TCRLA_Public/070823.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, August 23, 2007, Vol. 8, Issue 167

                          Headlines

A R G E N T I N A

AC GROUP: Trustee t File General Report in Court Tomorrow
AMC TELEVISION: Proofs of Claim Verification Ends on Sept. 26
LATINA SRL: Proofs of Claim Verification Ends Tomorrow
MONTREALEX SA: Trustee Filing General Report Tomorrow
TALLERES SU: Proofs of Claim Verification Deadline is Sept. 10

TRAFILGOM SRL: Proofs of Claim Verification is Until Sept. 20
WR GRACE: Court Amends Deadlines on PI Estimation Proceedings
WR GRACE: Dr. Florence Estimates PI Liabilities at US$1.3 Bln

* ARGENTINA: To Lift Power Restrictions for Industrial Consumers


B A R B A D O S

AIR JAMAICA: Increasing Barbados-US Flights


B A H A M A S

ANDREW CORP: Bags Network Deal for Hong Kong's Transit Railway


B E R M U D A

MAN ARAA: Sets Final General Meeting for Sept. 28
MARTIN CURRIE: Proofs of Claim Filing Ends Aug. 28
NORTH AMERICAN: Proofs of Claim Filing Is Until Tomorrow
SEA CONTAINERS: Pension Deficit Reaches US$383 Mil., Report Says
SEA CONTAINERS: Posts US$849,219 Net Loss in June 2007

SEA CONTAINERS: Wants Rule 2004 Discovery on GE SeaCo SRL
STEINHARDT REALTY: Sets Final General Meeting for Sept. 5


B O L I V I A

* BOLIVIA: Foreign Oil Firms Met Investment Plan Filing Deadline
* BOLIVIA: State Firm Meeting with Oil Companies on Fuel Supply


B R A Z I L

ADVANCED MICRO: Completes US$1.5B Offering of 5.75% Sr. Notes
BANCO FIBRA: Earns BRL37. Million in First Six Months
BUCKEYE TECHNOLOGIES: Calls for US$60 Mil. Redemption of Notes
COMPANHIA SIDERURGICA: Analyst Sees Good Third Quarter Results
FIAT SPA: Names Yu Jiufeng as CEO of Nanjing Fiat JV

FIAT SPA: Eyes US$2 Billion Investment in South America in 2008
GEOKINETICS: Repurchase Cues Moody's to Withdraw All Ratings
JAPAN AIRLINES: To Boost Fuel Surcharge Fare from October 2007
NET SERVICOS: Moody's Lifts Corporate Family Rating to Ba2
SANMINA-SCI: Poor Operating Results Cue Moody's Ratings Review

SANYO ELECTRIC: To Sell Chilled-Display Units in US and India
VOTORANTIM OVERSEAS: Moody's Reviews Ba1 Rating for Likely Raise


C A Y M A N   I S L A N D S

ALPHAGEN ABSOLUS: Sets Final Shareholders Meeting for Sept. 17
AMB BLACKPINE: Will Hold Final Shareholders Meeting on Sept. 17
DB FOG: Sets Final Shareholders Meeting for Sept. 21
DB HOK: Will Hold Final Shareholders Meeting on Sept. 21
DB TAP: Sets Final Shareholders Meeting for Sept. 21

IASIA ALLIANCE: Will Hold Final Shareholders Meeting on Sept. 21
IC MEDIA: Proofs of Claim Filing Deadline is Sept. 21
IC MEDIA: Sets Final Shareholders Meeting for Sept. 21
KALEB LTD: Final Shareholders Meeting is on Sept. 21
OPAL: Will Hold Final Shareholders Meeting on Sept. 21

OPAL: Proofs of Claim Filing Ends on Sept. 21
POLY LTD: Sets Final Shareholders Meeting for Sept. 21
THE RHICON: Will Hold Final Shareholders Meeting on Sept. 17
TRIGON ADVISERS: Proofs of Claim Filing is Until Sept. 21
TRIGON ADVISERS: Sets Final Shareholders Meeting for Sept. 21

TRIGON ASIAN: Proofs of Claim Filing is Until Sept. 21
TRIGON ASIAN: Will Hold Final Shareholders Meeting on Sept. 21
TRIGON ASIAN CREDIT: Final Shareholders Meeting is on Sept. 21
WESTROCK LTD: Will Hold Final Shareholders Meeting on Sept. 17
EACM SELECT: Sets Final Shareholders Meeting for Sept. 25


C O L O M B I A

HANOVER COMPRESSOR: Closes US$550 Mil. Tender Offer of Sr. Notes


C O S T A   R I C A

ALCATEL-LUCENT: Wins Contract From TransACT Capital


C U B A

* CUBA: May Get Technical Aid From Venezuelan Aluminum Reducer


D O M I N I C A N   R E P U B L I C

GUESS? INC: Brean Murray Maintains Buy Rating on Firm's Shares


E C U A D O R

GEOKINETICS INC: Moody's Withdraws B3 Corporate Family Rating


G U A T E M A L A

SBARRO INC: Reports US$82.6 Million Revenues in Second Quarter


J A M A I C A

NATIONAL WATER: Restores 45% of Production Capacity


M E X I C O

ALERIS INTERNATIONAL: Extends Exchange Offer on Senior Notes
BALLY TOTAL: Court Approves Amended Joint Chapter 11 Plan
BENQ CORP: To Sell Factory Building for NT$500MM to Darfon
CABLEMAS SA: Says It Can Acquire More Cable Operators
DUERR AG: Earns EUR45,000 for First Half 2007

DURA AUTOMOTIVE: Posts US$12,685,000 Net Loss in June 2007
FIRST DATA: Gets Final Regulatory Approvals on KKR Merger
GRUPO MEXICO: Talks with Union Fail
KANSAS CITY SOUTHERN: Intermodal Container Volume Rises 13.7%
ONEIDA LTD: Loan Termination Cues Moody's to Withdraw Ratings

URBI DESARROLLOS: S&P Pares Corporate Rating to BB- from BB


N I C A R A G U A

DOLE FOOD: Authorities Detain Product-Liability Case Plaintiff


P A N A M A

* Moody's Issues Annual Report on Panama


P E R U

* PERU: Gov't Selling 23.2% Stake in Cemento Andino for US$55MM


P U E R T O   R I C O

ADVANCED CARDIOLOGY: Hires Aviles Cruz as Special Counsel
GENESCO INC: Finish Line Hires Bain & Co. to Assist Merger Plan
GLOBAL HOME: Panel Balks at Exclusive Period Extension Request
GLOBAL HOME: Seeks Exclusive Plan-Filing Period Extension
MUSICLAND HOLDING: Confirmation Hearing Adjourned to Sept. 27

MUSICLAND HOLDING: Panel Backs Vendors' Stance on Wachovia Plea


S T   K I T T S  &  N E V I S


DIGICEL LTD: Appoints Richard Staunton as St. Kitts Unit Manager
V E N E Z U E L A

* VENEZUELA: Cantv Paying Off Pension Debts Using Revenues
* VENEZUELA: Alcasa May Provide Technical Aid to Cuba

* Fitch Says LatAm to Weather Tough Market Conditions


                            - - - - -

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


AC GROUP: Trustee t File General Report in Court Tomorrow
----------------------------------------------------------
Mirta Calfun de Bendersky, the court-appointed trustee for AC
Group S.A.'s bankruptcy proceeding, will submit a general report
containing an audit of the firm's accounting and banking records
to the National Commercial Court of First Instance No. 14 in
Buenos Aires on Aug. 24, 2007.

Ms. Calfun de Bendersky verified creditors' proofs of claim
until May 28, 2007.  She presented creditors' validated claims
as individual reports in on June 29, 2007.

AC Group was forced into bankruptcy at the behest of Ezequiel
Soubrie.

Clerk No. 47 assists the court in the proceeding.

The debtor can be reached at:

          AC Group SA
          Avenida Rivadavia 2358
          Buenos Aires, Argentina

The trustee can be reached at:

          Mirta Calfun de Bendersky
          Humahuaca 4165
          Buenos Aires, Argentina


AMC TELEVISION: Proofs of Claim Verification Ends on Sept. 26
-------------------------------------------------------------
Monica Aquim, the court-appointed trustee for AMC Television
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim until Sept. 26, 2007.

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

The informative assembly will be held on July 3, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

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

The debtor can be reached at:

         AMC Television S.A.
         Parana 326
         Buenos Aires, Argentina

The trustee can be reached at:

         Monica Aquim
         Uruguay 662
         Buenos Aires, Argentina


LATINA SRL: Proofs of Claim Verification Ends Tomorrow
------------------------------------------------------
Hugo Matias Vinolo, the court-appointed trustee for Latina
S.R.L.'s reorganization proceeding, verifies creditors' proofs
of claim until Aug. 24, 2007.

The National Commercial Court of First Instance in Mendoza
approved a petition for reorganization filed by Latina,
according to a report from Argentine daily Infobae.

Mr. Vinolo will present the validated claims in court as
individual reports on Nov. 6, 2007.  The court will determine if
the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Latina 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 Latina's accounting
and banking records will be submitted in court on
April 24, 2008.

The informative assembly will be held on Nov. 5, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

          Hugo Matias Vinolo
          Agustin Alvarez 318, Ciudad de Mendoza
          Mendoza, Buenos Aires


MONTREALEX SA: Trustee Filing General Report Tomorrow
-----------------------------------------------------
Ines Etelvina Clos, the court-appointed trustee for Montrealex
S.A.'s bankruptcy proceeding, will submit a general report
containing an audit of the firm's accounting and banking records
to the National Commercial Court of First Instance No. 19 in
Buenos Aires on Aug. 24, 2007.

Ms. Clos verified creditors' proofs of claim until May 14, 2007.
She presented creditors' validated claims as individual reports
in on June 27, 2007.

Clerk No. 38 assists the court in this case.

The debtor can be reached at:

          Montrealex S.A.
          Carlos Pellegrini 137
          Buenos Aires, Argentina

The trustee can be reached at:

          Ines Etelvina Clos
          Sarmiento 944
          Buenos Aires, Argentina


TALLERES SU: Proofs of Claim Verification Deadline is Sept. 10
--------------------------------------------------------------
Mauricio Rosenblum, the court-appointed trustee for Talleres Su
Motor S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim on Sept. 10, 2007.

Mr. Rosenblum will present the validated claims in court as
individual reports on Oct. 23, 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 Talleres Su 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 Talleres Su's
accounting and banking records will be submitted in court on
Dec. 4, 2007.

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

The debtor can be reached at:

         Talleres Su Motor S.A.
         Andalgala 1728
         Buenos Aires, Argentina

The trustee can be reached at:

         Mauricio Rosenblum
         Bartolome Mitre 2296
         Buenos Aires, Argentina


TRAFILGOM SRL: Proofs of Claim Verification is Until Sept. 20
-------------------------------------------------------------
Hector Rodolfo Arzu, the court-appointed trustee for Trafilgom
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim on Sept. 20, 2007.

Mr. Arzu will present the validated claims in court as
individual reports on Nov. 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 Trafilgom 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 Trafilgom's
accounting and banking records will be submitted in court on
Dec. 14, 2007.

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

The trustee can be reached at:

         Hector Rodolfo Arzu
         Junin 55
         Buenos Aires, Argentina


WR GRACE: Court Amends Deadlines on PI Estimation Proceedings
-------------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware further amends two deadlines relating to
the Case Management Order governing the PI Claims Estimation
proceedings:

  * Experts who will testify as to the number, amount and value
    of present and future asbestos claims may file supplemental
    or rebuttal reports until Sept. 11, 2007.

  * All parties have until Sept. 24, 2007, to seek to call one
    or more non-expert witnesses to testify to make a good faith
    effort to compile a final list of those non-experts and
    substitute one or more non-experts not previously
designated.

Judge Fitzgerald also schedules Oct. 31, 2007, and
Nov. 1 to 2, 2007, as hearing dates to address any matters not
otherwise addressed in the Amended CMO.  All the hearings will
be held in Pittsburgh, Pennsylvania.

                        About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally , including
Argentina, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 136; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


WR GRACE: Dr. Florence Estimates PI Liabilities at US$1.3 Bln
-------------------------------------------------------------
Dr. B. Thomas Florence, W.R. Grace & Co. and its debtor-
affiliates' asbestos expert, estimates that the Debtors' total
present value of pending and future asbestos-related personal
injury liabilities ranges from US$385,000,000 to
US$1,314,000,000, with a median value of US$712,000,000.

Dr. Florence estimates that the value of pending PI Claims that
met the evidentiary criteria ranges from US$83,000,000 to
US$713,000,000 with a median value of US$128,000,000.

Dr. Florence also estimates that the present value of future PI
Claims that would meet the evidentiary criteria ranges from
US$303,000,000 to US$1,141,000,000 with a median value of
US$585,000,000.

Dr. Florence used a specific set of assumptions in the
estimation of the Debtors' PI liabilities.  Those assumptions,
according to Dr. Florence, are based on the premise that only
claimants whose claims meet certain criteria would be able to
sustain their burden of proof that their claims against the
Debtors are valid, and therefore should be valued as part of the
estimation process.

The criteria Dr. Florence used are:

  1. A proof of claim;

  2. Nature of exposure to Grace asbestos-containing products
     must be one of these types:

        * a worker who personally mixed Grace asbestos-
          containing products; or

        * a worker who personally installed Grace asbestos-
          containing products;

  3. Minimum causation criteria for Lung Cancer claims of:

        * diagnosis of asbestosis based on the B-Reader report
          of a reliable B-Reader; or

        * reproducible International Labor Organization score of
          1/0 or greater;

  4. Minimum medical criteria for Other Cancer claims of
     diagnosis of laryngeal cancer;

  5. Minimum medical criteria for all non-malignant claims of:

        * diagnosis of asbestosis or diffuse pleural thickening
          based on the B-Reader report of a reliable B-Reader;
          or

        * ILO score of 1/0 or greater for asbestosis;

  6. Minimum impairment criteria for Severe Asbestosis claims
     of:

        * Diagnosis of asbestosis based on the B-Reader report
          of a reliable B-Reader;

        * ILO score of 2/1 or greater; and

        * Pulmonary Function Test results of TLC<65% complying
          with the American Thoracic Society standards;

  7. Minimum impairment criteria for Asbestosis claims of:

        * Diagnosis of asbestosis or diffuse pleural thickening
          based on the B-Reader report of a reliable B-Reader;

        * ILO score of 1/0 or greater for asbestosis; and

        * PFT results of TLC<80% complying with ATS standards.

