TCRLA_Public/070903.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, September 3, 2007, Vol. 8, Issue 174

                          Headlines

A R G E N T I N A

DALEGOL SRL: Proofs of Claim Verification Is Until Oct. 5
DISENOS DE: Files Bankruptcy Petition in Buenos Aires Court
EL PASO: Files Pipeline MLP Registration Statement with US SEC
GLOBAL CROSSING: STT Crossing Raises Equity Interest to 66.2%
INSTITUTO CULTURAL: Proofs of Claim Verification Ends on Oct. 26

LA AUSTRAL: Trustee Filing Individual Reports in Court on Oct. 9
LA DOLCE: Proofs of Claim Verification Deadline Is Dec. 24
POTRERILLO SRL: Proofs of Claim Verification Ends Tomorrow
RED HAT: UBS Keeps Neutral Rating on Firm's Shares

* ARGENTINA: Venezuela To Cooperate in Briefcase Probe

B E R M U D A

CHATHAM ATLANTIC: Sets Final General Meeting for Sept. 28
GRAPE LIMITED: Proofs of Claim Filing Ends on Sept. 7
GRAPE LIMITED: Will Hold Final General Meeting on Sept. 28
J.P. MORGAN: Final General Meeting Is Tomorrow

B R A Z I L

BANCO NACIONAL: OKs BRL1.5-Mil. Loan to Support Ethanol Research
BANCO NACIONAL: OKs BRL255MM Loan to Hydroelectric Power Plants
FOSTER WHEELER: Unit Bags CEPSA Contract for Crude Heaters
NOVELL: Credit Suisse Reaffirms Underperform Rating on Shares
ROYAL CARIBBEAN: Launching Splendour of the Seas in Brazil

* BRAZIL: Regulator Drops Telefonica-Telecom Italia Discussion
* BRAZIL: State Firm Finds Oil in Tupi Field Well

C A Y M A N   I S L A N D S

BASIS YIELD: Obtains Stay from Cayman Islands Court
BASIS YIELD: Liquidators Ask U.S. Court to Recognize Cayman Case
BASIS YIELD ALPHA: Chapter 15 Database
BELIZE SOVEREIGN: Sets Final Shareholders Meeting for Nov. 1
BELIZE SOVEREIGN II: Sets Final Shareholders Meeting for Nov. 1

BIRKDALE TRADING: Will Hold Final Shareholders Meeting on Nov. 1
DRYDEN IV: Will Hold Final Shareholders Meeting on Nov. 1
GLASS EQUITY: Sets Final Shareholders Meeting for Oct. 4
GLASS GLA: Will Hold Final Shareholders Meeting on Oct. 4
GLASS HOLDINGS: Sets Final Shareholders Meeting for Oct. 4

GLASS IIP: Will Hold Final Shareholders Meeting on Oct. 4
GLASS INVESTMENTS: Sets Final Shareholders Meeting for Oct. 4
MKP CREDIT (MASTER): Sets Final Shareholders Meeting for Oct. 8
MKP CREDIT (OFFSHORE): Sets Last Shareholders Meeting for Oct. 8
PROJECT-R: Will Hold Final Shareholders Meeting on Nov. 1

WORLDWIDE SERVICES: Sets Final Shareholders Meeting for Nov. 1

C O L O M B I A

BANCAFE: Shareholders OK Merger with Banco Davivienda

C O S T A   R I C A

* COSTA RICA: State Firm Gets 2 Offers for US$160MM Plant Revamp

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Ministry Is Spiteful, Defense Says

* DOMINICAN REPUBLIC: Fitch Affirms Issuer Default Ratings at B

E C U A D O R

* ECUADOR: Eyes US$1.72 Billion Revenues from Oil Block 15

G U A T E M A L A

ALCATEL-LUCENT: To Deploy WiMAX Network for Bollore Telecom

J A M A I C A

AIR JAMAICA: Says Post-Hurricane Dean Worse Without Airline
NATIONAL WATER: Says Production Capacity Now at 93%

M E X I C O

DELTA AIR: Jim Whitehurst Resigns as Chief Operating Officer
MAXCOM TELECOMUNICACIONES: Reopens Sr. Secured Notes Program

P A N A M A

CHIQUITA BRANDS: ICG Commerce Managing Firm's Indirect Spending

P E R U

* PERU: Inks US$3.8-Bil. Purchase Deal with Marubeni Corp.

P U E R T O   R I C O

ADELPHIA COMMS: Asks Court to Compel DTC to Comply with Plan
ADELPHIA COMMS: Gets Okay to Enter into Settlement with Deloitte
POPULAR INC: Buying Smith Barney Operations in Puerto Rico
SYROCO INC: Files Amended Schedules of Assets & Liabilities

V E N E Z U E L A

CITGO PETROLEUM: Slows Down Texas Refinery Operations
PETROLEOS DE VENEZUELA: Commission Presents Branches to Chavez
PETROLEOS DE VENEZUELA: Cooperating in Briefcase Probe
PETROLEOS DE VENEZUELA: Manufacturing Drilling Rigs Next Year
PETROLEOS DE VENEZUELA: Won't Compensate Total & Statoil

* VENEZUELA: Bills Cerro Negro VEB100 Billion in Unpaid Taxes
* VENEZUELA: OPEC Must Keep Oil-Making Quotas, Mr. Ramirez Says
* VENEZUELA: Urges Exxon & Conoco to Leave the Country

                            - - - - -

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


DALEGOL SRL: Proofs of Claim Verification Is Until Oct. 5
---------------------------------------------------------
Reinaldo Cesar Pireni, the court-appointed trustee for Dalegol
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 5, 2007.

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

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

The trustee can be reached at:

        Reinaldo Cesar Pireni
        Avenida Callao 930    
        Buenos Aires, Argentina


DISENOS DE: Files Bankruptcy Petition in Buenos Aires Court
-----------------------------------------------------------
The National Commercial Court of First Instance No. 4 in Buenos
Aires is studying the merits of Disenos de Buenos Aires SA's
request to enter bankruptcy protection.

The report adds that Disenos de Buenos Aires filed a "Quiebra
Decretada" petition following cessation of debt payments on
May 22, 2007.

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

Clerk No. 8 assists the court in this case.

The debtor can be reached at:

        Disenos de Buenos Aires SA
        R. Rojas 451
        Buenos Aires, Argentina


EL PASO: Files Pipeline MLP Registration Statement with US SEC
--------------------------------------------------------------
El Paso Corporation's wholly owned subsidiary, El Paso Pipeline
Partners, L.P., has filed a registration statement with the U.S.
Securities and Exchange Commission relating to its proposed
initial public offering of common units.

Application will be made to list the common units, which
represent limited partner interests in El Paso Pipeline
Partners, on the New York Stock Exchange under the symbol EPB.

El Paso Pipeline Partners will own and operate natural gas
transportation pipelines and storage assets consisting of
Wyoming Interstate Company, Ltd., a wholly owned interstate
pipeline transportation business primarily located in Wyoming
and Colorado, and 10 percent interests in two interstate
pipeline transportation businesses:

          -- Colorado Interstate Gas Company, located in the
             U.S. Rocky Mountains; and

          -- Southern Natural Gas Company, located in the
             southeastern United States.

Combined, the three interstate pipeline businesses consist of
more than 12,300 miles of pipeline and associated storage
facilities with aggregate underground working natural gas
storage capacity of 89 billion cubic feet.

El Paso Pipeline Partners anticipates offering 25,000,000 common
units in the initial public offering, representing a 32.2
percent limited partner interest.  Following this offering, El
Paso Corporation will own:

          -- 2% general partner interest,

          -- all of the incentive distribution rights,

          -- 65.8% limited partner interest in El Paso Pipeline
             Partners, and

          -- 90% interest in each of Colorado Interstate Gas
             Company and Southern Natural Gas Company.

At or prior to the closing of the offering, Southern Natural Gas
Company will transfer to El Paso Corporation its equity
investment in Citrus Corp. and its wholly owned subsidiaries
Southern LNG Inc. and Elba Express Company, LLC.  These assets
will not become part of El Paso Pipeline Partners.

The underwriters are expected to be granted a 30-day option to
purchase up to 3,750,000 additional common units if they sell
more than 25,000,000 common units in the offering.  El Paso
Corporation's limited partner interest would be reduced to 60.9
percent if the underwriters exercise their option to purchase
additional common units in full.

Lehman Brothers, Citi, Goldman, Sachs & Co. and UBS Investment
Bank will act as joint book-running managers of the offering.  
El Paso Pipeline Partners' proposed offering of common units
will be made only by means of a prospectus.

A copy of the preliminary prospectus relating to the offering
may be obtained from the offices of:

          Lehman Brothers Inc.
          c/o Broadridge Financial Services
          Prospectus Fulfillment
          1155 Long Island Avenue, Edgewood
          New York, NY 11717
          E-mail: Qiana.Smith@Broadridge.com
          Fax: (631) 254-7140.

Headquartered in Houston, Texas, El Paso Corp. (NYSE:EP)
-- http://www.elpaso.com/-- provides natural gas and related
energy products in a safe, efficient, and dependable manner.
The company owns North America's largest natural gas pipeline
system and one of North America's largest independent natural
gas producers.  The company has operations in Argentina.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Fitch Ratings affirmed the ratings of El Paso
Corporation and its core pipeline subsidiaries, and assigned a
senior unsecured rating of 'BB+' to the company's proposed
offering of US$1.275 billion of senior unsecured notes due in
2014 and 2017.  Fitch said the rating outlook is stable.


GLOBAL CROSSING: STT Crossing Raises Equity Interest to 66.2%
-------------------------------------------------------------
Global Crossing Ltd. disclosed that STT Crossing Ltd, a
subsidiary of Singapore Technologies Telemedia Pte Ltd., on
Aug. 27, 2007, increased its equity and voting interests in
Global Crossing to 66.2 percent, based on the number of shares
outstanding as of Aug. 1, 2007.

STT Crossing converted US$250 million original principal amount
of mandatorily convertible notes due December 2008 into
approximately 16.58 million shares of common stock.  The shares
included 8,806,431 warrants, which were immediately converted
into common stock.  STT Crossing had previously received US$7.5
million in cash as part of the transaction.

The conversion is part of a recapitalization plan that Global
Crossing announced in May, related to its establishment of a
five-year, US$350 million secured term loan facility.  Under the
loan facility, the company is also required to put in place a
collateral package by Aug. 30, 2007, or such later date
determined by the administrative agent in its reasonable
discretion.  The administrative agent has determined to extend
such date to Sept. 12, 2007.

                     About ST Telemedia

Singapore Technologies Telemedia (ST Telemedia) is a leading
player in the telecommunications and information services
industry, with core competencies in mobile telephony and global
IP services.  ST Telemedia invests in and manages an innovative
group of companies globally, including StarHub, Indosat, Global
Crossing, TeleChoice, Camshin and Lao Telecoms.

                    About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides  
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, and the United Kingdom.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

At Dec. 31, 2006, Global Crossing Ltd.'s balance sheet showed a
US$195 million stockholders' deficit, compared to a US$173
million stockholders' deficit at Dec. 31, 2005.


