TCRLA_Public/070820.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, August 20, 2007, Vol. 8, Issue 164

                          Headlines

A R G E N T I N A

BOSTON SCIENTIFIC: Plans to Sell Cardiac & Vascular Surgery Biz
CAVA Y ASOCIADOS: Proofs of Claim Verification Ends Tomorrow
CONSULTORA B&B: Proofs of Claim Verification Is Until Tomorrow
DELTA AIR: Allows Travel Schedule Adjustments in Caribbean
ENCARNACION DELIA: File Reorganization Petition in Buenos Aires

ESTRELLA FEDERAL: Creditors Voting on Settlement Plan Tomorrow
FIAT SPA: Repurchases 1.2 Million Ordinary Shares
LA INDUSTRIAL: Trustee To File General Report in Court Tomorrow
MELICER SA: Proofs of Claim Verification Deadline Is Sept. 12
OIL AMERICANA: Proofs of Claim Verification Deadline Is Tomorrow

PAESTUM SACIFI: Trustee Filing Individual Reports Tomorrow
PETROLERA LANUS: Trustee Filing General Report in Court Tomorrow
POTRERILLO SRL: Proofs of Claim Verification Is Until Sept. 24
ROLLING FORMS: Proofs of Claim Verification Deadline Is Tomorrow
SOUTH AMERICAN: Trustee To File Individual Reports Tomorrow

ZEOX SA: Proofs of Claim Verification Ends Tomorrow


B E R M U D A

ANDREW CORP: Gets Request for Hart-Scott-Rodino Related Info
COMMSCOPE: Receives Request for Hart-Scott-Rodino Related Info
CRIMEA INC: Proofs of Claim Filing Is Until Aug. 22
CRIMEA INC: Sets Final Shareholders Meeting for Aug. 22
GRIMSBY INSURANCE: Will Hold Final General Meeting on Aug. 22

J.P. MORGAN: Sets Final General Meeting for Sept. 4
MAN MAC VORAB: Creditors Must File Proofs of Claim by Aug. 22
MONTPELIER RE: Names T. Aman as Senior VP & Risk Mgmt. Officer
REFCO INC: Files Quarterly Report for Second Quarter 2007


B R A Z I L

AES CORP: Tiete Deciding on Making Investment Outside Sao Paulo
ALLIANCE ONE: Holds Annual Shareholder & Board Meetings
COMPANHIA SIDERURGICA: Earns BRL952 Million in Second Quarter
COMPANHIA SIDERURGICA: Will Produce Heavy Plates & Rail Track
COSAN SA: Raises US$1.05B in NYSE Initial Public Offering

DELPHI CORP: Gets Court Nod on US$75 Mil. Asset Sale to Umicore
FORD MOTOR: Potential Buyers Wary of New EU Emissions Rules
FURNAS CENTRAIS: Moody's Affirms Ba1 Global Local Curr. Rating
SERRA DO FACAO: Moody's Puts Ba2 Rating on BRL140-Mln Debentures

* BRAZIL: State Firm Official Says Oil Prices To Remain High
* BRAZIL: State Firm Launching Abreu e Lima Construction Works
* BRAZIL: Financial Market Affected by Global Panic
* BRAZIL: State Firm May Pay BRL85MM Fine for Gas Supply Breach


C A Y M A N   I S L A N D S

AMB BLACKPINE: Will Hold Final Shareholders Meeting on Sept. 17
AVENIR ASIAN: Sets Final Shareholders Meeting for Sept. 14
BAILEY COATES: Will Hold Final Shareholders Meeting on Sept 7
CHINA INVESTMENT: Sets Final Shareholders Meeting for Sept. 7
FRONTIER IV: Will Hold Final Shareholders Meeting on Sept. 7

IASIA ALLIANCE: Proofs of Claim Filing Deadline Is Sept. 21
IC MEDIA: Sets Final Shareholders Meeting for Sept. 21
IC MEDIA: Proofs of Claim Filing Ends on Sept. 21
IVY PARTNERS: Sets Final Shareholders Meeting for Sept. 7
JAPAN ADVISORY: Will Hold Final Shareholders Meeting on Sept. 7

OPAL: Proofs of Claim Filing Deadline Is Sept. 21
OPAL: Sets Final Shareholders Meeting for Sept. 21
PARMALAT SPA: Parma Prosecutors Accuse 13 People of Aiding Fall
TRIGON ADVISERS: Sets Final Shareholders Meeting for Sept. 21
TRIGON ADVISERS: Proofs of Claim Filing Is Until Sept. 21

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


C H I L E

ARAMARK CORP: Extends Exchange Offer Expiration Date to Aug. 22


C O L O M B I A

AES GENER: Earns CLP30.5 Billion in First Six Months of 2007
GEOKINETICS INC: Promotes Richard Miles to VP & CEO Positions
GRAN TIERRA: Loses US$11.7 Million in First Half of 2007
RESIDENTIAL CAPITAL: Moody's Pares Senior Debt Rating to Ba1


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Figueroa Counsel Wants Evidence Rejected
FLOWSERVE CORP: Paying 15 Cents Per Share Dividend on Oct. 10
FLOWSERVE CORP: Messrs. Friedery & Harlan Elected on Board


E C U A D O R

* ECUADOR: Inks Five Bilateral Accords with Uruguay


M E X I C O

ALASKA AIR: Appoints Two Executives in Customer Service Division
AXTEL SA: Launches Service in Hermosilla
BALLY TOTAL: Noteholders Support Proposed Changes to Ch. 11 Plan
GEO SAB: S&P'S Lowers Long-Term Corp. Credit Rating to BB-
GRUPO MEXICO: Mexican Court Allows Workers To Continue Strike

MOVIE GALLERY: Extends Forbearance Agreement with Senior Lenders
MOVIE GALLERY: Continues to Find Ways to Conserve Cash
ONEIDA LTD: Terminates Plan to Apply for US$120-Million Loan
XIGNUX SA: Moody's Upgrades Corporate Rating to Ba3


P E R U

* PERU: Obtains US$200,000 Financing for Relief Efforts


P U E R T O   R I C O

GENESCO INC: FTC Grants Early Termination of Waiting Period
INTERPUBLIC GROUP: Declares Dividend on Series B Preferred Stock


U R U G U A Y

NAVIOS MARITIME: Earns US$23.2 Million in Quarter Ended June 30

* URUGUAY: Inks Five Bilateral Accords with Ecuador


V E N E Z U E L A

HANOVER COMPRESSOR: Expects Universal Merger to Close Today
SMURFIT KAPPA: Earns EUR34.8 Million in Second Quarter 2007

* BOND PRICING: For the Week August 13 to August 17, 2007


                          - - - - -


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


BOSTON SCIENTIFIC: Plans to Sell Cardiac & Vascular Surgery Biz
---------------------------------------------------------------
Boston Scientific Corporation is exploring the sale of its
Cardiac Surgery and Vascular Surgery businesses as part of the
company's plan to review its portfolio of assets and divest
those considered non-strategic, and to strengthen its operating
and financial performance.

"As part of an ongoing review of our assets, we have initiated a
process to explore the sale of our Cardiac Surgery and Vascular
Surgery businesses," said Paul LaViolette, Chief Operating
Officer of Boston Scientific.  "If finalized, this sale will
support our efforts to focus resources on our core businesses
and improve our operating and financial performance.  These are
strong businesses, and we believe the combined portfolio has
great potential for success with the focused attention and
resources of external ownership.  We are in discussions with
several potential buyers, and we expect the process to take a
number of months."

"This is another step in the progress we are making on our plan
to divest non-strategic assets, monetize our investment
portfolio and bring our expenses and head count in line with our
revenues," added Mr. LaViolette.  "We have now identified three
non-strategic businesses to divest, and we are in discussions
with potential buyers for all three.  In recent months we have
retained our Endosurgery group, entered into an agreement to
assume sole management and control of our pain management
business from Advanced Bionics and sell the Advanced Bionics
auditory business, monetized parts of our portfolio, and begun
developing an expense and head count reduction plan, which we
plan to announce next quarter.  In addition, we continue to
focus on the recovery of the drug-eluting stent and cardiac
rhythm management markets.  Together, these measures should
combine to help us achieve our overall goals of restoring
profitable growth, increasing shareholder value, and continuing
to build and strengthen Boston Scientific."

Boston Scientific acquired the Cardiac Surgery business in April
2006 as part of the Guidant transaction.  Headquartered in San
Jose with a manufacturing facility in Dorado, Puerto Rico, the
Cardiac Surgery business is a leading developer of medical
technologies designed to provide less-invasive therapies in
cardiac surgery, including beating heart bypass surgery systems,
endoscopic vessel harvesting for coronary bypass surgery, and
microwave surgical ablation.  The business employs approximately
450 people and had 2006 revenues of US$189 million.

Boston Scientific established its Vascular Surgery business with
the acquisition of Meadox Medicals in 1995.  The Vascular
Surgery business develops market-leading synthetic grafts and
patches for repair of abdominal aortic aneurysms and peripheral
vascular anatomy.  The business had 2006 revenues of $86 million
and has approximately 250 employees, primarily located at its
manufacturing site in Wayne, New Jersey.

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

                        *     *     *

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

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

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

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


CAVA Y ASOCIADOS: Proofs of Claim Verification Ends Tomorrow
------------------------------------------------------------
Patricia Sandra Ferrari, the court-appointed trustee for Cava y
Asociados S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 21, 2007.

Ms. Ferrari will present the validated claims in court as
individual reports on Oct. 2, 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 Cava y Asociados 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 Cava y Asociados'
accounting and banking records will be submitted in court on
Nov. 14, 2007.

Ms. Ferrari is also in charge of administering Cava y Asociados'
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

         Patricia Sandra Ferrari
         Viamonte 1653
         Buenos Aires, Argentina


CONSULTORA B&B: Proofs of Claim Verification Is Until Tomorrow
--------------------------------------------------------------
Fernando Miguel Altare, the court-appointed trustee for
Consultora B&B S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 21, 2007.

Mr. Altare will present the validated claims in court as
individual reports on Oct. 2, 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 Consultora B&B 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 Consultora B&B's
accounting and banking records will be submitted in court on
Nov. 14, 2007.

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

The trustee can be reached at:

         Fernando Miguel Altare
         Piedras 153
         Buenos Aires, Argentina


DELTA AIR: Allows Travel Schedule Adjustments in Caribbean
----------------------------------------------------------
Delta Air Lines has allowed customers booked on flights to or
from Caribbean cities to may make adjustments to travel
schedules in preparation for Hurricane Dean, expected to affect
the region in the next several days.

Customers who purchased tickets by Aug. 15 and are scheduled to
travel Aug. 16 to Aug. 22 to, from or through the Caribbean
cities on Delta, Delta Connection or Delta-coded flights, can
make a one-time change without penalty or additional fees if
tickets are changed by Aug. 22.  Travel must begin on or before
Aug. 22.

Affected cities include:

          -- Antigua;
          -- Barbados;
          -- Martinique;
          -- Grand Cayman;
          -- Kingston, Jamaica;
          -- Montego Bay, Jamaica;
          -- Guadeloupe;
          -- Punta Cana;
          -- Santo Domingo;
          -- Santiago, Dominican Republic;
          -- St. Maarten; and
          -- St. Lucia.

Changes to origin and destination may result in a fare increase.  
Any fare difference between the original ticket and the new
ticket will be collected at the time of rebooking.  Customers
whose travel plans are affected by cancellations may request
refunds or reaccommodation on alternate flights without fee or
penalty.

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 502 destinations
in 88 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.  The
company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).  
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.


ENCARNACION DELIA: File Reorganization Petition in Buenos Aires
---------------------------------------------------------------
The National Commercial Court of First Instance No. 19 in Buenos
Aires is studying the merits of Encarnacion Delia Matassa's
request to enter bankruptcy protection.

Encarnacion Delia filed a "Quiebra Decretada" petition following
cessation of debt payments on December 2001.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Clerk No. 38 assists the court in this case.

The debtor can be reached at:

         Encarnacion Delia Matassa
         La Facultad 1716
         Buenos Aires, Argentina


ESTRELLA FEDERAL: Creditors Voting on Settlement Plan Tomorrow
--------------------------------------------------------------
Estrella Federal Seguridad Privada Integral S.R.L.'s creditors
will vote on a settlement plan that the company will lay on the
table on Aug. 21, 2007.

Estudio Roberto Quian y Asociados, the court-appointed trustee
for Estrella Federal's reorganization proceeding, verified
creditors' proofs of claim until Dec. 5, 2006.  The trustee also
submitted a general report that contains an audit of Estrella
Federal's accounting and banking records.

The debtor can be reached at:

          Estrella Federal Seguridad Privada Integral S.R.L.
          Avenida Callao 157
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Reoberto Quian y Asociados
          25 de Mayo 168
          Buenos Aires, Argentina


FIAT SPA: Repurchases 1.2 Million Ordinary Shares
-------------------------------------------------
Within the frame of the buy back program announced on
April 5, 2007, Fiat S.p.A. purchased 1.2 million Fiat ordinary
shares at the average price of EUR19.3597 including fees on
Aug. 10.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat amounts to 19.127 million for
a total invested amount of EUR401.1 million.

                  Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                       About Fiat SpA

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

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

                        *     *     *

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

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

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


LA INDUSTRIAL: Trustee To File General Report in Court Tomorrow
---------------------------------------------------------------
Silvia Beatriz Giambone, the court-appointed trustee for La
Industrial Latina S.A.'s bankruptcy proceeding, will file a
general report containing an audit of the company's accounting
and banking records in the National Commercial Court of First
Instance in Buenos Aires on Aug. 21, 2007.

