TCRLA_Public/070817.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, August 17, 2007, Vol. 8, Issue 163

                          Headlines

A R G E N T I N A

AEROFLEX INC: Veritas Capital et. Al Acqusition Completed
ALITALIA SPA: Air France-KLM Opens Door for Possible Talks
BERRIES DE LA PENINSULA: Seeks for Reorganization OK in Court
CONSULTORA KR: Trustee to File Individual Reports on Monday
DADI ROLL: Proofs of Claim Verification Ends Today

EMPRENDIMIENTOS VETERINARIOS: Reorganization Completed
INTER REDES: Proofs of Claim Verification Deadline Is Monday
LIMAYO SA: Proofs of Claim Verification Ends on Monday
PLAMEC SAIC: Trustee Filing Individual Reports on Monday
PUNTO ALEM: Creditors Voting on Settlement Plan on Monday

TENNECO INC: Fitch Affirms BB- Issuer Default Rating
VIPAK SRL: Creditors Voting on Settlement Plan on Monday


B A R B A D O S

ANDREW CORPORATION: Bags US$9 Million Geolocation Contract


B E R M U D A

J.P. MORGAN: Schedules Final General Meeting on Sept. 4
MAN MAC HAWKING: Final General Meeting Is on Sept. 28
MAN MAC VORAB: Creditors Must File Proofs of Claim by Aug. 22
MAN MAC JACKOBSHORN: Sets Final General Meeting for Sept. 28
STEINHARDT REALTY: Will Hold Final General Meeting on Sept. 5


B R A Z I L

BANCO CRUZEIRO: Earns BRL48.2 Million in First Six Months
BANCO NACIONAL: Inks Deal for Modenization of Tax Administration
BANCO NACIONAL: Allocates BRL600 Mil. for Bus Fleet Expansion
FORD MOTOR: Signs Purchase Deal with Linamar
GENERAL MOTORS: Closes US$5.6 Billion Allison Transmission Sale

GENERAL MOTORS: Paying US$0.25 Per Share Dividend on Sept. 10
GENERAL MOTORS: Joins A123Systems in Making Cells for Chevy Volt
SANYO ELECTRIC: In Talks with Sharp & Kyocera on Sale of Unit
TAM SA: Bars Planes from Landing at Congonhas After Crash
TIMKEN CO: Bags US$6.5-Million Contract with Titagarh Wagons

* BRAZIL: Gets US$2.1-Mil. Loan for Innovation Investment Fund
* BRAZIL: Steps Up Purchase of U.S. Treasury Notes


C A Y M A N   I S L A N D S

BAILEY COATES: Will Hold Final Shareholders Meeting on Sept. 7
CABLE & WIRELESS: Inks Network Services Accord with Virgin Group
CHINA INVESTMENT: Sets Final Shareholders Meeting for Sept. 7
CONTEL PAGE: Will Hold Final Shareholders Meeting on Sept. 7
CREDIT CARDS: Proofs of Claim Filing Deadline Is Sept. 6

CYGNUS ASSET: Sets Final Shareholders Meeting for Sept. 6
FCT PACIFIC: Will Hold Final Shareholders Meeting on Sept. 6
FRONTIER IV: Sets Final Shareholders Meeting for Sept. 7
G-MAX 2002: Proofs of Claim Must be Filed by Sept. 6
GRIFFIN (CAYMAN): Proofs of Claim Filing Deadline Is Sept. 6

GSO CALMET: Will Hold Final Shareholders Meeting on Sept. 7
IVY MA: Will Hold Final Shareholders Meeting on Sept. 7
IVY MA HOLDINGS: Sets Final Shareholders Meeting for Sept. 7
M & M ARBITRAGE: Sets Final Shareholders Meeting for Sept. 6
MERRILL LYNCH: Will Hold Final Shareholders Meeting on Sept. 6

MERRILL LYNCH (USD): Final Shareholders Meeting Is on Sept. 6
MERRILL LYNCH (EURO): Sets Last Shareholders Meeting for Sept. 6
NEST FUNDING: Proofs of Claim Filing Ends on Sept. 7
NISHI-NIPPON: Proofs of Claim Filing Is Until Sept. 6
NISHI-NIPPON: Will Hold Final Shareholders Meeting on Sept. 6

PARMALAT SPA: Says U.S. Cases Independent from Dismissed Suits
PURE IP: Sets Final Shareholders Meeting for Sept. 7


C H I L E

ARAMARK CORP: S&P Revises B+ Corporate Credit Outlook to Stable
SHAW GROUP: Energy & Chemicals Group Bags Contract in China
THERMADYNE HOLDINGS: Strong Performance Cues S&P to Lift Rating


C O L O M B I A

DRUMMOND INC: S&P Affirms BB- Corporate Credit Rating
ECOPETROL: Gov't Expects to Raise US$2.82 Bil. from Stake Sale


C O S T A   R I C A

SPECTRUM BRANDS: Posts US$7.4 Mil. Net Loss in Qtr. Ended July 1

* COSTA RICA: Mayors Support Nation's Free Trade Pact with U.S.


D O M I N I C A N   R E P U B L I C

AES CORP: Rockash Clean-Up To End in Two Weeks
FLOWSERVE CORP: Moody's Affirms Ba3 Corporate Family Rating
JETBLUE AIRWAYS: Launches US-Dominican Republic Holiday Shuttle

* DOMINICAN REPUBLIC: Venezuela Offers To Build NatGas Plant


E C U A D O R

GEOKINETICS: Repurchase Cues Moody's to Withdraw All Ratings


E L  S A L V A D O R

TARGUS GROUP: S&P Lowers Corp. Credit Rating to B-


J A M A I C A

DYOLL INSURANCE: Creditors Getting 2nd Payment Starting Sept. 3
GOODYEAR TIRE: Jamaican Unit Loses US$5 Mil. in First Six Months
NATIONAL WATER: Says Rains Washed Out Some Pipelines


M E X I C O

ALESTRA: Fitch Affirms Issuer Default Ratings at B-
ALLIS-CHALMERS: Inks New Employment Pacts with CEO & CFO
AMERICAN AXLE: Robert Baird Maintains Underperform Rating
BALLY TOTAL: Wants Pacts with Harbinger, et al. Approved
BALLY TOTAL: Inks Pact Amending Morgan Stanley DIP Loan

BENQ CORP: Mobile Unit Seeks EUR26 Million from Parent Firm
BRISTOW GROUP: Paying US$0.68750 Per Share Dividend on Sept. 1
DUERR AG: Earns EUR45,000 for First Half 2007
DURA AUTOMOTIVE: Court OKs Sale of Atwood Mobile for US160.2 Mln
DURA AUTOMOTIVE: Gets Court Nod on Backstop Rights Purchase Deal

NUANCE COMMS: Prices US$220-Mil. Offer of Sr. Conv. Debentures
ONEIDA LTD: Moody's Withdraws All Ratings
RYERSON INC: Advises Stockholders to Reject Harbinger's Nominees
SR TELECOM: June 30 Balance Sheet Upside-Down by CDN$14 Million
TV AZTECA: Reaches Programming Deal with Power

WARNACO INC: Moody's Affirms Ba3 Corporate Family Rating


P U E R T O   R I C O

ADVANCED CARDIOLOGY: Hires Aviles Cruz as Special Counsel
HORIZON LINES: Closes Tender Offer for Senior Notes
HORIZON LINES: Morgan Keegan Reaffirms Outperform Rating on Firm


T R I N I D A D  A N D  T O B A G O

DFL CARIBBEAN: Fitch Affirms Ratings with Stable Outlook


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Ramirez Denies Borco Sale Talks
PETROLEOS DE VENEZUELA: Extends Bond Offering to Aug. 24
PETROLEOS DE VENEZUELA: Acquires 49% Stake in Petrojam
SHAW GROUP: Finalizes US$1.1 Bil. Mirant Power Plants Contract

* VENEZUELA: Belarus Asks for Help on US$456-Mil. Debt to Russia


                          - - - - -


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


AEROFLEX INC: Veritas Capital et. Al Acqusition Completed  
---------------------------------------------------------
The acquisition of Aeroflex Incorporated by affiliates of or
funds managed by The Veritas Capital Fund III, L.P., Golden Gate
Private Equity, Inc. and Goldman, Sachs & Co. has been
completed.  The merger was approved by Aeroflex's shareholders
at a meeting on July 26.  Aeroflex shareholders will receive
US$14.50 in exchange for the shares of Aeroflex common stock and
will receive written instructions from the paying agent with
respect to the proper method of exchanging stock certificates
for the merger consideration.  Pending receipt of such
instructions, shareholders should not forward stock certificates
to the Company.

Headquartered in Plainview, New York, Aeroflex Inc. is a
specialty provider of microelectronics and test and measurement
products to the aerospace, defense, wireless, broadband and
medical markets.  For the twelve months ended March 31, 2007,
revenues were US$577 million.  Aeroflex has offices in China,
France, Germany, and Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services removed its
'B' corporate credit rating on Plainview, New York-based
Aeroflex Inc. from CreditWatch, where it was placed with
negative implications on May 30, 2007.  The 'B' corporate credit
rating is affirmed; the outlook is negative.  The rating action
follows a review of a revised buyout offer for the company from
a private equity consortium led by Veritas Capital.

"At the same time, we assigned our 'B+' bank loan rating and '2'
recovery rating to Aeroflex's proposed US$560 million first-lien
credit facilities, consisting of a $60 million revolving credit
and a US$500 million term loan," said Standard & Poor's credit
analyst Lucy Patricola.  The '2' recovery rating indicates that
lenders can expect substantial (70%-90%) recovery of principal
in the event of payment default.  The 'B+' rating is one notch
higher than the 'B' corporate credit rating on Aeroflex.  All
ratings are based on preliminary offering statements and are
subject to review upon final documentation.


ALITALIA SPA: Air France-KLM Opens Door for Possible Talks
----------------------------------------------------------
Air France-KLM welcomed talks over a possible acquisition of the
Italian government's stake in Alitalia S.p.A., Thomson Financial
reports.

"We remain attentive and if we are contacted we will listen,"
Pierre-Henri Gourgeon, Air France-KLM Managing Director, was
quoted by Thomson Financial as saying.

As reported in the TCR-Europe on Aug. 9, 2007, Alitalia chairman
Maurizio Prato commenced the search for potential bidders for
the Italian government's stake in the troubled carrier, and may
meet representatives for Air France-KLM, Lufthansa, and
Aeroflot.

The chairman has also started informal talks with TPG Inc.,
MatlinPatterson Global Advisers LLC and AirOne S.p.A. -- all
bidders from the failed auction to privatize Italy's 39.9%
stake.

Italy terminated the sale process in July 2007 after AP Holding
S.p.A., a consortium of AirOne S.p.A. and Intesa-San Paolo
S.p.A., withdrew its bid to acquire the stake.  AP Holding said
that after reviewing the terms and conditions of the sale, it
will not submit a binding offer for the stake.

The consortium was the last to drop out from the bidding melee
after the team of OAO Aeroflot and Unicredit Italiano S.p.A.
left the bidding process.  A consortium of TPG Capital,
MatlinPatterson Global Advisers LLC and Mediobanca S.p.A. had
also pulled out from the race before MatlinPatterson re-entered
with its own bid.

The bidders had been apprehensive of the bidding conditions set
by the Italian government and had cited these requirements as
reasons for their withdrawal.

                       About Alitalia

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

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


BERRIES DE LA PENINSULA: Seeks for Reorganization OK in Court
-------------------------------------------------------------
Berries de la Peninsula SA has requested for reorganization
approval after failing to pay its liabilities beginning
July 31, 2007.

The reorganization petition, once approved by the court, will
allow Berries de la Peninsula 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. 22 in Buenos Aires.  Clerk No. 43 assists the court
on this case.

The debtor can be reached at:

          Berries de la Peninsula SA
          Tte. Gral. B. Matienzo 1704
          Buenos Aires, Argentina


CONSULTORA KR: Trustee to File Individual Reports on Monday
-----------------------------------------------------------
Cecilia Beatriz Montelvetti, the court-appointed trustee for
Consultora KR y Asociados S.A.'s bankruptcy proceeding, will
present the validated claims as individual reports in the
National Commercial Court of First Instance in Buenos Aires on
Aug. 20, 2007.

Ms. Montelvetti verified creditors' proofs of claim until
June 25, 2007.

A general report that contains an audit of Consultora KR's
accounting and banking records will be submitted in court on
Oct. 1, 2007.

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

The trustee can be reached at:

          Cecilia Beatriz Montelvetti
          Gral. Urquiza 2134
          Buenos Aires, Argentina


DADI ROLL: Proofs of Claim Verification Ends Today
--------------------------------------------------
Daniel Ernesto Altman, the court-appointed trustee for Dadi Roll
SA's bankruptcy proceeding, verifies creditors' proofs of claim
Aug. 17, 2007.

Mr. Altman will present the validated claims in court as
individual reports.  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 Dadi Roll
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 Dadi Roll's
accounting and banking records will be submitted in court.

Infobae did not state the reports submission date.

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

The debtor can be reached at:

          Dadi Roll SA
          Hubac 6080/2
          Buenos Aires, Argentina

The trustee can be reached at:

          Daniel Ernesto Altman
          Parana 774
          Buenos Aires, Argentina


EMPRENDIMIENTOS VETERINARIOS: Reorganization Completed
------------------------------------------------------
Emprendimientos Veterinarios 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.

The debtor can be reached at:

         Emprendimientos Veterinarios S.A.  
         Larrazabal 252
         Buenos Aires


INTER REDES: Proofs of Claim Verification Deadline Is Monday
------------------------------------------------------------
Alicia Beatriz Benzer, the court-appointed trustee for Inter
Redes SA's reorganization proceeding, verifies creditors' proofs
of claim until Aug. 20, 2007.

The National Commercial Court of First Instance No. 6 in Buenos
Aires, with the assistance of Clerk No. 11, approved a petition
for reorganization filed by Inter Redes, according to a report
from Argentine daily La Nacion.

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

La Nacion did not state the reports submission dates.

The debtor can be reached at:

         Inter Redes SA
         Chacabuco 1386
         Buenos Aires, Argentina

The trustee can be reached at:

         Alicia Beatriz Benzer
         Suipacha 576
         Buenos Aires, Argentina


LIMAYO SA: Proofs of Claim Verification Ends on Monday
------------------------------------------------------
Edith Norma Regazzoni, the court-appointed trustee for Limayo
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim on Aug. 20, 2007.

Ms. Regazzoni will present the validated claims in court as
individual reports on Sept. 17, 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 Limayo 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 Limayo's accounting
and banking records will be submitted in court on Oct. 30, 2007.

The informative assembly will be held on March 27, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

         Edith Norma Regazzoni
         Carlos Pellegrini 465
         Buenos Aires, Argentina


PLAMEC SAIC: Trustee Filing Individual Reports on Monday
--------------------------------------------------------
Victor Daniel Lamaison, the court-appointed trustee for Plamec
S.A.I.C.'s bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Quilmes on Aug. 20, 2007.

Mr. Lamaison verified creditors' proofs of claim until
July 6, 2007.

A general report that contains an audit of Plamec's accounting
and banking records will be submitted in court on
Sept. 28, 2007.

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

The trustee can be reached at:

         Victor Daniel Lamaison
         San Martin 730, Quilmes
         Buenos Aires, Argentina


PUNTO ALEM: Creditors Voting on Settlement Plan on Monday
---------------------------------------------------------
Punto Alem S.A.'s creditors will vote on a settlement plan that
the company will lay on the table on Aug. 20, 2007.

