TCRLA_Public/080310.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, March 10, 2008, Vol. 9, No. 49

                            Headlines


A R G E N T I N A

AMTRAX SA: Trustee to Verify Proofs of Claim Until May 5
CLINICA DE TODOS: Proofs of Claim Verification is Until May 7
COOPERATIVA DE TRABAJO: Trustee to Verify Claims Until May 2
COSTANERA GESTION: Trustee to Verify Proofs of Claim Until May 2
EQUITAS MEDICA: Trustee to Verify Proofs of Claim Until May 13

HOTEL GRAN: Proofs of Claim Verification Deadline is May 5
KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007
PROVINCIA SEGUROS: Moody's Holds Global Currency Rating at B2
WESTERN OIL: Proofs of Claim Verification Deadline is May 2


B A H A M A S

ISLE OF CAPRI: Appoints Jim Perry as Chief Executive Officer
ISLE OF CAPRI: Posts US$14 Mil. Net Loss in Qtr. Ended Jan. 27


B E R M U D A

ASPEN INSURANCE: Promotes Mason to Marine & Energy Deputy Head


B R A Z I L

BANCO BRADESCO: To Buy Agora Holdings for BRL830 Million
CA INC: Appoints Michael Christenson as President
CHEMTURA CORP: Acquires Baxenden Chemicals for GBP13 Million
CHEMTURA CORP: Closes Sale of Oleochemicals Biz to PMC Group
CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17

COMPANHIA ENERGETICA: Privatization Spurs Moody's Rating Review
COMPANHIA ENERGETICA: Extends Electric Supply Pact with Usiminas
EMI GROUP: Chairman Admits Takeover Has Not Gone to Plan
ENERGIAS DO BRASIL: Will Invest BRL1.02 Billion This Year
ENERGIAS DO BRASIL: To Acquire Resende from Omega Engenharia

ENERGIAS DO BRASIL: Registers Plant as Clean Dev't Mechanism
MARFIG FRIGORIFICOS: 2007 Net Income Up 32.1% to BRL84.9 Million
USINAS SIDERURGICAS: Extends Electric Supply Pact with Cemig
* BRAZIL: Fitch Eyes Growing Global Demand in Biofuel Sector


C A Y M A N  I S L A N D S

BLUECREST INTERNATIONAL: Proofs of Claim Filing Ends on March 18
MAKEPEACE INVESTMENTS: Final Shareholders Meeting is on March 18
REDWOOD CAPITAL: Proofs of Claim Filing Deadline is March 18
REDWOOD CAPITAL VII: Proofs of Claim Filing is Until March 18
REDWOOD CAPITAL IX: Proofs of Claim Filing Deadline is March 18


C H I L E

CROWN WORLDWIDE: Moody's Assigns Provisional Ba2 Debt Rating
DIRECTV GROUP: Chilean Subscribers Increase 30% in 2007


C O L O M B I A

CHIQUITA BRANDS: In Strategic Agreement With ESCOM & Matanuska
CHIQUITA BRANDS: Terrorism Lawsuits Won't Hurt Firm, Experts Say


C O S T A  R I C A

HILTON HOTELS: Names Steven Goldman as Real Estate President
SIRVA INC: Ct. OKs Motion to Approve Equity Trading Restrictions


C U B A

PETROLEOS DE VENEZUELA: Cuban Plant's Processing is on Schedule


D O M I N I C A N   R E P U B L I C

JETBLUE AIRWAYS: Adds US-Dominican Republic Daily Nonstop Flight


G U A T E M A L A

TECO ENERGY: Trimble Implements GIS Service for TECO Peoples Gas


H A I T I

DYNCORP INT'L: Bags US$30MM Construction Project in Afghanistan


H O N D U R A S

CINEMARK HOLDINGS: Earns US$88.9 Million in Year Ended Dec. 31


J A M A I C A

NATIONAL COMERCIAL: Keeps Michael Hylton as Legal Representative


M E X I C O

BAUSCH & LOMB: Picks Paul Sartori as Corporate Vice President
BLUE WATER: CIT Entities Wants Adequate Protection Payments
BLUE WATER: Gets Interim OK to Borrow US$27.5 Mil. from Bank
BLUE WATER: Creditors Panel Wants Interim DIP Order Vacated
BLUE WATER: Sec. 341 Meeting of Creditors Set for March 24

BLUE WATER: Seeks Authority to Assume Molding Contracts
INTERNATIONAL RECTIFIER: Hires Donald Dance as EVP & CAO
KANSAS CITY: Brings-In Michael Upchurch as Fin'l Management SVP
QUAKER FABRIC: Can File Chapter 11 Plan Until March 19, Says Ct.
QUEBECOR WORLD: Cuts 30 Positions at Merced Plant in California

QUEBECOR WORLD: NFR Wants Stay Lifted and Base Contract Ended
QUEBECOR WORLD: Seeks OK to Pay Non-Worker Sales Commissions
SHARPER IMAGE: To Liquidate Underperforming Stores


N E T H E R L A N D S  A N T I L L E S

BURGER KING: To Open New Restaurant in Curacao


P U E R T O  R I C O

FIRST BANCORP: Paying Preferred Share Dividends on March 31
INYX USA: Disclosure Statement Doesn't Say Much for Creditors
MOTHERS WORK: February 2008 Net Sales Rises 4.1% to US$45.7-Mln
PILGRIM'S PRIDE: Names J. Clinton Rivers as President & CEO
UNIVISION COMMS: Low Asset Sale Proceeds Cue S&P's B- Rating Cut


V E N E Z U E L A

CMS ENERGY: Net Loss Rises to US$227 Mil. in Year Ended Dec. 31
PETROLEOS DE VENEZUELA: May Rule on Case With Exxon This Week
PETROLEOS DE VENEZUELA: Inks Training Deal with Nova Scotia


X X X X X X

* BOND PRICING: For the Week March 3 - March 7, 2008

* Beard Group's Cross-Border Insolvencies Audio Primer


                         - - - - -


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

AMTRAX SA: Trustee to Verify Proofs of Claim Until May 5
--------------------------------------------------------
Pedro Mazzola, the court-appointed trustee for Amtrax S.A.'s  
reorganization proceeding, will be verifying creditors' proofs  
of claim until May 5, 2008.

Mr. Mazzola will present the validated claims in court as  
individual reports on June 16, 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 Amtrax 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 Amtrax's accounting
and banking records will be submitted in court on
Aug. 11, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on Feb. 10, 2009.

The trustee can be reached at:

        Pedro Mazzola
        Cramer 1859
        Buenos Aires, Argentina


CLINICA DE TODOS: Proofs of Claim Verification is Until May 7
-------------------------------------------------------------
Marcelo Rodriguez, the court-appointed trustee for Clinica de
Todos los Santos SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until May 7, 2008.

Mr. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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 Clinica de Todos 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 Clinica de Todos'
accounting and banking records will be submitted in court.

La Nacion didn't state the submission deadlines for the reports.

Mr. Rodriguez is also in charge of administering Clinica de
Todos' assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

         Clinica de Todos los Santos SA
         Montevideo 373
         Buenos Aires, Argentina

The trustee can be reached at:

         Marcelo Rodriguez
         Cerrito 146
         Buenos Aires, Argentina


COOPERATIVA DE TRABAJO: Trustee to Verify Claims Until May 2
------------------------------------------------------------
Adriana del Carmen Gallo, the court-appointed trustee for
Cooperative de Trabajo's reorganization proceeding, will be
verifying creditors' proofs of claim until May 2, 2008.

Ms. Gallo will present the validated claims in court as
individual reports on June 13, 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 Cooperative de Trabajo 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 Cooperative de
Trabajo's accounting and banking records will be submitted in
court on Aug. 8, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on Feb. 9, 2009.

The trustee can be reached at:

        Adriana del Carmen Gallo
        Avenida Roque Saenz Pena 651
        Buenos Aires, Argentina


COSTANERA GESTION: Trustee to Verify Proofs of Claim Until May 2
----------------------------------------------------------------
Ricardo Adrogue, the court-appointed trustee for Costanera
Gestion S.A.'s reorganization proceeding, will be verifying
creditors' proofs of claim until May 2, 2008.

Mr. Adrogue will present the validated claims in court as
individual reports on June 13, 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 Costanera Gestion 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 Costanera Gestion's
accounting and banking records will be submitted in court on
July 25, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on Feb. 2, 2009.

The trustee can be reached at:

        Ricardo Adrogue
        Bouchard 468
        Buenos Aires, Argentina


EQUITAS MEDICA: Trustee to Verify Proofs of Claim Until May 13
--------------------------------------------------------------
Aldo Emilio Cambiasso, the court-appointed trustee for Equitas
Medica SA's reorganization proceeding, will be verifying
creditors' proofs of claim until May 13, 2008.

Mr. Cambiasso will present the validated claims in court as   
individual reports.  The National Commercial Court of First  
Instance No. 2 in Buenos Aires, with the assistance of Clerk  
No. 3, 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 Equitas Medica 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 Equitas Medica's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission deadlines for the reports.

Creditors will vote to ratify the completed settlement plan
during the assembly on Feb. 25, 2009.

The debtor can be reached at:

        Equitas Medica SA
        Tucuman 1424
        Buenos Aires, Argentina

The trustee can be reached at:

        Aldo Emilio Cambiasso
        Cerrito 1070
        Buenos Aires, Argentina


HOTEL GRAN: Proofs of Claim Verification Deadline is May 5
----------------------------------------------------------
Raul Trejo, the court-appointed trustee for Hotel Gran Duc SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until May 5, 2008.

Mr. Trejo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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 Hotel Gran 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 Hotel Gran's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission deadlines for the reports.

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

The debtor can be reached at:

         Hotel Gran Duc SA
         Jose Uriburu 1544
         Buenos Aires, Argentina

The trustee can be reached at:

         Raul Trejo
         Avenida Corrientes 818
         Buenos Aires, Argentina


KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007
----------------------------------------------------------
Koninklijke Ahold N.V. has published its summary financial
report for the full year and fourth quarter 2007.

                            Full Year

Net sales were EUR28.2 billion, up 1.2% compared to 2006. At
constant exchange rates, net sales increased by 6.1%.
Operating income was EUR1.1 billion, EUR71 million higher than
in 2006. Retail operating income was EUR1.3 billion, EUR31
million higher compared to 2006.

Corporate Center costs were EUR106 million, down EUR26 million
from 2006.

Net income was EUR2.9 billion, up EUR2 billion compared to 2006,
mainly as a result of the divestment of U.S. Foodservice,
Ahold’s Polish operations and Tops.

Cash flow before financing activities was EUR6.6 billion
positive, EUR5.6 billion better than in 2006, mainly as a result
of the proceeds from the sale of U.S. Foodservice, Ahold’s
Polish operations and Tops.

                         Fourth Quarter

Net sales were EUR6.6 billion, up 0.2% from the same period in
2006.  At constant exchange rates, net sales increased by 6.5%.
Operating income was EUR253 million, EUR51 million higher than
the same period in 2006. Retail operating income was EUR289
million, a retail operating margin of 4.4% compared to 3.7% in
the same period in 2006.

Corporate Center costs were EUR29 million for the quarter, down
EUR6 million from the same period in 2006.

Net income was EUR262 million, up EUR22 million from the same
period in 2006, reflecting a higher operating income and lower
net financial expense, partially offset by higher income taxes.

Cash flow before financing activities was EUR582 million
positive, EUR239 million better than the same period in 2006,
mainly as a result of the proceeds from the sale of Tops.

                        Full Year 2007

"Ahold exceeded the targets we set last year," CEO John Rishton
said.  "We delivered an underlying retail operating margin of
4.6% against our 4% to 4.5% guidance.  We largely completed our
planned divestments, returned EUR4 billion to shareholders, and
our investment grade rating was reinstated.  We restructured the
company into two continental platforms and achieved reductions
in Corporate Center costs ahead of schedule.

"We are progressing with our strategy for profitable growth,
largely thanks to the continuing hard work and commitment of all
our employees.  In the United States, we rolled out 70% of our
VIP program at Stop & Shop and Giant-Landover by year-end while
Giant-Carlisle continued its strong performance.  In Europe,
Albert Heijn continued to exceed expectations, and we saw
promising first results from the repositioning program at Albert
and Hypernova in the Czech Republic.

"I am delighted that our improved performance has enabled us to
reinstate an annual dividend.  For 2007, the proposed dividend
is EUR0.16 per common share.  We plan increase future annual
dividends while meeting the capital needs of the business and
maintaining an efficient investment grade capital structure.

"In 2008, our focus will be on the completion of the VIP program
at Stop & Shop and Giant-Landover, the start of the remodeling
of our Giant-Landover stores, further repositioning of
Albert/Hypernova, and driving the growth of Albert Heijn.

"The VIP program will continue to impact margins with
improvements expected later in the year.  Underlying retail
operating margin for the year is projected to be between 4.5%
and 5.0%.  Capital expenditure will be around EUR1.1 billion.   
Gross debt will fall further in 2008 as we progress towards our
announced EUR2 billion debt reduction target.  Net interest
expense for the year is expected to be in the range of EUR270
million to EUR290 million."

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.  The company has
operations in Argentina.

                          *     *     *

As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer
Default and senior unsecured ratings from Fitch Ratings.  Fitch
said the Outlook is Positive.  Its Short-term rating is B.


PROVINCIA SEGUROS: Moody's Holds Global Currency Rating at B2
-------------------------------------------------------------
Moody's Investors Service has upgraded Provincia Seguros S.A.'s
insurance financial strength rating on Argentina´s national
scale to Aa3.ar from A1.ar.  This rating action concludes the
review process initiated on Jan. 18, 2008.  The rating agency
also affirmed Provincia Seguros' B2 global local currency IFS
rating.  The national scale rating of Aa3.ar positions the
company in the upper limit of the national scale rating range
(Aa3.ar to A2.ar) for its B2 global local currency rating.  The
outlook for both ratings is stable.

According to Moody's, the rating upgrade reflects the favorable
trends in Provincia´s Seguros' financial profile relative to
other B2 IFS companies.  Although Provincia Seguros experienced
an underwriting loss during the 2007/08 fiscal year's first half
ending Dec. 31, 2007, as did many of its peers in Argentina, the
rating agency pointed out that the company showed its lowest
combined ratio ever reported in this period.  Moreover, this
underwriting loss included additional reserve charges posted by
management to boost reserves beyond local requirements.
Provincia Seguros also reported a stronger than peers financial
incomes, although much of the realized gains came as a result of
transactions with certain affiliates.

In addition, Moody's noted the improving capital adequacy
position of Provincia Seguros.  At Dec. 31, 2007, the company
reported the highest level of capital surplus within its B2-
rated peer group. Even after paying ARS28.6 million in dividends
to its shareholders in the fiscal year ended June 30, 2007,
Provincia Seguros' gross underwriting leverage was in line with
its B2 peers.

Turning to another key rating factor, business diversification,
Moody's noted that the company's book of business is very well
diversified and less exposed than its competitors' to motor
insurance which Moody's considers to be the riskiest and most
volatile business line in the Argentine market.

Based in Buenos Aires, Argentina, Provincia Seguros reported a
net loss of ARS1.6 million during the first half of the
2007/2008 fiscal year ended Dec. 31, 2007, made up of a
ARS38.7 million underwriting loss and ARS31.8 million of net
financial investment returns and other results.  The company´s
shareholders' equity was ARS155 million at Dec. 31, 2007.


WESTERN OIL: Proofs of Claim Verification Deadline is May 2
-----------------------------------------------------------
Ignacio Kaczer, the court-appointed trustee for Western Oil
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until May 2, 2008.

Mr. Kaczer will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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 Western Oil 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 Western Oil's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission deadlines for the reports.

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

The debtor can be reached at:

         Western Oil SRL
         Ortega y Gasset 1521
         Buenos Aires, Argentina

The trustee can be reached at:

         Ignacio Kaczer
         Avenida Callao 441
         Buenos Aires, Argentina



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

ISLE OF CAPRI: Appoints Jim Perry as Chief Executive Officer
------------------------------------------------------------
Jim Perry, a gaming industry executive, will become Isle of
Capri Casinos Inc.'s chief executive officer effective March 10,
replacing Bernard Goldstein in that position.

"Since joining our board last July, Jim Perry has served as the
chair of a joint strategic committee comprised of members of our
board and our management team," Bernard Goldstein, chairman of
the board and chief executive officer, commented.  "Our goal was
to develop a plan to make our assets more competitive, more
closely align our operating strategy with the needs of our
customers and strengthen our balance sheet."

"I firmly believe that the strategic plan developed under his
leadership will serve as a platform for the future growth of the
company." Mr. Goldstein said.  "As such, I am disclosing my
retirement from the position of chief executive officer and it
is my pleasure to disclose the appointment of Jim Perry to the
position of executive vice chairman and CEO, effective March 10,
subject to regulatory approval.

"Along with president and chief operating officer Virginia
McDowell and the rest of the senior management team, our
employees and investors are in the capable hands of a team that
is known for financial discipline and operational excellence,"
Mr. Goldstein continued.  "It has been my pleasure to watch the
company grow since our first casino opened in 1992."  

"We have assembled a talented and respected team to ensure that
the company continues to grow into the future," Mr. Goldstein
said.  "I look forward to working with them, and will continue
to serve as chairman of the board as we implement our strategic
plan."

Over the past decade, Mr. Perry has served as the president,
chief executive officer and as a member of the board of
directors at both Trump Entertainment Resorts and Argosy Gaming
Company.  With nearly 30 years of experience leading gaming
operations and companies in regional and destination markets, he
is recognized as one of the gaming industry's distinguished
executives.

During Mr. Perry's tenure at Argosy, the company built one of
the strongest balance sheets in gaming, was an industry leader
in EBITDA margins, and was recognized by several leading
publications for record earnings growth and financial stability.

"Bernie Goldstein and the Isle board of directors have offered
me a wonderful opportunity to work with a very talented team, to
continue to enhance the value of the company for our
shareholders, improve the gaming experience for our customers,
and build a strong company with opportunity for our employees,"
Mr. Perry said.  "I appreciate both their support and their
confidence in me."

"The main components of the strategic plan are to focus on
organic growth opportunities, and to consolidate our portfolio
into two brands based on a variety of factors, including the
size of the facility, amenities, and the size of the primary
markets served," Mr. Perry explained.  "Our Isle brand will
feature regional facilities with hotel rooms and convention
facilities designed for both business and leisure travelers,
with upgraded amenities, all of which will complement our casino
product.  Based on a significant market research project
conducted with our database customers, we will reintroduce Lady
Luck as the brand for our smaller facilities that serve more
local markets."

"The strategic committee is continuing to work with the board of
directors on the approval of the major projects associated with
the re-branding, the timing of which will occur over the next
few years." Mr. Perry continued.  "The first Isle properties
will include Biloxi, where planning is nearly complete on Phase
One of the master plan, and Bettendorf, where the company is
beginning the planning process for a land-based casino which
will be located between the existing two hotel towers."

"We expect that the expanded Bettendorf facility will be
connected by a sky bridge to the new 50,000 square foot
convention center being jointly developed by the City of
Bettendorf and Isle of Capri, which the City expects to open
later this year," Mr. Perry said.  "Caruthersville will become
the first Lady Luck property by June 2008."

"We have a tremendous opportunity to unlock shareholder value by
further improving operating results," Virginia McDowell,
president and chief operating officer, added.  "We have made
progress over the course of fiscal 2008, most notably in Black
Hawk, the Quad Cities and Boonville.  Despite pressure on the
economy, EBITDA and margins have continued to improve at several
properties year over year. In addition, we continue to re-
engineer our business processes at both the corporate and
property levels."

"A reorganization at the corporate office, during the third
quarter, included a reduction in the workforce and the
introduction of cost saving programs which we expect, when fully
implemented, will result in expense reductions of over
US$3 million annually," Ms. McDowell added.  "In addition, we
are continuing to evaluate, consulting agreements and agreements
with outside contractors for additional expense reduction
opportunities.

"At the property level, we continue to identify margin
improvement opportunities, Ms. McDowell said.  "In many cases,
programs eliminated at the corporate level represent a direct
savings to the operating units.  We recognize, however, that
companies cannot save their way to success and we continue to
reallocate our resources in order to improve the overall guest
experience, target more profitable customers and increase
revenue.  In line with our strategic objectives, we will build
our brands around our customers, and create experiences for our
guests based upon what is important to them."

