TCRLA_Public/080314.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, March 14, 2008, Vol. 9, No. 53

                            Headlines


A R G E N T I N A

CHRYSLER LLC: Increases Purchases from Minority Suppliers in '07
DELTA AIR: Disbands Merger Advisers, Stresses "Stand-Alone Plan"
DUAIELLO SRL: Proofs of Claim Verification Deadline is May 28
EMPRESA SANTA FE: Trustee to Verify Claims Until April 4
NAICO INDEMNITY: Sets Final Shareholders Meeting for March 20

POWER COLD: Court Concludes Reorganization
TELECOM ARGENTINA: Deutsche Downgrades Firm to Hold From Buy


A R U B A

VALERO ENERGY: To Resume Full Production at Aruba Plant in April


B E R M U D A

SCOTTISH RE: Shift in Strategic Focus Cues Moody's Rating Cuts


B O L I V I A

COEUR D'ALENE: Prices US$200 Mil. Conv. Senior Unsecured Notes
COEUR D'ALENE: Plans US$150 Million Sr. Unsecured Notes Offering
COEUR D'ALENE: S&P Puts B- Rating on US$150MM Convertible Notes


B R A Z I L

BANCO CRUZEIRO: Net Profit Up 472% to BRL236 Million in 2007
BANCO NACIONAL: Grants BRL7.2MM Loan on COPPETEC Blood Derivates
CIA. ENERGETICA: To Keep Focus on Amazon Generation Projects
DELPHI CORP: Closes Interiors & Closures Biz Sale to Renco Group
ENERGISA SA: Net Profit Up 330% to BRL328 Million in 2007

ENERGISA SA: Will Invest BRL249 Million in Distribution
ENERGISA SA: To Rename Five Power Distribution Subsidiaries
GENERAL MOTORS: COO Says Won't Meddle in AAM & UAW Labor Dispute
GOL LINHAS: Unit Inks Interline Agreement With China Airlines
GRAPHIC PACKAGING: Completes Merger Deal With Altivity Packaging

GRAPHIC PACKAGING: S&P Assigns 'BB-' Rtg. on US$1.2B Term Loan C
NRG ENERGY: Earns US$104 Mln in 2007 Fourth Qtr. Ended Dec. 31
NRG ENERGY: S&P Gives Positive Outlook on 'B+' Corporate Rating


C A Y M A N  I S L A N D S

PARMALAT SPA: Legal Costs to Fall if Citi Trial Starts May


C O L O M B I A

BANCOLOMBIA SA: Posts COP65,257MM February Unconsolidated Income
CHIQUITA BRANDS: Gets Sued Over Five U.S. Missionaries' Deaths
ECOPETROL: Tests Oil at Four High Madalena Fields With Hocol


M E X I C O

AMERICAN AXLE: Union Won't Accept Terms, Halts Labor Talks
COMVERSE TECH: S&P Chips Corp. Credit Rating to 'B+' From BB-
DURA AUTOMOTIVE: Tax Advisor Seeks US$962,541 in Fees for Jan.
FOAMEX INTERNATIONAL: BoNY Can Collect Post-Maturity Interest
QUEBECOR WORLD: Lindenmeyr Objects to Reclamation Procedures

QUEBECOR WORLD: Catalyst Pulp Replaces IPC as Committee Member
QUEBECOR WORLD: Suspends Payment of Preferred Dividends
URBI DESARROLLOS: Launches Net Zero Housing Program With CONAVI
US STEEL: Unit Backs Out from Talks to Sell Wabush Mine Stake


P E R U

BUNGE LTD: Waits For Favorable Market Conditions Before Offering


P U E R T O  R I C O

DORAL FINANCIAL: Mario Levis Indicted for Defrauding Investors
MICRON TECH: S&P Puts BB- Corporate Rating on Negative Watch
MUSICLAND HOLDING: Parties Seek to Pursue Action v. Best Buy
MUSICLAND HOLDING: Truesdell Inks Pacts w/ Preference Defendants
MUSICLAND HOLDING: Truesdell Intends to Lump Tax Claim Dispute

MUSICLAND HOLDING: Hob-Lob Wants US$1.2 Mil. Admin. Claim Paid
NASH FINCH: Must Pay US$6.75 Million Class Action Settlement
PSYCHIATRIC SOLUTIONS: Earns US$23 Mil. in Quarter Ended Dec. 31
PUNTO APARTE/CIMA: Case Summary & 19 Largest Unsecured Creditors
SPANISH BROADCASTING: Posts US$4,964 Mil. Net Loss in 4Q 2007

UNIVISION COMMS: Fitch Publishes Review on Recovery Ratings


T R I N I D A D  &  T O B A G O

DIGICEL GROUP: Blames Text Messaging Failure to Competitor


V E N E Z U E L A

NORTHWEST AIRLINES: Resumes Talks with Delta After Brief Impasse
PETROLEOS DE VENEZUELA: Ships 4MM Crude Barrels to India, China
PETROLEOS DE VENEZUELA: Absorbs 2000++ Workers at Orinoco Belt


                         - - - - -


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A R G E N T I N A
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CHRYSLER LLC: Increases Purchases from Minority Suppliers in '07
----------------------------------------------------------------
Chrysler LLC spent US$4.8 billion with minority suppliers in
2007, representing 15.5% of its total purchasing and an increase
of US$900 million from the previous year.  In the last nine
years, the company has increased the amount spent with minority
suppliers by 182%, from US$1.7 billion in 1998 to US$4.8 billion
in 2007.  This significant increase reinforces Chrysler's long-
term commitment to the economic development and growth of its
minority suppliers.

"Given the tremendous cost pressures facing the industry as a
whole, it is heartening to see minority suppliers continue to
increase their share of Chrysler business year-over-year," John
Campi, Executive Vice President – Global Sourcing, Chrysler LLC,
said.  "Moving forward, it is imperative that Chrysler and all
of its suppliers work together to collaborate on innovations and
wring cost out of the supply chain.  Our ability to reach these
goals together and weather the economic challenges will, in some
large measure, determine our future success."

The company's diversity supplier development initiatives extend
to its Tier 1 and Tier 2 supplier base.  Tier 1 suppliers are
expected to source at least nine percent of their procurement
through qualified minority suppliers during the 2008 calendar
year.

"With the entire automotive industry facing tough economic
challenges, Chrysler has never wavered in its commitment to
diversity" Jethro Joseph, Senior Manager – Diversity Supplier
Development, Chrysler LLC, said.  "Success takes a team effort
and our employees and supply base continue to hold themselves
accountable to achieve diversity."