INSTITUTO CULTURAL: Proofs of Claim Verification Ends on Oct. 26
----------------------------------------------------------------
Pablo Amante, the court-appointed trustee for Instituto Cultural
Educacional D.Z. S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Oct. 26, 2007.

Mr. Amante will present the validated claims in court as
individual reports on Dec. 7, 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 Instituto Cultural 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 Instituto Cultural's
accounting and banking records will be submitted in court on
March 11, 2008.

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

The debtor can be reached at:

        Instituto Cultural Educacional D.Z. S.A.
        Avenida Callao 420
        Buenos Aires, Argentina

The trustee can be reached at:

        Pablo Amante
        Lavalle 1537
        Buenos Aires, Argentina


LA AUSTRAL: Trustee Filing Individual Reports in Court on Oct. 9
----------------------------------------------------------------
Marta Josefina Curia, the court-appointed trustee for La Austral
S.R.L.'s reorganization proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in San Lorenzo, Santa Fe, on Oct. 9, 2007.

Ms. Curia verified creditors' proofs of claim until
Aug. 28, 2007.

A general report that contains an audit of La Austral's
accounting and banking records will be submitted in court on
Nov. 22, 2007.

The informative assembly will be held on May 13, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

        La Austral S.R.L.
        Cayetano Silva 647
        San Lorenzo, Santa Fe
        Argentina

The trustee can be reached at:

        Marta Josefina Curia
        Dr. Ghio 679, San Lorenzo
        Santa Fe, Argentina


LA DOLCE: Proofs of Claim Verification Deadline Is Dec. 24
----------------------------------------------------------
Estudio Mendizabal Guerrero, Machado y Asociados, the court-
appointed trustee for Gestiocor S.A.'s reorganization
proceeding, verifies creditors' proofs of claim on
Dec. 24, 2007.

Estudio Mendizabal will present the validated claims in court as
individual reports on March 7, 2008.  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 Gestiocor 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 Gestiocor's
accounting and banking records will be submitted in court on
April 18, 2008.

The informative assembly will be held on Sept. 26, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

        Estudio Mendizabal Guerrero, Machado y Asociados
        Peru 79
        Buenos Aires, Argentina


POTRERILLO SRL: Proofs of Claim Verification Ends Tomorrow
----------------------------------------------------------
Eduardo Daniel Gruden, the court-appointed trustee for
Potrerillo S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 4, 2007.

Mr. Gruden will present the validated claims in court as
individual reports on Nov. 16, 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 Potrerillo and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

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

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

The trustee can be reached at:

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


RED HAT: UBS Keeps Neutral Rating on Firm's Shares
--------------------------------------------------
UBS analysts have kept their "neutral" rating on Red Hat Inc's
shares, Newratings.com reports.

Newratings.com relates that the one-year target price for Red
Hat's shares was set at US$25.

The analysts said in a research note that Novell's fiscal third
quarter 2007 revenues was US$243 million, while its Linux
platform product revenues was US$21 million.

Newratings.com notes that the analysts expect Red Hat's August
2007 quarter revenues would increase 27% to US$108 million year
on year.

The Linux business continues to gain traction.  However, it
still is lower than that of Red Hat, Newratings.com states,
citing UBS.

Headquartered in Raleigh, North Carolina Red Hat, Inc.
--http://www.redhat.com/-- is an open source and Linux  
provider.  Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services
revised its outlook on Raleigh, North Carolina-based operating
systems provider Red Hat Inc. to stable from positive, and
affirmed its 'B+' corporate credit rating.


* ARGENTINA: Venezuela To Cooperate in Briefcase Probe
------------------------------------------------------
Chris Carlson at Venezuelanalysis.com reports that Venezuelan
authorities have assured their cooperation with their Argentine
counterpart in the investigation being conducted on Venezuelan-
American entrepreneur Antonini Wilson, who tried to enter
Argentina with US$800,000 in cash this month, which spurred
corruption allegations against Argentine and Venezuelan
officials.

Veenzuelanalysis.com notes that Argentine authorities caught Mr.
Wilson entering the country with US$800,000 hidden in a
suitcase.  He was on board a private flight with officials from
the Venezuelan state-owned oil firm Petroleos de Venezuela SA.

The Venezuelan and Argentine governments denied their
involvement, Venezuelanalysis.com says.

Mr. Wilson was in his house in Miami last week.  He is waiting
for an extradition request from Argentina, according to
Venezuelanalysis.com.  The authorities are in the process of
requesting his extradition in order to question him regarding
the case.  

Argentine Attorney General Maria Luz Rivas Diez told
Venezuelanalys.com that she wants to interrogate Mr. Wilson
about what he planned to do with the money in the briefcase.  
She will have to "wait for the legal process to unfold."

Meanwhile, the opposition used the case against the Venezuelan
government, alleging that the incident is proof of corruption in
President Hugo Chavez's administration.  The scandal led to the
resignation of a Petroleos de Venezuela official, according to
the report.  In Argentina, the case led to the dismissal of one
high government official who was on board the plane with Mr.
Wilson.  

Venezuelan oil and energy minister and Petroleos de Venezuela
president Rafael Ramirez told Venezuelanalysis.com that the
company would cooperate in the probe.  Minister Ramirez assured
that the firm is subject to strict government supervision.

Minister Ramirez commented to Venezuelanalysis.com, "In PDVSA
[Petroleos de Venezuela] there isn't any way that we could evade
government controls.  Inside such a complex company that makes
transactions of all kinds, every day, we have cases that we are
investigating.  I should reiterate that PDVSA is subject to all
the public administration controls."

Minister Ramirez assured Venezuelanalysis.com that Mr. Wilson's
presence on the Petroleos de Venezuela charter flight was a
breach of the company norms, as he isn't an official of the
firm.  

Venezuelanalysis.com states that the Venezuelan government
blamed Petroleos de Venezuela Vice-President Diego Uzcategui for
letting Mr. Wilson aboard the plane.

Venezuelanalysis.com notes that Mr. Wilson is a friend of Mr.
Uzcategui's son, Daniel, who asked permission for him to take
the flight.  Mr. Uzcategui was fired after the incident.

Mr. Wilson made several trips to Argentina in 2006 using a US
passport, Venezuelanalysis.com reports.  Various sources
connected Mr. Wilson to Venoco, an oil firm that works with
Petroleos de Venezuela.  Venoco owner Carlos Kaufmann confirmed
the allegation, saying that Mr. Wilson helped the firm acquire
machinery in the US.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


CHATHAM ATLANTIC: Sets Final General Meeting for Sept. 28
---------------------------------------------------------
Chatham Atlantic Re Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 10:00 a.m., at:

       Dorchester House, 7 Church Street
       Hamilton, HM 11, 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.


GRAPE LIMITED: Proofs of Claim Filing Ends on Sept. 7
-----------------------------------------------------
Grape Ltd.'s creditors are given until Sept. 7, 2007, to prove
their claims to Robin J. Mayor, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Grape Ltd.'s shareholders agreed on Aug. 22, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


GRAPE LIMITED: Will Hold Final General Meeting on Sept. 28
----------------------------------------------------------
Grape Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


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

      Clarendon House, Church Street
      Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.




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


BANCO NACIONAL: OKs BRL1.5-Mil. Loan to Support Ethanol Research
----------------------------------------------------------------
Banco Nacional de Desenvolvimento EconOmico e Social's board
approved a financing to Fundacao de Amparo a Pesquisa do Estado
de Sao Paulo [Fapesp], for BRL1.5 million, for a joint support
of researches in the alcohol chemical and sugar chemical areas.  
The projects are developed by educational and research
institutions, in partnership with Oxiteno S/A Industria e
Comercio and with funds from Fundo Tecnologico [Funtec], of
FAPESP, and from Oxiteno itself.

This financing will allow an advance in R&D and innovation in
ethanol, an area in which the country plays a strategic role in
the global scenario.  The research and development program in
this area is in consonance with the international tendency and
governmental programs of financial support to ethanol as fuel
and chemical raw material, like in the United States and
European Union.

This research program is a pioneer initiative in the development
of lignocellulose biomass to obtain new alternative chemical raw
materials, complementary to petroleum and indicates a
perspective of substituting the petrochemical by an alcohol
chemical route, allowing a medium-term reduction in the chemical
industry balance of trade deficit.

Manufacturing ethanol based on lignocellulose material is
already possible, but it will require the control of processes
and technologies not yet completely developed at the trading
level, especially due to economic and technical barriers.

The research projects have been approved in the process of
selection organized by Fapesp, at a scientific and technological
convention with Oxiteno, in order to allow a maximum
transparence and equality of conditions for the participation of
educational and research institutions, which will benefit from a
non-reimbursable financial support.

Oxiteno S/A Industria e Comercio is a domestic company held by
Ultra group, having as its core business the production of
ethylene oxide and oxygenate solvent byproducts.  Since 1986 it
has been developing partnerships with educational and research
institutions, intensified from 2000 on, due to increase in
competition and the speed in oriented innovation for the
launching of new products.  As a result of the intense activity
in R&D, the company has over 20 patents in effect with the
National Institute of Industrial Property [INPI], besides two
applications under analysis.

The project meets fully the Funtec objectives of stimulating
technological development and the innovation of strategic
interest for the country, in conformity with the Public Programs
and Policies of the Federal Government.

Another positive factor is the participation of Oxiteno, which
will fund 50% of the budged forecasted.  Also, the company
position will eventually favor an effective production of market
innovations.  The investment is based on the group's decision of
incorporating more science to its activity.

                     About Banco Nacional

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

                        *     *     *

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


BANCO NACIONAL: OKs BRL255MM Loan to Hydroelectric Power Plants
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's board
approved a BRL255 million financing to three Small Hydroelectric
Power Plants.  These endeavors will generate 68.03 Megawatts of
energy, and two of them have start-up operations expected for
December 2007 and the third one for January 2009.

The projects consist of the construction of two PCHs, located at
Curua River, hydrographic basin of Amazonas River, in the
Municipality of Novo Progresso, State of Para -- Salto Buriti
and Salto Curua plants -- owned by Bertin, a group of domestic
capital that also operates in the agribusiness and
infrastructure segments.  The third one, the PCH of Porto das
Pedras, is held by the group Cornelio Brennand and is located at
Sucuriu River, in the Municipalities of Chapadao do Sul and Agua
Clara, both in the State of Mato Grosso do Sul.

Among the main merits of these endeavors supported by BNDES is
the creation of 700 direct and 200 indirect jobs during
construction and a reduction of pollutants in plant operations.  
The new PCHs are considered clean sources of energy, for being
renewable, and, in the specific case of plants in the State of
Para, the endeavors will substitute the generation obtained from
fuel oil, a source more aggressive to the environment.

BNDES has financed, from 2003 until August 2007, 55 PCH
projects, representing an increase of 1,022 MW of energy.  
Operations amounted to loans of BRL2.9 billion, equivalent to
total investments of BRL4.3 billion in the plants.

PCH of Salto Buriti -- The Bank financing will be granted to
Buriti Energia S/A in the amount of BRL39.9 million, 66% of the
project's total cost, of BRL60.3 million.  With an installed
capacity of 10 MW, the new plant will generate 95 direct jobs
during construction.  The distribution system of the company,
which is held by Mafe Energia e Participacoes, will take place
via the PCH of Salto Curua.  The connection between the two
plants will allow the energy produced in Salto Buriti to get to
the distributor, Centrais Eletricas do Para [Celpa].

