
       requirements of operating in chapter 11;

    e. advise the Debtors on matters relating to the evaluation
       of the assumption, rejection or assignment of unexpired
       leases and executory contracts;

    f. advise the Debtors with respect to legal issues arising
       in or relating to the Debtors' ordinary course of
       business, including attendance at senior management
       meetings, meetings with the Debtors' financial advisors,
       meetings of the board of directors and committees, and
       advice on employee, workers' compensation, employee
       benefits, executive compensation, tax, banking,
       insurance, securities, corporate, business operation,
       contracts, joints ventures, real property, press or
       public affairs, litigation and regulatory matters, and
       advise the Debtors with respect to continuing disclosure
       and reporting obligations if any, under securities laws;

    g. take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions on
       their behalf, the defense of any actions commenced
       against those estates, negotiations concerning all
       litigation in which the debtors may be involved and
       objections to claims filed against the estates;

    h. advise the Debtors with respect to the sale of their
       assets;

    i. negotiate and prepare the Debtors' plan of
       reorganization, disclosure statement and all related
       agreements or documents and take any necessary action on
       behalf of the Debtors to obtain confirmation of the plan;

    j. prepare on the Debtors' behalf all petitions, motions,
       applications, answers, orders, reports, and papers
       necessary to the administration of their estates;

    k. attend meetings with third parties and participate in
       negotiations with respect to these matters;

    l. appear before the Court, any appellate courts, and the
       Office of the U.S. Trustee, and protect the interests of
       the Debtors' estates before these courts and the Office
       of the U.S. Trustee; and

    m. perform all other necessary legal services and provide
       all other necessary legal advice to the Debtors in
       connection with their chapter 11 cases to bring the cases
       to a conclusion.

The Debtors disclose that professionals of the firm bill:

      Designation                   Hourly Rate
      -----------                   -----------
      Partners                    US$450 - US$690
      Associates                  US$250 - US$320
      Legal Assistants                US$175

To the best of the Debtors' knowledge, the firm does not
represent any interest adverse to them or their estates.

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba
Pueblo Xtra International, Inc. -- http://www.puebloxtra.com/--  
owns and operates supermarkets and video rental shops in Puerto
Rico and the US Virgin Islands.  The company and two affiliates,
Pueblo International, L.L.C., and F.L.B.N., L.L.C., filed for
chapter 11 protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos.
07-11038 through 07-11040).  Kay Scholer LLC represents the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed estimated
assets and debts between US$1 million and US$100 million.


RAW LEATHER: Creditors Voting on Settlement Plan Tomorrow
---------------------------------------------------------
Raw Leather S.A.'s creditors will vote on a settlement plan that
the company will lay on the table on Aug. 14, 2007.

Jorge Fernando Podhorzer, the court-appointed trustee for Raw
Leather's reorganization proceeding, verified creditors' proofs
of claim until Nov. 27, 2006.  He presented the validated claims
in court as individual reports on Feb. 12, 2007.  He also
submitted a general report containing an audit of Raw Leather's
accounting and banking records on March 28, 2007.

The trustee can be reached at:

         Jorge Fernando Podhorzer
         Pasaje del Carmen 716
         Buenos Aires, Argentina


SINDY SA: Proofs of Claim Verification Deadline Is Aug. 24
----------------------------------------------------------
Nelida Haydee Grumblatt de Nobile, the court-appointed trustee
for Sindy S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim Aug. 24, 2007.

Ms. Grumblatt de Nobile will present the validated claims in
court as individual reports on Oct. 8, 2007.  The National
Commercial Court of First Instance in Buenos Aires will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Sindy 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 Sindy's accounting
and banking records will be submitted in court on Nov. 21, 2007.

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

The debtor can be reached at:

          Sindy S.A.
          Avenida Pueyrredon 480
          Buenos Aires, Argentina

The trustee can be reached at:

          Nelida Haydee Grumblatt de Nobile
          Felipe Vallese 1195
          Buenos Aires, Argentina


SHUMIS SA: Seeks for Reorganization Okay in Buenos Aires Court
--------------------------------------------------------------
Shumis S.A. has requested for reorganization approval after
failing to pay its liabilities.

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

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

The debtor can be reached at:

          Shumis S.A.
          Parana 552
          Buenos Aires, Argentina


TELECOM ARGENTINA: Earns ARS387 Million for First Six Months
------------------------------------------------------------
Telecom Argentina reported net income of ARS387 million for the
six-month period ended June 30, 2007.

During the first half year period of 2007, Consolidated net
revenues increased 26% (+ARS854 million vs. first half year
period of 2007) to ARS4,202 million, mainly fueled by the
cellular and broadband businesses.

Moreover, OPBDA increased by 26% (+ARS293 million) to ARS1,414
million, equal to 34% of consolidated net revenues.

           Consolidated Financial and Holding Results

Financial and Holding Results resulted in a loss of ARS218
million, as compared to the ARS297 million loss registered in
first half of 2006.  The difference is mainly due to lower net
interest expenses by ARS72 million (mainly due to the reduction
in net financial debt) and also lower net foreign currency
exchange losses by ARS33 million.

                      Net Financial Debt

As of June 30, 2007, Net Debt (Loans before the effect of NPV
valuation, minus Cash, Banks, Current Investments and Other
credits derived from derivative Investments) amounted to
ARS2,785 million, a reduction of ARS1.224 million as compared to
June 2006.  Interest accrued on financial debt totaled ARS157
million.

During April and May Telecom Argentina performed prepayments on
its outstanding Series A & B Notes equivalent to the remaining
25% of the mandatory amortization scheduled for Oct. 15, 2009,
and 74% of the mandatory amortization scheduled for
April 15, 2010.  The prepayments totaled approximately the
equivalent of US$140 million.  In addition, Telecom Personal
canceled bank loans and notes for approximately the equivalent
of US$60 million in the second quarter.

              Consolidated Capital Expenditures

A total amount of ARS553 million invested in fixed and
intangibles assets was allocated to the cellular business
(ARS253 million) and the Voice, Data and Internet business
(ARS300 million).

The Telecom Group continues to implement its Capex plan
including the expansion of its ADSL services (accesses and
transmission), reconverting its network in order to fully
develop a new generation of services, enhancing its cellular
network (capacity, coverage and 3G services), and integrating
platforms.

                     Recent Developments

During the second quarter of 2007, Telecom registered a result
for discontinued operations of ARS102 million related to the
sale of Publicom SA, the company engaged in the directories
business.

During July, Telecom reached an agreement with the different
unions representing workers under Collective Bargaining
Agreements.  The agreement includes a wage increase of
approximately 16% and a half-hour reduction in the workday,
applicable starting September 2007.  The agreement covers the
period from April 2007 through and including July 2008.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line  
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.


TENNECO INC: Will Complete Financial Restatement by Aug. 14
-----------------------------------------------------------
Tenneco Inc.  plans to complete the restatement of its financial
statements by Aug. 14, 2007.  The company will restate its
reported financial results to correct the accounting for
interest rate swaps that the company entered into in 2004.  

The restatement will also reflect other accounting adjustments,
well as the results of Tenneco's reconciliation of its deferred
tax balances.  The restatement will impact the years ended
Dec. 31, 2004, 2005 and 2006 and the quarters ended
March 31, 2006 and 2007, June 30, 2006, and Sept. 30, 2006.
    
Tenneco plans to file an amendment to its Form 10-K for the year
ended Dec. 31, 2006, and an amendment to its Form 10-Q for the
quarter ended March 31, 2007, immediately prior to filing its
Form 10-Q for the quarter ended June 30, 2007.
    
Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and  
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.

                        *     *     *

As reported in the Troubled Company Reporter on April 2, 2007,
Standard & Poor's Ratings Services affirmed its loan and
recovery ratings on Tenneco Inc.'s senior secured first-lien
bank facilities, after changes to the size of individual
facilities.  These ratings were assigned: BB-/Stable/B-1 on
corporate credit rating; BB (recovery rating: 1) on US$830M
senior secured credit facilities; and Class M-3 downgraded to
C/DR4 from CC/DR4.


TRANSPORTES EL SOL: Trustee Filing Individual Reports Tomorrow
--------------------------------------------------------------
Mariela Fernanda Agesta, the court-appointed trustee for
Transportes El Sol S.R.L.'s bankruptcy proceeding, will present
the validated claims in the National Commercial Court of First
Instance in Buenos Aires as individual reports on Aug. 14, 2007.

Ms. Agesta verified creditors' proofs of claim until
June 15, 2007.

A general report that contains an audit of Transportes El Sol's
accounting and banking records will be submitted in court on
Sept. 26, 2007.

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

The trustee can be reached at:

          Mariela Fernanda Agesta
          Esmeralda 625
          Buenos Aires, Argentina




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


GENERAL MILLS: Proofs of Claim Filing Is Until Aug. 22, 2007
-------------------------------------------------------------
General Mills Global Holdings Two Ltd.'s creditors are given
until Aug. 22, 2007, to prove their claims to Ernest A.
Morrison, 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.

General Mills shareholders agreed on Aug. 1, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Ernest A. Morrison
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


GENERAL MILLS: Sets Final General Meeting for Sept. 10
------------------------------------------------------
General Mills Global Holdings Two Ltd.'s final general meeting
is scheduled on Sept. 10, 2007, at 10:00 a.m., at:

         Milner House, 18 Parliament Street
         Hamilton HM12, 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.


INTELSAT: Posts US$31.7-Million Loss in Second Quarter 2007
-----------------------------------------------------------
Intelsat said in a statement that it lost US$31.7 million in the
second quarter of 2007, compared to a net loss of US$42.7
million in the second quarter 2007.

Business News Americas relates that Intelsat's revenues
increased by 75% to US$543 million in the second quarter 2007,
from US$310 million in the second quarter 2006.

According to BNamericas, Intelsat's second quarter 2007 results
showed the effect of the acquisition of PanAmSat, which was
concluded in July 2006.

The operations of the former PanAmSat business accounted for
US$223 million in the increase in revenues in the second quarter
2007, Intelsat said in a statement.

Intelsat, headquartered in Bermuda, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Moody's Investors placed the long-term debt
ratings of the Intelsat Ltd. group of companies on review for
possible downgrade.  

Issuer: Intelsat (Bermuda), Ltd.

  -- Senior Unsecured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently B2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Intelsat Corporation

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Secured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B2

Issuer: Intelsat Holding Corporation

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Intelsat Intermediate Holding Company, Ltd.

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B3

Issuer: Intelsat Subsidiary Holding Co. Ltd.

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B2

Issuer: Intelsat, Ltd.

  -- Probability of Default Rating, Placed on Review for
     Possible Downgrade, currently B2

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Outlook Actions:

Issuer: Intelsat, Ltd.

  -- Outlook, Changed To Rating Under Review From Stable

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings
on Rating Watch Negative:

    -- Issuer Default Rating 'B';
    -- Senior unsecured notes 'CCC/RR6'.

Fitch also placed the ratings of Intelsat's subsidiaries on
Rating Watch Negative.

Fitch placed these ratings of Intelsat subsidiaries on Rating
Watch Negative:

Intelsat (Bermuda), Ltd.

    -- Issuer Default Rating 'B';
    -- Senior unsecured guaranteed notes 'BB-/RR2';
    -- Guaranteed Term Loan 'BB-/RR2';
    -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.


Intelsat Intermediate Holding Company, Ltd. (Int Holdco)

    -- Issuer Default Rating 'B';
    -- Senior unsecured discount notes 'B-/'RR5'.


Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco)

    -- Issuer Default Rating 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior unsecured notes 'BB-/RR2'.


Intelsat Corporation (f/k/a PanAmSat Corporation)

    -- Issuer Default Rating (IDR) 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior secured notes 'BB/RR1';
    -- Senior unsecured notes 'B/RR4'.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services lowered its
ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated
entities, including the corporate credit rating, which was
lowered to 'B+' from 'BB-'.  All ratings were immediately placed
on CreditWatch with negative implications.  


MAN ARAA: Proofs of Claim Filing Is Until Aug. 22, 2007
--------------------------------------------------------
Man Araa Ltd.'s creditors are given until Aug. 22, 2007, to
prove their claims to Beverly Mathias, 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.