Since 1983, Chrysler has purchased more than US$38 billion from
minority-owned companies and has developed a number of programs
to build its minority supplier base.  Chrysler continues to
support several organizations geared to assisting Tier 1
suppliers achieve their minority sourcing goals, including the
National Minority Supplier Development Council and the Canadian
Aboriginal Minority Supplier Council.

In 2007, Chrysler launched its Diverse Employee Initiative that
aims to recognize and reward suppliers who demonstrate a
commitment to diversity in their hiring processes.

Headquartered 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.


DELTA AIR: Disbands Merger Advisers, Stresses "Stand-Alone Plan"
----------------------------------------------------------------
As the pilots' negotiations stall, Delta Air Lines, Inc.,
disbanded a group of outside advisers who helped the airline
craft a merger deal with Northwest Airlines Corporation,
Bloomberg News reports, citing people with knowledge of the
matter.

Delta is putting on hold the services of their advisers until
the carriers' pilots resolve their differences, particularly on
meshing seniority lists, Bloomberg says.

Delta's chief financial officer Ed Bastian said in a statement
that no merger is imminent unless "Delta [gets a] deal that
protects pilots' seniority."

In an interview with CNBC television, Mr. Bastian emphasized
Delta's strong stand-alone plan and that the company "[does] not
feel pushed or hurried into any decision."

"If we find the right deal, we'll pursue it," he told CNBC.

                       Pilot Talks Resume

Reuters reports that the Delta and Northwest pilots have revived
discussions on resolving differences in merging their contracts.

The two sides had not met since Feb. 21, people familiar with
the situation told The Associated Press.

The meetings have involved a handful of senior pilots and are
not formal negotiations, Reuters says, citing a person familiar
with the talks.

Some progress was made during discussions in Washington on how
to integrate the Delta and Northwest pilot-seniority systems,
but no possible agreement is foreseen in combining the seniority
lists, a person involved with the matter said, according to the
Wall Street Journal.

The pilot unions, both affiliated with the Air Line Pilots
Association, have refused to comment on any new meetings held
and on merger developments.

WSJ says that the series of snags in the consolidation talks
have
some investors losing patience.  An investor has privately told
WSJ that a pilot accord on seniority is neither required by law
or by both contracts under the carriers' unions, so the airlines
could close a deal now and sort out the pilots seniority later.

Delta declined to comment on the matter.

          PBGC Wants In On Delta-Northwest Merger Talks

In a letter dated February 28, 2008, the Pension Benefit
Guaranty Corporation director Charles E. F. Millard wrote to
Delta and Northwest that the pension agency should take a role
in the carriers' current merger discussions to ensure "that all
appropriate considerations with respect to the continued health
of the airlines' defined benefit pension plans are addressed,"
the AP reports.

The PBGC assumed Delta's pilot pension during the airline's
Chapter 11 reorganization and has become a major shareholder.  A
change in the law during Northwest's bankruptcy afforded the
airline more time to get caught up on its pensions, the AP says.

The AP quotes Mr. Millard as saying that Delta and Northwest's
pension plans "do not have enough assets to pay all promised
benefits: if the plans were to terminate, they would be
underfunded by over US$7,000,000,000."

"Delta has been very clear that any consideration of potential
consolidation must protect the interests of our employees and
retirees, including ensuring that their pension plans are
maintained," Delta spokesman Anthony Black told the newspaper.

Northwest spokeswoman Tammy Lee said the carrier is confident
that all its pension plans would continue to be funded as
required under the Pension Protection Act of 2006, if any merger
were to occur, the AP says.

            Anderson: Mum on Delta and Northwest Talks

In his keynote address at the Federal Aviation Administration's
annual industry forecast conference, Mr. Anderson refused to
answer questions about the possible Delta and Northwest tie-up,
the Atlanta-Journal Constitution says.

The Delta CEO, however, condemned federal officials for failing
to help restrain fuel costs, saying, "We don't have an energy
policy in this country, and we need one."

Mr. Anderson expressed his frustration on the oil-price
situation, saying, "if policymakers were serious about
conserving fuel, they would be installing new air-traffic
control equipment and systems more quickly to reduce flight
delays," the paper disclosed.

Oil prices, currently at US$108 a barrel, is undermining airline
profitability at an alarming rate, said Mr. Anderson, according
to the report.

                   About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--     
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.  
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.  (Northwest Bankruptcy News,
Issue No. 88; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.  (Delta Air Lines Bankruptcy News, Issue No. 92;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2008, Standard and Poor's said that media reports that
Delta Air Lines Inc. (B/Positive/--) entered into merger talks
with UAL Corp. (B/Stable/--) and Northwest Airlines Corp.
(B+/Stable/--) will have no effect on the ratings or outlook on
Delta, but that confirmed merger negotiations would result in
S&P's placing ratings of Delta and other airlines involved on
CreditWatch, most likely with developing or negative
implications.


DUAIELLO SRL: Proofs of Claim Verification Deadline is May 28
-------------------------------------------------------------
Hector J. Garcia, the court-appointed trustee for Duaiello
S.R.L.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until May 28, 2008.

Mr. Garcia will present the validated claims in court as
individual reports on July 4, 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 Duaiello 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 Duaiello's
accounting and banking records will be submitted in court on
Sept. 2, 2008.

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

The trustee can be reached at:

         Hector J. Garcia
         Uruguay 572
         Buenos Aires, Argentina


EMPRESA SANTA FE: Trustee to Verify Claims Until April 4
--------------------------------------------------------
Marcela Maldonado, the court-appointed trustee for Empresa Santa
Fe Linea 18 S.R.L.'s reorganization proceeding, will be
verifying creditors' proofs of claim until April 4, 2008.

Ms. Maldonado will present the validated claims in court as   
individual reports.  The National Commercial Court of First  
Instance in Santa Fe 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 Empresa Santa
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 Empresa Santa Fe's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan  
during the assembly on Feb. 12, 2009.