Ms. Giambone verified creditors' proofs of claim until
April 30, 2007.  She presented the validated claims in court as
individual reports on June 13, 2007.  

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

The trustee can be reached at:

          Silvia Beatriz Giambone
          Roque Saenz Pena 651
          Buenos Aires, Argentina


MELICER SA: Proofs of Claim Verification Deadline Is Sept. 12
-------------------------------------------------------------
Norberto Alvarez, the court-appointed trustee for Melicer SA's
bankruptcy proceeding, verifies creditors' proofs of claim on
Sept. 12, 2007.

Mr. Alvarez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, 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 Melicer 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 Melicer's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Melicer SA
         Avenida La Plata 1112
         Buenos Aires, Argentina

The trustee can be reached at:

         Norberto Alvarez
         R. Pena 189
         Buenos Aires, Argentina


OIL AMERICANA: Proofs of Claim Verification Deadline Is Tomorrow
----------------------------------------------------------------
Pablo Ernesto Aguilar, the court-appointed trustee for Oil
Americana S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 21, 2007.

Mr. Aguilar will present the validated claims in court as
individual reports on Oct. 2, 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 Oil Americana 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 Oil Americana's
accounting and banking records will be submitted in court on
Nov. 14, 2007.

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

The trustee can be reached at:

         Pablo Ernesto Aguilar
         Hipolito Yrigoyen 1516
         Buenos Aires, Argentina


PAESTUM SACIFI: Trustee Filing Individual Reports Tomorrow
----------------------------------------------------------
Maria Josefa Messina, the court-appointed trustee for Paestum
S.A.C.I.F.I.'s reorganization proceeding, will present the
validated claims as individual reports in the National
Commercial Court of First Instance in Mar del Plata, Buenos
Aires, on Aug. 21, 2007.

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

A general report that contains an audit of Paestum's accounting
and banking records will be submitted in court on Oct. 2, 2007.

The informative assembly will be held on April 7, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

          Paestum S.A.C.I.F.I.
          Avenida Champagnat 1679, Mar del Plata
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria Josefa Messina
          San Martin 4141, Mar de Plata
          Buenos Aires, Argentina


PETROLERA LANUS: Trustee Filing General Report in Court Tomorrow
----------------------------------------------------------------
Elida Teresa Fernandez, the court-appointed trustee for
Petrolera Lanus S.A.'s bankruptcy proceeding, will file a
general report containing an audit of the firm's accounting and
banking records in the National Commercial Court of First
Instance in Lomas de Zamora, Buenos Aires, on Aug. 21, 2007.

Ms. Fernandez verified creditors' proofs of claim until
May 9, 2007.  She presented the validated claims in court as
individual reports on June 22, 2007.  

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

The debtor can be reached at:

          Petrolera Lanus S.A.
          Lavalleja 2614
          Lanus, Buenos Aires
          Argentina

The trustee can be reached at:

          Elida Teresa Fernandez
          Cnel. Murature 2352
          Lanus, Buenos Aires
          Argentina


POTRERILLO SRL: Proofs of Claim Verification Is Until Sept. 24
--------------------------------------------------------------
Potrerillo SRL, the court-appointed trustee for Potrerillo SRL's
bankruptcy proceeding, verifies creditors' proofs of claim on
Sept. 24, 2007.

Mr. Alvarez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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 Potrerillo 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 Potrerillo's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Potrerillo SRL
         Chile 537
         Buenos Aires, Argentina

The trustee can be reached at:

         Eduardo Grunen
         Avenida Pte. Roque Saenz Pena 1219
         Buenos Aires, Argentina


ROLLING FORMS: Proofs of Claim Verification Deadline Is Tomorrow
----------------------------------------------------------------
Eduardo Daniel Gruden, the court-appointed trustee for Rolling
Forms S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim Aug. 21, 2007.

Mr. Gruden will present the validated claims in court as
individual reports on Oct. 2, 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 Rolling Forms 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 Rolling Forms'
accounting and banking records will be submitted in court
Nov. 14, 2007.

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

The trustee can be reached at:

          Eduardo Daniel Gruden
          Avenida Roque Saenz Pena 1219
          Buenos Aires, Argentina


SOUTH AMERICAN: Trustee To File Individual Reports Tomorrow
-----------------------------------------------------------
Salvador Lamarchina, the court-appointed trustee for South
American Cargo S.A.'s reorganization proceeding, will present
the validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
Aug. 21, 2007.

Mr. Lamarchina verified creditors' proofs of claim until
June 25, 2007.

A general report that contains an audit of South American's
accounting and banking records will be submitted in court on
Oct. 23, 2007.

The informative assembly will be held on April 9, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         South American Cargo S.A.
         Avenida Pte. Roque Saenz Pena 868
         Buenos Aires, Argentina

The trustee can be reached at:

          Salvador Lamarchina
          Esmeralda 847
          Buenos Aires, Argentina


ZEOX SA: Proofs of Claim Verification Ends Tomorrow
---------------------------------------------------
Natalio Kinsbruner, the court-appointed trustee for Zeox SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Aug. 21, 2007.

Mr. Kinsbruner will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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 Zeox 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 Zeox's accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

         Zeox SA  
         Ramon Freire 2911
         Buenos Aires, Argentina

The trustee can be reached at:

         Natalio Kinsbruner
         Marcelo Torcuato de Alvear 1671
         Buenos Aires, Argentina




=============
B E R M U D A
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ANDREW CORP: Gets Request for Hart-Scott-Rodino Related Info
------------------------------------------------------------
Andrew Corporation and CommScope Inc. have received requests for
additional information (second requests) from the Antitrust
Division of the U.S. Department of Justice regarding CommScope's
pending acquisition of Andrew.  The information requests were
issued under the notification requirements of the Hart-Scott-
Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended.

The second requests extend the waiting period imposed by the HSR
Act until 30 days after CommScope and Andrew have substantially
complied with the second requests, unless that period is
extended voluntarily by the parties or terminated sooner by the
DOJ.  CommScope and Andrew intend to cooperate fully with the
DOJ.  The companies continue to expect to close the transaction
before the end of 2007.

The transaction remains subject to completion of other customary
closing conditions, including effectiveness of a registration
statement on Form S-4, approval by Andrew's stockholders, and
other international regulatory approvals.

                      About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV)
-- http://www.commscope.com/-- designs and manufactures "last     
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                      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.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported that
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.


COMMSCOPE: Receives Request for Hart-Scott-Rodino Related Info
--------------------------------------------------------------
CommScope Inc. and Andrew Corporation have received requests for
additional information (second requests) from the Antitrust
Division of the U.S. Department of Justice regarding CommScope's
pending acquisition of Andrew.  The information requests were
issued under the notification requirements of the Hart-Scott-
Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended.

The second requests extend the waiting period imposed by the HSR
Act until 30 days after CommScope and Andrew have substantially
complied with the second requests, unless that period is
extended voluntarily by the parties or terminated sooner by the
DOJ.  CommScope and Andrew intend to cooperate fully with the
DOJ.  The companies continue to expect to close the transaction
before the end of 2007.

The transaction remains subject to completion of other customary
closing conditions, including effectiveness of a registration
statement on Form S-4, approval by Andrew's stockholders, and
other international regulatory approvals.

                     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.

                      About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV)
-- http://www.commscope.com/-- designs and manufactures "last     
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Moody's Investors Service placed CommScope Inc.'s
ratings under review for downgrade after their announced intent
to acquire Andrew Corp. for US$2.6 billion.

The ratings under review for downgrade include:

  -- Corporate Family Rating, Ba2
  -- US$250 million Convertible Senior Subordinated Debentures
     due 2024, Ba3


CRIMEA INC: Proofs of Claim Filing Is Until Aug. 22
----------------------------------------------------
Crimea Inc.'s creditors are given until Aug. 22, 2007, to prove
their claims to Mr. Elvon Clarke, 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.

Crimea Inc.'s shareholders agreed on July 2, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

        Mr. Elvon Clarke
        20 Victoria Street
        Hamilton, Bermuda HM11


CRIMEA INC: Sets Final Shareholders Meeting for Aug. 22
-------------------------------------------------------
Crimea Inc. will hold its final shareholders meeting on
Aug. 22, 2007, at 10:00 a.m., at:

          20 Victoria Street
          Hamilton, Bermuda HM11

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:

          Mr. Elvon Clarke
          20 Victoria Street
          Hamilton, Bermuda HM11


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

        Clarendon House, Church Street
        Hamilton, Bermuda  

These matters will be taken up during the meeting:  

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

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

    -- passing of a resolution dissolving the company.


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

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


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


MONTPELIER RE: Names T. Aman as Senior VP & Risk Mgmt. Officer
--------------------------------------------------------------
Montpelier Re Holdings Ltd. has appointed Timothy P. Aman as its
Senior Vice President and Risk Management Officer with immediate
effect.  He will report to Christopher L. Harris, Chief
Underwriting & Risk Officer.

Mr. Aman received his Bachelor of Arts degrees in Music and
Mathematics from Cornell University.  He is a Fellow of the
Casualty Actuarial Society and a Member of the American Academy
of Actuaries.  He joins Montpelier Re after eleven years with
Guy Carpenter where he was most recently a Managing Director in
the Latin American and Caribbean region.  Tim's responsibilities
at Guy Carpenter included reinsurance and retrocession treaty
broking, actuarial, catastrophe modeling, financial modeling,
and client risk management.  His eighteen years of industry
experience include previous employment with St. Paul Reinsurance
and CIGNA P&C.

Mr. Harris said, "We are very pleased to have Tim join our team
during this exciting phase of the Company's development.  Tim
will play a key role as we implement Montpelier's enterprise
risk management framework across our expanded operating
platform."

Headquartered in Bermuda, Montpelier Re Holdings Ltd., through
its operating subsidiary Montpelier Reinsurance Ltd., is a
premier provider of global property and casualty reinsurance and
insurance products.  During the year ended Dec. 31, 2005,
Montpelier underwrote US$978.7 million in gross premiums
written.  Shareholders' equity at Dec. 31, 2005, was US$1.1
billion.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2006,
A.M. Best affirms these ratings on Montpelier Re Holdings:

Montpelier Re Holdings Ltd.

   -- "bbb-" on senior unsecured debt;
   -- "bb+" on subordinated debt; and
   -- "bb" on preferred stock.

   MRH Capital Trust I and II (guaranteed by Montpelier Re
   Holdings Ltd.)

   -- "bb" on preferred securities.


REFCO INC: Files Quarterly Report for Second Quarter 2007
---------------------------------------------------------
Refco Inc., and its affiliates, including Refco Capital Markets
Ltd., delivered to the U.S. Bankruptcy Court for the Southern
District of Puerto Rico their post-confirmation quarterly
report for the period April 1 to June 30, 2007.

Peter F. James, controller of Refco, reports that the
Reorganized Debtors received US$2,764,422,000 in the second
quarter and disbursed US$2,726,360,000 in cash.

Refco's US$527,700,000 beginning cash balance in April increased
to US$565,762,000 at the end of the reporting period, discloses
Mr. James.  He also states that the Debtors received about
US$2,764,422,000 in cash and disbursed US$2,726,360,000 for the
second quarter 2007.

The Debtors serve as paying agent for certain non-Debtors and
Refco, LLC.  During the quarter, Mr. James notes, approximately
US$2,200,000 was disbursed on behalf of and reimbursed by non-
Debtors and Refco LLC.

During the quarter, the Debtors began consolidating their cash
management system as well as pooled cash for purposes of initial
distribution of the RCM Cash Distribution to RCM under the Plan.
Accordingly, Mr. James says, cash balances were transferred to
Refco Capital LLC, and the related bank accounts were closed.

Mr. James states that the US$967,600,000 in receipts for RCM
include:

  -- US$345,100,000 in intra-company transfers between RCM
     accounts;

  -- US$385,900,000 initial receipt of the RCM Cash Distribution
     from the Contributing Debtors in accordance with the
     Reorganized Debtors' Chapter 11 Plan;

  -- US$11,300,000 in reimbursement and funding of the
     Litigation Trust;

  -- US$69,500,000 in wire transfers returned by creditors;

  -- US$151,300,000 in proceeds from liquidation of securities;
     and

  -- US$4,400,000 in interest income.

Mr. James adds that RCM's US$944,000,000 disbursement include:

  * Intra-company transfers of US$345,100,000;

  * distributions to creditors, without duplication of re-wired
    amounts, of US$502,300,000;

  * payment of the RCM Trustee fee for US$5,000,000;

  * US$11,700,000 funding of Refco Capital LLC for payment of
    certain claims;

  * US$1,700,000 loan to the Litigation Trust, which were
    subsequently repaid by the Litigation Trust; and

  * US$6,600,000 funding to Refco Capital for its allocation of
    operating expenses and professional fees before the
    establishment of the RCM Wind-Down Reserve under the Plan.

Furthermore, Mr. James reports that the Debtors paid
US$1,045,000 in gross wages, of which US$343,000 were paid on
behalf of and reimbursed by the Non-Debtors and Refco LLC.  The
Debtors also remitted US$425,000 in employer payroll taxes to a
third party vendor.

For the end of second quarter, the Debtors paid a total of
US$11,176,000 in professional fees and expenses incurred before
the Effective Date, representing approximately US$1,200,000
payment to the Ad Hoc Equity Committee; US$6,000,000 payment to
indenture trustee and ad hoc committee; and US$4,300,000 payment
to RCM's Moving Customer Group.