Ruben E. Martinez Madariaga, the court-appointed trustee for
Punto Alem's reorganization proceeding, verified creditors'
proofs of claim until Oct. 30, 2006.

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

The debtor can be reached at:

          Punto Alem S.A.
          Alem 3440, Mar del Plata
          Buenos Aires, Argentina

The trustee can be reached at:

          Ruben E. Martinez Madariaga
          Alberti 2735, Mar del Plata
          Buenos Aires, Argentina


TENNECO INC: Fitch Affirms BB- Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed these ratings of Tenneco, Inc:

  -- Issuer Default Rating at 'BB-';
  -- Senior secured revolver at 'BB+';
  -- Senior secured term loan A at 'BB+';
  -- Senior secured tranche B-1 LC/revolver 'BB+';
  -- Senior secured second lien notes 'BB';
  -- Senior subordinated notes at 'B'.

The Rating Outlook remains Positive.  The ratings cover
approximately US$1.4 billion of debt.

Fitch's ratings reflect Tenneco's solid revenue growth deriving
from new product introductions and new business wins, continuing
diversification away from the Detroit Three, good liquidity, and
steady underlying margin performance in the midst of difficult
industry conditions.  The company's operating discipline,
product launches, and working capital management over the past
several years are also positive credit factors.  Credit concerns
include modest free cash flow, declining market share and
volumes of the company's D3 customers, pricing pressures and
commodity cost pressures.

The Rating Outlook is Positive given Tenneco's expected revenue
growth, margin performance, EBITDA growth and strong competitive
position in growth product areas such as air quality and safety
products.  Capital expenditure levels and working capital
requirements are expected to limit free cash flow in 2007, and
debt reduction will be modest.  Fitch expects that continued
growth in EBITDA will expand free cash flow generation over
time, which will be a key factor for a review of the rating for
an upgrade.

Tenneco has been able to offset the challenges facing the
automotive industry with increased revenue from new business
launched, gains in manufacturing efficiency, close attention to
working capital requirements and a geographically diverse
customer base compared with other North American suppliers.  
Over the previous three years, Tenneco's North American EBITDA
margin has been 10% or better, an impressive result considering
the drop in D3 production volume and commodity cost inflation
during the same time period.  The total amount of Tenneco's new
business backlog is approximately US$1.3 billion through 2009,
about US$1 billion of which is expected to be launched this
year.  Exhaust systems compose the majority of the new business
being launched, including diesel particulate filters, which
represent a strong growth opportunity.  Currently, Tenneco has
14 car models equipped with its DPF technology and the company
is scheduled to launch eight more in 2007.  In its ride control
business, the company has been awarded business for its
computerized electronic suspension on the Audi A6, several Volvo
models and three additional undisclosed European OEM vehicle
platforms.  Over the longer term, Tenneco should benefit from
more strict air quality standards and demand for safety related
products.

Total debt-to-EBITDA was 3.3 times at the end of the second
quarter 2007 (2.9x debt net of cash), only slightly lower than
the year-end level of 3.4x but down substantially from 4.7x in
2002.  Management's stated long-term objective is to achieve net
debt-to-EBITDA of 2x.  The company generated only modest free
cash flow of US$22 million in 2006, albeit in a difficult
industry environment.  After an increase in working capital
investment, LTM free cash flow at the end of the second quarter
was (US$56) million.  Tenneco's working capital position remains
relatively healthy versus the industry, supplemented by a
current cash level of US$168 million.  Fitch expects Tenneco to
be slightly free cash flow positive in 2007 with the potential
for further improvement in 2008.

The escalation in commodity costs, especially stainless steel
for exhaust systems, has moderated relative to the previous
three years.  However, Tenneco expects the full year 2007 gross
negative impact from steel to be US$85 to US$90 million.  
Tenneco will be challenged to fully offset the negative impact
with cost reduction initiatives, material substitutions, low-
cost country sourcing, aftermarket price increases and OEM
customer recoveries.

At the end of the second quarter 2007, total liquidity was
approximately US$582 million, including cash and marketable
securities balance of US$168 million.  Tenneco had US$302
million of availability under its US$550 million revolver and
approximately US$106 million available after US$24 million in
outstanding letters of credit under its Tranche B-1 facility.  
The company also has a U.S. securitization facility of
approximately US$100 million, of which only US$6 million was
available at the end of the quarter.  In addition, Tenneco had
US$54 million outstanding under its uncommitted European
receivable facilities, the availability of which Fitch does not
include in liquidity since the facility is cancelable at any
time.  Tenneco has no exposure to refinancing risk given that
the company's credit facility was refinanced in March this year
and that the company has no significant debt maturities until
after 2011.

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.


VIPAK SRL: Creditors Voting on Settlement Plan on Monday
--------------------------------------------------------
Vipak S.R.L.'s creditors will vote on a settlement plan that the
company will lay on the table on Aug. 20, 2007.

Abel Latendorf, the court-appointed trustee for Vipak's
reorganization proceeding, verified creditors' proofs of claim
until Sept. 29, 2006.

The National Commercial Court of First Instance No. 14 in Buenos
Aires handles the case, with the assistance of Clerk No. 28.

The debtor can be reached at:

              Vipak S.R.L.
              Mexico 3543
              Buenos Aires, Argentina

The trustee can be reached at:

              Abel Latendorf
              Piedras 153
              Buenos Aires, Argentina




===============
B A R B A D O S
===============


ANDREW CORPORATION: Bags US$9 Million Geolocation Contract
----------------------------------------------------------
Andrew Corporation has been awarded the third phase of a
strategic multiyear contract from a Tier 1 operator in the
Middle East for a major geolocation system deployment.

The phase three contract awards are valued at approximately US$9
million, bringing the total contract value to date to more than
US$30 million.  It represents continued expansion of the project
in which Andrew is installing its Geometrix(R) uplink time
difference of arrival (U-TDOA) system that, when completed, will
cover a network of thousands of cell sites.  Work on phase three
will begin as the second phase nears completion.

"We are pleased to continue our work on this important project,
and appreciate the confidence placed in the performance and
dependability of our geolocation offerings," said Terry Garner,
group president, Andrew Network Solutions.  "Geometrix continues
to deliver unrivaled capabilities in supporting the global
mobile location requirements of operators anywhere in the
world."

U-TDOA is a network-based means of determining a mobile device's
position by comparing and calculating the difference in time
required for its signal to reach different base station
transceiver sites.  Andrew Geometrix also supports the other
handset-based and network-based wireless location methods-
assisted global positioning system in both mobile-based and
mobile-assisted versions, multiple versions of enhanced cell
identity (E-CID), and cell identity (CID)-and includes secure
user plane location and control plane location capabilities.  In
addition to solutions for traditional wireless networks, Andrew
also addresses caller location for new technologies such as
WiMAX and voice over IP.

Geometrix, the world's most complete and versatile high-
performance wireless location system, provides unprecedented
cost-effectiveness and ease of operation as operators address
the evolution to next generation applications for future
location-based services with minimum risk or changes to existing
network infrastructure.  Andrew's solution consolidates location
system elements onto a single platform that lowers cost and
eases operator introduction of new revenue-generating services,
while simplifying operations.

Deployed worldwide by operators of all sizes, Andrew's Geometrix
location systems offer the world's most advanced array of
standards-compliant, fully-interoperable locating options in a
single carrier-grade system, including Serving Mobile Location
Centers, Gateway Mobile Location Centers, Stand-Alone SMLC, and
SUPL Location Platform.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,    
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                        *     *     *

As reported on June 29, 2007, Standard & Poor's Ratings Services
revised its CreditWatch implications on Andrew Corp. to positive
from negative.  The 'BB' corporate credit and 'B+' subordinated
debt ratings were placed on CreditWatch with negative
implications on Aug. 10, 2006.




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


J.P. MORGAN: Schedules Final General Meeting on Sept. 4
-------------------------------------------------------
J.P. Morgan Corsair II Capital Partners Bermuda Ltd.'s final
general meeting is scheduled on Sept. 4, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


MAN MAC HAWKING: Final General Meeting Is on Sept. 28
-----------------------------------------------------
Man Mac Hawkwing 17A 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 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


MAN MAC JACKOBSHORN: Sets Final General Meeting for Sept. 28
------------------------------------------------------------
Man Mac Jackobshorn 8B 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.


STEINHARDT REALTY: Will Hold Final General Meeting on Sept. 5
-------------------------------------------------------------
Steinhardt Realty Fund Ltd.'s final general meeting is scheduled
on Sept. 5, 2007, at 9:30 a.m., at:

         Clarendon House, Church Street
         Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.




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


BANCO CRUZEIRO: Earns BRL48.2 Million in First Six Months
---------------------------------------------------------
Banco Cruzeiro do Sul disclosed that its first half of 2007 net
income, excluding non-recurring expenses related to the IPO,
totaled BRL48.2 million, up 252% compared to last year's BRL13.7
million.

In the first six months of 2007, gross income from financial
intermediation was BRL297 million, 192.4% higher than in the
same period last year.

The company reported that the balance of expenses with the
provision for loan losses rose 59% versus a year ago, despite
the expansion of 201.7% year on year in the loan portfolio.

The loan portfolio, including surety bonds and guarantees,
accounts receivable and subordinated shares in FIDCs in the
Securities line, totaled BRL2,031.9 million on June 30, 2007, up
201.7% year on year (BRL673.4 million).

Paycheck-deductible personal loans posted consistent growth,
with origination of BRL1,571.4 million in the first half of 2007
and monthly average of BRL262 million, expanding by 149.6%
versus the first half of 2006 (BRL629.7 million).

The corporate loan portfolio in the middle-market segment posted
consistent growth to BRL239.6 million in the first half of 2007,
up 72.5% year on year (BRL138.9 million).

The paycheck-deductible credit card posted consistent growth to
544,097 cards in the first half of 2007, up 220.5% on a year ago
(169,754 cards).  In June 2007, the volume financed was
BRL102.6 million.

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

                        *     *     *

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


BANCO NACIONAL: Inks Deal for Modenization of Tax Administration
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
president Luciano Coutinho, and of Caixa Economica Federal,
Maria Fernanda Ramos Coelho, have signed an agreement Tuesday,
in Brasilia, allowing that Caixa starts to operate, for BNDES,
the actions of the Program for Modernization of Tax
Administration.

As PMAT representative for BNDES, Caixa will proceed to
transfers, collections and, mainly, will render technical
assistance to municipalities, both for elaboration and execution
of the program.  Previously, this role had been played only by
Banco do Brasil.

PMAT funds are from BNDES and Caixa will act in different levels
of the program, focusing in special small and large
municipalities.  Initially, Caixa will rely on a BRL50 million
revolving budget.

The municipalities which be potential clients of the program are
those which seek management modernization, present an
economically exploitable potential of own revenues or
significantly increased cost productivity, in special in basic
social sectors.

Eligible for financing with PMAT funds are projects for
acquisition of information technology and computer equipment
projects; capacitation of human resources; specialized technical
services for the development of project activities; and the
physical infrastructure, as adequation of environment and
improvement of facilities.  The maximum financing foreseen
within the program is of BRL30 million for large municipalities,
being also a parameter to reach the loan limit the amount of BRL
18.00 per inhabitant or 7% the actual net revenue.

PMAT was created in August 1997 as a technical and financial
support instrument for the modernization of municipal
administrations.  Initially, its operations were focused on tax,
financial and patrimonial activities, with the context of the
Law of Fiscal Responsibility.  In 1999, actions addressed to
improved efficiency of public expenses and increased efficiency
of health, education, social assistance and general
administration sector performance were incorporated to the
program.

Currently, PMAT has an active portfolio which counts accounts
for 352 operations, for a total BRL773.5 million financings,
BRL235 million of which in direct operations and mandates, and
BRL538 million in direct operations.  Within the program active
portfolio, 53% of the operations were for municipalities of up
to 50 thousand inhabitants.

Since its creation, PMAT has been increasing the transparency of
the public administration, besides promoting enhancement of the
citizenship, qualification of public policies and providing
companies with a better business environment.

With the signature of this agreement, BNDES reinforces its role
of development agent, offering to municipalities larger
financial, technical and institutional capacity, which are
strategic factors for the performance of the Bank.

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

                        *     *     *

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


BANCO NACIONAL: Allocates BRL600 Mil. for Bus Fleet Expansion
-------------------------------------------------------------
President Luiz Inacio Lula da Silva, Banco Nacional de
Desenvolvimento Economico e Social president, Luciano Coutinho
and the Ministry of Education, Fernando Haddad, launched last
Tuesday at Palacio do Planalto, the program Caminho da Escola
[Route to School], a partnership of BNDES with the Ministry of
Education and the National Education Development Fund.

The objective is to renew and expand the fleet of vehicles for
the daily transportation of basic education students brought
from the rural zone, with credit to states, municipalities and
the Federal District for the acquisition of new vehicles.  The
program brings a set of innovations, as tax exemption on the
purchase of school vehicles and standard specifications
throughout the country, assuring safe transportation of students
and fighting school evasion.

BRL300 million will be allocated so that public institutions
that support elementary education schools may receive financings
of up to 100% of the value, for the purchase of standard school
buses, with 23, 31 and 44 seats, besides new vessels for
transportation of rural zone students.

The financing cost will be TJLP (Long-Term Interest Rate),
currently at 6.25% per year, plus 1% BNDES basic remuneration,
added of up to 3% as accredited financial institution
remuneration.  There is no financial intermediation fee.  The
total financing term will be of up to 72 months, including a
grace period of up to six months, with monthly amortizations.

Proescolar -- In addition to Caminho da Escola, BNDES also
launches the Financing Program for the Acquisition of School
Transportation Vehicles -- Proescolar, with a BRL300 million
budget, so that private and public entities carrying out
elementary school activities or school transportation may
finance, up to 100% of the value, the purchase of school buses.

Within the Proescolar the total financing cost will be
calculated with basis on the TJLP (6.25% per year), added of
BNDES basic remuneration (1% per year) and the remuneration of
the financial institution to be negotiated with the beneficiary.  
For large companies (annual invoicing in excess of BRL60
million) there will still be the financial intermediation fee
(0.8% per year).

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

                        *     *     *

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


FORD MOTOR: Signs Purchase Deal with Linamar
--------------------------------------------
Ford Motor Company and Linamar Corporation entered into a
Definitive Agreements for the sale of the Automotive Components
Holdings' Power Transfer Unit business and its Converca I Plant
in Nuevo Laredo, Mexico.  The sales transaction is expected to
be completed on Sept. 1.

The ACH Converca I Plant is among the leading manufacturers of
PTUs in the North American auto industry.  As part of the deal,
assets of the plant will be transferred to Linamar.  The plant
employs about 500 employees.

Other products produced at the plant are propshafts, stabilizer
bars and steering gears.  Stabilizer bar production is scheduled
to end late this year, while the propshaft and steering gear
production will continue to be manufactured at Converca for the
immediate future.

"This sale is another demonstration of our commitment to achieve
the material cost goals in our Way Forward strategy," said Mark
Fields, president of The Americas and Ford executive vice
president.  "This is critical as we work toward our goal of
profitability in North America by 2009."

The sale will be the second for ACH this year.  The first sale,
announced in April, involved the fuel rail business and the ACH
Mexican subsidiary in El Jarudo.  MOUs have been signed and
discussions are underway for the sale of six other plants and
one business from a seventh plant.

"We remain focused on selling or idling our operations," said Al
Ver, ACH CEO and COO and Ford Motor Company vice president.  "We
are pleased with our progress, but aware that we still have much
to do in a short time."