PCH of Salto Curua -- BNDES approved a financing of BRL121.4
million to Curua Energia S/A (held by MAFE Energia) to build a
PCH with an installed capacity of 30 MW.  The Bank's share is
equivalent to 72% of the project's total cost, of BRL168.2
million.

Distribution of the energy generated will be made by means of a
transmission line with 200 kilometers extension, until the Novo
Progresso substation, of Celpa.  Trading of the PCHs of Salto
Buriti and Salto Curua was guaranteed by energy purchase and
sale agreements, entered into between each plant and Celpa.  The
agreements will be effective until 2032.

PCH of Porto das Pedras -- BNDES financing, of BRL93.6 million,
is equivalent to 71% of total investments of BRL132 million and
provides, in addition to the plant, the construction of 21
kilometers of a transmission line connecting the PCH of Porto
das Pedras to the electric system of Empresa Energetica do Mato
Grosso do Sul [ENERSUL].

The PCH of Porto das Pedras will have an installed capacity of
28.03 MW. The plant has participated to the 2nd New Energy
Auction promoted by Camara de Comercializacao de Energia
Eletrica [CCEE] and guaranteed the trading of its energy through
Agreements for Purchase of Energy in Regulated Environment
[CCEARs], entered into between Empresa Energitica Porto das
Pedras S/A and 30 distributors of electric energy.  The Bank
financing was approved to the Specific Purpose Enterprise [SPE]
Empresa Energitica Porto das Pedras S/A, held by Rio 'gua Clara
Energia Ltda., of the group Cornelio Brennand.

                    About Banco Nacional

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

                        *     *     *

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


FOSTER WHEELER: Unit Bags CEPSA Contract for Crude Heaters
----------------------------------------------------------
Foster Wheeler Ltd.'s Spanish subsidiary, Foster Wheeler Iberia,
S.A.U., part of its Global Engineering and Construction Group,
has been awarded a contract by Compania Espanola de Petroleos,
S.A. (CEPSA), one of the main Spanish refining companies, for
the design, material supply, construction, and erection of a new
crude heater, a new vacuum heater and a combustion air preheater
system for La Rabida Refinery in Huelva, Spain.  The new heaters
form part of a project CEPSA is undertaking to increase the
refinery's production of middle distillates.

The Foster Wheeler contract value was not disclosed.  The
project was included in the company's second-quarter 2007
bookings.

This latest award follows the award to Foster Wheeler Iberia in
the first quarter of 2007 of a contract for the detailed
engineering of new crude, vacuum, and gas recovery units at the
same refinery, which in turn had followed the company's
successful completion of the front-end engineering design for
these units.  Mechanical completion of the two vertical
cylindrical-type heaters and preheater system is scheduled for
June 2009.

"We are very pleased with this latest award from CEPSA, which
reflects our long track record and experience in the design of
fired heaters for crude and vacuum units," commented Jesus
Cadenas, chief executive officer of Foster Wheeler Iberia,
S.A.U.  "The collaboration between CEPSA and our Fired Heater
Division dates back to 1967, when we supplied the first fired
heaters for CEPSA's Gibraltar-San Roque Refinery."

CEPSA is a diversified energy company whose core business is the
refining and marketing of petroleum products.  Additionally, the
Company has a world-class petrochemicals business, manufacturing
intermediates for a wide variety of products used in the food,
pharmaceutical, chemical, plastic and textile industries.  The
Company is also involved in other energy-related activities,
such as oil and gas exploration and production, and is rapidly
broadening its presence in the natural gas and power sectors as
well.  Not only is CEPSA a major energy player in Spain, but it
also has an expanding global portfolio of operations in
countries such as Algeria, Brazil, Canada, Colombia, Egypt,
Panama and Portugal, selling its products on all five
continents.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--  
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


NOVELL: Credit Suisse Reaffirms Underperform Rating on Shares
-------------------------------------------------------------
Credit Suisse analysts have reaffirmed their "underperform"
rating on Novell Inc.'s shares, Newratings.com reports.

According to Newratings.com, the target price for Novell's
shares was increased to US$7 from US$6.

The analysts said in a research note that Novell's third quarter
revenues and non-GAAP earnings per share surpassed estimates.  

The analysts told Newratings.com that the "earnings upside" was
due to growth in professional services fees and improved cost
controls.

Newratings.com relates that Novell expects to surpass its fiscal
year 2007 operating income goatl of up to US$10 million.

Novell's overall business "seems to have stabilized,"
Newratings.com states, citing Credit Suisse.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise based on Linux.  With more than
50,000 customers in 43 countries, Novell helps customers manage,
simplify, secure and integrate their technology environments by
leveraging best-of-breed, open standards-based software.  Novell
has sales offices in Argentina, Brazil and Colombia.

                        *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


ROYAL CARIBBEAN: Launching Splendour of the Seas in Brazil
----------------------------------------------------------
The Trinidad Guardian reports that Royal Caribbean International
will launch cruise ship Splendour of the Seasin Brazil,
increasing its ships in South America to four.

According to The Guardian, Royal Caribbean currently runs these
ships in South America:

          -- Enchantment of the Seas,
          -- Radiance of the Seas, and
          -- Vision of the Seas.

The Guardian notes that Splendour of the Seas will offer from
December 2008 through March 2009:

          -- 19 roundtrip sailings from Sao Paulo (Santos),
             Brazil, ranging from three to eight nights;

          -- two-day port of call to explore Copacabana Beach or
             Salvador De Bahia, Brazil, or Buenos Aires,
             Argentina; and

          -- other ports of call include Rio De Janeiro, Porto
             Belo, Buzios, Ilhabela, Cabo Frio, and Parati, in
             Brazil, and Punta Del Este, Uruguay.

On March 30, 2009, passengers can choose a 14-night
transatlantic voyage aboard Splendour of the Seas to Lisbon,
Portugal, The Guardian states.  Ports of call include:

          * Brazil:

            -- Rio De Janeiro,
            -- Salvador De Bahia, and
            -- Recife, Brazil;

          * Morocco:

           -- Casablanca, and
           -- Agadir; and

          * Spain:
  
           -- Seville.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/ -- is a global cruise
vacation company that operates Royal Caribbean International,
Celebrity Cruises and Pullmantur.  The company has a combined
total of 34 ships in service and seven under construction.  It
also offers unique land-tour vacations in Alaska, Australia,
Canada, Europe and Latin America.  The company has operations in
Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service assigned Royal Caribbean Ltd.'s new
benchmark size Euro senior unsecured notes Ba1, raised RCL's
Speculative Grade Liquidity rating to SGL-2 from SGL-3 and
affirmed all other existing ratings.


* BRAZIL: Regulator Drops Telefonica-Telecom Italia Discussion
--------------------------------------------------------------
Brazil's telecoms regulator posted on its Web site that it has
dropped the review of Spanish Telefonica's purchase of a stake
in Telecom Italia from its meeting agenda.

According to Business News Americas, Anatel has to authorize the
Telefonica/Telecom Italia deal.  Telefonica has joint control of
mobile phone firm Vivo, while Telecom Italia controls TIM
Brasil, the second largest mobile company.

Sources told the newswire Radiocor that the discussion on the
Telefonica-Telecom Italia deal was delayed because Claro,
Brazil's third largest mobile company owned by Mexican mobile
group America Movil, asked Anatel to study further documents on
the case.

BNamericas relates that Anatel didn't discuss during the meeting
the re-assessment of Telefonica's acquisition of local pay
television firm TVA.  The regulator authorized the acquisition
in July 2007, but with certain restrictions.

Anatel board member Antonio Bedran told reporters that the
discussion of Telefonica's acquisition of TVA was withdrawn for
"further analysis."

Senate President Renan Calheiros accused Anatel of trying to
authorize "an illegality."  Senator Calheiros is a vocal critic
of the TVA purchase, BNamericas states.

                    About Telecom Italia

Telecom Italia S.p.A. is an Italy-based telecommunications group
that operates in the communications sector, in the television
sector using both analog and digital terrestrial technology, and
in the office products sector.  In the communications sector,
the Company engages primarily in telephone and data services on
fixed lines for final retail customers and wholesale providers,
in the development of fiber optic networks for wholesale
customers, in broadband services, in Internet services and in
domestic and international mobile telecommunications (especially
in Brazil).  The company operates mainly in Europe, the
Mediterranean Basin and in South America.
  
                      About Telefonica

Telefonica, S.A. together with its subsidiaries and investees
(Telefonica Group), operates mainly in the telecommunications,
media and entertainment industries.  The Telefonica Group is
also involved in the media and contact center activities through
investments in Telefonica de Contenidos and Atento.  The company
operates through three segments: Telefonica Spain, Telefonica
Europe and Telefonica Latin America. Telefonica Spain oversees
the wireline and wireless telephony, broadband and data
businesses in Spain.  Telefonica Latin America oversees the same
businesses in Latin America.  Telefonica Europe oversees the
wireline, wireless, broadband and data businesses in the United
Kingdom, Germany, the Isle of Man, Ireland, the Czech Republic
and the Slovak Republic.

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: State Firm Finds Oil in Tupi Field Well
-------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA has
confirmed to Bernd Radowitz at Dow Jones Newswires that the
company found oil in the second exploration well of its ultra-
deep Tupi field under a salt layer of the Santos Basin.

Petroleo Brasileiro said in a news release that it conducted the
drilling at the well in the BM-S-11 block from May to July this
year.

Petroleo Brasileiro admitted to Dow Jones that it has not
informed the market on the relevance of the find yet.  The
company said it must first complete certain tests to determine
the well's output potential.

According to a research note by Credit Suisse analyst Emerson
Leite, Petroleo Brasileiro "is making good progress" in the Tupi
exploration.  However, the analyst said in the release that the
firm will postpone "the release of information on the Tupi
appraisal until after a government oil and gas block auction in
November."

Dow Jones relates that the Brazilian government will offer
several blocks in BM-S-11 block at the auction.  Petroleo
Brasileiro has a 65% stake in the block.  The second well in the
BM-S-11 Santos Basin exploration block, is located at a distance
of 10 kilometers to a first well where the firm reported in
October the "existence of a significant volume of 30 degrees API
crude."  

Petrole Brasileiro couldn't confirm in its press release that it
will disclose the results of the second appraisal drilling after
the November auction.  

                       About Petrobras

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

                        *     *     *

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

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

                        *     *     *

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




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


BASIS YIELD: Obtains Stay from Cayman Islands Court
---------------------------------------------------
The Honourable Madam Justice Levers of the Grand Court of Cayman
Islands issued an order dated Aug. 28, 2007, imposing a stay on
all actions, suits or proceedings against Basis Yield Alpha Fund
(Master).

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

Madam Justice Levers also appointed Hugh Dickson, Stephen John
Akers, and Paul Andrew Billingham, partners at Grant Thornton,
as Basis Yield's joint provisional liquidators and foreign
representatives of the Funds.

Madam Justice Levers granted to the Joint Liquidators the
powers:

   (a) to locate, protect, secure and take into their possession
       and control all asserts and property to which the Fund is
       to be entitled;

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

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

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

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

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

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

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

Madam Justice Levers ruled that no disposition of the Fund's
property will be avoided pursuant to Section 156 of the Cayman
Islands Companies Law.