Man Araa's shareholders agreed on Aug. 6, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN ARAA: Sets Final General Meeting for Sept. 28
-------------------------------------------------
Man Araa Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

         Argonaut House, 5 Park Road
         Hamilton HM O9, 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.


MAN BENTLEY: Proofs of Claim Filing Is Until Aug. 22, 2007
--------------------------------------------------------
Man Bentley's creditors are given until Aug. 22, 2007, to prove
their claims to Beverly Mathias, 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.

Man Bentley's shareholders agreed on Aug. 6, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN BENTLEY: Sets Final General Meeting for Sept. 28
----------------------------------------------------
Man Bentley's final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

         Argonaut House, 5 Park Road
         Hamilton HM O9, 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.


MAN MAC: Proofs of Claim Filing Is Until Aug. 22
------------------------------------------------
Man Mac Hawkwing 17A Ltd.'s creditors are given until
Aug. 22, 2007, to prove their claims to Beverly Mathias, 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.

Man Mac's shareholders agreed on Aug. 6, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN MAC JACKOBSHORN: Proofs of Claim Filing Is Until Aug. 22
------------------------------------------------------------
Man Mac Jackobshorn 8B Ltd.'s creditors are given until
Aug. 22, 2007, to prove their claims to Beverly Mathias, 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.

Man Mac's shareholders agreed on Aug. 6, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN MAC NORDEND: Proofs of Claim Filing Is Until Aug. 22
--------------------------------------------------------
Man Mac Nordend 4A Ltd.'s creditors are given until
Aug. 22, 2007, to prove their claims to Beverly Mathias, 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.

Man Mac's shareholders agreed on Aug. 6, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN MAC VORAB: Creditors Must File Proofs of Claim by Aug. 22
-------------------------------------------------------------
Man Mac Vorab 6B Ltd.'s creditors are given until Aug. 22, 2007,
to prove their claims to Beverly Mathias, 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.

Man Mac's shareholders agreed on Aug. 6, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda




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


ACTUANT CORP: Paying US$0.08 Per Share Dividend on Oct. 15
----------------------------------------------------------
Actuant Corporation's Board of Directors has approved a cash
dividend on the Company's common stock.  The Board declared a
dividend of US$0.08 per common share payable on Oct. 15, 2007,
to shareholders of record at the close of business on
Sept. 28, 2007.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company  
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's US$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


BRASKEM SA: Earns BRL408 Million in First Six Months
----------------------------------------------------
Braskem Chief Executive Officer Jose Carlos Grubisich said in a
press conference that the firm's net profits increased 344% to
BRL408 million in the first half of 2007, compared to the same
period last year, due to higher resin sales and greater exports,
among other factors.

Business News Americas relates that Braskem's second quarter
2007 consolidated results showed BRL281 million in net profits,
compared to the BRL55-million loss in the second quarter 2006.

According to BNamericas, Braskem's Ebitda in the second quarter
2007 increased by 64% to BRL921 million, from the second quarter
2006.  Its second quarter 2007 Ebitda margin was 18.5%, up 4.6
percentage points compared to 13.9% in last year's second
quarter.

Mr. Grubisich told BNamericas that consolidated Ebitda for the
first six months of 2007 reported significant growth of 37%,
rising to to BRL1.8 billion in the first half of 2007, from
BRL1.3 billion in the first half of 2006, which showed Braskem's
great capacity to generate cash flow and contributed to an
Ebitda margin of 18.9% compared to 16.1% in the first six months
of 2006.

Mr. Gruisich commented to BNamericas, "This is the second best
margin in the international petrochemical sector.  This shows
the importance and the impact of the consolidation process [of
the domestic petrochemical industry], which is fundamental for
Brazil to be able to compete internationally."

BNamericas notes that Braskem's net revenues increased 23% to
BRL4.97 billion in the second quarter 2007, compared to the
second quarter 2006.  Its revenues for the first half of 2007
rose by 17% to BRL9.39 billion, from the first half of 2006.

The report says that Braskem's polyethylene sales accounted for
30.1% of the second quarter 2007 net revenues, while
polypropylene and PVC accounted for 14.3% and 6.7% of the total,
respectively.

Mr. Grubisich told BNamericas that the positive second quarter
2007 results were due to an improved global situation, with high
demand for thermoplastic resins and sustained growth in the
domestic economy.

BNamericas states that the quarterly figures include 100% of the
results of:

          -- Ipiranga Quimica,
          -- Ipiranga Petroquimica, and
          -- Copesul.

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer   
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Fitch Ratings has affirmed its BB+ ratings on
Braskem S.A. and Braskem International following the
announcement by Braskem, Petrobras and the Ultra Group that they
have reached an agreement to acquire the Ipiranga Group's
petrochemical, refining and fuel distribution assets.

Fitch also affirmed these ratings:

  Braskem S.A.

    -- Foreign currency issuer default rating at 'BB+';
    -- Local currency issuer default rating at 'BB+';;
    -- Senior unsecured notes 2008, 2014 at 'BB+';
    -- Senior unsecured Perpetual Bonds at 'BB+';
    -- Senior unsecured notes 2017 at 'BB+';
    -- National rating at 'AA (bra)';
    -- Debentures 12th Issuance at 'AA (bra)'; and
    -- Debentures 13th Issuance at 'AA (bra)'.

  Braskem International

    -- Senior unsecured notes 2015 at 'BB+'.


DELPHI CORP: Names Umicore as Best Bidder for Catalyst Business
---------------------------------------------------------------
Delphi Corporation and certain of its affiliates selected
Umicore as the successful bidder for Delphi's global original
equipment and aftermarket catalyst business, Delphi officials
disclosed.

At an Aug. 8, 2007 auction between Umicore and Catalytic
Solutions Inc., between two qualified bidders, Umicore's offer
of US$75 million (subject to adjustments) was determined to be
the highest and best bid.  Umicore's offer will be presented to
the U.S. Bankruptcy Court for the Southern District of New York
for approval on Aug. 16, 2007.

The sale to Umicore is expected to close before year-end 2007.

At the hearing before the U.S. Bankruptcy Court scheduled for
Aug. 16, Delphi will also present the offer submitted at the
August 8th auction by CSI to be approved as the "alternate
bidder" in the event the transaction between Delphi and Umicore
does not close.

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
Mar. 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.


DELPHI CORP: June 30 Balance Sheet Upside-Down by US$13.2 Bil.
--------------------------------------------------------------
Delphi Corp. listed total assets of US$15.5 billion, total
liabilities of US$28.5 billion, minority interest of US$209
million, resulting in total stockholders' deficit of US$13.2
billion as of June 30, 2007.

                 Second Quarter 2007 Results

The company reported second quarter 2007 financial results with
a net loss of US$821 million.  Non-GM revenues were US$4.1
billion, representing 59 percent of global revenues.  Net Loss
for the second quarter 2006 was US$2.3 billion.

Delphi's net loss reflects a charge of US$332 million recorded
in the second quarter of 2007 for its current estimate of
liability, net of previous accruals, in the Securities and ERISA
multi-district litigation pending in the U.S. District Court for
the Eastern District of Michigan, arising from Delphi's
restatement of its financial statements for the period 1999 to
2004.  Delphi noted that this estimate of liability does not
consider any insurance proceeds that may be recoverable under
Delphi's insurance policies. Under the direction of a special
master appointed by the U.S. District Court, Delphi has begun
settlement discussions regarding a potential resolution of these
matters.

Global revenue for the second quarter 2007 was US$7 billion,
flat from US$7 billion in second quarter 2006.

Non-GM revenue for the quarter was US$4.1 billion, up 5% from
US$3.9 billion in second quarter 2006.  Non-GM business
represented 59% of second quarter revenues, compared to year-ago
levels of 56 percent, primarily due to a 6% year-over-year
decline in GM revenues.  Excluding the favorable impact of
foreign currency exchange, non-GM growth for the second quarter
was essentially flat.

                     First Half 2007 Results

Global revenue was US$13.7 billion for the first half 2007, down
from US$14 billion in first half 2006.  Non-GM revenue for first
half 2007 was US$8 billion, up about 4% from US$7.7 billion in
first half 2006.  Non-GM business reached 59% of first half 2007
revenues, compared to year-ago levels of 55%.  The increase in
non-GM revenues was primarily due to the impact of favorable
currency exchange rates.

Net loss was US$1.4 billion for the first half 2007, compared to
first half 2006 net loss of US$2.6 billion.  Included in the
first half 2007 net loss were charges of US$332 million related
to the Securities and ERISA litigation, employee termination
benefit and other exit cost charges of US$420 million and long-
lived asset impairment charges of US$199 million.  Included in
the first half 2006 net loss were charges of US$1.9 billion for
the U.S. employee special attrition programs.

                    Cash Flow and Liquidity

Cash flow used in operating activities was US$431 million for
the first six months of 2007, as compared to US$187 million
provided by operating activities in the first six months of
2006.  The change in cash flow from operating activities was
driven by payments made as part of the U.S. employee special
attrition program, net of reimbursements from GM, and a net
increase in working capital.

Delphi continues to have sufficient liquidity available in
the U.S. and globally to finance our global operations.  As of
June 30, 2007, Delphi had US$1.5 billion of cash and cash
equivalents and US$1 billion of debt capacity under the
refinanced DIP credit facility.

Delphi had about US$2 billion of senior unsecured debt at
June 30, 2007.  As of June 30, 2007, the company had US$453
million outstanding under its accounts receivable factoring
facilities in Europe.  As of June 30, 2007, outstanding
borrowings under its European accounts receivables
securitization program were US$148 million.  As of
June 30, 2007, the company had US$121 million of other debt,
primarily consisting of overseas bank facilities, and US$65
million of other debt classified as liabilities subject to
compromise.
    
A full-text copy of the company's first half 2007 report is
available for free at http://researcharchives.com/t/s?223f

                   About Delphi Corporation

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
Mar. 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.


DYNEA INT'L: S&P Raises Long-Term Corporate Credit Rating to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised to 'B+' from 'B'
its long-term corporate credit rating on Finnish specialty
chemicals company Dynea International Oy.  At the same time, the
rating was removed from CreditWatch where it had been placed
with developing implications on Nov. 22, 2006.  The outlook is
stable.
     
"The upgrade reflects Dynea's improved cash flow metrics and
leverage following the successful disposal of its North American
unit and use of the proceeds to redeem debt," said Standard &
Poor's credit analyst Lucas Sevenin.  The rating also gives room
for the company's strategy to grow the business, notably through
potentially debt-funded acquisitions.  The disposal, a Canadian
private equity firm, was completed only in July, eight months
after its announcement (November 2006).
     
"The stable outlook reflects our expectations that the group
will continue to benefit from fair EBITDA generation and
maintain appropriate credit metrics," said Mr. Sevenin. Notably,
S&P expect FFO to adjusted debt in the mid to high teens, and
positive FOCF.  S&P also factor in small to midsize
acquisitions, as well as important growth and efficiency capital
expenditure.
     
The rating could come under pressure if significant growth
and/or adverse market conditions depressed credit protection for
a prolonged period.
     
The rating could improve if the group's financial policy,
EBITDA, and market conditions enabled sustainably higher credit
metrics.  This would include FFO to adjusted debt of above 20%.

Headquartered in Helsinki, Finland, Dynea International Oy
-- http://www.dynea.com/-- provides adhesion and surfacing   
solutions.  In 2005, Dynea International had revenues of EUR1.2
billion.  After the transaction Dynea International has 39
production units and some 2,200 employees in 23 countries in
Europe, Asia Pacific and Brazil in South America.


FORD MOTOR: Aims for Productivity & Lower Costs in Labor Talks
--------------------------------------------------------------
Ford Motor Company needs to see both lower costs and improved
labor productivity as it emerges from a crucial round of
contract talks with the United Auto Workers union, Kevin
Krolicki writes for Reuters, quoting Joseph Hinrichs, Ford's
vice president for manufacturing in North America.

The TCR-Europe reported on June 14, 2007, that the car companies
are trying to deal with health care costs that GM CEO Rick
Wagoner says cost them a combined US$12 billion in 2006.  
Providing health care to 2 million employees, retirees and
dependents contributed to losses at each of the U.S. automakers
last year, while Japanese rivals posted record profits.  The
difference is made even more significant by higher pensions and
retiree health care costs.