Since the Petition date, the Debtors have reimbursed their
bankruptcy professionals' fees and costs totaling
US$171,072,000.

All insurance policies are fully paid for the current period,
including amounts owed for workers' compensation and disability
insurance, Mr. James states.

A full-text copy of the Debtors' Post-Confirmation Quarterly
Report for the 2nd Quarter 2007 is available at no charge at:

     http://bankrupt.com/misc/RefcoSecondQuarterly2007.pdf

                        About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operationsin 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  Refco has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 66; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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


AES CORP: Tiete Deciding on Making Investment Outside Sao Paulo
---------------------------------------------------------------
The AES Corp.'s Brazilian power generation firm AES Tiete Chief
Executive Officer Britaldo Soares told the press that the firm
will decide whether to invest in new capacity outside Sao Paulo
when it gets government authorization.

Business News Americas relates that the Sao Pauolo state
government and federal power regulator Aneel will decide on
whether it will let AES Tiete make the investment.

Mr. Soares commented to BNamericas, "We haven't heard from
anybody yet."

BNamericas notes that under its 1999 privatization contract, AES
Tiete must construct new projects in Sao Paulo to expand its
capacity by 15% by December 2007 from 2.65 giga watts.

Mr. Soares told BNamericas that because of the 2004 changes in
the power sector and the lack of investment potential within Sao
Paulo, AES Tiete has failed to make investments in recent years.

AES Tiete will invest some BRL75.5 million, including
investments in new Sao Paulo hydro projects, this year,
BNamericas says.

Almost all of Sao Paulo's hydroelectric potential has been used,
BNamericas notes, citing Mr. Soares.  The lack of natural gas
supply guarantees and difficulties in getting environmental
licensing has also reduced chances for new thermo investments.

BNamericas relates that AES Tiete proposed that the Sao Paulo
state government and Aneel let it invest in new capacity outside
the state and buy power from third parties in five-year
contracts to meet the 400-megawatt capacity increase mandates.

Mr. Soares commented to BNamericas, "Tiete has the resources for
new investments and the company's objective is to continue
growing.  We have taken the first steps."

According to the report, AES Tiete is "improving its financial
returns and investing in small-scale hydro projects in Sao Paulo
and Rio de Janeiro.  Investments include three projects in Sao
Paulo with combined capacity of eight megawatts and three in Rio
de Janeiro with combined capacity of 52 megawatts."

AES Tiete earned BRL303 million in the first half of 2007. It
will distribute all the profits in dividends to shareholders,
BNamericas states, citing Mr. Soares.

                      About AES Tiete

AES Tiete SA is controlled by the Brasiliana holding company,
which is a joint venture between US-based AES Corp. and Brazil's
National Development Bank aka BNDES.  It is a ten-dam
hydroelectric generating company located in the State of Sao
Paulo, Brazil.  The company has been granted the right to
operate the dams pursuant to a 30-year concession agreement.

                       About AES Corp.

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

                        *     *     *

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.


ALLIANCE ONE: Holds Annual Shareholder & Board Meetings
-------------------------------------------------------
Alliance One International Inc. disclosed that all proposed
matters on the ballot for its 2007 annual shareholders meeting
were approved by the shareholders.  Prior to the meeting, Albert
Monk withdrew his name from the ballot, and has resigned from
the company's Board of Directors.  The company wants to thank
Mr. Monk for his decades of dedication and service to the
company, both while an executive officer, and most recently as a
director.

The company also announced that the Board has approved an
amendment to its Bylaws decreasing the size of the Board of
Directors from 13 to 11 directors.

Additionally, the Board authorized the repurchase of up to
US$200 million of its senior notes in open market transactions
from time to time, subject to compliance with the company's
credit facilities and indentures.

The company said, as anticipated, that Brian Harker, Chairman of
the Board, resigned from the Board of Directors effective
Aug. 16, 2007.  Mr. Harker's leadership, perseverance and
service culminated in the successful merger of DIMON and
Standard Commercial and the integration that followed.  The
company extends its best wishes to both Brian and his wife
Angie as they begin their next life chapter.

Effective as of Mr. Harker's resignation, the company's Board
also unanimously elected the company's Chief Executive Officer,
Robert E. "Pete" Harrison, its Chairman.  Following the meetings
Mr. Harrison commented, "the strong foundation following the
merger and integration, strategically places Alliance One as a
valued provider of goods and services to the world's cigarette
manufacturers with significant scale, good people and a well
balanced global foot print.  We continued to evaluate our
business and value proposition, while striving to develop
additional opportunities that will ultimately translate to
further improved customer and shareholder value.  We feel
confident about our direction and resolve."

                     About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a   
leaf tobacco merchant.  The company has worldwide operations in
Argentina, Bangladesh, Brazil, Bulgaria, Canada, China, France,
Philippines, Malaysia, and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
Moody's Investors Service's confirmed its B2 Corporate Family
Rating for Alliance One International, Inc., and upgraded its B2
rating on the company's US$300 million senior secured revolver
to B1.  In addition, Moody's assigned an LGD3 rating to notes,
suggesting noteholders will experience a 37% loss in the event
of a default.


COMPANHIA SIDERURGICA: Earns BRL952 Million in Second Quarter
-------------------------------------------------------------
Companhia Siderurgica Nacional's consolidated net income
increased 133% to BRL952 million in the second quarter 2007,
compared to BRL409 million in the same quarter in 2006, Business
News Americas reports.

Companhia Siderurgica said in its second quarter financial
report that its net revenue rose 55.1% to BRL2.98 billion in the
second quarter 2007, from last year's second quarter 2006.  Its
Ebitda grew 169% to BRL1.28 billion.

BNamericas relates that crude steel output increased 241% to
1.34 million tons in the second quarter 2007, compared to the
same period last year.  Its sales volume rose 52.5% to 1.42
million tons.  The firm's blast furnace no. 3 reached full
capacity in August 2006 after a January 2006 accident stopped
operations until June 2006, forcing the company to purchase
slabs and coils from third parties.

Companhia Siderurgica said in its financial report, "The
Brazilian flat steel market did exceptionally well in the second
quarter 2007."

The results indicated a positive performance in the
construction, automotive and household appliance sectors, among
others, BNamericas says, citing Companhia Siderurgica's
financial report.

Companhia Siderurgica's consolidated net profits increased to
BRL1.72 billion in the first half of 2007, compared to BRL750
million in the same period last year, according to BNamericas.  
Its net revenue rose to BRL5.46 billion, from BRL3.87 billion.

Companhia Siderurgica's commercial director Luis Fernando
Martinez told the press that the firm wants to achieve
consolidated sales of up to 5.6 million tons in 2007, of which
up to 72% would be shipments to the local market.

"Brazil's flat steel market grew some 15% in the first half of
2007 versus same same-period last year, so it was a positive
period for CSN [Companhia Siderurgica] as it recovered its
market share in the Brazilian market.  We are bullish about the
second half of 2007," Mr. Martinez commented to BNamericas.

According to BNamericas, Companhia Siderurgica's market share in
Brazil increased to 35% in the second quarter 2007, compared to
33% in the first quarter 2007.

BNamericas notes that Companhia Siderurgica is conducting plans
to boost steel capacity by nine million tons per year with two
mills in Rio de Janeiro and Minas Gerais.

"Part of this production will meet demand of the local market,
while the rest will be shipped abroad, where we plan to acquire
plants to process slabs into added-value products," Companhia
Siderurgica Chief Financial Officer Otavio Lazcano said in a
conference call.

"Likely takeover targets would be in Europe and the US,"
BNamericas states, citing Mr. Lazcano.

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


COMPANHIA SIDERURGICA: Will Produce Heavy Plates & Rail Track
-------------------------------------------------------------
Companhia Siderurgica Nacional will start producing heavy plates
and rail track, Business News Americas reports, citing the
firm's president Benjamin Steinbruch.

Mr. Steinbruch commented to BNamericas, "CSN [Companhia
Siderurgica] is in a condition to secure a market share of 20%
in segments in which we are not currently participating."

Companhia Siderurgica Chief Financial Officer Otavio Lazcano
told the press that the firm will construct two new steel plants
in Rio de Janeiro and Minas Gerais, which will need a US$6-
billion investment.  The new plants would result to a total of
nine million tons of new yearly capacity.  Some "4.5 million
tons will focus on the local market, in products which we don't
yet produce such as long steel, heavy plates and rail track."  
The 4.5 million tons of capacity "would be shipped abroad to be
processed into added-value products."  Companhia Siderurgica is
negotiating with Chinese steelmaker Baosteel for the sale of a
minority stake in the new steel mills.

The mill in Rio de Janeiro would begin operating in the second
half of 2009.  The plant in Minas Gerais will start producing in
the second half of 2010, BNamericas states.

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


COSAN SA: Raises US$1.05B in NYSE Initial Public Offering
---------------------------------------------------------
Cosan said in a filing with the Sao Paulo exchange, Bovespa,
that it has raised US$1.05 billion in an initial public offering
on the New York Stock Exchange, a little more than half the
maximum the firm initially aimed for.

Business News Americas relates that Cosan fixed its Brazilian
depositary receipts at US$10.50 in New York and BRL21.05 in
Brazil.

Cosan had said it aimed to raise as much as US$2 billion,
BNamericas notes.

According to BNamericas, the initial public offering is part of
Cosan's restructuring offer as it wants to be a global player in
the sugar and ethanol industry.

BNamericas says that Credit Suisse Securities (USA) LLC,
Goldman, Sachs & Co and Morgan Stanley & Co Incorporated was the
joint book-running managers for the initial public offering.

Cosan's common shares will be listed in the New York Stock
Exchange and will trade under the symbol CZZ.  Meanwhile, the
Brazilian depositary receipts will trade on Bovespa under the
symbol CZLT11, BNamericas states.

Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e
Comercio, is the third largest sugar producer in the world.  In
2004/2005 it crushed more than 26 million tons of sugar cane in
fourteen mills located in the Central South region of Brazil,
with sugar sales of 2.3 million tons and ethanol sales of 825
million liters.

As of February 2007, Cosan carries Moody's Ba2 global local
currency and foreign currency ratings and Standard and Poor's BB
corporate credit rating.


DELPHI CORP: Gets Court Nod on US$75 Mil. Asset Sale to Umicore
---------------------------------------------------------------
Delphi Corporation and certain of its affiliates received
approval from the U.S. Bankruptcy Court for the Southern
District of New York for the sale of assets related to the
company's global original equipment and aftermarket catalyst
business to Umicore for US$75 million, subject to adjustments,
Delphi officials stated.

"Delphi continues to make significant progress with its
transformation plan," John Sheehan, Delphi's chief restructuring
officer, said.  "This sale is consistent with our ongoing effort
to refine our product portfolio to feature the core technologies
for which we have competitive and technological advantages.  
This transaction is another step toward our emergence."

The court also approved Catalytic Solutions Inc. as the
alternate bidder, and authorized Delphi to consummate the sale
with CSI in the event the transaction between Delphi and Umicore
does not close.

Delphi selected Umicore as the lead bidder and received court
approval to proceed with the sale process for the catalyst
business.  

In accordance with bidding procedures approved by the bankruptcy
court, Delphi conducted an auction to allow other qualified
buyers to bid on the assets related to the catalyst business.  
At the conclusion of the auction, Delphi selected Umicore as the
successful bidder.

Delphi will carefully manage the transition of the business, and
the sale will be completed in coordination with Delphi's
customers, employees, unions and other stakeholders. The
transaction, which is subject to certain closing conditions,
including completion of consultation procedures with certain
unions and works councils, and completion of the closing
documents, is expected to close before year-end 2007.

Although the company is selling its catalyst business, it will
continue to provide full engine management systems, including
air and fuel management, combustion and valvetrain technology,
and exhaust systems technology through its gas EMS product
business unit.

                  About Delphi Corporation

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

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


FORD MOTOR: Potential Buyers Wary of New EU Emissions Rules
-----------------------------------------------------------
Some bidders for Ford Motor Co.'s Jaguar and Land Rover brands
have expressed concerns over the European Union's new
regulations on carbon-dioxide emissions, Jason Singer and
Stephen Power write for the Wall Street Journal.

The European Commission plans to implement in 2012 new rules
lowering auto emissions and curbing the gases believed to
contribute to global warming, WSJ relates.  Although the
commission plans to require Europe's car makers to reduce the
average carbon-dioxide levels of new cars by roughly 20% over
current levels to 130 grams per kilometer by 2012, details of
how this rule will be enforced haven't been disclosed yet.

The potential for tighter regulation would prove particularly
difficult for private-equity suitors, as they likely won't have
other auto operations with more-efficient vehicles that could
bring down a fleet fuel-economy average, WSJ states.  To bolster
the interest of private-equity buyers, Ford has told potential
buyers it would provide some of the financing itself in response
to turmoil in the debt markets, where private-equity firms often
turn to fund their deals.

                         Sale Talks

Meanwhile, deal negotiations are moving forward as planned.  
Ford has scheduled management meetings with India's Tata Motors
and Mahindra & Mahindra with detailed due diligence to follow,
the Economic Times reports, citing industry insiders as its
source.

As previously reported, bidders, including private equity groups
Ripplewood Holdings, One Equity Partners, TPG Capital, and
Cerberus Capital Management, as well as India's Tata Motors and
Mahindra & Mahindra had submitted indicative offers for Land
Rover and Jaguar.  Ford's financial and legal advisers have
begun preparing information to facilitate due diligence for
potential bidders of the two marques as the company hopes to
reach a tentative deal by Sept. 30, 2007.