Dr. Florence also utilized these sources of data for his
estimate of the Debtors' PI liabilities:

  1. Grace's historical claims database as of June 14, 2002;

  2. Grace's PI Questionnaire and Proof of Claim database
     prepared by Rust Consulting, Inc., as of April 30, 2007;

  3. A random sample of pending claims for which information
     gathered from attachments to the PI Questionnaire was
     entered into a database by the Celotex Asbestos Settlement
     Trust;

  4. A random sample of claims closed by Grace before the
     Petition Date;

  5. Manville Trust Claims Database as of September 30, 2006;

  6. A random sample of Lung Cancer and Other Cancer claims for
     which x-rays were reviewed; and

  7. A random sample of Non-malignant claims for which PFT
     results were reviewed for adherence to ATS standards.

Analysis Research Planning Corporation, the Debtors' asbestos
claims consultant, applied an average inflation value of 2.5%
per year to bring all settlement averages to 2001 dollars, Dr.
Florence tells the Court.

ARPC selected the range from April 1999 to April 2001 because it
was the most recent and therefore more reflective of future
events, without over-weighting any single time period.

To estimate the nominal value of the median future claim
estimates, ARPC applied a 2.5% inflation rate to settlement
values through 2007 and then a 1.0% inflation rate was used to
reflect a 2.5% annual inflation rate reduced by an average 1.5%
claim deflation rate representing the effects on claim values
of an aging population and a primarily static period of
exposure.

Dr. Florence provides the estimated net present value of pending
and future claims that met or will be able to meet the
evidentiary criteria:

                 Present Value of Grace Liability
                   for Pending and Future Claims
                         (in millions)


Based on claims providing medical & exposure data

                Other    Severe                 Unimpaired
  Meso   Lung   Cancer   Asbestosis  Asbestosis Asbestosis Total
  ----   ----   ------   ---------- ----------  ---------- -----
  US$257 US$63   US$3       US$16      US$96    US$58     US$493

Based on claims providing medical & exposure data & assuming
same proportions for those not providing data

                Other    Severe               Unimpaired
  Meso   Lung   Cancer  Asbestosis Asbestosis Asbestosis  Total
  ----   ----   ------  ---------- ---------- ----------  -----
  US$659 US$63   US$5     US$29     US$179    US$107    US$1,043
  ----   ----  -------  ---------- ---------- ----------  -----
Median:
  US$414 US$63   US$4     US$21     US$131     US$79      US$712
  ====   ====   ======  ========== ========== ==========  =====

A full-text copy of the Florence Report is available for free
at:

            http://ResearchArchives.com/t/s?22c3

          Biggs Estimates PI Liabilities at US$7.9 Bil.

Jennifer L. Biggs, the Future Claims Representative's asbestos
expert, estimates the Debtors' PI liabilities at
US$7,900,000,000 on an undiscounted basis.  When reduced to
present value as of the Petition Date using a 5.2% interest
rate, Ms. Biggs estimates the Debtors' PI liabilities to be
about US$3,700,000,000.

Ms. Biggs opines that the range of the Debtors' PI liabilities
is US$6,400,000,000 to US$11,800,000,000 on an undiscounted
basis, and US$3,000,000,000 to US$5,300,000,000 discounted.

Ms. Biggs' estimate is based on projecting the quantity and type
of future PI Claims against the Debtors for up to 54 years after
the Petition Date.  The estimate also includes a provision for
the known pending PI Claims filed against the Debtors on or
before the Petition Date.  Ms. Biggs calculated the total
liability by multiplying the known pending and projected future
claims filings by the expected average payment amounts that the
Debtors would pay to claimants in each of the years in
projection.

Ms. Biggs relied on these factual data and information for her
analysis:

  1. Grace's internal Case Management System database;

  2. Manville PI Trust claim information as of December 31,
     2006;

  3. Rust Consulting's tabulation of PI Questionnaire and Proof
     of Claim responses as of April 30, 2007;

  4. Dr. Victor L. Roggli's analysis of the underlying PI
     Questionnaire responses;

  5. Information from various studies regarding asbestos
     epidemiology and claims forecast modeling conducted by Eric
     Stallard; and

  6. Interest rate assumptions provided by Joseph Radecki.

A full-text copy of the Biggs Report is available for free at:

             http://ResearchArchives.com/t/s?22c4

               Roggli Rebutts Florence's Report

Dr. Victor L. Roggli, an expert retained by the FCR, notes that
Dr. Florence assumes a number of medical criteria on which the
value of pending and future PI Claims against the Debtors is
based.  Dr. Roggli argues that those criteria are not medically
sound and, any estimate based on those criteria, would be
flawed.

Dr. Roggli asserts that Dr. Florence's minimum exposure criteria
are invalid.  A substantial fraction of mesothelioma cases occur
in bystanders and those patients have considerably elevated lung
burdens of asbestos, Dr. Roggli maintains.

Dr. Florence's minimum criteria exclude workers who may have
removed Grace products, another important potential source of
exposure, Dr. Roggli further points out.  Dr. Florence's minimum
exposure criteria also exclude claimants who become sick based
on household contacts of asbestos workers.  Those contacts are
major source of asbestos-related disease among women, Dr. Roggli
contends.

Moreover, Dr. Roggli notes that the medical criteria Dr.
Florence assumed with respect to the minimum causation criteria
for lung cancer claims are much too restrictive.  Dr. Roggli
says numerous studies show that lung cancer can be caused by
asbestos exposure even when the assumed criteria are not
satisfied.

Dr. Roggli also asserts that the Debtors' requirement of
FEV1/FVC >= 65% for a causal link between asbestos exposure and
asbestosis is wrong.  It is well recognized that asbestos
exposure causes peribronchiolar fibrosis, which some
investigators have termed mineral dust airways disease, Dr.
Roggli relates.

                 PI Committee & FCR Object to
          Debtors' Further Attorney Deposition Requests

The PI Committee and the FCR ask the U.S. Bankruptcy Court for
the District of Delaware to deny the Debtors' request to send
interrogatories to law firms as the request violates the Federal
Rules and is completely baseless, unnecessary, and wasteful of
estate resources.

The PI Committee and the FCR note that Dr. Florence's Report did
not suggest that he needed the discovery the Debtors seek in the
Interrogatories.  Dr. Florence or any of the Debtors' experts
did even not allege that they need more information to
supplement their reports, Mark T. Hurford, Esq., at Campbell &
Levine, LLC, in Wilmington, Delaware, counsel to the PI
Committee, also states.

Dr. Florence completed his estimate of the Debtors' PI
liabilities since early June 2007, and Dr. Florence took the
opportunity to state affirmatively that he had all the PI
Questionnaires and Proof of Claim information that he needed,
Mr. Hurford cites.

The Florence Report provides ample basis for the Court to
finally end the Debtors' crusade for unnecessary and irrelevant
discovery from the asbestos claimants' law firms, Mr. Hurford
contends.

In addition, the PI Committee and the FCR assert that the Court
can, and should, preclude the depositions and additional
interrogatories for these reasons:

  (a) The Debtors have far exceeded the 10 fact witness
      deposition limit permitted under Rule 30 of the Federal
      Rules of Bankruptcy Procedure and should not get any more
      depositions beyond those they have already taken.

  (b) The Court previously ruled that discovery directed to
      claimant law firms was generally not permissible.

  (c) There is no provision in the Federal Bankruptcy Rules that
      provide for the sending of interrogatories to non-parties
      like law firms that represent claimants.

Certain claimants represented by Montgomery, McCracker, Walker &
Rhoads, LLP, tell the Court that to the extent the Debtors seek
to obtain any additional discovery from the MMWR Firms, that
discovery should proceed in the ordinary course (i) with no
advance validation by the Court of specific interrogatories that
it has never seen or considered, (ii) with no bypassing of the
obligations on all counsel to meet and confer in advance of
objections, and (iii) with no bypassing of the rights of the
MMWR Firms to have discovery objections ruled on by the Court.

        PD Claimants Seek to File Responses Under Seal

About nine law firms sought and obtained the Court's authority
to file their responses to the Debtors' objection to protective
order requests under seal:

  * Motley Rice, LLP
  * Baron & Budd, P.C.
  * Foster & Sear, L.L.P.
  * LeBlanc & Waddell, L.L.P.
  * Provost Umphrey, L.L.P.
  * Reaud Morgan & Quinn, L.L.P.
  * Silber Pearlman, LLP
  * Wietz & Luxenberg, P.C.
  * Williams Kherkher, L.L.P.

                        About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally , including
Argentina, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 136; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


* ARGENTINA: To Lift Power Restrictions for Industrial Consumers
----------------------------------------------------------------
Argentine planning minister Julio de Vido told reporters that
the government will end the power restrictions imposed on large
industrial consumers.

Minister de Vido commented to reporters, "All restrictions will
be lifted by next Monday.  Timing and power usage restrictions
were lifted last Monday."

Business News Americas relates that in May 2007, power
restrictions of 1.2 giga watts were imposed to over 88
industrial clients from 4:00 p.m. to 12:00 a.m., in addition to
natural gas restrictions, as cold weather increased residential
demand for power and natural gas.  The government limited
industrial energy use to ensure residential supply.

"The one giga watt of planned new capacity is assured," Minister
de Vido told BNamericas.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


AIR JAMAICA: Increasing Barbados-US Flights
-------------------------------------------
Air Jamaica will increase its flights between Barbados and the
United States, the Jamaica Observer reports.

The Observer relates that the Barbados government turned to Air
Jamaica in 2006 when it lost airlift to the island in the
restructuring of Caribbean Airlines.

Barbados' tourism and international transport minister Noel
Lynch commented to The Observer, "We restored some airlifts --
very recently Air Jamaica from Fort Lauderdale non stop into
Barbados three days per week.  It is our intention to move that
to seven days per week."

Air Jamaica flights to New York will be four days per week, The
Observer says, citing Minister Lynch.

Minister Lynch told The Observer, "We are looking seriously at
opening up two more non stops (routes), one from the Midwest,
and one from the New England states, carriers that we believe
will be very affordable to all people."

According to The Observer, Minister Lynch urged Caribbean
governments to continue subsidizing the regional airlines to
promote Caribbean social and economic integration.

"This (Barbadian) government, and many of the other governments
in the region are willing to look at the concept of subsidies
for their airlines.  We need to ensure that we have adequate
airlift in the region," Minister Lynch told The Observer.

Minister Lynch told reporters that governments must prioritize
investments for air transportation, as well as education.  The
minister is positive that air transportation is important to the
implementation of the Caricom Single Market and Economy.

"The BTA (Barbados Tourism Authority) spends a lot and invest a
lot in putting to the regional markets the movement of people
coming to the festival (Crop Over).  But we spend an awful lot
of time allocating a lot of resources to ensure that the
regional markets are the ones that are really pushing for this
event.  As a matter of fact, this government every year for the
past eight years has allocated an increase level of budget of at
least five per cent," Minister Lynch commented to The Observer.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in
1994.  The Jamaican government does not plan to own Air Jamaica
permanently.

                        *     *     *

On July 21, 2006, Standard & Poor's Rating Services assigned B
long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, is based on the government's
unconditional guarantee of both principal and interest payments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.




=============
B A H A M A S
=============


ANDREW CORP: Bags Network Deal for Hong Kong's Transit Railway
--------------------------------------------------------------
Andrew Corporation has won a major upgrade contract for the Mass
Transit Railway Corporation's territory-wide radio network in
Hong Kong.

As part of this project, Andrew will modify MTRC's
communications infrastructure in stations, tunnels, and other
buildings to enable migration of the railway's radio system from
a conventional 80 megahertz (MHz) trunk radio system to an 800
MHz TETRA (terrestrial trunked radio) system.

"The MTRC is recognized as one of the world's top railway
operators with a reputation for technical excellence," said Matt
Melester, vice president, Wireless Innovations Worldwide
Business Operations, Andrew Corporation.  "This radio frequency
(RF) upgrade project for TETRA is one more example of how
accurate that perception is.  Andrew has built a highly
successful relationship with MTRC over the last 15-plus years,
and we are extremely proud to continue providing our support of
Hong Kong's transit system and its customers."

TETRA is a mobile radio standard often employed by public safety
and emergency organizations.  The MTRC's existing 80 MHz radio
system was built in the early 1990s, and while system expansions
were made over the past 14 years, the upgrade will support
significantly more advanced functions, including individual
call, group call with flexible grouping, and digital data
transmission.

The project is the latest of a number of large-scale projects on
which Andrew and the MTRC have partnered in recent years,
including the upgrade of the MTRC's wireless network
infrastructure to support UMTS, a third-generation technology
standard for public mobile phone services, in 2004.  Andrew was
selected for the RF upgrade project for TETRA based on its long-
term, successful relationship with the MTRC, its technical
expertise, and the superior performance and value of its
products.

Andrew will provide a complete end-to-end service for the MTRC,
from designing and manufacturing the required system components,
through on-site installation, to training the MTRC staff who
will be implementing the system.  Andrew will also provide
comprehensive maintenance services to the MTRC as part of this
project.

Major Andrew products to be used in the project include the
IONTM-M fiber distributed antenna system, RADIAX(R) radiating
cables, multi-services RF combiners, indoor and outdoor
antennas, HELIAX(R) coaxial cables, passive devices, and
accessories.  Andrew will also install the Andrew Integrated
Management and Operating System, a software-based solution
installed in the operations and maintenance center, which alerts
operators to problems in their network.

                      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.




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


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

       Argonaut Limited
       Argonaut House, 5 Park Road
       Hamilton HM O9, Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.


MARTIN CURRIE: Proofs of Claim Filing Ends Aug. 28
--------------------------------------------------
Martin Currie China Predecessor Fund Limited's creditors are
given until Aug. 28, 2007, to prove their claims to Marco Peter
Martin, 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.

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

The liquidator can be reached at:

       Peter Martin
       Thistle House, 5th Floor
       4 Burnaby Street, Hamilton
       Bermuda HMFX, Bermuda


NORTH AMERICAN: Proofs of Claim Filing Is Until Tomorrow
--------------------------------------------------------
North American Manufacturers Insurance Company Limited's
creditors are given until Aug. 24, 2007, to prove their claims
to Marco Montarsolo, 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.

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

The liquidator can be reached at:

       Marco Montarsolo
       Sofia House, 1st Floor
       48 Church Street, Hamilton
       Bermuda


SEA CONTAINERS: Pension Deficit Reaches US$383 Mil., Report Says
----------------------------------------------------------------
Sea Containers Ltd.'s estimated pension liabilities has
increased to approximately US$383,000,000, the Sunday Telegraph
reports.