               About Isle of Capri Casinos Inc.

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns   
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida.  The company also operates and has a 57% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                         *     *     *

Moody's Investor Services placed Isle of Capri Casinos Inc.'s
probability of default and long-term corporate family ratings at
'B1' in June 2007.  The ratings still hold to date with a stable
outlook.


ISLE OF CAPRI: Posts US$14 Mil. Net Loss in Qtr. Ended Jan. 27
--------------------------------------------------------------
Isle of Capri Casinos Inc. reported financial results for the
third fiscal quarter ended Jan. 27, 2008.  The company reported
net loss for the third quarter of fiscal 2008 of US$13.8 million
compared to net loss of US$8.9 million for the third quarter of
fiscal 2007.

For nine months ended Jan. 27, 2007, the company reported net
loss of US$45.5 million compared to net income of US$9.9 million
for the same period in the previous year.

The company's results of operations for the three and nine month
periods ended Jan. 27, 2008, and Jan. 28, 2007, reflect the
consolidated operations of all of its subsidiaries.  The
Vicksburg and Bossier City properties are reflected as
discontinued operations for the periods prior to their sale in
July 2006.

Other significant factors impacting net income are:

  1. Stock based compensation expense was US$1.7 million in the
     third quarter of 2008 versus US$1.5 million in 2007.
   
  2. Depreciation and amortization expense increased from
     US$24.6 million to US$34.9 million due to the Pompano,
     Waterloo, Caruthersville and Coventry assets being placed
     in service.
   
  3. Interest expense increased US$5.3 million to
     US$27.5 million due to higher average borrowings.
   
  4. The income tax benefit recorded in the third quarter
     increased to US$7.4 million from US$1.9 million during the
     third quarter of last year.

                        Capital Structure

As of Jan. 27, 2008, the company has US$117.6 million of cash
and cash equivalents and total debt of US$1.57 billion.

Effective Jan. 27, 2008, the company completed the purchase of
the 43% minority interest in a Colorado operations owned by its
partner, for US$64.6 million.  On Jan. 28, 2008, the company
refinanced approximately US$187 million of debt that existed at
the Blackhawk entity through borrowings under our credit
facility.

The company has designated the subsidiaries that operate the
Blackhawk operations as "restricted subsidiaries" under the
provisions of our credit facility and its 7% subordinated notes.

At Jan. 27, 2008, the company's balance sheet showed total
assets of US$2.11 billion, total liabilities of US$1.88 billion
and total stockholders' equity US$0.23 billion.

               About Isle of Capri Casinos Inc.

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns   
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida.  The company also operates and has a 57% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                         *     *     *

Moody's Investor Services placed Isle of Capri Casinos Inc.'s
probability of default and long-term corporate family ratings at
'B1' in June 2007.  The ratings still hold to date with a stable
outlook.



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

ASPEN INSURANCE: Promotes Mason to Marine & Energy Deputy Head
--------------------------------------------------------------
Aspen Insurance Holdings Limited has promoted Simon Mason to the
role of Deputy Head of Marine & Energy, International Insurance,
effective immediately.  Mr. Mason will take on greater
management responsibilities.  He will continue to report to Head
of Marine & Energy, International Insurance, John Henderson.

Mr. Mason joined Aspen in December 2004 and has twenty years of
experience in the energy insurance sector.  He currently serves
on the London market Joint Rig Committee, which is a
representative forum for the London marineenergy market, and
previously has worked in the Lloyd's market.

"We are delighted to recognize Simon's contributions.  His deep
expertise in the marine, energy and liability areas has helped
us to grow this business," said  Aspen International Insurance
head, Matthew Yeldham.  "Simon's promotion is indicative of our
focus on further expanding our specialized International
Insurance operations by strengthening our team to take advantage
of opportunities in the current market.  Aspen has developed a
strong track record in Marine & Energy since entering the
business in 2004 and we remain focused on complex opportunities
that leverage our technical underwriting skills.  Indeed in
2007, Aspen reported US$663 million of gross written premiums
from International Insurance."

The Marine & Energy Insurance team underwrites hull, energy
physical damage and associated liability classes.  Aspen's
energy and marine clients are drawn from around the world.

For the year ended Dec. 31, 2007, Aspen Insurance reported gross
written premiums of US$1.8 billion, net income of US$489 million
and total assets of US$7.2 billion.

              About Aspen Insurance Holdings Ltd.

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) -- http://www.aspen.bm/-- provides  
reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries
and offices in Bermuda, France, Ireland, the United States, the
United Kingdom, and Switzerland.

                          *     *     *

Aspen Insurance Holdings Limited still carried Moody's Investors
Services 'Ba1' Preferred Stock rating with a stable outlook
assigned on Dec. 21, 2005.



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

BANCO BRADESCO: To Buy Agora Holdings for BRL830 Million
--------------------------------------------------------
Banco Bradesco S.A. has informed its stockholders, clients,
employees and to the market in general that it has entered into
a “Private Instrument of Merger of Stocks Commitment and Other
Covenants” with the stockholders of Agora Holdings S.A., focused
on the acquisition of the totality of its capital, through its
controlled company Banco Bradesco BBI S.A.

The amount of the operation, around BRL830 million, will be paid
through the delivery to the stockholders of Agora Holdings, of
an amount of stocks representing, approximately, 8% of BBI’s
capital stock in the closing of the operation, transforming
Agora Holdings into a wholly-owned subsidiary of BBI,
pursuant to Article 252 of Law #6,404/76.  From the transaction
value, BRL500 million correspond to the value of the business
and BRL330 million correspond to the market value of the stocks
issued by Bovespa and BM&F held by Agora Holdings.

The transaction includes the indirect transfer to BBI of 100% of
the Agora Corretora de Titulos e Valores Mobiliarios’ stocks
(Agora Corretora), a wholly-owned subsidiary of Agora Holdings.

This acquisition will enable that Bradesco assumes the
leadership in a segment that is characterized by high growth
rates and significant competition, and will be subjected to
approval by the competent authorities and to the due diligence
results.

By operating in the market for more than 15 years, Agora
Corretora is the largest brokerage company of the Country in the
home broker segment, with about 29 thousand active clients.  It
is also recognized by its state-of-the-art technological
platform and by a team of professionals that guarantees the
rendering of brokerage services with world class excellence
levels.  The company is headquartered in Rio de Janeiro, and has
client service facilities in Sao Paulo, Belo Horizonte and
Brasilia.

Agora Corretora will be a business unit of BBI, with independent
management and operation.  The continuity of the assistance to
Agora’s clients is assured, with the maintenance of the existing
operational and service structures – now with the strength of
the brand of the largest private Bank in Latin America.

Bradesco has counted on the financial assistance of Banco
Bradesco BBI S.A. and the legal advisory of Xavier, Bernardes,
Braganca – Sociedade de Advogados.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                          *     *     *

On Nov. 12, 2007, Moody's assigned a Ba2 foreign currency
deposit rating to Banco Bradesco.


CA INC: Appoints Michael Christenson as President
-------------------------------------------------
CA Inc. has named Michael J. Christenson, 49, as its president.  
He continued as the company's chief operating officer and
continues to report to CA Chief Executive Officer John Swainson.

"Since being named as chief operating officer nearly two years
ago, Mike has overhauled CA's sales operations and established a
more dynamic and efficient organization, focusing on
establishing strong partnerships with our current and new
customers to drive revenue growth," said Mr. Swainson.  "In
addition, Mike has led CA's efforts to significantly improve its
technical support, services, strategic alliances and training
capabilities."

As president and chief operating officer, Mr. Christenson
oversees CA's direct and indirect sales, CA Services, technical
support, business development and strategic alliances.

Mr. Christenson joined CA in February 2005 as executive vice
president for Strategy and Business Development.  In that role,
he led CA's acquisition program and its integration team in the
successful acquisition and integration of 15 companies with a
total investment of US$1.8 billion.  These acquisitions, which
included such companies as Concord Communications, Niku, and
Wily Technology, significantly strengthened CA's solution
portfolio and made CA a stronger technology partner for its
customers.  He was named CA's COO in April 2006.

Following a 23-year career as an investment banker, Mr.
Christenson retired from Citigroup Global Markets, Inc. in 2004.  
Mr. Christenson earned a Bachelor of Arts degree in chemistry
from Rutgers University and a Master of Business Administration
degree in finance from The New York University Graduate School
of Business.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 19, 2007, Fitch Ratings affirmed these ratings of CA, Inc.:

   -- Issuer Default Rating at 'BB+';
   -- Senior unsecured revolving credit facility at 'BB+';
   -- Senior unsecured debt at 'BB+'.

Additionally, Fitch revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect approximately
US$2.8 billion of total debt, including the company's
US$1.0 billion revolving credit facility.


CHEMTURA CORP: Acquires Baxenden Chemicals for GBP13 Million
------------------------------------------------------------
Chemtura Corporation has acquired the stock of Baxenden
Chemicals Limited owned by Croda International Plc. in an all-
cash transaction for GBP13 million, increasing its ownership to
100 percent.  Chemtura previously held 53.5% of Baxenden's
stock.

Baxenden, a world leader in polyurethane technology, has 212
employees and had 2007 revenues of approximately US$70 million.  
Baxenden has manufacturing facilities in Accrington and
Droitwich, UK.

"Full ownership of Baxenden will permit better utilization of
the complementary technology and manufacturing experience of our
businesses and will result in offering our customers a broader
portfolio of products, technology and service.  While we
evaluated selling this joint venture, we determined that full
ownership would create much more value through the integration
of Baxenden's and Chemtura's broad capabilities," said Robert
Wedinger, chief business officer for Chemtura and group
president of Chemtura Performance Specialties, which includes
the urethanes business.

"Baxenden has strong technology platforms that dovetail with
Chemtura's existing high-performing urethanes business.  We see
exciting growth potential for their polyurethane dispersion
(PUD) products, specialist polyurethane prepolymers, and blocked
isocyanate products and expect Baxenden to benefit from the
global growth opportunities which now will be available as part
of Chemtura," Mr. Wedinger said.

Lazard Ltd. acted as financial adviser on the transaction.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a manufacturer and
marketer of specialty chemicals, crop protection, and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  The company has facilities in Singapore,
Australia, China, Hong Kong, India, Japan, South Korea, Taiwan,
Thailand, Brazil, Belgium, France, Germany, Mexico, and The
United Kingdom.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service placed Chemtura
Corporation's corporate family rating of Ba2 under review
for possible downgrade after reports that its "board of
directors has authorized management to consider a wide range of
strategic alternatives available to the company to enhance
shareholder value."

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and senior unsecured debt ratings of Chemtura Corp. on
CreditWatch with developing implications, after reports that
management is considering strategic alternatives, including sale
or merger of the company.


CHEMTURA CORP: Closes Sale of Oleochemicals Biz to PMC Group
------------------------------------------------------------
Chemtura Corporation has completed the sale of its oleochemicals
business and Memphis, Tenn. manufacturing facility to PMC Group
NA Inc. for an undisclosed amount.  Proceeds from the
transaction will be used to reduce debt.

"This divestiture represents more progress in strengthening our
Polymer Additives business and focusing on our core businesses,"
said Chemtura Chairman and CEO Robert L. Wood.

All 260 employees at the Memphis facility are expected to
transfer to PMC Group NA Inc.  The oleochemicals business had
revenues for 2007 of approximately US$175 million.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a manufacturer and
marketer of specialty chemicals, crop protection, and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  The company has facilities in Singapore,
Australia, China, Hong Kong, India, Japan, South Korea, Taiwan,
Thailand, Brazil, Belgium, France, Germany, Mexico, and The
United Kingdom.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service placed Chemtura
Corporation's corporate family rating of Ba2 under review
for possible downgrade after reports that its "board of
directors has authorized management to consider a wide range of
strategic alternatives available to the company to enhance
shareholder value."

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and senior unsecured debt ratings of Chemtura Corp. on
CreditWatch with developing implications, after reports that
management is considering strategic alternatives, including sale
or merger of the company.


CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17
---------------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates, and
Chrysler LLC agreed to extend their supply agreement to March 17
even as Chrysler argues its tooling case before the U.S.
District Court for the Eastern District of Michigan, the
Associated Press reports.

As reported in the Troubled Company Reporter on March 4, 2008,
Chrysler LLC, Chrysler Motors Company LLC, and Chrysler Canada
Inc., took an appeal under 28 U.S.C. Section 158(a) before the
Court from the orders of the Honorable Phillip Shefferly that
denies:

  i) the lifting of the automatic stay to allow Chrysler to
     regain possession of tooling located in Plastech Engineered
     Products Inc. and its debtor-affiliates' plants; and

ii) issuance of a preliminary injunction in connection with the
     proposed recovery of tooling equipment.

Judge Shefferly said in a court opinion that the Debtors needed
to keep the tooling equipment to faciliate them in their
reorganization.  The balancing of interests favored Plastech,
the Court said.

The Court affirmed the Debtors' contentions that the automatic
stay applies to both the tooling paid by Chrysler and the
tooling that Chrysler has not paid for.  "Even assuming that the
Debtor has only a possessory interest in the tooling paid for by
Chrysler, that is a sufficient interest by itself to cause the
application of the automatic stay," Judge Shefferly said.

In addition, the Court was convinced that if Chrysler takes
immediate possession of the tooling, the Debtor will not be able
to continue to provide parts uninterrupted to its other major
customers and therefore any prospect of an effective
reorganization will be lost.

                   About Plastech Engineered

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.  
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records reflected
assets totaling US$729,000,000 and total liabilities of
US$695,000,000.

                      About Chrysler LLC

Based in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.  
S&P said the outlook is negative.


COMPANHIA ENERGETICA: Privatization Spurs Moody's Rating Review
---------------------------------------------------------------
Moody's Investors Service placed Companhia Energetica de Sao
Paulo's Ba3 corporate family rating under review with direction
uncertain after the recent announcement by the state of Sao
Paulo that the company will be fully privatized.  At the same
time, Moody's specified that the company's baseline credit
assessment is 14 from a previous range of 14 to 16.

These issues were affected by Moody's action:

   -- US$1.4 billion Unsubordinated Unsecured Medium-Term Notes
      Program

   -- US$300 million 10% Senior Unsecured Notes due 2011 issued
      under the MTN program

   -- US$220 million 9.25% Senior Unsecured Notes due 2013
      issued under the MTN program

   -- BRL750 million 9.75% IPCA Linked Notes due 2015 issued
      under the MTN program

Moody's rating action reflects the many uncertainties
surrounding the recently announced privatization process
including the creditworthiness of the new shareholders and the
financial strategy to be adopted by the new management.  While
there is an expectation that the State of Sao Paulo, as part of
the privatization process, will guarantee a portion of the
existing debt along with a guarantee from the new shareholders
in a similar amount, the quality of that external support is
unknown at this time.  In addition, Moody's will need to
determine whether the company should continue to be treated as a
government-related issuer and, if so, the level of implied
government support that may exist.

Companhia Energetica is currently a GRI as defined in Moody's
rating methodology "The Application of Joint Default Analysis to
Government Related Issuers".  Moody's methodology for GRIs is to
systematically incorporate into the rating both the stand-alone
credit risk profile or Baseline Credit Assessment (BCA) of the
company as well as an assessment of the likelihood that a
government would provide extraordinary support to the company's
obligations.   The BCA of a GRI is expressed on a 1-21 scale or
as a range within the 1-21 scale, according to the issuer's
preference, where 1 represents the equivalent risk of an Aaa, 2
a Aa1, 3 a Aa2 and so forth.  The company's ratings incorporate
a BCA which is currently 14.  Applying the joint-default
analysis, Moody's says its corporate family rating results from
a BCA of 14, the Ba2 rating of the State of Sao Paulo, and
Moody's view of medium dependence, and a medium probability of
extraordinary support from the controlling shareholder.  
Incorporating these new factors, the application of the default
analysis indicates a Ba3 corporate family rating.

The company's BCA of 14 reflects the steady improvement in
credit metrics since the capitalization in mid-2006, marked by
continuous debt reduction and an enhancement of the debt profile
that is having a positive impact on liquidity.  The improvement
has been based on stable cash flows, which in turn are
underpinned by long-term energy supply contracts in both
regulated and unregulated markets.  Also supporting cash flows
and improved leverage have been lower local interest rates and
gains from the appreciation of the local currency.  The rating
continues to be constrained by an exposure to currency
devaluation and floating local interest rates.  Also restraining
the ratings are the company's relatively sizeable contingent
liabilities and, to a lesser extent, risks associated with the
renewal of concessions.

Headquartered in Sao Paulo, Brazil, Companhia Energetica de Sao
Paulo (BOVESPA: CESP3, CESP5 and CESP6) is the country's third
largest power generator, majority owned by the State of Sao
Paulo.  It operates 6 hydroelectric plants with total installed
capacity of 7,456 MW and 3,916 MW of assured energy.  The
company reported net revenues of BRL1,983 million in the last
twelve months through Sept. 30, 2006.


COMPANHIA ENERGETICA: Extends Electric Supply Pact with Usiminas
----------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA aka Usiminas has extended
its BRL1.90 billion electric energy supply contract with
Companhia Energetica de Minas Gerais aka Cemig through 2014.

Business News Americas relates that the extension of the
contract ensures power supply so that Usiminas can carry out its
US$9.0 billion investment plan aimed at adding six million tons
of steel output capacity at its Ipatinga and Cubatao mills.

                         About Usiminas

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

                          About Cemig

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/  
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                        *     *     *

As reported on March 8, 2007, Moody's Investors Service assigned
corporate family ratings of Ba2 on its global scale and Aa3.br
on its Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


EMI GROUP: Chairman Admits Takeover Has Not Gone to Plan
--------------------------------------------------------
EMI Group Ltd. Chairman Guy Hands conceded that his takeover of
the company has not gone to plan and has taken a far greater
emotional strain than he expected, David Litterick reports for
the Telegraph.

According to the report, Mr. Hands was asked by delegates
attending a private equity conference in Munich, if his first
100 days at the group had gone to plan, Mr. Hands answered, "The
honest answer to that is no."  

"Strategically and financially we are 100 percent there, but
emotionally and physically it has been harder than we thought,"
Mr. Hands was quoted by the Telegraph as saying.

Mr. Hands said it had been a struggle to change 25 years of
tradition of how the music business operates, Telegraph relates.

However, Mr. Hands said the transformation of EMI was on track
and insisted that it would be seen as a success.

"We're getting there - a little slower than I would like, but
I'm always impatient," Mr. Hands said.

As previously reported, Mr. Hand's Terra Firma assumed control
of EMI Group in August 2007.

                        About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

EMI Group's consolidated balance sheet for the fiscal year ended
March 31, 2007, showed GBP1.498 billion in total assets,
GBP2.649 billion in total liabilities and GBP1.151 billion in
shareholders' deficit.

The company issued two profit warnings since January 2007.


ENERGIAS DO BRASIL: Will Invest BRL1.02 Billion This Year
---------------------------------------------------------
Energias do Brasil S.A.'s Finance and Investor Relations Vice
President Antonio Sellare said in a Web cast that the company
will invest BRL1.02 billion this year, Business News Americas
reports.

According to BNamericas, Energias do Brasil's 2008 investment
plan includes BRL585 million for generation and BRL438 million
for distribution.

Mr. Sellare told BNamericas, "Most of the investments in
generation will be related to construction of the Pecem thermo
plant in Ceara state.  In distribution, most of the investments
will go to upgrading and updating our distribution networks."

BNamericas notes that Energias do Brasil invested some BRL581
million in 2007 -- BRL475 million in distribution and BRL106
million in generation.

The reports says that Energias do Brasil's investments in the
coal-fired Porto do Pecem plant will total US$1.2 billion.

Porto do Pecem will start operating  with 720 megawatts of
installed capacity in 2011.  The plant's owners, Energias do
Brasil and partner MPX will sell power to regulated and free
market clients, BNamericas states.

Energias do Brasil S.A. is an integrated utility group
controlled by Energias de Portugal, with activities in
generation, distribution and commercialization of electricity.
Its power distribution subsdiaries Bandeirante, Escelsa and
Enersul represent altogether some 64% of consolidated total
assets, while the power generation assets represent some 31%.