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

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund
backed by Australian funds management firm Basis Capital.  It
operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.  The fund
obtained Aug. 28, 2007, an order from the Grand Court of Cayman
Islands imposing a stay on all actions, suits or proceedings
from its creditors.  On Aug. 29, 2007, the company filed for
Chapter 15 protection in the U.S. Bankruptcy Court for the
Southern District of New York.  Karen Dine, Esq., at                    
Pillsbury Winthrop Shaw Pittman LLP, represents the liquidators
in the U.S.  The fund has more than US$100 Million in assets and
debts.


BASIS YIELD: Liquidators Ask U.S. Court to Recognize Cayman Case
----------------------------------------------------------------
Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham, as
joint provisional liquidators and foreign representatives of
Basis Yield Alpha Fund (Master), ask the U.S. Bankruptcy Court
for the Southern District of New York to recognize the Fund's  
liquidation proceeding before the Grand Court of the Cayman
Islands as a foreign main proceeding pursuant to Section 1517 of
the Bankruptcy Code.

Cayman Islands is the "center of main interests" for Basis Yield
as defined by Sections 1502(4), 1516(c), and 1517(b)(1), Karen
B. Dine, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in New
York, contends.

The Liquidators need the U.S. Court's assistance in identifying,
realizing, and properly administering Basis Yield's assets for
the benefit of its stakeholders, Ms. Dine says.

If the U.S. Court finds that the Cayman Islands Proceeding is
not eligible for recognition as a foreign main proceeding, the
Liquidators seek recognition of the Foreign Proceeding as a
foreign non-main proceeding, as defined in Section 1502(5).

                    U.S. Court Issues TRO

Judge Arthur J. Gonzalez on August 29, 2007, issued a temporary
restraining order barring creditors and other parties subject to
the jurisdiction of the U.S. Court from commencing or continuing
actions against, or otherwise possessing or exercising control
over Basis Yield's assets located in the United States.

Judge Gonzalez directed all parties-in-interest to appear before
the Honorable Robert E. Gerber for the hearing on Sept. 6, 2007,
at 9:45 a.m. to show why a preliminary injunction should not be
granted in the Chapter 15 case.

There is a material risk that the Foreign Debtor's assets could
subject to efforts by creditors in the United States to control
or possess those assets, Judge Gonzalez noted.  Those actions
could: (i) interfere with the jurisdictional mandate of the U.S.
Court under Chapter 15 of the Bankruptcy Code; (ii) interfere
with and cause harm to the Foreign Debtor's efforts to
administer its estate pursuant to the Foreign Proceeding; and
(iii) undermine the Liquidators' efforts to achieve an equitable
result for the benefit of all of the Foreign Debtor's creditors,
Judge Gonzalez said.

Issuance of a TRO will assure an economical, expeditious, and
equitable administration of Basis Yield's estate, according to
Ms. Dine.  Absent a TRO, Basis Yield will be exposed to an
imminent risk of litigation and other actions against the estate
and its property, which would result in a "race to the
courthouse" by interested parties, Ms. Dine explained.

Ms. Dine pointed out that Basis Yield's U.S. creditors could
seek to obtain prejudgment attachment of the Fund's assets
located in the United States.

Under New York law, prejudgment attachment may be obtained if a
defendant is not a domiciliary of New York.  Basis Yield is a
domiciliary of the Cayman Islands.

While prejudgment attachment is not typically or routinely
granted in New York, the defendant's financial instability may
be a basis for granting such relief, Ms. Dine said, citing
Thornapple Assocs., Inc. v. Sahagen, 2007 WL 747861, *3
(S.D.N.Y. Mar. 12, 2007).

According to Ms. Dine, prejudgment attachment could result in an
inequitable distribution of Basis Yield's assets.

Additionally, Judge Gonzalez held that the Liquidators, in
connection with their representation of the Foreign Debtor, and
the Foreign Debtor are entitled to the full protections and
rights available pursuant to Section 1519(a)(l)-(3) of the
Bankruptcy Code, including:

   (a) The right and power to administer or realize all or part
       of the Foreign Debtor's assets located in the United
       States to protect and preserve the value of the assets;

   (b) The right and power to transfer, encumber, or otherwise
       dispose of any assets of the Foreign Debtor is
       prohibited, except by the Foreign Representative as
       provided in the TRO;

   (c) The right and power to examine witnesses, take evidence
       or deliver information concerning the Foreign Debtor's
       assets, affairs, rights, obligations or liabilities; and

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

Objections, if any, to the granting of preliminary injunction
must be filed with the Court and served on counsel for the
Liquidators to as to be received on or before Sept. 5, 2007.

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund
backed by Australian funds management firm Basis Capital.  It
operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.  The fund
obtained Aug. 28, 2007, an order from the Grand Court of Cayman
Islands imposing a stay on all actions, suits or proceedings
from its creditors.  On Aug. 29, 2007, the company filed for
Chapter 15 protection in the U.S. Bankruptcy Court for the
Southern District of New York.  Karen Dine, Esq., at                    
Pillsbury Winthrop Shaw Pittman LLP, represents the liquidators
in the U.S.  The fund has more than US$100 Million in assets and
debts.


BASIS YIELD ALPHA: Chapter 15 Database
--------------------------------------
Foreign Debtor:  Basis Yield Alpha Fund (Master)
                 c/o Walkers SPV Ltd.
                 Walker House
                 87 Mary Street
                 George Town, Grand Cayman,
                 Cayman Islands KY1-9002

Petition
Date under
Companies Law:   August 28, 2007

Foreign Court:   Grand Court of the Cayman Islands

Foreign Judge:   Honorable Madam Justice Levers

Chapter 15
Petitioners:     Hugh Dickson
                 Grant Thornton Specialist Services
                   (Cayman) Limited,
                 Level 5
                 Bermuda House, Dr. Roy's Drive
                 Grand Cayman, Cayman Islands

                 Stephen John Akers
                 Grant Thornton UK LLP
                 Grant Thornton House
                 Melton Street
                 London, England NW1 2EP

                 Paul Andrew Billingham
                 Grant Thornton (NSW) Pty Limited
                 Level 17,
                 383 Kent Street
                 Sydney, New South Wales
                 Australia 2000

Chapter 15
Petition Date:   August 29, 2007

U.S. Bankruptcy
Court:           U.S. Bankruptcy Court
                 Southern District of New York (Manhattan)
                 Alexander Hamilton Custom House
                 One Bowling Green
                 New York, New York 10004-1408
                 Telephone (212) 510-0500

Chapter 15
Case No.:        07-12762

U.S. Bankruptcy Judge:  The Honorable Robert E. Gerber

Petitioners' Counsel:   Karen B. Dine, Esq.
                        David A. Crichlow, Esq.
                        Robyn J. Schneider, Esq.
                        Jerry Hall, Esq.
                        Pillsbury Winthrop Shaw Pittman LLP
                        1540 Broadway
                        New York, New York 10036
                        Tel: (212) 858-1000
                        Fax: (212) 858-1500

Estimated Assets: More than $100,000,000
Estimated Debts:  More than $100,000,000

The joint provisional liquidators disclosed in papers filed in
U.S. Bankruptcy Court that in excess of US$50,000,000 of Basis
Yield Alpha Fund (Master)'s assets, held by various financial
institutions, are located within the United States.

                      About Basis Capital

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.

Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Bloomberg relates Basis Capital was declared "Fund of the Year"
at the 2005 AsiaHedge awards.  It was also named "Skilled
Manager of the Year" by Macquarie Bank Ltd. in 2004.

                       Road to Bankruptcy

Following the volatility in the market related to the United
States sub-prime lending defaults, by June 2007, Basis Yield
began to suffer a significant devaluation of its asset
portfolio.   The devaluation of the Fund's secured assets led to
margin calls from trade counterparties, which Basis Yield was
ultimately unable to meet.  This, in turn, resulted in the
issuance of several default notices by the counterparties and
the exercise of their rights under their agreements to close out
trades and to seize or sell Basis Yield assets that had been the
subject of repurchase agreements or over which they held
security interests.

Default notices were issued by, inter alia, J.P. Morgan Chase
Bank N.A., Goldman Sachs International, Citigroup Global Markets
Limited, Morgan Stanley, Lehman Brothers International (Europe),
and Merrill Lynch International.

In addition, two counterparties issued bid lists for Basis
Yield's assets, which resulted in additional downward pressure
on the relevant asset classes and a further devaluation of the
Fund's assets.

Basis Yield disputed many of the default notices issued or
purportedly issued by various parties.

Basis Capital stopped redemptions from its Yield Alpha Fund and
Aust-Rim Opportunity Fund in July 2007 after both funds lost 9%
and 14% in June, Bloomberg says.

Basis Capital retained The Blackstone Group to act as financial
advisor to the Yield Alpha Fund and Pac-Rim Opportunity Funds.  
Blackstone's role included negotiating with investment banks to
prevent adverse pricing and selling of both funds' assets.

For the past five years, the Yield Alpha Fund returned 15.5% on
average while the Aust-Rim Opportunity Fund provided almost 15%
return on average, according to Bloomberg, citing a July 2007
report by Zenith Investment Partners posted on Basis Capital's
Web site.

Bloomberg notes that the Basis Capital funds had the highest
five-star ratings from Standard & Poor's before the ranking was
put "on hold" on July 17, 2007, because of "issues potentially
affecting the management of the fund," according to S&P.


BELIZE SOVEREIGN: Sets Final Shareholders Meeting for Nov. 1
------------------------------------------------------------
Belize Sovereign Investments I (Cayman) Ltd. will hold its final
shareholders meeting on Nov. 1, 2007, at:

         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Guy Major
         Maples Finance Limited
         P.O. Box 1093
         George Town, Grand Cayman
         Cayman Islands


BELIZE SOVEREIGN II: Sets Final Shareholders Meeting for Nov. 1
---------------------------------------------------------------
Belize Sovereign Investments II (Cayman) Ltd. will hold its
final shareholders meeting on Nov. 1, 2007, at:

         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

         Guy Major
         Sarah Kennedy
         Maples Finance Limited
         P.O. Box 1093
         George Town, Grand Cayman
         Cayman Islands


BIRKDALE TRADING: Will Hold Final Shareholders Meeting on Nov. 1
----------------------------------------------------------------
Birkdale Trading Ltd. will hold its final shareholders meeting
on Nov. 1, 2007, at:

         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


DRYDEN IV: Will Hold Final Shareholders Meeting on Nov. 1
---------------------------------------------------------
Dryden IV-Leveraged Loan Cdo Ltd. will hold its final
shareholders meeting on Nov. 1, 2007, at:

         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


GLASS EQUITY: Sets Final Shareholders Meeting for Oct. 4
--------------------------------------------------------
Glass Equity Ltd. will hold its final shareholders
meeting on Oct. 4, 2007, at 10:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Tel: (345)-949-5122
         Fax: (345)-949-7920


GLASS GLA: Will Hold Final Shareholders Meeting on Oct. 4
---------------------------------------------------------
Glass Gla Ltd. will hold its final shareholders meeting on
Oct. 4, 2007, at 11:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Tel: (345)-949-5122
         Fax: (345)-949-7920