                 About Automotive Components

ACH is a temporary company, managed and established by Ford
Motor Company in October 2005 to ensure the flow of quality
components and systems to Ford while ACH prepared its component
operations for sale or idling.  Today, the US$4 billion company
is supported by about 12,000 people including about 6,000 UAW
employees leased from Ford.

                    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.


GENERAL MOTORS: Closes US$5.6 Billion Allison Transmission Sale
---------------------------------------------------------------
General Motors Corp. has completed the sale of its Allison
Transmission commercial and military business to The Carlyle
Group and Onex Corporation for about US$5.6 billion.

The company expects to use the funds to strengthen liquidity and
support heavy investments in new products and technology, such
as its continued energy diversity initiatives.

Allison Transmission designs and manufactures automatic
transmissions for medium and heavy duty commercial vehicles.  
Its products are used in on-highway, off-highway and vehicles.  
Headquartered in Indianapolis, Indiana, Allison Transmission
employs approximately 3,400 people, has seven plants in
Indianapolis and sells its transmissions through a worldwide
distribution network with sales offices in North America, South
America, Europe, Africa and Asia.  The company generates annual
revenues in excess of US$2 billion.

                     About Carlyle Group

The Carlyle Group -- http://www.carlyle.com/-- is a private   
equity firm with US$58.5 billion under management.  Carlyle
invests in buyouts, venture & growth capital, real estate and
leveraged finance in Asia, Europe and North America, focusing on
aerospace & defense, automotive & transportation, consumer &
retail, energy & power, healthcare, industrial, infrastructure,
technology & business services and telecommunications & media.  
Since 1987, the firm has invested US$28.3 billion of equity in
636 transactions for a total purchase price of US$132 billion.  
The Carlyle Group employs more than 800 people in 18 countries.  
In the aggregate, Carlyle portfolio companies have more than
US$87 billion in revenue and employ more than 286,000 people
around the world.

                         About Onex

Onex Corp. makes private equity investments through the Onex
Partners and ONCAP family of Funds.  These companies are in a
variety of industries, including electronics manufacturing
services, aerostructures manufacturing, healthcare, financial
services, aircraft & aftermarket, metal services, customer
management services, theatre exhibition, personal care products
and communications infrastructure.

                    About General Motors

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

                        *     *     *

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

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


GENERAL MOTORS: Paying US$0.25 Per Share Dividend on Sept. 10
-------------------------------------------------------------
General Motors Corp. has disclosed a third-quarter dividend of
US$0.25 per share on GM common stock.  The dividend is payable
Sept. 10, 2007, to holders of record as of Aug. 17, 2007.  
The dividend is unchanged from the previous quarter.

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

                        *     *     *

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

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


GENERAL MOTORS: Joins A123Systems in Making Cells for Chevy Volt
----------------------------------------------------------------
General Motors Corp. and A123Systems, Inc., will co-develop
cells with A123System's nanophosphate battery chemistry for a
long-lasting, safe and powerful battery for use in GM's electric
drive E-Flex system.  The agreement is expected to expedite the
development of the batteries for both electric plug-in vehicles
and fuel cell variants of the E-Flex architecture.

"Breakthrough battery technology will drive future automotive
propulsion, and the company that aligns with the best strategic
partners will win.  That's what is so important about this
deal," said Bob Lutz, GM vice chairman of Global Product
Development.  "Whether you're talking about the Chevy Volt, a
fuel cell or even a plug-in hybrid such as our planned Saturn
Vue, we need to understand the fundamental battery cell
performance."

The contract calls for A123Systems, of Watertown, Massachusetts,
to develop battery cells to meet the specific requirements of
GM's E-Flex system.  A123Systems is considered a forerunner in
the development of nanophosphate-based cell technology, which,
compared to other lithium-ion battery chemistries, provides
higher power output, longer life and safer operations over the
life of the battery.

The E-Flex electric vehicle architecture was first shown in the
Chevy Volt concept car revealed earlier this year.  For average
commuters driving 40 miles, the Chevy Volt will use zero
gasoline and produce zero emissions and could nearly eliminate
going to the gas station altogether.

"The Chevy Volt will lead the automotive industry in a new
direction," Mr. Lutz said.  "We see a future where vehicles run
on electricity and are equipped with clever ways of making
electricity on board, making us less dependent on gasoline.  
It's the next great paradigm shift in our industry, an
opportunity largely due to the rapid advancement in battery cell
technology by companies such as A123Systems and LG Chem."

Earlier this year, GM awarded two contracts for advanced
development of battery packs, which require the integration of
multiple battery cells, to Compact Power, Inc., a subsidiary of
Korean battery manufacturer LG Chem, based in Troy, Michigan;
and Frankfurt, Germany-based Continental Automotive Systems, a
division of Continental A.G., a tier one automotive supplier.  
Under these agreements, one contract was awarded to CPI, which
will use battery cells developed by parent company LG Chem.  A
separate contract was issued to Continental, which will use the
cells being co-developed by GM and A123Systems.

"A123Systems and LG Chem are both top-tier battery suppliers,
with proven technologies," said Denise Gray, director of GM's
Energy Storage Devices and Strategies.  "We're confident one, or
possibly both of these companies' solutions will meet our
battery requirements for the E-Flex system."

Dave Vieau, A123System's chief executive officer, said this type
of battery will be advantageous in other transportation
industries as well.

"We're talking today about the Volt and implications that it
will have on the electrification of passenger vehicles, but the
technology goes a lot further than that," Mr. Vieau said.  "The
weight, size, safety and performance of these batteries have
implications on all transportation, including hybrid buses,
trucks and aircraft."

A123Systems currently manufactures over ten million cells
annually making it the world's largest producer of batteries
with nanophosphate chemistry.  Most of these cells are used in
rechargeable power tools.

                     About General Motors

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

                        *     *     *

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

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


SANYO ELECTRIC: In Talks with Sharp & Kyocera on Sale of Unit
-------------------------------------------------------------
Sanyo Electric Co., Ltd., is separately negotiating with Sharp
Corp. and Kyocera Corp. about selling its mobile phone arm --
Telecom Sanyo Co. -- in the hope of concluding a deal by the end
of 2007, the Japan Times reports, citing industry sources.

According to the report, Sanyo plans to pull out of the cell
phone business to focus on core areas such as rechargeable
batteries and commercial-use equipment.

Telecom Sanyo, Japan Times says, booked an operating loss for
the first time in the business year through March 31 due mainly
to appraisal losses over inventories.  It also recorded a
deficit in the April-June period on sales of JPY47.6 billion,
down 42% from the year before, due to sluggish domestic sales.
The company had to revise downward its global sales target for
the business year through next March to 11 million handsets from
an initial 12.5 million.

The report points out that Sharp and Kyocera are believed to be
interested in Sanyo's technology as well as its overseas sales
networks.  However, Sanyo and the two companies have not
finalized agreements due to various conditions, including the
price, according to the sources.

Sanyo is considering advancing negotiations by putting the sale
out to tender, Japan Times cites its sources as saying.

The TCR-AP reported on Aug. 3 that Sanyo had explained that
Telecom Sanyo is solely a retail operator, and has no relation
to its mobile phone manufacturing business, after reports spread
that Sanyo is planning to sell its mobile phone handset
production business.

                     About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading   
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                        *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


TAM SA: Bars Planes from Landing at Congonhas After Crash
---------------------------------------------------------
TAM has prevented its planes from landing at the Congonhas
airport in Sao Paulo, where a crash occurred, the Associated
Press reports.

TAM aircrafts won't land at the Congonhas airport in Sao Paulo
when their "thrust reversers" aren't activated, the AP says,
citing TAM's head of security Marco Aurelio Castro.

Aircrafts use thrust reversers to slow down just after touching
down.

The report says that a thrust reverser was deactivated on the
TAM Airbus A320, which crashed into a cargo building after
speeding off a Congonhas runway, killing 187 passengers and 12
people on the ground.

TAM said in a statement that the measure will be implemented
until "more detailed information" on the causes of the accident
is available.

TAM told the AP that in some cases, "the landings with a
thruster deactivated" will be allowed, after consultation with
the aircraft's maker and the Brazilian Aviation Authority.

Meanwhile, TAM doesn't think that a deactivated thruster caused
the crash, the AP says, citing Mr. Castro.  It said its planes
had flown without a thrust reverser based on government-approved
safety measures.  According to the airline, it followed Airbus
maintenance rules that indicated that the plane was safe to fly.

TAM doesn't let its planes to land without thrust reversers
being activated at the Santos Dumont airport's short runway in
Rio de Janeiro, Mr. Castro told the AP.

A congressional panel is conducting a probe on the crash, the AP
states.

TAM SA -- http://www.tam.com.br/-- operates regular flights  
to 47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on  
July 25, 2007, Fitch affirmed the 'BB' foreign currency and  
local currency Issuer Default Ratings of TAM S.A.  Fitch has  
also affirmed the 'BB' rating of its US$300 million of senior  
unsecured notes due 2017 as well as the company's 'A+(bra)'  
national scale rating and for its first debentures issuance  
(BRL500 million).  Fitch said the rating outlook was stable.


TIMKEN CO: Bags US$6.5-Million Contract with Titagarh Wagons
------------------------------------------------------------
The Timken Company has received a US$6.5 million contract to
supply rail bearings for freight cars built by Titagarh Wagons
Ltd. in India.

Titagarh has ordered Timken(R) APTM Class E tapered bearings,
which enable rail users to carry heavier loads with more
stability.  Titagarh is the second-largest private builder of
freight cars in India.

The rail bearings are being manufactured at Timken's production
facility in Jamshedpur, India.  As part of its ongoing
investment in India, Timken plans to open a second Indian
production facility in Chennai in 2008.

"Timken's strategy of investing in India is to serve our global
customers and also to gain new local customers such as Titagarh
Wagons in this rapidly developing market," said David L. White,
director of sales and marketing for Timken's operations in
India.

"Our past experience with Timken has shown us they make
outstanding products, and we also value their follow-up service
after the sale," said J.P. Chowdhary, chairman and managing
director of Titagarh Wagons Ltd.  "Our relationship with Timken
makes us more competitive, and we also appreciate their
reputation for adhering to high ethical standards."

                    About Titagarh Wagons

Titagarh Wagons Ltd. -- http://www.titagarh.biz/-- is one of  
the largest private sector manufacturers of freight wagon units
for Indian and some overseas railways.  TWL is a heavy
engineering goods manufacturing company in Kolkata, India.  TWL
manufactures a wide range of freight wagons, container flats and
specialty wagons for industrial and defense use.  TWL
manufactures Bailey Bridges, prefabricated shelters and similar
systems for the railways and the defense sector.  TWL also
manufactures Heavy Earthmoving Equipment including Heavy Duty
Mobile Cranes and Excavators.

                      About Timken Co.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


* BRAZIL: Gets US$2.1-Mil. Loan for Innovation Investment Fund
--------------------------------------------------------------
The Inter-American Development Bank has approved a US$2.1
million financing to Capital Tech, created as an innovation
investment fund to foster small and medium-sized technology
enterprises in Brazil through venture capital.

The Multilateral Investment Fund financing will include a US$2
million reimbursable financing for the fund capitalization and a
US$100,000 grant for technical cooperation.  The fund will also
receive contributions from private and institutional investors.

The Capital Tech investment fund will be established in Brazil
as Fundo Mutuo de Investimento em Empresas Emergentes and will
be managed by Invest Tech Gestao de Recursos (Investech).

Investments are likely to be located in Sao Paulo and Rio de
Janeiro.  Targeted industries include telecommunications,
software, hardware, biotechnology, entertainment, manufacturing
and services.

"The project will support a new venture capital management team
and its first venture capital fund, which will provide equity
and convertible debt financing and technical advisory and help
in governance to 8 to 12 technology small and medium-sized
enterprises with potential to provide its investors with exits
via strategic sales, consolidation or the Bovespa Mais market,"
said MIF team leader Rogerio Ramos.

"Capital Tech will invest in innovative information technology
and service provider companies that offer new technology
solutions or concepts to different industries with potential to
expand to local and even international markets," explained
Ramos.  "The fund will look for companies with technical,
operational, commercial or financial synergies that will improve
both the quality of the portfolio and exit strategies, the
selling of shares in the different companies the fund invests
in."

Investech is a joint venture between Grupo Perrotti and
Blackstone Servicos e Participacoes.  Grupo Perrotti was founded
in 1977 and it was one of the pioneers in Brazil and Latin
America to implement information technology infrastructure.  
Blackstone was created in 2003 as a business developer and
advisory service provider looking into partnerships or mergers
within the information technology industry.  Its services
include business plan development and implementation; financial,
legal and operational advisory services; and search for
potential buyers or partners.

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

                        *     *     *

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

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

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


* BRAZIL: Steps Up Purchase of U.S. Treasury Notes
--------------------------------------------------
The Brazilian government has purchased more U.S. Treasury Notes
as China, the biggest American debt buyer, has started to reduce
its exposure.

Bloomberg News says that the South American nation's securities
rose US$41.5 billion to a record of US$93.6 billion in the first
half of this year.  Brazil's ranking has gone up to five from
10th in 2006.

"I would expect the Brazilian central bank to continue
intervening and to buy Treasuries," Nuno Camara, an economist
who covers Brazil for Dresdner Kleinwort in New York, was quoted
by Bloomberg as saying.  "Unlike some Asian central banks that
are moving toward some diversification, Brazil can't really take
on too much risk, so they put it in Treasuries."

According to Bloomberg, Brazil, being the biggest debtor among
developing nations, needs to beef up its reserves buildup on
dollar bonds because most of the country's government and
corporate foreign liabilities are in the U.S. currency.

                        *     *     *

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

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

                       *     *     *

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




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


BAILEY COATES: Will Hold Final Shareholders Meeting on 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


CABLE & WIRELESS: Inks Network Services Accord with Virgin Group
----------------------------------------------------------------
Dave Friedlos at vnunet.com reports that Cable & Wireless has
signed a multimillion-pound, three-year deal to provide data
communications services to Virgin Group.

According to vnunet.com, the contract "includes the provision of
virtual private network services over Internet protocol to 130
sites, managed security, WiFi and application monitoring
systems."

The report says that Cable & Wireless will provide the services
to all firms belonging to the Virgin Group, including:

          -- Virgin Trains,
          -- Virgin Atlantic, and
          -- Virgin Active.

Virgin Group Chief Information Officer Gareth Lewis told
vnunet.com that the increased bandwidth will:

          -- let Virgin Atlantic's applications to work more
             effectively,

          -- allow Virgin Trains to upgrade its business
             technology, and

          -- provide more robust real-time systems to Virgin
             Active.

Mr. Lewis commented to vnunet.com, "We are a complex business,
made up of a diverse number of different companies, each with
very specific requirements."

Virgin Group will be able to concentrate on its core business by
outsourcing data communication services, vnunet.com states,
citing Mr. Lewis.

                      About Virgin Group

Virgin is a venture capital organization.  Established in 1970
by Sir Richard Branson, the Virgin Group has gone on to grow
businesses in sectors ranging from mobile telephony, to
transportation, travel, financial services, leisure, music,
holidays, publishing and retailing.  It has created more than
200 companies worldwide, employing approximately 50,000 people,
in 29 countries.  