                          *     *     *

In May 2007, Moody's Investors Service placed a Ba2 long-term
corporate family rating on Energias do Brasil.


ENERGIAS DO BRASIL: To Acquire Resende from Omega Engenharia
------------------------------------------------------------
Energias do Brasil S.A. has signed a memorandum of understanding
with engineering company Omega Engenharia to acquire the 500-
megawatt Resende combined cycle construction project in Rio de
Janeiro.

The memorandum of understanding is "subject to due diligence,"
Business News Americas relates, citing Energias do Brasil.

BNamericas relates that Resende has a preliminary environmental
license and "holds a call on the project land."

Funding for the project is still being negotiated, BNamericas
states.

Energias do Brasil S.A. is an integrated utility group
controlled by Energias de Portugal, with activities in
generation, distribution and commercialization of electricity.
Its power distribution subsdiaries Bandeirante, Escelsa and
Enersul represent altogether some 64% of consolidated total
assets, while the power generation assets represent some 31%.

                          *     *     *

In May 2007, Moody's Investors Service placed a Ba2 long-term
corporate family rating on Energias do Brasil.



ENERGIAS DO BRASIL: Registers Plant as Clean Dev't Mechanism
------------------------------------------------------------
Energias do Brasil S.A. has sought for the registration of its  
Sao Joao hydro plant in Espirito Santo as a clean development
mechanism, Business News Americas reports, citing the UN
Framework Convention on Climate Change.

The UNFCCC is an international environmental treaty produced at
the United Nations Conference on Environment and Development.  
The treaty is aimed at reducing emissions of greenhouse gases in
order to combat global warming.

The UNFCCC told BNamericas that Energias do Brasil said its 25-
megawatt plant will lessen carbon dioxide 32,344 tons per year
in 2007 to 2014.

Energias do Brasil said in 2007 that it invested some
BRL90 million in the plant, BNamericas  notes.

The plant has a BRL128 per megawatt-hour supply accord with
Energias do Brasil's unit Escelsa.  The agreement runs through
July 2025, BNamericas states.

Energias do Brasil S.A. is an integrated utility group
controlled by Energias de Portugal, with activities in
generation, distribution and commercialization of electricity.
Its power distribution subsdiaries Bandeirante, Escelsa and
Enersul represent altogether some 64% of consolidated total
assets, while the power generation assets represent some 31%.

                          *     *     *

In May 2007, Moody's Investors Service placed a Ba2 long-term
corporate family rating on Energias do Brasil.


MARFIG FRIGORIFICOS: 2007 Net Income Up 32.1% to BRL84.9 Million
----------------------------------------------------------------
Marfrig Frigorificos e Comercio de Alimentos S.A. reported its
results for the fourth quarter and full year of 2007.

                   Highlights of the Period

Gross revenue reached in 2007 BRL3,726.2 million 55.8% up
compared to BRL2,391 million in 2006.  In the fourth quarter
2007, gross revenue stood at BRL1,207.8 million, 48.1% up on the
fourth quarter 2006 and 33.9% up on the third quarter 2007.

Net revenue totaled BRL3,339.9 million in 2007, 56.8% higher
than in 2006 (BRL2,130.5 million).  In the fourth quarter 2007,
revenue stood at BRL1,089.9 million, 54% up on the BRL707.9
million recorded in the fourth quarter 2006 and 34.4% up on the
BRL810.9 million recorded in the third quarter 2007.

Operating expenses in 2007 grew by 68.3%, to BRL323.3 million,
versus BRL192.1 million in 2006.  In the fourth quarter 2007,
operating expenses as a percentage of net revenue was 9.3%
(BRL100.9 million), versus 9.7% in the fourth quarter 2006
(BRL68.3 million) and 8.8% in the third quarter 2007 (BRL71.8
million).

EBITDA totaled BRL380.2 million in 2007, 53.5% higher than 2006
figure (BRL247.7 million).  In the fourth quarter 2007, EBITDA
reached BRL123.4 million, 14.1% up on the BRL108.1 million
recorded on the fourth quarter 2006 and 37.7% up on the BRL89.6
million recorded in the third quarter 2007.

The EBITDA margin stood at 11.4%, 20 basis points down on the
11.6% recorded in 2006.  In the fourth quarter 2007, the EBITDA
margin came to 11.3%, versus 11% in the third quarter 2007 and
15.3% in the fourth quarter 2006.

Net income rose by 32.1%, from BRL64.3 million in 2006 to
BRL84.9 million in 2007.  In the fourth quarter 2007, net income
stood at BRL26.3 million, 20.2% down on the fourth quarter 2006
(BRL32.9 million) and 17.1% down on the third quarter 2007
(BRL31.7 million).

                    About Marfrig Frigorificos

Headquartered in Sao Paulo, Brazil, Marfrig Frigorificos e
Comercio de Alimentos SA (Bovespa's Novo Mercado: MRFG3) --
http://www.marfrig.com.br/ir-- is one of the largest beef  
processing companies in Brazil.  With processing plants in
Brazil, Argentina and Uruguay, Marfrig processes, prepares
packages and delivers fresh, chilled and processed beef products
to customers in Brazil and abroad, with approximately 50% of its
sales derived from exports.  Along with its beef products, the
company also delivers additional food products that it imports
or acquires in the local market.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 19, 2007, Standard & Poor's Ratings Services has revised
the outlook on Brazil-based meat processing company Marfrig
Frigorificos e Comercio de Alimentos S.A. to negative from
stable.  At the same time, S&P affirmed its 'B+' corporate
credit rating on the company and its US$375 million notes due
2016.  Pro forma fiscal 2007, S&P expects the company to report
about US$800 million of total debt.


USINAS SIDERURGICAS: Extends Electric Supply Pact with Cemig
------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA aka Usiminas has extended
its BRL1.90 billion electric energy supply contract with
Companhia Energetica de Minas Gerais aka Cemig through 2014.

Business News Americas relates that the extension of the
contract ensures power supply so that Usiminas can carry out its
US$9.0 billion investment plan aimed at adding six million tons
of steel output capacity at its Ipatinga and Cubatao mills.

                          About Cemig

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/  
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                         About Usiminas

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America
on Feb. 5, 2008, Moody's Investors Service assigned a Ba1 local
currency rating and an Aa1.br rating on its Brazilian national
scale to the BRL500 million non-guaranteed subordinated
debentures due 2013 to be issued by Usinas Siderurgicas de
Minas Gerais S.A. (aka Usiminas).  Net proceeds from the
debentures issuance will be used to partially fund the
company's capex program.  The rating outlook is stable.

As reported in the Troubled Company Reporter-Latin America
on Jan. 3, 2007, Standard & Poor's Ratings Services revised
its outlook on Brazil-based steelmaker Usinas Siderurgicas
de Minas Gerais S.A., aka Usiminas, to positive from stable.
Standard & Poor's also it affirmed its 'BB+' local and
foreign currency corporate credit ratings on Usiminas.


* BRAZIL: Fitch Eyes Growing Global Demand in Biofuel Sector
------------------------------------------------------------
Fitch Ratings issued a special report, titled "Brazilian
Alternative Fuels: High Oil Prices Plus Cost Advantages Equals
Growth".  The report provides snapshots of the biofuel sector in
Brazil, highlighting major industry drivers, challenges, current
and future players, as well as domestic and global prospects.  
Fitch believes that Brazil's significant competitive advantages
and the growing global demand for alternative fuels should allow
its biofuel industry to increase global production and exports.

Key production factors such as a diverse climate, geography and
geological conditions, an abundance of disposable land coupled
with lower land prices, low labor costs, and government
incentives demonstrate Brazil's many cost competitive advantages
that should allow it to grow its low-cost production.
Furthermore, the increased use of flex-fuel vehicles, as well as
growing requirements on a global level for fuel with an
ethanol/gasoline blend, show potential for continued evolution
in the industry.

Throughout 2008, Fitch expects Brazilian sugar and ethanol
producers will continue to improve, while biodiesel producers
will be more challenged.  "Ethanol and sugar producers'
performance should improve gradually during the 2008/2009
harvest due to a slight recovery in sugar prices, a continued
increase in ethanol sales, and increased participation in the
energy sector." said Fitch's Latin America Corporates Group
Director, Revisson Bonfim.  "Additionally, ethanol producers in
Brazil may eventually benefit from the insufficient natural gas
supply in the short and intermediate term."

Growth potential for biodiesel is expected to remain strong,
driven by favorable macroeconomic policies such as long-term
mandatory and authorized blends of diesel in the domestic
market, along with increasing demand prospects overseas.  
However, producers are likely to experience a difficult year
unless they adjust future auction prices to reflect higher
soybean prices and resolve logistical problems.  "The market
potential for the biodiesel industry in Brazil is strong, but
infrastructure limitations and raw material supply are short-
term problems that producers must address in order to take
advantage of that potential," added Mr. Bonfim.



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

BLUECREST INTERNATIONAL: Proofs of Claim Filing Ends on March 18
----------------------------------------------------------------
Bluecrest International Limited's creditors have until
March 18, 2008, to prove their claims to Linburgh Martin and
John Sutlic, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Bluecrest International's shareholder decided on Feb. 8, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             Linburgh Martin and John Sutlic
             Attn: Kim Charaman
             Close Brothers (Cayman) Limited
             Fourth Floor, Harbor Place
             P.O. Box 1034, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345) 949 8455
             Fax: (345) 949 8499


MAKEPEACE INVESTMENTS: Final Shareholders Meeting is on March 18
---------------------------------------------------------------
Makepeace Investments Ltd. will hold its final shareholders'
meeting on March 18, 2008, in the registered office of the
company.

The shareholders will vote on the final accounts of the company
as well as the procedures to be take to finalize the liquidation
process.

Makepeace Investments' shareholders agreed on Jan. 24, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

              MRS J. Priaulx
              c/o Maples Corporate Services Ltd.
              P.O. Box 309, Ugland House
              Grand Cayman KY1-1104, Cayman Islands


REDWOOD CAPITAL: Proofs of Claim Filing Deadline is March 18
------------------------------------------------------------
Redwood Capital VIII, Ltd.'s creditors have until
March 18, 2008, to prove their claims to Scott Aitken and Sylvia
Lewis, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Redwood Capital's shareholder decided on Jan. 29, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             Scott Aitken and Sylvia Lewis
             P.O. Box 1109, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: 949-7755
             Fax: 949-7634


REDWOOD CAPITAL VII: Proofs of Claim Filing is Until March 18
-------------------------------------------------------------
Redwood Capital VII, Ltd.'s creditors have until March 18, 2008,
to prove their claims to Scott Aitken and Sylvia Lewis, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Redwood Capital's shareholder decided on Jan. 29, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             Scott Aitken and Sylvia Lewis
             P.O. Box 1109, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: 949-7755
             Fax: 949-7634


REDWOOD CAPITAL IX: Proofs of Claim Filing Deadline is March 18
---------------------------------------------------------------
Redwood Capital IX, Ltd.'s creditors have until March 18, 2008,
to prove their claims to Scott Aitken and Sylvia Lewis, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Redwood Capital's shareholder decided on Jan. 29, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             Scott Aitken and Sylvia Lewis
             P.O. Box 1109, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: 949-7755
             Fax: 949-7634



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

CROWN WORLDWIDE: Moody's Assigns Provisional Ba2 Debt Rating
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
corporate family rating to Crown Worldwide Holdings Ltd. and a
provisional (P)Ba2 rating to the company's proposed US$125-
US$150 million 5-year senior notes.  The outlook on both ratings
is stable.

The bond proceeds will be used to refinance a US$85 million
bridge loan due March 24, with the remainder to be used for
capital expenditure.

This is the first time that Moody's has assigned ratings to
Crown Worldwide, and the rating agency expects to affirm the
ratings and remove them from their provisional status upon
successful completion of the bond issuance.  Failure to do so or
arrange appropriate long term funding will result in a lower
rating in view of the high refinancing risk faced by the
company.

"The (P)Ba2 ratings recognise Crown's strong brand recognition
in Asia and, to a lesser extent, the UK, its diversified and
strong customer base, and its long operating track record.  The
stability and profitability of its document storage business
provide further support to the ratings," says Moody's lead
analyst, Elizabeth Allen.

"While the company's core businesses are very cash generative,
Crown's strategy to strengthen its portfolio of self-owned
facilities is likely to result in fairly high capital spending
in the coming two years, " adds Ms. Allen.  "As a result, free
cash flow could turn negative and any improvement in credit
ratios would then have to come from improvement in profit
generation."

Furthermore, as part of the company's expansion strategy, small
to medium-sized acquisitions in selected businesses and
locations are also likely.

Crown Worldwide reported adjusted debt/EBITDA of 4.5 and
adjusted EBITDA interest coverage of 3.9 for Fiscal Year 2007.  
Moody's expects these ratios to stay at similar levels in the
next two years.  While such a financial profile is slightly on
the weak side, the ratings are supported by the company's
relatively stable business profile, low execution risk
associated with its growth strategy, and competitive position in
its core markets.

The rating further incorporates the privately-owned nature of
Crown Worldwide and its parent group (Crown & Grace Group), the
existence of closely-related businesses owned by the parent, and
intra-group transactions.  Such a group structure also limits
transparency and corporate governance, and disclosure standards
are generally inferior to listed companies.  However, Moody's
draws comfort from the company's long operating track record,
the absence of dividend payment in the last few years and good
reputation in the market.

A rating upgrade will be considered if the company 1) adheres to
strong financial discipline as it continues to expand; 2)
improves transparency and corporate governance; and/or 3)
strengthens its financial profile such that adjusted debt/EBITDA
falls below 3.0-3.5 and/or adjusted EBITDA interest coverage
exceeds 4.5-5.0 on a sustainable basis.

On the other hand, downward rating pressure could emerge if 1)
there is evidence of material diversion of funds to related
group companies; 2) the company adopts an aggressive acquisition
strategy; and/or 3) there is a material deterioration in its
financial profile including adjusted debt/EBITDA exceeding 4.5-
5.0 and adjusted EBITDA interest coverage falling below 2.5-3.0.

Headquartered in Wanchai, Hong Kong, Crown Worldwide Holdings
Ltd. -- http://www.crownworldwide.com/-- offers relocation and  
mobility services as well as record storage and management
services to multinational organizations and private individuals.  
It is the flag-ship company of the privately-held Crown & Grace
Group.  It also offers value-added logistics services in a
number of areas.  The company has a global footprint of more
than 200 offices in over 50 countries, including Argentina,
Brazil, Chile, Costa Rica and Mexico.


DIRECTV GROUP: Chilean Subscribers Increase 30% in 2007
-------------------------------------------------------
The DirecTV Group Inc.'s Chilean Operations Manager Francisco
Mandiola told Business News Americas that the firm's subscribers
increased 30% to 110,000 in Chile last year, compared to 2006.

The DirecTV Group's clients increased 23% in 2006, BNamericas
says, citing Mr. Mandiola.

BNamericas says that The DirecTV Group has a 10% market share in
Chile, with its Top of Mind unit increasing to 25% in 2007, from
15% in 2006, and will.  The DirecTV Group expects it to increase
over 30% in 2008.

Mr. Mandiola told BNamericas that the increase in subscribers is
due to the breaking of the monopoly of cable operator VTR.

According to BNamericas, Mr. Mandiola said that the local market
for pay television subscribers is around 1.1 million with
another 200,000 or so connected illegally.

The DirecTV Group has some five million subscribers in Latin
America.

Mr. Mandiola told BNamericas that The DirecTV Group won't offer
Internet or enter the triple play market.

BNamericas notes that Mr. Mandiola said The DirecTV Group has a
solid client base that are willing to pay a bit more than the
firm's competitors for:

          -- better quality content,
          -- benefits of pay per view, and
          -- ability to record programs.

"We made a decision a long time ago not to get involved in the
broadband business as a provider necessarily and we maintain
that at the moment because I think our forte is television.  We
notice that our clients don't seem to mind.  We always say hire
the best provider for broadband and the best provider for
telephony with whomever you want.  The best provider for pay TV
is us, make your choice.  I don't think all of the market is
going there [towards convergence], I think parts of the market
are going there.  It depends on the market, if it's a
restrictive market with inflation that might be an issue.  But
Chile's higher income brackets have grown in the past few years
and people are spending more money and looking to spend more...
we have very good retention rates; they like the product," Mr.
Mandiola told BNamericas.

Headquartered in El Segundo, California, The DirecTV Group Inc.
(NASDAQ:DTV) -- http://www.DirecTV.com/-- provides digital
television entertainment in the United States and Latin America.
The company's two business segments, DirecTV U.S. and DirecTV
Latin America, are engaged in acquiring, promoting, selling
and/or distributing digi]tal entertainment programming via
satellite to residential and commercial subscribers.  DirecTV
Holdings LLC and its subsidiaries are a provider of direct-to-
home digital television services and a provider in the multi-
channel video programming distribution industry in the United
States.  DTVLA is a provider of DTH digital television services
throughout Latin America.  In January 2007, the company acquired
Darlene Investments LLC's 14.1% equity interest in DirecTV Latin
America, LLC.  DirecTV Latin America LLC is a multinational
company, which, as a result of this transaction, became a wholly
owned subsidiary of the company.  The DIRECTV Latin America
segment provides digital direct-to-home digital television
services to approximately 1.6 million subscribers in 27
countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                           *     *     *

The DIRECTV Group Inc. still carries Standard & Poor's Ratings
Services' 'BB' corporate credit and 'BB-' senior unsecured debt
rating given on April 3, 2007.  The outlook remains stable.



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

CHIQUITA BRANDS: In Strategic Agreement With ESCOM & Matanuska
--------------------------------------------------------------
Chiquita Brands International, Inc. disclosed long-term
strategic associations in Africa for the export of bananas
to the company's core European markets from Angola with ESCOM, a
member of Grupo Espirito Santo, and from Mozambique with
Matanuska Africa Limited.  With commercial exports expected to
start in 2010, each project is expected to create approximately
3,000 direct jobs.

These projects in Angola and Mozambique allow the company to
further strengthen the diversity of its geographic sourcing
portfolio, and to provide, upon project completion, an expected
20 to 30 percent of the company's premium quality fruit volume
for European markets, on a tariff free basis.  The decision to
expand Chiquita's African presence was based on the company's
assessment that sourcing from Africa would continue to be cost-
competitive, even if there are future significant reductions in
the import tariff rate applied on Latin American bananas
imported into the European Union.

"We believe that starting banana production in Angola and
Mozambique is an important strategic step that will be very
cost-competitive regardless of the eventual outcome of the
challenges to the EU tariff import regime," said chairperson and
chief executive officer, Fernando Aguirre.  "We are confident
that by leveraging our technical knowledge with the expertise of
our new partners, whose core business is based on a strong
history of operating success in Africa, we will ensure the
reliable production of high-quality, Chiquita-branded fruit.  
These projects will significantly increase our sourcing from
tariff-free ACP countries, reaching an estimated 20 to 30
percent of our European volume of premium bananas.  We are also
pleased to contribute to economic opportunities in Africa
through the creation of new jobs and investment with partners
that are committed to sustainable development and corporate
responsibility."

The agreement signed in Benguela, Angola, marks the debut of
Chiquita in Angola and of ESCOM in the agricultural sector.  
Contingent upon necessary governmental approvals, the
Agricultural Development Company of Angola, a subsidiary of
ESCOM group and the Angolan company Hipergesta, will establish
banana production in the province of Benguela, with an
investment of more than US$60 million (EUR40 million) provided
by the Agricultural Development Company of Angola.  In addition,
Chiquita recently entered into an agreement with Matanuska
Africa Limited for a similar project that is already underway to
develop banana production in Mozambique.

While Chiquita will not provide capital for either project, the
company will support the projects with its expertise in farm
development, good agricultural practices, training of local
workers, logistics, marketing and distribution to European
markets of premium Chiquita branded product.  Both operations
have committed themselves to meeting Chiquita's high standards
of environmental, labor, social and food safety performance.  
The first commercial exports to Europe are expected in 2010,
after planting anticipated to begin later this year.