Concurrently, former Ford CEO Jacques Nasser, who is now a
managing director at One Equity Partners LLC, met with a senior
official from the European Commission in July to ask how the new
EU regulations would be implemented, WSJ states, quoting a
person familiar with the matter.  The informal meeting was
inconclusive although the commission has revealed it intends to
avoid "any unjustified distortion of competition" between car
makers and is expected to outline various proposals for
structuring new regulations later this year.

                      About Ford Motor Co.

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

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

                        *     *     *

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

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

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


FURNAS CENTRAIS: Moody's Affirms Ba1 Global Local Curr. Rating
--------------------------------------------------------------
Moody's America Latina Ltda., has assigned provisional ratings
of Ba2 on its global scale and Aa2.br on its Brazilian national
scale to Serra do Facao Participacoes' (SFP) proposed 5-year
BRL140 million debentures.  The net proceeds of the issuance
will be used to replace existing promissory notes and inject
capital in Serra do Facao Energia S.A. (SEFAC).  

Simultaneously, Moody's affirmed its Ba1 global local currency
issuer rating for Furnas Centrais Eletricas S.A.   The ratings
on SFP's debentures are based on Moody's opinion that the credit
risk of SFP's debentures is equivalent to that of Furnas from a
probability of default perspective, given the set of relevant
documents commonly agreed to by the company and its
shareholders; however, there is enough uncertainty, in Moody's
opinion, with respect to final recovery due to the structure of
these debentures and the form of support from Furnas.  The
outlook for all ratings is stable.  The ratings are provisional
pending the final formalization of all documents related to the
structure.

SFP is a special purpose company whose shareholders are Oliveira
Trust Servicer S.A (50.1%; Oliveira Trust) and Furnas (49.9%)
created to participate as a minority shareholder in SEFAC. SEFAC
is a special purpose company, which holds a concession contract
to construct and explore a 210 MW hydroelectric generation
project.  Furnas and Oliveira Trust have signed an AFAC (Advance
for Future Capital Increase) instrument with SFP whereby Furnas
and Oliveira Trust jointly and severally, undertake the
obligation to advance resources under the form of future capital
increases to SFP in a sufficient amount for the company meet
certain financial obligations as described in the document,
which includes the payment of the debentures issued.  Furnas
appointed its bank account at Banco do Brasil, in which the
company's receivables are deposited, to provide, in case Furnas
fails to comply with the obligations prescribed in the AFAC
instrument, resources from this account to be transferred to an
escrow account maintained by SFP.  In order to ring fence this
structure, the following documents will be signed between the
parties: current account segregation, escrow account agreement,
power of attorney and private instrument of fiduciary assignment
of credit rights.

The rating for SFP's debentures is supported by a well-known law
firm's legal opinion, which argues that all documents are valid,
binding and enforceable, and that the structure is allowed under
all existing laws and regulations.  This rating is one notch
below the Ba1 global local currency Furnas issuer rating because
of uncertainty related to the recovery rate that SFP debenture
holders would experience in the case of an event of default at
Furnas.  This uncertainty is caused by the lack of sufficient
jurisprudence with respect to the new bankruptcy law in Brazil
passed in 2005, particularly, with regard to the treatment of
the type of obligations assumed by the shareholders in a
restructuring process.

Furnas' issuer rating reflects its position as one of Brazil's
largest electricity generation and transmission companies, with
revenues and cash flow supported by long-term power agreements.
The low operating costs of Furnas' hydropower plants have
contributed to healthy EBITDA margins of approximately 30%.  
This margin has been adversely affected by increasing costs with
the purchase of energy from Eletrobras Termonuclear S.A.
(Eletronuclear) in the past two years, which have not been
passed on to consumer tariffs.  Furnas has been tackling this
issue by requesting the pass through of such increased
energy costs from the regulator.  So far there is no information
as to the likelihood of this request being granted to Furnas.

The rating also considers risks that include currency
devaluation and interest rate exposures arising from un-hedged
floating rate and foreign currency debt, and the potential for
increased leverage to support capital spending.  The impact of
the recent reduction in transmission tariffs has been factored
into the rating.  The impact of the recent 26% reduction in
transmission tariffs stemming from investments made since 2000
is estimated to reduce Funds from Operations (FFO) by
approximately BRL 160 million per annum for a 24-month
period, and thereafter by approximately BRL 80 million per
annum.  This stems from the fact that the 26% tariff adjustment
has been applied retroactively, as if it were in effect since
July, 1 2005.  Furnas' revenues are backed by long term power
purchase agreements and transmission service contracts.  The
company participated in 3 auctions held within the new
regulatory framework, resulting in more predictable operating
margins and cash flows.  Despite the negative impact of the
recent first periodic transmission tariff review on the
company's cash flow, the company's projected financial metrics
remain commensurate with the Ba2 rating category, given that the
current Ba1 rating factors a one notch up lift from implied
Centrais Eletrica Brasileiras S.A. (Eletrobras) support.

While the Ba2 global scale rating reflects the global default
and loss expectation of SFP's debentures, the Aa2.br national
scale rating reflects the standing of their credit quality
relative to other domestic issues.  National Scale Ratings
(NSRs) are intended as relative measures of creditworthiness
among debt issues and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Brazil are designated by the ".br" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

Headquartered in Rio de Janeiro, Furnas is one of Brazil's
largest electricity generation and transmission utility
companies.  Furnas is closely-held, with 99.5% of its shares
owned by Eletrobras, the Brazilian Federal Government's
holding company that controls about 39% of the country's
installed power generation capacity and approximately 56% of
high voltage energy transmission countrywide.  Furnas operates
10 hydro-power plants representing some 92% of its total
installed capacity of 9,458 MW (8% is represented by 2 thermal
power plants).  The company also owns about 19,278 kilometers of
transmission lines, mainly in the southeast and mid-west regions
of Brazil.  These assets include the transmission line
connecting the Itaipu power plant, which supplies energy
consumption to the most industrialized region of the country.  
Furnas is also responsible for trading the nuclear energy
generated by Eletronuclear (99.8% Eletrobras), hich represents
about 23% of energy sales volume.  In 2006, Furnas reported net
earnings of BRL 364 million (about US$165 million) on BRL
5,325 million (US$2,416 million) net revenues.


SERRA DO FACAO: Moody's Puts Ba2 Rating on BRL140-Mln Debentures
----------------------------------------------------------------
Moody's America Latina Ltda., has assigned provisional ratings
of Ba2 on its global scale and Aa2.br on its Brazilian national
scale to Serra do Facao Participacoes' (SFP) proposed 5-year
BRL140 million debentures.  The net proceeds of the issuance
will be used to replace existing promissory notes and inject
capital in Serra do Facao Energia S.A. (SEFAC).  

Simultaneously, Moody's affirmed its Ba1 global local currency
issuer rating for Furnas Centrais Eletricas S.A.   The ratings
on SFP's debentures are based on Moody's opinion that the credit
risk of SFP's debentures is equivalent to that of Furnas from a
probability of default perspective, given the set of relevant
documents commonly agreed to by the company and its
shareholders; however, there is enough uncertainty, in Moody's
opinion, with respect to final recovery due to the structure of
these debentures and the form of support from Furnas.  The
outlook for all ratings is stable.  The ratings are provisional
pending the final formalization of all documents related to the
structure.

SFP is a special purpose company whose shareholders are Oliveira
Trust Servicer S.A (50.1%; Oliveira Trust) and Furnas (49.9%)
created to participate as a minority shareholder in SEFAC. SEFAC
is a special purpose company, which holds a concession contract
to construct and explore a 210 MW hydroelectric generation
project.  Furnas and Oliveira Trust have signed an AFAC (Advance
for Future Capital Increase) instrument with SFP whereby Furnas
and Oliveira Trust jointly and severally, undertake the
obligation to advance resources under the form of future capital
increases to SFP in a sufficient amount for the company meet
certain financial obligations as described in the document,
which includes the payment of the debentures issued.  Furnas
appointed its bank account at Banco do Brasil, in which the
company's receivables are deposited, to provide, in case Furnas
fails to comply with the obligations prescribed in the AFAC
instrument, resources from this account to be transferred to an
escrow account maintained by SFP.  In order to ring fence this
structure, the following documents will be signed between the
parties: current account segregation, escrow account agreement,
power of attorney and private instrument of fiduciary assignment
of credit rights.

The rating for SFP's debentures is supported by a well-known law
firm's legal opinion, which argues that all documents are valid,
binding and enforceable, and that the structure is allowed under
all existing laws and regulations.  This rating is one notch
below the Ba1 global local currency Furnas issuer rating because
of uncertainty related to the recovery rate that SFP debenture
holders would experience in the case of an event of default at
Furnas.  This uncertainty is caused by the lack of sufficient
jurisprudence with respect to the new bankruptcy law in Brazil
passed in 2005, particularly, with regard to the treatment of
the type of obligations assumed by the shareholders in a
restructuring process.

Furnas' issuer rating reflects its position as one of Brazil's
largest electricity generation and transmission companies, with
revenues and cash flow supported by long-term power agreements.
The low operating costs of Furnas' hydropower plants have
contributed to healthy EBITDA margins of approximately 30%.  
This margin has been adversely affected by increasing costs with
the purchase of energy from Eletrobras Termonuclear S.A.
(Eletronuclear) in the past two years, which have not been
passed on to consumer tariffs.  Furnas has been tackling this
issue by requesting the pass through of such increased
energy costs from the regulator.  So far there is no information
as to the likelihood of this request being granted to Furnas.

The rating also considers risks that include currency
devaluation and interest rate exposures arising from un-hedged
floating rate and foreign currency debt, and the potential for
increased leverage to support capital spending.  The impact of
the recent reduction in transmission tariffs has been factored
into the rating.  The impact of the recent 26% reduction in
transmission tariffs stemming from investments made since 2000
is estimated to reduce Funds from Operations (FFO) by
approximately BRL 160 million per annum for a 24-month
period, and thereafter by approximately BRL 80 million per
annum.  This stems from the fact that the 26% tariff adjustment
has been applied retroactively, as if it were in effect since
July, 1 2005.  Furnas' revenues are backed by long term power
purchase agreements and transmission service contracts.  The
company participated in 3 auctions held within the new
regulatory framework, resulting in more predictable operating
margins and cash flows.  Despite the negative impact of the
recent first periodic transmission tariff review on the
company's cash flow, the company's projected financial metrics
remain commensurate with the Ba2 rating category, given that the
current Ba1 rating factors a one notch up lift from implied
Centrais Eletrica Brasileiras S.A. (Eletrobras) support.

While the Ba2 global scale rating reflects the global default
and loss expectation of SFP's debentures, the Aa2.br national
scale rating reflects the standing of their credit quality
relative to other domestic issues.  National
Scale Ratings (NSRs) are intended as relative measures of
creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative
risks.  NSRs in Brazil are designated by the ".br" suffix.  NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country.


* BRAZIL: State Firm Official Says Oil Prices To Remain High
------------------------------------------------------------
Brazil's state-run oil firm Petroleo Brasileiro SA Chief
Executive Officer Jose Sergio Gabrielli told the press that oil
prices will remain high in the short term.

Business News Americas relates that oil prices have been
increasing in recent years.  

"Our expectation is that oil prices will remain high in the
short term because the supply/demand balance is very tight, oil
stocks are small and speculation and geopolitics are impacting
oil prices," Mr. Gabrielli told BNamericas.

                       About Petrobras

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

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: State Firm Launching Abreu e Lima Construction Works
--------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro's downstream
director Paulo Roberto Costa told the press that the company
will begin building the Abreu e Lima plant in Pernambuco on
Sept. 5, 2007.

Mr. Costa commented to BNamericas, "We will start the groundwork
on Abreu e Lima next month, but we still need the operating
license."

According to BNamericas, Petroleo Brasileiro Chief Executive
Officer Jose Sergio Gabrielli said that Abreu e Lima will be
constructed in partnership with Venezuelan state-owned oil firm
Petroleos de Venezuela SA and will be able to refine extra-heavy
oil from Venezuela's Orinoco belt.

Cost for Abreu e Lima rose to US$4.5 billion from US$2.5 billion
in Petroleo Brasileiro's previous investment plan due to a boost
in services and equipment costs, BNamericas states.

                       About Petrobras

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

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: Financial Market Affected by Global Panic
---------------------------------------------------
The Sao Paulo Stock Exchange Index suffered a loss of "more than
eight percent by early afternoon before recovering somewhat,"
The Financial Times reported Aug. 16.

An analyst at a local brokerage was quoted by the FT as saying
that the stock exchange has finally been affected by what's
happening in the U.S. subprime mortage market.  

Everywhere, markets have registered losses as investors were
cashing in on their investments.

Stock analysts at first attributed the sell-offs to concerns
over the quality of Brazil's debts.  But Thursday rout saw
investors dropping anything that could be converted into cash,
the FT relates.

"If you ask people what they're afraid of, they don't know," the
unnamed analyst told the FT.  "Nobody knows what might happen
next."

Other markets in the region also suffered heavy losses. The
Morgan Stanley Capital International index of Latin American
shares was down 11 per cent by early afternoon, the FT reports.

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: State Firm May Pay BRL85MM Fine for Gas Supply Breach
---------------------------------------------------------------
Brazilian power regulator Aneel told the nation's official
gazette that it will impose an BRL85-million fine on state-run
oil firm Petroleo Brasileiro SA for allegedly failing to supply
natural gas to thermo plants in July 2007.