                    About Cable & Wireless

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

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                            Projected
                          Debt     LGD      Loss-Given
  Debt Issue              Rating   Rating   Default
  ----------              -------  -------  --------
  4% Senior Unsecured
  Conv./Exch.
  Bond/Debenture
  Due 2010                B1       LGD4     60%

  GBP200 million
  8.75% Senior
  Unsecured Regular
  Bond/Debenture
  Due 2012                B1       LGD4     60%


CHINA INVESTMENT: Sets Final Shareholders Meeting for 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,
      and

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

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

The liquidator can be reached at:

         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


CONTEL PAGE: Will Hold Final Shareholders Meeting on Sept. 7
------------------------------------------------------------
Contel Page International Inc. 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,
      and

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

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

The liquidator can be reached at:

         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


CREDIT CARDS: Proofs of Claim Filing Deadline Is Sept. 6
--------------------------------------------------------
Credit Cards Two creditors are given until Sept. 6, 2007, to
prove their claims to Kareem Robinson and Emile Small, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Credit Cards' shareholders agreed on July 23, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


CYGNUS ASSET: Sets Final Shareholders Meeting for Sept. 6
---------------------------------------------------------
Cygnus Asset Management Ltd. will hold its final shareholders
meeting on Sept. 6, 2007, at 10:00 a.m., at:

          P.O. Box 1234
          Queensgate House,
          South Church Street, Grand Cayman KY1-1108
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Ogier
         Attention: Angus Davison
         P.O. Box 1234
         Queensgate House,
         South Church Street, Grand Cayman KY1-1108
         Cayman Islands
         Tel: (345) 949 9876
         Fax: (345) 949 1986


FCT PACIFIC: Will Hold Final Shareholders Meeting on Sept. 6
------------------------------------------------------------
FCT Pacific Equities Ltd. will hold its final shareholders
meeting on Sept. 6, 2007, at:

          Boundary Hall, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


FRONTIER IV: Sets Final 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,
      and

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

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

The liquidators can be reached at:

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


G-MAX 2002: Proofs of Claim Must be Filed by Sept. 6
----------------------------------------------------
G-MAX 2002 FL-A Ltd.'s creditors are given until Sept. 6, 2007,
to prove their claims to Helen Allen and Joshua Grant, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

G-MAX 2002'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 liquidators can be reached at:

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


GRIFFIN (CAYMAN): Proofs of Claim Filing Deadline Is Sept. 6
------------------------------------------------------------
Griffin (Cayman Islands) LLC's creditors are given until
Sept. 6, 2007, to prove their claims to Joshua Grant, Jan
Neveril, James Bearden, James Conaway and Jean Pougnier, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

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


GSO CALMET: Will Hold Final Shareholders Meeting on Sept. 7
-----------------------------------------------------------
GSO Calmet Holdings (Cayman) Ltd. will hold its final
shareholders meeting on Sept. 7, 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,
      and

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

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

The liquidators can be reached at:

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


IVY MA: Will Hold Final Shareholders Meeting on Sept. 7
-------------------------------------------------------
Ivy Ma Holdings Cayman 5 Ltd. will hold its final shareholders
meeting on Sept. 7, 2007, at 9:30 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,
      and

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

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

The liquidators can be reached at:

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


IVY MA HOLDINGS: Sets Final Shareholders Meeting for Sept. 7
------------------------------------------------------------
Ivy Ma Holdings Cayman 8 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,
      and

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

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

The liquidators can be reached at:

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


M & M ARBITRAGE: Sets Final Shareholders Meeting for Sept. 6
------------------------------------------------------------
M & M Arbitrage Offshore Ltd. will hold its final shareholders
meeting on Sept. 6, 2007, at 10:00 a.m., at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         M & M Partners, LLC
         Bank of America Corporate Center
         100 N. Tryon Street, Suite 5130
         Charlotte, North Carolina 28202
         U.S.A.


MERRILL LYNCH: Will Hold Final Shareholders Meeting on Sept. 6
--------------------------------------------------------------
Merrill Lynch European Equity Hedge Fund Ltd. will hold its
final shareholders meeting on Sept. 6, 2007, at:

          Boundary Hall, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


MERRILL LYNCH (USD): Final Shareholders Meeting Is on Sept. 6
-------------------------------------------------------------
Merrill Lynch European Equity Hedge Fund (Usd) Ltd. will hold
its final shareholders meeting on Sept. 6, 2007, at:

          Boundary Hall, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


MERRILL LYNCH (EURO): Sets Last Shareholders Meeting for Sept. 6
----------------------------------------------------------------
Merrill Lynch European Equity Hedge Fund (Euro) Ltd. will hold
its final shareholders meeting on Sept. 6, 2007, at:

          Boundary Hall, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


NEST FUNDING: Proofs of Claim Filing Ends on Sept. 7
----------------------------------------------------
Nest Funding Corp.'s creditors are given until Sept. 7, 2007, to
prove their claims to Shinji Arakawa, 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.

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

The liquidator can be reached at:

       Shinji Arakawa
       Kokusai BLDG, 9F1-1 Marunouchi 3-chome
       Chiyoda-ku, Tokyo


NISHI-NIPPON: Proofs of Claim Filing Is Until Sept. 6
-----------------------------------------------------
Nishi-Nippon Preferred Capital (Cayman) Ltd.'s creditors are
given until Sept. 6, 2007, to prove their claims to Guy Major
and Jan Neveril, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Nishi-Nippon'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:

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


NISHI-NIPPON: Will Hold Final Shareholders Meeting on Sept. 6
-------------------------------------------------------------
Nishi-Nippon Preferred Capital (Cayman) Ltd. will hold its final
shareholders meeting on Sept. 6, 2007, at:

          Boundary Hall, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


PARMALAT SPA: Says U.S. Cases Independent from Dismissed Suits
--------------------------------------------------------------
Parmalat S.p.A. says the cases dismissed by the Honorable Lewis
Kaplan of the U.S. District Court for the Southern District of
New York were independent from its lawsuits pending at the same
court.

Judge Kaplan in New York dismissed on Aug. 9, 2007, two lawsuits
filed by the administrator for Parmalat U.S.A. and the
litigation trustee for Farmland Diaries LLC against Bank of
America Corp. and Credit Suisse Group, Andrew Davis writes for
Bloomberg News.

According to Parmalat, Parmalat U.S.A. and Farmland Dairies LLC
filed for bankruptcy in the United States on Feb. 24, 2004, and
were consequently forced out of the Parmalat Group.

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


PURE IP: Sets Final Shareholders Meeting for Sept. 7
----------------------------------------------------
Pure IP Holdings will hold its final shareholders meeting on
Sept. 7, 2007, at:

         First Floor, Alamander Way
         Grand Pavilion, West Bay Road
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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




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C H I L E
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ARAMARK CORP: S&P Revises B+ Corporate Credit Outlook to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.
     
"The outlook revision reflects ARAMARK's stronger than expected
credit measures since the January 2007 management buyout," said
Standard & Poor's credit analyst Jean C. Stout.  The company has
reduced debt by US$350 million since the management buyout,
largely as a result of applying the net proceeds from a recent
asset sale to bank debt, and has experienced good operating
performance.  "And we expect that the improvement in the
company's financial profile will be maintained," said Ms. Stout.

Standard & Poor's ratings on ARAMARK continue to reflect its
highly leveraged financial profile and significant cash flow
requirements to fund interest and capital expenditures.  These
factors are somewhat mitigated by ARAMARK's good position in the
competitive, fragmented markets for food and support services,
and uniform and career apparel.  These positions translate into
a sizable stream of recurring revenues and healthy cash flow
generation.

Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional    
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world. Aramark has approximately
240,000 employees serving clients in 20 countries, including
Belgium, Czech Republic, Germany, Ireland, UK, Mexico, Brazil,
Chile, among others.


SHAW GROUP: Energy & Chemicals Group Bags Contract in China
-----------------------------------------------------------
The Shaw Group Inc. related that its Energy & Chemicals Group
has been awarded a contract to provide technology and basic
engineering for 500,000 metric tons per annum
ethylbenzene/styrene monomer plant in Tianjin, China, for
Tianjin Dagu Chemical Industry Co. Ltd.

The plant will be located in Tianjin Industrial Park, Lingang
Industry Area, near the city of Tianjin.  Shaw will also provide
procurement services for critical equipment in addition to
training and technical advisory services during plant
construction and start-up.  The value of Shaw's technology and
engineering contract, which will be included in the company's
fourth quarter backlog, is approximately US$50 million.

The new plant will utilize proprietary EBMaxSM and styrene
technologies provided by Badger Licensing, LLC, a joint venture
of affiliates of The Shaw Group Inc. and ExxonMobil Chemical
Company.

"We are pleased that we were selected for this project, which is
the largest ethylbenzene/styrene monomer project undertaken by
Shaw in China," said J.M. Bernhard Jr., chairman, president and
chief executive officer of Shaw.  "China's chemical industry is
growing rapidly, and we look forward to successfully
demonstrating Shaw's ability to offer world class proprietary
technologies and services to our customers."

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the      
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


THERMADYNE HOLDINGS: Strong Performance Cues S&P to Lift Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Thermadyne Holdings Corp., including its corporate credit rating
to 'CCC+' from 'CCC'.  In addition, Standard & Poor's removed
the ratings from CreditWatch with positive implications, where
they were placed on April 5, 2007.  The outlook is positive.  As
of June 30, 2007, the St. Louis, Missouri-based welding-
equipment manufacturer had total outstanding debt of
approximately US$280 million.

"The upgrade reflects Thermadyne's strengthening operating
performance, recent bank refinancing, and successful filing of
its second-quarter Form 10Q," said Standard & Poor's credit
analyst Anita Ogbara.  The company has recently made progress in
addressing some of its accounting issues.  However, the company
concluded that it had a material weakness in internal controls
over financial reporting as of Dec. 31, 2006, and amended the
2006 Form 10K and first-quarter 2007 Form 10Q.  The amendments
did not change the consolidated financial statements.
     
During the past two quarters, operations have stabilized
somewhat.  For the 12 months ended June 30, 2007, Thermadyne
generated approximately $40 million of operating EBITDA, and
operating margins (before depreciation and amortization) rose to
about 10%.  Still, performance is down substantially from
2001-2002 levels when operating margins were in the mid-teens.  
The company has also completed a series of small divestitures of
poorly-performing operations.  Currently, Thermadyne is
implementing a number of steps to regain lost market share and
to improve operating efficiencies and performance, including
revamping its sales organization, expanding the product offering
globally, moving some manufacturing to lower-cost countries, and
standardizing information systems.

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




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


DRUMMOND INC: S&P Affirms BB- Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's ratings services has affirmed the 'BB-'
corporate credit rating on Birmingham, Alabama-based coal mining
company Drummond Co. Inc.  The outlook is stable.

"The ratings on Drummond reflect the company's limited operating
diversity; its substantial exposure to the risks of operating in
Colombia, where it derives most of its cash flow; aggressive
growth spending plans; its relatively small but growing
production base; and weak financial measures," said S&P's credit
analyst Marie Shmaruk.  Still, the company maintains a
relatively low-cost position compared with eastern U.S. coal
companies, possesses a strategic location as a seaborne coal
exporter, has a large reserve base (which consists of mostly
high-quality, low-sulfur coal), and maintains adequate
liquidity.
     
The outlook is stable.  S&P's expects the company to improve its
credit metrics for the rating in the intermediate term as a
result of a relatively favorable pricing environment and rising
production levels.  While S&P has capped the ratings because of
the company's lack of operating diversity, longer-term upside is
possible if Drummond successfully expands and diversifies its
operating base without a meaningful increase in its financial
leverage.  S&P's could revise the outlook to negative if the
company fails to improve its financial leverage from currently
high levels because of lower-than-expected production (resulting
from operational disruptions or less-favorable mining
conditions), or if the company pursues additional
debt-financed growth initiatives.

Drummond Co. Inc. runs coal mines in Alabama and Colombia,
predominantly engaged in the mining, purchasing, processing, and
marketing of coal and coal products and had revenues in 2006 of
US$1.8 billion.


ECOPETROL: Gov't Expects to Raise US$2.82 Bil. from Stake Sale
--------------------------------------------------------------
The Colombian government expects to raise as much as US$2.82
billion (COP5.72 trillion) from the first round of sale of a
stake in Empresa Colombiana de Petroleos SA, or Ecopetrol, the
state-owned oil firm, Bloomberg News reports.

The auction process will begin Aug. 27 with 4.09 billion shares
up for grabs to the highest bidders.  The shares will be offered
to pension funds, workers and citizens for COP1,400 a piece, the
same news adds.

"We are offering local investors the chance to invest in the
country's development in an asset that's in vogue around the
world," Javier Gutierrez, Ecopetrol's chief executive, told
Bloomberg.  "Energy-related assets have wide room for the
upside."

Colombia, being Latin America's fifth-largest oil exporter would
use the sale proceeds to finance increases in oil production and
exploration, Bloomberg states.   

By November, the government would probably make the second round
of selling shares in Ecopetrol.  That would be followed by
offerings in international markets.  By the end of the process,
about 20% of Ecopetrol would be in the hands of investors,
Bloomberg says, citing Mr. Gutierrez.

Despite the turmoil in international financial markets caused by
a slump in the U.S. housing sector, Mr. Gutierrez remains
confident that investors' interest in Ecopetrol would not
dwindle by categorizing it as one of the safest investments in
the market, Bloomberg says.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Fitch Ratings upgraded the foreign currency
Issuer Default Ratings of Ecopetrol to 'BB+' from 'BB'.  The
rating action followed the upgrade of The Republic of Colombia's
foreign currency Issuer Default Ratings to 'BB+' from 'BB'.




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


SPECTRUM BRANDS: Posts US$7.4 Mil. Net Loss in Qtr. Ended July 1
----------------------------------------------------------------
Spectrum Brands, Inc. disclosed third quarter net loss of
US$7.4 million for the quarter ended July 1, 2007, compared with
a net income of US$2.5 million for the same period in 2006.

Spectrum Brands' third quarter net sales were US$442 million, an
increase of 3.4% compared with net sales of US$427.5 million in
the comparable period last year.

Gross profit and gross margin for the quarter were US$164.2
million and 37.1%, respectively, versus US$156.4 million and
36.6% for the same period last year.  Restructuring and related
charges of US$4.1 million were included in the current quarter's
cost of goods sold; cost of goods sold in the comparable period
last year included US$2.7 million in similar charges.  Excluding
these restructuring and related charges, gross margin improved
as the positive impact of price increases and manufacturing cost
efficiencies offset increased raw material costs.

Spectrum generated third quarter operating income of US$3.7
million versus US$10.5 million in the same quarter of fiscal
2006.  The primary reason for the decline was a significant
increase in restructuring and related charges of US$30.6 million
in fiscal 2007 compared with US$6.8 million in the prior year,
which more than offset a US$7.8 million reduction in operating
expenses in the current quarter.

"Our overall portfolio continues to make progress and we are
confident that we are taking the right actions for the long-term
to drive revenue growth, reduce costs and create sustainable
value," Spectrum Brands Chief Executive Officer Kent Hussey
stated.  "As we previously disclosed, our third quarter
financial results were lower than we had anticipated; however,
we did see year over year improvement in sales, operating
expenses and EBITDA.  Looking forward, we expect further year
over year improvement in EBITDA in the fourth quarter of 2007
and beyond, largely driven by cost reduction actions already
completed or underway.  In order to restore a more normal
capital structure to the business as quickly as possible, we
have decided to sell an attractive strategic asset. Details of
the sale will be announced when the sale process is formally
initiated within the next several weeks."

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

The company operates in 13 Latin American nations including El
Salvador, Guatemala, Costa Rica, Colombia and Nicaragua.

                        *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's $700 million 7-3/8% senior subordinated note due 2015
and its CCC- rating of the company's $350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  Fitch said the outlook remains negative.