                         ESCOM Group

ESCOM -- http://www.escom.pt-- a member of the Espirito Santo  
group, is currently one of the largest private foreign investors
in Angola, operating in the areas of mining, real estate,
energy, aviation, fishery and procurement.  It also operates in
the public works sector in Congo-Brazzaville and in the
provision of services in South Africa and Mozambique.  ESCOM
promotes sustainable development at an economic, social and
environmental level by bringing sustainable development to the
people and countries it serves.

                     Matanuska Africa Ltd.

Matanuska Africa Limited is a partnership comprised of Matanuska
Mauritius and Rift Valley Holdings, who have over 40 years
experience growing bananas in the region for sale into local
African markets as well as extensive agricultural experience in
organic fair trade tea, coffee, coconut, and sustainable
forestry.

                     About Chiquita Brands

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE:CQB) -- http://www.chiquita.com/-- operates as an  
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 80 countries.  It sells packaged salads under the Fresh
Express brand name primarily in the United States.  The company
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.  Chiquita operates its business
through three segments: the banana segment includes the
sourcing, transportation, marketing and distribution of bananas;
the fresh select segment includes the sourcing, marketing and
distribution of whole fresh fruits and vegetables other than
bananas, and the fresh cut segment includes value-added salads,
foodservice and fresh-cut fruit operations.  Remaining
operations, reported in other, primarily consist of processed
fruit ingredient products, which are produced in Latin America
and sold in other parts of the world, and other consumer
packaged goods.

Chiquita employs approximately 25,000 people operating in more
than 70 countries worldwide, including Belgium, Columbia,
Germany, Panama, Philippines, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2008, Standard & Poor's Ratings Services assigned its
'CCC' senior unsecured rating to Chiquita Brands International
Inc.'s US$200 million convertible senior notes due 2016.  Net
proceeds from the issuance were used to repay a portion of the
US$375 million term loan C (US$132 million outstanding at
Dec. 31, 2007, pro forma for this notes offering) of its senior
secured credit facility.


CHIQUITA BRANDS: Terrorism Lawsuits Won't Hurt Firm, Experts Say
----------------------------------------------------------------
Lawsuits on Chiquita Brands International Inc.'s alleged
involvement in terrorism won't stop consumers from purchasing
its bananas, WTOL News reports, citing legal and business
experts.

As reported in the Troubled Company Reporter-Latin America on
Nov. 16, 2007, Colombian terrorism victims filed in the U.S.
District Court in Manhattan an almost US$8-billion lawsuit
against the U.S. banana firm Chiquita Brands International for
paying the terrorist group The United Self-Defense Forces of
Colombia.  The Colombian government said that it would seek
the Chiquita Brands International officials' extradition if they
had broken local law after the company made a US$25-million
settlement for paying off terrorists.  The U.S. federal court
ordered Chiquita Brands to pay US$25 million in fines for paying
millions of dollars to Colombian terrorist groups from 1997 to
2004.  Chiquita Brands pleaded guilty to paying some US$1.7
million to Colombian paramilitary group United Self-Defense
Committees of Colombia, explaining that the payments were made
by a former unit due to threats to the safety of workers.  The
Honorable Royce Lamberth authorized an accord between Chiquita
Brands and the US government in March 2007 that spared company
officials.  Theprosecution also agreed not to name or prosecute
Chiquita Brands executives who were involved in paying the
terrorist groups.  Colombian officials were angry the
settlement.  The fine was small compared to other cases.

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE:CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 80 countries.  It sells packaged salads under the Fresh
Express brand name primarily in the United States.  The company
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.  Chiquita operates its business
through three segments: the banana segment includes the
sourcing, transportation, marketing and distribution of bananas;
the fresh select segment includes the sourcing, marketing and
distribution of whole fresh fruits and vegetables other than
bananas, and the fresh cut segment includes value-added salads,
foodservice and fresh-cut fruit operations.  Remaining
operations, reported in other, primarily consist of processed
fruit ingredient products, which are produced in Latin America
and sold in other parts of the world, and other consumer
packaged goods.

Chiquita, with revenues of approximately $4.7 billion for the
fiscal year ended Dec. 31, 2007, employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 5, 2008, Moody's Investors Service affirmed Chiquita
Brands International, Inc.'s B3 corporate family and B3
probability of default ratings.  Moody's said the rating outlook
is negative.



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

HILTON HOTELS: Names Steven Goldman as Real Estate President
------------------------------------------------------------
Hilton Hotels Corporation has appointed Steven R. Goldman as
President, Global Development and Real Estate.  Mr. Goldman is
currently President and Chief Executive Officer of Sunstone
Hotel Investors, a Real Estate Investment Trust that owns
upscale hotels operated under various nationally recognized
brands.  Mr. Goldman will join Hilton as part of its new senior
leadership team, which was announced today by Hilton’s President
and Chief Executive Officer, Christopher J. Nassetta.

Mr. Nassetta commented: “I am thrilled to welcome Steve to
Hilton at what is a very exciting time in the company’s history.  
Since I joined the company three months ago, I have become even
more convinced of the tremendous opportunity we have to drive
the company's growth, particularly internationally, to create
the global leader in our industry.  I am confident that, given
Steve’s strong experience and impressive track record in the
industry, he will be a great asset to our company.”

Hilton also announced three promotions within the company.  Ian
Carter, the current CEO of Hilton International, will assume the
newly-created role of President, Global Operations, with
responsibility for global operations, sales and revenue
management.  Mark Wang, the current Head of Hilton Grand
Vacations, Asia, has been promoted to President, Hilton Grand
Vacations, and will oversee all global timeshare operations.  
Additionally, Tim Harvey will take on an expanded role and in
addition to being CIO will now oversee Shared Brand Services.

Mr. Nassetta added: “These appointments reflect the great pool
of talent we have within the company, as well as our ability to
attract best-in-class talent to the business.  I am pleased to
have the majority of my senior leadership team now in place and
I look forward to working together as we position Hilton as the
premier global hospitality company.”

An industry veteran, Steven R. Goldman has been involved in all
aspects of real estate acquisition, finance, development, and
operations for more than 25 years.  He will join Hilton Hotels
from Sunstone Hotel Investors, where he has been President, CEO,
and a member of the Board of Directors, since March 2007.

Prior to Sunstone, Mr. Goldman was Executive Vice President
Acquisitions and Development and Chief Investment Officer of
Global Hyatt Corporation, where he led the global development
efforts and was responsible for capital investment for all
Hyatt-owned real estate worldwide.

Mr. Goldman has also held senior management positions with
Starwood Hotels and Resorts Worldwide, the Walt Disney Company,
and Starwood Capital Group, a Connecticut-based private real
estate investment firm.

Mr. Goldman received his Bachelor of Science from Cornell
University and his MBA from the University of Chicago.

                    About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,    
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


SIRVA INC: Ct. OKs Motion to Approve Equity Trading Restrictions
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York  
approved notification and hearing procedures that must be
satisfied before certain transfers of, or claims of
worthlessness with respect to, common stock or preferred stock
of SIRVA, Inc., or of any beneficial interest therein are deemed
effective.

The restrictions and procedures set forth in the Interim Order
Order Establishing Notification and Hearing Procedures for
Transfers of, or Claims of Worthlessness with Respect to,
Certain Equity Securities will remain in full force and effect.

Judge James M. Peck ruled that any purchase, sale, or other
transfer of, or declaration of worthlessness, with respect to
the Debtors' equity securities, or of any beneficial interest in
violation of the procedures in the Interim Order, will be null
and void ab initio.

The Debtors have incurred, and are currently incurring,
significant net operating losses.  The Debtors can carry forward
their NOLs to (i) set off future taxable income for up to 20
taxable years, reducing future aggregate tax obligations, and
(ii) set off taxable income generated by transactions completed
during the pendency of their Chapter 11 cases, Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, in New York, the Debtors'
proposed counsel, says.
       
However, Mr. Cieri notes that unrestricted trading of Equity
Securities could adversely affect the Debtors' NOLs if:
       
       -- too many 5% or greater blocks of Equity Securities
          are created; or
       
       -- too many shares are added to or sold from those
          blocks so that, together with previous trading by 5%
          shareholders during the preceding three-year period,
          an ownership change within the meaning of Section
          382 of the Internal Revenue Code of 1986 is
          triggered before the Debtors' emergence from Chapter
          11 and outside the context of a confirmed plan of
          reorganization.
       
Likewise, if a 50% or greater shareholder were, for federal or
state tax purposes, to treat its Equity Securities as becoming
worthless before the Debtors emerge from Chapter 11 protection,
a claim could trigger an ownership change, thus triggering an
adverse affect on the Tax Attributes, Mr. Cieri says.
       
A "50% Shareholder" refers to any person or entity that at any
time since September 28, 2003, has beneficially owned either 50%
or more of SIRVA Common Stock or 50% or more of SIRVA Preferred
Stock.
       
To protect and preserve their valuable tax attributes, the
Debtors sought and obtained the Court's authority, on an interim
basis, to require any entity who currently is or becomes a
"Substantial Shareholder" to file with the Court a declaration
of its status.  
       
A "Substantial Shareholder" refers to any entity that has
Beneficial Ownership of either (a) at least 3,400,000 shares of
SIRVA, Inc., common stock, or (b) at least $3,400,000 face value
of Preferred Stock.
       
Prior to effectuating any transfer of Equity Securities that
would result in an increase or decrease in the amount of Equity
Securities of which a Substantial Shareholder has Beneficial
Ownership or would result in an entity becoming a Substantial
Shareholder, that Substantial Shareholder must file with the
Court an advance written declaration of the intended transfer.
       
If the Debtors object to a transfer, that transfer cannot
proceed unless the Debtors withdraw their objection or unless
that transfer is approved by a final Court order.  If the
Debtors do not object to a transfer within a 30-day period, that
transfer can proceed.  
       
The Debtors also require any person or entity that currently is
or becomes a 50% Shareholder to file with the Court a notice of
his status.  
       
Prior to filing any federal or state tax return asserting any
deduction for worthlessness of the Equity Securities for the tax
year ending before the Debtors' emergence from Chapter 11, that
50% Shareholder must file with the Court an advance written
notice of the intended claim of worthlessness.
       
If the Debtors object to the claim of worthlessness, the claim
filing would not be permitted unless approved by a final and
non-appealable Court order.  If the Debtors do not object, the
filing may proceed.        
                     About SIRVA Inc.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation     
solutions to a well-established and diverse customer base.  The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.  
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers.  SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement.  The company has operation in Costa Rica.

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  At its bankruptcy filing,
the company reported total assets of US$924,457,299 and total
debts of US$1,232,566,813 for the quarter ended Sept. 30, 2007.

(Sirva Inc. Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)



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

PETROLEOS DE VENEZUELA: Cuban Plant's Processing is on Schedule
---------------------------------------------------------------
Processing at the Cienfuegos oil refinery is on schedule,
Communist party weekly newspaper Fifth of September reports,
citing the plant's Expansion Work Director Julio Sanchez.
Reuters notes that Petroleos de Venezuela's joint venture with
CubaPetroleo, PDV-CUPET, owns the refinery.

Fifth of September relates that the Cienfuegos plant is
continuing its satisfactory start-up.

The plant started processing crude on Jan. 8 and had reached its
initial capacity of 65,000 barrels per day, Mr. Sanchez told the
paper.

As of March 2, the plant had processed 2,239,263 barrels, the
report says.

The plant would start producing gasoline on March 21,
Mr. Sanchez told the press.

According to Reuters, Mr. Sanchez said the plant was currently
producing:

          -- liquid gas,
          -- naphtha,
          -- jet fuel,
          -- diesel, and
          -- fuel oil.

Reuters relates that the plant was expected to produce:

          -- 48% fuel oil,
          -- 18% diesel,
          -- 12% gasoline,
          -- 10% jet fuel, and
          -- 10% liquid gas.

The US$1.3 billion expansion would get under way in 2009 and go
into operation in 2013, Reuters says, citing Mr. Sanchez.

"It will have the most modern conversion plants, that generate
more profit, designed to extract byproducts for the
petrochemical industry," Mr. Sanchez commented to Reuters.

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.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                           *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.



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

JETBLUE AIRWAYS: Adds US-Dominican Republic Daily Nonstop Flight
----------------------------------------------------------------
JetBlue Airways has launched its 20th route between the U.S. and
the Caribbean/Atlantic region with the only daily nonstop
service between Orlando, Florida, USA, and Santo Domingo,
Dominican Republic.  

JetBlue Airways will also launched Orlando's only daily nonstop
service to Cancun, Mexico, on March 13.  JetBlue Airways offers
more Caribbean flights and destinations from Orlando than any
other airline.

JetBlue Airways is offering fares beginning at US$99 each way
between Orlando and Santo Domingo.  JetBlue Airways' low fares
include:

          -- comfy leather seats,
          -- legroom in coach,
          -- personal seat back televisions,
          -- unlimited name-brand snacks, and
          -- good customer service from booking to baggage
             claim.

JetBlue Airways has 36 daily flights from its U.S. gateway
cities to:


          -- Aguadilla, Puerto Rico;
          -- Aruba;
          -- Bermuda;
          -- Cancun;
          -- Nassau, Bahamas;
          -- Ponce, Puerto Rico;
          -- Puerto Plata, Dominican Republic;
          -- San Juan, Puerto Rico;
          -- Santiago, Dominican Republic;
          -- Santo Domingo, Dominican Republic; and
          -- St. Maarten, Netherlands Antilles.

"This month we're pleased to be adding nonstop service from
Orlando to two of our customers' favorite destinations," said
Marty St. George, JetBlue Airways' vice president of network
planning.  "With today's new flights to the Dominican Republic,
plus next week's launch of service to Cancun, JetBlue is
committed to being your number one choice for travel to the
Caribbean region by consistently delivering great fares and an
unmatched level of customer service."

"We are very excited about this new route connecting Santo
Domingo to Orlando," said Ken Hassard, Commercial Director for
AERODOM, operator of the Santo Domingo airport.  "This will be
welcome news to thousands of Dominicans who travel to Orlando
each year for vacations or to visit family and friends, many who
have discovered the excellent shopping and other attractions of
central Florida.  Likewise, it will draw thousands more U.S.
visitors to Santo Domingo, one of the Caribbean's most popular
and hospitable destinations."

Based in Forest Hills, New York, JetBlue Airways Corporation
(Nasdaq:JBLU) --  http://www.jetblue.com/-- is a passenger
airline that provides customer service on point-to-point routes.
As of Feb. 14, 2007, JetBlue operated approximately 502 daily
flights.  The company serves 50 destinations in 21 states,
Puerto Rico, Mexico and the Caribbean.  The company operates a
fleet of 98 Airbus A320 and 23 Embraer 190 aircrafts.  The
company's operations primarily consists of transporting
passengers on its aircraft, with domestic United States
operations, including Puerto Rico, accounting for approximately
97.1% of its capacity during the year ended Dec. 31, 2006.

                          *     *     *

Moody's Investor Service placed JetBlue Airways Corporation's
long-term corporate family and probability rating at 'B3' and
its senior unsecured debt rating at 'Caa2' in May 2007.  The
ratings still hold to date with a negative outlook.



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

TECO ENERGY: Trimble Implements GIS Service for TECO Peoples Gas
----------------------------------------------------------------
Trimble has completed the implementation of its Geographic
Information Systems UtilityCenter(R) uaFM(TM) information
technology module for TECO Peoples Gas.

Peoples Gas previously selected the UtilityCenter software suite
to help streamline business processes and improve the use of GIS
data in the company's Orlando and Lakeland Divisions.  The
increased efficiency and return on investment in those two
divisions led Peoples Gas to expand the implementation of
Trimble's UtilityCenter software solution throughout its 15
divisions across Florida.

"We began to reap the benefits of this modular workflow
automation suite of tools in our Orlando and Lakeland divisions
almost immediately, and the decision to expand the technology
into each of our 15 divisions seemed like the logical next
step," said TECO Peoples Gas engineering services general
manager, Mark Haney.  "Put simply, the technology is making both
our field workers and our back-office support teams more
efficient, more productive and better able to use the data in
our GIS."

Trimble has also supplied a broad suite of UtilityCenter modules
to Peoples Gas, including uaField(TM) for field engineering and
editing of the gas system network model; uaDispatch(TM) for Web-
based deployment and analysis of natural gas-related trouble
calls and dispatch of service crews for restoration activities;
uaView(TM) for field map view, query and redlining capabilities,
uaMaintenance(TM) for computerized maintenance management of gas
facilities; and uaFM for GIS-based facility management.

The implementation involved converting existing MicroStation
data to ESRI ArcGIS format, integration of GIS data from various
local agencies in 29 Florida counties, and parcel-based geo-
coding of existing customer locations. Personnel ranging from
front-office clerks to management and field service personnel
are now able to utilize UtilityCenter and its associated
modules.

"Peoples Gas is committed to meeting the needs of its customers
throughout Florida, and UtilityCenter's comprehensive, scalable
workflow capabilities can enable them to provide improved
customer service, more effectively utilize their GIS data and
greatly improve the overall efficiency of their daily
operations," said Trimble's Utilities Field Solutions group
general manager, Katherine Sandford.

Trimble's UtilityCenter software is currently used by more than
100 electric, gas and water/wastewater utilities throughout the
United States.

Peoples Gas is Florida's leading natural gas provider, with
offices in major metropolitan areas serving more than 320,000
commercial, industrial and residential customers.

                          About Trimble

Trimble's Utilities Field Solutions group --
http://www.trimble.com/utilities_enterprise_solutions.shtml--  
specializes in implementing enterprise mobile workforce,
computerized maintenance management (CMM), asset management,
field data collection, staking and inspection solutions for
electric, gas, water/wastewater and solid waste utilities.  
Trimble's UtilityCenter and Fieldport enterprise solutions
automate utility operations which can lead to increased field
worker productivity, enhanced customer service and faster
emergency response.

                     About TECO Energy Inc.

Headquartered in Tampa, Florida, TECO Energy Inc. (NYSE:TE) --
http://www.tecoenergy.com/-- is an integrated energy-related  
holding company with regulated utility businesses, complemented
by a family of unregulated businesses.  Its principal
subsidiary, Tampa Electric Company, is a regulated utility with
both electric and gas divisions (Tampa Electric and Peoples Gas
System).  Other subsidiaries are engaged in waterborne
transportation, coal and synthetic fuel production and electric
generation and distribution in Guatemala.

                         *     *     *

On Oct. 30, 2007, Fitch Ratings assigned a BB+ long-term issuer
default rating on Teco Energy Inc.  Fitch placed the outlook on
rating watch positive.



=========
H A I T I
=========

DYNCORP INT'L: Bags US$30MM Construction Project in Afghanistan
---------------------------------------------------------------
DynCorp International Inc. has been awarded by the U.S. Army
Corps of Engineers for a US$30.3 million construction project in
Konduz, Afghanistan.

The work will cover a 207-acre site, and will provide a full
range of facilities to accommodate up to 4,000 Afghan National
Army troops.  Major facilities include infantry barracks, dining
areas, classroom/training areas, power, water, wastewater
systems, a road network, maintenance facilities, and fuel
storage/handling.  Work will begin in March and will take 300
days to complete.

This is the second contract the Army Corps of Engineers has
awarded to DynCorp International in recent months for
construction in Afghanistan.  In December 2007, DynCorp
International was awarded a contract – initially valued at US$49
million and since increased to US$53 million – to build a new
ANA garrison in Jalalabad.  That project is currently under way.

DynCorp International Inc. -- http://www.dyn-intl.com/-- (NYSE:     
DCP) through its operating company DynCorp International LLC, is
a provider of specialized mission-critical technical services,
mostly to civilian and military government agencies.  It
operates major programs in law enforcement training and support,
security services, base operations, aviation services and
operations, and logistics support worldwide.  Headquartered in
Falls Church, Virginia, DynCorp International LLC has
approximately 14,600 employees worldwide including Haiti.

                        *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.



===============
H O N D U R A S
===============

CINEMARK HOLDINGS: Earns US$88.9 Million in Year Ended Dec. 31
--------------------------------------------------------------
Cinemark Holdings Inc. reported net income of US$88.9 million
for the year ended Dec. 31, 2007,  compared to net income of
US$0.8 million in 2006.