Petroleo Brasileiro agreed in July to send enough natural gas to
fire 1.20 giga watts of capacity.  Petrobras supplied enough for
281 million giga watts, Business News Americas relates, citing
Aneel.

Petroleo Brasilieiro said in a statement that it will file an
appeal on the fine.

"The [thermo supply] agreement [with Aneel] says supply can be
altered in cases outside the company's control," Petroleo
Brasileiro told Business News Americas.

According to BNamericas, these were the obstacles in Petroleo
Brasileiro's supplying natural gas to the plants:

          -- delay in the Campinas-Taubate pipeline's operating
             license, and

          -- the fire at the P-50 platform in the Albacora Leste
             field in July 2007.

                       About Petrobras

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

                        *     *     *

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

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

                        *     *     *

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

Petrobras aims to invest US$112bn in 2008-12 - Brazil
Published: Tuesday, August 14, 2007 15:44 (GMT -0400)

Brazil's federal energy company Petrobras (NYSE: PBR) plans to
invest US$112bn in 2008-12, the company said in its new
investment plan.




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


AMB BLACKPINE: Will Hold Final Shareholders Meeting on Sept. 17
--------------------------------------------------------------
AMB Blackpine Ltd. will hold its final shareholders meeting on
Sept. 17, 2007, at 10:00 a.m., at Pier 1, Bay 1 in San
Francisco, Calif.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


BAILEY COATES: 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


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

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

The liquidator can be reached at:

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


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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


IASIA ALLIANCE: Proofs of Claim Filing Deadline Is Sept. 21
-----------------------------------------------------------
IASIA Alliance Fund Ltd.'s creditors are given until
Sept. 21, 2007, to prove their claims to Richard L. Finlay, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


IC MEDIA: Proofs of Claim Filing Ends on Sept. 21
--------------------------------------------------
IC Media International Corp.'s creditors are given until
Sept. 21, 2007, to prove their claims to Richard L. Finlay, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


OPAL: Proofs of Claim Filing Deadline Is Sept. 21
-------------------------------------------------
Opal's creditors are given until Sept. 21, 2007, to prove their
claims to Richard L. Finlay, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


PARMALAT SPA: Parma Prosecutors Accuse 13 People of Aiding Fall
---------------------------------------------------------------
Prosecutors in Parma, Italy, has accused seven employees of
Citigroup Inc. of worsening Parmalat S.p.A.'s finances by
EUR800 million through fraudulent operations in the years before
the dairy concern collapsed in December 2003, Eric Sylvers
writes for the International Herald Tribune citing court
documents.

Prosecutors also included six other people in the accusations,
but were unsure of their relation to Citigroup, IHT relates.  

According to IHT, the accused have two months to submit their
defense to a judge, who would then decide whether they should be
indicted.

Citigroup, meanwhile, told IHT that there were no proofs its
employees violated the law, countering that it had been damaged
by Parmalat's collapse.  A Citigroup spokesman added that the
bank was trying to identify the six new people named in the
document.

                        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.


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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


TRIGON ADVISERS: Proofs of Claim Filing Is Until Sept. 21
---------------------------------------------------------
Trigon Advisers International Ltd.'s creditors are given until
Sept. 21, 2007, to prove their claims to Richard L. Finlay, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


TRIGON ASIAN CREDIT: Proofs of Claim Filing Ends on Sept. 21
------------------------------------------------------------
Trigon Asian Credit Opportunities Fund (Master) Ltd.'s creditors
are given until Sept. 21, 2007, to prove their claims to Richard
L. Finlay, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


TRIGON ASIAN: Proofs of Claim Filing Deadline Is Sept. 21
---------------------------------------------------------
Trigon Asian Credit Opportunities Fund Ltd.'s creditors are
given until Sept. 21, 2007, to prove their claims to Richard L.
Finlay, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

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


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

         Pier 1, Bay 1
         San Francisco, CA
         94111 USA

These agendas will be taken during the meeting:

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

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


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

The liquidator can be reached at:

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




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


ARAMARK CORP: Extends Exchange Offer Expiration Date to Aug. 22
---------------------------------------------------------------
ARAMARK Corporation has extended the expiration date of its
offer to exchange up to US$1,280,000,000 in aggregate principal
amount of its registered 8.50% Senior Notes due 2015 and up to
US$500,000,000 in aggregate principal amount of its registered
Senior Floating Rate Notes due 2015 for its outstanding
unregistered 8.50% Senior Notes due 2015 and outstanding
unregistered Senior Floating Rate Notes due 2015.

The exchange offer was originally scheduled to expire at 5:00
p.m. (Eastern Standard Time) on Aug. 16, 2007, but will now
expire at 5:00 p.m. (Eastern Standard Time) on Aug. 22, 2007.  
As of the close of business on Aug. 16, 2007, US$1,277,700,000
in aggregate principal amount of outstanding unregistered 8.50%
Senior Notes due 2015 and US$489,839,000 in aggregate principal
amount of outstanding unregistered Senior Floating Rate Notes
due 2015 had been validly tendered to the exchange agent by the
holders thereof.

The exchange agent for the exchange offer is:

          The Bank of New York, Reorganization Unit
          Attn: Carolle Montreuil
          101 Barclay Street, 7E
          New York, New York 10286.

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.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2007,
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.




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


AES GENER: Earns CLP30.5 Billion in First Six Months of 2007
------------------------------------------------------------
AES Gener said in a statement that its net profits decreased
30.8% to CLP30.5 billion in the first half of 2007, compared to
CLP44.0 billion in the same period last year.

Business News Americas relates that AES Gener's consolidated
Ebitda dropped 12% to CLP86.8 billion in the first six months of
2007, from the same period in 2006.

According to AES Gener's statement, the decline in profits
indicated significant boost in electric generation costs related
to Argentine natural gas restrictions that led to higher fuel
costs and higher spot market energy purchases.

BNamericas notes that the decline was partially offset by the
positive effect of AES Gener's "market diversification with
operations in three major markets."

AES Gener said in a statement that it generated 22% of the
energy in Chile's central SIC grid and 30% of the energy in the
northern SING grid in the first half of 2007.

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

                        *     *     *

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


GEOKINETICS INC: Promotes Richard Miles to VP & CEO Positions
-------------------------------------------------------------
Geokinetics Inc. has promoted Richard F. Miles, Vice President
and Chief Operating Officer, to the positions of President and
Chief Executive Officer.  Mr. Miles replaces David A. Johnson,
who resigned to pursue opportunities outside the seismic
services industry.

William R. Ziegler, Chairman of the Company, stated, "We wish
Dave Johnson continued success in his next endeavors.  Dave was
instrumental in completing two acquisitions, which transformed
Geokinetics from a small, domestic seismic services business, to
the fourth-largest provider of land, transition zone and shallow
water seismic surveying in the world.  We are grateful for
Dave's accomplishments and wish him the best."

Mr. Ziegler continued: "We are particularly fortunate to have
someone of the caliber of Dick Miles to promote to the positions
of President and Chief Executive Officer.  Dick has been in
charge of all international operations at Geokinetics since our
acquisition of Grant Geophysical, Inc. in September 2006, and
most recently he was the President and Chief Executive Officer
of Grant Geophysical since January 2001.  Dick was a director of
Kelman Technologies, Inc. from 2003 until September 2006.  Dick
served as Chief Executive Officer and a Director of GeoScience
Corporation, the Chairman of CogniSeis, Syntron and Symtronix
from 1990 until 2000.  Prior to that he held numerous positions
with Halliburton and Geophysical Services.  Dick has over 40
years experience in the seismic acquisition and processing
industry and we think he is uniquely qualified to continue the
process of growing Geokinetics' seismic services businesses."

Mr. Miles stated: "I am honored that the Board of Directors has
the confidence and trust in me to ask me to succeed Dave
Johnson.  Dave's accomplishments at Geokinetics during the past
years have been substantial.  I am confident that Geokinetics is
on the right track and that we can continue to increase
revenues, improve profitability and create shareholder value in
the years ahead.  Our employees have been instrumental in the
process of integrating our recent acquisitions and the building
of our backlog, and we will continue to provide them with the
tools necessary to build Geokinetics into a world class,
profitable seismic acquisition and processing Company.  We will
continue to focus on our core seismic acquisition businesses,
both domestically and in selected international markets, while
making the return of our processing business to profitability a
priority."

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.

                        *     *     *

As reported in Troubled Company Reporter on Dec. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'CCC+' issue
rating and '3' recovery rating on Geokinetics Inc.'s second
priority floating rate notes due in 2012, after the disclosure
that the offering will be increased to US$110 million from
US$100 million.


GRAN TIERRA: Loses US$11.7 Million in First Half of 2007
--------------------------------------------------------
Gran Tierra Energy said in a statement that its net loss
increased to US$11.7 million in the first half of 2007, compared
to a net loss of US$1.8 million in the first half of 2006.

Business News Americas relates that Gran Tierra's total revenue
rose 168% to US$8.3 million in the first six months of 2007,
from US$3.1 million in the same period last year.

According to BNamericas, Gran Tierra's non-cash expenses of
US$7.4 million in liquidated damages were included in the year-
to-date results.  It resulted from an accord with Gran Tierra
stockholders who bought 50 million units in a 2006 funding.

BNamericas notes that Gran Tierra's total oil sales increased
157% to US$7.9 million in the first six months of 2007, from the
US$3.1 million in the same period last year.

The report says that operating expenses rose 185% to US$4.1
million in the first half of 2007, compared to the first half of
2006.  

Gran Tierra's oil and condensate production in the first half of
2007 averaged 1,140 barrels per day net after royalty, compared
to 329 barrels per day in the same period in 2006.

A Gran Tierra spokesperson said in a conference call that crude
oil and condensate output after the 12% royalty in Argentina
averaged 618 barrels per day in the first half of 2007, compared
to 286 barrels per day in the same period last year.

According to the report, Gran Tierra received an average price
of US$38.27 per barrel in Argentina during the first half 2007,
compared to US$41.35 per barrel in the first half of 2006.

Gran Tierra Chief Executive Officer Dana Coffield said in a
conference call that one new exploration well is planned in
Argentina.

BNamericas says that production in Gran Tierra's Colombian
operations averaged 522 barrels per day in the first half of
2007.  The firm's total revenue in Colombia was US$4.3 million,
at an average of US$48.44 per barrel.

Meanwhile, Gran Tierra is finalizing plans in Peru for the
acquisition of airborne and magnetic data this year, BNamericas
notes, citing Ms. Coffield.

BNamericas reports that the data will be used to plan 2D seismic
acquisition next year.  Drilling in Peru could be launched after
the acquisition.

Gran Tierra will concentrate on "putting proven reserves into
production and moving probable and possible reserves into the
proven category," BNamericas states, citing Ms. Coffield.

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

                        *     *     *

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


RESIDENTIAL CAPITAL: Moody's Pares Senior Debt Rating to Ba1
------------------------------------------------------------     
Moody's Investors Service downgraded to Ba1, from Baa3, its
ratings on the senior debt of Residential Capital, LLC.  The
ratings remain under review for possible downgrade.

"These rating actions reflect the continued, significant funding
and valuation volatility in the single-family mortgage market,
coupled with ResCap's challenges in restructuring its
residential financial group, as well as an adverse business
environment that could create further profit pressure at the
firm," says Philip Kibel, Moody's analyst.

Moody's review of ResCap's ratings for possible further
downgrade reflects the uncertainty regarding ResCap's net
operating performance, and funding of and origination flows in
its business due to continued volatility in the mortgage
market, while navigating a potentially more adverse mortgage
credit quality environment.  A rating confirmation would likely
result should ResCap be successful in its efforts to stabilize
its operations and portfolio quality, and strengthen its
earnings.  A rating downgrade would reflect more acute
challenges to its liquidity or funding flexibility, continued
high net operating losses, or material asset quality
deterioration.

These ratings were downgraded, and are under review for
downgrade:

   Residential Capital, LLC

     -- Senior debt to Ba1, from Baa3; senior debt shelf to
        (P)Ba1, from (P) Baa3; subordinate debt to Ba2, from
        Ba1; subordinate debt shelf to (P)Ba2, from (P)Ba1

   Residential Capital, LLC's rating for short-term debt was
   downgraded to Not Prime, from Prime-3.

Residential Capital, LLC, a subsidiary of GMAC LLC, is a leading
real estate finance company. ResCap is a holding company for the
real estate finance business of GMAC, and has globally
diversified businesses that include: US Residential Real Estate
Finance Group, the provision of financing and equity capital to
residential land developers and homebuilders, and financing to
resort developers and health-care related enterprises (Business
Capital Group), and the international origination, purchase,
sale and securitization of residential mortgages (International
Business Group).  ResCap reported assets and equity of
approximately US$122 billion and US$7.5 billion, respectively,
as of June 30, 2007.




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


BANCO INTERCONTINENTAL: Figueroa Counsel Wants Evidence Rejected
----------------------------------------------------------------
Former Banco Intercontinental head Ramon Baez Figueroa's legal
representatives have filed a request to the National District
First Collegiate Court in the Dominican Republic for the
rejection of three audits presented as new evidence in the
bank's fraud case, Dominican Today reports.

Dominican Today relates that Francisco Alvarez -- the legal
representative for the plaintiffs central bank and Banks
Superintendence -- filed a motion in the court to accept the
three new sets of evidence against the accused.

Dominican Today notes that PKF made two of the audits, while one
was made by Price Waterhouse Coopers, which indicated the amount
the central bank paid to liquidate Banco Intercontinental.     