* COSTA RICA: Mayors Support Nation's Free Trade Pact with U.S.
---------------------------------------------------------------
Xinhua News reports that 73 Costa Rican mayors have sent a joint
letter to President Oscar Arias to air out their support on the
Central America-Dominican Republic-United States Free Trade
Agreement.

According to Xinhua News, the mayors said that the agreement
will boost trade and enhance living standards in Costa Rica.

Xinhua News relates that the legislatures of the countries
involved, excluding Costa Rica, have authorized the agreement.  
Costa Rica will hold a referendum on the accord on Oct. 7, 2007.

The report says that the mayors listed five proposals and two
programs aimed at:

          -- increasing the income of Costa Ricans,
          -- promoting greater social justice, and
          -- improving wealth distribution.

San Jose Mayor Johnny Araya urged Costa Ricans to approve the
treaty in the referendum, Xinhua News notes.  Meanwhile, Costa
Rican President Oscar Arias already sent a bill to the
legislature allowing the transfer of 10% of the nation's budget
to local government.

Xinhua News reports that President Arias had admitted in a
meeting with mayors that the free trade accord is necessary but
not enough.

"The agreement does not replace the investment we are making in
improving public education, but does allow that effort to
translate into better opportunities for young people," President
Arias told Xinhua News.

                        *     *     *

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




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


AES CORP: Rockash Clean-Up To End in Two Weeks
----------------------------------------------
The clean-up operation for the rockash that The AES Corp. dumped
in a Dominican Republic shore will be concluded by the end of
August 2007, Dominican Today reports, citing the country's
Environment Minister Max Puig.

As reported in the Troubled Company Reporter-Latin America on
July 9, 2007, the Dominican Republic started taking out the
rockash dumped on the port town Arroyo Barril, Samana, using the
money paid by AES for damages.  AES had dumped over 50,000 tons
of ash in Samana in 2003.  

Minister Puig told Dominican Today that the rockash will have
been removed by Aug. 28, 2007.  

An estimated 3,500 tons of rockash remain mixed with calcareous
rock that can be taken to a furnace in San Pedro in 10 days,
Dominican Today says, citing Sotramotier president Carlos Perez.

The firm Sotramotier will be constructing a planned ecological
park once Arroyo Barril has been cleared of rockash, according
to Dominican Today.

Dominican Today notes that taking the rockash to San Pedro and
works cost US$3 million.

DR1 Newsletter relates that using the US$6-million fine AES paid
as part of the settlement the US court issued, the Dominican
government was able to construct different public works
projects.

Minister Puig told DR1 Newsletter that DOP90 million public
works has been completed.

DR1 Newsletter notes that the public works projects include:

          -- a rebuilt wharf,
          -- three kilometers of rural roads,
          -- a primary school,
          -- a primary health care center, and
          -- two churches.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company'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.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

On 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.


FLOWSERVE CORP: Moody's Affirms Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed Flowserve Corporation's
corporate family rating at Ba3 and probability of default at B1.
At the same time, Moody's affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.  

The rating actions result from Flowserve extending the maturity
of its revolving credit facility by two years to August 2012.  
The outlook is stable.

Flowserve's Ba3 corporate family rating reflects the company's
leading market position in the fluid motion and control
manufacturing industry, diverse product offering and global
footprint.  Moody's also anticipates that Flowserve will benefit
from revenue growth as demand for industrial pumps, seal,
valves, and services continue to remain robust over the
intermediate term as well as the prudent financial policies
being embraced by management.  

Through LTM June 2007, Flowserve's key credit metrics (as
adjusted per Moody's FM Methodology) were:

  -- EBITA margin -- 9%;
  -- EBIT/interest expense -- 3.3 times;
  -- debt/EBITDA -- 2.8 times; and,
  -- retained cash flow/debt at 21%.

These strengths, however, are balanced against the ongoing
cyclicality of Flowserve's end markets.  Additionally, the
corporate family rating is constrained by the ongoing
investigation into the Oil-for-Food Program and shareholder
lawsuit.  Also, there is the potential for Flowserve to pursue
further growth initiatives, which could require incremental
capital investments.

The stable outlook reflects Moody's expectations that
Flowserve's debt protection measures are supportive of the Ba3
rating over the next twelve to eighteen months.  The company's
current good liquidity profile, with balance sheet cash of about
US$48 million at the end of 2Q07 should enable it to fund modest
growth without incurring significant additional financial
leverage.  Consequently, even in consideration of a modest
cyclical downturn in business trends, Moody's anticipates that
Flowserve will maintain appropriate financial metrics for its
current rating.

The rating for the company's senior secured bank credit facility
consisting of the revolving credit facility and term loan
reflects the overall probability of default of the company, to
which Moody's assigns a probability of default of B1.  The Ba2
rating of the senior secured bank credit facility is rated one
notch above the corporate family rating and reflects an LGD2
(20%) loss given default assessment.  This credit facility
reflects its senior position in Flowserve's capital structure, a
first priority in substantially all of the company's assets, and
the benefit from almost US$200 million in junior claims.

These rating/assessments were affected by this action:

-- Corporate family rating affirmed at Ba3;

-- Probability of default rating affirmed at B1;

-- US$600 million senior secured term loan due August 2012
    affirmed at Ba2 (LGD2, 20%); and,

-- US$400 million senior secured revolving credit facility due
    August 2012 assigned at Ba2 (LGD2, 20%).

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control  
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.


JETBLUE AIRWAYS: Launches US-Dominican Republic Holiday Shuttle
---------------------------------------------------------------
JetBlue Airways is expanding in Boston with non-stop service to
Santiago, Dominican Republic.  The airline will operate the
once-daily 'holiday shuttle' between Dec. 12, 2007, and
Jan. 15, 2008.  Santiago will be the 27th destination served
non-stop by JetBlue Airways from Boston.

JetBlue Airways will operate the new flights -- Boston's only
non-stop service to Santiago -- aboard its Airbus A320 fleet,
which offers travelers amenities including comfortable leather
seats, the most legroom in coach, and complimentary seatback
television service featuring first run movies and bonus features
from FOX Inflight.  Affordable one-way fares start at US$109
each way between Logan and Santiago's Cibao International
Airport.  

"We're thrilled to be adding this new service to Santiago just
in time for the holidays," said JetBlue Airways' Network
Planning Vice President Marty St. George.  "Our Boston customers
keep asking for more affordable service to the Caribbean, and
we're pleased to bring it to them.  With our low fares and great
service, heading home or heading on holiday has never been
easier or more affordable -- and now, it's even more
comfortable!"

JetBlue Airways customers at Logan International Airport can
take advantage of nonstop service to more than two dozen popular
destinations, including five cities in Florida and sun spots
such as Aruba, Bermuda, Cancun, Nassau, and San Juan.  
Connecting service is available year-round between Boston and
Santiago via New York's John F. Kennedy International Airport.

Based in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq:JBLU) -- http://www.jetblue.com/-- provides passenger   
air transportation services primarily in the United States.  As
of Feb. 14, 2006, the company operated approximately 369 daily
flights serving 34 destinations in 15 states, Bermuda, Puerto
Rico, the Dominican Republic, and the Bahamas.  The Company also
provides in-flight entertainment systems for commercial
aircraft, including live in-seat satellite television, digital
satellite radio, wireless aircraft data link service, and cabin
surveillance systems and Internet services, through its wholly
owned subsidiary, LiveTV, LLC.

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Fitch Ratings affirmed the debt ratings of
JetBlue Airways Corp. as:

    -- Issuer Default Rating at 'B'

    -- Senior unsecured convertible notes at 'CCC' with a
       recovery rating of 'RR6'

The senior unsecured rating applied to US$425 million of
outstanding convertible notes.  Fitch said the rating outlook is
stable.


* DOMINICAN REPUBLIC: Venezuela Offers To Build NatGas Plant
------------------------------------------------------------
Beata Lockwood at Caribbean Net News reports that Venezuela's
President Hugo Chavez has offered his Dominican Republic
counterpart, President Leonel Fernandez, to construct a natural
gas plant in the Dominican Republic.

According to Caribbean Net, the plant will process gas for
consumption in the Dominican Republic.  The gas could also be
exported to other Caribbean nations.

Caribbean Net relates that President Chavez hopes that the offer
would be accepted.  It has made the same offer to Haiti and is
hoping that the two nations could work together.

Meanwhile, President Fernandez firmly believes that the
Dominican Republic's first priority in solving the power crisis
"should lie first in the production of energy by way of
hydroelectric projects," as the country has abundant rainfall in
some areas, Caribbean Net notes.

The Dominican Republic is committed to seeking alternative power
sources.  It is considering environment-friendly solar panels,
because it also enjoys abundant sunshine.  However, the cost of
solar panels must be cut to make the plan viable, Caribbean Net  
states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.




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


GEOKINETICS: Repurchase Cues Moody's to Withdraw All Ratings
--------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings for
Geokinetics Inc. following the company's redemption of all of
its rated bonds with the proceeds of an equity offering.  
Moody's does not rate any other debt for Geokinetics.

The ratings withdrawn are the B3 corporate family rating and  
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD 4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic  
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.  
Geokinetics provides seismic data acquisition services in North
America, South America, Africa, Asia, Australia and the Middle
East.  Geokinetics operates in some of the most challenging
locations in the world from the Arctic to mountainous jungles to
the transition zone  environments.  The company has operations
in Brazil, Colombia, Ecuador, Peru and Venezuela.




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


TARGUS GROUP: S&P Lowers Corp. Credit Rating to B-
--------------------------------------------------
Standard & Poor's ratings services has lowered its corporate
credit rating on Anaheim, California- based Targus Group
International Inc. to 'B-' from 'B'.  In addition, S&P's
affirmed the 'B' ratings on Targus' US$40 million senior secured
revolving credit facility due 2011 and US$190 million term loan
B due 2012; the recovery ratings remain '2', indicating the
expectation of substantial (70%-90%) recovery in the event of a
payment default.

S&P's has also affirmed the 'CCC+' rating on the company's US$85
million second-lien term loan maturing in 2013; the recovery
rating remains '5', indicating the expectation of modest
(10%-30%) recovery in the event of a payment default.  

S&P's has removed all ratings from CreditWatch with negative
implications, where they were placed on May 23, 2007, reflecting
our concerns about weaker-than-expected working capital
management and tight covenant cushion.  The outlook is negative.  
Targus has about US$300 million in outstanding debt on its
balance sheet, including US$31.2 million payment-in-kind notes
maturing 2013.
     
"The downgrade reflects the company's weak cash flow generation
over the last 12 months, very highly leveraged capital
structure, and expected tight cushion on its bank loan financial
covenants over the coming quarters," said S&P's credit analyst
Christopher Johnson.

The ratings on Targus reflect the company's very highly
leveraged capital structure; the highly competitive operating
environment and price-sensitive nature of the laptop computer
case and accessory business; technology risk within the
accessories product line; some customer concentration across the
three distribution channels, and vulnerability to weak economic
and retail environments.

Targus Group International Inc. -- http://www.targus.com/--  
invented the notebook case and continues to advance the mobile
accessories category with innovative and relevant solutions for
today's mobile lifestyle.  Targus products enhance productivity,
connectivity, and security, liberating users to work in any and
all environments with the utmost convenience and comfort.  
Founded in 1983, Targus headquarters are located in Anaheim,
California, with offices worldwide and distribution agreements
in more than 100 countries, including Germany, France, Italy,
Spain and United Kingdom.  The company has Latin America
operations in Argentina, Barbados, Costa Rica and El Salvador.




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


DYOLL INSURANCE: Creditors Getting 2nd Payment Starting Sept. 3
---------------------------------------------------------------
The joint liquidators of Dyoll Insurance Company said in a
statement that the Supreme Court has ordered that the next pay
out to creditors be made starting Sept. 3, 2007.

According to the statement, the pay out will continue for six
months.

Radio Jamaica relates that "Jamaican policyholders will be paid
from a US$45-million pool held by Dyoll Insurance as a
prescribed deposit under the Insurance Act.  Policyholders in
the Cayman Islands will share in a US$79 million fund."

Creditors who would present a substantiated claim by
Aug. 27, 2007, and whose claim would be admitted by the joint
liquidators "will be considered in the second interim payment,"
Radio Jamaica states.

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


GOODYEAR TIRE: Jamaican Unit Loses US$5 Mil. in First Six Months
----------------------------------------------------------------
Goodyear Jamaica Limited, a subsidiary of The Goodyear Tire &
Rubber Company, lost US$5 million in the first half of 2007,
compared to a US$15-million net profit in the same period last
year, Radio Jamaica reports.

Goodyear Jamaica's revenue dropped 8% to US$591 million in the
first six months of 2007, compared to the same period in 2006,
Radio Jamaica states.

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

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

                        *     *     *

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

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

  The Goodyear Tire & Rubber Company

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

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

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

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

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

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

  Goodyear Dunlop Tires Europe B.V.

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

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


NATIONAL WATER: Says Rains Washed Out Some Pipelines
----------------------------------------------------
The National Water Commission told Radio Jamaica that some of
its pipe lines have been washed out by rain.

The "high level of turbidity" is leading to a lack of water for
some clients, Radio Jamaica says, citing Radio Jamaica.

Areas mostly affected are in St. Thomas and St. Andrew, National
Water's Corporate Public Relations Manager Charles Buchanan told
at the NWC.

"At the moment we have sustained some level of damage to our
pipe line infrastructure across the country particularly in some
sections of rural St. Andrew and St. Thomas, those are being
repaired.  We have also experienced some high turbidity levels
at a number of our water supply facilities and as soon as those
turbidity levels improve we will be able to do normal operations
but at the moment there are still some areas that are still
being affected by the effects of the recent rainfall," Mr.
Buchanan commented to Radio Jamaica.

                        *     *     *

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




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


ALESTRA: Fitch Affirms Issuer Default Ratings at B-
---------------------------------------------------
Fitch ratings has affirmed Alestra's, S. de R.L. de C.V. foreign
and local currency IDR's at 'B-', upgraded the senior notes due
2010 to 'B/RR3' from 'B-/RR4' and has revised the rating outlook
to positive from negative.

The revision of the rating outlook reflects the continued growth
in revenues from the increasingly competitive data, internet and
local services segment (DILS) which has offset revenues and cash
flows from long distance services, and the expectation that
leverage should continue to gradually decline from current
levels.  While the company's long term ownership structure
remains unclear, Fitch believes Alestra's financial position or
credit quality should not be materially affected.  The use of
the AT&T brand which is expected to end by November 2008 should
not have a material effect on the company's business profile
owning to its primarily corporate customer base revenue mix.
Conversely, the upgrade of the senior notes reflects, as a
result of lower indebtedness, an improvement in the recovery
prospects, which, Fitch estimates to be in the range of 50%-70%,
in the event of default.

Alestra's ratings continue to reflect its business position as a
niche provider of long-distance and DILS.  Relatively stable
revenues combined with moderate capital expenditures have
resulted in positive free cash flow generation.  The company has
used free cash flow to reduce indebtedness, which together with
an extension of its debt maturities has resulted in an improved
financial profile.  The ratings incorporate the challenges in
the long distance market, increased competition in the DILS
segment and medium to long term refinancing needs.  Positive
factors supporting the rating include the increased contribution
of the higher margin DILS segment in the consolidated revenue
mix which has facilitated moderated EBITDA growth, which,
combined with reduced debt levels has led to improved credit
protection measures.