The debtor can be reached at:

        Empresa Santa Fe Linea 18 S.R.L.
        Las Heras 5427, Ciudad de Santa Fe
        Santa Fe, Argentina

The trustee can be reached at:

        Marcela Maldonado
        Vieytes 2231
        Santa Fe, Argentina


NAICO INDEMNITY: Sets Final Shareholders Meeting for March 20
-------------------------------------------------------------
Naico Indemnity (Cayman) Ltd. will hold its final shareholders'
meeting on March 20, 2008, at 10:00 a.m. at Chandler Insurance
Management Ltd., Second Floor, Waterfront Center, North Church
Street, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

            1) accounting of the winding-up process; and

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

Naico Indemnity's shareholders agreed on Dec. 27, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Chandler (USA), Inc.
               c/o Chandler Insurance Management
               P.O. Box 1854, Waterfront Center
               North Church Street, Grand Cayman KY1-1110
               Cayman Islands


POWER COLD: Court Concludes Reorganization
------------------------------------------
Power Cold S.A. concluded its reorganization process, according
to data released by Infobae on its Web site.  The closure came
after the National Commercial Court of First Instance in Buenos
Aires homologated the debt plan signed between the company and
its creditors.


TELECOM ARGENTINA: Deutsche Downgrades Firm to Hold From Buy
------------------------------------------------------------
Deutsche Bank has downgraded Argentine telecoms operator Telecom
Argentina S.A. to 'hold' from 'buy' due to weak quarterly
results and higher risks.

Business News Americas relates that Deutsche Bank cut Telecom
Argentina's year-end target price to US$24 from US$29 per
American depositary receipt.

Telecom Argentina generated strong revenues in the fourth
quarter 2007, but its margin is under pressure, BNamericas says,
citing Deutsche Bank.

Deutsche Bank told BNamericas that Telecom Argentina's fourth
quarter 2007 revenues surpassed Deutsche Bank's estimates by
1.8% at ARS2.6 billion.

"Strong wireless growth took a heavy toll on margins as Ebitda
of ARS800 million was 11% below our forecast.  The Ebitda margin
of 31.3% was thus much lower than our forecast of 35.6%.  
Advertising costs grew 35% year-on-year and handset costs were
26% higher than our expectations.  We expect this pressure to
continue as long as Argentine inflation remains high," Deutsche
Bank commented to BNamericas.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides    
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.  As of December 31, 2006, its telephone system
included approximately 4.09 million lines in service.

As of 2007, current approximate ownership of Telecom Argentina
is: * 54.74% by Nortel Inversora S.A., itself a consortium made
up of: -- Werthein Group (48%) -- Telecom Italia  -- France
Telecom group (2%); * 41.5% publicly traded; and * 4.21%
employee stock ownership program France Telecom sold its part of
Telecom Argentina to the WertheinGroup, an Argentine
agricultural concern owned in part by vice chairman Gerardo
Werthein.  As of 2007, current approximate ownership of Telecom
Argentina is: * 54.74% by Nortel Inversora S.A., itself a
consortium made up of: -- Werthein Group (48%) -- Telecom Italia
group (50%) -- France Telecom group (2%); * 41.5% publicly
traded; and * 4.21% employee stock ownership program.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2008, Fitch Ratings upgraded Telecom Argentina's
foreign and local currency issuer default ratings to 'B+' from
'B'.  Fitch said the outlook is positive.



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VALERO ENERGY: To Resume Full Production at Aruba Plant in April
----------------------------------------------------------------
Valero Energy Corp. told Jordan Burke at Bloomberg News that its
plant in Aruba will resume full production in April.

The refinery was partially closed due to a fire in January.  
Repairs and maintenance projects at the refinery will be
completed in April, Bloomberg News relates, citing Valero
Energy's Chief Executive Officer William Klesse.

Mr. Klesse told Bloomberg News that the Aruba plant can process
275,000 barrels of crude per day.  Once the repairs are
completed, the refinery will run at up to 250,000 barrels a day.

Headquartered in San Antonio, Texas, Valero Energy Corporation
is North America's largest independent refining and marketing
company, currently owning 16 oil refineries with nameplate crude
oil distillation capacity of 2.6 barrels per day (bpd) and,
including intermediate feedstock, 3.1 million bpd.  VLO has one
of the largest deep conversion capacities in North America.  Its
current portfolio of refineries displays a somewhat above
average Nelson Complexity Index of 11.1 . Valero Energy
Corporation is evaluating strategic alternatives for one to
three refineries and each of the potential pro-forma scenarios
would increase its current Nelson index.  The pending major
capital spending programs would further increase Valero Energy
Corporation value adding capacity and complexity downstream from
crude oil distillation.  The company has operated an oil
refinery in Aruba.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2008, Moody's Investors Service placed Valero Energy
Corporation's ratings on review for upgrade.  Moody's previously
confirmed Valero Energy Corporation's Ba1 rated subordinated
debentures and Ba2 rated mandatory convertible preferred stock.  
The ratings still hold to date, subject to the conclusion of
Moody's rating review for possible upgrade.  Moody's said the
outlook is still positive.



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SCOTTISH RE: Shift in Strategic Focus Cues Moody's Rating Cuts
--------------------------------------------------------------
Moody's Investors Service downgraded the preferred stock debt
rating of Scottish Re Group Limited to Caa3 from B2, and the
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company Ltd. and Scottish Re, Inc., were lowered to Ba3 from
Baa3.  The ratings were left on review for possible further
downgrade, continuing a review that had been initiated on
February 15th.

Moody's noted that the rating action follows a February 22nd
announcement by the company that it would alter its strategic
focus in response to business challenges it faces in writing new
business, partly as a result of market conditions and its
substantial exposure to subprime and Alt-A investments.  Going
forward, the company has indicated it will pursue dispositions
of certain non-core businesses, strategic alliances in North
America, and rationalize expenses to secure liquidity and
capital as it effectively runs off the existing business.

The rating agency commented that the company's significant
exposure to subprime and Alt-A investments could lead to
additional losses going forward.  According to Scott Robinson,
Moody's Vice President & Senior Credit Officer, "The magnitude
of the company's subprime and Alt-A exposure, especially to
recent year vintages, makes them susceptible to further losses,
especially in a severe downside scenario."

As of the end of the third quarter, Scottish Re had
approximately US$3.0 billion of subprime ABS and Alt-A holdings,
which represented 27% of its total investment portfolio.  
Moody's notes that although much of the subprime ABS and Alt-A
exposure (US$2.3 billion) resides in non-recourse securitization
vehicles the company has sponsored, impairments and unrecognized
losses could adversely impact the ability of the company's U.S.
operating subsidiary to receive regulatory reserve credit, hence
reducing its regulatory capital position.