Net loss before taxes for the three months ended Dec. 31, 2007,
was US$11.6 million.  As a result of the interim period income
tax allocations required under U.S. generally accepted
accounting principles, the company recorded income tax expense
of US$42.2 million for the three months ended Dec. 31, 2007.  
The impact of the interim period income tax allocation combined
with asset impairment charges of US$26.2 million for the three
months ended Dec. 31, 2007, were the primary reasons for the
company’s net loss after taxes of US$53.8 million.  The
effective tax rate for the three months ended Dec. 31, 2007, was
(364.8%).  The company’s effective tax rate for the year ended
Dec. 31, 2007, was 55.7%.  Excluding goodwill impairment charges
of approximately US$67.7 million, which are not deductible for
income tax purposes, the company’s effective tax rate for the
year ended Dec. 31, 2007 was approximately 41.7%.

Cinemark Holdings, Inc.’s admissions revenues increased 2.6% to
US$252.4 million and concession revenues increased 2.7% to
US$118.6 million for the three months ended Dec. 31, 2007,
primarily related to a 7.5% increase in average ticket prices
and a 7.3% increase in concession revenues per patron.  Total
revenues for the three months ended December 31, 2007 increased
to US$393.3 million.

“Cinemark delivered consistent revenue growth and industry-
leading financial performance in 2007 due to the efficient
operation of our theaters, our continued focus on organic
expansion in domestic and international markets and the
integration of the Century Theatres,” stated Alan Stock,
Cinemark’s Chief Executive Officer.  “We are pleased with our
worldwide performance for the quarter and experienced another
quarter of outperformance with our international business.  For
2008, we believe there is a solid slate of movies in the
pipeline.  Additionally, we operate in an industry that provides
one of the lowest cost forms of out-of-home entertainment, and
in light of a weakening economy, we expect our industry to show
resilience as it has exhibited in past recessionary periods.  We
remain dedicated to improving our profitability, developing our
new theatre pipeline, and positioning Cinemark to capitalize on
industry innovations, such as digital cinema, to return value to
shareholders over the long term.”

Cinemark Holdings, Inc.’s revenues for the year ended
Dec. 31, 2007 increased 37.9% to US$1,682.8 million from
US$1,220.6 million for the year ended Dec. 31, 2006.  During the
year ended Dec. 31, 2007, admissions revenues increased 43.0%
and concession revenues increased 37.4%.  The increases were
primarily related to a 19.3% increase in attendance; a 20.0%
increase in average ticket prices; and a 15.2% increase in
concession revenues per patron, all of which were favorably
impacted by the acquisition of Century Theatres, Inc. that
occurred on Oct. 5, 2006.  On a pro forma basis giving effect to
the Century Acquisition as if it had occurred on Jan. 1, 2006,
the company’s total revenues for the year ended Dec. 31, 2007,
increased 4.4%, admissions revenues increased 5.6% and
concession revenues increased 6.0%.  The increases were
primarily related to increases in average ticket price and
concession revenues per patron.

During the year ended Dec. 31, 2007, the company repurchased
approximately US$332.1 million aggregate principal amount of its
9% senior subordinated notes, primarily utilizing the proceeds
received upon the sale of shares in connection with the National
CineMedia, Inc. initial public offering, and repurchased
US$69.2 million aggregate principal amount at maturity of its 9
¾% senior discount notes utilizing the proceeds from its initial
public offering.  The company recorded a loss on early
retirement of debt of approximately US$13.5 million related to
these note repurchases.

On Dec. 31, 2007, the company’s aggregate screen count was
4,665, with screens in the United States, Canada, Mexico,
Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador,
Nicaragua, Costa Rica, Panama and Colombia.  As of Dec. 31,
2007, the company had signed commitments to open 13 new theatres
with 147 screens during 2008 and open five new theatres with 78
screens subsequent to 2008.

Cinemark Holdings, Inc. -- http://www.cinemark.com/ -- a leader
in the theatre exhibition industry, operates 395 theaters and
4,479 screens in 37 states in the United States and
internationally in 13 countries, including Argentina, Brazil,
Chile, Colombia, Costa Rica, Ecuador, El Salvador, Honduras,
Mexico, Nicaragua, Panama, Peru and Taiwan.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2007, Standard & Poor's Rating Services affirmed its
'B' corporate credit rating on Cinemark Holdings Inc. and
subsidiary Cinemark Inc., which S&P analyzed on a consolidated
basis.  At the same time, S&P removed the ratings from
CreditWatch with positive implications, where they were placed
on May 17, 2007.  S&P said the outlook is positive.



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

NATIONAL COMERCIAL: Keeps Michael Hylton as Legal Representative
----------------------------------------------------------------
Jamaica's High Court Judge Roy Jones has ruled in favor of the
National Commercial Bank Jamaica Limited in a lawsuit investment
scheme Olint Limited filed to remove Michael Hylton from the
bank's legal team, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Lain America on
Feb. 20, 2008, Olint sought to bar Mr. Hylton from representing
the National Commercial.  Olint took out an injunction against
National Commercial on Jan. 11, when the bank decided to close
the investment club's accounts for being allegedly an
unregulated company operating in breach of the Securities Act.  
Olint said that Mr. Hylton was a former solicitor general and
chairperson of the Financial Services Commission, which had
issued a cease-and-desist order on Olint Corporation in
March 2006.  Olint has concerns that Mr. Hylton was a member of
the FSC's board when that commission issued the cease-and-desist
order.

Olint's lawyers told Radio Jamaica that they will be filing an
appeal on the court's decision by April 7.

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited  -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the UK.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Standard & Poor's Rating Services affirmed its
'B/B' counterparty credit and CD ratings on National Commercial
Bank Jamaica Ltd.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited: long-term
foreign and local currency Issuer Default at 'B+'; short-term
foreign and local currency rating at 'B'; individual at 'D'; and
support at 4.  The rating outlook on the bank's ratings is
stable, in line with Fitch's view of the sovereign's
creditworthiness.



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

BAUSCH & LOMB: Picks Paul Sartori as Corporate Vice President
-------------------------------------------------------------
Bausch & Lomb Inc. has appointed Paul H. Sartori, Ph.D., as its
corporate vice president and chief human resources officer
effective March 17.

Dr. Sartori has more than two decades of experience in the
healthcare, pharmaceutical and diagnostic industries.  Most
recently, he was senior vice president of organizational
development and human resources for Boston-based BioTrove, Inc.

From 2000 to 2007, he was a partner and principal at CHM
Partners International, LLC, the international executive search
and management consulting firm.  He has also served as executive
vice president, External Affairs and Human Resources at
Novartis; senior vice president of Human Resources and
Communications at CIBA-Geigy; and global vice president of Human
Resources at CIBA-Corning Diagnostics.  In addition, Dr. Sartori
has held teaching and administrative roles at the University of
Virginia and James Madison University.

“I’ve known Paul for more than 20 years, and have great respect
for his business judgment,” said Gerald M. Ostrov, Bausch & Lomb
chairman and CEO.  “He has the ability to develop superior
talent, and a sterling reputation for working with organizations
to improve their effectiveness.  We’re fortunate that he’s
chosen to join Bausch & Lomb as we enter an extended period of
growth.”

Dr. Sartori received his M.A.T. in history, Ph.D. in education
and MBA from the University of Virginia, and his B.A. in history
from Northeastern University.  He is a member of the Board of
Trustees of the Curry School of Education Foundation at the
University of Virginia, and a member of the Advisory Board for
the University of Virginia’s Partnership for Leaders in
Education.  He and his wife will reside in Rochester, N.Y.

David R. Nachbar, current chief human resources officer for
Bausch & Lomb, has decided to leave the company after a
transition period.  He is considering various options including
as-yet unnamed public service opportunities.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                         *     *     *

Bausch & Lomb Incorporated still carries Moody's Ba1 Corporate
Family Rating, Ba1 Probability of Default Rating and Ba1 ratings
on certain existing senior unsecured notes.  Rating outlook was
revised to stable.


BLUE WATER: CIT Entities Wants Adequate Protection Payments
-----------------------------------------------------------
CIT Group/Equipment Financing, Inc., and CIT Capital USA, Inc.,
ask the U.S. Bankruptcy Court for the Eastern District of
Michigan to:

  (a) lift the automatic stay to enforce the prepetition
      agreements with the Debtors; or

  (b) grant them adequate protection from the Debtors' continued
      use of property securing the Debtors' obligations under
      the Prepetition CIT Agreements.

Shalom L. Kohn, Esq., at Sidley Austin LLP, in Chicago,
Illinois, relates that the Debtors and CIT Capital are parties
to a Promissory Note, which is secured by certain mortgages
encumbering the Debtors' properties in Tuscola, Sanilac, and St.
Clair Counties, Michigan; certain Assignments of Rents and
Leases; and an Indemnity and Guaranty Agreement, dated
May 17, 2006.  

In addition, the Debtors and CIT Equipment Financing, Inc., are
parties to a prepetition Master Lease Agreement under which CIT
Equipment Financing provided financing or financing leases for
the Debtors' benefit.  The Debtors' obligations under the Lease
Agreement is secured by:

  (a) all plastic injection and bold molding machinery and
      related support equipment like resin drying, blending
      loading and granulating equipment;

  (b) all parts, and their replacements, accessions, additions,
      alterations, and modifications;

  (c) all rights, interests, choses in action, causes of action,
      claims and all other intangible property of any kind or
      nature related to the foregoing personal property;

  (d) all payments under any insurance, or any indemnity,
      warranty, or guaranty payable by reason of loss or damage
      to or otherwise with respect of any of the foregoing; and

  (e) all proceeds and products of any of the foregoing.

Mr. Kohn says that the CIT Entities have perfected their
security interests in the Debtors' properties and equipment
securing the Debtors' obligations under the Prepetition CIT
Agreements.  

Mr. Kohn adds that as of the Petition Date, Debtors owed CIT
Capital US$14,831,875, under the Loan Documents, and
US$14,314,584, under the Master Lease Agreement.

Mr. Kohn asserts it is necessary to lift the automatic stay for
the CIT Entities to enforce the Prepetition Agreements against
the Debtors because the Debtors have been using CIT's Collateral
since the Petition Date without providing adequate assurance
payments to CIT.  

Mr. Kohn relates that CIT has asked the Debtors for adequate
protection payments to CIT Equipment Financing but the Debtors
refused and stated that if CIT desired adequate protection it
would have to file a motion and lift the automatic stay.

Mr. Kohn adds that the Debtors' refusal to provide adequate
protection is even more disturbing because their books and
records show that their real estate and equipment are
depreciating US$797,000, per month.

Mr. Kohn adds that the Debtors have failed to provide CIT with
periodic cash payments as compensation for the continued
depreciation of the Collateral.

              About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operation in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction.  In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies.  KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Blue Water's bankruptcy petition lists assets
and liabilities each in the range of US$100 million to US$500
million.  (Blue Water Automotive Bankruptcy News Issue No. 6,
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or  215/945-7000)


BLUE WATER: Gets Interim OK to Borrow US$27.5 Mil. from Bank
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
issued an interim order authorizing Blue Water Automotive
Systems, Inc., and its debtor-affiliates to obtain postpetition
loans not to exceed US$27,500,000 from Citizens Bank.

The Court's order will be deemed final absent timely filed
objections to the loan by parties-in-interest by March 28, 2008.
The Court will convene a hearing on March 31 if the Debtors
receive objections to the loan, which requires the provision of
financial accommodations by certain of Blue Water's major
customers.

Citizen's Bank will provide the Debtors with a US$35,000,000
revolving credit facility, including up to US$24,000,000 of
"overformula advances", upon final approval of the DIP Loan.

The Court also authorizes the Debtors to make intercompany loans
not exceeding US$3,000,000, to non-operating debtor-affiliates
from the DIP proceeds.

The Court further authorizes the Debtors to enter into an
accommodation agreement with Ford Motor Company, Automotive
Component Holding, Inc., and AutoAlliance International, Inc.,
and to grant these customers access rights in exchange for
certain credit enhancements.

Until the time (x) as Citizens Bank is satisfied with the
results of its examination of the Debtors' books and records,
and (y) payment of US$1,720,000, with respect to the
postpetition liens of certain customers of the Debtors pursuant
to the Cash Collateral Orders are made into escrow, all advances
will be treated as Overformula Advances.  All liens of the
customers will be transferred to the proceeds of the escrow,
subject to the resolution of the validity, existence, and
priority of the liens.

Subject to Citizens Bank's satisfaction with its due diligence,
it will make loans based on this borrowing base formula:

  * up to 90% of Accommodating Customer Eligible Accounts; plus

  * up to 85% of Eligible Accounts other than Accommodating
    Customer Eligible Accounts; plus

  * up to 75% of the cost of Accommodating Customer Inventory;
    plus

  * up to 35% of the cost of Eligible Inventory other than
    Accommodating Customer Eligible Inventory; minus

  * the "Reserves."

Reserves refer to Borrowing Base reserves imposed from time-to-
time by Citizens Bank, including reserves for the Carve-Out,
reserves for Permitted Liens on accounts or inventory that are
senior to the liens of Citizens Bank, and reserves in respect of
any adequate protection payments to the DIP agent.

In addition to the In-Formula Loans, Citizens Bank will lend up
to an amount equal to the difference between US$35,000,000, and
the outstanding amount of In-Formula Loans made according to the
Borrowing Base, not to exceed US$24,000,000, of Overformula
Advances.  Overformula Advances will only be made if they are
fully guaranteed by Ford Motor Company and other Accommodating
Customers acceptable to Citizens Bank.  As between all other
Postpetition Indebtedness, the Overformula Advances will be
subordinate in all respects.

The DIP Loans will bear interest at:

   Loans                          Interest Rate
   -----                          -------------  
   Postpetition Loans that        Prime Rate, plus
   are not Overformula Advances   1.25% per annum on the
                                  outstanding day-to-day
                                  principal balance

   Overformula Advances           Prime Rate per annum, plus
                                  0.50% per annum on the
                                  outstanding day-to-day
                                  principal balance

   DIP Loans                      2.0% per annum on top of the
                                  other applicable interest
                                  rates from and after an Event
                                  of Default

Interest on the DIP Loans will be due and payable on the first
business day of each month in arrears and all interest will be
calculated based on a 360-day year.

The Court directs the Debtors to pay Citizens Bank (i) a non-
refundable US$250,000 facility fee; (ii) a US$5,000 monthly
collateral monitoring fee; (iii) a fee of 0.25% time the average
daily unused portion of the DIP Facility; and (iv) all
reasonable fees and expenses incurred by the Bank in monitoring,
administering, or providing financing, including its attorneys'
fees, and fees and costs associated with the Bank's Court
appearance.

Citizens Bank will apply the US$50,000 expense deposit received
from certain affiliates of KPS Special Situations Fund I, L.P.,
on Feb. 12, 2008, toward payment of the DIP Lender Expenses.    
KPS Fund is the Debtors' ultimate parent company.

To secure the Debtors' obligations on account of the DIP Loans,
including principal, interest, the Loan Fees and Lender
Expenses,
Citizens Bank is granted:

  (i) a lien and security interest in the Prepetition Collateral
      junior in priority only to the Existing Liens;

(ii) a first priority lien and security interest in the
      Postpetition Collateral; and

(iii) a first priority lien and security interest in any of the
      Collateral that is not otherwise subject to a lien under
      Section 364(c)(2) of the Bankruptcy Code.

The Court clarifies that the Postpetition Collateral does not
include any causes of action or judgments or proceeds of the
causes of action against any entity arising under Chapter 5 of
the Bankruptcy Code.

The superpriority administrative claims granted to Citizens Bank
and the liens securing the claims will be subject to the Carve-
Out, which refers to the budgeted amount per month to be paid to
bankruptcy professionals hired by the Debtors and any Court-
appointed committees, Chapter 7 Trustee fees and fees to be paid
to the Clerk of the Court.  The Carve-Out includes a US$100,000
retainer to each of Foley & Lardner LLP and Huron Consulting
Group, plus an additional US$850,000 for the Debtors' bankruptcy
professionals and US$150,000 for any committee's bankruptcy
professionals.  The superpriority administrative claims and
Section 364(c)(1) claims that are being granted to Citizens Bank
are limited to the deficiency, if any, in the amount collected
by the bank with respect to its In-Formula Advances.  

The DIP Loans will be due and payable on the earliest of (i)
Sept. 30, 2008; (ii) the occurrence of an Event of Default;
(iii) the sale of all or substantially all of the Debtors'
assets; or (iv) the effective date of any confirmed plan of
reorganization.

Citizens Bank, the Accommodating Customers, any of the Debtors'
customers, or any other party is not granted a lien, security
interest, or right in any Collateral that "primes" or is
superior to any enforceable, unavoidable, prepetition lien or
security interest.

The Debtors will furnish regularly to Citizens Bank, the DIP
Agent and the Accommodating Customers financial and inventory
reports as sought by the Bank.

             Provisions to Prepetition Lenders

From the proceeds of the DIP Credit Facility, the Debtors will
pay US$13,651,819 to The CIT Group/Business Credit, Inc., in its
capacity as agent, as settlement and payment in full of all
obligations owed by the Debtors with respect to the Amended and
Restated Loan and Security Agreement dated as of July 18, 2006,
calculated as:

      Principal Balance on Petition Date        US$17,230,720
      Less: Payments through March 3, 2008         (4,814,316)
      Accrued Pre- and Post-Petition Interest         259,943
      Agreed Upon Cap of Fees and Expenses            805,000
                                                  -----------
                                                US$13,651,819

The Debtors will also pay US$2,500,000, into an escrow account
at one of the CIT Group Lenders in full payment of the
Prepetition Lenders' liens and security interests in the
Revolving Loan First Lien Collateral, other than the liens of
CIT, as lessor, in the equipment.  CIT will have a perfected and
unavoidable first perfected security interest in the Escrow
Account.

A full-text copy of the Interim DIP Order is available for free
at http://bankrupt.com/misc/bluewater_InterimDIPOrder.pdf

                   Sale Process Milestones

Blue Water's accommodation agreement with the Participating
Customers provides that the process to sell all or substantially
all of the Debtors' assets will be conducted in accordance with
these milestones:

  April 15, 2008 -- Obtain a letter of intent to sell Debtors'
                    assets

  May 28, 2008   -- Execute a definitive purchase agreement with
                    a Qualified Buyer and file a motion seeking
                    Court's approval of the sale on the terms
                    outlined in the definitive agreement

  June 20, 2008  -- Obtain Court approval of the proposed sale

  June 30, 2008  -- Close the sale

The financial accommodations granted by the Participating
Customers will expire on May 31, 2008, but will be extended to
June 30, 2008, if the definitive agreement is executed by
May 28.

A full-text copy of the Accommodation Agreement is available for
free at http://bankrupt.com/misc/bluewater_AccommodationPact.pdf

                  About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
USUS$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operation in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction.  In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies.  KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Blue Water's bankruptcy petition lists assets
and liabilities each in the range of US$100 million to US$500
million.  (Blue Water Automotive Bankruptcy News Issue No. 6,
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or  215/945-7000)


BLUE WATER: Creditors Panel Wants Interim DIP Order Vacated
-----------------------------------------------------------
The Official Committee of Unsecured Creditors in Blue Water
Automotive Systems, Inc., and its debtor-affiliates' cases has
taken an appeal from the interim order issued by the U.S.
Bankruptcy Court for the Eastern District of Michigan
authorizing the Debtors to obtain postpetition loans not to
exceed US$27,500,000 from Citizens Bank.

The Creditors Committee wants the U.S. District Court for the
Eastern District of Michigan, Southern Division, to determine
whether:

  (a) the Interim DIP Order be vacated and the matter remanded
      to the Bankruptcy Court;

  (b) the Bankruptcy Court erred in granting the DIP Financing
      Motion and in entering the Interim DIP Order where the
      Order:

         -- allows the Debtors to incur up to US$15,000,000, in
            additional debt secured by liens and superpriority
            claims on all the Debtors' assets;

         -- renders the Debtors immediately and irreversibly
            administratively insolvent;

         -- compels the sale of all the Debtors' operating
            assets on an expedited basis and allows the Debtors'
            customers veto rights on any potential purchaser;

         -- waives the Debtors' rights to reject their
            unprofitable contracts with their customers, even
            though those are the same contracts that rendered
            the Debtors insolvent in the first place;

         -- waives and releases all claims against the
            prepetition lenders where the prepetition lenders'
            highly inequitable and possibly illegal actions in
            sweeping funds advanced by Ford forced the Debtors
            into bankruptcy, and where the Committee has had no
            opportunity to review those claims;

         -- permits the Debtors' customers to take over and
            operate the Debtors' business at any time if the
            customers feel that the continued production of
            their parts is in any way threatened; and

         -- prevent the Debtors, the Committee, or any other
            party-in-interest from confirming any plan of
            reorganization, and giving the customers veto rights
            over any proposed plan of liquidation;

  (c) the Bankruptcy Court erred in finding that the Debtors
      would be irreparably harmed if not permitted to spend
      US$15,000,000, before the Interim DIP Order could become a
      final order; and

  (d) the Bankruptcy Court erred in finding that the DIP Lenders
      extended credit to the Debtors in good faith.