They will not be pressured and blackmailed by the defense
lawyers, "as to the court's acceptance of the evidence,"
Dominican Today says, citing Mr. Alvarez.  They will also try to
introduce others, including the testimony by former Dominican
Republic President Hipolito MejĦa.

The defense tried to convince the judges to reject the audits,
Dominican Today says.

According to Dominican Today, the court presided by judge
Antonio Sanchez Mejia would rule on the arguments in three
motions.

Assistant prosecutor Francisco Garcia told Dominican Today that
he will present new evidence against co-defendant Jesus Maria
Troncoso after the ruling.  The court had rejected all evidence
presented against Mr. Troncoso.  He would be automatically
pardoned once the court rejects the new evidence.

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


FLOWSERVE CORP: Paying 15 Cents Per Share Dividend on Oct. 10
-------------------------------------------------------------
Flowserve Corp.'s Board of Directors has authorized the payment
of a quarterly cash dividend of 15 cents per share on the
company's outstanding shares of common stock.  The dividend is
payable on Oct. 10, 2007, to shareholders of record as of the
close of business on Sept. 26, 2007.

While Flowserve currently intends to pay regular quarterly
dividends for the foreseeable future, any future dividends will
be reviewed individually and declared by the Board at its
discretion, dependent on the board's assessment of the company's
financial condition and business outlook at the applicable time.

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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Moody's Investors Service affirmed Flowserve
Corporation's  corporate family rating at Ba3 and probability of
default at B1.  Moody's also 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.  


FLOWSERVE CORP: Messrs. Friedery & Harlan Elected on Board
----------------------------------------------------------
Flowserve Corp.'s board of directors has elected John R.
Friedery and Joe E. Harlan to join the board effective
immediately.  Mr. Friedery is currently senior vice president
and chief operating officer for the packaging products, Americas
group of Ball Corp., a packaging products business.  Mr. Harlan
is currently executive vice president of the electro and
communications business for 3M Company, a diversified technology
company.

Mr. Friedery has served as the president of metal beverage
container operations, as well as in other leadership roles at
Ball Corp. since 1988.  Prior to his roles at Ball Corp., he
served in field operations for Dresser/Atlas Well Services and
in operations, exploration and production for Nondorf Oil and
Gas.

Mr. Harlan has served as vice president of corporate financial
planning and analysis and president and chief executive officer,
Sumitomo 3M Ltd in his previous roles at 3M.  Prior to his roles
at 3M, Mr. Harlan served in numerous leadership roles at General
Electric from 1981 to 2001, leaving the company as vice
president and chief financial officer, GE Lighting Group (USA).

"We are very pleased with the addition of John and Joe as
members of the Flowserve board of directors," said Kevin E.
Sheehan, Chairman of the board.

"John and Joe bring a solid understanding of the global
marketplace and proven leadership experience in diverse
industries and I am confident that they will have a positive
impact on the board for years to come," said Lewis M. Kling,
President and CEO of Flowserve.

Mr. Friedery holds a bachelor of science degree in geology from
the College of William and Mary and an MBA from the University
of Tampa.  He also completed the Harvard Business School
Advanced Management Program.

Mr. Harlan earned a bachelor of science degree in finance and
economics from Indiana University in Bloomington, Indiana.

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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also 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.  




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


* ECUADOR: Inks Five Bilateral Accords with Uruguay
---------------------------------------------------
Ecuadorian President Rafael Correa and his Uruguayan
counterpart, President Tabare Vazquez, inked Thursday five
bilateral agreements, Prensa Latina reports.

The agreements cover agriculture and livestock, tourism, public
health, and energy, the same report adds.

Both leaders said in a joint statement that they support
regional integration, advancing the socialist trend in the
region, Prensa Latina says.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


ALASKA AIR: Appoints Two Executives in Customer Service Division
----------------------------------------------------------------
Alaska Airlines disclosed two leadership appointments in its
customer service division.

The airline named Ben Minicucci staff vice president of customer
service -- airports/operational support.  Since joining Alaska
in 2004, Mr. Minicucci has served as staff vice president of
maintenance and engineering, responsible for line maintenance
and vendor oversight for contract maintenance.  In his new role,
he will lead the customer service division's vendor oversight
program and oversee staff planning, training, and policies and
procedures.

"We are thrilled to bring someone of Ben's caliber to this high-
profile customer service role," said Jeff Butler, Alaska's vice
president of customer service -- airports.  "Ben led an
exemplary vendor oversight program in maintenance and
engineering, and we look forward to bringing his expertise to
customer service."

Before joining Alaska, Mr. Minicucci served in senior management
roles in maintenance and engineering at Air Canada.  He spent 14
years in the Canadian Air Force and holds a master's degree in
mechanical engineering from the Royal Military College of
Canada.

Alaska also announced the promotion of Sandy Stelling to
managing director of product development.  Ms. Stelling
previously served as Alaska's director of operations strategy
and support.  In her new role, Ms. Stelling will lead
technology-based projects designed to improve customer service
at airports.

"Sandy's passion for process improvement will be a driving force
as Alaska deploys new airport technologies to improve the
customer experience," said Mr. Butler.  "We are pleased to
welcome someone with Sandy's project management expertise and
commitment to customers."

Ms. Stelling joined Alaska in 1999 as an information technology
project manager and previously served as a systems and project
engineer for The Boeing Co.  She holds a bachelor's degree in
mechanical engineering from Lehigh University.

Seattle, Wash.-based Alaska Air Group, Inc. (NYSE: ALK) --
http://alaskaair.com/-- is a holding company with two principal   
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
Inc.  Alaska operates an all-jet fleet with an average passenger
trip length of 1,009 miles.  Alaska principally serves
destinations in the state of Alaska and North/South service
between cities in the Western United States, Canada, and Mexico.  
Horizon operates jet and turboprop aircraft with average
passenger trip of 382 miles.  Horizon serves 40 cities in seven
states and six cities in Canada.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 6, 2006,
Moody's Investors Service affirmed the corporate family rating
of Alaska Air Group, Inc. and the Equipment Trust Certificate
rating of Alaska Airlines, Inc. at B1, and changed the outlook
to stable from negative.


AXTEL SA: Launches Service in Hermosilla
----------------------------------------
Axtel S.A.B. de C.V. said in a statement that it has expanded
its network to Hermosillo, Sonora.

According to Axtel's statement, the Hermosillo service is part
of its 2007 expansion.

Business News Americas relates that Axtel began its expansion
early this year after acquiring fixed line operator Avantel.

Axtel told BNamericas that it would invest US$27 million over
the next five years in Hermosillo to provide these services to
700,000 residents:

          -- voice,
          -- data, and
          -- Internet.

Axtel also launched a regional office in Hermosillo, BNamericas
states.

Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. was
formerly known as Axtel SA DE CV.  The company's principal
activity is providing local and long-distance domestic and
international telephony, data and Internet services, virtual
private networks and value added services.  Services include
different access technologies such as fixed wireless telephony,
point-to-point and point-to-multi point radio links, and copper
and fiber optic connections.  Basic services are divided into 5
categories such as voice, conference call, data, Internet and
bundles.  It offers basic telecommunications infrastructure
in Mexico through an intelligent network that provides extensive
coverage to all markets.  It currently operates in Mexico City,
Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San
Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana,
La Laguna, Veracruz and Chihuahua.

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Standard & Poor's ratings services said that it
revised its outlook on Axtel S.A.B. de C.V. to stable from
negative.  At the same time, affirmed 'BB-' corporate credit and
senior unsecured debt ratings on Axtel and its notes due 2013
and 2017.  

As reported in the Troubled Company Reporter-Latin America on
Aug. 13, 2007, Moody's Investors Service placed Axtel, S.A.B. de
C.V.'s Ba3 corporate family rating under review for possible
upgrade as a result of better-than-expected operating and
financial results after the acquisition of Avantel as well as
the issuer's favorable business prospects.


BALLY TOTAL: Noteholders Support Proposed Changes to Ch. 11 Plan
----------------------------------------------------------------
Bally Total Fitness Holding Corp.'s holders of more than 55% of
its 10-1/2% Senior Notes due 2011 have, subject to the
modifications to the treatment of the Senior Notes, agreed to
support the proposed modifications to Bally's Joint Prepackaged
Chapter 11 Plan of Reorganization necessary to implement a
superior restructuring proposal from Harbinger Capital Partners
Master Fund I, Ltd. and Harbinger Capital Partners Special
Situations Fund L.P.  In addition, holders of more than 80% of
its 9-7/8% Senior Subordinated Notes due 2007, which include
affiliates of Tennenbaum Capital Partners, LLC, Goldman, Sachs &
Co. and Anschutz Investment Company, subject to bankruptcy court
approval, have agreed to support the Amended Plan.

To facilitate the consensual implementation of the Amended Plan,
Bally, Harbinger and these consenting Senior Noteholders and
Subordinated Noteholders have entered into a new restructuring
support agreement that binds all of these major stakeholders to
support the Amended Plan.  In addition, Harbinger has signed the
investment agreement that provides for its US$233.6 million
equity investment in reorganized Bally. This investment
agreement and the restructuring support agreement will each
become effective upon bankruptcy court approval, which Bally is
seeking at a hearing scheduled for Aug. 21, 2007.

As previously announced, under its proposal Harbinger would
invest approximately US$233.6 million in exchange for 100% of
the common equity of reorganized Bally.  The Harbinger Proposal
under the Amended Plan would provide equal or better treatment
to all holders of unsecured claims against Bally, including the
Senior and Subordinated Noteholders.  Specifically:

   -- The annual interest rate payable under the Senior Notes
      would be increased to 13% (from 12-3/8% in the Existing
      Plan), with corresponding increases in the premiums
      payable for early redemption.  Senior Noteholders would
      otherwise receive the same treatment as provided in the
      Existing Plan.

   -- Subordinated Noteholders would receive an immediate cash
      payment of US$123.5 million in the aggregate, with the
      remaining balance of the Subordinated Notes to be
      satisfied through the issuance of approximately
      US$200 million in new subordinated notes of reorganized
      Bally.  The annual interest rate payable under the new
      Subordinated notes would be increased by 200 basis points
      to 15-5/8% as the payment-in-kind interest rate and 14% as
      the cash pay interest rate.  Subordinated Noteholders
      would otherwise receive the same treatment as provided in
      the Existing Plan.  Under the Existing Plan, Subordinated
      Noteholders would not receive any cash payments.

   -- Holders of all other unsecured claims would receive full
      payment in cash, in some cases over time with interest.

   -- Holders of Bally's existing common stock and certain other
      claims treated as equity in bankruptcy would receive
      US$16.5 million in the aggregate.  Under the Existing
      Plan, existing common stockholders would receive no
      distribution.

Bally previously filed a motion with the Bankruptcy Court for
the Southern District of New York seeking approval to amend the
Existing Plan in the form of the Amended Plan in order to
implement the Harbinger-funded restructuring without the need to
resolicit votes from Bally's creditors.  Bally will now seek
approval of that motion based on the Amended Plan as modified to
incorporate the revised Senior Note treatment described above.  
Bally will also seek the Court's approval of the new
restructuring support agreement that has been signed by Bally,
Harbinger, the consenting Subordinated Noteholders and the
consenting Senior Noteholders.

"We are confident in the Company and are pleased to have the
support of these Senior and Subordinated Noteholders for the
restructuring proposal," said Howard Kagan, Managing Director &
Director of Investments of Harbinger Capital Partners.  
"Additionally, we look forward to Bally presenting the Amended
Plan to the Bankruptcy Court next week and to moving forward
with the restructuring process with an eye towards a quick
emergence from Chapter 11."

"Harbinger presented a superior proposal and Bally did a
remarkable job bringing the parties together.  We wish them all
great success," said Michael E. Tennenbaum, Senior Managing
Partner of Tennenbaum Capital Partners, LLC.

"We appreciate the overwhelming support of our noteholders for
our amended plan of reorganization and will seek to execute it
and emerge promptly from Chapter 11 protection," said Don R.
Kornstein, Interim Chairman and Chief Restructuring Officer of
Bally Total Fitness.  "We are also grateful for the confidence
that Harbinger has expressed in Bally through its extraordinary
investment and look forward to partnering with Harbinger to
enhance our capital structure, strengthen our balance sheet and
make the capital investments necessary to meet the needs of our
members while improving our operating performance."

Under the amended plan the Company can still consummate the
restructuring set forth in the Existing Plan if the Harbinger-
funded restructuring cannot be consummated.  In that case, the
Subordinated Noteholders referenced above would backstop a US$90
million rights offering of new senior subordinated notes.

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 USUS$408,546,205
in total assets and USUS$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.


GEO SAB: S&P'S Lowers Long-Term Corp. Credit Rating to BB-
----------------------------------------------------------
Standard & Poor's ratings services has lowered its long-term
corporate credit rating on Corporacion Geo S.A.B. de C.V. to
'BB-' from 'BB'.  At the same time, we lowered our national
scale rating on Geo to 'mxA-' from 'mxA'.  The outlook is
stable.  All ratings were removed from CreditWatch, where they
were placed on June 18, 2007, with negative implications.  We
also lowered our senior unsecured ratings on Geo's long-term
domestic medium-term notes to 'mxA-' from 'mxA', and affirmed
our 'mxA-2' ratings on Geo's short-term debt
programs.
   
The downgrade reflects S&P's perception that Geo's financial
policy and accounting practices have become aggressive, which is
indicated by the changes to its 2006 interim and audited
financial statements, the use of financing schemes that requires
restricted cash balances, and higher working capital
requirements to sustain the company's growth targets.  The
ratings also reflect the concentration of mortgage origination
in Infonavit (FC: BBB/Stable/A-3; LC: A/Stable/A-1) and the
degree of political risk inherent to this institution.  The
ratings also consider the company's position as a leading
homebuilder in Mexico, its geographic diversification, product
diversity, and scale.
   