According to Robinson, "Moody's review of the ratings will focus
on the company's capital and liquidity position as it adjusts to
its new strategy."  While the company has access to
approximately $275 million in a contingent capital facility, it
does face a number of significant challenges.  Robinson
added,"the need for capital in its regulated subsidiaries, as
well as additional impairments on its investments could all
place additional pressure on the company."

These ratings were downgraded and left on review for possible
further downgrade:

  -- Scottish Re Group Limited: Senior unsecured shelf to
     (P)Caa1 from (P)Ba3; subordinate shelf to (P)Caa2 from
     (P)B1; junior subordinate shelf to (P)Caa2 from (P)B1;
     preferred stock to Caa3 from B2; and preferred stock shelf
     to (P)Caa3 from (P)B2;

  -- Scottish Holdings Statutory Trust II: preferred stock shelf
     to (P)Caa2 from (P)B1;

  -- Scottish Holdings Statutory Trust III: preferred stock
     shelf of to (P)Caa2 from (P)B1;

  -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.:
     IFS rating to Ba3 from Baa3

  -- Premium Asset Trust Series 2004-4: senior secured debt to
     Ba3 from Baa3

  -- Scottish Re (U.S.), Inc.: IFS rating to Ba3 from Baa3

  -- Stingray Pass-Through Certificates: to Ba3 from Baa3 (based
     on IFS rating of SALIC)

On Feb. 15, 2008, Moody's placed the ratings of Scottish Re
Group Limited on review for downgrade.  The review was driven
primarily by adverse experience on the company's substantial
exposure to subprime and Alt-A investments.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.  On Sept. 30, 2007,
Scottish Re reported total assets of US$13.4 billion and
shareholder's equity of US$869 million.



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B O L I V I A
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COEUR D'ALENE: Prices US$200 Mil. Conv. Senior Unsecured Notes
--------------------------------------------------------------
Coeur d'Alene Mines Corporation has priced its US$200 million in
aggregate principal amount of convertible senior unsecured notes
due 2028 to be issued under an effective shelf registration
statement on file with the U.S. Securities and Exchange
Commission.  The company has also granted the underwriters an
option to purchase up to an additional US$30 million aggregate
principal amount of notes solely to cover over-allotments.  
Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.
are acting as the underwriters of the offering with Deutsche
Bank Securities Inc. acting as sole book-running manager.

The notes will bear interest at a rate of 3 1/4% per year,
payable on March 15 and Sept. 15 of each year, beginning on
Sept. 15, 2008.  The notes will mature on March 15, 2028, unless
earlier converted, redeemed or repurchased by the company.

Each holder of the notes may require that the company repurchase
some or all of the holder's notes on March 15, 2013, March 15,
2015, March 15, 2018, and March 15, 2023, at a repurchase price
equal to 100% of the principal amount of the notes to be
repurchased, plus accrued and unpaid interest, in cash, shares
of common stock or a combination of cash and shares of common
stock, at the company's election.  Holders will also have the
right, following certain fundamental change transactions, to
require the company to repurchase all or any part of their notes
for cash at a repurchase price equal to 100% of the principal
amount of the notes to be repurchased plus accrued and unpaid
interest.  The company may redeem the notes for cash in whole or
in part at any time on or after March 22, 2015, at 100% of the
principal amount of the notes to be redeemed plus accrued and
unpaid interest.

The notes will be convertible under certain circumstances, at
the holder's option, at an initial conversion rate of 176.0254
shares of the company's common stock per US$1,000 principal
amount of notes, which is equivalent to an initial conversion
price of approximately US$5.68 per share of common stock
(representing a 30% conversion premium based on the closing
price of US$4.37 per share of the company's common stock on
March 12, 2008), subject to adjustment in certain circumstances.  
The notes will provide for "net share settlement" of any
conversions, which limits the number of shares of common stock
to be issued in the future.  Pursuant to this feature, upon
conversion of the notes, the company 1) will pay the note holder
an amount in cash equal to the lesser of the conversion
obligation or the principal amount of the notes, and (2) will
settle any excess of the conversion obligation above the notes'
principal amount in the company's common stock, cash or a
combination thereof, at the company's election.

The company intends to use the proceeds of this offering to
complete the construction of the San Bartolome silver project in
Bolivia and fund construction of the Palmarejo silver/gold
project in Mexico.  Any additional remaining proceeds may be
used to repay borrowings under the company's bridge loan
facility and bank facility and for general corporate purposes.

Closing of the public offering of the notes is expected to occur
on March 18, 2008, and will be subject to the satisfaction of
various customary closing conditions.

                     About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                         *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.


COEUR D'ALENE: Plans US$150 Million Sr. Unsecured Notes Offering
----------------------------------------------------------------
Coeur d'Alene Mines Corporation has intended to offer
US$150 million in aggregate principal amount of convertible
senior unsecured notes under an effective shelf registration
statement on file with the U.S. Securities and Exchange
Commission.

The company intends to grant the underwriters of the proposed
offering an option to purchase up to an additional
US$22.5 million aggregate principal amount of notes solely to
cover over-allotments.  Deutsche Bank Securities Inc. and J.P.
Morgan Securities Inc. will be the underwriters of the offering
with Deutsche Bank Securities Inc. acting as sole book-running
manager.  The interest rate, conversion premium and other terms
of the notes will be determined at the time of pricing of the
offering.

The notes will be convertible, under certain circumstances, into
shares of the company's common stock and will provide for "net
share settlement" of any conversions, which limits the number of
shares of common stock to be issued in the future.  Pursuant to
this feature, upon conversion of the notes, the company:

   (1) will pay the note holder an amount in cash equal to the
       lesser of the conversion obligation or the principal
       amount of the notes, and

   (2) will settle any excess of the conversion obligation above
       the notes' principal amount in the company's common
       stock, cash or a combination thereof, at the company's
       election.

The company has intended to use the proceeds of this offering to
complete the construction of the San Bartolome silver project in
Bolivia and fund construction of the Palmarejo silver/gold
project in Mexico.  Any additional remaining proceeds may be
used to repay borrowings under the company's bridge loan
facility and bank facility and for general corporate purposes.  
Holders of the notes may require the Company to repurchase the
notes on specified dates and if the company is involved in
certain types of corporate transactions or other events
constituting a fundamental change.

                     About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                         *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.


COEUR D'ALENE: S&P Puts B- Rating on US$150MM Convertible Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B–' debt
rating to the proposed US$150 million senior unsecured
convertible notes of Coeur D'Alene Mines Corp. (B-/Stable/--).  
These notes will be issued under the company's effective shelf
registration filed on Dec. 27, 2005.
     