Most of that gap for the loss-making Detroit automakers
represents "legacy" costs, including the price of providing
health care to union-represented retirees, Reuters states.

"We've been working really hard on (productivity) and we still
have room for improvement. If you look at the domestic, Detroit
Three compared to the transplants, there's a gap," Mr. Hinrichs
said.  "And then there's the cost of that labor which we have to
work on and address, which includes the legacy cost," he said,
Reuters notes.

According to the report, Mr. Hinrichs' comments were in response
to prior remarks issued by Canadian Auto Workers President Buzz
Hargrove that the labor concessions the Detroit-based automakers
are seeking in ongoing labor negotiations with the UAW would not
make a meaningful contribution to a turnaround for the
struggling industry.

"Even if the Big Three get everything they are asking for from
the UAW, that would reduce the average production costs of a
vehicle they sell in North American by only US$500," Mr.
Hargrove said, Reuters notes.

Mr. Hinrichs had a different opinion, however, saying that
although he would not comment on the US$500-per-vehicle estimate
from Mr. Hargrove, that amount was enough to make a difference
in a competitive vehicle market, Reuters relates.

Prior to the talks, Ford had negotiated separate agreements with
the UAW for more flexible work rules at most of its plants and
an attrition program that saw 27,000 union-represented workers
leave the payroll during the first half.  Mr. Hinrichs said that
the more flexible work rules included in "competitive operating
agreements" negotiated with the union would save Ford US$500
million on an annualized basis once fully implemented, Reuters
reports.

                     About Ford Motor Co.

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

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

                        *     *     *

In July 2007, Moody's Investors Service said that the
performance of Ford Motor Company's global automotive operations
for the second quarter of 2007 was significantly stronger than
the previous year and better than street expectations.

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

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


GOL LINHAS: Incurs BRL35.4 Million Net Loss in 2007 Second Qtr.
---------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. posted consolidated net loss
for the 2007 second quarter was BRL35.4 million (US$18.3
million), representing a -3.1% net margin. Loss per share (EPS)
was BRL0.18 and loss per ADS was US$0.09.  Losses were driven by
the incorporation of VRG's results, sub-optimal yields in the
domestic market.

Cash, cash equivalents and short-term investments totaled BRL1.8
billion, a decrease of BRL203.2 million over second quarter
2007.

The reported financial statements include:

   * Consolidated operating cost per ASK (CASK) decreased 6.2%
     from BRL15.03 cents in 2006 second quarter to BRL14.10
     cents in 2007 second quarter.  Non-fuel CASK decreased
     6.2%.  VRG's CASK was reduced by approximately 17% during
     intra-quarter.

   * Consolidated RPKs increased 64.6% from 3,523mm in 2006
     second quarter to 5,800mm in 2007 second quarter and ASKs
     increased 86.1% from 4,741mm in 2006 second quarter to
     8,824mm in 2007 second quarter.  Consolidated average load
     factor decreased 8.6 percentage points to 65.7%.  GTA's
     RPKs increased 40.8% from 3,523mm in 2006 second quarter to
     4,959mm in 2007 second quarter and ASKs increased 52.2%
     from 4,741mm in 2006 second quarter to 7,215mm in 2007
     second quarter.

   * Consolidated average passenger yields decreased 19.2% to
     BRL18.04 cents, resulting in a RASK of BRL13.05 cents, a
     26.7% decrease vs. 2006 second quarter.  Average fares
     decreased 11.5% from BRL190.0 to BRL168.2.

   * In 2007 second quarter, GTA added 32 new daily flight
     frequencies and launched two new domestic destinations.
     VRG added 16 new daily flight frequencies.

   * Two Boeing 737-800 NG aircraft were added to the GTA fleet
     during 2007 second quarter.  One Boeing 767-300 aircraft
     was added to the VRG fleet during 2007 second quarter.

   * In June 2007, GOL finalized agreements with two of North
     America's most important airlines: Continental Airlines and
     Delta Airlines.

   * A net quarterly interest on shareholders' equity and
     dividend payment of BRL70.8mm

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL  
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.  
The company was founded in 2001.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Fitch Ratings has affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch has also affirmed the outstanding
US$200 million perpetual bonds and US$200 million of senior
notes due 2017 at 'BB+' as well as the company's 'AA-' (bra)
national scale rating.  Fitch said the rating outlook is stable.


TELEMIG CELULAR: S&P Places BB- Rating on Credit Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Telemig Celular S.A. and its 'B+'
long-term corporate credit rating on Amazonia Celular S.A. on
CreditWatch with positive implications.  The 'B+' rating on the
US$120 million notes co-issued by Amazonia and Telemig was also
placed on CreditWatch with positive implications.
     
Telemig's total debt outstanding amounted to US$81.4 million in
March 2007 and Amazonia's total debt outstanding amounted to
US$113.5 million in the same period.
     
The rating actions follow Vivo Participacoes S.A.'s (Vivo;
brAA-/Stable/--) announcement that it will acquire Telpart
Participacoes S.A.'s 53.9% voting shares in Telemig
Participacoes S.A. (which controls Telemig); and Telepart's
51.86% voting shares of Tele Norte Celular Participacoes S.A. --
which controls Amazonia -- with a cash disbursement of
approximately US$630 million after regulator's approval. "Vivo
will proceed with a tender offer to acquire up to one-third of
the preferred outstanding shares held by Telemig, Amazonia, and
Tele Norte investors.  If the company succeeds with the tender
offer, the acquisition's total cost could reach approximately
US$1.5 billion (including the mandatory tender offer on the
remaining voting shares)," said Standard & Poor's credit analyst
Beatriz Degani.
     
As long as the transaction is concluded (regulatory approval is
still pending), the ratings on Telemig could be raised up to one
notch (to 'BB') and the ratings on Amazonia and the co-issued
notes could be raised up to two notches (also to 'BB').  This
action would reflect the improvement in these companies'
business profiles, benefiting from being part of Brazil's market
leader in the mobile segment, with larger geographical
diversification and financial flexibility.
     
Its 'brAA-' National Scale rating on Vivo reflects the company's
improved service area after the acquisition, now reaching the
important state of Minas Gerais.  It also considers the
company's strong operating performance throughout 2006 and 2007
that permitted Vivo to accumulate the cash it will use to
finance an important part of the acquisition. S&P believe Vivo
will continue to report strong operating performance, sustaining
a total debt-to-EBITDA ratio of about 2x and funds from
operations-to-total debt ratio of 20%-30% in the years ahead,
despite expectations of additional debt to finance the largest
part of the acquisition.

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


USINAS SIDERURGICAS: Posts BRL802MM Income in Qtr. Ended June 30
-----------------------------------=----------------------------
Usinas Siderurgicas de Minas Gerais SA disclosed net income of
BRL802 million for the three months ended June 30, 2007,
compared to BRL$704 million of net income for the same period in
2006.

The global steel industry is currently experiencing a favorable
period due to the fast-paced growth of steel production and
demand in China coupled with the positive performance of the
main global economies.  Forecasts indicate continued growth in
consumption over the next few years, further favored by the
consolidation process in the industry.  The Brazilian steel
industry has successfully positioned itself within this business
scenario.  The mills are operating with consistent scale and
technology and are economically and financially prepared to face
the challenges of consolidation and global competition.

In turn, the Usiminas System, primarily propelled by the solid
performance of the Brazilian economy and the robust demand for
flat steel, ended 1H07 with impressive results -- net revenues
of BRL6.7 billion, net profit of BRL1.4 billion and EBITDA of
BRL2.4 billion, numbers which are, respectively, 12%, 38% and
23% higher than in the same period in the previous year.

The solidity of these financial results, as well as the
company's commitment to its public (shareholders, customers,
creditors, suppliers, employees and community) resulted in the
rating agencies Fitch and S&P attributing an Investment Grade
rating to the Usiminas System.  The recognition undoubtedly
reflects the maturity that the Usiminas System has undergone to
execute its Development Program -- vision 2015, which will
allocate more than US$8 billion towards upgrading and expanding
its production facilities.

The company continues, therefore, to fully execute our value
creation agenda with the same transparency and responsibility
that enabled us to consolidate ourselves as the largest flat
steel complex in Latin America.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service upgraded the foreign
currency debt ratings of Usinas Siderurgicas de Minas Gerais
S.A. -- USIMINAS, and Companhia Siderurgica Paulista -- COSIPA,
to Ba1 from Ba2, and assigned a corporate family rating of Ba1
on its global scale and Aa1.br rating on the Brazilian national
scale.  Moody's said the ratings outlook is positive.

Ratings upgraded are:

   -- US$175 million foreign currency notes due 2009 issued by
      Cosipa, guaranteed by Usiminas: upgraded to Ba1 from Ba2

   -- US$200 million senior unsecured foreign currency notes due
      2016 issued by Cosipa Commercial Ltd., jointly guaranteed
      by Usiminas and Cosipa: upgraded to Ba1 from Ba2

   -- US$500 million Senior Unsecured Global MTN Program:
      upgraded to Ba1 from Ba2




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


COEUR D'ALENE: Earns US$11.9 Million in Second Quarter 2007
-----------------------------------------------------------
Coeur d'Alene Mines's net earnings decreased to US$11.9 million
in the second quarter 2007, compared to US$32.6 million in the
second quarter 2006, Business News Americas reports.

Coeur d'Alene told BNamericas that the decline in the earnings
could be partly due to a one-time gain of US$11.2 million from
the sale of its Coeur Silver Valley property and income of
US$1.4 million from Coeur Silver operations in the second
quarter 2006.

BNamericas relates that Coeur d'Alene's revenues dropped to
US$51.7 million in the second quarter 2007, from US$54.0 million
in last year's second quarter.

According to BNamericas, Coeur d'Alene churned out three million
ounce of silver in the second quarter 2007:

          -- 1.2 million ounces from Rochester in Nevada,
          -- 369,500 ounces from Cerro Bayo in Chile,
          -- 809,026 ounces from Martha in Argentina,
          -- 124,441 ounces from Endeavor, and
          -- 476,494 ounces from Broken Hill in Australia.

The report says that Coeur d'Alene produced 25,453 ounces of
gold in the second quarter 2007.

Coeur d'Alene Chief Executive Officer Dennis Wheeler said in a
conference call that gold production would accelerate through
the remainder of 2007, with steadily improving cash costs.

Coeur d'Alene told BNamericas that silver production at Cerro
Bayo was lower and gold production higher year-over-year, with
silver down due to a transition into wider mineralized zones
that are more amenable to mechanized mining methods.

A new US$13.9-million mill facility with an up to 240 tons per
day capacity is being constructed at the Martha mine.  This mill
would be operational by year-end, BNamericas states.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


* BOLIVIA: Telephony Operators Must Improve Quality of Service
--------------------------------------------------------------
Bolivia's telecoms regulator Sittel has warned telephony
operators in the country to improve the quality of their mobile
telephony services or face economic sanctions and cancellation
of their licenses, official sources told state news agency
Agencia Boliviana de Informacion.

Sittel chief Clifford Paravicini confirmed to Agencia Boliviana
that three main operators had been notified on Aug. 2 of the
requirements.  He said that the regulator also ordered the firms
to suspend all marketing campaigns until they have made
improvements on their services.

Business News Americas relates that the Sittel gave the warning
to these operators:

          -- Entel Movil;
          -- Nuevatel, which operates the Viva brand; and       
          -- Telecel, which operates the Tigo brand.

Mr. Paravicini told Agencia Boliviana that Entel and Viva have
made some improvements to their service and coverage.  However,
it is still not enough.  Meanwhile, Tigo has yet to make any
improvements.

The minimum sanction is VEB150,000.  However, the fine could be
increased, BNamericas says, citing Sittel.

Sittel's public and international affairs head Erick Butron told
BNamericas that the rapid growth in mobile traffic in Belivia
led to "saturation of the existing infrastructure."  Firms have
not taken measures to ease that restricted access.

Mr. Butron commented to BNamericas, "The companies need to
deploy more aerials in the three main cities in the country,
which are La Paz, Cochabamba and Santa Cruz.  The existing
aerials cannot support current mobile traffic volumes."