The outlook is stable.  Further aggressiveness in the company's
financial policy or a weakening of the group's liquidity and/or
its key financial ratios, especially a total debt-to-EBITDA
ratio that is consistently more than three (including
securitizations and other operations), could pressure ratings
downward.  A stronger financial profile, supported by positive
cash flow generation and sustained evidence of more moderate
financial policies could lead to a positive rating action.

Headquartered in Mexico, Corporacion Geo, S.A. de C.V. --
http://www.casasgeo.comor http://www.g-homes.com.mx--  
specializes in the construction of affordable low-income
housing.


GRUPO MEXICO: Mexican Court Allows Workers To Continue Strike
-------------------------------------------------------------
A Mexican court has ruled that employees at Grupo Mexico SA, de
C.V.'s mines can continue their protest without being dismissed
by the company, the Associated Press reports.

The AP says that the court also ruled that the strikers can't
stop other employees from working.

According to the AP, the National Mining and Metal Workers Union
launched a strike July 30, 2007, to demand better safety
conditions at:

          -- the Taxco mine,
          -- the Zacatecas mine, and
          -- the Cananea copper mine in Sonora.

The report says that a labor arbitration board ruled that the
strikes were illegal, giving protesters 24 hours to return to
work or be laid off.  However, the union obtained provisional
injunctions against that decision.

The AP relates that in the Taxco case, a court dumped "a request
for a definitive injunction against the board's ruling until the
matter is settled at a later hearing."  However, the court
decided that protesters could not be fired as long as miners who
want to return to work are allowed to do so.

The courts granted injunctions for strikes to continue at
Cananea and Taxco, ato the union's statement.  

Union official Carlos Pavon told the AP that he still had to
discuss the terms of the rulings with union legal
representatives.  

Once the strikers stop workers from entering their workplaces,
the issue would become one of public security, the AP says,
citing Grupo Mexico legal representative Salvador Rocha.  The
company is willing to negotiate contracts, hygiene and safety.  
However, it won't negotiate the cancellation of arrest warrants
against former union leader Gomez Urrutia.

The union denied to the AP that it has included dropping charges
against Mr. Urrutia in the talks.

Meanwhile, workers were attacked when they went to the mine to
demand reinstatement in their jobs in accordance with a court
ruling, the AP says, citing the union.

The AP reports that Grupo Mexico denied the allegation.

An armed group loyal to Mr. Urrutia went to La Caridad to try to
stop operations at the mine and pressure employees into not
leaving the union, the AP states, citing Grupo Mexico.

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

                        *     *     *

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


MOVIE GALLERY: Extends Forbearance Agreement with Senior Lenders
----------------------------------------------------------------
Movie Gallery Inc. and certain lenders under its First Lien
Credit Facility have executed an extension of the Forbearance
Agreement.  Under the extended agreement, the senior lender
group will forbear until Aug. 27, 2007, from exercising rights
and remedies arising from existing defaults, absent any new
defaults under the senior credit facility or the Forbearance
Agreement.

Joe Malugen, Chairman, President and Chief Executive Officer,
said, "Despite the challenging market conditions for Movie
Gallery and the entire rental industry, we are continuing to
work with our lenders and our outside advisors to help address
the Company's current financial situation.  We plan to continue
to operate the Company without interruption as we work through
this challenging period. I would like to thank our customers and
our hard working associates and partners, who continue to remain
faithful to our Company."

                    About Movie Gallery

Headquartered in Dothan, Alabama, Movie Gallery, (Nasdaq: MOVI)   
-- http://www.moviegallery.com/-- is a provider of in-home      
movie and game entertainment in the United States.  It operates   
over 4,600 stores in the United States, Canada, and Mexico under   
the Movie Gallery, Hollywood Entertainment, Game Crazy, and VHQ   
banners.  
  
                        *     *     *  
  
As reported in the Troubled Company Reporter-Latin America on  
July 9, 2007, Standard & Poor's Ratings Services lowered its   
corporate credit rating on Movie Gallery Inc. to 'CCC+' from 'B-  
' based on the announcement that the company was not able to   
meet its financial covenants for the fiscal quarter ended   
July 1, 2007, and that the company is exploring available   
restructuring and strategic alternatives.  S&P said the outlook   
is developing.


MOVIE GALLERY: Continues to Find Ways to Conserve Cash
------------------------------------------------------
Movie Gallery Inc. disclosed in a filing with the U.S.
Securities and Exchange Commission that in response to the
challenging market conditions facing its business, the company
continues to take actions to conserve cash and improve
profitability.

These actions include:

    * accelerating the closure of unprofitable stores,

    * consolidating stores in certain markets,

    * realigning cost structure to better reflect reduced size,
      And

    * seeking a more competitive capital structure.

The company further disclosed that it is considering
a number of alternatives, including asset divestitures,
recapitalizations, restructurings, alliances with strategic
partners, and a sale to or merger with a third party, as well as
whether a restructuring needs to be completed under chapter 11
of the Bankruptcy Code.

                           Financials

As reported in the Troubled Company Reporter on Aug. 15, 2007,
the company's balance sheet at July 1, 2007, showed US$892.0
million in total assets, US$1.45 billion in total liabilities,
resulting in a US$560.3 million total stockholders' deficit.  
The company's consolidated balance sheet further showed strained
liquidity with US$291.1 million in total current assets
available to pay US$1.42 billion in total current liabilities.

For the second quarter ended July 1, 2007, the company reported
a US$309.9 million net loss compared to a US$14.9 million net
loss for the second quarter ended July 2, 2006.  Total revenues
for the second quarter were US$561.2 million, a 6.7% decrease
from US$601.3 million in the second quarter of 2006.  Decline in
revenues was  primarily due to a decline in consolidated same-
store sales and a decrease in the number of weighted average
stores operated.  

                     Forbearance Agreement

As reported in the Troubled Company Reporter on Aug. 8, 2007,
the company entered into an amendment to a forbearance agreement
it entered into with Goldman Sachs Credit Partners L.P., as a
lender and as administrative agent, Wachovia Bank, National
Association, as a lender and collateral agent and the lenders
party.

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

                       About Movie Gallery

Headquartered in Dothan, Alabama, Movie Gallery Inc. (NasdaqGM:
MOVI) -- http://www.moviegallery.com/-- is second largest North   
American video rental company with more than 4,550 stores
located in all 50 U.S. States, Canada and Mexico operating under
the brands Movie Gallery, Hollywood Video and Game Crazy.  The
Game Crazy brand represents 606 in-store departments and 14
free-standing stores serving the game market in urban locations
across the United States.  Since Movie Gallery's initial public
offering in August 1994, the company has grown from 97 stores to
its present size through acquisitions and new store openings.

                          *     *     *

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


ONEIDA LTD: Terminates Plan to Apply for US$120-Million Loan
------------------------------------------------------------
Oneida Ltd. has canceled a plan to enter into a seven-year
US$120 million new senior secured term loan facility due to
unfavorable market conditions, Reuters Loan Pricing Corp.
reports citing an investor familiar with the deal.

According to the report, the company had planned to use the loan
to refinance its existing term loan, pay a US$30 million special
dividend to preferred equity holders, and pay related fees,
expenses and prepayment penalties.

The credit facility was syndicated by a group of banks led by
Credit Suisse.

Reuters says the current weakness in the secondary market is
forcing a number of financing deals to be adjusted as lenders
reevaluate risk.  

                      About Oneida Ltd.

Headquartered in Oneida, New York, Oneida Ltd. (OTC: ONEI) --
http://www.oneida.com/-- manufactures stainless steel and   
silverplated flatware for both the Consumer and Foodservice
industries, and supplies dinnerware to the foodservice industry.  
Oneida also supplies a variety of crystal, glassware and metal
serveware for the tabletop industries.  The Company has
operations in the United States, Canada, Mexico, the U.K., and
Australia.

The Company and its eight affiliates filed for Chapter 11
protection on March 19, 2006 (Bankr. S.D. N.Y. Case No. 06-
10489).  On May 12, 2006, Judge Gropper approved the Debtors'
disclosure statement.  Their pre-negotiated plan of
reorganization was confirmed on Aug. 31, 2006.  The
Company emerged from Chapter 11 on Sept. 15, 2006, as a
privately held company.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 1, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Oneida, New York-based Oneida,
Ltd.  At the same time, Standard & Poor's withdrew the 'B+' and
'2' recovery ratings on Oneida's proposed senior secured bank
loan due 2014.  


XIGNUX SA: Moody's Upgrades Corporate Rating to Ba3
----------------------------------------------------
Moody's investors service upgraded Xignux S.A. de C.V.'s
corporate family rating to Ba3 from B1, while also raising the
rating of the company's 9.5% senior unsecured global bonds due
2009 to B1 from B2.  The upgrade primarily reflects the
company's improved margins and reduced leverage because of
stronger than anticipated performance of its electrical cable
and transformer businesses, and a strengthened liquidity
position with an extended average life of debt after the recent
issuance of new certificados bursatiles.  The rating outlook is
stable

Approximately US$34 Million of debt securities affected.

  The following ratings were upgraded:

  -- Corporate Family Rating, to Ba3;

  -- US$34 Million 9.5% Senior Unsecured Global Bonds due 2009,
     to B1.

Moody's does not rate Xignux's Ps. 2,200 million (US$200
million) of certificados bursatiles due 2013, 2017 and 2019
(Xignux 07 and 07-2).

Xignux's Ba3 corporate family rating is supported by the
company's leading positions in various sectors of the Mexican
economy, geographic diversification from sizeable export
operations and continued positive trends for earnings, credit
metrics and liquidity in recent quarters. Additional positives
include the ongoing cost reduction and efficiency initiatives,
efforts to increase the share of less cyclical, value added
products and services and the strategic and operational benefits
of joint ventures with strong international partners such as GE,
Yazaki, and Sara Lee.  These credit strengths are partly offset
by the longer term challenges the company faces because of the
intense competition in its various end markets, pronounced
cyclicality affecting most of its businesses and significant
commodity price exposures, which can all lead to volatile
earnings, working capital needs and credit metrics.  Our ratings
also reflect that there is material cash generation at joint
ventures that do not guarantee holding company debt.

The B1 rating on the 9.5% senior unsecured global bonds continue
to be one notch below the new Ba3 corporate family rating
because of their structural subordination to the debt at non-
guarantor subsidiaries.  Non-guarantor subsidiaries generated
about 38% of consolidated EBITDA in 2006 and held 32% of
consolidated debt as of June 30, 2007.  Non-guarantor
subsidiaries include the Prolec-GE, Xignux-Yazaki, and Qualtia
joint ventures.  Entities that guarantee the 2009 notes include
the wholly owned Viakable cable and wire subsidiary and Prolec,
a wholly owned intermediate holding company which owns 50% of
Prolec-GE.

The stable outlook is based on healthy performance prospects for
the cable and transformer divisions, more consistent results at
the automotive wire harness and packaged food joint ventures,
and our expectation that the current solid credit metrics will
be supported by conservative debt management, in light of
potential cyclical earnings swings.

Xignux is a diversified holding company, the subsidiaries of
which manufacture a variety of products, mostly for industrial
markets.  The company sells electrical wire and cable, auto
parts, electrical power and distribution transformers, food
products, and foundry.  

Xignux S.A. de C.V., based in Monterrey, Mexico, is one of
Mexico's leading, privately held industrial conglomerates.  
Through one wholly owned operating subsidiary and three fully
consolidated 50:50 joint ventures with major international
partners, the company manufactures and distributes industrial
cable and wire, automotive wire harnesses, electrical
transformers and packaged food products.  For the twelve months
ended June 30, 2007, sales were US$3.29 billion.




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


* PERU: Obtains US$200,000 Financing for Relief Efforts
-------------------------------------------------------
The Inter-American Development Bank will provide a US$200,000
grant to the Government of Peru for immediate emergency relief
efforts in the wake of yesterday's earthquake that left at least
500 people dead and 1,600 injured.

The grant will be used to provide humanitarian aid to earthquake
victims.

Lima and the coastline of Peru were hit Wednesday evening by an
earthquake that measured 7.9 on the Richter scale and lasted
about 2 minutes.  According to a report by the National
Institute of Civil Defense, most of the deaths were in the
coastal province of Ica, about 165 miles south of Lima.

The Government of Peru has declared a state of emergency for 60
days covering the Department of Ica and the Province of Ca¤ete
in the Department of Lima.

The IDB Office in Peru is already in close communications with
the Peruvian Government to identify the best ways to provide
humanitarian aid to the victims and support reconstruction
efforts.

IDB President Luis Alberto Moreno spoke to Peruvian President
Alan Garcia early today and expressed the Bank's solidarity with
the people of Peru and conveyed the Bank's commitment to provide
financial support for humanitarian aid.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation




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


GENESCO INC: FTC Grants Early Termination of Waiting Period
-----------------------------------------------------------
Genesco Inc. and The Finish Line Inc. disclosed that the Federal
Trade Commission has granted early termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended, in connection with the companies' pending
combination.

The transaction remains subject to approval by Genesco
shareholders and the satisfaction of closing conditions as set
forth in the merger agreement.  

The transaction is expected to close in the Fall of 2007.