Additional pension claims, aggregating about US$115,000,000,
against Sea Containers have been filed in the U.S. Bankruptcy
Court for the District of Delaware, Sylvia Pfeifer of the Sunday
Telegraph relates.  On the other hand, the company's accepted
pension deficit with respect to its British pension schemes
totaled US$268,000,000.

Sea Containers' pension liabilities in Britain have previously
caught the attention of the U.K. Pension Regulators.  The U.K.
Regulators has in fact required the company to put up financial
arrangements with respect to those liabilities.

The US$383 million pension deficit and the U.K. Regulators'
requirement may affect the claims filed by the company's
bondholders, aggregating more than US$374,000,000, the newspaper
notes.

In connection with its reorganization case, Sea Containers is
expected to sell most of its Illustrated London News and the
Corinth Canal business, Ms. Pfeifer says.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Posts US$849,219 Net Loss in June 2007
------------------------------------------------------

                      Sea Containers, Ltd.
                    Unaudited Balance Sheet
                      As of June 30, 2007

                           Assets

Current Assets
   Cash and cash equivalents                    US$21,917,537
   Trade receivables, less allowances
     for doubtful accounts                                  -
   Due from related parties                         7,887,164
   Prepaid expenses and other current assets        1,816,838
                                                -------------
      Total current assets                      US$31,621,539

Fixed assets, net                                           -

Long-term equipment sales receivable, net                   -
Investments in group companies                              -
Intercompany receivables                                    -
Investment in equity ownership interests          221,500,710
Other assets                                        2,851,462
                                                 ------------
Total assets                                   US$255,973,711

           Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                              US$1,811,626
   Accrued expenses                                51,316,736
   Current portion of long-term debt               25,855,028
   Current portion of senior notes                385,266,750
                                                 ------------
      Total current liabilities                   464,210,140

Total shareholders' equity                       (208,276,429)
                                                 ------------
Total liabilities and shareholders' equity     US$255,973,711


                     Sea Containers, Ltd.
               Unaudited Statement of Operations
               For the Month Ended June 30, 2007

Revenue                                          US$2,844,000

Costs and expenses:
   Operating costs                                     27,199
   Selling, general and
     administrative expenses                       (2,770,759)
   Professional fees                                 (427,740)
   Charges to provide against
     intercompany accounts                          2,584,215
   Depreciation and amortization                            -
                                                 ------------
Total costs and expense                              (587,085)
                                                 ------------

Gain or (Loss) on sale of assets                       30,000
                                                 ------------
Operating income (loss)                             2,286,915

Other income (expense)
   Interest income                                     82,868
Foreign exchange gains or (losses)                     16,942
Interest expense, net                              (3,135,944)
                                                 ------------
Income (Loss) before taxes                           (749,219)
Income tax expense                                   (100,000)
                                                 ------------
Net (Loss)                                        (US$849,219)


                    Sea Containers Services
                    Unaudited Balance Sheet
                     As of June 30, 2007

                            Assets

Current Assets
   Cash and cash equivalents                       (US$18,088)
   Trade receivables                                   23,332
   Due from related parties                         5,288,953
   Prepaid expenses and other current assets        5,860,975
                                                 ------------
      Total current assets                         11,155,172

Fixed assets, net                                   2,591,250

Investments                                         2,704,278
Intercompany receivables                           45,681,103
Other assets                                        3,738,600
                                                 ------------
Total assets                                    US$65,870,403


             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                              US$2,547,530
Accrued expenses                                    2,559,074
Current portion of long-term debt                   1,681,003
                                                 ------------
    Total current liabilities                       6,787,607

Total shareholders' equity                         59,082,796
                                                 ------------
Total liabilities and shareholders' equity      US$65,870,403


                     Sea Containers Services
                 Unaudited Statement of Operations
                 For the Month Ended June 30, 2007

Revenue                                          US$2,511,839

Costs and expenses:
   Operating costs                                          -
   Selling, general and
     administrative expenses                       (1,799,312)
   Professional Fees                                 (364,256)
   Other charges                                            0
Depreciation and amortization                        (106,719)
                                                 ------------
      Total costs and expenses                     (2,270,287)
                                                 ------------

Gains on sale of assets                                     0
                                                 ------------
Operating income (loss)                               241,552

Other income (expense)
   Interest income                                         34
   Foreign exchange gains (losses)                     (1,302)
   Interest expense, net                              (13,815)
                                                 ------------
Income (Loss) before taxes                            226,469
Income tax credit                                           0
                                                 ------------
Net Income                                         US$226,469

Sea Containers Carribean, Inc., reported zero assets and
accounts payable of US$3,530,094, as its sole liabilities in its
June 2007  balance sheet.

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants Rule 2004 Discovery on GE SeaCo SRL
---------------------------------------------------------
By this motion, the Debtors and the Official Committee of
Unsecured Creditors for Sea Containers Ltd. ask the U.S.
Bankruptcy Court for the District of Delaware to compel GE SeaCo
SRL to respond to certain document requests on or before
Sept. 15, 2007.

GE SeaCo is a joint venture between SCL and GE Container SRL, an
affiliate of GE Capital Corporation, that is engaged in the
business of leasing marine and land containers to ocean carriers
and shippers.

On July 16, 2007, GE SeaCo filed 22 proofs of claim, aggregating
more than US$150,000,000, against the Debtors.

Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor, in
Wilmington, Delaware, relates that the Document Requests focus
primarily on GE SeaCo's operations, its historical, current and
projected financial results, and certain other GE SeaCo balance
sheet information -- the Asset Discovery.

With respect to the GE SeaCo Claims, alleged to aggregate more
than US$150,000,000, the Debtors seek the actual materials that
GE SeaCo used to analyze the claims and prepare its filed proofs
of claim -- the Claims Discovery.

A list of the GE SeaCo Document Requests is available for free
at http://ResearchArchives.com/t/s?22c0.

The Debtors and the SCL Committee seek an examination of GE
SeaCo under Rule 2004 of the Federal Rules of Bankruptcy
Procedure to allow them to discover information that will, among
other things:

  -- provide basis of valuing SCL's ownership interest in GE
     SeaCo;

  -- support the formulation, negotiation, solicitation and
     confirmation of a plan reorganization in the Debtors'
     cases;

  -- allow SCL to monitor the leasing management operations of
     GE SeaCo as they relate to the Debtors; and

  -- permit the debtors to evaluate at a general level the
     sufficiency and validity of the claims GE SeaCo and its
     subsidiaries filed against the Debtors.

The Debtors also ask the Court to grant them ongoing access to
the newly implemented SAP Business Warehouse system immediately
or, if the system is not yet up and running, as soon as GE
SeaCo's employees are given that access.

Many of the relevant financial documents are not self-
explanatory, Mr. Morton notes.  To develop a proper and complete
understanding of GE SeaCo's documents, the Debtors and the SCL
Committee ask Judge Carey to compel GE SeaCo to produce four of
its employees for examination no later than September 30, 2007:

    1. Tony Basoukeas, Chief Financial Officer
    2. Mahindra Nagda, Head of Treasury and former Controller
    3. John Hatton, Vice President - Operations
    4. Paul Merritt, Vice President - Products

The Examinations will neither be redundant nor unnecessarily
burdensome, because they are needed to explain and complete gaps
in the documentary record, Mr. Morton points out.

The Rule 2004 Discovery relates directly to the Debtors'
property and financial condition, Mr. Morton contends.  "The SCL
Member Interest and the Revenue Streams are property of SCL's
estate and, in fact, constitute the bulk of the value available
for creditors taken as a whole in all of these chapter 11
cases."

"[Moreover,] the value of the SCL Member Interest and the
Revenue Streams will be relevant to determining whether the
Debtors can meet their obligations under a plan of
reorganization and retain sufficient liquidity and capital
resources to conduct their businesses," Mr. Morton adds.

The parties have undertaken an active dialogue in trying to
reach an agreement on the Document Requests, the requested
examinations and the SAP Access, Mr. Morton tells the Court.
While the parties have significantly narrowed the open issues,
they have not reached a complete accord on the discovery.  Thus,
the Debtors and the SCL Committee file its 2004 Discovery Motion
in an abundance of caution, in case the parties fail to reach a
final settlement.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.




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


* BOLIVIA: Foreign Oil Firms Met Investment Plan Filing Deadline
----------------------------------------------------------------
Foreign oil companies have all submitted their investment plans
in accordance with the deadline set by the government, Prensa
Latina reports.

According to the same report, the investment plans will be
discussed with state firm Yacimientos Petroliferos Fiscales
Bolivianos and the transnationals.  The discussions would
include volume of production to meet demands from Brazil and
Argentina, the biggest importers of Bolivian gas.

Bolivian Oil Minister Carlos Villegas disclosed to Prensa Latina
that Spanish-Argentine Repsol will invest US$1.1 billion in the
country's gas sector.

Petroleos Brasileiro SA, Brazil's state-oil company, has also
announced that it would keep its current gas production.  The
company's increased allocation for investments, amounting to
US$112.4 billion, benefits Bolivia, the same report says.

                       *     *     *

Fitch Ratings assigned these ratings on Bolivia:

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


* BOLIVIA: State Firm Meeting with Oil Companies on Fuel Supply
---------------------------------------------------------------
Bolivian state-owned oil firm Yacimientos Petroliferos Fiscales
Bolivianos will meet with oil companies for the next two weeks
to define fuel supply pledge details, Business News Americas
reports.

Yacimientos Petroliferos head Guillermo Aruquipa told BNamericas
that 12 oil firms operating in Bolivia have pledged to supply
fuels to the domestic market and for export.

"Absolutely all the companies have accepted as first priority
the supply of production for the internal and then the foreign
market.  This is the first advance we have achieved," Mr.
Aruquipa commented to state news agency Agencia Boliviana de
Informacion.

BNamericas notes that companies that fail to meet promised
amounts of fuel could face sanctions.

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, the Bolivian government gave foreign oil
companies until Aug. 20 to file their investment plans or face
contract revocation.  Oil Minister Carlos Villegas cited the
companies' refusal to invest in the national market and the
interference of Camara Boliviana de Hidrocarburos as major
obstacles.

BNamericas relates that the El Mutun iron and steel project will
be among Bolivia's biggest sources of fuel demand in the coming
years.  The project will use 7.96 million cubic meters per day
of natural gas from the ninth year of operations.

Meanwhile, Bolivia signed gas supply agreements with Argentina
and Brazil for combined supply of 57.7 million cubic meters per
day in the coming years, BNamericas states.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

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




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


ADVANCED MICRO: Completes US$1.5B Offering of 5.75% Sr. Notes
-------------------------------------------------------------
Advanced Micro Devices Inc. has closed its offering of
US$1.5 billion aggregate principal amount of 5.75% Convertible
Senior Notes due 2012.  The notes were privately offered to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended.

AMD received net proceeds from the offering of approximately
US$1.48 billion after deducting discounts, commissions and
estimated offering expenses.

AMD used the net proceeds, together with available cash, to
repay in full the outstanding balance of the term loan AMD
entered into with Morgan Stanley Senior Funding, Inc. in October
2006.

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- designs and manufactures
microprocessors and other semiconductor products.  The company
has a facility in Singapore.  It has sales offices in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.


BANCO FIBRA: Earns BRL37. Million in First Six Months
-----------------------------------------------------
Banco Fibra said in a statement that its net profits increased
by 36.6% to BRL37.5 million in the first half of 2007, from the
first half of 2006.

Business News Americas relates that Banco Fibra's return on
equity grew 16.9% in the first six months of this year, compared
to 13.7% in the same period last year.  Its equity rose 21.5% to
BRL515 million.

According to BNamericas, Banco Fibra's net interest income
increased 42.9% year-on-year to BRL101 million in the first half
of 2007, compared to the first half of 2006.  The bank expanded
lending by 46.1% to BRL3.94 billion in the 12 months ending June
2007.

BNamericas notes that Banco Fibra's loans to businesses, mainly
the middle and upper-middle market, grew 38.5% to BRL3.03
billion in June 2007, from the same period in 2006.  Its retail
lending increased 138% to BRL415 million.

The report says that Banco Fibra filed for an initial public
offering this month.  It secured a US$140-million syndicated
loan from nine banks through shareholder IFC and local
investment bank Itau BBA.

BNamericas states that IFC spent some US$20 million in June 2007
for 7.90% of the bank's capital.  It granted Banco Fibra a
seven-year, US$30-million credit line in Brazilian Real for
domestic middle-market lending operations.

Banco Fibra's assets increased to BRL12.1 billion in June 2007,
from BRL9.91 billion in June 2006, BNamericas states.

Banco Fibra S.A. -- http://www.bancofibra.com.br/-- is a
commercial midsize Brazilian bank.  Despite its relatively small
market share, Banco Fibra is among the top banks operating in
the small corporates and middle-market companies segment.  Banco
Fibra is the financial arm of a large traditional conglomerate
in Brazil, owned by the Steinbruch family, with important
operations in the textile (Vicunha Txtil; not rated), steel
(Companhia Siderurgica Nacional; BB/Stable/--), and gas (CEGAS;
not rated) sectors.  As of March 30, 2007, Banco Fibra reached
US$215 million in equity and US$4.05 billion in total assets.

As reported on June 26, 2007, Standard & Poor's Ratings Services
removed its long-term counterparty credit rating on Banco Fibra
S.A. from CreditWatch Positive, where it was placed on
June 11, 2007, and   raised the rating to 'BB-' from 'B+'.  At
the same time, S&P affirmed its 'B' short-term counterparty
credit rating on the bank.   S&P said the outlook was stable.


BUCKEYE TECHNOLOGIES: Calls for US$60 Mil. Redemption of Notes
--------------------------------------------------------------
Buckeye Technologies Inc. has called for redemption prior to
their maturity US$60 million in aggregate principal amount of
its outstanding 9-1/4% Senior Subordinated Notes due 2008, and
will redeem on Sept. 17, 2007, in accordance with their terms.

Upon completion of this redemption, none of the 2008 Notes will
remain outstanding.  A formal notice of redemption has been sent
separately to the affected holders of the 2008 Notes, in
accordance with the terms of the indenture for the 2008 Notes.
Buckeye plans to finance this redemption using its new revolving
credit facility.

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                         *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


COMPANHIA SIDERURGICA: Analyst Sees Good Third Quarter Results
--------------------------------------------------------------
Companhia Siderurgica Nacional will have positive third quarter
results due to strong demand from the automobile sector,
Business News Americas reports, citing ABN Amro Real Corretora
investment analyst Pedro Galdi.