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

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




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


ADROIT PRIVATE: Will Hold Last Shareholders Meeting on Sept. 7
--------------------------------------------------------------
Adroit Private Equity (Offshore) Ltd. will hold its final
shareholders meeting on Sept. 7, 2007, at 11:00 a.m., at:

         Fourth Floor, One Capital Place
         P.O. Box 847
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
   
   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847
         George Town, Grand Cayman KY1-1103
         Cayman Islands
         Tel: (345) 949 0880
         Fax: (345) 949 0881


ALPHAGEN ABSOLUS: Sets Last Shareholders Meeting for Sept. 17
-------------------------------------------------------------
The Alphagen Absolus Fund Ltd. will hold its final shareholders
meeting on Sept. 17, 2007, at 9:00 a.m., at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


AMB BLACKPINE: Sets Last Shareholders Meeting for Sept. 17
----------------------------------------------------------
AMB Blackpine Ltd. will hold its final shareholders meeting on
Sept. 17, 2007, at 10:00 a.m., at:

         Pier 1, Bay 1
         San Francisco, CA
         94111 USA

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


AVENIR ASIAN: Will Hold Last Shareholders Meeting on Sept. 14
-------------------------------------------------------------
Avenir Asian Multi-Strategy Fund Ltd. will hold its final
shareholders meeting on Sept. 14, 2007, at 9:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         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


BAILEY COATES: Sets Last Shareholders Meeting for Sept. 7
---------------------------------------------------------
Bailey Coates (Cayman) Ltd. will hold its final shareholders
meeting on Sept. 7, 2007, at 10:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
   
   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidators can be reached at:

         Gordon I. Macrae
         Attention: Korie Drummond
         Kroll (Cayman) Limited
         4th Floor
         Bermuda House, Dr. Roy's Drive
         Grand Cayman, Cayman Islands
         Tel: (345) 946-0081
         Fax: (345) 946-0082


CHINA INVESTMENT: Will Hold Last Shareholders Meeting on Sept. 7
----------------------------------------------------------------
The China Investment Company will hold its final shareholders
meeting on Sept. 7, 2007, at 10:30 a.m., at:

         450 Park Avenue, Suite 3201
         New York, New York

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
   
   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

         Jack N Mayer
         The China Investment Company Limited
         Attention: Jerome M Balsam
         3rd Floor, 36C Bermuda House
         Dr Roy's Drive, George Town
         Grand Cayman, Cayman Islands        
         Telephone: 1 212 838 7200


FRONTIER IV: Sets Last Shareholders Meeting for Sept. 7
-------------------------------------------------------
Frontier IV Ltd. will hold its final shareholders meeting on
Sept. 7, 2007, at 11:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
   
   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidators can be reached at:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


IASIA ALLIANCE: Proofs of Claim Filing Deadline Is Sept. 21
---------------------------------------------------------
IASIA Alliance Fund Ltd.'s creditors are given until
Sept. 21, 2007, to prove their claims to Richard L. Finlay, 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.

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

The liquidator can be reached at:

       Richard L. Finlay
       Attention: Krysten Lumsden
       P.O. Box 2681
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 945 3901
       Fax: (345) 945 3902


IC MEDIA: Will Hold Last Shareholders Meeting on Sept. 21
--------------------------------------------------------
IC Media International Ltd. will hold its final shareholders
meeting on Sept. 21, 2007, at 9:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Richard L. Finlay
         Attention: Krysten Lumsden
         P.O. Box 2681
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 945 3901
         Fax: (345) 945 3902


IC MEDIA: Proofs of Claim Must be Filed by Sept. 21
---------------------------------------------------
IC Media International Corp.'s creditors are given until
Sept. 21, 2007, to prove their claims to Richard L. Finlay, 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.

IC Media'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:

       Richard L. Finlay
       Attention: Krysten Lumsden
       P.O. Box 2681
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 945 3901
       Fax: (345) 945 3902


IVY PARTNERS: Will Hold Last Shareholders Meeting on Sept. 7
------------------------------------------------------------
Ivy Partners Fund CI I will hold its final shareholders meeting
on Sept. 7, 2007, at 11:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
   
   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidators can be reached at:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


JAPAN ADVISORY: Sets Last Shareholders Meeting for Sept. 7
----------------------------------------------------------
Japan Advisory Ltd. will hold its final shareholders meeting on
Sept. 7, 2007, at 11:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
   
   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

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


OPAL: Proofs of Claim Filing Deadline Is Sept. 21
-------------------------------------------------
Opal's creditors are given until Sept. 21, 2007, to prove their
claims to Richard L. Finlay, 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.

Opal's shareholders agreed on July 17, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Richard L. Finlay
       Attention: Krysten Lumsden
       P.O. Box 2681
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 945 3901
       Fax: (345) 945 3902


OPAL: Will Hold Last Shareholders Meeting on Sept. 21
-----------------------------------------------------
Opal will hold its final shareholders meeting on Sept. 21, 2007,
at 9:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Richard L. Finlay
         Attention: Krysten Lumsden
         P.O. Box 2681
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 945 3901
         Fax: (345) 945 3902


SYSTEIA ALTERNATIVE: Sets Last Shareholders Meeting for Sept. 7
---------------------------------------------------------------
Systeia Alternative Risk Trading Fund will hold its final
shareholders meeting on Sept. 7, 2007, at 11:30 a.m., at the
office of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
   
   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

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


RHICON 4XIM: Will Hold Last Shareholders Meeting on Sept. 17
------------------------------------------------------------
The Rhicon 4xim Cmp Fund Ltd. will hold its final shareholders
meeting on Sept. 17, 2007, at 9:00 a.m., at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


TRIGON ADVISERS: Sets Last Shareholders Meeting for Sept. 21
------------------------------------------------------------
Trigon Advisers International Ltd. will hold its final
shareholders meeting on Sept. 21, 2007, at 9:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Richard L. Finlay
         Attention: Krysten Lumsden
         P.O. Box 2681
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 945 3901
         Fax: (345) 945 3902


TRIGON ADVISERS: Proofs of Claim Must be Filed by Sept. 21
----------------------------------------------------------
Trigon Advisers International Ltd.'s creditors are given until
Sept. 21, 2007, to prove their claims to Richard L. Finlay, 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.

Trigon Advisers 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:

       Richard L. Finlay
       Attention: Krysten Lumsden
       P.O. Box 2681
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 945 3901
       Fax: (345) 945 3902


TRIGON ASIAN: Proofs of Claim Filing Deadline Is Sept. 21
---------------------------------------------------------
Trigon Asian Credit Opportunities Fund Ltd.'s creditors are
given until Sept. 21, 2007, to prove their claims to Richard L.
Finlay, 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.

Trigon Asian'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:

       Richard L. Finlay
       Attention: Krysten Lumsden
       P.O. Box 2681
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 945 3901
       Fax: (345) 945 3902


TRIGON ASIAN: Will Hold Last Shareholders Meeting on Sept. 21
--------------------------------------------------------------
Trigon Asian Credit Opportunities Fund Ltd. will hold its final
shareholders meeting on Sept. 21, 2007, at 9:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Richard L. Finlay
         Attention: Krysten Lumsden
         P.O. Box 2681
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 945 3901
         Fax: (345) 945 3902


TRIGON ASIAN CREDIT: Proofs of Claim Filing Deadline Is Sept. 21
---------------------------------------------------------------
Trigon Asian Credit Opportunities Fund (Master) Ltd.'s creditors
are given until Sept. 21, 2007, to prove their claims to Richard
L. Finlay, 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.

Trigon Asian'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:

       Richard L. Finlay
       Attention: Krysten Lumsden
       P.O. Box 2681
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 945 3901
       Fax: (345) 945 3902


WESTROCK LTD: Will Hold Last Shareholders Meeting on Sept. 17
-------------------------------------------------------------
Westrock Ltd. will hold its final shareholders meeting on
Sept. 17, 2007, at 10:00 a.m., at:

         Pier 1, Bay 1
         San Francisco, CA
         94111 USA

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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




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


AES GENER: Submits Environmental Study for Thermo Plant in Chile
----------------------------------------------------------------
AES Gener has presented an environmental impact study for a
270-megawatt coal-fired thermo plant, Business News Americas
reports, citing documents filed with environmental regulator
Conama's SEIA evaluation system.

BNamericas relates that the US$500-million plant is dubbed as
Central Campiche.  It would be built in the Puchuncavi
municipality of region V.  The plant would generate power for
Chile's central grid.

BNamericas states that to limit Central Campiche's effect on the
local environment, the plant would be constructed with:

          -- a desulfurizing plant,
          -- anti-particulate filters, and
          -- low nitrogen oxide-emitting burners.

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *     *     *

On June 16, 2006, Fitch Ratings upgraded the local and foreign
currency Issuer Default Ratings of AES Gener SA to 'BB+' from
'BB'.  Fitch also upgraded Gener's senior unsecured debt rating,
which consists of US$400 million senior notes due 2014, to
'BB+'.  Moreover, Fitch revised Gener's Rating Outlook to
Positive from Stable.




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


BANCOLOMBIA: Reports COP69.1 Million Net Income in July 2007
------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of COP69,149
million during the past month of July.

During July, total net interest income, including investment
securities amounted to COP155,896 million.  Additionally, total
net fees and income from services totaled COP55,921 million.

Total assets amounted to COP30.14 trillion, total deposits
totaled COP19.06 trillion and BANCOLOMBIA's total shareholders'
equity amounted to COP4.49 trillion.

BANCOLOMBIA's (unconsolidated) level of past due loans as a
percentage of total loans was 2.60% as of July 31, 2007, and the
level of allowance for past due loans was 140.10% as of the same
date.

On July 5, 2007, BANCOLOMBIA sold mortgage loans to
Titularizadora Colombiana S.A. amounting to approximately
COP290,000 million.  These mortgage loans were securitized by
Titularizadora through the issuance of mortgage-backed
securities called TIPS E-4.

Additionally, On July 24, 2007, BANCOLOMBIA concluded its public
offering of preferred shares.  As a result of the issuance the
bank increased its equity in approximately COP927.6 billion
(COP480 million).

                        Market Share

According to ASOBANCARIA (Colombia's national banking
association), BANCOLOMBIA's market share of the Colombian
financial system as of July, 2007 was as follows: 18.4% of total
deposits, 21.0% of total net loans, 19.0% of total savings
accounts, 21.4% of total checking accounts and 14.5%
of total time deposits.

                      About Bancolombia

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.


EMCALI: Fitch Affirms CCC Foreign & Local Currency Ratings
----------------------------------------------------------
Fitch Ratings has affirmed the 'CCC' foreign and local currency
Issuer Default Ratings of Empresas Municipales de Cali S.A.  The
Rating Outlook is Stable.  Fitch has also affirmed the 'CCC'
rating of the restructured senior secured notes due 2019 of
TermoEmcali Funding Corp.

Emcali's ratings reflect the company's expected low cash flow
generation relative to its fixed financial obligations.  
Emcali's cash flows are projected to barely cover debt service.
In 2006, the company's Debt Service Coverage Ratio, measured as
cash flow available for debt repayment over debt service, was
just 1.06 times, falling short of the expected 1.2 times.  If
Emcali maintains current EBITDA, a cash flow deficiency could
materialize in the short term.  In fact, under any stress
scenario, Emcali's debt repayment capacity is expected to be
insufficient.  The company is currently restricted from issuing
additional debt and it's not expected to pay dividends in the
medium term.  The company is left with little room, if any, to
cover potential contingencies.

TermoEmcali's restructured notes are repaid by Emcali.  As part
of the restructuring that was completed in the Fall of 2005,
TermoEmcali's Power Purchase Agreement with Emcali was
terminated.  The capacity and energy purchase revenue under the
PPA provided the source of repayment for TermoEmcali's Funding
Corp's Senior Secured Notes due 2014.  These notes were replaced
with new notes due 2019 that constitute Tranche E of Emcali's on
balance sheet debt obligations.  Therefore, TermoEmcali's
profitability and cash flow generation are of secondary
importance.  TermoEmcali's debt repayment capacity depends upon
Emcali's compliance with the terms of Tranche E.