Proceeds from the proposed notes will be used to fund Coeur
D'Alene's planned capital expenditures at its San Bartolome
silver project in Bolivia and its Palmarejo silver and gold
project in Mexico.  Pro forma for this financing, Coeur D'Alene
will have about US$406 million in debt.
     
The ratings on Coeur D'Alene Mines reflect its high business
risk as a capital-intensive commodity-based company with a
modest scope of operations, limited reserve base, and political
and operating risk at some of its operations.  Ratings also
incorporate the company's aggressive expansion plans and
uncertainties about successfully developing its planned lower-
cost mining operations.  Meaningful challenges include volatile
prices, governmental regulation, environmental issues,
permitting, and adverse geological conditions.
      
Ratings List:

   -- Corporate Credit Rating       B- ; Stable
   -- Senior unsecured              B-

Rating Assigned:

   -- US$150 million senior unsecured convertible notes   B-

Coeur d'Alene Mines Corporation is one of the world's leading
silver companies and also a significant gold producer.  The
company, which has no silver or gold production hedged, is
presently constructing two of the world's largest silver mines:
San Bartolome (Bolivia) and Palmarejo (Mexico); operates two
underground mines in southern Chile and Argentina and one
surface mine in Nevada; and owns non-operating interests in two
low-cost mines in Australia.  The company also owns a major gold
project in Alaska and conducts exploration activities in
Argentina, Bolivia, Chile, Mexico and Tanzania.



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

BANCO CRUZEIRO: Net Profit Up 472% to BRL236 Million in 2007
------------------------------------------------------------
Banco Cruzeiro do Sul's net profit increased 472% to
BRL236 million in 2007, compared to 2006, going beyond the
bank's initial guidance of BRL145 million, Business News
Americas reports.

BNamericas notes that Banco Cruzeiro's lending rose 147% to
BRL3.29 billion while net interest income rose 72.6% to
BRL588 million.

In the fourth quarter of 2007, the bank's net profit increased
by 770% to BRL141 million from profit booked in the same quarter
in 2006, while net interest income dropped 30.3% to
BRL99.1 million, BNamericas says.

BNamericas relates that Banco Cruzeiro's shareholder equity rose
312% to BRL1.05 billion in 2007, compared to 2006, and its  
total assets grew 102% to BRL4.31 billion.

Banco Cruzeiro sees its net profit increasing by 5.93% to
BRL250 million this year, from 2007, and expects return on
equity of 25.5% in 2008.  The bank also expects to increase
lending by 21.5% to BRL4.55 billion by the end of this year with
payroll and retirement loans growing 9.89% to BRL3.60 billion.  
The bank's middle-market loans will increase to BRL700 million
and its credit card operations will rise 117% to BRL250 million.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a   
private-sector multiple bank with operations in the consumer
segment, through paycheck-deductible loans to public employees
and social security beneficiaries, and in the corporate segment,
offering middle-market companies short-term loans usually backed
by receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2008, Moody's Investors Service assigned a Ba1 global
long-term foreign currency rating to Banco Cruzeiro do Sul
S.A.'s US$100 million senior unsecured notes due in August 2009.  
The notes are being issued under the the bank's US$1 billion
Global Euro Medium-term Note Program.  Moody's said that the
outlook is stable.


BANCO NACIONAL: Grants BRL7.2MM Loan on COPPETEC Blood Derivates
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social directors
have approved a financing, within the scope of Funtec program
(Technologic Fund), for Fundacao Coordenacao de Projetos,
Pesquisas e Estudos Tecnologicos [Technological Projects,
Researches and Studies Coordination Foundation] – COPPETEC –,
for the amount of BRL7.2 million.  The resources, non-
reimbursable, are destined to the "Development of Recombinant
Medications for Use in Hemathology/Hemotherapy" project, a
partnership of the company Hemobrás with the Laboratory of
Cellular Cultivations Engineering of COPPE/UFRJ.

The objective is to develop innovative technologies for the
production of two blood factors and one hematopoietic
stimulator, obtained through genetic engineering, of great
importance for patients with hemophilia, cancer and AIDS.  This
is a high productivity national technology for the manufacturing
of three recombinant biomedications: blood factors VIII and IX
and the biomedication known as G-CSF.

For the treatment of A and B hemophilia, blood coagulation
factors obtained from the industrial fractioning of human plasma
are traditionally used.  Blood coagulation factors VIII and IX
are a protein of the coagulation system used for treatment of
types A and B hemophilia, respectively.  Hemophilia is a
genetic disease in which patients do not produce one of these
proteins.  Brazil currently imports factor VIII and factor IX,
derivative from plasma to meet the need of daily treatment of
7,000 hemophiliacs.

The new technology to be developed at UFRJ may allow Hemobras to
start producing, with national technology, the blood factors
which are obtained from genetically modified cells, known as
recombinant factors.  These factors, besides being highly safe
and effective, can be produced in the quantities which are
required to meet patients' demand.  There are not, in this case,
any limitations of raw material availability, as in the case of
factors produced from the plasma of blood donors.

The biomedication G-CSF is used for the treatment of white blood
cells defficiencies, after chemotherapies and after bone marrow
transplantations.  The consequence of these treatments is a
dramatic reduction of patient white blood cells, exposing them
to serious infections and to the risk of death as a result of
such infections.  Recombinant G-CSF offers, therefore, a large
market, in Brazil and abroad.

The biomedications to be developed are strategic for the
National Health Policy.  Only with the importation of blood
factors VIII and IX, the Brazilian government spends, annually,
around BRL200 million.

The development of these technologies shall be carried out in
three years and, by the end of this period, Hemobrás shall
promote pre-clinical and clinical studies to prove the efficacy
and safety of the products.  Upon completion of this stage, the
objective is to obtain registration with the National Sanitary
Surveillance Agency and implement a plant for the production of
recombinant biomedications.

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

                            *     *     *

Banco Nacional currently carries a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


CIA. ENERGETICA: To Keep Focus on Amazon Generation Projects
------------------------------------------------------------
Companhia Energetica de Minas Gerais will keep its concentration
on generation projects in the Amazon, Business News Americas
reports.

BNamericas relates that Companhia Energetica's President Djalma
Bastos de Moraes said in a Web cast that the Brazilian power
sector will undergo a "second wave of consolidation" this year.  
According to BNamericas, the "first wave" took place in the mid-
1990s, when state-run power firms were privatized.