"The third quarter is usually the strongest in the [local] steel
sector, for both long and flat steel producers.  I also think
[demand] in the fourth quarter will be positive, but it's a time
when the civil construction sector [in Brazil] stops operations
due to the vacation period in the industry," Mr. Galdi comented
to BNamericas.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                       *     *     *

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.


FIAT SPA: Names Yu Jiufeng as CEO of Nanjing Fiat JV
----------------------------------------------------
FIAT SpA last week appointed Yu Jiufeng as chief executive
officer and general manager of its Chinese joint venture as the
Italian carmaker tries to revive its fortune in the world's
second-biggest auto market, Xinhuanet News reports.

Mr. Yu, the former director of purchasing and director of
manufacturing in Nanjing Fiat, is the third CEO of the venture
in about two years and replaces Andrew Humberstone, the report
notes.

Nanjing Fiat, the joint venture between Nanjing Automobile
Corporation and Fiat SpA, has been struggling with flat sales
that were blamed on frequent leadership changes amid an uneasy
partnership between the two parents and lack of attractive
models, Xinhuanet relates.

"Yu has rich experience in managing Sino-foreign joint venture
companies," Fiat is quoted by the news agency as saying in a
statement.

Mr. Yu has been the general manager of the Sino-Italian joint
venture of NAC Group Nanjing Yuejin Automotive Brake System Co
Ltd since 2005.

"The changes in management structure have been decided by NAC
and Fiat to prepare and adapt the joint venture to its next
phase of operation and development," Fiat said.

Mr. Humberstone, the former CEO & general manager of Nanjing
Fiat, will assume the role of vice chairman and continue to
support closely the development of Nanjing Fiat, the statement
added.

"The personnel shakeup may reflect that Fiat is considering
having less control over the money-losing car maker," Cao He, an
auto analyst from Mingzu Securities Co Ltd told the news agency.
"But I doubt whether it could help Fiat to drive out of its
current unsatisfactorily business performance."

Nanjing Fiat started production of Fiat-branded cars in 2002
with four models in China.

Nanjing Auto has injected more investment and resources in
developing its self-branded models, drawing complaints from Fiat
which threatened to end the partnership early this year.

A week earlier, Fiat announced that it would form an equally
owned joint venture with Chery Automobile Co Ltd to make Alfa
Romeo sedans and other models that carry the Chery badge after
buying the Chinese car maker's engines, the report recounts.

                         About Fiat SpA

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

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

                          *     *     *

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

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

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


FIAT SPA: Eyes US$2 Billion Investment in South America in 2008
---------------------------------------------------------------
Fiat S.p.A. will invest US$2 billion in South America starting
2008 through 2010 to increase its market share from 13% to 15%,
Il Sole 24 Ore reports citing Fiat chief executive Sergio
Marchionne.

Mr. Marchionne says more than half of the amount will be
invested in Brazil.

According to the report, Fiat also plans to increase its
production in South America from 700,000 units to one million.

                         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.


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

The ratings withdrawn are the B3 corporate family rating and
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, Indonesia, Norway and Brazil.  Geokinetics operates in
some of the most challenging locations in the world from the
Arctic to mountainous jungles to the transition zone
environments.


JAPAN AIRLINES: To Boost Fuel Surcharge Fare from October 2007
--------------------------------------------------------------
Japan Airlines International Company, Limited, requested
approval from the Japanese Ministry of Land, Infrastructure and
Transport, to revise the fuel surcharge placed on nearly all
international passenger tickets issued on or after Oct. 1, 2007.

JAL has decided to increase the fuel surcharge for tickets
issued between Oct. 1 and Dec. 31, 2007, as the price of
Singapore kerosene-type jet fuel has averaged US$84.37 per
barrel over the three-month period May-July 2007.

Based on ticket sales in Japan, the new surcharges per person
per sector flown range from JPY2,000 on a Japan-Korea ticket (up
from JPY1,700) to JPY17,000 on a Japan-Brazil ticket (up from
JPY15,500).  The surcharge on a Japan-Europe ticket or a Japan-
North America ticket will be JPY13,000, up from JPY12,000.

A copy of the complete fuel surcharge revision can be viewed for
free at the company's Web site at:

        http://www.jal.com/en/press/0001085/1085.html

The new fuel surcharges will be fixed at these levels throughout
the three-month period beginning Oct. 1.

JAL originally introduced the fuel surcharge on international
tickets in February 2005 in response to unprecedented rises in
the cost of fuel.  The surcharge will be progressively reduced
as the price of fuel decreases, and will be cancelled completely
when the price of Singapore kerosene stays below the benchmark
of US$45.00.

The fuel surcharge charged for tickets issued from January to
March 2008 will be reviewed based on the average price of fuel
for August through to October 2007.

The company will continue conducting a wide range of
countermeasures to limit the full impact of the price increase
including fuel hedging, fuel consumption reductions, and the
introduction of more fuel-efficient small and medium-sized
aircraft to its fleet.

Despite these measures, the company is still reluctantly obliged
to ask its international passengers to bear part of the burden
caused by the unprecedented increase in the price of fuel over
the past few years.

                       About Japan Airlines

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

                          *     *     *

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

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

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


NET SERVICOS: Moody's Lifts Corporate Family Rating to Ba2
----------------------------------------------------------
Moody's Investors Service upgraded Net Servicos de Comunicacao
S.A.'s corporate family rating to Ba2 from B1 on its global
local currency scale and to Aa3.br from Baa2.br on its Brazilian
national scale rating.  The rating outlook is stable.  This
rating action concludes the review process initiated on
Oct. 17, 2006.

"Net's corporate family rating upgrade by two notches to Ba2 on
our global local currency scale, follows the company's completed
acquisition of Brazil's second largest cable company, Vivax, in
an all share swap transaction in June, 2007, adding scale and
synergy opportunities, further consolidating Net's position as
the leading cable TV company in Brazil with a 45% market share,
while not deteriorating Net's debt protection measures," stated
Moody's AVP-Analyst Soummo Mukherjee.  "The upgrade also
reflects Net's continued good operating performance with
improving average revenues per user; its competitive position
with its triple-play offering and bundling strategy; better than
expected growth in its pay-TV, broadband and voice subscriber
base; the significant ownership by Telmex; as well as its
improving interest coverage and solid liquidity position," added
Mukherjee.

The Ba2 rating, however, continues to be primarily constrained
by the cyclical nature of the cable TV business in Brazil,
making Net vulnerable to economic downturns.  Although, there is
still exposure to reduced consumer demand resulting from
economic downturns, the upgrade to Ba2 reflects our view that
Net is less vulnerable to an economic downturn than in the past
when Brazil's sovereign risk was higher and Net was also
significantly exposed to foreign exchange variations.

Additionally, Moody's believes that growth in the triple play
offering in leading to lower churn as clients become more
dependant on the low-cost telephony service.  Other factors that
constrain Net's growth prospects are the Brazilian population's
relatively low disposable income and the fact that free open-air
TV with high quality programming content is dominant, with close
to 90% share of viewers.  These two factors are likely to
continue to limit Brazil's overall pay-TV penetration rates,
which are currently one of the lowest in Latin America, at
around 11%.  Additionally, an inevitable change in regulation
allowing incumbent fixed-line operators Brasil Telecom, Telesp
and Telemar to offer video in their respective regions could
significantly increase competition for cable providers such as
Net.

Net's rating were placed on review for possible upgrade in
October 2006 after it announced that it entered in an agreement
to buy Brazil's second largest cable company, Vivax, in an all-
share transaction.  The acquisition was subject to regulatory
and shareholder approvals, which were only obtained recently and
the transaction was concluded in June of 2007.  Moody's regards
this combination as strategic for Net, which can now offer both
Globo content and its phone service in Vivax's territories,
which already has 99% of its network bidirectional and only
overlap in one of Net's 44 cities with coverage.  Together with
Vivax, Net will be able to offer a bundle of services ranging
from analog to digital TV, voice and broadband, which should
provide it with a competitive advantage versus Sky Brasil, the
incumbent satellite provider and second largest player in the
Brazilian pay-TV market.  Additionally, there are many synergies
that could be obtained in such areas as capital expenditures,
due to scale gains; programming costs, and cost reduction in
network maintenance, and general and administrative expenses.

Through its continued investments in marketing and customer
service together with its successful bundling strategy, Net has
consistently been able to grow its pay-TV, broadband and voice
subscriber base at rates that have exceeded our expectations.
Net has been able to achieve such growth while keeping churn
rates for both broadband and pay-TV below 15% and growing ARPU.
We note, however, that an adverse economic environment or
increased competition could cause Net's churn and ARPU to
deteriorate, consequently negatively pressuring Net's current
rating or outlook.

Moody's regards as positive that Telefonos de Mexico SA de CV,
rated A2, has a significant ownership of Net (35% of Net's
economic value).  Moody's believes that Net's cable network is
strategically important to Telmex's telecommunications business
in Brazil.

In 2007, Net will invest around BRL 720 million in capital
expenditures, of which BRL 200 million is an one-off invsestment
that will increase digitalization and bidirectionality of its
network, causing negative free cash flow.  However, we regard
these investments as important for Net's strategy to continue to
grow its revenue generating units and remain competitive against
the ILEC's in its service area.  In terms of liquidity, Net
currently enjoys a very comfortable position with cash of BRL
560 million at the end of June 30, 2007, with ample room on its
financial covenants and no significant near-term debt
maturities.  Since 74% of Net's debt at the end of
June 30, 2007, is floating-rate debt, linked to CDI or TJLP
indexes, Moody's expects Net's coverage to further improve as a
result of lower interest expense.

Net's Ba2 global local currency corporate family rating reflects
its global default and loss expectation, while the Aa3.br
national scale rating reflects the standing of Net's credit
quality relative to its domestic peers.  Moody's National Scale
Ratings 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 Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--
is a subscriber TV multi-operator in Brazil, as it operates the
NET brand in major cities, including operations in the 4 largest
cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto
Alegre.  NET also offers Broadband Internet services through its
NET VIRTUA brand name.


SANMINA-SCI: Poor Operating Results Cue Moody's Ratings Review
--------------------------------------------------------------
Moody's Investors Service placed the ratings of Sanmina-SCI
Corporation on review for possible downgrade based on the
company's continued poor operating results, which reflect weak
demand from OEMs and operational inefficiencies in the
components business.

The electronic manufacturing services sector continues to be
plagued by excess capacity, competitive pricing pressures and
ongoing business restructurings.  Moody's review will focus on
Sanmina's ability to grow revenue across all of its end-market
verticals, stabilize its operating margins, effectively manage
its working capital, rationalize its asset base and generate
proceeds from divestitures, namely the low margin PC business.

Sanmina's leverage has increased from 5.4x (Moody's adjusted
debt/EBITDA) at the end of fiscal year 2006 to 7.2x as a result
of weak EBIT levels during the last three quarters.  The
company's operating margin has declined from 2% in fiscal year
2006 to 1.4% on a Moody's adjusted basis.

Ratings under review for possible downgrade include:

  -- Ba3 Corporate Family Rating;
  -- Ba3 rating on US$300 million floating rate notes due 2010;
  -- Ba3 rating on US$300 million floating rate notes due 2014;
  -- B2 rating on US$400 million senior subordinated notes due
     2013;
  -- B2 rating on US$600 million senior subordinated notes due
     2016;
  -- SGL -- 2 Speculative Grade Liquidity Rating.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.


SANYO ELECTRIC: To Sell Chilled-Display Units in US and India
-------------------------------------------------------------
Sanyo Electric Co., Ltd., will start selling chilled display
units and refrigerators for use in retail stores in India and
the United States, reports the Jiji Press.

According to the report, Sanyo's plants in Thailand and Mexico,
which have been making home-use refrigerators, will be the ones
to manufacture store-use chilled display units and
refrigerators, following the company's successful outsourcing of
its production of home-use refrigerators to Chinese consumer
electronics maker, Haier Group Co.

The Tijuana, Mexico plant has reportedly started test production
of chilled display units and will begin full-scale output within
a year for sale in the U.S. market.

Also, in an Aug. 10, 2007 report by the Troubled Company
Reporter-Asia Pacific, Sanyo has invested THB466 million in its
Thai plant which will be used for the installation of new
machinery and the upgrade for the manufacturing of a wider range
of products, including freezers and coolers.

Jiji writes in its report that Sanyo plans to increase the
annual sales of its Thai unit from the current JPY2 billion to
JPY3 billion, which will ship store-use chilled display units
and refrigerators to Southeast Asian countries.

The Osaka-based consumer electronics maker, conveys the article,
hopes that reinforcing sales of those profitable products will
help it achieve a turnaround.

                      About Sanyo Electric

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

                          *     *     *

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


VOTORANTIM OVERSEAS: Moody's Reviews Ba1 Rating for Likely Raise
----------------------------------------------------------------
Moody's Investors Service, on Aug. 20, 2007, placed under review
for possible upgrade the Ba1 foreign currency rating on
Votorantim Overseas Trading Operations -- Voto III's US$300
million guaranteed senior unsecured notes due 2014.  The notes
are jointly, severally, unconditionally and irrevocably
guaranteed by Votorantim Participacoes S.A. (100% guarantee
liability), Votorantim Celulose e Papel S.A. (guarantee
liability limited to 15% of the outstanding amount of the
notes), Votorantim Cimento Brasil Ltda. (guarantee liability
limited to 45%), and Votorantim Metais Zinco Ltda. (guarantee
liability limited to 40%).

While the group's diversified portfolio, cost-efficient
operations, strong debt protection metrics and liquidity have
been supportive of an investment grade rating, its level of
transparency and complex organizational structure have been
major constraining factors.  The rating action of placing the
notes rating under review for possible upgrade recognizes both
the operating improvements of Votorantim as well as the efforts
to improve transparency and simplify its corporate structure.

The review will focus on the sustainability of the group's
operating performance and its ongoing commitment to improve
transparency to a level that Moody's would consider to be more
appropriate for an investment grade issuer.  Some of the issues
that Moody's is concerned about are the lack of audited
quarterly cash flow statements, better business segment
disclosure and a still complex organizational structure, even
after recent progress in this area.

Votorantim is a privately held conglomerate with a diverse
business portfolio that includes banking, metals and mining,
pulp and paper, cement, agribusiness, and chemicals. Votorantim
reported consolidated net revenues of BRL 28,978 million
(US$13,293 million) in 2006.