The company continues to face competitive challenges in the
corporate segment primarily from the leading telecommunications
operator, Telefonos de Mexico and by Axtel S.A.B. de C.V.  
Currently, Telmex controls over 90% of the local exchange
sector, 70% of the long distance sector and has a substantial
share of the data sector.  The entrance of the convergence
agreement, that allows the offering of voice, video and data by
the same company should not have a material effect on Alestra's
revenues as most of them come from the corporate segment.  Fitch
believes that the residential segment should face more
competition due to the entrance of the convergence agreement.  
Fitch notes Alestra is exploring alternatives to offer triple
play services, including video, to its residential customer
base.

Alestra's business strategy is to focus increasingly on the DILS
segments to offset a reduction in long-distance business.  The
data services business offers significant long-term growth
opportunities due to its low penetration in Mexico.  This
segment now accounts for around 50% of revenues compared with
14% in 2001 and is expected to continue increasing as a
percentage of revenues.  Alestra's strategy over the past five
years has resulted in moving away its revenue mix from consumer
business towards enterprise and international business segments.

Competition in the international and domestic business remains
intense as prices continue to trend down.  The entrance of
international and national long distance calling party pays had
a negative effect on this segment as costs increased and traffic
declined.  While long distance business fundamentals are not
expected to change, Fitch believes the company has the
ability to offset the loss in revenue from this segment with
incremental revenues from the DILS division, particularly in the
corporate segment, which should result in stable to slight
growth in EBIDTA generation over the next few years.

For the last twelve months ended Mar. 30, 2007, total
consolidated EBITDA grew 3% when compared to the same period of
the prior year, as consolidated revenues grew 5% as a result of
DILS revenue growth that outpaced declines experienced in the
long distance segment.  During the period revenue and EBITDA
amounted for MXN4,553 million and MXN1,248 respectively and DILS
accounted for 52% of revenues.  Over the medium term Alestra's
main challenge continues to be to successfully grow its existing
DILS operations at a pace that will offset continued pressure in
the long distance segment and maintain EBITDA levels.

Credit protection measures are strong for the rating category.  
For the last twelve months ended Mar. 30, 2007, total debt to
EBITDA was 2.8 times while interest coverage ratio of EBITDA to
gross interest expense at 3.2.  As of the first quarter of 2007,
total debt amounted to US$335 million, composed of US$269
million senior notes due 2010 with, US$46.2 credit facility,
US$3.2 million capital leases.  The company will likely need to
refinance some of its maturities by 2010.  Alestra's expected
free cash flow generation for the 2007-2009 period, should range
between US$60 million to US$70 million and should be sufficient
to meet its debt maturities of 2008 and 2009 but it is
probable that it may need to partially refinance a portion of
its 2010 senior notes at maturity.

Alestra is the Mexican telecommunications company resulting from
the joint venture of ALFA, Bancomer and AT&T that operates a
national network using the most advanced technology.  Alestra
delivers to the Mexican consumer the AT&T standards of quality
and reliability as well as seamless access to the AT&T global
network that operates in 280 countries carrying more than 250
Million voice and data messages worldwide every day.  Alestra
provides data, Internet local and long distance services in
Mexico and is 49% owned by AT&T and 51% owned by Onexa, a
subsidiary of Monterrey-based Alfa.


ALLIS-CHALMERS: Inks New Employment Pacts with CEO & CFO
--------------------------------------------------------
The board of directors of Allis-Chalmers Energy Inc., following
approval by the company's compensation committee, ratified a new
employment agreement between the company and Munawar H.
Hidayatallah, chairman and chief executive officer of the
company, effective April 1, 2007.

Also, on Aug. 3, 2007, the board of directors of the company,
following approval by the company's compensation committee,
ratified a new employment agreement with Victor M. Perez, chief
financial officer of the company, effective April 3, 2007.

            Employment Agreement - Munawar Hidayatallah

The term of the agreement with Mr. Hidayatallah is for three
years.  Pursuant to the agreement, Mr. Hidayatallah is entitled
to an annual base salary of US$500,000, subject to annual cost
of living increases, and will be eligible for an annual
incentive bonus up to a maximum of 100% of his base salary if
the company achieves certain performance goals.

In addition, pursuant to the agreement, on Aug. 3, 2007, the
board of directors, following approval by the compensation
committee, granted Mr. Hidayatallah:

   i. 200,000 stock options to vest 20% on the first anniversary
      of the grant date, 20% on the second anniversary of the
      grant date and the remaining 60% on the third anniversary
      of the grant date and

  ii. performance awards in the amount of 685,000 shares of
      restricted stock, effective April 1, 2007, to vest in
      three equal installments commencing on the first
      anniversary of the effective date, subject to 100% vesting
      of both the stock options and restricted stock upon a
      "change in control" or termination of Mr. Hidaytallah's
      employment without "cause".

The vesting of the performance awards are also subject to Mr.
Hidayatallah achieving certain performance criteria related to
the increase in stockholder value.

The agreement also provides for

   i. tax gross-up payments for taxes incurred under Section
      4999 of the Internal Revenue Code,

  ii. reimbursement of legal fees incurred in connection with
      the negotiation of the agreement and

iii. reimbursements for travel and lodging related to
      Mr. Hidayatallah's travel from his principal residence to
      the company's headquarters in Houston, Texas.

If Mr. Hidayatallah's employment is terminated as a result of a
"change in control" or without "cause", he will receive:

   i. a severance payment equal to three times his then current
      salary,

  ii. compensation for accrued, unused vacation as of the date
      of termination and

iii. any further compensation that may be provided by the terms
      of any benefit plans in which he participates and the
      terms of any outstanding equity grants.

                Employment Agreement - Victor Perez

The term of the new agreement with Mr. Perez is for three years.  
Pursuant to the new agreement, Mr. Perez is entitled to an
annual base salary of US$286,000, subject to an annual increase
in the discretion of the Board of Directors, and will be
eligible for an annual incentive bonus up to a maximum of 50% of
his base salary if the company achieves certain performance
goals.

In addition, pursuant to the new agreement, on Aug. 3, 2007, the
board of directors granted Mr. Perez performance awards
consisting of 15,000 stock options and 25,000 shares of
restricted stock, each grant to vest 20% on the first
anniversary of the grant date, 20% on the second anniversary of
the grant date and the remaining 60% on the third anniversary of
the grant date.  The vesting of such stock options and shares of
restricted stock are also subject to Mr. Perez achieving certain
performance criteria related to increases in the company's stock
price, maintaining financial accounting and auditing expenses
and meeting certain guidance parameters for the company.

If Mr. Perez's employment is terminated without "cause", he will
receive:

   i. severance payments for the lesser of one year following
      termination of employment or the remaining term of the New
      Agreement at his then current salary,

  ii. compensation for accrued, unused vacation as of the date
      of termination and

iii. any further compensation that may be provided by the terms
      of any benefit plans in which he participates and the
      terms of any outstanding equity grants.

The foregoing summaries are not complete and are qualified in
their entirety by reference to the full texts of the employment
agreements of Messrs.  Messrs. Hidayatallah and Perez, which
will be filed in the company's next periodic report.

                    About Allis-Chalmers

Allis-Chalmers Energy Inc. --http://www.alchenergy.com/--  
(NYSE: ALY) is a Houston based multi-faceted oilfield services
company.  It provides services and equipment to oil and natural
gas exploration and production companies, domestically in Texas,
Louisiana, New Mexico, Colorado, Oklahoma, Mississippi, Utah,
Wyoming, Arkansas, Alabama, West Virginia, offshore in the Gulf
of Mexico, and internationally primarily in Argentina and
Mexico.  Allis-Chalmers provides rental services, international
drilling, directional drilling, tubular services, underbalanced
drilling, and production services.

                        *     *     *

As of June 2007, Allis-Chalmers Energy carries Moody's Investors
Service's B2 corporate family rating.


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

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

The analysts said in a research note that American Axle
disclosed a second voluntary separation program offering "buyout
or retirement incentives to around 650 UAW hourly associates" at
American Axle's subsidiaries in Buffalo, New York.

The program would "drive cost savings worth US$35 million every
year, starting 2008," Newratings.com says, citing Robert W.
Baird.

The earnings per share estimate for 2008 was increased to
US$2.15 from US$1.65, Newratings.com states.

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

                        *     *     *

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


BALLY TOTAL: Wants Pacts with Harbinger, et al. Approved
--------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates seek authority from the U.S. Bankruptcy Court
for the Southern District of New York in Manhattan to enter
into an investment agreement and restructuring support
agreement with Harbinger Capital Partners Master Fund I,
Ltd., Harbinger Capital Partners Special Situations Fund,
L.P., Liberation Investments, L.P., and Liberation
Investments, Ltd.  

The Debtors also ask the Court to approve break-up
fee and expense reimbursement provisions stated in the
Investment Agreement.

The Debtors and the Harbinger entities reached agreement on
Aug. 13, 2007, on the terms of a restructuring proposal.

The agreement is reflected in (i) a first amended joint
prepackaged Chapter 11 plan of Reorganization, (ii) an
investment agreement with Harbinger Capital, and (iii) a new
restructuring support agreement with Harbinger Capital,
Liberation Investments, and certain "Consenting Subordinated
Noteholders" including Tennenbaum Capital Partners, LLC.

The Investment Agreement and the related New Restructuring
Support Agreement are key drivers of the Modified Plan, David S.
Heller, Esq., at Latham & Watkins LLP, in Chicago, Illinois,
tells the Court.

Pursuant to the Investment Agreement, Harbinger Capital will
acquire 100% of the New Common Stock of Reorganized Bally issued
on the effective date of the Plan in exchange for a purchase
price of approximately US$233,600,000.  This investment is
necessary to fund the distributions under the Modified Plan and
to fund the Reorganized Debtors' working capital and capital
expenditure needs after the Effective Date, Mr. Heller says.  

Harbinger Capital will receive protections in the form of a
US$10,000,000 Break-Up Fee and Expense Reimbursement capped at
US$5,000,000 in the event that the Investment Agreement is
terminated and Bally consummates an alternative "Superior
Transaction."    

Harbinger Capital would also be entitled to Expense
Reimbursement, capped at either US$3,000,000 or US$5,000,000 if
the Investment Agreement is terminated on certain other
specified grounds, including, among others, an uncured material
breach by Bally of its covenants under the Investment Agreement
or the New Restructuring Support Agreement.

In the event that Harbinger Capital breaches its
representations, warranties or obligations under the Investment
Agreement, Harbinger Capital will not be liable to the Debtors
for any punitive or consequential damages and in no event will
Harbinger Capital be liable for damages in excess of
US$50,000,000.

The Investment Agreement may be terminated:

   (a) by the mutual consent of the parties;

   (b) by Harbinger Capital if (i) Bally enters into an
       Alternative Transaction, (ii) the Board of Directors
       withdraws or changes its recommendation of the Agreement
       in a manner materially adverse to the Investors or
       recommends an Alternative, (iii) the Debtors withdraw the
       Modified Plan or if the Debtors seek to convert any of
       the Chapter 11 Cases to Chapter 7, (iv) the Effective
       Date of the Modified Plan has not occurred by
       Sept. 30, 2007, (v) Bally breaches in any material
       respect its representations, warranties or covenants
       under the Investment Agreement, subject to its right to
       timely cure, (vi) the consummation of the transactions
       contemplated is prohibited by Law or by any judicial or
       governmental action, (vii) any Debtor breaches the New
       Restructuring Support Agreement in any material respect,
       subject to their right to timely cure, (viii) the Break-
       Up Fee or Expense Reimbursement is not approved by a
       Final Order of the Bankruptcy Court by Sept. 3, 2007,
       or (ix) an event occurs that has a Material Adverse
       Effect and that cannot be cured by Sept. 30, 2007; and

   (c) by Bally if (i) Harbinger Capital breaches the Investment
       Agreement or the New Restructuring Support Agreement,
       subject to their rights to timely cure, (ii) the Board
       of Directors determines that termination of the
       Investment Agreement is necessary in order for Bally to
       accept any Superior Transaction or the if the Bankruptcy
       Court on its own, (iii) the Effective Date of the Plan
       has not occurred by Sept. 30, 2007, which date may be
       extended to Oct. 15, 2007, if the Confirmation Order
       has been entered by the Bankruptcy Court on or prior to
       Sept. 30, 2007, and the New Investors continue using
       commercially reasonable efforts to consummate the
       Modified Plan, or (iv) the consummation of the
       transactions contemplated is prohibited by Law or by any
       judicial or governmental action.

A full-text copy of the Investment Agreement is available for
free at http://researcharchives.com/t/s?227c

                Restructuring Support Agreement

Mr. Heller notes that the Original Plan was the result of
several months of negotiations with the Prepetition Noteholders
Committee.  As a result of these successful negotiations, the
Debtors, holders of a majority of the Prepetition Senior Notes
and holders of more than 80% of the Prepetition Subordinated
Notes entered into a Restructuring Support Agreement dated as of
June 15, 2007.

Under the Restructuring Support Agreement, the Consenting
Subordinated Noteholders agreed, among other things, and subject
only to the conditions set forth in the Agreement, (i) to vote
in favor of the Original Plan, (ii) not to withdraw or revoke
their votes, (iii) not to object to the confirmation of the
Original Plan, and (iv) not to take any other action, including,
without limitation, initiating any legal proceeding that is
inconsistent with, or that would delay consummation of, the
Original Plan.  These undertakings by the Consenting
Subordinated Noteholders extend not just to the Original Plan
but also to any modifications that are not inconsistent with the
terms of the Original Plan.

Because the Modified Plan provides the same or better treatment
to every class of creditors and equity holders, the Debtors
believe that the Modified Plan is "not inconsistent with" the
Original Plan, and as a result, the Original Restructuring
Support Agreement remains binding on all holders of Prepetition
Senior Notes and Prepetition Subordinated Notes that were
signatories to that agreement.  

Nevertheless, Mr. Heller says, to facilitate the expeditious
implementation of the Modified Plan, the parties have agreed to
condition the effectiveness of the Investment Agreement upon the
execution and delivery of the New Restructuring Support
Agreement by the Debtors, Harbinger Capital, Liberation
Investments, and the Consenting Subordinated Noteholders.

A full-text copy of the New Restructuring Support Agreement is
available for free at http://researcharchives.com/t/s?227d

Although the Consenting Subordinated Noteholders have not yet
committed to signing the New Restructuring Support Agreement,
the Debtors intend to request that the Consenting Subordinated
Noteholders sign that agreement following the Court's approval
of the request, Mr. Heller explains.

The Debtors also seek the Court's authority to assume the
June 15, 2007 Restructuring Support Agreement.

Mr. Heller informs Judge Lifland that the Debtors' assumption of
the Restructuring Support Agreement is a condition to the
effectiveness of the Investment Agreement, and is, therefore, a
critical piece of the transactions contemplated by the Modified
Plan.

By assuming the Restructuring Support Agreement, the Debtors
intend to eliminate any uncertainty about the position of the
Consenting Noteholders with respect to the Modified Plan.

Mr. Heller assures the Court that the Debtors have performed,
and will continue to perform, their obligations under the
Restructuring Support Agreement, and do not owe any cure amounts
pursuant to Section 365(b)(1)(A) of the Bankruptcy Code.  
Accordingly, the Debtors are not required to establish
"adequate assurance of future performance" under Section
365(b)(1)(C).  Nonetheless, for the avoidance of doubt, the
Debtors assert that they have provided adequate assurance of
future performance.