The second wave will happen due to a number of acquisition
opportunities in the market that will urge firms to partner up
for bids, BNamericas notes.

Mr. de Moraes told BNamericas that the opportunities are:

          -- the auction for the 3.3-gigawatt Jirau hydro plant
             and its transmission lines,

          -- the privatization of power company Cesp, and

          -- the sale of federal development bank BNDES's 49.99%
             stake in power holding company Brasiliana.

"Cemig [Companhia Energetica] is ready for this important year,"
Mr. de Moraes commented to BNamericas.

Companhia Energetica de Minas Gerais aka Cemig --
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.


DELPHI CORP: Closes Interiors & Closures Biz Sale to Renco Group
----------------------------------------------------------------
The Renco Group, Inc. disclosed that its wholly owned
subsidiary, Inteva Products, LLC, has completed the acquisition
of Delphi's Global Interiors and Closures businesses from Delphi
Corp.  The transaction includes the entire book of business,
manufacturing operations, intellectual property, supplier
contracts and joint venture interests.

Under the terms of the transaction, Delphi's Global Interiors
and Closures businesses and talented workforce will now become
part of Inteva.  Inteva is an engineering, manufacturing
powerhouse serving customers around the world with innovative
interior and closure solutions for vehicles ranging from entry
level compacts and luxury sedans to pick-ups and massive
commercial vehicles.  With 17 facilities on three continents,
Inteva brings more than 90 years of product experience and
expertise to customers while delivering flawless execution and
superior engineering.

"Under the strong leadership team led by Inteva CEO Lon
Offenbacher, we are excited by the opportunity this acquisition
has presented to invest in a low cost automotive supplier with
global growth opportunities," Ira Rennert, founder and chief
executive officer of Renco, commented.  "Inteva's engineering,
design and manufacturing capabilities and global footprint
position the company well for long term profitable growth."

Concurrent with the acquisition, Inteva had obtained a new
senior credit facility arranged by Wachovia Capital Markets,
LLC, and Bank of America Securities, LLC, with Wachovia Bank,
National Association, as Administrative Agent.

                      About The Renco Group

The Renco Group, Inc., is a private diversified investment
holding company with a broad portfolio of operating companies
and financial investments.  Renco holds interests in a number of
companies in the mining, automotive, magnesium, steel, metals
fabrication and material handling industries.  Operating
companies in which Renco holds an interest include AM General,
Doe Run Resources, US Magnesium, Inteva Products LLC, Unarco
Material Handling and Baron Drawn Steel.  Renco generates in
excess of US$5,500,000,000 in revenue while employing over
12,000
people worldwide.

                       About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 117; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)         

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Moody's Investors Service assigned ratings to
Delphi Corporation for the company's financing for emergence
from Chapter 11 bankruptcy protection as: Corporate Family
Rating of (P)B2; US$3.7 billion of first lien term loans,
(P)Ba3; and US$0.825 billion of 2nd lien term debt, (P)B3.  In
addition, a Speculative Grade Liquidity rating of SGL-2
representing good liquidity was assigned.  Moody's said the
outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expected the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


ENERGISA SA: Net Profit Up 330% to BRL328 Million in 2007
---------------------------------------------------------
Energisa S.A.'s Finance Vice President Mauricio Botelho told
reporters that the company's net profit increased 330% to
BRL328 million in 2007, compared to BRL76 million in 2006.

Mr. Botelho commented to Business News Americas, "Net profits
surged because we sold some of our power generation assets in
2007, which had a strong one-off impact on our numbers last
year.  However, if we excluded the sales, net profits would have
risen 38% year-over-year, still a great result."

According to BNamericas, Energisa's gross operating revenue rose
5.3% to BRL2.42 billion in 2007, from BRL2.30 billion in 2006
due to the increase in power consumers.

Energisa told BNamericas that its adjusted EBITDA grew 10.5% to
BRL644 million in 2007, compared to 2006, and that the EBITDA
margin increased to 40% from 39% in 2006.

Energisa sold some 7.28 terra watt-hours in 2007, about 5.3%
more than 6.97 terra watt-hours in 2006, BNamericas says, citing
Mr. Botelho.

BNamericas notes that power sales to regulated and free market
clients totaled 5.84 terra watt-hours and 1.44 terra watt-hours
respectively.

"Power consumption in Energisa's concession area rose 6.8% in
2007, up from 6.2% growth in the northeast region, where we hold
the bulk of our distribution subsidiaries, and up from 5.4% in
Brazil," Mr. Botelho commented to BNamericas.

Energisa, based in Cataguases, Minas Gerais, is a holding
company that controls five electricity distribution utilities in
four Brazilian states, serving approximately two million
consumers.  During the nine month period ending on
Sept. 30, 2007, Energisa sold 4,956 MW, equivalent to
approximately 2% of all electricity distributed in Brazil.  
Energisa is listed on the Brazilian stock market and is
controlled by the Botelho family.

                         *     *     *


As reported in the Troubled Company Reporter-Latin America on
Feb. 11, 2008, Fitch Ratings assigned 'BB-' local currency
issuer default and foreign currency issuer default ratings to  
Energisa S.A. and its subsidiaries Empresa Energetica de Sergipe
S.A. (Energipe), Sociedade Anonima de Eletrificacao da Paraiba
(Saelpa), and Companhia Forca e Luz Cataguazes-Leopoldina.


ENERGISA SA: Will Invest BRL249 Million in Distribution
-------------------------------------------------------
Energisa S.A.'s Finance Vice President Mauricio Botelho told the
press that the company will invest some BRL249 million in
distribution this year using its cash.

Mr. Botelho told Business News Americas that 30% of the planned
investment was granted by the Brazilian government, which is
subsidizing its Light For All rural power program that plays a
relevant role in the states where we own distribution assets.

BNamericas notes that Energisa didn't receive government funds
for Light for All in 2007.  "The money was not received in time
to invest in 2007 so we will have to earmark this expenditure
for 2008," the news agency quoted Mr. Botelho as saying.

Mr. Botelho told BNamericas that in Light for All, Energisa
expects to make 25,000 new connections in Sergipe, 12,000 in
Paraiba, and 18,000 in Minas Gerais this year.

Energisa's distribution investment, excluding Light for All,
will total BRL174 million this year.  The firm's total
investment in distribution will be BRL192 million and BRL179
million in 2009 and 2010 respectively.  From 2008 to 2010,
distribution subsidiaries Saelpa, Energipe, CFLCL, CELB and Cenf
will receive 48%, 24%, 22%, 4% and 2% of the investment
respectively, BNamericas states.