GLASS HOLDINGS: Sets Final Shareholders Meeting for Oct. 4
----------------------------------------------------------
Glass Holdings Ltd. will hold its final shareholders
meeting on Oct. 4, 2007, at 10:15 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Tel: (345)-949-5122
         Fax: (345)-949-7920


GLASS IIP: Will Hold Final Shareholders Meeting on Oct. 4
---------------------------------------------------------
Glass IIP Ltd. will hold its final shareholders meeting on
Oct. 4, 2007, at 11:15 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Tel: (345)-949-5122
         Fax: (345)-949-7920


GLASS INVESTMENTS: Sets Final Shareholders Meeting for Oct. 4
-------------------------------------------------------------
Glass Investments Ltd. will hold its final shareholders
meeting on Oct. 4, 2007, at 10:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Tel: (345)-949-5122
         Fax: (345)-949-7920


MKP CREDIT (MASTER): Sets Final Shareholders Meeting for Oct. 8
---------------------------------------------------------------
MKP Credit III Master Fund Ltd. will hold its final shareholders
meeting on Oct. 8, 2007, at 10:00 a.m., at:

          One Capital Place, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Peter D. Anderson
         P. O. Box 897
         George Town, Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949-7576
         Fax: (345) 949-8295


MKP CREDIT (OFFSHORE): Sets Last Shareholders Meeting for Oct. 8
----------------------------------------------------------------
MKP Credit III Offshore Ltd. will hold its final shareholders
meeting on Oct. 8, 2007, at 10:00 a.m., at:

          One Capital Place, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Peter D. Anderson
         P. O. Box 897
         George Town, Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949-7576
         Fax: (345) 949-8295


PROJECT-R: Will Hold Final Shareholders Meeting on Nov. 1
---------------------------------------------------------
Project-R Holdings Inc. will hold its final shareholders
meeting on Nov. 1, 2007, at:

         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


WORLDWIDE SERVICES: Sets Final Shareholders Meeting for Nov. 1
--------------------------------------------------------------
Worldwide Services Ltd. will hold its final shareholders
meeting on Nov. 1, 2007, at:

          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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




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


BANCAFE: Shareholders OK Merger with Banco Davivienda
-----------------------------------------------------
Colombian state-run Bancafe said in a filing with financial
regulator Superfinanciera that its shareholders have ratified
the bank's merger with Banco Davivienda.

According to the filing, Banco Davivienda's shareholders also
authorized the merger.

Business News Americas relates that Banco Davivienda won the
auction for Bancafe in October 2006 with a COP2.21-trillion
offer.  

Banco Davivienda told BNamericas that it would complete the
purchase of Bancafe in November 2007.




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


* COSTA RICA: State Firm Gets 2 Offers for US$160MM Plant Revamp
----------------------------------------------------------------
Costa Rican state-owned oil refiner Recope spokesperson Manuel
Salazar told Business News Americas that the company has
received offers from Argentine company Astra Evangelista and
Venezuelan firm Petrolog for its US$160-million refinery revamp
project.

BNamericas relates that the plant is in the city of Limon.  The
revamp project is the second phase of the plant's stage one
upgrade.  The project is aimed at boosting the refinery's
processing capacity to 38,000 barrels per day from 25,000
barrels per day, in particular the production of lead-free
gasoline and low-sulfur diesel.  Design work for the plant will
last for eight months, while construction will take 27 months.

Mr. Salazar told BNamericas that Recope's 60 working days could
be extended by 20 days for the awarding of the contract.

The Central American Bank for Economic Integration has
authorized a US$125-milion loan for the works, BNamericas
states.

                        *     *     *

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




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


BANCO INTERCONTINENTAL: Ministry Is Spiteful, Defense Says
----------------------------------------------------------
Vinicio Castillo, Ramon Baez Figueroa's defense lawyer in the
Banco Intercontinental fraud case, has described the Justice
Ministry as spiteful, Dominican Today reports.

According to Dominican Today, the Justice Ministry included in
its sentencing request before the National District First
Collegiate Court the confiscation of the duty free stores
Interduty Free, property of the Dominican airports management
company Aerodom, owned by Abraham Hazoury and the Spaniard Jesus
Baldera.

Dominican Today notes that it was found out during the
proceeding that these firms have pending debts with Banco
Intercontinental:

          -- Interduty Free,
          -- Bankinvest, and
          -- Ultra Sport.

However, the liquidation commission made no effort to collect
the companies' debt.  Instead, the commission used them as part
of the fraud case against financier and Banco Intercontinental
adviser Luis Alvarez Renta, according to Dominican Today.

Dominican Today says that Mr. Renta reportedly transferred the
rights to operate the duty free stores to Aerodom without the
objection of Central Bank governor Hector Valdez Albizu.

News daily Listin Diario reports that the prosecution's motion
disheveled Francisco (Pancho) Alvarez, one of the Central
Bank's lawyers.  According to a source, the motion surprised Mr.
Alvarez, who in then consulted the central bank legal adviser
Fidel Pichardo about the order.

Dominican Today says that news daily Listin Diario was excluded
from the Justice Ministry's request of confiscation before the
National District First Collegiate Court of the Dominican
Republic, for alleged breaches of the law on money laundering.  

DR1 Newsletter relates that the central bank seized the Listin
Diario from Mr. Figueroa's father, Ramon Baez Romano.  

In their civil suit, the central bank and the banks
superintendence "had desisted against seeking the confiscation
of Listin Diario at the start of the proceedings," Dominican
Today notes.  

According to Dominican Today, a lower court issued a restraining
order and declared the Justice Ministry's confiscation during
Hipolito Mejia's presidency unconstitutional.

Mr. Figueroa's defense told Dominican Today that the
prosecution's inclusion of money laundering charges resulted
from malice.

Mr. Castillo commented to Dominican Today, "It's a shame the
Justice Ministry has stooped to shamelessness and become an
instrument of hatred and persecutory viciousness of interest
groups which are behind this motion.  In this case there isn't a
shred of evidence or the least indication of money laundering.  
Everybody in this country knows that those ignominious charges
were including in this process by Hipolito Mejia and Maximo
Aristy Caraballo to make use of the Listin Diario and the
Baninter Communications Group without speaking with a judge."

Mr. Aristy was the National District Prosecutor during President
Mejia's administration, Dominican Today states.

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


* DOMINICAN REPUBLIC: Fitch Affirms Issuer Default Ratings at B
---------------------------------------------------------------
Fitch Ratings has affirmed the Dominican Republic's foreign
currency and local currency Issuer Default Ratings at 'B', with
a Positive Outlook.  Fitch also affirmed the country ceiling at
'B+' and the short-term foreign currency IDR at 'B'.

According to Theresa Paiz Fredel, a Senior Director on the Fitch
Ratings sovereign team, "The Dominican Republic's ratings are
supported by the strength of the economic recovery, progress on
the structural reform front, as well as a manageable debt
service profile."  Nevertheless, in spite of achieving
macroeconomic stability, a still fragile liquidity position that
can be exacerbated by a less benign external environment or a
loss of confidence and ensuing capital flight constrains the
ratings to current levels at this time.  As the IMF stand-by
arrangement expires in Jan. 2008, Fitch is also concerned that
without the program as an anchor, it may be more challenging for
the government to complete its structural reform agenda and
prudently manage public finances, particularly in an election
year, which could have implications for maintaining confidence.

The government has faced delays implementing its structural
reform agenda as required by the stand-by arrangement with the
IMF.  However, as expected, notable progress with respect to the
fiscal and financial sectors has occurred since the government
gained the majority in Congress last year.  Structural reform
efforts have targeted fiscal sustainability, the
institutionalization of the budgetary process and improvements
in the efficiency of expenditures.  The financial system's
supervisory and regulatory framework has been strengthened.  
Passage of the electricity sector law was also secured this
month.  Additionally, the authorities finally implemented a plan
to recapitalize the central bank and address the quasi-fiscal
deficit problem earlier this year.

The vigorous pace of economic growth continued in the first half
of 2007, reaching 7.9%, while inflation has remained in single
digits.  Fiscal consolidation is back on track, reflecting
better than anticipated revenue growth and expenditure
restraint.  Unlike prior years, the authorities should easily
meet, if not surpass, the targeted non-financial fiscal surplus
of 0.5% of GDP this year.  A favorable balance of payments
performance, underpinned by remittances, tourism receipts, as
well as strong FDI flows, continues to support a steady
recuperation of foreign reserves and an improvement in the
country's liquidity position.  The country's liquidity ratio has
increased to 145% this year from a low of 36% in 2003.  However,
this ratio remains significantly below the 'B' median of 210%,
and when adjusting the liquidity ratio to include banks'
resident foreign currency deposits, it declines to 76%,
highlighting the vulnerabilities associated with high
dollarization.  Furthermore, Fitch estimates that the country's
overall external financing needs as a proportion of
international reserves are 92% this year, more than twice the
'B' median of 38%.  Scheduled amortizations for the non-
financial public sector, however, are almost entirely with
official creditors this year and are covered by commitments from
multilateral and bilateral sources as well as treasury deposits.

Looking ahead, future ratings upgrades could be underpinned by a
further strengthening of international liquidity and/or an
appropriate policy response to a more challenging external
environment.  Continued fiscal restraint amid an economic
slowdown and an election year would also be viewed positively.
Additionally, fulfillment of the structural performance criteria
required by the IMF program could bolster the government's
efforts to improve the country's institutional framework in
order to avoid the recurrence of the type of crisis that
occurred in 2003.




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


* ECUADOR: Eyes US$1.72 Billion Revenues from Oil Block 15
----------------------------------------------------------
Ecuadorian government official Wilson Pastor told Dow Jones
Newswires that Ecuador expects revenues from oil block 15 to
increase by 9.0% to US$1.72 billion in 2008, compared to US$1.58
billion estimated in 2007.

Mr. Pastor commented to Dow Jones, "In February, when we assumed
control of the block, production was below 85, 000 barrels a
day, but we have applied an investment plan and improved
management, so that we now have an average of 90,000 barrels a
day."

The government would raise its investments on the block by 16%
to US$340 million in 2008, compared to the US$292 million
estimated for 2007, Dow Jones says, citing Mr. Pastor.

Dow Jones notes that the total investment for operating block 15
would be US$526 million in 2007, expected to be 20% higher in
2008.

Mr. Pastor told Dow Jones that based on the projections, the
goal was to produce 100,000 barrels per day by year-end and to
have an average of 105,000 barrels a day next year.

Revenues from block 15 will be allotted to Feiseh, a fund set up
to channel cash from oil blocks.  Block 15's technical committee
authorized the awarding of US$1.54 billion for the construction
of four hydroelectric stations.  The government would also use
the funds from Feiseh to finance the Esmeraldas plant upgrade,
expected to cost US$171 million, Dow Jones states.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


ALCATEL-LUCENT: To Deploy WiMAX Network for Bollore Telecom
-----------------------------------------------------------
Alcatel-Lucent is deploying a next-generation pilot network for
France's Bollore Telecom, one of the leading communications
providers and a holder of 12 WiMAX licenses in France.  This new
pilot network complements existing WiMAX trials Bollore Telecom
currently is conducting before the planned launch of its
commercial offering in France later this year.