                 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$1,825,941,54627 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. 5; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000)


BALLY TOTAL: Inks Pact Amending Morgan Stanley DIP Loan
-------------------------------------------------------
Following Bally Total Fitness Holding Corporation and its
debtor-affiliates' filing of their First Amended Joint
Prepackaged Chapter 11 Plan of Reorganization, Morgan Stanley
Senior Funding Inc. argued that its original contractual
commitment to provide the DIP Facility and Exit Facility did
not extend to the Debtors if they sought confirmation of the
Modified Plan.  

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Morgan Stanley agreed to arrange a US$292,000,000 DIP facility
comprised of a US$50,000,000 revolving facility and a
US$242,000,000 term loan facility.

To avoid the risks and costs of litigation on these matters, the
Debtors negotiated an amendment with the Morgan Stanley, whereby
the DIP Lenders would provide the DIP Facility and Exit Facility
to the Debtors regardless of whether the Debtors sought or
obtained confirmation of their Original Plan or Modified Plan.

The DIP Agent charged a US$1,000,000 amendment fee -- which is
being paid by Harbinger Capital Partners Master Fund I, Ltd.,
and Harbinger Capital Partners Special Situations Fund, L.P. --
and required increases in interest rates and fees, as well as
modifications to the financial covenants.  

David S. Heller, Esq., at Latham & Watkins LLP, in Chicago,
Illinois, notes that these modifications do not materially alter
the treatment of any class of claims or interests in the Plan
and will be disclosed to the  the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan at the Final DIP
Hearing scheduled for Aug. 21, 2007.

A redlined copy of the Amended DIP Agreement is available for
free at http://researcharchives.com/t/s?227e

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

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.  

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


BENQ CORP: Mobile Unit Seeks EUR26 Million from Parent Firm
-----------------------------------------------------------
BenQ Mobile GmbH & Co., through its insolvency administrator
Martin Prager, again sued Taiwan-based parent company BenQ Corp.
on Aug. 10, 2007, bringing a total of three lawsuits against the
firm, published reports say.

Mr. Prager is claiming about EUR26 million from BenQ Corp. in
bonus payments it promised to the German unit's employees, which
the mobile unit ended up paying, John Blau writes for IDG News
Service.

According to Cellular-News, the former managers could be liable
for debt if BenQ Corp. fails to transfer the funds due to BenQ
Mobile.  About 3,000 workers were made redundant through the
bankruptcy.

BenQ Corp. denied to Cellular-News Mr. Prager's claim.

Mr. Prager had earlier sued BenQ in a Munich court, demanding
two separate payments of EUR14.2 million and EUR68.9 million.  
The lawsuits had to do with certain accounts payable made by
BenQ Mobile to the parent company in 2006, which the unit now
demands to be returned.  BenQ Corp., however, asserts that these
payments were made as ordinary payments for goods sold.

BenQ Corp. said it plans to file counterclaims against BenQ
Mobile and Mr. Prager in relation to the two suits.

            Possible Support for Affected Employees

Meanwhile, Franz Muntefering, Germany's minister for employment,
has applied to the European Commission for financial support for
employees affected by BenQ Mobile's insolvency, Financial Times
reports citing Die Welt as its source.

Mr. Muntefering wants to tap the EUR500 million EU globalization
fund which was set up early this year to ease the effects of
globalization, Die Welt adds.

Headquartered in Taiwan, Republic of China, BenQ Corp.,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  The
company's global operations are in Brazil, Mexico, Canada,
United States, Australia, China, Hong Kong, India, Indonesia,
Japan, Korea, Malaysia, New Zealand, Philippines, Singapore,
Taiwan, Turkey, Thailand, Vietnam, Austria, Belgium, among
others.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

                        *     *     *

As reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned
its long-term twBB+ and short-term twB corporate credit ratings
to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BRISTOW GROUP: Paying US$0.68750 Per Share Dividend on Sept. 1
--------------------------------------------------------------
Bristow Group Inc.'s Board of Directors has declared a dividend
of US$0.68750 per share of Mandatory Convertible Preferred Stock
issued and outstanding at the close of business on
Sept. 1, 2007.

The dividend will be payable on Sept. 15, 2007, to stockholders
of record at the close of business on the Record Date.

There are 4,600,000 shares of Bristow's Mandatory Convertible
Preferred Stock issued and outstanding.

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

                        *     *     *

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


DUERR AG: Earns EUR45,000 for First Half 2007
---------------------------------------------
Duerr AG posted EUR45,000 in net profit on EUR650.3 million in
net revenues for the first half of 2007, compared with EUR3.3
million in net losses on EUR626.3 million in net revenues for
the same period in 2006.

The earnings situation was impaired in the second quarter by
delays on projects in India, especially on a large order.  Duerr
launched a package of measures including, among other things, a
broadening of its local supplier base in India.  As a result of
the project delays, the gross margin sank to 16.1% from 17.0% in
the same period in 2006.  

Internal processes are benefiting from the improvements
implemented under the Group-wide FOCUS program.  As a result,
administrative and selling expenses were down overall by 2.7% to
EUR89.7 million.

Owing to the good order situation and the first-time
consolidation of an Italian subsidiary with 40 employees, the
number of employees rose to 5,836 as of June 30, 2007.  This is
3.3% more than at the end of 2006.  The biggest increase was in
the growth region of Asia, where the number of employees rose by
16.0% to 697.

At 22.9%, the equity ratio at June 30, 2007 was virtually
unchanged versus the previous year (23.0%).  Net financial debt
amounted to EUR145.5 million at June 30, 2007 as compared with
EUR122.2 million a year earlier.  Duerr met most of its
financing requirements in the first half of 2007 from cash and
cash equivalents.

"New orders were 40% above sales revenues in the first half.  
Our reach of orders has therefore continued to grow.  Capacities
are well utilized until far into 2008," Duerr AG CEO Ralf Dieter
commented.

                  Unchanged Positive Outlook

Duerr anticipates a sustained good order situation.  The company
expects that incoming orders in 2007 will at least match the
high 2006 level.  Duerr continues to forecast a significant
earnings improvement in 2007, especially as higher-margin orders
will be executed in the second half.

Much of the earnings growth will be realized in the fourth
quarter.  A further earnings improvement is expected in 2008.  
The target return for 2008 is an unchanged at least 5% at the
operating earnings level.

                         About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and  
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.  

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Moody's upgraded the outlook for Duerr AG's
corporate credit rating from negative to stable.  Duerr AG's
corporate credit rating continues to stand at B2.


DURA AUTOMOTIVE: Court OKs Sale of Atwood Mobile for US160.2 Mln
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
DURA Automotive Systems Inc. and its debtor-affiliates' asset
purchase agreement with Atwood Acquisition Co., LLC, an
affiliate of private equity firm Insight Equity, for the sale of
DURA's Atwood Mobile Products division, headquartered in
Elkhart, Indiana.  The agreement provides for the acquisition of
Atwood Mobile Products for an aggregate cash consideration of
US$160.2 million.

DURA was advised by Miller Buckfire, AlixPartners and Kirkland &
Ellis in connection with both the backstop and Atwood sale
agreements.

As reported in yesterdays Troubled Company Reporter, the Debtors
disclosed that they canceled the scheduled auction for Atwood
Mobile Products, Inc.'s assets, in light of the absence of
competing bids for the Elkhart, Indiana-based business.

In a notice filed before the U.S. Bankruptcy Court for the
District of Delaware, Dura Automotive said that they have not
received additional "qualified bids" for Atwood by the August 8
deadline to submit bids.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.  
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on
Sept. 30, 2007.


DURA AUTOMOTIVE: Gets Court Nod on Backstop Rights Purchase Deal
----------------------------------------------------------------
DURA Automotive Systems Inc. obtained approval from the United
States Bankruptcy Court for the District of Delaware two
important agreements that will help facilitate and finance
DURA's emergence from bankruptcy.  The Court entered an order
approving DURA's asset purchase agreement for the sale of its
Atwood Mobile Products division and approved its amended
backstop rights purchase agreement.  The order for the backstop
agreement will be submitted tomorrow under certificate of
counsel.  These milestones keep the company on track for an
expected emergence from Chapter 11 in the fourth quarter of
2007.

"We are pleased with the Court's decision, which enables us to
continue on a path toward emergence," said Larry Denton, DURA
Automotive's Chairman and Chief Executive Officer.  "We have
made significant progress with our creditors and other
constituencies to foster a consensual reorganization process."

On Aug. 13, 2007, DURA filed an amended backstop rights purchase
agreement and related stockholder agreement, which reflects a
global resolution of issues among the company, Pacificor, LLC
and the Creditors' Committee.  Under the terms of the amended
agreement, upon emergence the company will be privately held
with a range of minority shareholder protections.  The Court has
approved this agreement, which provides an equity backstop
commitment of between US$140 and US$160 million.

Separately, the Court approved DURA's asset purchase agreement
with Atwood Acquisition Co., LLC, an affiliate of private equity
firm Insight Equity, for the sale of DURA's Atwood Mobile
Products division, headquartered in Elkhart, Indiana.  The
agreement provides for the acquisition of Atwood Mobile Products
for an aggregate cash consideration of US$160.2 million.

DURA was advised by Miller Buckfire, AlixPartners and Kirkland &
Ellis in connection with both the backstop and Atwood sale
agreements.

                    About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


NUANCE COMMS: Prices US$220-Mil. Offer of Sr. Conv. Debentures
--------------------------------------------------------------
Nuance Communications Inc. priced its offering of US$220 million
aggregate principal amount of 2.75% senior convertible
debentures due 2027 through an offering to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended.  The sale of the debentures is expected
to close on Aug. 13, 2007, subject to satisfaction of customary
closing conditions.  Nuance also granted the initial purchasers
a 30-day over-allotment option to purchase up to US$30 million
aggregate principal amount of additional debentures.

The debentures will bear interest at a rate of 2.75% per year,
payable in cash semi-annually in arrears, beginning on
Feb. 15, 2008.  The debentures will be convertible, subject to
certain conditions, into shares of Nuance's common stock at an
initial conversion rate of 51.3736 shares per US$1,000 principal
amount of the debentures, which is equivalent to an initial
conversion price of about US$19.47 per share and which
represents a 22.5% premium to the closing share price on
Aug. 7, 2007, subject to adjustment upon the occurrence of
certain events.

Upon conversion of a debenture, a holder will receive cash in an
amount equal to the lesser of US$1,000 and the conversion value
and, if the conversion value is greater than US$1,000, payment
of the excess value in the form of cash and/or shares of
Nuance's common stock, at Nuance's option.  Nuance may redeem
the Debentures in whole or in part on or after Aug. 20, 2014.  
Holders of the Debentures may require Nuance to purchase all or
a portion of their debentures, in cash, on Aug. 15, 2014,
Aug. 15, 2017, and Aug. 15, 2022, and upon the occurrence of
certain fundamental changes.

Nuance intends to use the net proceeds from the offering,
together with cash on hand, to fund its previously announced
acquisition of Tegic Communications Inc.

               About Tegic Communications Inc.

Headquartered in Seattle, Tegic Communications Inc. --
http://www.tegic.com/-- builds robust, innovative, embedded   
software designed to enhance communications on small mobile
devices.  The company has offices in Beijing, Hong Kong, London,
New Delhi, Paris, Sao Paulo, Seoul, Singapore, and Tokyo.  Tegic
is a subsidiary of AOL LLC.

                 About Nuance Communications

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed US$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


ONEIDA LTD: Moody's Withdraws All Ratings
-----------------------------------------------
Moody's Investors Service has withdrawn all ratings on Oneida,
Ltd.  The withdrawal is driven by Oneida's announcement that it
has terminated its intent to enter into a new US$120 million
senior secured term loan facility due to unfavorable market
conditions.

The company intended to use proceeds from the term loan and a
portion of cash to refinance its existing term loan that was put
in place following its emergence from voluntary bankruptcy in
September 2006, pay a US$30 million special dividend to
preferred equity holders, and pay related fees, expenses and
prepayment penalties.

These ratings were withdrawn:

   Oneida, Ltd.:

   -- Corporate family rating at B2

   -- Probability of default rating at B2

   -- US$120 million first-lien Term Loan due 2013 at B3
      (LGD 4, 62%)

Headquartered in Oneida, New York, Oneida, Ltd. is a leading
marketer and distributor of tableware products, including
metalware, dinnerware, glassware and other tabletop accessories.  
The company's key operations are in the U.S., Canada, Mexico,
U.K., EMEA and Australia, and revenue is estimated to be about
US$350 million.


RYERSON INC: Advises Stockholders to Reject Harbinger's Nominees
----------------------------------------------------------------
Ryerson Inc. urges stockholders to reject Harbinger's handpicked
slate of nominees at Ryerson's upcoming annual meeting.
    
"Harbinger is asking Ryerson's stockholders to hand over control
of their company without saying whether or not Harbinger's
nominees will complete the sale to Platinum, without
compensating stockholders, without a strategy, operating plan or
management team, and importantly in today's credit environment,
without securing committed financing for approximately US$900
million of debt that would become due upon a change in control
of the board," Neil Novich, chairman and chief executive officer
of Ryerson, said.
    
"We find Harbinger's rhetoric describing our strategic review
process as 'flawed' both inaccurate and hypocritical.  Our Board
engaged in an exhaustive process, contacting over 50 parties
during the review and negotiated a go-shop provision in the
deal, which has kept the door open for other bidders" Mr. Novich
continued.  "In fact, Harbinger was invited to be part of this
process and declined twice.  Instead, they put forward several
nominees that oversaw what many would consider to be the very
definition of a flawed process when these individuals served on
the board of Metals USA."
    
"We urge our stockholders to support our current capable,
independent board of directors to be assured of keeping their
opportunity to vote on the Platinum transaction for US$34.50 per
share," Mr. Novich concluded."
    
Security holders may obtain a free copy of the proxy statement
and any other relevant documents, when available, by directing a
request to:

          Ryerson Inc.
          Attention: Investor Relations
          2621 West 15th Place,
          Chicago, Ill. 60608
    
For questions and assistance with voting WHITE proxy card, or
need additional copies of proxy material, please call:

          MacKenzie Partners Inc.
          105 Madison Avenue
          New York, NY 10016
          Tel. (212) 929-5500 (Call Collect)
          (800) 322-2885 (toll-free)

The Harbinger Capital Partners investment team located in New
York City manages in excess of US$5 billion in capital through
two complementary strategies.  Harbinger Capital Partners Master
Fund I Ltd. is focused on restructurings, liquidations, event-
driven situations, turnarounds, and capital structure arbitrage,
including both long and short positions in highly leveraged and
financially distressed companies.  Harbinger Capital Partners
Special Situations Fund L.P. is focused on distressed debt
securities, special situation equities, and private loans/notes
in a predominantly long-only strategy.

                      About Ryerson Inc.

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

                        *     *     *

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

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


SR TELECOM: June 30 Balance Sheet Upside-Down by CDN$14 Million
---------------------------------------------------------------
SR Telecom Inc. reported on Aug. 9, 2007, its unaudited second
quarter 2007 results for the three months ended June 30, 2007.

SR Telecom Inc.'s consolidated balance sheeT at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million in
total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.

Net loss was CDN$14.9 million compared to CDN$17.3 million in
2006.  Operating loss from continuing operations was
CDN$13.7 million, a CDN$4.0 million improvement over the
CDN$17.7 million operating loss recorded during the same period
one year ago.

SR Telecom's second quarter revenue grew 51% to CDN$22.4 million
from CDN$14.8 million during the same period in 2006, reflecting
the ongoing implementation of major contracts in Mexico and
Argentina.  