Emcali is the leading provider of electrical power, local
exchange telephone and water and sewer services in the city of
Cali, Colombia.  The company is wholly owned by The Municipality
of Cali.  By sector, the company covers energy (99.4%), water
(97.2%), sewer (96.9%) and telecommunications (84.0%).
TermoEmcali Funding Corp is a related party of Termoemcali I
S.A. E.S.P. Termoemcali is directly owned by Emcali, Inversiones
Inca S.A., Caligen Ltda., Emsirva S.A. E.S.P. and The
Municipality of Cali.


QUEBECOR WORLD: S&P Places B+ Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
printing company Quebecor World Inc., including the 'B+' long-
term corporate credit rating, on CreditWatch with negative
implications.
     
"The CreditWatch placement reflect Quebecor World's ongoing weak
performance and our concerns that the company's earnings, credit
measures, and financial flexibility could weaken further due to
a challenging pricing environment, operating losses in its
European division, and intense competition," said Standard &
Poor's credit analyst Lori Harris.  "Furthermore, Quebecor
World's waivers from its bank group for certain financial
covenants are only approved through to the release of its third-
quarter 2007 financial results," Ms Harris added.
     
Standard & Poor's expects that Quebecor World will need to re-
enter discussions with its bank group to either extend the
waivers or loosen its financial covenants because it's unlikely
to be in compliance following expiry of existing waivers.  In
addition, Quebecor World could begin discussions with its bank
group during this difficult time to negotiate renewing its US$1
billion revolving credit facility, which matures in January
2009.
     
Reported revenues and adjusted EBITDA were down 6% and 20%,
respectively, in the six months ended June 30, 2007, compared
with the same period in 2006.  The adjusted EBITDA margin
declined to 7.5% in first-half 2007 from 8.9% in the same period
in 2006.  Although management has focused on restructuring
operations and retooling its equipment platform to improve cost
efficiencies and profitability, there are only limited signs of
pricing stabilization in the industry, a key driver of the
business turnaround.
     
Key credit measures (adjusted for operating leases, accounts
receivable securitization, preferred securities, and
nonrecurring charges) could weaken further from levels at
June 30, 2007.  Debt to EBITDA was 5.3x, funds from operations
to debt was 14%, and EBITDA interest coverage was 2.5x for
the 12 months ended June 30, 2007.
     
To resolve this CreditWatch listing, Standard & Poor's will meet
with management and review Quebecor World's overall financial
policies, as well as its operating and financial strategies.

Quebecor World Inc. (TSX: IQW) (NYSE: IQW) --
http://www.quebecorworld.com/-- provides print solutions to   
publishers, retailers, catalogers and other businesses with
marketing and advertising activities.  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.




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


* ECUADOR: Renews State of Emergency To Stop Fuel Smuggling
-----------------------------------------------------------
The Ecuadorian presidential Web site reports that President
Rafael Correa has decreed the renewal of a state of emergency to
stop fuel smuggling.

Business News Americas relates that the state of emergency
applies to the supply, transport, distribution and sale of
liquid hydrocarbons fuel derivatives.  Among other actions, it
also entails keeping military and police controls in place.

BNamericas notes that smuggling costs the Ecuadorian government
US$700 million yearly.

Illegal imports were due to the difference between subsidized
gasoline and gas prices in Ecuador and high prices in Colombia
and Peru, BNamericas states, citing the government.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


ADVANCED MICRO: Fitch Assigns CCC+ Rating on US$1.5-Bil. Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s (NYSE: AMD) private placement of US$1.5 billion
5.75% convertible senior notes due 2012.  The 'CCC+/RR6' rating
also applies to up to US$225 million of additional notes issued
within the next 30 days to cover over-allotments.  The 'BB-/RR2'
rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed
and withdrawn, as the company will use net proceeds from today's
debt issuance, as well as available cash, to fully repay the
term loan.

These ratings are affirmed:

  -- Issuer Default Rating (IDR) at 'B';
  -- Senior unsecured debt at 'CCC+/RR6'.

The rating outlook remains negative.  Approximately US$4.1
billion of total debt, pro forma for the repayment of the term
loan, is affected by Fitch's actions.

Today AMD issued US$1.5 billion aggregate principal amount of
5.75% convertible senior notes due 2012 in a private placement
to qualified institutional buyers pursuant to Rule 144A.  AMD
also granted the initial investors a 30-day option to purchase
up to US$225 million of additional notes to cover any over-
allotments.  The notes are pari passu with the company's
existing senior unsecured debt and convertible into shares of
AMD common stock at an initial conversion price of approximately
US$20.13 per share.

Fitch believes the refinancing moderately improves AMD's
financial flexibility and liquidity, as the company will be
permitted to use proceeds from asset sales for ongoing capital
expenditures rather than to reduce term loan balances, as was
required by the covenants associated with the term loan.
Nonetheless, Fitch also believes AMD's liquidity, which
consisted solely of approximately US$1.6 billion of cash and
cash equivalents at June 30, 2007, remains relatively weak,
particularly considering the company's cash burn rate and need
for continued capital investments.  Fitch notes AMD has reduced
2007 capital spending guidance by approximately US$700 million
as of the second quarter ending June 30, 2007, to approximately
US$1.8 billion to alleviate some pressure on free cash flow.

Pro forma for the private placement and repayment of the term
loan, total debt was US$5.5 billion at June 30, 2007, and
consisted of:

     i) US$893 million Fab 36 Secured Term Loan due 2011;

    ii) US$1.5 billion 5.75% convertible senior unsecured notes
        due 2012;

   iii) US$2.2 billion 6% senior unsecured convertible notes due
        2015;

    iv) US$390 million senior unsecured notes due 2012; and

     v) other debt, including capital leases, of approximately
        US$556 million.

Ratings concerns center on:

  -- significant product technology risk associated with the MPU  
     market, potentially resulting in meaningful share shifts  
     between AMD and Intel going forward, as well as continued   
     cyclical operating results;

  -- Intel's meaningful manufacturing technology advantage over
     AMD, driven by capital expenditures consistently in excess  
     of US$5 billion, forcing AMD to aggressively upgrade  
     manufacturing facilities; and

  -- AMD's limited financial flexibility due to high debt levels
     coupled with significant spending requirements on capital
     equipment, R&D investments, and marketing initiatives.

The ratings continue to be supported by AMD's:

  -- meaningfully higher share of the MPU market;

  -- expectations for the ability to provide platform products
     to the marketplace and additional revenue growth   
     opportunities from the acquisition of ATI Technologies   
     (ATI); and

  -- strengthened and expanding relationships with original  
     equipment manufacturers (OEM), including Dell Inc. (rated  
     'A/F1' on Rating Watch Negative by Fitch).

The Recovery Ratings continue to reflect Fitch's belief that AMD
would be reorganized rather than liquidated in a bankruptcy
scenario, given Fitch's estimates that AMD's current
reorganization value of US$1.5 billion remains higher than its
projected liquidation value of US$1.2 billion. In estimating
reorganization, Fitch assumes a 5 times multiple and 50% stress
to AMD's EBITDA for the latest 12 months ended June 30, 2007, of
approximately US$614 million. Fitch arrives at an adjusted
reorganization value of US$1.3 billion after subtracting
administrative and cooperative claims. Based upon these
assumptions and pro forma for the reduction of senior secured
debt (the remaining amounts related to Fab 36 are not rated by
Fitch) minimal recovery (0-10%) would be available for the
senior unsecured debt, resulting in 'RR6' ratings.

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:  
AMD) designs and manufactures microprocessors and other
semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.


AXTEL SAB: Moody's Reviews Ba3 Corp. Rating for Likely Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed Axtel, S.A.B. de C.V.'s Ba3
corporate family rating under review for possible upgrade as a
result of better-than-expected operating and financial results
after the acquisition of Avantel as well as the issuer's
favorable business prospects.  These issues were affected by
Moody's action:

  -- US$162.5 million of 11% Senior Unsecured Global Notes due
     2013

  -- US$275 million of 7.625% Senior Unsecured Global Notes due
     2017

The rating review was prompted by better than-expected results
after the acquisition of Avantel.  In the last six months, Axtel
has been able to do execute a relatively smooth integration with
Avantel (churn rates have somewhat increased but are expected to
return to pre-acquisition levels by year-end 2007) and has
raised the target synergy savings from US$40 million to US$50
million for the next 24 months, which improves the short and
long term prospects of the company's credit profile.  In January
2007, when Moody's confirmed Axtel's Ba3 ratings after the
completion of the acquisition of Avantel, the Agency was
concerned that costs savings from synergies with Avantel would
be slow to realize and believed that Axtel would take even
longer to post comfortable levels of FCF.  These expectations
were based on the fact that Axtel had no previous merger
experience, aggravated by the magnitude of the acquisition,
which doubled Axtel's size.

During the ratings review period, Moody's will focus its
analysis on Axtel's ability to turn free cash flow positive in
the short to medium term as well on the sustainability of the
company's increased cash flows.  Specifically, Moody's will
evaluate Axtel's income quality and stability in the context a
more competitive operating environment.

Headquartered in Monterrey, Mexico, AXTEL is a Mexican
telecommunications company that provides local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.


BALLY TOTAL: Court Gives Interim Nod on Kurtzman as Notice Agent
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan signed an interim order authorizing Bally Total
Fitness Holding Corporation and its debtor-affiliates to employ
Kurtzman Carson Consultants LLC as their notice, claims, and
balloting agent.

As the notice and claims agent, Kurtzman Carson will, among
other things:

   -- distribute required notices to parties in interest;

   -- receive, examine, maintain and docket all proofs of claim
      and proofs of interest filed in the Chapter 11 cases and
      maintain the associated claims registers;

   -- if necessary, solicit, collect, and tabulate acceptances
      and rejections of Bally's plan of reorganization from
      parties entitled to vote; and

   -- provide other administrative services that the Court, the
      clerk's office, and the Debtors may require in connection
      with the Chapter 11 cases.

Kurtzman Carson will also assist the Debtors and the Clerk's
Office with, among other things, maintaining and updating the
master mailing lists of creditors, and to the extent necessary,
gathering data in conjunction with the preparation of the
Debtors' schedules of assets and liabilities and statements of
financial affairs.

The Debtors have selected Kurtzman Carson because of its
well-developed, efficient and cost-effective methods in its area
of expertise, Marc D. Bassewitz, senior vice president,
secretary and general counsel of Bally Total Fitness Holding
Corporation, says.  In addition, Kurtzman Carson is fully
equipped to handle the volume of mailing involved in properly
sending the required notices to creditors and other interested
parties in the Chapter 11 Cases.

Kurtzman Carson will be paid based on its hourly fees:

   Clerical                                   US$40 -  US$65  
   Project Specialist                         US$75 - US$115
   Consultant                                US$125 - US$195
   Sr.Consultant/Sr. Managing Consultant     US$205 - US$250
   Technology/Programming Consultant         US$115 - US$195

Prior to the Debtors' bankruptcy filing, Kurtzman Carson
received a retainer of US$100,000.

The Debtors will indemnify and hold harmless Kurtzman Carson,
its officers, employees and agents, except in circumstances of
Kurtzman's gross negligence or willful misconduct.  Any
controversy or claim arising out of or relating to the parties'  
engagement, or the breach of the engagement, will be settled by
arbitration in accordance with the rules of the American
Arbitration Association.

Christopher R. Schepper, Senior Managing Consultant of Kurtzman
Carson assures the Court that his firm is a "disinterested
person," as that phrase is defined in Section 101(14) of the
Bankruptcy Code as modified by Section 1107(b).

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,546 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc.  http://bankrupt.com/newsstand/or 215/945-7000).


BALLY TOTAL: Gets Prelim OK to Hire AP Svcs. as Crisis Managers
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan approved, on an interim basis, Bally Total Fitness
Holding Corporation and its debtor-affiliates' application to
employ AP Services, LLC, as crisis managers, effective as of the
Petition Date.

APS has a wealth of experience in providing crisis management
services to financially troubled organizations, Marc D.
Bassewitz, senior vice president, secretary and general
counsel of Bally Total Fitness Holding Corporation, tells Judge
Lifland.

In Bally's case, APS will provide temporary employees to assist
the Debtors in their restructuring efforts including Michael
Feder, Thomas Osmun and John Lausas.

Mr. Feder will serve as Bally's chief operating officer, under
the direct supervision of Bally's chief restructuring officer.   
Working collaboratively with the Debtors' senior management
team, Boards of Directors and the Debtors' other professionals,
Mr.  Feder and APS will assist Bally in evaluating and
implementing strategic and tactical options through the
restructuring process.