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


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

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

These agendas will be taken during the meeting:

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

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


AMB BLACKPINE: 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
         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,
      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:

         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


DB FOG: Sets Final Shareholders Meeting for Sept. 21
----------------------------------------------------
DB Fog Investments 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) confirm, ratify and approve the conduct of
      the liquidation by the liquidators, Jeremy Simon
      Spratt and Finbarr Thomas O'Connell;

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

   3) authorizing the liquidator to retain the records
      of the company for a period of five 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:

         JS Spratt
         Attention: Ray Levy
         8 Salisbury Square, London
         EC4Y 8BB, United Kingdom
         Tel: 01144 207 694 3201
         Fax: 01144 207 694 3533


DB HOK: Will Hold Final Shareholders Meeting on Sept. 21
--------------------------------------------------------
DB Hok Investments Ltd. will hold its final shareholders meeting
on Sept. 21, 2007, at 11:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

   1) confirm, ratify and approve the conduct of
      the liquidation by the liquidators, Jeremy Simon
      Spratt and Finbarr Thomas O'Connell;

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

   3) authorizing the liquidator to retain the records
      of the company for a period of five 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:

         JS Spratt
         Attention: Ray Levy
         8 Salisbury Square, London
         EC4Y 8BB, United Kingdom
         Tel: 01144 207 694 3201
         Fax: 01144 207 694 3533


DB TAP: Sets Final Shareholders Meeting for Sept. 21
----------------------------------------------------
DB Tap Investments Ltd. will hold its final shareholders meeting
on Sept. 21, 2007, at 10:30 a.m., at the office of the company.

These agendas will be taken during the meeting:

   1) confirm, ratify and approve the conduct of
      the liquidation by the liquidators, Jeremy Simon
      Spratt and Finbarr Thomas O'Connell;

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

   3) authorizing the liquidator to retain the records
      of the company for a period of five 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:

         JS Spratt
         Attention: Ray Levy
         8 Salisbury Square, London
         EC4Y 8BB, United Kingdom
         Tel: 01144 207 694 3201
         Fax: 01144 207 694 3533


IASIA ALLIANCE: Will Hold Final Shareholders Meeting on Sept. 21
----------------------------------------------------------------
Iasia Alliance 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,
      and

   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
         Tel: (345) 945 3901
         Fax: (345) 945 3902


IC MEDIA: Proofs of Claim Filing Deadline is 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


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,
      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:

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


KALEB LTD: Final Shareholders Meeting is on Sept. 21
----------------------------------------------------
Kaleb Ltd. will hold its final shareholders meeting on
Sept. 21, 2007, at 12:00 p.m., at the office of the company.

These agendas will be taken during the meeting:

   1) confirm, ratify and approve the conduct of
      the liquidation by the liquidators, Jeremy Simon
      Spratt and Finbarr Thomas O'Connell;

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

   3) authorizing the liquidator to retain the records
      of the company for a period of five 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:

         JS Spratt
         Attention: Ray Levy
         8 Salisbury Square, London
         EC4Y 8BB, United Kingdom
         Tel: 01144 207 694 3201
         Fax: 01144 207 694 3533


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

These agendas will be taken during the meeting:

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

         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: Proofs of Claim Filing Ends on 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


POLY LTD: Sets Final Shareholders Meeting for Sept. 21
------------------------------------------------------
Poly Ltd. will hold its final shareholders meeting on
Sept. 21, 2007, at 11:30 a.m., at the office of the company.

These agendas will be taken during the meeting:

   1) confirm, ratify and approve the conduct of
      the liquidation by the liquidators, Jeremy Simon
      Spratt and Finbarr Thomas O'Connell,

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

   3) authorizing the liquidator to retain the records
      of the company for a period of five 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:

         JS Spratt
         Attention: Ray Levy
         8 Salisbury Square, London
         EC4Y 8BB, United Kingdom
         Tel: 01144 207 694 3201
         Fax: 01144 207 694 3533


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,
      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:

         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: 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 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,
      and

   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: Proofs of Claim Filing is Until 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: 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,
      and

   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: Final Shareholders Meeting is on Sept. 21
--------------------------------------------------------------
Trigon Asian Credit Opportunities Fund (Master) 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,
      and

   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
         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,
      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:

         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


EACM SELECT: Sets Final Shareholders Meeting for Sept. 25
---------------------------------------------------------
Eacm Select Alternative Fund 1 Ltd. will hold its final
shareholders meeting on Sept. 25, 2007, at the office of the
company.

These agendas will be taken during the meeting:

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

   2) authorizing the liquidator to retain the records
      of the company for a period of 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 liquidators can be reached at:

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




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


HANOVER COMPRESSOR: Closes US$550 Mil. Tender Offer of Sr. Notes
----------------------------------------------------------------
Hanover Compressor Company has completed its tender offers and
consent solicitations for US$550 million of its outstanding
senior notes.

As of 5:00 p.m., New York City time, on Aug. 17, 2007, Hanover
had received tenders of these Notes:

   a) Title of Security: 8.625% Senior Notes due 2010
      CUSIP No: 410768AF2
      Principal Amount Outstanding: US$200,000,000
      Principal Amount Tendered: US$199,915,000
      % Tendered: 99.96%

   b) Title of Security: 9% Senior Notes due 2014
      CUSIP No: 410768AG0
      Principal Amount Outstanding: US$200,000,000
      Principal Amount Tendered: US$200,000,000
      % Tendered: 100%

   c) Title of Security: 7.5% Senior Notes due 2013
      CUSIP No: 410768AH8
      Principal Amount Outstanding: US$150,000,000
      Principal Amount Tendered: US$150,000,000
      % Tendered: 100%

On Aug. 20, 2007, Hanover accepted for purchase all of the
tendered Notes.  As a result, the supplemental indentures
effecting certain proposed amendments to the indentures
governing the Notes have become operative.  The amendments to
the indentures eliminate substantially all of the restrictive
covenants and eliminate or modify certain events of default in
the indentures governing the Notes, as described in the Offer to
Purchase and Consent Solicitation Statement dated as of
July 19, 2007.

As a result of Hanover's acceptance for purchase of all of its
outstanding 9% Senior Notes due 2014 and 7.5% Senior Notes due
2013, the indentures relating to those series of Notes are
expected to be satisfied and discharged.

Wachovia Securities acted as exclusive dealer manager in
connection with the tender offers and consent solicitations.

                    About Hanover Compressor

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.

                          *     *     *

Moody's Investor Services assigned B1 rating on Hanover
Compressor Company's long term corporate family and probability
of default on July 16, 2007.  The outlook was stable.




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


ALCATEL-LUCENT: Wins Contract From TransACT Capital
---------------------------------------------------
Alcatel-Lucent has been selected by TransACT Capital
Communications, a Canberra-based telecommunications carrier, to
complete a fibre to the home rollout to new greenfield sites in
Canberra.  The network will cover 1,000 premises and an
anticipated population of 2,500 people by 2013.

Project developers in Canberra, in conjunction with the Land
Development Agency, issued a tender for the FTTH project last
year, which was subsequently won by TransACT.  Alcatel-Lucent
was then chosen after a competitive tender process against eight
other providers to design and deploy the network.

The first network project will be in Forde, a new suburb in
Gungahlin, Canberra.  The deployment is TransACT's first venture
into Gigabit passive optical network FTTH technology.  Residents
will also receive unlimited free local calls to over 30,000
other TransACT phone customers, as well as capped national and
international call rates.

"The FTTH network is now a key consideration for inclusion when
assessing broadband deployments in suburbs, as it's a future-
proof technology offering nearly unlimited bandwidth
availability to carry new high speed services,"said Rod Barrett,
Project Manager, TransACT.  "We needed a solutions provider that
could accommodate our customers' increasing demand for our
existing bandwidth-hungry product offerings, including Video on
Demand, Voice over IP and IPTV services.  We chose Alcatel-
Lucent because of its technology leadership in GPON and the
proven reliability and scalability of its platform for
widespread deployment," Mr. Barrett added.

"FTTH was the natural progression for a reliable high speed
broadband multiservice network in 'greenfields' and will deliver
appreciable social and economic benefits to a community, said
Hilary Mine, President of Alcatel-Lucent's Australasia
activities.  "The TransACT contract demonstrates our commitment
to accelerating high speed broadband services across the
country, and reinforces our global leadership in greenfield and
brownfield broadband fibre deployments," Mr. Mine concluded.

Under the terms of the contract, Alcatel-Lucent will deliver its
7342 GPON ISAM Fiber-to-the-User product, along with the Optical
Network Terminals and the related management software.

TransACT will also be working with Alcatel-Lucent on future FTTH
bids in the Canberra area.

                         About TransACT

TransACT Communications Pty Limited was established in 2000 and
has since been building and maintaining a highly sophisticated
fibre-optic network to provide Canberra and Queanbeyan with
world-class communication services.  TransACT offers fixed-line
and IP telephony, broadband internet and mobile phone services,
as well as a subscription television service with real-time
entertainment on-demand.

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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




=======
C U B A
=======


* CUBA: May Get Technical Aid From Venezuelan Aluminum Reducer
--------------------------------------------------------------
Cuba may get technical assistance for downstream aluminum
fabrication from Venezuela's state-owned aluminum reducer
Alcasa, Business News Americas reports.

An Alcasa official told BNamericas that Alcasa is considering
providing Cuba with the technical assistance.

The executive commented to BNamericas, "We're performing a study
right now to help us determine the potential of Cuba's
processing industry and to see if a downstream industry can
develop."

The official explained to BNamericas that Cuba lacks power to
deploy aluminum reduction plants.  It is more likely that
development will occur in metal transformation.  The Venezuelan
smelter will support Cuba's aluminum industry for six months.

Alcasa's owner, state heavy industry holding CVG, is conducting
studies on the metal transformation capacity of other Caribbean
nations like Jamaica, the Dominican Republic and Trinidad &
Tobago, BNamericas says, citing the official.

The official told BNamericas, "Depending on the studies, we'll
see if the zone can become a major distribution center for
processed aluminum."

                          About Alcasa

Alcasa is a state-run aluminum reducer in Puerto Ordaz, Bolivar,
Venezuela.  The smelter is 92% owned by state heavy industry
holding CVG, while the remaining 8% belongs to US firm Alcoa.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


GUESS? INC: Brean Murray Maintains Buy Rating on Firm's Shares
--------------------------------------------------------------
Brean Murray analyst Eric Beder has kept his "buy" rating on
Guess? Inc.'s shares, Newratings.com reports.

According to Newratings.com, the target price for Guess?'s
shares was set at US$57.

Mr. Beder said in a research note that given Guess?'s focus on
denim, vests, logo looks and plaid, the firm "remains in style
and is on track towards a robust season this fall."

Mr. Beder told Newratings.com that Guess?' Daredevil jeans sales
have been better compared to those of its other two women's
denims, Starlet and Foxy.

Guess?'s performance would be healthy, Newratings.com states,
citing Brean Murray.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                        *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.




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


GEOKINETICS INC: Moody's Withdraws B3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service withdrew all the ratings for
Geokinetics Inc. following the company's redemption of all of
its rated bonds with the proceeds of an equity offering.
Moody's does not rate any other debt for Geokinetics.

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

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




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


SBARRO INC: Reports US$82.6 Million Revenues in Second Quarter
--------------------------------------------------------------
Sbarro Inc. reported revenues of US$82.6 million for the quarter
ended July 1, 2007, as compared to US$74.3 million for the
quarter ended July 16, 2006.  The second quarter of 2007
consisted of thirteen weeks as compared to the second quarter of
2006 which consisted of twelve weeks.  The one week difference
generated revenues of approximately US$6.3 million.  Revenues
related to our real estate operations, which were transferred to
certain of our former shareholders in January 2007, were US$.5
million for the second quarter 2006.  After adjusting for these
items, the company's revenues increased, driven by same-store
sales growth of 3.0% in our company-owned stores, 4.6% in our
domestic franchise stores and 3.7% in our international
franchise stores.

                Second Quarter Financial Results

EBITDA, as calculated in accordance with the terms of the
company's bank credit agreement, was US$10.8 million for the
second quarter ended July 1, 2007 as compared to US$10.0 million
for the second quarter ended July 16, 2006.  The one week
difference generated EBITDA of approximately US$1.3 million.
The decline in EBITDA resulted from an increased cost of
products, in particular in the cost of cheese, of approximately
US$0.7 million in the period which offset improved profitability
generated by increased sales.

                 Year-To-Date Financial Results

The company has reported operating results and its financial
position for all periods presented as of and prior to Jan. 30,
2007 as those of the Predecessor Company and for all periods
from and after Jan. 31, 2007 as those of the Successor Company.
The company's operating results for the six months ended July 1,
2007 are presented as the combined results of the Predecessor
and Successor companies.  The presentations of "Combined"
results is not consistent with the requirements of U.S.
Generally Accepted Accounting Principles; however, the company's
management believes that it is a meaningful way to present the
results of operations for the six months ended July 1, 2007.

Combined revenues were US$163.1 million for the six months ended
July 1, 2007 as compared to US$173.4 million for the six months
ended July 16, 2006.  The combined six months of 2007 consisted
of twenty six weeks as compared to the six months of 2006 which
consisted of twenty eight weeks.  The two additional weeks in
2006 generated revenues of approximately US$12.7 million.
Revenues related to our real estate operations, which were
transferred to certain of our former shareholders in January
2007, were US$.3 million for 2007 and US$1.4 million for 2006.
After adjusting for these items, the company's revenues
increased, driven by same-store sales growth of 2.9% in its
company-owned stores, 4.5% in its domestic franchise stores and
5.3% in its international franchise stores.

Combined EBITDA for the six months of 2007, as calculated in
accordance with the terms of the company's bank credit
agreement, was US$20.7 million as compared to US$22.6 million
for the six months ended July 16, 2006.  The two additional
weeks in 2006 produced EBITDA of approximately US$1.7 million.
The company's EBITDA was essentially flat as cost of product, in
particular the cost of cheese, increased by US$.8 million which
offset improved profitability generated by increased sales.

The company's last twelve months EBITDA as calculated in
accordance with the Company's Bank Credit Agreement was US$60.0
million.

Peter Beaudrault, Chairman of the Board, President and CEO of
Sbarro commented, "We are pleased with the continuing growth in
same store sales in both our company owned QSR stores and in our
franchised stores.  In addition, our company owned new store
openings are ahead of our expectations while our franchise store
openings continue to make progress.  Our international pipeline
of new stores now exceeds 1,000."  Mr. Beaudrault further
commented, "Our EBITDA for the first half was essentially flat
as we absorbed approximately US$.8 million in additional costs
related to cheese which offset improved profitability generated
by increased sales."