These improvements-a result of the increase in sales volume,
higher margins on equipment sales and a CDN$2.3 million decline
in selling, general and administrative (SG&A) expenses-were
offset by a CDN$600,000 increase in restructuring charges and a
CDN$700,000 million rise in research and development expenses.  
The 2007 restructuring charges relate to the company's announced
plan to reorganize its internal operations and centralize
activities; the R&D increase is a reflection of the additional
resources the company has devoted to the development, delivery
and deployment of WiMAX solutions in 2007.

"Our second quarter performance, while clearly an improvement
over last year's results, reflects the delays in manufacturing
and deliveries that we encountered during the quarter as we
worked to resolve our capital issues," said Serge Fortin,
president and chief executive officer of SR Telecom.  "We know
that much remains to be done for SR Telecom to regain positive
and sustainable momentum, yet it is encouraging that our
customers have continued to demonstrate their belief in our
ability to design, deliver and deploy high-quality wireless
solutions.  The additional CDN$45 million in available funds we
received through the term loan in early July will enable us to
further invest in our WiMAX technology, strengthen our customer
relations and execute on our growth strategy."

Year-to-date revenue was CDN$45.2 million, up 33.0% from
CDN$34.0 million in the first six months of 2006.  Operating
loss for the six-month period in 2007 was CDN$22.5 million
compared to CDN$29.2 million in the same period of 2006.  The
year-to-date net loss was CDN$27.1 million compared to CDN$30.9
million during the first six months in the prior year.

Backlog at June 30, 2007, stood at CDN$27.1 million, the
majority of which is expected to be delivered by the end of this
year.  This compares with CDN$45.4 million at the end of 2006
and CDN$31.3 million at the end of the first quarter of 2007.

                     Financial Position

As reported in the Troubled Company Reporter on July 6, 2007,
the company entered into an agreement, with a syndicate of
lenders comprised of shareholders and lenders that provides a
new term loan of up to CDN$45 million, of which CDN$35 million
was drawn immediately.  The CDN$10 million balance is available
for drawdown for a period of one year from the signing date.

As at June 30, 2007, the company's consolidated cash, including
restricted cash, was CDN$9.2 million, down from CDN$26.2 million
at Dec. 31, 2006, and reflects the use of cash to fund
continuing operating activities and capital requirements; it
does not include additional funding from the new term loan.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2277

                      Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the company's losses
for the current and prior years, negative cash flows, reduced
availability of supplier credit and lack of operating credit
facilities.  As such, the realization of assets and the
discharge of liabilities and commitments in the ordinary course
of business are subject to significant uncertainty.

For the three and six months ended June 30, 2007, the company
realized a net loss of CDN$14.9 million and CDN$27.1 million,
respectively (CDN$115.6 million for the year ended Dec. 31,
2006), and used cash of CDN$9.2 million and CDN$21.6 million,  
respectively (CDN$45.2 million for the year ended Dec. 31, 2006)
in its continuing operating activities.  Going forward, the
company will continue to require substantial funds as it
continues the development of its WiMAX product offering.

                       About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access     
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  SR Telecom's products are currently deployed in
more than 110 countries worldwide.  The company has offices in
Mexico, France and Thailand.


TV AZTECA: Reaches Programming Deal with Power
----------------------------------------------
TV Azteca, S.A. de C.V., has purchased a package of over 120
hours of prime-time mini-series and drama from UK drama producer
and distribution company Power, the World Screen reports.

Dominic Schreiber at Variety.com relates that a package of 60
miniseries and movies includes some of Power co-productions.

"This deal strengthens our existing relationship with TV Azteca
and confirms our commitment to providing the kind of premium TV
content that Power is recognized across the world for
producing," Power's global sales president Chris Philip told the
World Screen.

TV Azteca (BMV: TVAZTCA) (Latibex: XTZA) is one of the two
largest producers of Spanish-language television programming in
the world, operating two national television networks in Mexico
-- Azteca 13 and Azteca 7 -- through more than 300 owned and
operated stations across the country.  TV Azteca affiliates
include Azteca America Network, a new broadcast television
network focused on the rapidly growing US Hispanic market, and
Todito, an Internet portal for North American Spanish speakers.

                        *     *     *

Moody's Investor Services rated TV Azteca's senior unsecured
debt at B1.


WARNACO INC: Moody's Affirms Ba3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed Warnaco's Ba3 corporate
family, Ba1 senior secured and B1 senior unsecured ratings and
revised the company's outlook to positive from stable.

The positive outlook reflects the fact that Warnaco's progress
in the integration and execution of the January 2006 Fingen SpA
acquisition, which gave Warnaco the licensing rights to
distribute Calvin Klein jeans, accessories and other apparel in
European and Asian markets, has progressed better than initially
anticipated.

The Calvin Klein businesses, both domestic and international,
have helped drive the company's operating profitability
improvements.  Since the acquisition, Moody's adjusted operating
margins have improved from a high of 8% at fiscal 2005 to 9.1%
for the last 12 months ending March 31, 2007, with double digit
operating margins in the fourth quarter of 2006 and the first
quarter of 2007.  Leverage, as measured by debt / EBITDA, has
improved from 3.3x at fiscal 2006 to 2.7x at March 31, 2007, due
to improved performance and prepayment of debt with proceeds
from the sale of non-core businesses.

Upward rating momentum could build if the company continues to
demonstrate growth in revenues above peers, sustained operating
margins approaching 10% and improved free cash flow to debt
above 10%.  The outlook reflects Moody's expectations that the
company will continue to improve revenue growth and
profitability over the near term, and that if consumer demand
were to soften, its financial performance would remain
sufficiently strong to support a positive outlook.

These ratings were affirmed and LGD assessments amended:

-- Corporate Family Rating at Ba3

-- Probability of Default Rating at Ba3

-- US$225 senior secured revolving credit facility at Ba1 (LGD2
    20%, was 22%)

-- US$180 million senior secured term loan at Ba1 (LGD2 20%,
    was 22%)

-- US$210 million senior unsecured debt at B1 (LGD5 76%, was
    78%)

Warnaco Inc. and its parent, The Warnaco Group, Inc., are
headquartered in New York, NY.  The company is one of the
world's leading designers, manufacturers and marketers of
intimate apparel, sportswear, and swimwear worldwide under
brands that it owns or licenses, such as Warner's, Olga, Lejaby,
Calvin Klein, Speedo, and Chaps.  The company has operations in
Europe, Mexico and Korea.  The company reported revenues of
about US$1.9 billion for the last 12-month period ended
June 30, 2007.




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


ADVANCED CARDIOLOGY: Hires Aviles Cruz as Special Counsel
---------------------------------------------------------
Advanced Cardiology Center Corp. obtained permission from the
U.S. Bankruptcy Court for the District of Puerto Rico to employ
Aviles, Cruz & Associates, C.S.P. as its special counsel.

Aviles Cruz will handle corporate matters, including:

   a) legal representation in administrative and labor issues;
      and
   
   b) judicial proceeding in the Mayaguez Superior Court of
      First Instance of Puerto Rico

Edwin A. Aviles Perez, Esq., an Aviles Cruz partner, disclosed
that the firm will be billed US$75 per hour for its legal
counseling and US$100 per hour for legal representation at
administrative agencies or Court.

Mr. Perez assures the Court that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Perez can be reached at:

        Edwin A. Aviles Perez, Esq.
        Aviles, Cruz & Associates
        P.O. Box 6255
        Mayaguez, PR 00681
        Tel: (787) 805-6262
        Fax: (787) 832-2967

Based in Mayaguez, Puerto Rico, Advanced Cardiology Center Corp.
filed for Chapter 11 protection on Jan. 8, 2007 (Bankr. D. P.R.
Case No. 07-00061).  Alexis Fuentes-Hernandez at Fuentes Law
Offices represents the Debtor.  When the Debtor filed for
protection from its creditors, it estimated assets and debts
between US$10 million and US$50 million.


HORIZON LINES: Closes Tender Offer for Senior Notes
---------------------------------------------------
Horizon Lines, Inc. has completed its cash tender offer for all
of the 9.00% Senior Notes due 2012 of its subsidiaries Horizon
Lines, LLC and Horizon Lines Holding Corp. and the 11.00% Senior
Discount Notes due 2013 of its subsidiary H-Lines Finance
Holding Corp.  The tender offer expired at 12:00 midnight, New
York City time, on Aug. 13, 2007, with 100% of the outstanding
principal amount of the Notes validly tendered.

Approximately 95.82% of the outstanding principal amount of the
Senior Notes and approximately 98.75% of the outstanding
principal amount of the Senior Discount Notes were validly
tendered as of 5:00 p.m., New York City time, on July 30, 2007,
and accepted for purchase by the company on Aug. 8, 2007.  All
of the Notes that remained outstanding after the Consent
Expiration were validly tendered prior to the Expiration Time
and accepted for purchase by the company.

Goldman, Sachs & Co. served as the sole dealer manager for the
tender offer.

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

                        *     *     *

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


HORIZON LINES: Morgan Keegan Reaffirms Outperform Rating on Firm
----------------------------------------------------------------
Morgan Keegan analysts have reaffirmed their "outperform" rating
on Horizon Lines Inc's shares, Newratings.com reports.

The analysts said in a research note that Horizon Lines
concluded the refinancing of its balance sheet.

The analysts told Newratings.com that Horizon Lines' yearly
"GAAP interest rate" would drop to 5.4% from 8.8%, resulting in
US$0.31 in annual earnings per share accretion.

The earnings per share estimate for 2007 was increased to
US$1.63 from US$1.52, while the estimate for next year rose to
US$2.76 from US$2.45, Newratings.com states.

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

                        *     *     *

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




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


DFL CARIBBEAN: Fitch Affirms Ratings with Stable Outlook
--------------------------------------------------------
Fitch affirms the ratings of Development Finance Limited and
assigns ratings to DFL Caribbean Holdings Limited.  The rating
outlook is stable.

Ratings reflect ownership, efficient operating structure, and
sizable portion of stable long-term funding.  Offsetting factors
include the company's concentration of exposure, comparatively
high level of impaired loans, small size and limited market
position.

Recently, the company converted to a holding company structure
under DFL Caribbean Holdings Limited.  The holding company
structure more clearly separates risks by product type and
geography and allows management and the board to more clearly
monitor performance, risks and regional expansion efforts.  
Policies for holding company leverage appear reasonable.  It is
believed that more than sufficient liquidity will be maintained
at the holding company level.

The largest shareholders are RBTT Financial Holdings with 31%,
the Government of Trinidad and Tobago with 28%, the European
Investment Bank with 8.5%, and the Inter-American Investment
Corporation with 8.5%.  Fitch believes there is a moderate
probability of support from DFL's institutional owners in the
event of serious financial difficulties.

Fitch affirms these ratings:

  Development Finance Limited

   -- Long-term Issuer Default Rating at 'BB';
   -- Short-term IDR at 'B';
   -- Individual rating at 'D';
   -- Support rating at '3'.

Fitch assigns these ratings:

  DFL Caribbean Holdings Limited

   -- Long-term Issuer Default rating at 'BB';
   -- Short-Term IDR at 'B';
   -- Individual rating at 'D';
   -- Support rating at '3'.

DFL is a financial institution.  The company is licensed under
the Financial Institutions Act of Trinidad & Tobago as a
Merchant Bank and Finance Company; it is a member of the Deposit
Insurance Corporation of Trinidad & Tobago and is registered
with the Trinidad and Tobago Securities and Exchange Commission.




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


PETROLEOS DE VENEZUELA: Ramirez Denies Borco Sale Talks
-------------------------------------------------------
Rafael Ramirez, Venezuelan Minister of Energy and Petroleum and
chief executive of Petroleos de Venezuela SA, said that the
government has no plans to sell its Borco crude oil warehouse in
the Bahamas, contradicting earlier reports of a public offer
this year for the facilities, El Universal reports.

The Bahamas facilities can store up to 20 million barrels of
crude and other products.  According to previous reports, the
company contemplated the sale of Borco because it doesn't need a
large storage complex in the Caribbean.

Business News Americas reported that Petroleos de Venezuela
directors led by the firm's refining vice president, Alejandro
Grando, met twice in Houston last year to discuss the sale of
Borco.

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.

                        *     *     *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Extends Bond Offering to Aug. 24
--------------------------------------------------------
The Venezuelan government has extended its bond offering
deadline to Aug. 24 to meet demands from the province, Finance
Minister Rodrigo Cabezas was quoted by Bloomberg as saying.   

As previously reported, investors are to acquire the dollar
bonds using bolivars and must buy equal amounts of the three
bonds.

On Tuesday's opening sale, brokers noted caution as investors
were pondering on the set, which includes secured interest and
principal notes expiring in 2017 and TICC ending in 2019, in
addition to Argentinean Bonden 15, El Universal relates.   

El Universal says that this time, US$2,000 will be supplied in
domestic notes and US$1,000 in foreign bonds.

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: Acquires 49% Stake in Petrojam
------------------------------------------------------
Venezuela's state-run oil firm Petroleos de Venezuela SA said in
a statement that its Caribbean subsidiary PDV Caribe has
acquired a 49% stake of the Petrojam plant from Petroleum
Corporation of Jamaica.

Business News Americas relates that Petroleum Corporation will
own 51% of the plant.

Petroleos de Venezuela said in a statement that PDV Caribe and
Petroleum Corporation will expand the plant's capacity to 50,000
barrels per day from 27,000 barrels per day through the refinery
joint venture, also called Petrojam.

PDV Caribe will supply the plant with 23,500 barrels per day, as
agreed between the Venezuelan government and the Petroleum
Corporation, Bnamericas states.

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

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


SHAW GROUP: Finalizes US$1.1 Bil. Mirant Power Plants Contract
--------------------------------------------------------------
The Shaw Group Inc. disclosed that the Fossil Division of its
Shaw Power Group has signed an engineering, procurement and
construction contract with Mirant Mid-Atlantic, LLC and Mirant
Chalk Point, LLC totaling US$1.1 billion to retrofit their Chalk
Point, Morgantown and Dickerson power plants in Maryland with
new emissions controls.

The contract finalizes an alliance agreement signed in July
2006.  The retrofit will include flue gas desulfurization units,
which are designed to significantly reduce sulfur dioxide
emissions.

Completion of the retrofit program is scheduled for December
2009.  The final agreement results in a $200 million increase to
the company's backlog.  The additional booking will be reflected
in the company's fourth quarter results.

"We are delighted to continue our strong relationship with
Mirant and finalize this contract for Mirant's three Maryland
coal-fired generating plants," J.M. Bernhard Jr., chairman,
president and chief executive officer of Shaw, said.  "These
state-of-the-art air quality control systems, coupled with our
procurement and construction expertise, further Shaw's standing
as an industry leader in the emissions control market for the
power industry."

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


* VENEZUELA: Belarus Asks for Help on US$456-Mil. Debt to Russia
----------------------------------------------------------------
The Belarus government has asked the administration of
Venezuelan President Hugo Chavez to help it pay back a US$56
million debt to Russia, amidst threats of halving gas supplies,
The Financial Times reports.

The Russian government has threatened to cut gas supplies to
Belarus if it can't pay its debt.  The FT says Belarus President
Alexander Lukashenko said that his government would dip into its
reserve fund to pay the debt.  But that statement was met with
scepticism by Russia.

According to Venezuelan Finance Minister Rodrigo Cabezas, a loan
for Belarus is being discussed but couldn't provide details yet
saying that the matter is being handled by the Foreign Ministry,
the FT relates.

The FT says that a Venezuelan loan to Belarus is not unlikely
given the two nations good relations.  Published reports also
said that Venezuela intends to purchase arms from Belarus.

                        *     *     *

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


                         ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
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members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
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           * * * End of Transmission * * *