In addition to the Full-time Temporary Employees, APS will
occasionally use Part-time Temporary Employees for certain
activities related to the administration of the Debtors' Chapter
11 cases.  Services provided by Part-Time Temporary Employees
will be billed to the Debtors for hours worked at hourly rates
similar to those of Full-Time Temporary Employees.

APS hourly rates are:

           Managing Directors      US$600 - US$750
           Directors               US$440 - US$575
           Vice Presidents         US$325 - US$450
           Associates              US$260 - US$315

The Debtors will reimburse APS for all reasonable out-of-pocket
expenses incurred in connection with its retention.

Prior to July 31, 2007, the Debtors paid a US$100,000 retainer
to APS to secure performance under the parties' engagement
letter.  For services rendered under the terms contained in the
Engagement Letter, the Debtors have paid APS US$472,874
representing actual and estimated fees earned and expenses
incurred to date.  All invoices are paid and current up to
July 31, 2007, and neither AlixPartners  nor APS are owed any
amounts by the Debtors for services rendered  prior to
July 31, 2007.

                         Success Fee

In addition to hourly fees, the Debtors will pay APS for
furnishing temporary employees by the payment of a contingent
success fee.

The Success Fee is an integral part of APS' compensation for the
engagement and is intended to reflect the alignment of the
interests of APS and the Debtors, Mr. Bassewitz explains.                    
                         
The Success Fee is not payable if APS is terminated for cause or
if there is a conversion of the Chapter 11 cases to Chapter 7,
and that the Success Fee is subject to Court approval when
earned, he adds.

The Debtors will indemnify, hold harmless and defend APS
employees serving as officers of Bally.  The Debtors will also
use their best efforts to specifically include and cover, as a
benefit for their protection, Temporary Staff serving as
officers of Bally or affiliates from time to time with a minimum
of US$10,000,000 of direct coverage as named insureds under the
Company's policy for directors' and officers' insurance.

In addition, because APS is not being employed as a professional
under Section 327 of the Bankruptcy Code, the Debtors propose
that APS not be required to submit quarterly fee applications
pursuant to Sections 330 and 331 of the Bankruptcy Code.            
Quarterly reports of compensation earned will be submitted
instead.  The first quarterly report of compensation earned
would be submitted by APS no later than 45 days after the end of
the first calendar quarter after the Petition Date, which will
cover the period to and including the last day of the first
quarter after July 31, 2007.

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,546 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


GRUPO MEXICO: Strikes by Union Continue
---------------------------------------
Protests at three Grupo Mexico S.A., de C.V., units will
continue, Business News Americas reports, citing a spokesperson
of Mexico's national mining-metalworkers union STMMRM.

BNamericas relates that the Mexicon labor ministry, through its
federal arbitration and reconciliation council, declared the
strikes illegal.

However, district courts temporarily upheld an appeal by the
union, BNamericas says, citing the spokesperson.  

The spokesperson told BNamericas, "The workers said that whether
or not we were granted the appeal, they weren't going back to
their jobs.  We are working on the definitive appeal."

A Grupo Mexico communications officer commented to BNamericas,
"It is a fact that the strikes are ongoing at the mines and
workers have been unable to get back to their posts."

The union explained to BNamericas that the strikes at the
Cananea copper mine, San Martin zinc mine and Taxco silver-lead-
zinc mine are intended to force Grupo Mexico to negotiate
collective contracts and improve safety and working conditions.

"Cananea has stock for at least another two weeks, but after
that losses are going to start adding up," BNamericas says,
citing the Grupo Mexico officer.  The La Caridad copper mine
will pick up some of the slack from lost production at Cananea.

"Last year Cananea's operations were stopped for 45 days because
of a strike there, after the third week the effects of the
strike were felt and the company was losing some US$3 million
per day.  Even if we started operations right away, it would
take at least a week to get back to the production level prior
to the strikes," the officer told BNamericas.

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

                        *     *     *

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


INTERTAPE POLYMER: Amends Debt Facility for Covenant Flexibility
----------------------------------------------------------------
Intertape Polymer Group Inc. has executed definitive
documentation to amend its credit facilities, which will provide
IPG with the flexibility needed to meet certain of its financial
covenants under the credit facilities.

The amendments to the credit facilities permit the add back of
certain one-time charges incurred in connection with the
proposed acquisition of all the common shares of the company by
an indirectly wholly-owned subsidiary of Littlejohn Fund III
L.P., and the strategic alternatives process.

The company's credit facilities as amended will permit IPG to
exclude from the calculation of its consolidated earnings before
income taxes, depreciation and amortization up to US$6.5 million
in charges related to the proposed sale and strategic
alternatives process, well as the costs associated with the
amendment of the credit facilities, all of which are expected to
be taken in the fiscal quarters ending Dec. 31, 2006,
March 31, 2007, June 30, 2007, and Sept. 30, 2007.

In connection with IPG's request for the modification of its
credit facilities, the company has confirmed to its lenders that
it will apply the net proceeds from the issuance of common
shares pursuant to the company's rights offering to reduce the
company's indebtedness under the credit facilities and that the
rights offering process will be completed within sixty days.

Melbourne F. Yull, Executive Director, stated "IPG appreciates
the support of its Lenders and their continuing confidence in
the Company by approving these amendments."

                    About Intertape Polymer

Based in Montreal, Quebec and Sarasota/Bradenton, Fla.,
Intertape Polymer Group Inc. -- http://www.intertapepolymer.com/
-- (NYSE, ITP; TSX: ITP.TO) develops and manufactures
specialized polyolefin plastic and paper-based packaging
products and complementary packaging systems for industrial and
retail use.  The company employs approximately 2,100 employees
with operations in 17 locations, including 13 manufacturing
facilities in North America and one in Europe and in Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 8, 2007, 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.




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


AES CORPORATION: Net Income Up to US$247 Million in Second Qtr.
---------------------------------------------------------------
The AES Corporation earned US$247 million for the second quarter
of 2007 compared to US$175 million of net income for the same
quarter in 2006.

The company's revenues increased 17% to US$3.3 billion compared
to US$2.9 billion for the second quarter of 2006, while net cash
from operating activities increased 19% to US$526 million
compared to US$442 million last year.

Second quarter income from continuing operations was US$279
million versus US$193 million in second quarter 2006.  Adjusted
earnings per share (a non-GAAP financial measure) was US$0.41
versus US$0.28 in second quarter 2006.  This increase in
adjusted earnings reflects the positive impacts of:

   * a net positive per share impact of US$0.15 due to one-time
     benefits from a gain associated with the acquisition of
     lessor interests and tax recoveries at certain
     subsidiaries;

   * improvements in gross margin;

   * decreases in net interest expense.

Offsetting these positive impacts were:

   * a higher effective tax rate;

   * higher minority interest expense; and

   * emissions sales that were lower by US$24 million, or
     US$0.03 impact per share.

During the quarter, the company continued to expand its
alternative energy business around the globe.  The company
acquired two wind farm projects totaling 186 MW in the United
States and acquired a 49% stake in a joint venture to construct
and operate 225 MW of wind projects in China.  The company also
completed the construction of its 233 MW Buffalo Gap II wind
farm in Texas.  In its core power business, the company
commenced construction of its first project in Jordan, a 370 MW
gas-fired power plant located outside of Amman, and acquired a
51% stake in a 390 MW pipeline of hydroelectric projects in
Turkey.

"We had a strong quarter in terms of both our operational
results and building our growth pipeline," said Paul Hanrahan,
AES President and CEO.  "We continued to develop our alternative
energy business and, with more than 1,000 MW of wind facilities
in operations, we are on track to triple our wind generation
capacity by 2011.  We are also making good progress growing our
traditional business, with expansions into the high growth
markets of Turkey and the Middle East."

                       About AES Corp.

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.




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


CELESTICA INC: Appoints Craig Muhlhauser as President & CEO
-----------------------------------------------------------
Celestica Inc. has hired Craig Muhlhauser as President and Chief
Executive Officer effective immediately.

Mr. Muhlhauser has served as Celestica's President and Chief
Executive Officer since November 2006.  Prior to that, he was
the company's President and Executive Vice President of
Worldwide Sales and Business Development.  Throughout his
career, Mr. Muhlhauser has worked in a range of industries
spanning the consumer, industrial, communications, automotive
and aerospace and defense sectors.

Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/--  
provides innovative electronics manufacturing services.  Through
its global manufacturing and supply chain network, the company
delivers competitive advantage to companies in the computing,
communications, consumer, industrial, and aerospace and defense
end markets.  Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service downgraded Celestica Inc.'s corporate
family rating to B1 from Ba3 and the senior subordinated note
ratings to B3 from B2.  Simultaneously, Moody's lowered the
company's speculative grade liquidity rating to SGL-2 from
SGL-1.


CENTENNIAL COMM: Posts US$31.6-Million Loss in Fiscal Year 2007
---------------------------------------------------------------
Centennial Communications said in its yearly earnings report
that it lost US$31.6 million in fiscal year 2007 ended
May 31, 2007, compared to a profit of US$20.2 million in fiscal
year 2006.

Business News Americas relates that Centennial Communications'
yearly results included:

         -- a US$38.6-million loss from discontinued operations
            in the Dominican Republic, and

         -- a US$11-million universal service fee on its Puerto
            Rican unit's revenue.

According to BNamericas, Centennial Communications concluded in
March 2007 the sale of its Dominican Republic unit, Centennial
Dominicana, for US$80 million to US-based holding firm rilogy
International Partners.

BNamericas notes that Centennial Communications' revenues for
the fiscal year 2007 rose 5% to US$912 million, compared to
US$865 million in fiscal year 2006.

The report says that Centennial Puerto Rico's revenues decreased
by 1.9% to US$413 million in the fiscal year 2007, from US$421
million in the previous fiscal year.

BNamericas reports that Centennial Puerto Rico's mobile revenues
in fiscal year 2007 declined by 3.9% to US$302 million, compared
to US$314 million in the fiscal year 2006.  Meanwhile, the
firm's broadband revenues rose 5.1% to US$123 million from
US$117 million.  The unit's mobile clients increased to 406,500,
from 383,500.

Centennial Puerto Rico Chief Executive Officer Michael Small
said in a conference call that the Centennial Communications
expects to keep its customers and build up the client base with
its unlimited calling plan.

BNamericas says that the Puerto Rico unit had about 402,900
postpaid mobile clients and some 3,600 prepaid subscribers in
the fiscal year 2007, compared to 378,400 and 5,100,
respectively, in the fiscal year 2006.

Mr. Small told BNamericas that Centennial Puerto Rico is
overlaying a CDMA EV-DO rev A technology.  It has completed the
overlay in around a third of its mobile base stations.  The
technology will allow the firm to offer new value added services
and broadband to the postpaid market.

Centennial Puerto Rico's postpaid average revenue per user
dropped to US$65 in the fourth quarter 2007, compared to US$67
in the third quarter of this year, excluding the "USF,"
BNamericas notes.  The average revenue per use decline was
mainly due to a decrease in equipment and miscellaneous revenue,
but partially offset by a boost in data revenue.  "Data services
contributed US$5.88, a 77% increase from the same period last
year."

Centennial Communications would boost its "addressable market,
particularly that of small and medium-sized enterprises, through
the future deployment of WiMax services, made possible by the
acquisition of wireless ISP Islanet" in May 2007, BNamericas
says, citing Mr. Small.

Mr. Small commented to BNamericas, "We're now beginning to
attack Puerto Rico's US$3 billion telecoms market from all
sides: its large enterprises, small and medium-sized businesses,
and residential customers."

Capex for the fourth quarter of fiscal year 2007 was US$11.4
million for the mobile sector and US$7 million for broadband,
BNamericas states.

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

At Feb. 28, 2007, the company's balance sheet showed
US$1,393 million in total assets, US$2,482.8 million in total
liabilities, and US$3.9 million in minority interest in
subsidiaries, resulting in a US$1,093.7 million total
stockholders' deficit.

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services raised its
ratings on Wall, New Jersey-based Centennial Communications
Corp., including the corporate credit rating, which was raised
to 'B' from 'B-'.