Energisa, based in Cataguases, Minas Gerais, is a holding
company that controls five electricity distribution utilities in
four Brazilian states, serving approximately two million
consumers.  During the nine month period ending on
Sept. 30, 2007, Energisa sold 4,956 MW, equivalent to
approximately 2% of all electricity distributed in Brazil.  
Energisa is listed on the Brazilian stock market and is
controlled by the Botelho family.

                         *     *     *


As reported in the Troubled Company Reporter-Latin America on
Feb. 11, 2008, Fitch Ratings assigned 'BB-' local currency
issuer default and foreign currency issuer default ratings to  
Energisa S.A. and its subsidiaries Empresa Energetica de Sergipe
S.A. (Energipe), Sociedade Anonima de Eletrificacao da Paraiba
(Saelpa), and Companhia Forca e Luz Cataguazes-Leopoldina.


ENERGISA SA: To Rename Five Power Distribution Subsidiaries
-----------------------------------------------------------
Energisa S.A.'s Finance Vice President Mauricio Botelho told
Business News Americas that the company will change the name of
its power distribution subsidiaries.

According to BNamericas, Mr. Botelho said that these firms will
be renamed:

          -- CFLCL to Energisa Minas Gerais,
          -- CENF to Energisa Nova Friburgo,
          -- Energipe to Energisa Sergipe,
          -- CELB to Energisa Borborema, and
          -- Saelpa to Energisa Paraiba.

All brands will be called Energisa in the long run, BNamericas
notes.

Mr. Botelho told BNamericas that branding investments will be
over BRL3 million.

"We want to unify the identities of our different companies to
position ourselves as a Brazilian group with operations
nationwide," Mr. Botelho commented to BNamericas.

Energisa, based in Cataguases, Minas Gerais, is a holding
company that controls five electricity distribution utilities in
four Brazilian states, serving approximately two million
consumers.  During the nine month period ending on
Sept. 30, 2007, Energisa sold 4,956 MW, equivalent to
approximately 2% of all electricity distributed in Brazil.  
Energisa is listed on the Brazilian stock market and is
controlled by the Botelho family.

                         *     *     *


As reported in the Troubled Company Reporter-Latin America on
Feb. 11, 2008, Fitch Ratings assigned 'BB-' local currency
issuer default and foreign currency issuer default ratings to  
Energisa S.A. and its subsidiaries Empresa Energetica de Sergipe
S.A. (Energipe), Sociedade Anonima de Eletrificacao da Paraiba
(Saelpa), and Companhia Forca e Luz Cataguazes-Leopoldina.


GENERAL MOTORS: COO Says Won't Meddle in AAM & UAW Labor Dispute
----------------------------------------------------------------
General Motors Corp. president and chief operating officer
Frederick A. Henderson said that although many of its assembly
plants have been partially or fully shut down by the strike of
United Auto Workers union members at American Axle and
Manufacturing Holdings Inc., GM won't interfere with the
parties' labor dispute, Nick Bunkley and Bill Vlasic of The New
York Times report.

Mr. Henderson added that GM were not losing sales because of the
strike, which started on Feb. 26, 2008, following expiration of
a four-year master labor agreement, NY Times relates.  However,
he said, if GM was struggling because of the union protest, the
company would be one of those sitting on the negotiation table.

As previously reported in the Troubled Company Reporter, GM has
about 29 facilities affected by the strike at Axle as the
supplier attempts to negotiate with the union.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2008, Fitch Ratings has affirmed the Issuer Default
Rating of General Motors at 'B', with a Rating Outlook Negative.

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


GOL LINHAS: Unit Inks Interline Agreement With China Airlines
-------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazilian airlines GOL Transportes Aereos S.A. and VRG Linhas
Aereas S.A. has reported an interline agreement between VRG
Linhas and Taiwan's China Airlines.  Passengers of both airlines
can purchase tickets to all destinations served by VRG and China
Airlines.

Since September 2007, VRG Linhas has participated in
Multilateral Interline Traffic Agreement, an IATA network of
airlines from around the world.  All MITA members have the
option to enter interline agreements with other member airlines.

In addition to this new partnership, VRG Linhas maintains
interline agreements with Brazil's GOL, France's Air France,
Germany's Hahn Air, Greece's Aegean, Holand's KLM, Hungary's
Malev, Israel's El Al, Italy's Air One, Japan Airlines, Mexico's
Mexicana, Air Moldova, Poland's LOT Polish Airlines, TAP
Portugal, South Korea's Korean Air, Spain's Iberia and Air
Comet, Qatar Airways, the Czech Republic's CSA Czech Airlines,
Ukraine International Airlines and the United States' Delta Air
Lines.

Passengers traveling under the Smiles frequent flier program can
only accumulate miles on flights operated by VRG Linhas.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL  
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.  
The company was founded in 2001.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch also affirmed the outstanding US$200
million perpetual bonds and US$200 million of senior notes due
2017 at 'BB+' as well as the company's 'AA-' (bra) national
scale rating.  Fitch said the rating outlook is stable.


GRAPHIC PACKAGING: Completes Merger Deal With Altivity Packaging
----------------------------------------------------------------
Graphic Packaging Holding Company completed its combination of
Graphic Packaging Corporation and Altivity Packaging LLC.

The common stock of Graphic Packaging Holding Corporation will
trade on the New York stock exchange under the ticker symbol
"GPK".  The new company's headquarters are located in Marietta,
Georgia but a significant presence will be retained in Chicago,
where Altivity maintained its headquarters.

"I am very excited to have closed the transaction that we
announced in July 2007, and to begin the implementation of the
integration plan which will enable us to achieve the $90 million
in annual gross synergies we identified at the beginning of this
process," David W. Scheible, president and chief executive
officer of Graphic Packaging Holding Company, said.  "The
integration teams are already in place and at work."

"Although we will be required to divest two coated-recycled
board mills, we expect that these divestitures will have an
immaterial impact on EBITDA and no impact on our ability to
achieve the [US]$90 million in synergies by 2012 with two-thirds
of this being realized by 2010," Mr. Scheible added.