The Creditors Committee, two days before the Bankruptcy Court
issued the Interim DIP Order, filed an objection to the DIP
Motion asserting that the Debtors have failed to (i) demonstrate
that their management has fulfilled their fiduciary duty to
unsecured creditors; and (ii) support their case for borrowing
money, which will never be repaid to the prejudice of unsecured
creditors, just to provide a controlled sale or liquidation for
the benefit of the Accommodating Customers who continue to enjoy
prices that result in Debtors' substantial operating losses.

"It is not an exaggeration to say that the Financing Motion is
intended only to benefit the customers with no concern
whatsoever for maximizing the value of the estate or protecting
either administrative or unsecured creditors," Ryan D. Heilman,
Esq., at Schafer and Weiner, PLLC, in Bloomfield Hills,
Michigan, argues.

H.S. Die & Engineering, Inc., and Tri-Way Manufacturing Inc.,
also objected to the DIP Motion to the extent that it does not
clarify the Debtors' intentions with respect to the security
interests held by H.S. Die and Tri-Way.  H.S. Die says the
Debtors owe it US$98,150, for prepetition purchases of tooling,
while Tri-Way says the Debtors owe it US$364,910, for
prepetition delivery of goods.

                   About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operation in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction.  In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies.  KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Blue Water's bankruptcy petition lists assets
and liabilities each in the range of US$100 million to US$500
million.  (Blue Water Automotive Bankruptcy News Issue No. 6,
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or  215/945-7000)


BLUE WATER: Sec. 341 Meeting of Creditors Set for March 24
----------------------------------------------------------
Habbo Fokena, the United States Trustee for Region 9, will
convene a meeting of creditors in Blue Water Automotive Systems,
Inc.'s Chapter 11 case, on March 24, 2008, at 2:00 p.m., at Room
315 D, 211 W. Fort St. Bldg., in Detroit, Michigan.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in the Debtors' case.  The Section
341(a) Meeting has been scheduled within the time required by
Rule 2003 of the Federal Rules of the Bankruptcy Procedure.

All creditors are invited, but not required, to attend.  The
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

              About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operation in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction.  In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies.  KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Blue Water's bankruptcy petition lists assets
and liabilities each in the range of US$100 million to US$500
million.  (Blue Water Automotive Bankruptcy News Issue No. 6,
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or  215/945-7000)


BLUE WATER: Seeks Authority to Assume Molding Contracts
-------------------------------------------------------
In the ordinary course of their businesses, Blue Water
Automotive and its four debtor-affiliates issue purchase orders
with various molding contractors that provide the terms and
conditions of, among other things, manufacture, payment and
delivery.

The Debtors need molds to launch new programs or continue
existing programs, and they must obtain them in a timely manner
to meet their production schedule with the original equipment
manufacturers.  If the molds are not produced or are delivered
late, the Debtors could be in breach of their obligations to the
OEMs, Judy A. O'Neill, Esq., at Foley & Lardner LLP, in Detroit,
Michigan, says.

In that event, the OEMs could be forced to shut down production
lines or miss launch dates because the Debtors were not able to
timely deliver component parts, leading to significant damage
claims from the OEMs, Ms. O'Neill adds.  

The Debtors stand to lose considerable business and loss of
reputation if any OEM production lines are shut down, Ms.
O'Neill tells the Court.

Thus, by this motion, the Debtors seek authority from the U.S.
Bankruptcy Court for the Eastern District of Michigan to assume:

  (a) certain molding contracts, a list of which is available
      for free at:

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

  (b) certain contracts for design or testing services
      necessary to the fabrication and approval of the Molds, a
      list of which is available for free at:

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

The Debtors also seek the Court's authority to cure any defaults
under the Molding Contracts and the Mold Service Contracts, and
pay all other debts under them as they arise in the ordinary
course of business either:

  (i) by agreements with the OEMs; or

(ii) other customers providing that the customers will pay the
      Contractors directly; or payments by the customers will be
      made to the Debtors, which will be escrowed or set aside
      so that funds are dedicated to the payment of the
      Contractors.

Mr. O'Neill tells the Court that the Debtors currently are
negotiating with their customers on the payment approaches, and
have secured preliminary consents in many instances.

                   About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operation in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction.  In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies.  KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Blue Water's bankruptcy petition lists assets
and liabilities each in the range of US$100 million to US$500
million.  (Blue Water Automotive Bankruptcy News Issue No. 6,
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or  215/945-7000)


INTERNATIONAL RECTIFIER: Hires Donald Dance as EVP & CAO
--------------------------------------------------------
International Rectifier Corporation has appointed Donald Dancer
as Executive Vice President and Chief Administrative Officer.  
In this role, Mr. Dancer will oversee International Rectifier’s
legal, human resources, compliance, mergers and acquisitions and
investor relations functions and will report directly to
the company’s Chief Executive Officer, Oleg Khaykin.

Mr. Dancer most recently served as acting Chief Executive
Officer since late August, 2007.  He joined International
Rectifier in 2002 and was previously Executive Vice President,
Secretary and General Counsel.  Prior to 2002, Mr. Dancer had 22
years of corporate practice including managing legal affairs for
a number of divisions and affiliates of the General Electric
Company.

“We are all very pleased that Don will remain with IR in the
newly created position of Chief Administrative Officer to
improve the organizational effectiveness of our corporate
operations,” said Oleg Khaykin, International Rectifier’s Chief
Executive Officer.  “Don’s breadth of experience and credibility
as an acting CEO, General Counsel, business advisor and skilled
manager make him well suited for his new role.  I look forward
to working with Don as we continue to strengthen our internal
control environment and improve the areas of corporate
governance and compliance.”

International Rectifier Corporation (NYSE:IRF) --
http://www.irf.com/-- provides power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.  Manufacturers of computers, energy efficient
appliances, lighting, automobiles, satellites, aircraft, and
defense systems rely on IR's power management solutions to power
their next generation products.  The company has manufacturing
facilities in the U.S., Mexico, United Kingdom, Germany and
Italy; and has subsidiaries in Japan and Singapore.

                          *     *     *

In September, 2007, Standard & Poor's Ratings Services said that
its 'BB' corporate credit rating on International Rectifier
Corp. remains on CreditWatch with negative implications.


KANSAS CITY: Brings-In Michael Upchurch as Fin'l Management SVP
---------------------------------------------------------------
Kansas City Southern has appointed Michael W. Upchurch as its
senior vice president financial management and purchasing.  Mr.
Upchurch will direct The Kansas City Southern Railway Company
(KCSR) and advise Kansas City Southern de Mexico, S.A. de C.V.
(KCSM) on all long-range planning, purchasing and internal audit
matters.  He will report to executive vice president and chief
financial officer Patrick J. Ottensmeyer.

“In addition to an extensive background in managing a broad
array of financial functions for a major, international
telecommunications company, Mike brings an impressive track
record of change management, driving for results and
leadership,” said Mr. Ottensmeyer.  “We are pleased to have Mike
join our finance team.”

Mr. Upchurch joins KCS from Sprint Nextel, where he spent 16
years, most recently as senior vice president financial
operations.  Prior to joining Sprint, he spent seven years with
Price Waterhouse, where he served a diverse client base.  He
holds a bachelor of science in business administration with an
emphasis on accounting from Kansas State University.  He is a
Certified Public Accountant and serves on the College of
Business Advisory Board and the Accounting Department Advisory
Board for Kansas State University.

Headquartered in Kansas City, Missouri, Kansas City Southern --
http://www.kcsouthern.com/en-us-- is an international
transportation holding company comprised of three primary
railroads: The Kansas City Southern Railway Company, Kansas City
Southern de Mexico, and Panama Canal Railway Company.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2008, Fitch Ratings upgraded the foreign and local
currency Issuer Default Ratings of Kansas City Southern de
Mexico, S.A. de C.V. to 'BB-'from 'B+'.  Fitch said the Rating
Outlook is stable.  Fitch also upgraded Kansas City Southern de
Mexico's US$165 million 7.375% senior notes due 2014; US$460
million 9.375% senior notes due 2012; US$175 million 7.625%
senior notes due 2013 to 'BB-' from 'B+' rating.


QUAKER FABRIC: Can File Chapter 11 Plan Until March 19, Says Ct.
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
further extended Quaker Fabric Corp. and its debtor-affiliates'
exclusive period to file a Chapter 11 plan until March 19, 2008,
according to Bloomberg News.

Bloomberg said that the Court also extended the Debtors'
exclusive rights to solicit acceptances of that plan until
May 18, 2008.

As reported in the Troubled Company Reporter on Dec. 17, 2007,
the Debtors devoted substantial time and resources in
effectuating the sale of their assets which resulted in the sale
of the their Bleachery Pond and the Tupelo Lee Industrial Park
properties to separate buyers in September 2007.

The Debtors added that their cases are large and complex and
they need more time to focus on the formulation, filing and
solicitation of a plan of liquidation that will be accepted by
their creditors and approved by the Court.

The Debtors also told the Court that they have made progress in
the collection of their receivables and are not seeking an
extension to pressure creditors.  

                        About Quaker Fabric

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
homefurnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
andindependent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq. at Wilmer
Cutler Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at
Young Conaway Stargatt & Taylor LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions is the Debtors' claims
agent.  The Official Committee of Unsecured Creditors has
selected Shumaker, Loop & Kendrick, LLP, as its bankruptcy
counsel and Benesch, Friedlander, Coplan & Aronoff, LLP, as co-
counsel.

The Debtors' schedules reflect total assets of US$41,375,191 and
total liabilities of US$54,435,354.


QUEBECOR WORLD: Cuts 30 Positions at Merced Plant in California
---------------------------------------------------------------
Scott Jason of Merced Sun-Star reported that Quebecor World Inc.
laid off about 30 employees from its Merced plant in California
during the past two months.  According  to the report, Quebecor
World made the cutbacks in Merced because less work was
scheduled for the coming months.

"Hopefully, the volume will come back," Mr. Jason quoted Tony
Ross, vice president of communications, as saying.  "If it comes
back, we'll be able to afford more people to the work force,"
Mr. Ross told Merced Sun-Star.  Mr. Ross said that the company
doesn't anticipate laying off any other workers at the Merced
plant, which now employs about 850 people, the report added.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market     
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company has operations
in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the
British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of       
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating
to the US$400 million super priority senior secured revolving
term loan facility of Quebecor World Inc. as a Debtor-in-
Possession.  The related US$600 million super priority senior
secured term loan was rated Ba3 (together, the DIP facilities).  
The RTL's better asset value coverage relative to the TL
accounts for the ratings' differential.


QUEBECOR WORLD: NFR Wants Stay Lifted and Base Contract Ended
-------------------------------------------------------------
National Fuel Resources and Quebecor World Buffalo Inc., debtor-
affiliate of Quebecor World Inc., are parties to a base contract
for the purchase of natural gas and a transaction confirmation,
each dated June 14, 2007.  Pursuant to the NFR Contract, NFR
provides natural gas to Quebecor World Buffalo Inc.  Quebecor
World Buffalo Inc. currently owes NFR $277,163 for unpaid
natural gas provided before the bankruptcy filing.  This amount
constitutes invoices due and owing for gas provided by NFR to
Quebecor World Buffalo Inc. for December 2007 and the portion of
January 2008.

Under the NFR Contract, NFR may terminate the contract upon 30
days' written notice and could demand a prepayment in the event
that Quebecor World Buffalo Inc. files a petition for bankruptcy
relief.

NFR was included in the list of utilities filed by the Debtors
in their chapter 11 cases.  Before the entry of the Utility
Order, NFR and the Debtors agreed that NFR will not be subject
to the order and that each party will reserve its rights with
respect to the question of whether NFR was a utility as defined
under the Bankruptcy Code, and agreed to discuss an adequate
protection framework to protect NFR.

National Fuel Resources asks the U.S, Bankruptcy Court for the
Southern District of New York to:

  (1) lift the automatic stay to exercise its contractual right
      to terminate the NFR Contract;

  (2) grant it adequate protection to protect its interest in
      the NFR Contract until it is assumed or rejected by the    
      Debtors;

  (3) compel the Debtors to assume or reject the NFR Contract;
      and

  (4) grant it adequate assurance of future payment, if the
      Court determines NFR as a utility under Section 366 of the
      Bankruptcy Code.

Allan Hill, Esq., at Phillips Lytle LLP, in New York, states
that NFR is entitled to relief from stay because the Debtors
have little to no equity in the NFR Contract and the NFR
Contract is not necessary to the Debtors' reorganization since
it will not leave the Debtors without access to natural gas.

Mr. Hill says that NFR is entitled to adequate performance of
payment.  Pursuant to Sections 361 and 363 of the Bankruptcy
Code, the Debtors can be compelled to make cash payments to NFR
if the automatic stay results in a diminution of value of NFR's
property.  The Bankruptcy Code also provides that NFR be
entitled to other relief as will result in NFR's realization of
the equivalent of its interest in the NFR Contract.  Similarly,
Sections 365 and 366 of the Bankruptcy Code provide for a debtor
to provide adequate protection or adequate assurance of future
payment to non-debtor parties to executory contracts and to
utility providers, Mr. Hill adds.

As adequate protection of NFR's interests in the NFR Contract,
unless and until the Contract is either assumed or rejected by
the Debtors, Mr. Hill asserts that:

  (a) NFR should be allowed to bill the Debtors twice a month:

  (b) the Debtors should be required to make due payments by
      wire transfer within nine business days of the receipt of
      any valid invoice under the NFR Contract; and

  (c) the Debtors should be required to provide NFR with a
      security deposit or letter of credit that adequately
      covers NFR's financial exposure under the NFR Contract.
     
In addition, if the Debtors fail to timely make a payment, NFR
should be allowed to terminate the NFR Contract without further
Court order.

Mr. Hill believes that the Debtors would not suffer significant
harm if the Court compelled them to decide whether to assume or
reject the NFR Contract.  Accordingly, NFR asks the Court to
enter an Order fixing a date no later than 20 days after its
request is approved as the deadline by which the Debtors must
file any necessary pleadings seeking to assume or reject the NFR
Contract, provided that NFR may, in its sole discretion and
without further approval or notice to the Court, agree to grant
the Debtors additional time to file those pleadings.

Mr. Hill says that if the Court determines that NFR is a
utility, then under Section 366 of the Bankruptcy Code, NFR
seeks adequate assurance of future payment in a form of a letter
of credit totaling US$300,000 covering two months usage of gas
supplies, and modification of billing and payment procedures to
reduce the length of time that NFR is financially exposed on
account of natural gas supplies that NFR has supplied to the
Debtors.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market     
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company has operations
in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the
British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of       
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating
to the US$400 million super priority senior secured revolving
term loan facility of Quebecor World Inc. as a Debtor-in-
Possession.  The related US$600 million super priority senior
secured term loan was rated Ba3 (together, the DIP facilities).  
The RTL's better asset value coverage relative to the TL
accounts for the ratings' differential.


QUEBECOR WORLD: Seeks OK to Pay Non-Worker Sales Commissions
------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates' sales and
marketing efforts are done through both employees and third-
party brokers.  The Debtors previously sought and obtained U.S.
Bankruptcy Court for the Southern District of New York's
approval to pay sales commissions that accrued prepetition to
one group of sales employees who were otherwise scheduled to
receive their commissions on Feb. 1, 2008.

The Debtors now seek the Court's permission to pay commissions
that accrued prepetition to non-employee sales brokers.  Michael
Canning, Esq., at Arnold & Porter LLP, in New York, relates that
these third-party brokers are utilized in certain segments of
the Debtors' businesses, and it is crucial to the Debtors' sales
and marketing effort that the Debtors maintain a strong and
loyal team of sales brokers.

The Debtors have determined that there approximately 36 brokers
who are or will likely be due commissions based on prepetition
activities.  The total amount expected to be owing for these
commissions is US$705,775.  There could be some variation in the
final total based on payments from customers, but it is not
anticipated that the final total will be materially higher
than this amount, Mr. Canning says.  

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market     
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company has operations
in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the
British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of       
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating
to the US$400 million super priority senior secured revolving
term loan facility of Quebecor World Inc. as a Debtor-in-
Possession.  The related US$600 million super priority senior
secured term loan was rated Ba3 (together, the DIP facilities).  
The RTL's better asset value coverage relative to the TL
accounts for the ratings' differential.


SHARPER IMAGE: To Liquidate Underperforming Stores
--------------------------------------------------
Sharper Image Corporation operates 184 stores in 38 states and
the District of Columbia, of which four are outlet stores that
sell slow-moving, discontinued, reconditioned, and irregular
merchandise.

Prior to the company's bankruptcy filing, the Debtor began an
examination of the performance of its Retail Business Operations
to identify unprofitable stores.  As a consequence of this
analysis and in light of the severe liquidity restraints the
Debtor currently faces, the Debtor believes it is imperative to
conduct store closing or similar sales to aid its reorganization
efforts, the Debtor's proposed counsel, Steven K. Kortanek,
Esq., at Womble Carlyle Sandridge & Rice, PLLC, in Wilmington,
Delaware, relates.

According to Mr. Kortanek, the proposed Store Closing Sales will
dramatically reduce the costs associated with the under-
performing Stores and are designed to provide the maximum value
to the estate.  Moreover, the Store Closing Sales will reduce
the obligations outstanding, if any, under the Debtor's
prepetition credit agreement and, thereafter, obligations under
the DIP credit agreement will facilitate future advances under
the agreement.

The Debtor also wants to employ a liquidating agent to maximize
the value of the inventory at the Stores and facilitate the
Store Closing Sales.  Based on auction results, the Debtor will
negotiate and enter into a Liquidation Agreement with the
highest bidder at the Auction.

By this motion, the Debtor asks the Court to enter an order on
an expedited basis:

  (a) approving proposed auction procedures;

  (b) setting the time, date, and place of the auction;

  (c) approving the form of notice of the Auction and notice of
      the Store Closing Sales; and

  (d) setting March 14, 2008, as the hearing to consider the
      approval of the Sale.

After the Sale Hearing, the Debtor will ask the Court to approve
(i) a liquidation agreement with the party or parties submitting
the highest or otherwise best Bid at the Auction, and (ii) the
Store Closing Sales, and (iii) an expedited rejection procedures
for the Debtor to reject any or all of its Leases.

It is important for the Debtor to minimize any damages or costs
that may arise from the Store Closures by establishing
procedures for the expedited rejection of the underlying
nonresidential real property of the Stores, Mr. Kortanek says.  
The Lease Rejection Procedures provide that all parties-in-
interest, including affected landlords, have opportunity to
object, and to reconcile any objections, to a proposed rejection
in a timely and cost-efficient manner.  The Lease Rejection
Procedures will ensure a smooth transition from the Store
Closing Sales process to actual Store Closures, he says.

                       Auction Procedures

According to Mr. Kortanek, various financial data and other
relevant information in connection with the Stores have been
provided to several nationally recognized liquidation firms
starting Feb. 25, 2008.  The Interested Parties will be
provided with the opportunity to visit a number of the Stores to
obtain information regarding the Stores and the Merchandise
located there.  The Debtor distributed to the Interested Parties
copies of the Liquidation Agreement on March 4, 2008.

Notice of the Auction and Store Closing Sales ought to have been
served on March 4, 2008 to the notice parties including (i) the
Office of the United States Trustee for the District of
Delaware, (ii) the attorneys for the Secured Lender, (iii) the
attorneys for the Official Committee of Unsecured Creditors,
(iv) all Interested Parties, (v) all known entities holding or
asserting a lien in the Merchandise, (vi) the Landlords of the
Stores, (vii) for each state in which the Stores are located,
(a) the Attorney General's Office, and (b) the applicable taxing
authorities, and (viii) all entities entitled to notice in the
Chapter 11 case.