The Finish Line Inc. (Nasdaq: FINL) --
http://www.finishline.com/-- is a mall-based specialty retailer  
operating under the Finish Line, Man Alive and Paiva brand
names.  The company currently operates 694 Finish Line stores in
47 states and online, 93 Man Alive stores in 19 states, and 15
Paiva stores in 10 states and online.

Headquartered in Nashville, Tennessee, Genesco Inc. (NYSE: GCO)
-- http://www.genesco.com/-- is a specialty retailer of  
footwear, headwear and accessories in more than 1,900 retail
stores in the U.S. and Canada, including, Puerto Rico,
principally under the names Journeys, Journeys Kidz, Shi by
Journeys, Johnston & Murphy, Underground Station, Hatworld,
Lids, Hat Zone, Cap Factory, Head Quarters and Cap Connection,
and on Internet websites http://www.journeys.com/,
http://www.journeyskidz.com/,
http://www.undergroundstation.com/,
http://www.johnstonmurphy.com/,http://www.lids.com/,  
http://www.hatworld.com/and http://www.lidscyo.com/. The
company also sells footwear at wholesale under its Johnston &
Murphy brand and under the licensed Dockers.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services said that its ratings on
specialty footwear and headwear retailer Nashville, Tennessee-
based Genesco Inc. remain on CreditWatch with developing
implications, following the announcement this morning that it
has rejected Foot Locker Inc.'s (BB+/Watch Neg/--) conditional
bid to acquire Genesco for approximately $1.3 billion ($51.00
per share)
in cash.


INTERPUBLIC GROUP: Declares Dividend on Series B Preferred Stock
----------------------------------------------------------------
The Interpublic Group of Companies Inc.'s Board of Directors has
declared a dividend of US$13.125 per share on its 5-1/4% Series
B Cumulative Convertible Perpetual Preferred Stock.  The
dividend on the Series B Preferred Stock is payable in cash on
Oct. 15, 2007 to holders of record at the close of business on
Oct. 1, 2007.  There will be a maximum of 525,000 shares of the
Series B Preferred Stock outstanding on Oct. 1, 2007, resulting
in a maximum possible aggregate dividend of US$6,890,625.

                   About Interpublic Group

New York-based, Interpublic Group of Companies Inc. (NYSE:IPG)
-- http://www.interpublic.com/-- is one of the world's leading    
organizations of advertising agencies and marketing services
companies.  The Interpublic Group has over 43,000 employees
working in offices in more than 130 countries around the world,
including Argentina, Brazil, Barbados, Belize, Chile, Colombia,
Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala,
Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Puerto
Rico, Peru, Uruguay and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on May 22, 2007,
Fitch Ratings has upgraded Interpublic Group's Issuer Default
Rating to 'BB-' from 'B'.  Approximately US$2.3 billion in total
debt as of March 31, 2007, is affected.  The Rating Outlook is
Stable.

IPG's ratings are as:

    -- Issuer Default Rating (IDR) upgraded to 'BB-' from 'B';

    -- Enhanced Liquidity Facility (ELF) upgraded to 'BB-'
       from 'B'/'RR4';

    -- Senior unsecured notes (including convertibles) upgraded
       to 'BB-' from 'B'/'RR4';

    -- Cumulative convertible perpetual preferred stock upgraded
       to 'B' from 'CCC'/'RR6'.




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


NAVIOS MARITIME: Earns US$23.2 Million in Quarter Ended June 30
---------------------------------------------------------------
Navios Maritime Holdings Inc. reported net income of US$23.2
million for the second quarter ended June 30, 2007, compared to
net income of US$4.9 million for the comparable period of 2006.  
The resultant increase of net income was primarily due to the
US$18.1 million increase in EBITDA.

Angeliki Frangou, Chairman and CEO of Navios, stated: "In the
second quarter, we delivered strong financial performance,
increasing EBITDA by 74% and net income by 371%.  We also
increased our equity and broadened our shareholder base through
a follow-on offering.  Most recently, we created significant
visibility into future earnings and added structural flexibility
through eight new long-term charters with world-class
counterparties."

                  Capesize Vessels Acquisition

Navios agreed to purchase two new Capesize vessels to be built
by Daewoo Shipbuilding & Marine Engineering Company Ltd. in
South Korea.  Each vessel will cost US$120.0 million and have
approximately 180,000 dwt.  Delivery is scheduled in June 2009
and September 2009.  To date, Navios has placed US$48.0 million
on deposit for these vessels, with the US$192.0 million balance
due upon delivery.  Navios also announced that it has entered
into conditional agreements for the purchase of two new Capesize
vessels.  Each vessel will cost US$110.0 million and have
approximately 172,000 dwt.  Delivery is scheduled in the fourth
quarter of 2009.

             Acquisition Of 50% Interest In Asteriks

On April 19, 2007, Navios acquired the remaining 50% interest in
Asteriks, a 2005-built Panamax vessel, for approximately US$26.0
million.  As a result of this transaction we own 100% of this
vessel.

                  Completion of Exchange Offer

On Aug. 8, 2007, Navios successfully closed the exchange offer
where 100% of all its outstanding 9-1/2% Senior Notes due 2014
were exchanged for a like principal amount of its 9-1/2% Senior
Exchange Notes due 2014, which were registered under the
Securities Act of 1933, as amended.

                        Secured Cash Flow

Recently, Navios secured eight long-term time charter contracts
with an average charter period of 5.1 years and average charter
hire of US$24,338.  The charters of 5 panamax and 3 ultra-
handymax vessels are to Cargill, Mitsui O.S.K. Lines and Rio
Tinto.  These eight new time charters represent, in the
aggregate, 41 years of employment and approximately
US$361.0 million contracted revenue.

As a result of these charters, Navios has extended the coverage
of its core fleet to 99.0% for 2007, 88.9% for 2008, 49.6% for
2009 and 29% for 2010.

                        Financial Results

Revenue increased to US$135.9 million for the three-month period
ended June 30, 2007 as compared to the US$53.0 million for the
same period of 2006.  Revenue from vessel operations increased
by approximately US$82.4 million or 164.4% to US$132.5 million
for the three-month period ended June 30, 2007 from US$50.1
million for the same period of 2006.  This increase is mainly
attributable to:

   (a) an increase in operating days,

   (b) the improvement in the market resulting in higher
       charter-out daily hire rates in the second quarter of
       2007 as compared to the same period of 2006, and

   (c) an increase in the number of Contracts of Affreightment
       (COAs) serviced by Navios (acquired as part of the
       acquisition of Kleimar).

Revenue from the port terminal increased by US$0.5 million to
US$3.4 million for the three month period ended June 30, 2007 as
compared to US$2.9 million in the same period of 2006.  This is
due to port terminal throughput volume increasing approximately
14.6% to 799,000 tons for the three month period ended June 30,
2007 from 697,000 tons for the same period in 2006.

EBITDA increased by US$18.1 million to US$42.6 million for the
three month period ended June 30, 2007 as compared to US$24.5
million for the same period of 2006.  The increase is mainly
attributable to (a) a gain in Forward Freight Agreement (FFAs)
trading of US$7.2 million in the second quarter of 2007 versus a
gain of US$1.7 million in the same period in 2006, (b) the
increase in revenue by US$82.9 million from US$53.0 million in
the second quarter of 2006 to US$135.9 million in the same
period of 2007.  The above increase was mitigated mainly by:

   (a) the increase in time charter and voyage expenses by
       US$67.6 million from US$22.6 million in the second
       quarter of 2006 to US$90.2 million in the same period of
       2007,

   (b) the increase in the direct vessels expenses by US$2.8
       million due to the expansion of the owned fleet from 15
       vessels in the second quarter of 2006 to 19 vessels in
       the same period of 2007,

   (c) the increase in general and administrative expenses by
       US$0.6 million and

   (d) the net increase in all other categories (other
       income/expenses, income from investments in finance
       leases, income from affiliate companies, etc.) by
       US$0.7 million.

                          Dividend

Navios's board of directors declared a quarterly cash dividend
for the period ended June 30, 2007 of US$.0666 per share,
payable on Sept. 14, 2007 to record holders as of Aug. 31, 2007.

                      About Navios Maritime

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
-- http://www.navios.com/-- is a vertically integrated global  
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa last week, the rating agency confirmed its B1 Corporate
Family Rating for Navios Maritime Holdings Inc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Unsecured
   Regular Bond/
   Debenture Due 2014       B2        B3      LGD5     80%


* URUGUAY: Inks Five Bilateral Accords with Ecuador
---------------------------------------------------
Uruguay's President Tabare Vazquez and his Ecuadorian
counterpart, President Rafael Correa , inked Thursday five
bilateral agreements, Prensa Latina reports.

The agreements cover agriculture and livestock, tourism, public
health, and energy, the same report adds.

Both leaders said in a joint statement that they support
regional integration, advancing the socialist trend in the
region, Prensa Latina says.

                        *     *     *

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




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


HANOVER COMPRESSOR: Expects Universal Merger to Close Today
-----------------------------------------------------------
Hanover Compressor Company and Universal Compression Holdings
Inc. reported that, at the companies' respective stockholders
meetings held earlier today, the stockholders of each company
approved by a substantial margin the merger of the two companies
into a new company, Exterran Holdings, Inc.  The stockholders of
both companies also approved the adoption of the Exterran 2007
Stock Incentive Plan and the Exterran Employee Stock Purchase
Plan.  Hanover and Universal expect the merger to close on
Aug. 20, 2007.  On the day following the merger closing,
Exterran's common stock will begin trading under the symbol
"EXH" on the New York Stock Exchange, and the common stock of
Hanover and Universal will no longer be traded.

                   About Universal Compression

Universal Compression Holdings, headquartered in Houston, Texas,
is a leading natural gas compression services company, providing
a full range of contract compression, sales, operations,
maintenance and fabrication services to the natural gas industry
worldwide.

               About Hanover Compressor Company

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

                        *     *     *

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


SMURFIT KAPPA: Earns EUR34.8 Million in Second Quarter 2007
-----------------------------------------------------------
Smurfit Kappa Group plc released financial results for the
second quarter and first half ended June 30, 2007.

SKG reported a net profit of EUR34.8 million on revenues of
EUR1.8 billion for the second quarter ended June 30, 2007,
compared with a net loss of EUR9.2 million on revenues of EUR1.8
billion for the second quarter ended June 30, 2006.

In the first half ended June 30, 2007, SKG posted a net loss of
EUR31.9 million on revenues of EUR3.6 billion, compared with a
net loss of EUR57.5 million on revenues of EUR3.5 billion in the
same period in 2006.

At June 30, 2007, the group's balance sheet showed EUR8.8
billion in total assets, EUR6.7 billion in total liabilities and
EUR2.1 billion in total shareholders' equity.

                           Outlook

"SKG is pleased to report a strong performance growth for the
second quarter and the first half of 2007," Gary McGann, Smurfit
Kappa Group CEO, commented.  "This performance reflects
continued, strong demand growth, balanced capacity across the
Group's markets and a generally positive pricing environment.
Increased input costs and paper prices have not yet fully
translated into higher corrugated prices which are being
progressively achieved."  

"Increasing input costs, while causing margin pressure in the
first half, underpin product price momentum and are expected to
deliver continued corrugated price improvement and EBITDA growth
in the second half and into 2008."

                   About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
and converts it into corrugated cases, folding cartons, paper
sacks, tubes, and composite cans. Other products include
boxboard, sack kraft paper, and printing and writing paper.  The
company produces 6 million tons of paper annually and has 300
facilities worldwide.  In Latin America, the company operates in
Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican
Republic, Ecuador, Mexico and Venezuela.

                        *     *     *

As reported in the TCR-Europe on March 27, 2007, Moody's
Investors Service assigned a Ba3 Corporate Family Rating to
Smurfit Kappa plc, the ultimate parent company of Smurfit Kappa
Holdings plc and the entity publishing consolidated group
accounts, and simultaneously withdrew the CFR for Smurfit Kappa
Holdings plc.

As reported on Feb. 19, 2007, Standard & Poor's Ratings Services
maintained its credit ratings, including its 'B+' long-term
corporate credit rating, on Ireland-based paper and packaging
company Smurfit Kappa Group Ltd. and related entities on
CreditWatch with positive implications.


* BOND PRICING: For the Week August 13 to August 17, 2007
---------------------------------------------------------

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

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      67.50
Argnt-Bocon PR13        2.000    3/15/24     ARS      67.00
Arg Boden               2.000    9/30/08     ARS      41.99
Argent-Par              0.630   12/31/38     ARS      42.06

BRAZIL
------
CESP                    9.750    1/15/15     BRL      52.41

CAYMAN ISLANDS
--------------
Vontobel Cayman        10.700   12/28/07     CFH      56.00
Vontobel Cayman        11.400   12/28/07     CFH      52.60
Vontobel Cayman        11.400   12/28/07     CFH      58.15
Vontobel Cayman        11.850   12/28/07     CHF      68.35
Vontobel Cayman        13.150   10/25/07     EUR      68.35
Vontobel Cayman        13.500    2/22/08     CHF      53.45
Vontobel Cayman        14.900   12/28/07     CHF      58.35
Vontobel Cayman        16.000   12/28/07     EUR      69.00
Vontobel Cayman        16.800   12/28/07     CHF      35.85
Vontobel Cayman        22.850   12/28/07     CHF      37.45

VENEZUELA
---------
Petroleos de Ven        5.250    4/12/17     US       67.00
Petroleos de Ven        5.375    4/12/27     US       58.00
Petroleos de Ven        5.500    4/12/37     US       55.07


                         ***********


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

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

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

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

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

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


              * * * End of Transmission * * *