              MidOcean Partners' Sbarro Acquisition

On Jan. 31, 2007, MidOcean SBR Acquisition Corp., an indirect
subsidiary of MidOcean SBR Holdings, LLC, an affiliate of
MidOcean Partners III, L.P., and certain of its affiliates
merged with and into the Company in exchange for consideration
of US$450 million in cash, subject to certain adjustments.  As a
result of the Merger, the company is now an indirect wholly
owned subsidiary of Holdings.

In addition, the former shareholders received a distribution of
the cash on hand in excess of (i) US$11 million, plus (ii) all
amounts required to be paid in connection with the special event
bonuses.

In connection with the Merger, the company transferred interests
in certain non-core assets to a newly formed company owned by
certain of our former shareholders.  There was no additional
consideration given for the transfer of these assets as they
were treated as a dividend.

   -- the interests in 401 Broadhollow Realty Corp. and 401
      Broadhollow Fitness Center Corp., which own the corporate
      headquarters of the Company, the fitness center and the
      assets of the Sbarro Caf‚ located at the corporate
      headquarters;

   -- a parcel of undeveloped real property located in East
      Northport, New York;

   -- the interests in Boulder Creek Ventures LLC and Boulder
      Creek Holdings, LLC, which own a 40% interest in a joint
      venture that operates 15 steakhouses under "Boulder Creek"
      and other names; and

   -- the interest in Two Mex-SS, LLC, which owns a 50% interest
      in a joint venture that operates two tex-mex restaurants
      under the "Baja Grill" name.

                          About Sbarro

Headquartered in Melville, New York, Sbarro Inc. is a quick
service restaurant chain that serves Italian specialty foods.
As of Oct. 8, 2006, the company owned and operated 479 and
franchised 476 restaurants worldwide under brand names such
as "Sbarro," "Umberto's," and "Carmela's Pizzeria."  The company
also operated 25 other restaurant concepts and joint ventures
under various brand names.  Total revenues for fiscal 2005 were
approximately US$348 million.  The company announced on
June 19, 2006, its international expansion by opening more than
25 restaurants in Guatemala, El Salvador, Honduras, The Bahamas
and Romania.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 29, 2007,
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on Sbarro Inc.'s bank facility, after the
report that the company will increase the size of the loan to
US$208 million from US$175 million.

These ratings were affirmed:

      -- Corporate credit rating affirmed B-;
      -- US$25 million revolver due 2013 affirmed at B; and
      -- US$183 million term loan due 2014 affirmed B.




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


NATIONAL WATER: Restores 45% of Production Capacity
---------------------------------------------------
The National Water told The Jamaica Observer that the company
has restored 45% of its production capacity by using stand-by
generating facilities.

The National Water's public relations manager Charles Buchanan
commented to The Observer, "Virtually all of the NWC's [the
National Water] 460 water supply systems and 68 wastewater
systems across the island were affected in one way or another by
the passage of Hurricane Dean, and about 80% of them stopped
operating during or immediately before the hurricane's passage,
while some customers continued to receive piped water throughout
the passing hurricane."

Mr. Buchanan admitted to the Observer that the National Water
received reports of:

          -- "heavy siltation and high turbidity" at some
             treatment plants and pumping stations,

          -- broken mains and dislocated pipelines,

          -- damage to intake structures, and

          -- inaccessible roadways preventing access to their
             facilities.

Radio Jamaica notes that supply systems in St. Catherine and
Manchester were among those most critically affected by the
hurricane.

Electrical outages and blocked and damaged piping structures
caused the damage to the systems, Radio Jamaica states, the
National Water.

"Nearly all of the largest water supply systems are among the
set now back in operation using available standby generators or
by means of gravity flow distribution," Mr. Buchanan told The
Observer.  "In addition, most of our wastewater facilities are
also now back in operation."

The Observer notes that the water supply was restored at:

          -- the coastal areas from Ocho Rios to Montego Bay,
          -- Bullstrode in Westmoreland,
          -- Constant Spring,
          -- Seaview, and
          -- Mona Treatment Plants in Kingston.

According to The Observer, the coastal strip from Montego Bay to
Lucea would be restored as well.

The National Water's will first try to restore operations at the
largest and most critical water supply facilities that serve
large population centers and important public institutions like
hospitals and the airports, The Observer states, citing Mr.
Buchanan.

The Jamaica Observer relates that the National Water launched an
assessment of its systems to determine the nature and level of
the damage the hurricane caused.

Mr. Buchanan told The Observer that these major systems operated
during the hurricane and were still operating:

          -- Bogue Water Treatment Plant in St. Ann, which
             serves the Ocho Rios environs;

          -- Roaring River Water Treatment Plant in
             Westmoreland, which serves Savanna-la-Mar; and

          -- Bluefields Water Supply system, which supplies
             Bluefields and Mt. Edgecombe in Westmoreland.

                        *     *     *

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




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


ALERIS INTERNATIONAL: Extends Exchange Offer on Senior Notes
------------------------------------------------------------
Aleris International Inc. has extended its offer to exchange up
to US$600 million aggregate principal amount of its 9%/93/4%
Senior Notes due 2014 and up to US$400 million aggregate
principal amount of its 10% Senior Subordinated Notes due
2016 for an equal principal amount of 9%/93/4% Senior Notes due
2014 and 10% Senior Subordinated Notes due 2016 that have been
registered under the Securities Act of 1933, as amended.  The
exchange offer is scheduled to expire at 12:00 a.m., Eastern
Time, today, Aug. 23, 2007, unless further extended by Aleris
International.  As of 5:00 p.m., Eastern Time, on Aug. 21,
approximately US$599.9 million of the outstanding 9%/93/4%
Senior Notes and approximately US$400 million of the outstanding
10% Senior Subordinated Notes had been tendered in the exchange
offer.

Requests for a prospectus and a letter of transmittal in
connection with the exchange offer for the 9%/93/4% Senior Notes
due 2014 or the exchange offer for the 10% Senior Subordinated
Notes due 2016 should be directed to the exchange agent, LaSalle
Bank National Association, at (312) 904-5527.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The Company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                        *     *     *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased the
term loan by US$125 million.  With the add-on, the total amount
of the facility is now US$1.23 billion.


BALLY TOTAL: Court Approves Amended Joint Chapter 11 Plan
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has granted Bally Total Fitness Holding Corp.'s request to amend
its Joint Prepackaged Chapter 11 Plan of Reorganization to
implement a superior alternative restructuring proposal from
Harbinger Capital Partners Master Fund I, Ltd. and Harbinger
Capital Partners Special Situations Fund L.P. without the need
to resolicit approval from its creditors.  The Court also
approved the Investment Agreement providing for Harbinger's
commitment to make a US$233.6 million equity investment in the
company, and Restructuring Support Agreements among the parties,
including holders of approximately 80% of the company's Senior
Subordinated Notes and more than 55% of the company's Senior
Notes, reflecting their commitment to implement the Harbinger-
funded restructuring through the amended plan on the same
timetable as the Company's original plan.  Under the amended
plan, the company can consummate the restructuring set forth in
the Existing Plan under certain circumstances.

In addition, the Court approved the company's debtor-in-
possession Financing and Exit Credit Facilities.  The company
expects to close its DIP tomorrow, refinancing the existing
senior secured facility.  Morgan Stanley Senior Funding, Inc. is
sole lead arranger and sole bookrunner for the US$292 million of
super-priority secured DIP and the senior secured exit credit
facilities.  The exit facilities provide financing under the
amended plan for either the Harbinger funded proposal or the
noteholder proposal.  The DIP and the exit facilities provide
for a US$50 million revolving credit facility and a US$242
million term loan.

"Obtaining the Court's authorization to amend our plan, without
requiring resolicitation of plan acceptances, is a significant
accomplishment and marks the beginning of a new era for Bally
Total Fitness," said Don R. Kornstein, Interim Chairman and
Chief Restructuring Officer of Bally Total Fitness.  "We look
forward to executing on this plan in partnership with Harbinger,
and emerging promptly from chapter 11 protection as a stronger
company, with the financial resources to continue
investing in our clubs and facilities."

The confirmation hearing on the amended plan is scheduled for
Sept. 17, 2007.  If confirmed the Company expects to implement
the amended plan and emerge from chapter 11 by the end of
September 2007.

In re Bally Total Fitness of Greater New York, et al. Case No.
07-12395, is pending before the Honorable Burton R. Lifland in
the U.S. Bankruptcy Court for the Southern District of New York.

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

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and USUSUS$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 Oct. 16, 2007.


BENQ CORP: To Sell Factory Building for NT$500MM to Darfon
----------------------------------------------------------
BenQ Corp plans to sell a factory building to Darfon Electronics
Corp. for NT$500 million (US$15 million) to raise funds, China
Post reports.

Citing BenQ's spokeswoman, Jasmine Hung, the paper relates that
the building houses an electronics factory in Taoyuan and Darfon
will use the factory for offices.

BenQ, according to The Post, has sold assets to help repay debt
after Chairman K.Y. Lee failed to turn the company to a profit
following the 2005 acquisition of Siemens AG's mobile-phone
unit.  BenQ's total liabilities stood at NT$60.7 billion at the
end of March, while the company had NT$6.45 billion in cash.

Darfon makes keyboards for notebook computers and power adapters
for televisions.  BenQ, also based in Taoyuan, is Darfon's
largest shareholder, with a 58.3% stake at the end of last year.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.  It has business
operations in Mexico.

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

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

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

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


CABLEMAS SA: Says It Can Acquire More Cable Operators
-----------------------------------------------------
Cablemas S.A. de C.V. head Alejandro Alvarez told reporters the
company is confident about acquiring other cable operators.

Cablemas is in a strong position to acquire other cable
operators after broadcaster Televisa purchased 49% of the firm,
the press says, citing Mr. Alvarez.

Mr. Alvarez told Business News Americas that Cablemas now has
"unlimited" access to the debt markets.

Cablemas was in a good position for absorbing other operators
even before the deal with Televisa, BNamericas notes, citing Mr.
Alvarez.  It had purchased eight companies over the last seven
years.  Cablemas could even acquire Mexico's largest cable
operator Megacable.

Consolidation of cable operators is important as Cablemas
prepares to enter the telephony business.  It will be competing
with dominant fixed line operator Telmex, which is also
preparing to launch television services.  The combined revenues
of Cablemas and Megacable equal to 5% of the combined US$20
billion that Telmex and mobile sister firm Telcel bill yearly,
Mr. Alvarez explained to BNamericas.

Cablemas SA de CV -- http://www.cablemas.com-- is the second-
largest cable television operator in Mexico based on the number
of subscribers and homes passed.  As of June 30, 2005, the
company's network served over 546,000 cable subscribers and in
excess of 87,000 high-speed Internet subscribers, with more than
1,647,000 homes passed.  It is the concessionaire with the
broadest coverage in Mexico, operating in 46 cities throughout
the country's oil, maquiladora and tourist regions.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2007, Fitch Ratings has affirmed these ratings for
Cablemas with a Stable Rating Outlook:

  -- Foreign Currency Issuer Default Rating 'BB-';
  -- Local Currency Issuer Default Rating 'BB-';
  -- US$175 million senior notes due 2015 'BB-'; and
  -- National scale 'A(mex)'.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating and its 'mxA-' long-term
National Scale rating on Cablemas S.A. de C.V.  At the same
time, S&P affirmed its 'BB-' rating on Cablemas' US$175 million
senior notes due 2015.  The outlook was stable.


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

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

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

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

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

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

                    Unchanged Positive Outlook

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

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

                           About Duerr

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

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

                          *     *     *

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


DURA AUTOMOTIVE: Posts US$12,685,000 Net Loss in June 2007
----------------------------------------------------------
        Dura Automotive Systems, Inc., and Subsidiaries
        Condensed Unaudited Consolidated Balance Sheet
                       As of July 1, 2007
                     (Dollars in thousands)

                             ASSETS

Current assets:
  Cash and cash equivalents                           US$4,787
  Accounts receivable, net
     Trade                                             147,887
     Other                                              15,011
     Non-Debtor subsidiaries                            32,582
  Inventories                                           79,206
  Other current assets                                  33,756
                                                    ----------
     Total current assets                              313,229


Property, plant and equipment, net                     167,897
Goodwill, net                                          249,927
Notes receivable from Non-Debtors subsidiaries         183,103
Investment in Non-Debtors subsidiaries                 790,647
Other noncurrent assets                                 25,677
                                                    ----------
Total Assets                                      US$1,730,480

       LIABILITIES AND NET LIABILITIES IN LIQUIDATION

Current liabilities:
  Debtors-in-possession financing                   US$234,246
  Accounts payable                                      47,613
  Accounts payable to Non-Debtors subsidiaries           1,212
  Accrued Liabilities                                   88,717
                                                    ----------
     Total current liabilities                         371,788

Long-term Liabilities:
  Notes Payable to Non-Debtors subsidiaries              8,748
  Other noncurrent liabilities                          56,322
Liabilities Subject to Compromise                    1,312,988
                                                    ----------
Total Liabilities                                    1,749,846

Stockholders' Investment                               (19,366)
                                                    ----------
Total Liabilities and Stockholders' Investment    US$1,730,480


       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statement of Operations
            For the Five Weeks Ended July 1, 2007
                     (Dollars in thousands)

Total sales                                          US$98,080
Cost of sales                                           98,503
                                                    ----------
Gross (loss) profit                                       (423)

Selling, general and administrative expenses             2,998
Facility consolidation, asset impairment
  and other charges                                        182
Amortization expense                                        34
                                                    ----------
Operating (loss) income                                 (3,637)

Interest expense, net                                    4,346
                                                    ----------
Loss before reorganization items and income taxes       (7,983)

Reorganization items                                     4,446
                                                    ----------
Income before income taxes                             (12,429)

Provision for income taxes                                 256
                                                    ----------
Net Income (Loss)                                   (US$12,685)


       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statements of Cash Flows
            For the Five Weeks Ended July 1, 2007
                     (Dollars in thousands)

Operating Activities:
Net Income (loss)                                   (US$12,685)
Adjustments to reconcile net loss to net cash used
  in operations activities:
     Depreciation, amortization & asset impairment      $2,662
     Amortization of deferred financing fees               668
      (Gain)/Loss on sale of assets                       (166)
     Reorganization items                                4,446
Changes in other operating items:
  Accounts receivable                                    2,150
  Inventories                                              219
  Other current assets                                     763
  Noncurrent assets                                        166
  Accounts payable                                        (639)
  Accrued liabilities                                   (9,311)
  Noncurrent liabilities                                    17
  Current intercompany transactions                     (3,602)
                                                    ----------
Net cash provided by operating activities              (15,312)

Investing Activities:
Purchases of property, plant & equipment                (2,284)
Proceeds from sales of assets                              700
                                                    ----------
Net cash (used in) provided by
   investing activities                                 (1,584)

Financing Activities:
  DIP borrowings                                        17,603
  Payments on prepetition debt                            (299)
                                                    ----------
Net cash used in financing activities                   17,304
                                                    ----------
Net Increase (Decrease) in Cash & Equivalents              408

Cash & Cash Equivalent, Beginning Balance                4,379
                                                    ----------
Cash & Cash Equivalent, Ending Balance                US$4,787


                     About DURA Automotive

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

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

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

The Debtors' exclusive plan-filing period expires on
Sept. 30, 2007.  (Dura Automotive Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000 ).