Each Interested Party must submit an executed Liquidation
Agreement on or before March 7, 2008.  Bids must be submitted so
that they are actually received by no later than 10:00 a.m.
Pacific Time, 1:00 p.m. Eastern Time, on March 7, 2008 by (i)
the Debtor (ii) the attorneys for the Secured Lender, and (iii)
the attorneys for the Committee.  All Bids are irrevocable until
seven days after the Sale Hearing.

All Bids will be accompanied by an earnest money deposit equal
to 5% of the total guaranteed amount in the form of a certified
check or wire transfer payable to the Debtor.  Within 24 hours
of the Auction, any successful bidder must supplement the
initial earnest money down payment, so that the total deposit
equals 10% of the Guaranteed Amount of the winning Bid.  The
Debtor will hold the deposits, without interest, until the
earlier to occur of (i) the time the Bid is officially rejected,
and (ii) seven days after the Sale Hearing.

The deposit will be forfeited in the event that any bidder for
an accepted Bid defaults.  In that event, the Debtor may proceed
to seek approval of the second highest or otherwise best Bid.  
Bids that meet the foregoing conditions will be deemed
"qualified bids."

The Debtor proposes to conduct the Auction at the offices of
Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, NY 10153
on March 13, 2008 at 10:00 a.m Eastern Time.  Only Qualified
Bidders who have complied with the Auction Procedures may
improve their Bids at the Auction.

The Debtor will select the highest or otherwise best Bids after
consultation with the Secured Lender and the Creditors Committee
at the conclusion of the Auction, subject to Court approval, and
the winning bidders will be required to enter into definitive
Liquidation Agreements before the Auction is closed.

The Debtor asks that the Sale Hearing be held in the United
States Bankruptcy Court for the District of Delaware, Courtroom
3,824 Market Street, 6th Floor, Wilmington, Delaware 19801, on
March 14, 2008 at 4:00 p.m. Eastern Time.  The Sale Hearing may
be adjourned without further notice other than by announcement
at the Sale Hearing.  The Debtor also asks that the Court
establish March 11, 2008 at 12:00 noon Eastern Time as the
deadline for filing objections to the motion, the procedures
order, and the sale order.
         
              Proposed Lease Rejection Procedures

The Debtor proposes that it will file a written notice to
reject a Lease, and will serve the Rejection Notice via Federal
Express on: (i) the Landlord affected by the Rejection Notice,
(ii) other interested parties to each Lease sought to be
rejected by the Debtor, (iii) the U.S. Trustee, (iv) the
attorneys for the Secured Lender, and (v) the attorneys for the
Creditors Committee.

Parties-in-interest must serve a written objection no later than
seven days after the date the Rejection Notice is filed, on (i)
the Debtor, (ii) the Debtor's the attorneys, (iii) the U.S.
Trustee, and (iv) the attorneys for the Creditors Committee.  
The written objection must be served to the parties no later
than seven days after the date the Rejection Notice is filed.

Absent an objection, the rejection of each Lease will become
effective on the later of (i) the date the applicable Rejection
Notice is filed and served and (ii) the date that the Debtor
unequivocally relinquishes control of the premises to the
affected Landlord, without further notice, hearing, or order of
the Court.

If an objection is properly filed and served on the Objection
Notice Parties, the Debtor will contact the Court to schedule a
hearing to consider the objection.  If the objection is
overruled by the Court or withdrawn, the rejection of the
affected Lease will be deemed effective on the later of (i) the
date the applicable Rejection Notice is filed and served, and
(ii) the date that the Debtor unequivocally relinquishes control
of the premises to the affected Landlord, without further
notice, hearing, or Court order.

If an affected Landlord or any other party-in-interest asserts a
claim arising from the rejection of the Lease, the Rejection
Claimant will submit a claim for damages arising from the
rejection to Kurtzman Carson Consultants LLC, on or before the
later of (i) the date that is 30 days after the effective date
of rejection of the Lease, or (ii) the bar date established by
the Court for filing claims against the Debtor.

Moreover, if the Debtor has deposited funds with a Landlord as a
security deposit or other arrangement, the Landlord may not set
off or otherwise use the deposit without the prior authority of
the Court.

If the Debtor determines that the property at a particular
location has de minimis value or the cost of removing the
property exceeds the value of the property, the Debtor will
generally describe the property in the Rejection Notice and
include as a service party any entity that may have an interest
in the property to be abandoned.  Absent a timely objection, the
property will be deemed abandoned as of the effective date of
the rejection of the Lease and the Landlord may dispose of the
abandoned property without liability to any third party claiming
an interest in the abandoned property.

                    Taubman Landlords Object

Andrew S. Conway, Esq., at Honigman Miller Schwartz and Cohn
LLP, in Bloomfield Hills, Michigan, attorney for the Taubman
Landlords, relates that pursuant to Section 365(d)(3) of the
Bankruptcy Code, the Debtor is required to timely perform all
obligations under the leases with Taubman Landlords.

The Taubman Landlords are the owners of regional retail
shopping centers consisting of:

  * Taubman-Cherry Creek Shopping Center L.L.C., located in
    Denver, Colorado;

  * Tampa Westshore Associates Limited Partnership, located in
    Tampa, Florida;

  * MacArthur Shopping Center LLC, located in Norfolk, Virginia;

  * Short Hills Associates, L.L.C., located in Millburn, New
    Jersey;

  * Rich-Taubman Associates, located in Stamford, Connecticut;

  * Stony Point Fashion Park Associates, L.L.C., located in
    Richmond, Virginia;

  * Twelve Oaks Mall, LLC, located in Novi, Michigan;

  * TJ Palm Beach Associates Limited Partnership, located in  
    West Palm Beach, Florida;

  * Willow Bend Shopping Center Limited Partnership, located in
    Plano, Texas; and

  * Woodfield Mall LLC, located in Schaumburg, Illinois.

With respect to the mall locations from which the Debtor wishes
to run its closing sales, the sales would constitute a violation
of the Taubman Leases, Mr. Conway points out.  Moreover, Section
105 of the Bankruptcy Code does not permit the Court to enter an
order that it believes makes "good business sense," when the
result of the order is to negate the express language of the
Code, he says.

The Taubman Landlords believe that it would be inequitable to
allow the sale to occur unless the signage requirements and use
and operations clauses of the Taubman Leases are complied with.

Mr. Conway states that the duration of the sale is also of major
concern to the Taubman Landlords.  The Taubman Landlords think
that a limited period is in the best interests of the
neighboring tenants and the landlords, and they suggest that a
10-week sale period would be sufficient in balancing the
interests of all concerned parties.  Also, to the extent the
Debtor is proposing to have the liquidator pay "occupancy costs"
on a per diem basis, the practice has been rejected by the
Courts in the Sixth Circuit and elsewhere, Mr. Conway notes.

Mr. Conway adds that if ever the Debtor proposes to bring
additional inventory to the leased premises, all inventory must
be in compliance with the requirements of the Taubman Leases.  
To the extent the Debtor proposes to sell the store fixtures
from the mall locations during the closing sale, the Taubman
Landlords object.

Accordingly, the Taubman Landlords ask that the Debtor's motion
for a closing sale should be subject to the additional
requirements, and that the Taubman Landlords be awarded their
costs and attorneys' fees incurred in connection with their
objection.

                   About Sharper Image Corp.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty     
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.   The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  The company
filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D.,
Case No. 08-10322).  Steven K. Kortanek, Esq. at Womble,
Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its
restructuring efforts.  An official Committee of Unsecured
Creditors has been appointed in the case.  When the Debtor filed
for bankruptcy, it listed total assets of US$251,500,000 and
total debts of US$199,000,000.

(Sharper Image Bankruptcy News Issue No. 5, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or     
215/945-7000)  



======================================
N E T H E R L A N D S  A N T I L L E S
======================================

BURGER KING: To Open New Restaurant in Curacao
----------------------------------------------
Burger King Corp. has awarded development rights in Curacao to
the franchisee group JDA Foods B.V.  The first BURGER KING(R)
restaurant is expected to open during the first half of 2008 in
the capital city of Willemstad.  This restaurant, a freestanding
building located in the heart of the commercial district of
Salinja, will include a state-of-the-art drive thru and a
playground for kids.  JDA Foods B.V. plans to open additional
restaurants during the next five years.

“We believe that Curacao is an attractive market with excellent
growth potential for the BURGER KING(R) brand,” stated Armando
Jacomino, president, Latin America & Caribbean, Burger King
Corp.  “We are excited about this Caribbean entry as we strive
to touch every island in this sub-region.  We are also eager to
work with JDA Foods B.V., a business known for its strong quick
service restaurant experience and commitment to excellent
customer service."

John-Henry Every, operating partner for JDA Foods B.V., said,
"We know Curacao consumers well and we are confident that they
will truly enjoy the taste of the hot and fresh, flame-broiled
WHOPPER(R) sandwich made-to-order and other BURGER KING(R) menu
offerings.  We are excited to have the opportunity to launch the
BURGER KING(R) brand in Curacao and allow consumers to HAVE IT
YOUR WAY(R).”

The BURGER KING(R) brand currently enjoys a strong consumer
following throughout Latin America and the Caribbean with a
presence in 25 countries across the region and 14 years of
positive comparable sales growth.  During the first half of
fiscal 2008, the Latin America and Caribbean region added a net
54 restaurants for a total of 955 restaurants.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/-- operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.  In the Caribbean, BURGER KING(R) restaurants are
located in Aruba, Bahamas, the Dominican Republic, Grand Cayman,
Jamaica, Puerto Rico, St. Lucia, St. Maarten and Trinidad &
Tobago.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of Burger King Corporation.  Moody's
also affirmed the Ba2 rating assigned to the company's US$250
million senior secured term loan A, US$1.1 billion senior
secured term loan B, and US$150 million senior secured revolving
credit facility.  In addition, Moody's changed the outlook for
Burger King to stable from negative.



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

FIRST BANCORP: Paying Preferred Share Dividends on March 31
-----------------------------------------------------------
First BanCorp Board of Directors has declared the next payment
of dividends on Common, Series A through E Preferred and Trust
Preferred I & II shares.  Common stockholders of record as of
March 15, 2008, will receive the 51st consecutive quarterly
dividend payment declared by First BanCorp's Board of Directors,
in the amount of US$0.07 per share for the 1st quarter of 2008,
payable on March 31, 2008.

The estimated dividend amounts per share, record dates and
payment dates for the Series A through E Preferred Shares are:

   Series     US$Per/share      Record Date      Payment Date

     A         0.1484375      March 27, 2008   March 31, 2008
     B         0.17395833     March 15, 2008   March 31, 2008
     C         0.1541666      March 15, 2008   March 31, 2008
     D         0.15104166     March 15, 2008   March 31, 2008
     E         0.14583333     March 15, 2008   March 31, 2008
    
Approval was obtained as a part of First BanCorp's previously
announced agreement with the Board of Governors of the
Federal Reserve System.

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is  
the parent corporation of FirstBank Puerto Rico, a state
chartered commercial bank with operations in Puerto Rico, the
Virgin Islands and Florida; of FirstBank Insurance Agency; and
of Ponce General Corporation.  First BanCorp, FirstBank Puerto
Rico and FirstBank Florida, formerly UniBank, the thrift
subsidiary of Ponce General, all operate within U.S. banking
laws and regulations.

                        *     *     *

First Bancorp. currently carries Fitch Ratings' BB long-term
issuer default rating and B short-term issuer default rating.


INYX USA: Disclosure Statement Doesn't Say Much for Creditors
-------------------------------------------------------------
Debtor Exaeris Inc. filed a disclosure statement explaining its
Chapter 11 plan of liquidation with the U.S. Bankruptcy Court
for the District of Delaware on March 3, 2008, Bill Rochelle of
Bloomberg News reports.

Bloomberg discloses that under the proposed plan, the Debtor's
assets will be sold to controlling shareholder Jack Kachkar in
exchange for a waiver of the US$1.2 million postpetition
financing the Debtor's owe him.  The plan, however, proposes
that an auction for the Debtor's assets be held to see whether a
higher offer than that of Mr. Kachkar will surface.  
Mr. Kachkar, pursuant to the plan, will also pay the Debtor's
US$420,000.

Unsecured creditors with $5.5 million in claims will divide what
cash is left, Bloomberg relates.  The disclosure statement
doesn't say how much creditors can expect to receive.

Bloomberg recounts that in January 2008, the Hon. Kevin Gross
rejected Mr. Kachkar's offer to buy the Debtor's assets for
337,500 and to forgive any claims against him and parent company
Inyx Inc., which Mr. Kachkar controls.  Judge Gross determined
that the sale might not benefit the creditors and might not be
in good faith.  The judge noted the lack of evidence about the
value of the assets being sold and the claims being waived.

Bloomberg says that the Chapter 11 trustee for affiliate Inyx
USA Inc. determined that Inyx Inc. and Mr. Kachkar cheated
secured lender Westernbank Puerto Rico out of $142.8 million.  
Westernbank said that Inyx Inc. obtained loans through false and
fraudulent invoices.

                   About Inyx USA and Exaeris

Based in Manati, Puerto Rico, Inyx USA Ltd. operates a
pharmaceuticals production center that encompasses five
buildings totaling 140,000 square feet and extending over 9.5
acres.  Exaeris, Inc., located in Exton, Pennsylvania, focuses
on the strategic commercialization of niche or enhanced
pharmaceutical products, marketing and promotion activities.  
Inyx USA and Exaeris are wholly owned subsidiaries of Inyx, Inc.
(OTC:IYXI) -- http://www.inyxinc.com/-- a specialty  
pharmaceutical company.

Inyx USA and Exaeris filed for chapter 11 protection on July 2,
2007 (Bankr. D. Del. Case Nos. 07-10887 and 07-10888).  Anthony
M. Saccullo, Esq., at Fox Rothschild, L.L.P., represents the
Debtors.  When Inyx USA filed for protection from its creditors,
it listed estimated assets and debts between US$1 million and
US$100 million.  Exaeris estimated its assets were less than
US$10,000 but debts were between US$1 million and
US$100 million.

In Court documents filed by Jack Kachkar, CEO of Inyx, Inc.,
Inyx USA is indebted to Westernbank Puerto Rico in the
approximate amount of US$35 million and secured by a first-
priority lien in substantially all of Inyx USA's assets.  
Exaeris has in excess of US$5 million in prepetition unsecured
obligations outstanding to various creditors.  

Ashton Pharmaceuticals and Inyx Pharma, the Debtors' UK
affiliates, were placed into an involuntary administration on
June 29, 2007.  Ernst & Young was appointed by the UK court as
administrators.


MOTHERS WORK: February 2008 Net Sales Rises 4.1% to US$45.7-Mln
---------------------------------------------------------------
Mothers Work, Inc. said that net sales for the month of
February 2008 increased 4.1% to US$45.7 million from US$43.9
million reported for the month of February 2007.  The increase
in sales versus last year resulted primarily from an increase in
comparable store sales.  Comparable store sales for
February 2008 increased 4.8%, based on 1,402 locations, versus a
comparable store sales decrease of 4.7%, based on 1,440
locations, for February 2007.  The comparable store sales and
total sales figures for February 2008 benefited from having 29
days in February 2008 compared to 28 days in February 2007.  
Comparable store sales for the first 28 days of this February
versus last February increased 0.8%.  During February 2008, the
company opened six stores and closed three stores.  As of the
end of February 2008, the company operates 766 stores, 770
leased department locations and 1,536 total retail locations,
compared to 794 stores, 830 leased department locations and
1,624 total retail locations operated at the end of
February 2007.

Mothers Work President and Chief Creative Officer, Rebecca
Matthias noted, "We are pleased with the continued improvement
in our sales trend for February, as we experienced more seasonal
temperatures compared to an unusually cold February 2007.  
Looking forward, we continue to feel very good about our product
lines, our inventory position and our overall business; however,
we recognize that we continue to be faced with a weak overall
economic and retail environment and are still seeing some
negative impact from the more pregnancy-friendly fit of certain
non-maternity fashion trends, such as trapeze and baby-doll
dresses and tops.  Importantly, though, we expect this fashion
trend to further diminish in the Spring 2008 selling season,
thus helping our sales trend over the next several months.  
We also expect to see sales benefits from continuing to refine
our merchandise assortments and our in-store merchandise
presentation.  We continue to focus on developing great
maternity product under each of our brands and on improving our
sales and profitability performance, including continuing to
roll out our multi-brand stores."

                        About Mothers Work

Based in Philadelphia and founded in 1982, Mothers Work Inc.
(Nasdaq: MWRK) -- http://www.motherswork.com/-- designs and  
retails maternity apparel.  As of Feb. 29, 2008, the company
operates 1,536 maternity locations, including 766 stores in 50
states, Puerto Rico and Canada predominantly under the
tradenames Motherhood Maternity(R), A Pea in the Pod(R), Mimi
Maternity(R), and Destination Maternity(R), and sells on the web
through its DestinationMaternity.com and brand-specific
websites.  In addition, Mothers Work distributes its Oh Baby by
Motherhood(TM) collection through a licensed arrangement at
Kohl's(R) stores throughout the United States and on Kohls.com.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2007, Standard & Poor's Ratings Services has changed
its outlook on Mothers Work Inc. to negative from stable.  At
the same time, S&P affirmed the 'B' corporate credit rating on
the company.


PILGRIM'S PRIDE: Names J. Clinton Rivers as President & CEO
-----------------------------------------------------------
The board of directors of Pilgrim's Pride Corporation elected J.
Clinton Rivers as president and chief executive officer,
effective immediately.  Mr. Rivers, 49, previously served as
chief operating officer.

A special subcommittee of the board had been conducting a search
for a new president and CEO following the unexpected death of
O.B. Goolsby Jr. last December.

"After a thorough review of internal and external candidates,
the board unanimously agreed that Clint has the right
combination of experience and skills necessary to lead Pilgrim's
Pride into the future," Ken Pilgrim, chairman of Pilgrim's Pride
and chairman of the subcommittee that conducted the search,
said.  "Our company and industry are facing unprecedented
challenges from soaring feed-ingredient costs and other issues.  
Throughout his career at Pilgrim's Pride, Clint has played a
pivotal role in positioning the company for operational growth,
leading the integration of several large acquisitions,
establishing key performance benchmarks at our production
facilities, and finding new ways to operate more efficiently.  
Clint loves a challenge, and we are confident that he will
provide the leadership necessary to position the company for
long-term growth."

During his career at Pilgrim's Pride, Mr. Rivers has held a
variety of increasingly responsible management positions.  He
joined the company as quality assurance manager in 1986.  He was
appointed plant manager of the Mt. Pleasant, Texas, production
facility in 1989.  Three years later, Mr. Rivers was promoted to
vice president of prepared foods operations in 1992, then moved
up to senior vice president of prepared foods operations, a post
he held until 2002.  After that, he was promoted to executive
vice president of prepared foods operations.  In 2004, he was
appointed COO.  Mr. Rivers earned a Bachelor of Science degree
in animal science from Virginia Tech in Blacksburg, Virginia.

"I am proud and honored to lead a company with such a rich
history of innovation and service to our customers," Mr. Rivers
said.  "It's clear that we have a lot of work ahead of us, but I
know that our 55,000 employees are ready to deliver on our
mission of being a world-class food company."

Mr. Pilgrim said no decision has been made at this time about a
new COO.

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  Pilgrim's Pride employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and
Utah.

                        *     *     *

Pilgrim's Pride Corp. holds Moody's Investors Service's
B1 senior unsecured credit rating, B2 senior subordinated notes,
and Ba3 corporate family ratings.  PPC's planned new
US$250 million senior unsecured notes also bears Moody's B1
rating and its new US$200 million senior subordinated notes
bears Moody's B2 rating.  The outlook on all ratings is stable.  

Standard & Poor's Ratings Services gave Pilgrim's Pride Corp. a
'BB-' corporate credit rating.  


UNIVISION COMMS: Low Asset Sale Proceeds Cue S&P's B- Rating Cut
----------------------------------------------------------------
Standard & Poor's Rating Services has lowered its corporate
credit ratings on Univision Communications Inc. to 'B-' from
'B'.  The outlook is negative.