Complying with the latest IEEE standard 802.16e-2005 the new
pilot WiMAX network is already operational. Installed and
operated by Alcatel-Lucent on one of Bollore's sites in the
Paris region, the network uses the 3.5 GHz frequency band. It
will enable Bollore Telecom to test the radio performance of
WiMAX and better prepare for its commercial deployment.

"We are working in close cooperation with the Bollore Telecom
teams to ensure the success of these trials, which implement
Alcatel-Lucent's latest advanced antenna technologies.  By
maximizing the radio performance of the WiMAX network, these
advanced technologies will make it possible for future users to
access high-quality broadband services wherever they are," said
Olivier Picard, President of the Alcatel-Lucent Europe and South
activities.  "With the combination of our expertise based on our
world leadership in fixed and mobile broadband, and the broadest
products and services portfolio on the market, we are in a good
position to help Bollore Telecom deploy a WiMAX network in
France that meets its high expectations."

Alcatel-Lucent's universal WiMAX solution is ideal for rapidly
deploying Voice over IP and broadband services such as mobile
data, video streaming and virtual private network access in
fixed, nomadic and/or mobile environments.  WiMAX technology
enables people to access high-speed, high-quality broadband
wireless services wherever they are and wherever they go,
providing truly "universal" wireless broadband access.

Under this agreement, Alcatel-Lucent is responsible for
delivering an integrated end-to-end solution that includes
acquisition of the sites and procurement of the necessary
equipment including WiMAX terminals for Bollore Telecom's
customers.  This agreement follows a multiple-supplier
partnership strategy that fits into the framework of Alcatel-
Lucent's open cooperation program aimed at promoting an open
environment designed to give end-users the widest possible
choice of devices.   Alcatel-Lucent will also manage the pilot
network.

Alcatel-Lucent's Universal WiMAX solution integrates the latest
technological innovations, such as "beam forming" and MIMO.  
Beamforming enables a service provider to dramatically reduce
the number of radio sites needed to provide coverage in some
instances by as much as 40 percent while reducing interference
and ensuring better indoor penetration of the radio signal. MIMO
helps make radio links more robust, nearly doubling the capacity
delivered in dense urban environments.

With more than 70 pilots and deployments across the world and 12
commercial contracts signed since the beginning of 2007, this
new project clearly underscores Alcatel Lucent's leading
position in the WiMAX market, and particularly in France, where
it recently deployed the first WiMAX Rev-e commercial network.

                     About Bollore Telecom

Bollore Telecom is a new French telecommunications operator,
which obtained 12 regional WiMAX licenses in July 2006. The
project developed by Bollore Telecom has three targets:
implementing a microwave broadband access in its regional
territories, contributing to the development of competitivity
through the creation of a real alternative to existing service
portfolios, and innovating new services in order to offer end-
users new nomadic solutions with both competitive prices and the
guarantee of a maximum technical reliability.

                       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.




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


AIR JAMAICA: Says Post-Hurricane Dean Worse Without Airline
-----------------------------------------------------------
Air Jamaica President and Chief Executive Officer Michael Conway
told the Jamaica Informatin Service that the situation in
Jamaica after Hurricane Dean would have been "a lot worse"
without the airline.

Mr. Conway commented to the Jamaica Information Service, "We
flew more extra sections than any other airline.  Jamaica was
absolutely our number one priority."

Air Jamaica carries 50% of all scheduled air passengers in and
out of Kingston.  Other airlines concentrate chiefly on the
tourist sectors, the Jamaica Information Service says, citing
Mr. Conway.

"Air Jamaica is a business so we can't fly everyone free, but we
never say no to any request for assistance of a humanitarian
nature or those which will allow us to maintain the balance
between being a good corporate citizen and providing a good
return on investment," Mr. Conway told the Jamaica Information
Service.

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 on 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.


NATIONAL WATER: Says Production Capacity Now at 93%
---------------------------------------------------
The National Water Commission told the Jamaica Gleaner that it
is operating at 93% of its normal production capacity as it has
restarted majority of its systems, over a week after Hurrican
Dean.

The systems that have been restored are being run through a
combination of public power supply, standby generators or
gravity operations, The Gleaner notes, citing the National
Water.  The pace of restoration is way ahead of what was
achieved after Hurricane Ivan, which hit Jamaica on
Sept. 10, 2004.

                        *     *     *

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
===========


DELTA AIR: Jim Whitehurst Resigns as Chief Operating Officer
------------------------------------------------------------
Delta Air Lines disclosed in a press statement the resignation
of its chief operating officer, Jim Whitehurst, effective
immediately.
        
"While we hoped Jim would stay, we respect his decision to move
on in pursuit of new challenges," said Jerry Grinstein, retiring
CEO of Delta.  "Jim was a hard-charging champion of Delta's
people who earned the admiration of us all, and an effective
ambassador for the transformation he helped craft.

"With Richard, Ed and the rest of Delta's management team, I am
confident the airline remains in good hands and will move
forward with its solid plan with the same inclusiveness, respect
and commitment to excellence that have become the hallmarks of
the great progress Delta people have made together, Mr.
Grinstein added."

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

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

                        *     *     *

As reported in the Troubled Company Reporter on July 16, 2007,
Fitch Ratings has initiated coverage of Delta Air Lines Inc.
with the assignment of these debt ratings: issuer default rating
'B'; First-lien senior secured credit facilities 'BB/RR1'; and
Second-lien secured credit facility (Term Loan B) 'B/RR4'

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta
Air Lines Inc. (B/Stable/--), including raising the corporate
credit rating to 'B', with a stable outlook, from 'D', following
the airline's emergence from Chapter 11 bankruptcy proceedings.


MAXCOM TELECOMUNICACIONES: Reopens Sr. Secured Notes Program
------------------------------------------------------------
Maxcom Telecomunicaciones has reopened its senior secured notes
program due 2014 and issued an additional US$25 million in
funds, bringing the total outstanding amount to US$200 million.

The issue is rated B3 by Moody's Investors Service with a stable
outlook on the notes, indicating the expectation that Maxcom
would report double-digit growth rates over the next few years.

Moody's admitted it is unlike that it would upgrade the rating.  
Most of Maxcom Telecomunicaciones' generated cash would be
reinvested as capex.  The extra US$25 million generated from the
senior notes will be invested in infrastructure, Business News
Americas reports.

Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones,
SA de CV, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom Telecomunicaciones
launched commercial operations in May 1999 and is currently
offering Local, Long Distance and Internet & Data services in
greater metropolitan Mexico City, Puebla and Queretaro.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Standard & Poor's Ratings Services assigned its
'B' long-term corporate credit rating to Mexico City-based
Maxcom Telecomunicaciones SA de CV.  S&P said the outlook was
stable.

At the same time, Standard & Poor's assigned its 'B' rating to
Maxcom's proposed transaction of up to US$200 million 144-A
senior unsecured notes maturing in 2016.  The notes will be
guaranteed by substantially all of Maxcom's subsidiaries.
Proceeds from the proposed offering of notes will be used to
refinance all the existing indebtedness, including vendor
financing, and to prefund approximately US$84 million of capital
expenditures for additional growth.




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


CHIQUITA BRANDS: ICG Commerce Managing Firm's Indirect Spending
---------------------------------------------------------------
Chiquita Brands International Inc. has awarded procurement-
outsourcing specialist ICG Commerce a five-year contract to
manage the firm's indirect spending, the Philadelphia Business
Journal reports, citing ICG Commerce.

The Journal relates that under the contract, ICG Commerce will
manage Chiquita Brands' spending in these areas:

          -- transportation,
          -- marketing,
          -- information technology,
          -- maintenance,
          -- repair, and
          -- operations.

Chiquita Brands' global procurement vice president Onye Uzoukwu
told SDCExec.com that collaborating with ICG Commerce
"complements a key pillar of the company's corporate strategy to
build a high-performance organization by providing its
procurement group with access to the expertise" that will let
the firm concentrates on "core competencies and deliver more value
to the company."

"We expect this agreement will help us drive cost savings, while
allowing us to concentrate on delivering innovative, higher-
margin products to our customers and consumers," Mr. Uzoukwu
commented to SDCExec.com.

                     About ICG Commerce

ICG Commerce is a privately held provider of procurement
services.  Its investors include Internet Capital Group Inc.

                    About Chiquita Brands

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

                        *     *     *

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

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




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


* PERU: Inks US$3.8-Bil. Purchase Deal with Marubeni Corp.
----------------------------------------------------------
The government of Peru signed a deal with Marubeni Corp. in
which Japan's fifth-largest trading company will buy a stake in
a US$3.8 billion (HK$29.6 billion) liquefied natural gas
project, according to published reports.

Peru LNG will build a liquefaction plant, which is scheduled to
be commissioned in the second quarter of 2010, at Pampa
Melchorita, south of Peru's capital Lima, Bloomberg News
reports, citing an official statement from Marubeni.  

China's business newspaper The Standadard discloses that the
Marubeni Corp. is buying 10% of Peru LNG from SK Energy for
US$100 million.  As a result, the South Korean company's share
will be cut to 20 percent after the sale.

Becoming the first Japanese company to invest in energy projects
in Peru, Marubeni expects to meet demand for the cleaner-burning
fuel at home.  The trading house, which has invested in ventures
in Qatar and Equatorial Guinea, plans to spend as much as US$200
million to participate in and build a plant and pipeline at Peru
LNG, The Standard adds.

Other companies involved in the project are: Hunt Oil Co., a
closely held U.S. oil and gas producer, leads the project with a
50% stake, while Spain's Repsol YPF SA holds 20%, Blooomberg
says.

                        *     *     *

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


ADELPHIA COMMS: Asks Court to Compel DTC to Comply with Plan
------------------------------------------------------------
Reorganized Adelphia Communications Corporation and its
reorganized debtor-affiliates ask the U.S. Bankruptcy Court for
the Southern District of New York to compel the Depository Trust
Company to comply with the confirmed Modified Fifth Amended
Joint Plan of Reorganization.

DTC, a subsidiary of the Depository Trust and Clearing
Corporation, is a central repository through which DTC's
participants may electronically transfer stock and bond
certificates.  As a result, the Repository reduces costs and
provides clearing and settlement efficiencies by immobilizing
securities and making "book-entry" changes to their ownership.

Shelley C. Chapman, Esq., at Willkie Farr & Gallagher LLP, in
New York, relates that certain beneficial holders of twenty-
seven series of notes formerly issued by the ACOM Debtors and
preferred and common shares of Adelphia Communications Corp.
retained their interest in book-entry form through the central
repository at DTC.  As a result, distributions to those holders
pursuant to the Fifth Amended Plan needed to move through DTC.

Accordingly, since December 2006, counsel for the ACOM Debtors
and counsel for the Notes' indenture trustees worked with DTC to
explain the terms of Plan distributions and to ensure that DTC
would be prepared to make initial and subsequent distributions
in book-entry form to the Noteholders and holders of equity
interests.  During that period, the Debtors informed DTC that
holders of allowed claims and equity interests would not be
receiving all distributions to which they were entitled to on
the Feb. 13, 2007 Distribution Record Date.  Instead, pursuant
to the Plan, the parties would receive a portion of the
distributions at a future date or dates, Ms. Chapman relates.