DORAL FINANCIAL: Posts US$37.5 Mil. Net Loss in Second Quarter
--------------------------------------------------------------
Doral Financial Corporation incurred a net loss of US$37.5
million for the second quarter of 2007 compared to a net loss of
US$50.9 million for the same period in 2006.

"The second quarter results continue to reflect the impact of
substantial expenses incurred in resolving ongoing legacy
issues, transforming our business operations and recapitalizing
our Company.  They also reflect the deterioration in delinquency
trends and the weakened Puerto Rico economy," said Glen R.
Wakeman, CEO and President of Doral Financial.  "We are
confident that now, having resolved our liquidity issues and
realigned our business structure through the transfer of our
mortgage origination and servicing platform to Doral Bank, we
have taken important steps towards transforming Doral into an
efficient, profitable and well-managed community bank. With a
recapitalized Company, our management team is enthusiastic about
having the opportunity to devote our time and energy to continue
to implement our business plan and look for opportunities to
provide better services and products to our customers,
therefore, increasing shareholder value."

              Results Of Operations Overview

Doral Financial's financial performance for the second quarter
of 2007, compared to the second quarter of 2006, was principally
impacted by (1) increased non-interest income related
principally to a gain on mortgage loans sales and fees and to
gains on securities held for trading, particularly on the value
of IOs; and, (2) a decrease in income tax expense principally
related to the company's deferred tax assets.  These were
partially offset by increases in compensation and professional
services expenses.

During the second quarter of 2007, the company had other
comprehensive loss of approximately US$34.7 million related
principally to the negative impact of the increase in long-term
interest rates on the value of the company's portfolio of
available for sale securities.  As of June 30, 2007, the
Company's accumulated other comprehensive loss (net of income
tax benefit) reached US$131.8 million, compared to US$106.9
million as of Dec. 31, 2006.

Doral Financial's loan production for the second quarter of 2007
was US$308.1 million, compared to US$487.0 million for the
comparable period in 2006, a decrease of approximately 37%.  The
decrease in Doral Financial's loan production is due to a number
of factors, including changes in the underwriting standards,
economic conditions in Puerto Rico, and competition from other
financial institutions.  The Company anticipates that, for the
foreseeable future, loan production will continue below
historical levels as these new underwriting standards are
implemented and new product offerings are developed.

Total assets as of June 30, 2007, were US$10.7 billion, a
decrease of 9% compared to US$11.9 billion as of Dec. 31, 2006.  
The decrease in total assets during the first half of 2007 was
due primarily to a decrease in the Company's securities
portfolio of US$684.0 million, which resulted principally from
the settlement of the sale of US$231 million in available-for-
sale securities during the first quarter of 2007.  This
transaction was part of the Company's efforts to reduce the high
level of interest rate risk and volatility inherent in its
balance sheet.  A reduction in loan balances of US$105.1 million
due primarily to principal repayments during the first half of
2007, also contributed to the decline in total assets as well as
the decline of money markets and short term investments.  
Recapitalization of the Holding Company and Restructuring of
Mortgage Operations

On July 19, 2007, Doral Financial previously completed the
private sale of 968,253,968 newly issued shares of common stock
to Doral Holdings Delaware, LLC for an aggregate purchase price
of US$610 million.  In connection with the recapitalization
transaction, on July 19, 2007, Doral Financial also transferred
its mortgage servicing and mortgage origination operations to
Doral Bank PR, its principal banking subsidiary, and on
July 26, 2007, sold the branch network of Doral Bank NY.  The
transfer of the mortgage operation to Doral Bank PR will result
in a more traditional and effective operating structure in which
most of the Company's operational liquidity needs will be at the
subsidiary level.  In connection with these transactions, Doral
Bank PR obtained regulatory approval to pay a US$155 million
cash dividend to the holding company and Doral Bank NY received
regulatory approval to pay a US$50 million cash dividend to the
holding company, of which US$45 million was paid on
July 30, 2007.

The transactions described above resulted in the significant
recapitalization of the holding company and provided the holding
company with sufficient funds to repay in full its US$625
million floating rate senior notes that matured on
July 20, 2007, to settle its pending restatement-related
litigation and to pay related transaction expenses.

Following the completion of the recapitalization, on
Aug. 2, 2007, Doral Financial's newly constituted Board of
Directors analyzed the Company's intent of holding available-
for-sale securities until maturity or recovery of losses and
based on then current market conditions approved the sale of
approximately US$1.9 billion in available-for-sale investment
securities.  The sale and the cancellation of related borrowings
used to finance these securities were completed on Aug. 8, 2007,
at a pre-tax loss of approximately US$130 million.

                    About Doral Financial

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

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive Outlook:

Doral Financial Corporation

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

Doral Bank

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

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service confirmed the B2 senior
debt rating of Doral Financial Corporation.  The rating had been
on review for possible downgrade since Jan. 5, 2007.  Following
the rating confirmation, the rating outlook was changed to
stable.


MAIDENFORM BRANDS: Four Executives to Adopt Stock Trading Plans
---------------------------------------------------------------
Maidenform Brands Inc. disclosed that its four executive
officers have each informed the company that they intend to
establish separate stock trading plans in accordance with Rule
10b5-1 of the Securities Exchange Act of 1934.

The four executives (and shares subject to the plans) are:

   -- Thomas Ward, Chief Executive Officer and Vice Chairman
      (100,000 shares);

   -- Maurice Reznik, President (42,860 shares);

   -- Dorvin Lively, Executive Vice President and Chief
      Financial Officer (42,860 shares); and

   -- Steven Masket, Executive Vice President, General Counsel
      and Secretary (20,000 shares).

The Maidenform executives have informed the Company that they
are adopting the plans to diversify their personal financial
portfolios, address charitable donation obligations and exercise
options scheduled to expire on Dec. 31, 2007.

In accordance with Rule 10b5-1, officers and directors of public
companies may adopt plans for purchasing or selling securities
in which the amount, price and date of the transactions are
specified.  These plans may only be entered into when the
officer or director is not in possession of material, nonpublic
information.

Headquartered in Bayonne, New Jersey, Maidenform Brands, Inc. --
http://www.maidenform.com/-- and its subsidiaries design,   
source, and market a range of intimate apparel products in the
United States and Canada.  Its products include bras, panties,
and shapewear. The company offers its products under the
Maidenform, Flexees, Lilyette, Sweet Nothings, Rendezvous,
Subtract, Bodymates, and Self Expressions brand names.
Maidenform Brands sells its products through department stores;
national chain stores; mass merchants, including warehouse
clubs; and specialty retailers, licensing income, and off-price
retailers, as well as through company-operated outlet stores and
Web sites.  As of Dec. 31, 2006, it operated 76 outlet stores.
Maidenform products are currently distributed in 48 foreign
countries and territories, including the Philippines and Puerto
Rico.

                        *     *     *

As reported in the Troubled Company Reporter on July 10, 2007,
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to Maidenform Brands Inc.'s US$150 million
senior secured bank financing, which consists of a seven-year,
US$100 million term loan facility, and a five-year, US$50
million revolving credit facility.  The facility is rated 'BB+'
(two notches above the corporate credit rating on the company)
with a recovery rating of '1', indicating expectations of very
high (90%-100%) recovery in the event of a payment default.  The
proceeds were used to refinance the company's existing
indebtedness.


NUTRITIONAL SOURCING: Wants Pepper Hamilton as Delaware Counsel
---------------------------------------------------------------
Nutritional Sourcing Corporation and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware for
permission to employ Pepper Hamilton LLP as their Delaware
counsel.

Pepper Hamilton will:

    a. assist Kay Scholer LLC in representing the Debtors;

    b. advise the Debtors with respect to their rights, powers
       and duties as debtors and debtors-in-possession in the
       continued management and operation of their business and
       properties;

    c. attend meetings and negotiate with representatives of
       creditors and other parties-in-interest;

    d. advise and consult the Debtors regarding the conduct of
       the cases, including all of the legal and administrative
       requirements of operating in chapter 11;

    e. advise the Debtors on matters relating to the evaluation
       of the assumption, rejection or assignment of unexpired
       leases and executory contracts;

    f. advise the Debtors with respect to legal issues arising
       in or relating to the Debtors' ordinary course of
       business, including attendance at senior management
       meetings, meetings with the Debtors' financial advisors,
       meetings of the board of directors and committees, and
       advice on employee, workers' compensation, employee
       benefits, executive compensation, tax, banking,
       insurance, securities, corporate, business operation,
       contracts, joints ventures, real property, press or
       public affairs, litigation and regulatory matters, and
       advise the Debtors with respect to continuing disclosure  
       and reporting obligations if any, under securities laws;

    g. take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions on
       their behalf, the defense of any actions commenced
       against those estates, negotiations concerning all
       litigation in which the debtors may be involved and
       objections to claims filed against the estates;

    h. advise the Debtors with respect to the sale of their
       assets;

    i. negotiate and prepare the Debtors' plan of
       reorganization, disclosure statement and all related
       agreements or documents and take any necessary action on
       behalf of the Debtors to obtain confirmation of the plan;

    j. prepare on the Debtors' behalf all petitions, motions,
       applications, answers, orders, reports, and papers
       necessary to the administration of their estates;

    k. attend meetings with third parties and participate in
       negotiations with respect to these matters;

    l. appear before the Court, any appellate courts, and the
       Office of the U.S. Trustee, and protect the interests of
       the Debtors' estates before these courts and the Office
       of the U.S. Trustee; and

    m. perform all other necessary legal services and provide
       all other necessary legal advice to the Debtors in  
       connection with their chapter 11 cases to bring the cases  
       to a conclusion.

The Debtors disclose that professionals of the firm bill:

      Designation                   Hourly Rate
      -----------                   -----------
      Partners                    US$450 - US$690
      Associates                  US$250 - US$320
      Legal Assistants                US$175

To the best of the Debtors' knowledge, the firm does not
represent any interest adverse to them or their estates.

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba
Pueblo Xtra International, Inc. -- http://www.puebloxtra.com/--  
owns and operates supermarkets and video rental shops in Puerto
Rico and the US Virgin Islands.  The company and two affiliates,
Pueblo International, L.L.C., and F.L.B.N., L.L.C., filed for
chapter 11 protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos.
07-11038 through 07-11040).  Kay Scholer LLC represents the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed estimated
assets and debts between US$1 million and US$100 million.




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


* URUGUAY: Forming Joint Venture with Venezuela
-----------------------------------------------
Uruguayan state-owned oil company Ancap will create a joint
venture with Venezuelan counterpart Petroleos de Venezuela SA to
conduct exploration and production work in the Orinoco heavy
crude oil belt, Petroleos de Venezuela said in a statement.

As reported in the Troubled Company Reporter-Latin America on
Aug. 10, 2007, Venezuelan President Hugo Chavez signed a treaty
on energy security with his Uruguayan counterpart Tabare
Vasquez.  

Business News Americas relates that under the terms of the
agreement, Ancap will explore the Ayacucho 6 block in the
Orinoco belt jointly with Petroleos de Venezuela, which will
increase production at the La Teja plant in Uruguay to 60,000
barrels per day from 50,000 barrels per day to let it process
Venezuelan crude.

Published reports say that President Chavez promised to build a
liquefied natural gas plant in Montevideo, Uruguay.  The plant
would be similar to the US$450-milllion plant that Petroleos de
Venezuela will construct in Argentina with Enarsa.

                 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 in the Troubled Company Reporter-Latin America on
July 31, 2007, Fitch Ratings upgraded Uruguay's foreign currency
sovereign Issuer Default Rating to 'BB-' from 'B+', the local
currency IDR to 'BB' from 'BB-', and its country ceiling to
'BB+' from 'BB'.  The Rating Outlook was Stable.  The short-term
IDR was affirmed at 'B'.




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


DIRECTV GROUP: CEO Chase Carey Signs Three-Year Employment Deal
---------------------------------------------------------------
The DIRECTV Group Inc. reported that Chase Carey, the company's
president and CEO, has agreed to a new three-year employment
contract.  The agreement is effective today and continues
through Dec. 31, 2010.