"The downgrades reflect significantly lower than expected asset
sale proceeds for Univision's music division and an increasing
challenge, in our view, to cover its US$500 million second-lien
asset sale bridge loan that matures in March 2009," explained
S&P's credit analyst Michael Altberg.
     
The company recently announced its intention to sell its music
division to Universal Music Group for US$153 million, of which
only US$113 million is due upon closing and will be available to
help repay the second-lien bridge loan.  The upfront cash amount
is down significantly from S&P's original expectations.  Under
the terms of the credit agreement, Univision may borrow up to
US$250 million on its revolving credit facility to cover asset-
sale shortfalls.  Univision plans to sell additional assets and
investments to repay the remainder of the bridge loan maturity.  
S&P is concerned about the timeline and feasibility of
additional asset sales amid tight credit market conditions, and
believe there is now an increased likelihood that the company
will have to access its revolving credit facility.
     
The ratings reflect the company's highly leveraged capital
structure and weakened credit metrics following its
February 2007 LBO; its continuing tense relationship with its
main program supplier, Grupo Televisa S.A.; Spanish-language
media's inability to draw advertising revenues commensurate with
its audience ratings; increasing competition for advertisers and
viewers; and, most importantly over the near term, uncertainty
surrounding its ability to repay its second-lien bridge loan
maturity in early 2009.  These factors are partially offset by
Univision's satisfactory business risk profile, reflecting its
dominant position as the major U.S.-based Spanish-language TV
and radio broadcaster; broadcasting's good margin potential and
discretionary cash flow-generating capability; positive trends
in Spanish-language population and advertising growth that have
translated into earnings momentum; and the company's strong
EBITDA margins, due partially to its favorable long-term
contracts to purchase popular TV programming.

Headquartered in Los Angeles, California, Univision
Communications Inc., (NYSE: UVN) -- http://www.univision.net/--  
is Spanish-language media company which owns and operates more
than 70 television stations in the U.S. and Puerto Rico offering
a variety of news, sports, and entertainment programming.  The
company had about US$2.6 billion in debts at Dec. 31, 2006.  
Univision Music Group is a subsidiary of Univision
Communications Inc.



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

CMS ENERGY: Net Loss Rises to US$227 Mil. in Year Ended Dec. 31
---------------------------------------------------------------
CMS Energy Corp. reported net loss of US$127 million for fourth
quarter ended Dec. 31, 2007, compared to net loss of
US$32 million in the fourth quarter of 2006.  

The 2007 fourth quarter loss included an after-tax charge of
US$193 million as a result of the restructuring of various
electric supply agreements at the Dearborn Industrial Generation
facility.

For full year 2007, the company reported net loss of
US$227 million, compared to a net loss of US$90 million for
2006.

The reported net loss for the year was caused by US$428 million
from a charge for restructuring some electric supply agreements
and currency translation account losses associated with the sale
of international assets.  CMS Energy completed US$1.5 billion in
international asset sales in 2007.

The company's 2007 adjusted non-Generally Accepted Accounting
Principles net income, which excludes gains and losses from
asset sales, impairment charges and other items, was
US$201 million compared to adjusted net income of US$103 million
for 2006.

The 2007 fourth quarter adjusted net income was US$59 million
compared to adjusted net income of US$62 million for the same
period of 2006.

CMS Energy reaffirmed its guidance for 2008 adjusted earnings of
US$1.20 per share.  While the company expects 2008 reported
earnings to be about the same as its adjusted earnings, reported
earnings could vary because of gains or charges relating to
previously sold assets or other factors.

"2007 was a successful transition year for the company as it
exited international markets, reduced debt, and invested
substantially in its Michigan utility, Consumers Energy," David
Joos, the president and chief executive officer of CMS Energy,
said.

"That success allowed us to increase the common stock dividend
by 80% in January," Mr. Joos said.  "We will continue to
implement that successful strategy in 2008 and build upon our
company's underlying strength, which can be seen in our adjusted
results.  We expect adjusted earnings to be back on track in
2008 and to grow by an average annual rate of 6% to 8% over our
five-year planning horizon."

"Michigan policy makers are currently considering changes needed
in the state's energy policy to assure the state has reliable
and affordable energy to meet the future needs of customers,"
Mr. Joos commented on the ongoing energy policy discussions in
Michigan.  

"The adoption of those changes will allow the company to fully
implement its plan to invest US$6 billion in the utility over
the next five years in energy efficiency, renewable energy,
environmental and customer service enhancements, and new power
generation," Mr. Joos said.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$14.19 billion, compared to US$15.37 billion at
Dec. 31, 2006.

                         About CMS Corp.

Headquartered in Michigan, CMS Energy Corp. (NYSE: CMS) --
http://www.cmsenergy.com/-- is a company that has as its  
primary business operations an electric and natural gas utility,
natural gas pipeline systems, and independent power generation.  
The company has offices in Venezuela.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 6, 2007,
Fitch Ratings rated CMS Energy Corp.'s issuer default rating
'BB+' with a stable outlook.


PETROLEOS DE VENEZUELA: May Rule on Case With Exxon This Week
-------------------------------------------------------------
Judge Paul Walker of The Royal Court of Justice may rule on the
US$12 billion asset freeze legal dispute between Exxon Mobil
Corp. and Petroleos de Venezuela SA this week, after he finishes
hearing both of the parties' arguments, Reuters reports.

Bloomberg News says that the ruling was expected since last
week.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2008, Exxon Mobil asked the London High Court to uphold
the order freezing US$12 billion in Petroleos de Venezuela's
assets to support the arbitration process between both parties.  
The asset-freeze order against Petroleos de Venezuela was made
so that Exxon Mobil would be able to extract compensation
should it win a pending arbitration.  Petroleos de Venezuela has
appealed the asset-freeze order and asserted that the U.K. court
doesn't have the authority to award the injunction because the
case involved U.S. and Venezuelan firms.

Petroleos de Venezuela also said that it wasn't trying to put
its assets "beyond reach," Reuters notes.

Exxon Mobil's Chief Executive Rex Tillerson said during the
company's yearly meeting with analysts that due to the lack of
talks with Petroleos de Venezuela on working out fair
compensation for the assets, Exxon Mobil had no choice but to
pursue its right for arbitration, Sheila McNulty at The
Financial Times Limited relates.

Judge Walker said that he didn't accept an argument by Exxon
Mobil, which said that the case was comparable to an earlier one
in which a freeze was upheld, Reuters says, citing Venezuelan
Ambassador Samuel Moncada.  The judge questioned Exxon Mobil's
referring to past cases of companies with assets in England, Dow
Jones Newswires relates.

Dow Jones says that Judge Walker agreed that Petroleos de
Venezuela has no connection to England and has questioned Exxon
Mobil's assertions that Petroleos de Venezuela may have English
bank accounts.  According to Dow Jones, Petroleos de Venezuela
had argued that the case doesn't fall under U.K. jurisdiction as
the company isn't an English company and has no assets,
businesses or bank accounts in the U.K. and that the U.K. assets
owned by its joint venture with Finnish firm Neste Oil are too
indirect to be taken into account.

Judge Walker said that it didn't matter where Petroleos de
Venezuela has assets, as long as it had US$12 billion in assets,
questioning Exxon Mobil's attorneys on why they were complaining
about the Venezuelan firm's potentially moving assets elsewhere,
Dow Jones reports.

Exxon Mobil's lead lawyer Catherine Otton-Goulder told the court
that even if there isn't a connection between Petroleos de
Venezuela and England, it should still be possible for the
freezing order to be made in an English court, Dow Jones notes.

Dow Jones further cited Ms. Otton-Goulder as saying, "if the
judge were to serve an order, that would have a huge impact on
Petroleos de Venezuela's ability to conduct business and that
the Venezuelan company would be likely to abide by the freezing
order in order to maintain its international reputation."
Once assets are moved to Venezuela, or money is spent in the
country, then the assets won't be available for use in any
compensation pay-out, she added.

"How can a foreign court decide how PdVSA's money is spent in
Venezuela?  It's ridiculous," Samuel Moncada, Venezuela's
ambassador to the U.K., commented to Dow Jones.

Meanwhile, Gordon Pollock, Petroleos de Venezuela's lead lawyer,  
told the court that the company won't feel any "moral pressure"
to abide by a U.K. court order freezing US$12 billion of its
assets, Dow Jones reports.

According to Dow Jones, Mr. Pollock said, "The idea that PdvSA's
reputation will suffer if it were to ignore the order isn't
really a sustainable one."

Mr. Pollock told Caroline Binham at Bloomberg that Petroleos de
Venezuela may ignore the ruling.  "Defiance of this court would
simply enhance our reputation in the areas where it mattered: in
the corridors of OPEC," Mr. Pollock commented to Bloomberg.
Petroleos de Venezuela failed to conclude the refinancing of a
separate energy project due to the unavailability of the assets,
Mr. Pollock added.

Oil Minister Rafael Ramirez told Reuters that Petroleos de
Venezuela will discuss an asset swap with Exxon Mobil involving
their joint venture Chalmette, after a London court makes a
ruling on the asset freeze case.  

According to Dow Jones, Exxon Mobil said in court that it is
facing losses much greater than US$12 billion due to Venezuela's
nationalization drive in the oil sector.

Dow Jones notes that Ms. Otton-Goulder said during the hearing,
"Today oil prices are around US$100 a dollar, the actual losses
(for ExxonMobil) far surpass the losses from the formula."

Formula used to calculate compensation, under the original
joint-venture contract with Petroleos de Venezuela was
"conservative," Dow Jones says, citing Ms. Otton-Goulder.

Exxon Mobil said that using the formula, it is owed
US$12 billion in compensation after the nationalization was
implemented, Dow Jones relates.

Petroleos de Venezuela argued that the compensation Exxon Mobil
is asking for a shortfall in payments it would have received
through to 2035 if the project hadn't been nationalized is
unfair, according to Dow Jones.

The report says that the value of Exxon Mobil's 41.6% stake in
its Cerro Negro project in Venezuela is estimated to be between
US$2 billion and US$3 billion.  However, Petroleos de Venezuela
doesn't want to offer over US$750 million in compensation.

Petroleos de Venezuela SA's President and Venezuelan Energy and
Oil Minister Rafael Ramirez told El Universal that Petroleos de
Venezuela is "reengineering" its finances due to actions
undertaken by Exxon Mobil.

Allheadlinenews.com relates that Petroleos de Venezuela "shifted
its petrodollar stash" to Swiss bank UBS. Petroleos de Venezuela
said that its international financial business transactions
would be done effective immediately at Switzerland, where banks
maintain extreme privacy for its depositors, Allheadlinenews.com
reports.

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.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                           *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.


PETROLEOS DE VENEZUELA: Inks Training Deal with Nova Scotia
-----------------------------------------------------------
Petroleos de Venezuela SA has signed an agreement with the
Canadian province of Nova Scotia to for the training of the oil
company's workers in the energy field.  

According to TheEnergyNews, Petroleos de Venezuela is seeking to
strengthen the technical knowledge of its new workers for the
company to be able to produce some 5.8 billion barrels of crude
oil per day by 2012.

The agreement stipulates giving PDVSA employees the possibility
of taking classes in Cape Breton University, Nova Scotia
Community College, Dalhousie University and Saint Mary’s
University.  All of these higher education institutions are
located in the Canadian province of Nova Scotia and are
well-known for training human resources internationally,
especially in the oil and gas sectors.  In fact, they are widely
known for training personnel in Russia and Angola, two very
important oil producing countries.

Nova Scotia has colleges and universities that offer graduate
programs, specialized energy programs, and professional
development courses that have high demand from energy workers
throughout the world.  These oil workers know that this Canadian
province has a proven record of excellence and proper
infrastructure to fit the learning requirements of the oil
industry.

This way, PDVSA is fulfilling the commitment it has made with
its employees of providing training that will close technical
knowledge gaps and will improve human resources’ skills.  These
actions will make possible to attain the goal set by the Oil
Sowing Plan of producing 5.8 billion crude barrels per day by
2012.

Canadian Energy Minister Richard Hurlburt told TheEnergyNews,
"Nova Scotia is internationally recognized as a center of
quality education.  And word keeps spreading.  The oil and gas
industry knows they can find world-class instruction and
training here."

"Nova Scotia's industry expertise has won partnerships around
the world and this deal is evidence of our continued reputation
as quality service providers.  This agreement may open the door
for new contracts in the oil and gas sector in addition to
education training," Offshore/Onshore Technology Association of
Nova Scotia's chairperson Barry Clouter commented to
TheEnergyNews.

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.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                           *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.



===========
X X X X X X
===========

* BOND PRICING: For the Week March 3 - March 7, 2008
----------------------------------------------------

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

  ARGENTINA
  ---------
Argnt-Bocon PR11         2.000     12/3/10     ARS      60.34
Argnt-Bocon PR13         2.000     3/15/24     ARS      63.73
Arg Boden                2.000     9/30/08     ARS      29.59
Argent-Par               0.630    12/31/38     ARS      39.16

  BRAZIL
  ------
CESP                     9.750     1/15/15     BRL      64.90

  CAYMAN ISLANDS
  --------------
Vontobel Cayman          6.400     3/28/08     CHF      68.90
Vontobel Cayman          6.533     3/27/08     CHF      66.75
Vontobel Cayman          7.812     3/27/08     EUR      73.10
Vontobel Cayman          8.250     4/25/08     CHF      67.60
Vontobel Cayman          8.250     7/28/08     CHF      43.20
Vontobel Cayman          8.300     3/20/08     CHF      46.60
Vontobel Cayman          8.500     3/27/08     CHF      54.20
Vontobel Cayman          8.750     3/27/08     CHF      41.05
Vontobel Cayman          8.900     3/27/08     CHF      69.30
Vontobel Cayman          9.050      7/1/08     CHF      71.60
Vontobel Cayman          9.100    10/31/08     CHF      63.40
Vontobel Cayman         10.000    10/24/08     CHF      51.60
Vontobel Cayman         10.400     3/27/08     CHF      71.10
Vontobel Cayman         10.400      7/8/08     CHF      51.80
Vontobel Cayman         10.800     9/26/08     CHF      52.80
Vontobel Cayman         10.850     3/27/08     EUR      58.55
Vontobel Cayman         10.900     9/26/08     CHF      50.60
Vontobel Cayman         11.000     6/20/08     CHF      40.80
Vontobel Cayman         11.500     6/27/08     EUR      60.75
Vontobel Cayman         11.500     7/22/08     CHF      64.80

  JAMAICA
  -------
Jamaica Govt LRS         7.500     10/6/12     JMD      71.60
Jamaica Govt LRS        12.750     6/29/22     JMD      73.75
Jamaica Govt LRS        12.850     5/31/22     JMD      73.17

  PUERTO RICO
  -----------
Puerto Rico Cons.        5.900     4/15/34     USD      62.75
Puerto Rico Cons.        6.000    12/15/34     USD      71.00

  VENEZUELA
  ---------
Petroleos de Ven         5.250     4/12/17     USD      68.67
Petroleos de Ven         5.375     4/12/27     USD      58.78
Petroleos de Ven         5.500     4/12/37     USD      57.62
Venezuela                7.000     3/31/38     USD      73.30


* Beard Group's Cross-Border Insolvencies Audio Primer
------------------------------------------------------
Beard Group and the Troubled Company Reporter are pleased to
announce a new audio conference on cross-border insolvencies.

The conference, entitled "The Chapter 15 International
Insolvency Institute:

An Audio Primer on Cross-Border Bankruptcy Rules" will be held
on April 3, 2008 at 1:30 PM Eastern Time.  It aims to make
international bankruptcy proceedings understandable, in a
convenient, interactive learning format.

The live 90-minute telephone conference with interactive Q&A
session with unlimited enrollment per call-in site will be
presented by two  Greenberg Traurig attorneys, Luis Salazar and
Paul Keenan.

Register now at

http://beardaudioconferences.com/bin/shopping_cart?code=BR-
042&type=AC&choice=1

or learn more at

http://beardaudioconferences.com/bin/conference_details?code=BR-
042

In today's multi-national corporate world, cross-border
restructurings trigger special challenges for creditors and
debtors alike.

To avoid mistakes, enroll in this live audio conference, where
International experts will lead you step-by-step through the
major stages of a Chapter 15 filing.

Luis Salazar and Paul Keenan will explain the current Chapter 15
rules, clarify often-confusing terms such as COMI, outline your
legal options, and update you on the latest developments.
Salazar and Keenan will use real-world case studies such as Bear
Sterns and SPhinX Funds to illustrate key concepts and spotlight
crucial court decisions.

You'll receive:

* A logical, easy-to-follow guide to international insolvency
   proceedings

* Plain-English explanations of the most important concepts and
   buzzwords you need to know

* Snapshots of key decision pathways, including determining
   main vs. non-main centers of interest

* Explanations of who's eligible to file for Chapter 15

* Descriptions of pre- and post-recognition relief available

* What are the stay exceptions

* How Chapter 15 relates to EU regulations and other global
   rules

* Case studies of key court decisions, including

    -- Tri-Continental Exchange
    -- SPhinX Funds
    -- Compania del Alimentos Fargo, S.A.
    -- Katsumi Iida

* Why the Bear Stearns case is important in determining
   jurisdictional oversight

* Practical strategies for today's creditors and debtors facing
   international insolvency decisions

Early-Bird Registration Discount

Register by Thursday, March 27, and save US$50 off the regular
tuition.

Tuition is US$245 prior to March 27; US$295 afterwards.
Remember, the tuition includes written materials and an
unlimited number of attendees at each dial-in site.

Continuing Legal Education Credit:

Training is accredited for 1.50 MCLEs in California, and
applications are pending in Texas and Tennessee.  New York State
has reciprocity with California.  For non-attorneys and
attorneys practicing in other states, Certificates of Attendance
are available upon request.

About the Instructors:

Described as one of South Florida's "legal elite" by Miami's
Daily Business Review, Luis Salazar is a shareholder in the
international law firm of Greenberg Traurig.  In his practice,
he counsels a diverse group of clients through difficult
situations -- from bet-the-company litigation, to surviving
severe financial distress, to dealing with the consequences of
data breaches.

Luis has led Chapter 11 reorganizations for many well-known
companies -- including Gerald Stevens, Fine Air and Arrow Air,
Xpedior, Scient, and others -- with combined assets exceeding $5
billion.  He also has led less well-known reorganizations, work-
outs and financial negotiations on behalf of clients in the
aviation, money-wiring, food service, import-export, and
Entertainment fields.  He currently serves as the Co-Chair of
the International Insolvency Committee of the American
Bankruptcy Institute.

Paul J. Keenan, Jr., is an attorney in the business
reorganization and bankruptcy practice of Greenberg Traurig's
Miami office, where he represents banks and other lending
institutions, debtors, unsecured creditors and asset
purchasers in corporate restructurings, loan workouts and
bankruptcy cases.

Paul speaks Spanish and has significant experience representing
lending institutions and debtors in cross-border corporate
restructurings and loan workouts, primarily in Latin America and
the Caribbean.

His experience includes representing a large Latin American
Telecommunications company in all aspects of its corporate and
financial restructuring; representing a major cruise line in the
negotiation, drafting and bankruptcy court approval of a DIP
financing facility; and representing U.S. investors in corporate
restructuring of an Argentine charter airline. Paul is chair of
the Latin America Committee for INSOL International and the co-
author of "Chapter 15: The U.S. Cross-Border Insolvency Law",
included in the latest edition of the PLC Cross-Border
Restructuring and Insolvency Handbook.

How to Register:

1. Call 240-629-3300 and charge the tuition investment of US$245
(US$295 after March 27, 2008) to a major credit card, or

2. Visit www.beardaudioconferences.com for fast and convenient
online registration.

3. Mail a check payable to Beard Audio Conferences to: Beard
Group, P.O. Box 4250, Frederick, MD 21705-4250 (checks must be
received 48 hours prior to conference).

Can't make the scheduled date and time? Order the Audio CD
recording of this conference.  Or get the CONFERENCE PLUS option
that allows one to attend the audio conference AND get the Audio
CD recording at a discounted price.

For either option, visit www.beardaudioconferences.com or call
(240) 629-3300.


                            ***********


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.  Marie Therese V. Profetana, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2746.

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

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

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


           * * * End of Transmission * * *