The Debtors and the Indenture Trustees also worked with DTC to
guarantee that a mechanism would be in place on the Distribution
Record Date to freeze the positions held in Existing Securities,
as defined under the Plan, so that upon cancellation of the
Securities, both initial and subsequent distributions would be
directed to an unchanged listing of beneficial holders.

On June 21, 2007, the Debtors directed DTC to send distributions
from the True-Up Holdback under the Plan to the Noteclaimholders
"in accordance with the positions of holders as of the Effective
Date (Feb. 13, 2007)."

On June 22, 2007, DTC notified the Debtors that, contrary to the
Debtors' instructions, it had allocated distributions to DTC
participants as of June 22, 2007, instead of as of the
Feb. 13, 2007 Distribution Record Date.  DTC also informed the
Debtors that the participants may have changed as it had
recognized movements of escrow securities positions among Note
claimholders during the period from Feb. 13 to June 22.

The Debtors believe that DTC's recognition of security movements
may have created a tradeable right in the market to receive
distributions from the Plan's True-Up Holdback and any future
residual distributions to which the Noteclaimholders may be
entitled under the Plan.

Immediately thereafter, the Debtors informed DTC that its
recognition of any movements in securities positions was in  
direct conflict with their Instruction Letter and in violation
of the Plan.  The Debtors have asked DTC to recreate the
positions as of Feb. 13, and the date of cancellation of the
Existing Securities pursuant to the Plan, Ms. Chapman informs
the Court.  DTC, however, has advised the Debtors that it is
unable to recreate the positions.

The Debtors therefore ask the Court to compel DTC to continue to
make distributions to Noteclaimholders and Equity Interest
Holders as of Feb. 13 and the cancellation date of the
Existing Securities.

Ms. Chapman maintains that DTC's recognition of movements in
securities positions after Feb. 13 constitutes a violation of
the Plan.  She notes that were the Court to permit DTC's
recognition of the movements, the Debtors could be considered
issuers of securities under the Securities Exchange Act of 1934
based on the trading of the contingent right to receive future
Plan consideration through subsequent distributions.  "If the
Debtors were considered reporting companies under the 1934 Act,
they would be forced to spend significant amounts of time and
incur substantial expense in order to comply with the 1934 Act's
public reporting requirements," Ms. Chapman points out.

                     About Adelphia Comms

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is a  
cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.  
PricewaterhouseCoopers serves as the Debtors' financial advisor.  
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases. (Adelphia Bankruptcy News, Issue No. 174; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

The Bankruptcy Court confirmed the Debtors' Modified Fifth
Amended Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007.  
That plan became effective on Feb. 13, 2007.


ADELPHIA COMMS: Gets Okay to Enter into Settlement with Deloitte
----------------------------------------------------------------
Adelphia Communications Corporation and its reorganized debtor-
affiliates and the Adelphia Recovery Trust obtained authority
from the U.S. Bankruptcy Court for the Southern District of New
York to enter into a settlement agreement and release with
Deloitte & Touche LLP.

The Settlement Agreement resolves multiple causes of action,
claims, objections, and other issues pending among the parties.  

The Debtors dismissed Deloitte as their auditor in June 2002.  
Five months later, the Debtors commenced a lawsuit against the
firm before the Pennsylvania Court of Common Pleas, alleging
that Deloitte committed malpractice in its prepetition audits of
the Debtors.

Deloitte asserted counterclaims against the Debtors.

A jury trial in the Action has been scheduled to begin on
Sept. 10, 2007, and the trial is expected to last 12 weeks.

In September 2005, the Bankruptcy Court expunged proofs of claim
filed by Deloitte against the Debtors.  Deloitte purported to
assert (i) an administrative expense claim for contribution as
an alleged jointly responsible entity for liability Deloitte may
have to purchasers of ACOM debt and equity securities, (ii) a
"secured setoff claim" for contribution, breach of contract,
fraud and negligent misrepresentation, and (iii) an unsecured
claim for contribution, breach of contract, fraud and negligent
misrepresentation.

From May 2006 through March 2007, Deloitte filed various proofs
of claim and notices of asserted administrative claims against
the Reorganized Debtors, asserting claims similar to those
disallowed by the Court.  The Reorganized Debtors have sought
expungement of the new batch of claims.

As part of the Settlement, Deloitte will pay the Trust
US$167,500,000, and release and withdraw all of its proofs of
claim and other claims against the Reorganized Debtors.  The
Reorganized Debtors will dismiss the Pennsylvania Action.

The Trust agrees that if it enters into a future settlement that
could give rise to a contribution claim by the settling
defendant against Deloitte, the Trust will obtain a full release
of any contribution claims against Deloitte arising out of the
settlement.

If the Reorganized Debtors or the Trust obtain a judgment
against any other person on a claim for which that defendant has
or may have a claim for contribution against Deloitte, the
Reorganized Debtors or the Trust will reduce the amount of the
judgment by the percentage of Deloitte responsibility, if any,
as determined in the action in which the judgment against the
defendant is obtained, as contemplated by Section 8327 of the
Pennsylvania Uniform Contribution Among Tortfeasors Act.

Nothing in the Settlement Agreement, however, will preclude the
Reorganized Debtors or the Trust from seeking to establish that
the defendant has no right of contribution against Deloitte that
should result in a reduction of the judgment, or that Deloitte's
pro rata share of the judgment is equal to or lower than the
Settlement Amount.

The Settlement Agreement is the product of mediation sessions
conducted by the Honorable Daniel Weinstein.

The Settlement was negotiated by independent fiduciaries who
were appointed in connection with confirmation of ACOM's Plan of
Reorganization, David M. Friedman, Esq., at Kasowitz, Benson,
Torres & Friedman LLP, in New York, counsel to the Adelphia
Recovery Trust, relates.  Mr. Friedman notes that the identity
of the fiduciaries was made known to all stakeholders prior to
completion of the Confirmation Hearing and their qualifications
are all substantial and their appointment garnered no
opposition.

"In all cases, the fiduciaries are motivated by the singular
desire of maximizing recoveries for their interest holders by
successfully prosecuting claims and minimizing asserted
liabilities," Mr. Friedman says.

Several investment banks tried to block approval of the
Settlement.  The Banks asked the Court to (i) clarify that the
judgment reduction rights of non-settling defendants are not
impaired in a manner that is contrary to law, and (ii) affirm
that no provision of the Settlement, including but not limited
to the Judgment Reduction Provisions, affects any of their
rights or defenses under the ACOM Plan.

The Investment Banks are ABN AMRO Inc.; Banc of America
Securities LLC; BNY Capital Markets, Inc.; Barclays Capital
Inc.; Citigroup Global Markets Holdings Inc.; CIBC World Markets
Corp.; Deutsche Bank Securities, Inc.; Fleet Securities, Inc.;
Morgan Stanley & Co. Incorporated; PNC Capital Markets LLC;
Scotia Capital (USA) Inc.; SunTrust Capital Markets, Inc.; TD
Securities (USA) LLC; BNY Capital Corp.; and Citigroup Financial
Products Inc.  Fleet Securities' liabilities have been assumed
by Bank of America, N.A.

Wachovia Bank, N.A.; the Ad Hoc Committee of Non-Agent Secured
Lenders; Bank of America; Bank of Montreal, in its capacity as
the Olympus Administrative Agent; JPMorgan Chase Bank, N.A., the
administrative agent for the FrontierVision credit facility, and
JPMorgan Securities, Inc.; Citibank, N.A. and Citicorp USA,
Inc.;  The Bank of Nova Scotia; and John Rigas, Timothy Rigas,
Michael Rigas and James Rigas supported the Investment Banks'
arguments.

The objections were later resolved.

According to Judge Gerber, the settlement terms are fair,
equitable and in the best interests of the Reorganized Debtors
and the Trust.

Judge Gerber held that the Order does not purport to and will
not be construed to modify, limit, impair or otherwise determine
any rights, defenses or claims of any person or entity not a
party to the Settlement Agreement that are available under
applicable law in connection with the Settlement, under the Plan
or otherwise.

                    About Adelphia Comms

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is a  
cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.  
PricewaterhouseCoopers serves as the Debtors' financial advisor.  
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases. (Adelphia Bankruptcy News, Issue No. 174; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

The Bankruptcy Court confirmed the Debtors' Modified Fifth
Amended Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007.  
That plan became effective on Feb. 13, 2007.


POPULAR INC: Buying Smith Barney Operations in Puerto Rico
----------------------------------------------------------
Popular Inc. has signed a definitive agreement pursuant to which
Popular will acquire the operations of broker-dealer Smith
Barney in Puerto Rico.  
    
As of June 30, 2007, Smith Barney's securities business in
Puerto Rico consisted of approximately US$1.8 billion in assets
under management, approximately 15,000 accounts and 42
employees, including 26 financial advisors.
    
"This transaction is part of the strategy of Popular Securities
to continue increasing our participation in this important
segment of the marketplace," said Richard L. Carrion, Chairman
of the Board and Chief Executive Officer of Popular, Inc.
    
Citigroup Global Markets acted as its own exclusive financial
advisor for the transaction.  Paul, Weiss, Rifkind, Wharton, &
Garrison LLP served as legal counsel to Citigroup Global
Markets, Inc. and Fiddler Gonzalez & Rodriguez, PSC served as
legal counsel to Popular, Inc.
    
                     About Popular Inc.

Headquartered in in Puerto Rico, Popular Inc. (Nasdaq: BPOP) is
a full service financial institution with operations in Puerto
Rico, the United States, the Caribbean and Latin America.  With
over 300 branches and offices, the company offers retail and
commercial banking services through its franchise, Banco Popular
de Puerto Rico, well as auto and equipment leasing and
financing, mortgage loans, consumer lending, investment banking,
broker/dealer and insurance services through specialized
subsidiaries.  In the United States, the company has established
a community banking franchise providing a broad range of
financial services and products to the communities it serves.

                        *     *     *

As reported in the Troubled Company Reporter on May 9, 2007,
Fitch Ratings has downgraded Individual rating of Popular Inc.
to 'B/C' from 'B'.


SYROCO INC: Files Amended Schedules of Assets & Liabilities
-----------------------------------------------------------
Syroco Inc. filed with the U.S. Bankruptcy Court of the District
of Puerto Rico its amended schedules of assets and liabilities
disclosing:

     Name of Schedule               Assets       Liabilities
     ----------------             -----------    -----------
  A. Real Property              US$12,390,000         
  B. Personal Property             23,666,720                   
  C. Property Claimed as
     Exempt                                 0                                     
  D. Creditors Holding
     Secured Claims                            US$27,945,746
  E. Creditors Holding
     Unsecured Priority
     Claims                                          593,997
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       14,568,034
                                  -----------    -----------
     TOTAL                      US$36,056,720  US$43,107,777

Syroco Inc. is a plastic furniture manufacturer headquartered in
Cotto Laurel, Puerto Rico.  The Debtor filed for Chapter 11
bankruptcy protection on July 23, 2007 (Bankr. D. PR Case No.
07-04091).  Charles Alfred Cuprill, Esq. and Maria M. Figueroa
Y. Morgade, Esq. at Charles A. Cuprill, P.S.C represent the
Debtor in its restructuring efforts.  The Official Creditors
Committee is represented by Anthony L. Bini, Esq. and Jerry L.
Hall, Esq. and Patrick J. Potter, Esq. at Pillsbury Winthrop
Shaw Pitman LLP.