"The past three years have been an amazing time of change and
growth for both me and the company," said Mr. Carey.  "I
consider myself fortunate to work with such a strong group of
employees, who are among the sharpest and most tenacious in the
business, as well as our board of directors, who have provided
great support and guidance.  I'm proud of our accomplishments
and also realize there's still much hard work to be done.  I
look forward to the excitement, challenge and fulfillment that
will come over the next few years."

"I've had the pleasure of working with Chase for almost 20 years
and admire and respect him, both as a business leader and
personally," said Rupert Murdoch, chairman and CEO of News
Corporation.  "He has demonstrated superb leadership and sharp
business acumen in a wide variety of businesses throughout his
career and has contributed significantly to both DIRECTV and
News Corporation."

"We are pleased that DIRECTV will continue to benefit from
Chase's strong leadership," said John Malone, chairman, Liberty
Media Corporation.  "Since joining DIRECTV in 2003, Chase has
overseen the growth of the company in an increasingly
challenging environment and enabled it to build on its
leadership position in the business.  I look forward to working
with Chase as we take DIRECTV to new heights for both its
customers and shareholders."

Mr. Carey joined DIRECTV (formerly Hughes Electronics
Corporation) as its president and CEO in December 2003 from News
Corporation.  Under Mr. Carey's leadership, DIRECTV successfully
restructured its business to focus on its digital television
services in the United States and Latin America.  Consolidated
revenues from these operations have grown from approximately
$8.2 billion in 2003 to approximately $14.7 billion in 2006,
owned and operated subscribers have increased during that period
by more than 5 million in the US and 1.5 million in Latin
America, the company has gone from a net loss of about $1.95
billion in 2004, to net income of more than $1.4 billion in
2006, and its market capitalization has increased by more than
50% to about $26 billion.

                        About DirecTV

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital   
television entertainment in the United States and Latin America.
It has two segments, DIRECTV U.S. and DIRECTV Latin America.
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.


DIRECTV: LatAm Unit Reports US$409MM Revenues in Second Quarter
---------------------------------------------------------------
DirecTV Group's Latin American unit DirecTV Latin America said
in a statement that its revenues in the second quarter 2007
totaled US$409 million, compared to US$202 million in last
year's second quarter.

Business News Americas relates that DirecTV Latin America
"attributed the performance to the consolidation of Sky Brasil's
operations, including significantly higher average revenue per
user.  DirectTV Latin America merged with Sky Brasil in the
third quarter 2006."

According to BNamericas, DirecTV Latin American's clients
totaled 2.94 million in the second quarter 2007, compared to
1.73 million in the second quarter 2006.

DirecTV Latin America told BNamericas that it added 141,000
clients in this year's second quarter, mainly due to subscriber
growth in Brazil, Venezuela and Colombia.

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital   
television entertainment in the United States and Latin America.
It has two segments, DIRECTV U.S. and DIRECTV Latin America.
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.


PEABODY ENERGY: Hires Morry Davis as Director-Gov't Relations
-------------------------------------------------------------
Peabody Energy Corp. has named Morry C. Davis Director of
Government Relations.  He is responsible for serving as a
liaison with Midwestern state legislators and constituent groups
and leading educational community and minority outreach
programs.

Mr. Davis is also actively involved in bipartisan advocacy in
local, state and federal legislatures for Btu Conversion and
coal-fueled generation development initiatives.  He reports
jointly to Vice President of Federal Government Relations W.
Christopher Leahy and Vice President of State Government
Relations Kelly F. Mader.

Most recently, Davis served as Manager of Government Relations.  
He joined Peabody in 2001 as a Management Associate, where he
focused on market research and generation development.

Mr. Davis holds a Bachelor of Science in Management from Purdue
University with concentrations in Finance and Information
Management and an MBA from Washington University in St. Louis.

He is a founding member of the Southeastern Missouri -- Southern
Illinois Chapter of the American Association of Blacks in Energy
and is a member of the National Black MBA Association and the
American Coal Council.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Employs 1,112 Former Rigs Operators
-----------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said
in a statement that it has hired about 1,112 former operators of
subcontracted drilling rigs.

Business News Americas relates that Petroleos de Venezuela
nationalized drilling rigs this year.  It admitted that it was
experiencing difficulties in absorbing the former workers of the
private rig operators.

According to BNamericas, over 930 employees had been hired at 26
nationalized rigs in western Venezuela.  However, Petroleos de
Venezuela determined that 1,356 workers were needed to operate
the rigs.

Petroleos de Venezuela said in a statement that an additional
244 workers are yet to be employed.  The firm will absorb the
Corpoven-34 rig workers once their contract is fulfilled.

Petroleos de Venezuela told BNamericas that majority of the
unions supported the nationalization of the rigs.

According to Petroleos de Venezuela's statement, almost 70% of
the firm's total budgeted investment will be directed.  The
nationalization will result in great savings for the firm.

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: Forming Joint Venture with Ancap
--------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it will create a joint venture with Uruguayan
counterpart Ancap to conduct exploration and production work in
the Orinoco heavy crude oil belt.

As reported in the Troubled Company Reporter-Latin America on
Aug. 10, 2007, Venezuelan President Hugo Chavez signed a treaty
on energy security with his Uruguayan counterpart Tabare
Vasquez.  

Business News Americas relates that under the terms of the
agreement, Ancap will explore the Ayacucho 6 block in the
Orinoco belt jointly with Petroleos de Venezuela, which will
increase production at the La Teja plant in Uruguay to 60,000
barrels per day from 50,000 barrels per day to let it process
Venezuelan crude.

Published reports say that President Chavez promised to build a
liquefied natural gas plant in Montevideo, Uruguay.  The plant
would be similar to the US$450-milllion plant that Petroleos de
Venezuela will construct in Argentina with Enarsa.

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.


REVLON INC: June 30 Balance Sheet Upside-Down by US$1.1 Billion
---------------------------------------------------------------
Revlon Inc. listed total assets of US$893.3 million, total
liabilities of US$2 billion, and total stockholders' deficit of
US$1.1 billion as of June 30, 2007.

The company's June 30 balance sheet also showed strained
liquidity with total current assets of US$465.9 million
available to pay total current liabilities of US$531.5 million.

                    Second Quarter Results

Net loss was US$11.3 million for the second quarter ended
June 30, 2007, compared to a net loss of US$87.1 million for the
second quarter of 2006.

Net sales in the second quarter of 2007 advanced 8.8% to
US$349.2 million, compared to net sales of US$321.1 million in
the second quarter of 2006.  Excluding the impact of foreign
currency fluctuations, net sales in the second quarter increased
7.5% versus year-ago. Second quarter 2006 net sales were reduced
by about US$14 million from Vital Radiance.

In the United States, net sales in the second quarter of 2007
increased 13.4% to US$204.2 million, compared with net sales of
US$180 million in the second quarter of 2006.  Second quarter
2006 net sales were reduced by about US$14 million from Vital
Radiance.

In the company's international operations, net sales in the
second quarter of 2007 increased 2.7% to US$145 million,
compared to net sales of US$141.1 million in the second quarter
of 2006.

Operating income was US$16.9 million in the second quarter of
2007, versus an operating loss of US$45.9 million in the second
quarter of 2006.

Results for the second quarter 2007 included restructuring
expenses of US$2.1 million, while the second quarter 2006
included restructuring expenses of US$500,000.

                     Six Months Results

The company incurred net loss of US$46.5 million for the first
six months of 2007, as compared with net loss of US$145.3
million for the first six months of 2006.

Net sales in the first six months of 2007 advanced 4.8% to
US$677.8 million, compared to net sales of US$646.6 million in
the first six months of 2006.  Excluding the impact of foreign
currency fluctuations, net sales in the first six months
increased 4.0% versus year-ago.

Cash flow used for operating activities in the first six months
of 2007 was US$33 million, compared with cash flow used for
operating activities of US$95.5 million in the first six months
of 2006.  This improvement was primarily due to a lower net
loss, decreased permanent display spending and was partially
offset by a smaller improvement in working capital in 2007
compared to last year.

Results for the first six months of 2007 included restructuring
expenses of US$6.4 million, while the first six months of 2006
included restructuring expenses of US$9.5 million.

A full-text copy of the company's second quarter report is
available for free at http://researcharchives.com/t/s?2243

                    Management's Comments

Commenting on the company's financial disclosure, Revlon
president and chief executive officer, David Kennedy, said "Our
performance in the second quarter was driven by a combination of
sales growth, benefits from the restructuring actions we took
last year and ongoing control of our costs.  We remain on-track
with our expectation to generate approximately US$210 million in
Adjusted EBITDA in 2007."

Mr. Kennedy continued, "As we look forward to 2008, we believe
that we have a strong offering of new product introductions for
our Revlon and Almay color cosmetics brands.  These
introductions include significant, innovative and unique new
product lines in the face category as well as collections across
all categories.  In addition, 2008 new products include
important upgrades to certain products launched in prior years.  
We intend to support these new products with advertising and
promotions, at competitive levels, using our exciting lineup of
spokesmodels."

In conclusion, Mr. Kennedy said, "We continue to execute our
business strategy.

   (1) Building and leveraging our strong brands - we recently
       launched several exciting new products in our core brands
       and are supporting these launches at competitive levels.  
       As noted, we believe we have a strong pipeline of new
       product launches for next year;

   (2) Improving the execution of our strategies and plans, and
       providing for continued improvement in our organizational
       capability - we have a strong team in place at Revlon and
       are focusing on developing our employees through new and
       expanded roles and enhancing our capabilities;

   (3) Continuing to strengthen our international business - we
       continue to strengthen our international business further
       by leveraging our U.S.-based Revlon brand marketing, as
       well as our strong regional brands;

   (4) Enhancing operating profit margins and cash flow - we are
       focusing on sales growth and expect continuing,
       sustainable benefits from our restructuring actions and
       ongoing cost controls; and

   (5) Improving our capital structure - we plan to refinance
       the remaining balance of our 8-5/8% senior subordinated
       notes prior to maturity."

                      About Revlon Inc.

Revlon Inc. (NYSE: REV) -- http://www.revloninc.com/-- Revlon  
is a worldwide cosmetics, skin care, fragrance, and personal
care products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands, which are sold
worldwide, include Revlon(R), Almay(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company's Latin American
operations are located in Argentina, Brazil, Chile, Mexico and
Venezuela.

Revlon Inc.'s balance sheet at March 31, 2007, showed
US$907.9 million in total assets and US$2.04 billion in total
liabilities, resulting in a US$1.13 billion total stockholders'
deficit.


* BOND PRICING: For the Week August 6 to August 10, 2007
--------------------------------------------------------

Issuer                 Coupon   Maturity   Currency   Price
------                 ------   --------   --------   -----

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      70.90
Arg Boden               2.000    9/30/08     ARS      41.50
Argent-Par              0.630   12/31/38     ARS      45.59

BRAZIL
------
CESP                    9.750    1/15/15     BRL      55.08

CAYMAN ISLANDS
--------------
Vontobel Cayman        10.300   10/25/07     CHF      68.35
Vontobel Cayman        13.150   10/25/07     EUR      66.85
Vontobel Cayman        10.400   12/28/07     CHF      72.90
Vontobel Cayman        10.700   12/28/07     CFH      56.00
Vontobel Cayman        11.400   12/28/07     CFH      52.60
Vontobel Cayman        11.400   12/28/07     CFH      74.70
Vontobel Cayman        11.650   12/28/07     CHF      73.90
Vontobel Cayman        11.850   12/28/07     CHF      59.35
Vontobel Cayman        13.050   12/28/07     CHF      72.50
Vontobel Cayman        13.450   12/28/07     CHF      74.70
Vontobel Cayman        14.900   12/28/07     CHF      51.00
Vontobel Cayman        16.000   12/28/07     EUR      57.35
Vontobel Cayman        16.800   12/28/07     CHF      50.00
Vontobel Cayman        22.850   12/28/07     CHF      34.95
Vontobel Cayman        18.550   12/28/07     CHF      74.50
Vontobel Cayman        22.850   12/28/07     CHF      35.45
Vontobel Cayman         9.200     2/4/08     CHF      73.30
Vontobel Cayman        13.500    2/22/08     CHF      60.40

VENEZUELA
---------
Petroleos de Ven        5.375    4/12/27     US       64.85
Petroleos de Ven        5.500    4/12/37     US       62.25


                          ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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subscription or balance thereof are US$25 each.  For
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