FIRST DATA: Gets Final Regulatory Approvals on KKR Merger
---------------------------------------------------------
First Data Corp. has received all domestic and international
regulatory approvals required to close the pending merger with
an affiliate of Kohlberg Kravis Roberts & Co.

"Achieving this milestone is a critical step for First Data and
KKR.  We continue to work closely together to ensure a smooth
transition and expect to close the transaction by the end of
September," said First Data CEO Ric Duques.

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
electronic check acceptance services through TeleCheck; as well
as Internet commerce and mobile payment solutions.  The
company's STAR Network offers PIN-secured debit acceptance at 2
million ATM and retail locations.

                        *     *     *

As reported in the Troubled Company Reporter on April 4, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on First Data Corp. to 'BB+' from 'A' and placed it on
CreditWatch with negative implications.  The rating action
followed First Data's agreement to be acquired by Kohlberg
Kravis Roberts & Co. in a transaction valued at about USUS$29
billion.


GRUPO MEXICO: Talks with Union Fail
-----------------------------------
A Grupo Mexico SA, de C.V., communications officer told Business
News Americas that negotiations between the legal
representatives of the company and Mexico's national mining-
metalworkers union STMMRM failed to reach an agreement on the
end of strike.

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, the union launched a strike on July 30, 2007, to
demand better safety conditions at the Taxco mine, the Zacatecas
mine, and the Cananea copper mine in Sonora.  A Mexican court
ruled that employees at Grupo Mexico's mines could continue
their protest without being dismissed by the company.  The court
also ruled that the strikers couldn't stop other employees from
working.

Operations at the mine have been paralyzed since the start of
the strike, BNamericas notes.

According to BNamericas, the Mexican labor ministry's federal
arbitration and reconciliation council asked Grupo Mexico and
the union to hold a meeting to find a solution to the conflict.

The representatives of both sides met on Aug. 20, 2007, to
negotiate the end of a strike the union launched against the
company, BNamericas says, citing the officer.

"At the meeting the parties only discussed issues relating to
the collective contracts and security measures [at the mines],"
the officer commented to BNamericas.

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

                        *     *     *

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


KANSAS CITY SOUTHERN: Intermodal Container Volume Rises 13.7%
-------------------------------------------------------------
Kansas City Southern Mexico's intermodal container volume
increased 13.7% year-on-year to 140,992 trailers or containers
for the first 32 weeks of this year, compared to the same period
last year, Business News Americas reports, citing the
Association of American Railroads.

BNamericas relates that Kansas City Southern Mexico's
accumulative volume for the first 32 weeks of 2007 declined by
3.9% to 346,170 cars, compared to the same period in 2006.

Kansas City Southern Mexico's intermodal volume dropped 26% to
5,361 trailers or containers for the first week of August 2007,
from August 2006.  Its carload freight decreased 5.6% to 10,829
cars, the report adds.

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

                        *     *     *

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

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

                        *     *     *

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

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

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

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

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


ONEIDA LTD: Loan Termination Cues Moody's to Withdraw Ratings
-------------------------------------------------------------
Moody's Investors Service withdrew all ratings on Oneida, Ltd.

The withdrawal is driven by Oneida's announcement that it has
terminated its intent to enter into a new US$120 million senior
secured term loan facility due to unfavorable market conditions.

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

These ratings were withdrawn:

Oneida, Ltd.:

-- Corporate family rating at B2

-- Probability of default rating at B2

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

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


URBI DESARROLLOS: S&P Pares Corporate Rating to BB- from BB
-----------------------------------------------------------
Standard & Poor's Ratings Services had lowered its long-term
corporate credit rating on URBI Desarrollos Urbanos S.A.B. de
C.V. to 'BB-' from 'BB'.  At the same time, S&P lowered the
company's national scale rating to 'mxA-' from 'mxA'.  The
outlook is stable.  All ratings were removed from CreditWatch
with negative implications, where they were placed on May 18,
2007.

"The downgrade reflects URBI's more aggressive financial policy,
accounting practices, and marketing strategies," Standard &
Poor's credit analyst Laura Martinez said.  "The rating action
also reflects the company's deteriorating financial profile,
resulting from an increase in the use of debt to fund higher
working-capital needs to support its growth initiatives."

The ratings assigned to URBI are limited by the company's
aggressive financial policy, accounting practices, and marketing
strategies; significant working-capital needs for project
construction and land purchases for future developments;
increasing competition; the concentration of mortgage
origination in Infonavit; and a degree of political risk
inherent to this institution.  These factors are somehow offset
by URBI's operating efficiency, high flexibility in its
operating process, high EBITDA margins, the company's
position as one of the largest homebuilders in Mexico, and its
leadership in the Northern Mexican states.

Ms. Martinez added: "The stable outlook reflects our
expectations that URBI will maintain adequate liquidity and
credit metrics for the new rating category.  If the group's
liquidity and/or its key financial ratios weaken, especially the
total debt-to-EBITDA ratio (more than 3.0x), or if its
financial policy becomes more aggressive, the ratings could be
pressured downward.  However, sustained evidence of a more
moderate financial policy and consistent positive free operating
cash flow generation could lead to a positive rating action."

Founded in 1981 in Mexicali, Baja California, URBI is the third-
largest homebuilder in Mexico, with US$817 million in revenues
and 26,537 units built for the 12 months ended June 30, 2006,
representing a 17.7% and 14.0% growth, respectively, versus that
of the previous year.  It is engaged in the development,
construction, marketing, and sale of affordable entry-level,
middle-income, and residential housing.  The company currently
operates in nine northeastern cities and the three largest
metropolitan areas in the country with a land inventory capacity
for about 151,000 units, of which 92% is intended for housing
below a price of US$50,000.




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


DOLE FOOD: Authorities Detain Product-Liability Case Plaintiff
--------------------------------------------------------------
US authorities have detained Claudio Gonzalez, a Nicaraguan
worker scheduled to testify in a product-liability case against
Dole Food Co. and Dow Chemical Co., at the Los Angeles
International Airport due to possible visa breach, the
International Herald Tribune reports.

The International Herald relates that Mr. Gonzalez is among the
12 banana farm employees that filed a lawsuit against Dole Food
units Dole Fresh Fruit Co. and Standard Fruit Co., alleging that
exposure to a pesticide in the 1970s caused sterility.

According to the report, Dole Food denied the allegations.

The complainants' legal representative Duane Miller told the
International Herald that Mr. Gonzalez was sent back to
Nicaragua though he still had one visit to the United States
remaining on his visa.  Authorities found that "the ink from the
check mark for a prior visit was smudged."

Mr. Miller agreed with the defense lawyers to work together to
talk with the US Embassy in Nicaragua to try to remedy the
situation, the International Herald says.

The Daily Journal relates that Superior Court Judge Victoria G.
Chaney wrote a letter to the embassy to air out its support of
the plaintiff's re-entry.

Testimony in the case will continue on Sept. 4, 2007, after a
two-week break, the International Herald states.

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

                        *     *     *

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

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




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


* Moody's Issues Annual Report on Panama
----------------------------------------
In its annual report on Panama, Moody's Investors Service says
the country's Ba1 foreign currency government bond rating and
stable outlook are supported by a dynamic service sector that
has served to shield the economy from the volatility observed in
other countries in the region, and by a favorable debt profile.

Panama's A3 foreign currency country ceiling for bonds assesses
the risk of a disruption in the smooth functioning of the dollar
payments system.  "Given dollarization's long tradition in
Panama, Moody's sees limited risk for such disruption," said
Moody's Vice President Alessandra Alecci, author of the report.
"In addition, because of dollarization, the foreign-currency
country bond ceiling reflects the lack of transfer risk."

With economic activity booming, she said, Panama's extremely
favorable macroeconomic performance is likely to extend over the
medium-term.  Real GDP growth was at 8.1% in 2006 and is likely
to exceed this level in 2007.

"The strong performance of services' exports (including
tourism), domestic consumption and investment activity, in
preparation of the Panama Canal expansion, are key contributors
to such growth," said Alecci.  "Given the economy's sensitivity
to the external environment, a severe downturn in global
conditions would pose significant challenges to Panama's
performance."

On the fiscal front, she explained, the adjustment was
significant in 2006, with the non-financial public sector
deficit posting its first surplus in 10 years.  It was mostly
driven by revenues, however, which benefited from the 2005 tax
reform, strong economic activity, and one-off items.  Structural
obstacles to further fiscal consolidation include a narrow tax
base and some expenditure rigidity.  A significant rise in
subsidies and capital expenditures is planned for this year.
Should revenues decline, the expenditure adjustment would need
to be sizeable.

"Public debt ratios, albeit still elevated relative to
similarly-rated peers, continue to improve," said Alecci,
pointing to a decline in the ratio of total public sector debt
to GDP to 61% in 2006, an improvement from the 70% recorded in
2004.

"While the ratio should further decline in 2007, in nominal
terms, the stock should remain constant," said the analyst.
"There is a clearly stated priority of increasing social and
infrastructure expenditures rather than aggressively reducing
the debt burden."




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


* PERU: Gov't Selling 23.2% Stake in Cemento Andino for US$55MM
---------------------------------------------------------------
The Peruvian government will sell its 23.2% stake in cement
company Cemento Andino for US$55 million, state agency for
promoting private investment ProInversion posted on its Web
site.

Business News Americas relates that the state will sell its
278,386 class B shares in a Dutch auction on the Peruvian stock
exchange on Aug. 27.

According to BNamericas, Inversiones Andino controls 77% of
Cemento Andino.  It is entitled to buy a total of 120,000
shares, each valued at PEN629.

Cemento Andino reported a net profit of PEN74.7 million last
year.  Its revenues totaled PEN330 million, BNamericas states.

                        *     *     *

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


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

Aviles Cruz will handle corporate matters, including:

   a) legal representation in administrative and labor issues;
      and

   b) judicial proceeding in the Mayaguez Superior Court of
      First Instance of Puerto Rico

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

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

Mr. Perez can be reached at:

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

Based in Mayaguez, Puerto Rico, Advanced Cardiology Center Corp.
filed for Chapter 11 protection on Jan. 8, 2007 (Bankr. D. P.R.
Case No. 07-00061).  Alexis Fuentes-Hernandez at Fuentes Law
Offices represents the Debtor.  When the Debtor filed for
protection from its creditors, it listed assets of more than
US$50 million and debts of US$21,942,986.


GENESCO INC: Finish Line Hires Bain & Co. to Assist Merger Plan
---------------------------------------------------------------
In connection with The Finish Line Inc's pending acquisition of
Genesco Inc, Finish Line has retained leading global business
consulting firm Bain & Company to assist in the merger
integration planning.  The Genesco transaction is expected to
close in Fall 2007.

"Our integration teams are already hard at work looking at how
best to combine our two companies and enable us to fully realize
the benefits of this compelling strategic transaction," Alan H.
Cohen, chief executive officer of The Finish Line, said.  "We
are pleased that Bain, which has a wealth of experience in
merger integrations, is newly joining these efforts.

                       About Finish Line

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.

                         About Genesco

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, 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 US$1.3 billion
(US$51.00 per share) in cash.


GLOBAL HOME: Panel Balks at Exclusive Period Extension Request
--------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
bankruptcy cases of Global Home Products LLC and its debtor-
affiliates filed an objection with the U.S. Bankruptcy Court for
the District of Delaware relating to the Debtors' fourth motion
to extend their exclusive periods for filing a plan of
reorganization and for soliciting acceptances of that plan.

The Committee tells the Court that they filed the objection
because the Debtors have failed to show that they are entitled a
further extension of the exclusivity periods by continuing the
status quo.  If granted, the requested extension, which would be
the Debtors' fourth extension of the exclusivity periods, should
be conditioned upon the Debtors' meeting of certain objectives
that would move these cases forward.

The Debtors' request for an unconditional extension of their
exclusivity periods has the potential of bringing these cases
down the road of deeper administrative insolvency by the
continuous accrual of administrative expenses to the detriment
of the Debtors' creditors and other parties-in-interest.  The
denial of the Motion, or its approval based on conditions which
would require the Debtors to provide the Committee with a draft
of a disclosure statement and a plan of reorganization by
Aug. 30, 2007, in addition to requiring the Debtors to complete
a term sheet which has been subject to prolonged negotiations
between the Debtors and the Committee, would put these cases on
the right track with the goal of confirmation.

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


GLOBAL HOME: Seeks Exclusive Plan-Filing Period Extension
---------------------------------------------------------
Global Home Products LLC and it debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware to further
extend their exclusive periods to:

     a. file a Chapter 11 plan of reorganization until
        Oct. 9, 2007; and

     b. solicit acceptances of that plan through and including
        Dec. 10, 2007.

This is the Debtors' fourth motion to extend their exclusive
plan-filing period.

The Debtors said they need more time to negotiate with their
creditors an acceptable plan and to prepare adequate financial
information concerning the ramifications of any proposed plan.

The Debtors explained that its request for extension does not
seek to pressure it creditors.

The exclusivity extension hearing will be held on Aug. 24, 2007.

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


MUSICLAND HOLDING: Confirmation Hearing Adjourned to Sept. 27
-------------------------------------------------------------
The Hon. Stuart Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York adjourns the hearing to consider
confirmation of Musicland Holding Corp. and its debtor-
affiliates' Second Amended Joint Plan of Liquidation to
Sept. 27, 2007, Andrea L. Johnson, Esq., at Kirkland & Ellis
LLP, in New York, notifies all interested parties.

Hearing on certain of the Debtors' Objections to Claims; the
Unsecured Creditor's Committee's request for Rule 2004
Examinations; Wachovia Bank, N.A.'s request compelling the
Informal Committee of Secured Trade Vendors to file a Verified
Statement pursuant to Rule 2019 of the Federal Rules of
Bankruptcy Procedure; and a request by the Loan Syndications and
Trading Association and the Securities Industry and Financial
Markets Association for leave to appear as "Amici Curiae", file
brief and make oral argument against Wachovia's 2019 Motion,
will also be covered on the same date.