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


CITGO PETROLEUM: Slows Down Texas Refinery Operations
-----------------------------------------------------
El Universal reports that Citgo Petroleum Corp. slowed down on
Aug. 25 "the operation rate in a catalytic cracking unit that
produces gasoline inside its refinery located in Corpus Christi,
Texas."

According to the same report, the company's operators disclosed
that the alkylation unit failed, which led to the reduction of
the operation rate in the cracking unit.

"A company source could not comment on the refinery daily
operations," El Universal says.  "There was no information
available as to the amount of the shrinking output or when the
repairs will end."

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-
owned oil company of Venezuela. Petroleos de Venezuela is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical, and coal industry, as well as
planning, coordinating, supervising, and controlling the
operational activities of its divisions, both in Venezuela and
abroad.

                        *     *     *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp. in Feb. 14, 2006. Citgo Petroleum carries
Fitch's BB- Issuer Default Rating. Fitch also rates the
company's US$1.15 billion senior secured revolving credit
facility maturing in 2010 at 'BB+', its US$700 million secured
term-loan B maturing in 2012 at 'BB+', and its senior secured
notes at 'BB+'.


PETROLEOS DE VENEZUELA: Commission Presents Branches to Chavez
--------------------------------------------------------------
Agencia Bolivariana de Noticias reports that the Central
Planning Commission has presented to Venezuelan President Hugo
Chavez details about state-run oil firm Petroleos de Venezuela
SA's subsidiaries project.

According to the report, the commission presented to President
Chavez the proposed new branches:

          -- Pdvsa Desarrollo Urbano,
          -- Pdvsa Naval, and
          -- Pdvsa Agricola.

ABN notes that the project is aimed at diversifying Petroleos de
Venezuela's productive potential.  The new subsidiaries "are
within the framework of the new strategy to include the oil
sector in the integral development" of Venezuela.

The report says that President Chavez already approved the
creation of these subsidiaries:

          -- Pdvsa Industrial,
          -- Pdvsa Ingenieria, and
          -- Pdvsa Gas Popular.

According to ABN, the commission also informed President Chavez
of the progress of the petro-chemistry and gas revolutions
projects aimed at taking advantage of the values and experiences
on the national petrochemistry sector and turning Venezuela into
the fist power hydrocarbon South American nation.  The petro-
chemistry project is a long-term plan that includes the
expansion and modernization of the petro-chemistry complexes and
the creation of new complexes in the Venezuela.

The commission wants "to diversify the products that could be
obtained through the development of the technology of
hydrocarbons' derivate," which is chiefly aimed at the
downstream oil sector's development, ABN states.

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

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


PETROLEOS DE VENEZUELA: Cooperating in Briefcase Probe
------------------------------------------------------
Chris Carlson at Venezuelanalysis.com reports that Venezuelan
authorities have assured their cooperation with their Argentine
counterpart in the investigation being conducted on Venezuelan-
American entrepreneur Antonini Wilson, who tried to enter
Argentina with US$800,000 in cash this month, which spurred
corruption allegations against Argentine and Venezuelan
officials.

Veenzuelanalysis.com notes that Argentine authorities caught Mr.
Wilson entering the country with US$800,000 hidden in a
suitcase.  He was on board a private flight with officials from
the Venezuelan state-owned oil firm Petroleos de Venezuela SA.

The Venezuelan and Argentine governments denied their
involvement, Venezuelanalysis.com says.

Mr. Wilson was located in his house in Miami last week.  He is
waiting for an extradition request from Argentina, according to
Venezuelanalysis.com.  The authorities are in the process of
requesting his extradition in order to question him regarding
the case.  

Argentine Attorney General Maria Luz Rivas Diez told
Venezuelanalys.com that she wants to interrogate Mr. Wilson
about what he planned to do with the money in the briefcase.  
She will have to "wait for the legal process to unfold."

Meanwhile, the opposition used the case against the Venezuelan
government, alleging that the incident is proof of corruption in
President Hugo Chavez's administration.  The scandal led to the
resignation of a Petroleos de Venezuela official, according to
the report.  In Argentina, the case led to the dismissal of one
high government official who was on board the plane with Mr.
Wilson.  

Venezuelan oil and energy minister and Petroleos de Venezuela
president Rafael Ramirez told Venezuelanalysis.com that the
company would cooperate in the probe.  Minister Ramirez assured
that the firm is subject to strict government supervision.

Minister Ramirez commented to Venezuelanalysis.com, "In PDVSA
[Petroleos de Venezuela] there isn't any way that we could evade
government controls.  Inside such a complex company that makes
transactions of all kinds, every day, we have cases that we are
investigating.  I should reiterate that PDVSA is subject to all
the public administration controls."

Minister Ramirez assured Venezuelanalysis.com that Mr. Wilson's
presence on the Petroleos de Venezuela charter flight was a
breach of the company norms, as he isn't an official of the
firm.  

Venezuelanalysis.com states that the Venezuelan government
blamed Petroleos de Venezuela Vice-President Diego Uzcategui for
letting Mr. Wilson aboard the plane.

Venezuelanalysis.com notes that Mr. Wilson is a friend of Mr.
Uzcategui's son, Daniel, who asked permission for him to take
the flight.  Mr. Uzcategui was fired after the incident.

Mr. Wilson made several trips to Argentina in 2006 using a US
passport, Venezuelanalysis.com reports.  Various sources
connected Mr. Wilson to Venoco, an oil firm that works with
Petroleos de Venezuela.  Venoco owner Carlos Kaufmann confirmed
the allegation, saying that Mr. Wilson helped the firm acquire
machinery in the US.

                        *     *     *

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

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


PETROLEOS DE VENEZUELA: Manufacturing Drilling Rigs Next Year
-------------------------------------------------------------
Venezuelan oil and energy minister and state-owned oil firm
Petroleos de Venezuela SA's head Rafael Ramirez said in a
statement that the company will start manufacturing drilling
rigs next year through its new unit PDVSA Industrial.

Minister Ramirez told Business News Americas that Petroleos de
Venezuela will be making its own rigs.  According to him, 41
rigs were still being operated by private firms in Venezuela for
VEB50 million rig per day.

Minister Ramirez commented to BNamericas, "By taking over the
rigs, PDVSA [Petroleos de Venezuela] will have control of its
own reserves and also will cut the cost of rig operations 50% to
VEB25 million per rig a day."

BNamericas relates that Chinese state oil firm CNPC will begin
supplying Venezuela with rights in October 2007.

Petroleos de Venezuela said in a statement that about 13 rigs
-- one every two months -- will be delivered under a deal signed
with CNPC.

Petroleos de Venezuela aims to increase its rigs to 202 from 112
rigs, to reach its 2012 Plan Siembra Petrolera goal of producing
5.8 million barrels per day, BNamericas states.

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

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


PETROLEOS DE VENEZUELA: Won't Compensate Total & Statoil
--------------------------------------------------------
Venezuelan oil and energy minister and state-run oil firm
Petroleos de Venezuela SA's president Rafael Ramirez said before
the National Assembly energy & mines committee that he doesn't
foresee compensations to international companies like Total and
Statoil, who don't want to negotiate with the Venezuelan
government, Patrick J. O'Donoghue at VHeadline.com reports.

VHeadline.com relates that Total and Statoil reduced their share
in the Sincor project.

Venezuela isn't keen on setting up any joint ventures with firms
that don't accept the current law or the Constitution,
VHeadline.com states, citing Minister Ramirez.

                       About Statoil

Statoil ASA is an integrated oil and gas company.  The company's
focus is on exploration, development and production of oil and
natural gas from the Norwegian Continental Shelf (NCS).  It has
business operations in 34 countries.  

                        About Total

TOTAL S.A., together with its subsidiaries and affiliates, is an
integrated oil and gas company.  With operations in more than
130 countries, TOTAL engages in all aspects of the petroleum
industry, including upstream operations (oil and gas
exploration, development and production, liquefied natural gas,
LNG) and downstream operations (refining, marketing and the
trading and shipping of crude oil and petroleum products).  
TOTAL also produces base chemicals (petrochemicals and
fertilizers), cholorochemicals, intermediates, performance
polymers and specialty chemicals for the industrial and consumer
markets.  In addition, TOTAL has interests in the coal mining
and power generation sectors, as well as a financial interest in
Sanofi-Aventis.  TOTAL's worldwide operations are conducted
through three business segments: Upstream, Downstream and
Chemicals.

                 About Petroleos de Venezuela

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

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


* VENEZUELA: Bills Cerro Negro VEB100 Billion in Unpaid Taxes
-------------------------------------------------------------
Tax agency Seniat's superintendent Jose Vielma Mora told Dow
Jones Newswires that the Venezuelan government billed the Cerro
Negro heavy oil project VEB100 billion in back taxes.

According to Dow Jones, the bill includes income taxes for the
years 2001 through 2004.

Mr. Mora commented to the press, "We have notified Cerro Negro
at 11:45 a.m. [Aug. 31, 2007] that they owe VEB100 billion."

Mr. Mora told Dow Jones, "ExxonMobil (XOM) was technically the
company in charge of the accounting and investment for this oil
project."

The government expects to get US$172 million from the Petrozuata
heavy oil project as part of a pending income tax bill covering
the years 1997 to 2006, Dow Jones states, citing Mr. Mora.

                        *     *     *

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 remains stable.


* VENEZUELA: OPEC Must Keep Oil-Making Quotas, Mr. Ramirez Says
---------------------------------------------------------------
Venezuelan Oil Minister Rafael Ramirez told the Associated Press
that the Organization of Petroleum Exporting Countries should
keep current oil production quotas because markets are
sufficiently supplied.

According to AP, the International Energy Agency has pressured
OPEC to increase oil output when it meets Sept. 11 in Vienna.  
In its last market report, the Paris-based organization,
mentioned that world oil demand will probably outpace supply
this winter.

AP states that Venezuela was producing roughly 2.34 million
barrels a day in July, as estimated by the agency.  However, Mr.
Ramirez disclosed the South American country, an OPEC member,
was producing 3.1 million barrels a day.

                        *     *     *

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 remains stable.


* VENEZUELA: Urges Exxon & Conoco to Leave the Country
------------------------------------------------------
The Venezuelan government wants Exxon Mobil and Conoco Phillips
to depart and will not offer compensation, due to their refusal
to come under state control, the Economic Times reports.

Reports show that the two U.S. oil giants rejected a law passed
by President Hugo Chavez's leftist government forcing
multinationals to give at least 60 percent of the capital in
their Venezuelan operations to the state-controlled Petroleos de
Venezuela SA (PDVSA).

But Energy Minister Rafael Ramirez told the Journal that the
government has negotiated with the companies that have not
accepted its laws to finalize their departure from the country.

The minister added that the era of "oil openness is over" and
highlighted that no compensation would be given to the US
companies.

He commented that those companies working with PDVSA would be
allowed to remain in "the biggest oil reserve on the planet" for
at least 25 years.

                        *     *     *

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 remains stable.


                         ***********


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

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

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

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