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

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  (Musicland Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MUSICLAND HOLDING: Panel Backs Vendors' Stance on Wachovia Plea
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Musicland
Holding Corp. and its debtor-affiliates informs the U.S.
Bankruptcy Court for the Southern District of New York that it
supports the Informal Committee of Secured Trade Vendors'
response to the objection of Wachovia Bank, National
Association.

The Committee asserts that the Wachovia Objection should be
rejected because Wachovia failed to file a request for allowance
of an administrative claim prior to the Administrative Bar Date
on May 30, 2006.

The Wachovia Objection was filed nearly one year after the First
Administrative Claims Bar Date, Andrea Fischer, Esq., at Olshan
Grundman Frome Rosenzweig & Wolosky, LLP in New York, conflicts
counsel to the Committee, tells the Court.

Ms. Fischer says that although the Wachovia Objection is termed
an objection, it is clear that the Objection is in fact a
request for the allowance of an administrative claim.

The Committee anticipates that Wachovia will assert that its
claim did not arise until January 2007 when it was sued by
certain former and current Secured Trade Vendors.  Ms. Fisher
says Wachovia's argument would be meritless.

The lawsuit, which was initially filed before the U.S. District
Court for the Southern District of New York, charges Wachovia
and Harris N.A., of breach of contract, tortious interference
with contractual relations, conversion, and unjust enrichment,
based on a US$25,000,000 term loan Harris made to Musicland in
the fall of 2005, which was paid in full in December 2005.  The
lawsuit was later dismissed and re-filed in the Bankruptcy
Court.

While it is true that Wachovia was not sued until January 2007,
Wachovia's alleged administrative claim relates to conduct that
occurred in December 2005, one month prior to the Petition Date.
Wachovia has been aware of the facts of the lawsuit and the
potential claim since the Petition Date.

Thus, Wachovia's administrative claim based on alleged
indemnification obligations of the Debtors arising out of events
that occurred prepetition is untimely and should be rejected,
Ms. Fischer contends.

Furthermore, as Wachovia admits in its Objection, any
entitlement Wachovia would have to an administrative claim would
be based, at the latest, on the "ccontinuing obligations"
contained in the Wachovia Pay-Off Letter.  As that letter is
dated March 29, 2006, a date that is within the Administrative
Claims Period, any entitlement to an administrative claim based
on the Wachovia Pay-Off Letter is subject to the Administrative
Claims Bar Date Order.  As such, Wachovia's request for the
allowance of an administrative claim should be denied as
untimely as it was filed more than one year after the Wachovia
Pay-Off Letter and well after the Administrative Claims Bar
Date.

                       Wachovia Talks Back

Representing Wachovia Bank, National Association, formerly known
as Congress Financial Corporation, Richard G. Haddad, Esq., at
Otterbourg, Stiendler, Houston & Rose, P.C. in New York, informs
the Court that pursuant to the terms of both the Loan and
Security Agreement in August 2003 and the consent, release and
Termination Agreement in March 2006, Wachovia is entitled to be
indemnified by the Debtors contrary to the contentions of the
Informal Committee of Secured Trade Vendors.

Mr. Haddad notes that the Informal Committee's Response presents
no justifiable reason to overrule Wachovia's Plan objection.
The Response did not dispute Wachovia's indemnification claims.
Instead, the Informal Committee contends that Wachovia's
Objection will not be upheld because:

    -- the Termination Agreement was not approved by the Court;

    -- the claims asserted in the Complaint are excluded from
       the indemnity provision in the Loan Agreement; and

    -- Wachovia's delay in indemnification claim.

Wachovia disputes that the Termination Agreement was not
authorized by the Court.  Mr. Haddad points out that the Court
order authorizing the sale of substantially all of the Debtors'
assets to Trans World Entertainment, Inc., permitted the Debtors
to execute the Termination Agreement in favor of Wachovia, in
its capacity as agent, and the Senior Lenders.

Subsequently, while the Termination Agreemnent was drafted, it
was circulated among the counsel for Wachovia, the Debtors, the
Official Committee of Unsecured Creditors and the Informal
Committee for comments.  Mr. Hadded asserts that it is
inconceivable that the Informal Committee would contend that the
Termination Agreement was not approved by all parties.

The Informal Committee's contention that the claims asserted in
the Complaint are excluded from the indemnity provision of the
Loan Agreement is not valid.  Mr. Haddad argues that the
Informal Committee bases its entire argument on the flawed
theory that the only claims asserted against Wachovia are
intentional torts which falls within the "gross negligence" or
"willful misconduct" exceptions to the Debtors' indemnity
obligations under the Loan Agreement.

The Informal Committee's reliance on the equitable concept of
laches is also without basis in fact or law, Mr. Haddad says.
There was no reason for Wachovia to file its Objection when the
Plan was first filed eight months ago because no claim had been
asserted against Wachovia.

The Informal Committee has been prejudiced by Wachovia's filing
of the Objection, and any delay in filing of the Objection was
caused by the Informal Committee's own delay in asserting its
claims against Wachovia.

The Response filed by the Informal Committee indicates that
Wachovia's co-defendant, Harris Bank, is the real target of the
Informal Committee's claim.  Wachovia only faces liability if
Harris is found liable and if Harris is unable to pay.

Mr. Haddad also notes that after dismissing the Complaint in the
District Court on March 26, 2007, the Committee took several
weeks before re-filing the Complaint in the Bankruptcy Court.

Wachovia filed the Objection to preserve its indemnification
claims.  Only after Wachovia filed its Objection did the
Informal Committee file the Complaint against Wachovia in
Bankruptcy Court.  The timing of the claims is determined by the
Informal Committee, not Wachovia, Mr. Haddad argues.

Wachovia insists that the Second Amended Plan is not feasible
and should not be confirmed because it fails to provide a
mechanism to pay for Wachovia's valid indemnification claim.

                     About Musicland Holding

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

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  (Musicland Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




=============================
S T   K I T T S  &  N E V I S
=============================


DIGICEL LTD: Appoints Richard Staunton as St. Kitts Unit Manager
----------------------------------------------------------------
Digicel Ltd. has appointed Richard Staunton as the "country
manager" of its St. Kitts unit, replacing Donovan White,
according to a report posted on SKNVibes.com News.

SKNVibes.com News relates that Mr. White is still the marketing
manager for Digicel units in:

          -- Anguilla,
          -- Antigua, and
          -- St. Kitts.

Mr. Staunton is also the country manager of Digicel's subsidiary
in Dominica, SKNVibes.com News states.

Digicel Group Limited -- http://www.digicelgroup.com/-- is a
wireless services provider in the Caribbean region.  The company
is a newly created Bermuda incorporated company formed by Mr.
Denis O'Brien, who previously owned 78% of the shares of Digicel
Limited on a fully diluted basis.  The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in 22 markets primarily in the Caribbean including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, Curacao, Martinique, Guadeloupe, Trinidad and Tobago and
Haiti among others.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- US$1.4 billion senior subordinated notes due 2015
      assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings was stable.




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


* VENEZUELA: Cantv Paying Off Pension Debts Using Revenues
----------------------------------------------------------
Venezuelan President Hugo Chavez told the national information
technology agency Centro Nacional de Tecnologias de Informacion
that state-run Cantv will use its revenues for this year to pay
off long-standing pension debts owed to former employees.

Business News Americas relates that a court in Venezuela ruled
in December 2006 that Cantv make the pension payments to over
4,000 of its retirees.  The court ordered Cantv "to pay the
pensions assuming the then urban minimum wage" of VEB512,325,
though some payments date back as long as 14 years.

According to BNamericas, President Chavez used the issue on
overdue pension payments against Cantv's former owner Verizon.
He threatened nationalization.  However, when Cantv became
state-run, the Venezuelan government has not talked much about
the pension payments.

President Chavez told BNamericas that numbers from the
telecommunications and information ministry indicate that
"Cantv's revenues have been at much greater levels," compared to
its revenues before its nationalization in May 2005.

BNamericas notes that Cantv's net profits rose 178% to VEB266
billion in the second quarter 2007, from the year-ago period.
Its revenues grew 31.3% to VEB2.09 trillion.

President Chavez commented to BNamericas, "Before, that money
went directly outside the country and here people waited for
them to pay for their pensions.  Today, the new objective of
this company is to serve the people.  Pensioners form part of
that and they'll be among the first to be compensated."

Cantv's resources were enough to fund its planned network
expansion, President Chavez told BNamericas.  Its revenues
continued to grow, although one of the Venezuelan government's
first moves after nationalization was to disclose reductions in
mobile phone rates.

                        *     *     *

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


* VENEZUELA: Alcasa May Provide Technical Aid to Cuba
-----------------------------------------------------
An official at Venezuela's state-owned aluminum reducer Alcasa
told Business News Americas that the company is considering
providing Cuba with technical assistance for downstream aluminum
fabrication.

The executive commented to BNamericas, "We're performing a study
right now to help us determine the potential of Cuba's
processing industry and to see if a downstream industry can
develop."

The official explained to BNamericas that Cuba lacks power to
deploy aluminum reduction plants.  It is more likely that
development will occur in metal transformation.  The Venezuelan
smelter will support Cuba's aluminum industry for six months.

Alcasa's owner, state heavy industry holding CVG, is conducting
studies on the metal transformation capacity of other Caribbean
nations like Jamaica, the Dominican Republic and Trinidad &
Tobago, BNamericas says, citing the official.

The official told BNamericas, "Depending on the studies, we'll
see if the zone can become a major distribution center for
processed aluminum."

                          About Alcasa

Alcasa is a state-run aluminum reducer in Puerto Ordaz, Bolivar,
Venezuela.  The smelter is 92% owned by state heavy industry
holding CVG, while the remaining 8% belongs to US firm Alcoa.

                        *     *     *

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




* Fitch Says LatAm to Weather Tough Market Conditions
-----------------------------------------------------
Fitch Ratings comments that most Latin American sovereigns are
in a relatively good position to weather the current adverse
external market conditions.  In recent weeks, investors have
been selling emerging market assets to gain liquidity, resulting
in depreciation of some Latin American currencies and a fall in
regional stock and fixed income markets.  While Fitch expects
the current external environment to be less benign in the near-
term than previously envisioned, most sovereigns in the region
are fully-funded for the remainder of the year, which should
limit the fallout from the near-closure of international capital
markets.  As such, Fitch currently does not expect any
significant deterioration in the credit profile of Latin
American sovereigns.

"Higher international reserves, lower external financing needs,
and the widespread prevalence of flexible exchange rates in the
region should provide flexibility to most Latin American
sovereigns in dealing with current external conditions," said
Shelly Shetty, Senior Director in Fitch's Sovereign Group.

Owing to the region's current account surplus and lower external
amortizations, Fitch estimates Latin America's total external
financing needs (% reserves) at 22% for 2007, which are
significantly below the recent peak of "105%" in 2000.
Relatively high commodity prices continue to provide an
important cushion to the region's trade flows, which thus far
has mitigated the effects of the negative shock that has emerged
from unfavourable external financial conditions on regional
economies.  Finally, many sovereigns have further developed
their local capital markets, which should provide greater
flexibility in sourcing their financing.  However, Fitch
cautions that higher foreign participation in local fixed income
markets implies that global financial shocks can be more easily
transmitted to the local markets, leading to higher domestic
financing costs and greater pressure on currencies.
Furthermore, fixed income markets in countries with weaker
macroeconomic policy frameworks, such as Argentina and
Venezuela, are likely to experience increased pressures as
investors focus more on monetary and exchange rate policies.

Fitch estimates that the total federal government external
market financing needs for the larger Latin American sovereigns
to be nearly US$8 billion, and these have been fully met.  Many
sovereigns pre-funded part of 2007 external financing needs in
2006, and the favourable external financial conditions in the
first half of 2007 allowed many to complete the remaining needs
earlier in the year.

"The biggest fallout from the current external conditions will
be felt on the 2008 pre-financing strategies of Latin American
sovereigns, while the space for conducting further external
liability management exercises will also be more limited," added
Shetty.  The external environment could also make it more
difficult for Latin American sovereigns to issue local currency
denominated securities in the international capital markets, a
trend recently seen in sovereigns such as Brazil, Colombia,
Uruguay and most recently Peru.

Investment grade sovereigns such as Chile ('A') and Mexico
('BBB') are in a better position to weather the current external
shock, due to their robust policy regimes, deeper local markets
and healthy international liquidity.  Among the sovereigns in
the 'BB' category, Brazil ('BB+') has the largest public
financing needs, although it has fully-funded its 2007 external
financial requirements.  The remaining financing needs are
expected to be covered in the local markets.  While Brazil
boasts relatively deep domestic capital markets, these have also
been pressured by the recent turmoil.  However, Fitch believes
that the Brazilian government has some flexibility to stay out
of domestic markets for a few months due to its cash deposits at
the central bank.  Moreover, Brazil's public sector external
creditor status also increases its resilience to the adverse
external environment, as the authorities can allow the currency
to act as a shock absorber, without undermining public debt
dynamics significantly.

The governments of Peru (rated 'BB+' by Fitch) and Panama
('BB+') have minimal external financing needs, eliminating the
necessity to tap international capital markets for the remainder
of the year.  Colombia's external financing needs are fully met
for 2007 and the country's deeper capital markets also give it
flexibility.  Venezuela ('BB-') does not need to access
international capital markets to complete its financing needs,
and the government's significant financial assets also provide
additional cushion.  Uruguay ('BB-') has also completed its
external financing needs for 2007.  Among the 'B' category
sovereigns rated by Fitch, Jamaica ('B+') could potentially stay
out of the international capital markets until early 2008.
Argentina's moderate financing needs should be covered with
multilateral disbursements, treasury deposits and domestic
issuance.  The Dominican Republic's ('B') better than
anticipated fiscal performance has reduced its financing needs
this year, which should easily be covered by multilateral
disbursements and treasury deposits.   Similarly, Ecuador's
financing needs should be covered with multilateral
disbursements, domestic issuance and financial assets in the
government's oil funds.

In light of global uncertainty and the potential impact on U.S.
growth, Fitch has yet to revise the region's macro economic
forecasts for 2007-2009 period.  Fitch believes that going
forward most countries could face a higher interest burden on
external debt issuance, although with a significantly lower
regional external debt stock, there is unlikely to be a sharp
deterioration in aggregate external debt service flows.



                            ***********


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.


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