The combination of Graphic Packaging and Altivity creates a
company with pro-forma 2007 revenues of over US$4.4 billion and
pro-forma 2007 adjusted EBITDA of approximately US$553 million.  
Such pro-forma 2007 adjusted EBITDA reflects an adjustment for
one-time, non-recurring Altivity charges of approximately US$30
million.  Graphic Packaging achieved approximately US$46 million
of cost savings in 2007 with top line growth of approximately
4.3%.   Altivity achieved over US$50 million of standalone cost
reductions, while growing its top line by almost 3%.  The new
company will be led by a combined management team with a strong
track record of successfully integrating businesses and
achieving performance targets.

"I am very encouraged by the 2007 results of both companies as
it gives us a solid base from which to build," Mr. Scheible
stated.   "We are confident that we can achieve not only the
synergies arising from the combination, but also on-going
operational cost reductions."

"This transaction creates an attractive combination of our
packaging strengths and high quality assets," Mr. Scheible
continued.  "It increases customer diversification, strengthens
our market position, and achieves better operational and
financial results through economies of scale and operating
efficiencies."

                          About Altivity

Headquartered in Carol Stream, Illinois, Altivity Packaging --
http://www.altivity.com-- produces various products such as  
folding cartons, bag and plastic packaging, and decorative
laminations.  Altivity Packaging also provides gift boxes for
department stores and other retail venues, as well contract
packaging services and inks and coatings.  The company, which
operates about 60 manufacturing plants across the US, serves the
food, medical, and electronic industries, among others.  In 2006
Altivity Packaging was established after TPG Capital's purchase
of Smurfit-Stone Container's consumer packaging unit.  

                     About Graphic Packaging

Headquartered in Marietta, Georgia, Graphic Packaging
Corporation (NYSE:GPK) -- http://www.graphicpackaging.com/-- is  
a provides paperboard packaging solutions for a variety of
products to multinational and other consumer products companies.  
The company provides its customers paperboard, cartons and
packaging machines, either as an integrated solution or
separately.  Its packaging products are made from a variety of
grades of paperboard.  GPC manufactures its packaging products
from coated unbleached kraft paperboard and coated recycled
paperboard that it produces at its mills, and a portion from
paperboard purchased from external sources.  The company
operates in four geographic areas: the United States, Central
and South America (Brazil), Europe and Asia-Pacific.   GPC
conducts its business in two segments, paperboard packaging and
containerboard/other.


GRAPHIC PACKAGING: S&P Assigns 'BB-' Rtg. on US$1.2B Term Loan C
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' secured
bank loan rating (one notch above the corporate credit rating)
and '2' recovery rating to Graphic Packaging International
Inc.'s US$1.2 billion term loan C, indicating that lenders can
expect substantial (70%-90%) recovery in the event of a payment
default.   Proceeds from the term loan were used to refinance
the secured bank debt of Altivity Packaging LLC in connection
with the recently completed merger of the two companies.
     
At the same time, Standard & Poor's affirmed its 'BB-' secured
bank loan and '2' recovery ratings on Marietta, Georgia-based
Graphic Packaging's revolving credit facility, which was
increased to US$400 million, and its US$1.055 billion term loan
B.  The ratings are one notch above the corporate credit rating
on the company.   The '2' recovery rating indicates that lenders
can expect substantial (70%-90%) recovery in the event of a
payment default.   

                           Ratings List

              Graphic Packaging International Inc.

Corporate Credit Rating                      B+/Stable/--


                            New Rating

US$1.2 billion senior secured term loan C    BB-
Recovery rating                              2


                         Rating Affirmed

US$400 million senior secured revolving
credit facility                              BB-
  Recovery rating                             2

US$1.055 billion senior secured term loan B  BB-
  Recovery rating                             2

Headquartered in Marietta, Georgia, Graphic Packaging
Corporation (NYSE:GPK) -- http://www.graphicpackaging.com/-- is  
a provides paperboard packaging solutions for a variety of
products to multinational and other consumer products companies.  
The company provides its customers paperboard, cartons and
packaging machines, either as an integrated solution or
separately.  Its packaging products are made from a variety of
grades of paperboard.  GPC manufactures its packaging products
from coated unbleached kraft paperboard and coated recycled
paperboard that it produces at its mills, and a portion from
paperboard purchased from external sources.  The company
operates in four geographic areas: the United States, Central
and South America (Brazil), Europe and Asia-Pacific.   GPC
conducts its business in two segments, paperboard packaging and
containerboard/other.


NRG ENERGY: Earns US$104 Mln in 2007 Fourth Qtr. Ended Dec. 31
--------------------------------------------------------------
NRG Energy Inc. reported net income of US$104 million for the
2007 fourth quarter ended Dec. 31 compared to US$30 million net
loss for the same period in 2006.  For the 2007 fiscal year
ended Dec. 31, net income is at US$586 million from US$621
million income in 2006.

Total operating revenues for the 2007 fourth quarter is at
US$1,382 million from US$1,135 million for the 2006 fourth
quarter.  For the 2007 fiscal year, the company's total
operating revenues are US$5,989 million from US$5,585 million
revenues for 2006.

Net income from continuing operations for the quarter ended
Dec. 31, 2007 of US$100 million compared to a net loss of
US$35 million for fourth quarter of 2006.  The fourth quarter of
2006 included an US$85 million after-tax charge on the net
settlement of hedges from resetting certain legacy Texas hedges
to market.  Fourth quarter 2007 results include the after-tax
impacts of a US$24 million reimbursement for development costs
for South Texas Project units 3&4 and a US$7 million after-tax
impairment charge related to commercial paper investments.

For the year ended Dec. 31, 2007, the company reported
US$569 million in net income from continuing operations compared
to 2006 net income from continuing operations of US$543 million.  
Annual operating results for 2007 were favorably impacted by
higher generation and capacity revenues in the Northeast region
and the inclusion of an additional month for NRG Texas since
this business was acquired on Feb. 2, 2006.  This year's
operating results included US$21 million of after-tax
refinancing expenses, while net income for 2006 was unfavorably
impacted by US$112 million in after-tax refinancing expenses
incurred as part of the NRG Texas acquisition, partially offset
by US$44 million in after-tax, one-time gains related to the
resolution of disputes and litigation.

Net cash flow from operations for the 12 months ended Dec. 31,
2007 was US$1,517 million, after posting US$125 million of
collateral, as compared to adjusted cash flow from operations in
2006 of US$1,473 million, after collecting US$454 million of
collateral.  "Our 2007 results demonstrate our ability to stay
focused on delivering strong operating results while moving
aggressively to position NRG for the future," David Crane, NRG
president and chief executive officer, commented.  "Particularly
gratifying to me was the top quartile safety performance
achieved across our entire fleet."

Liquidity at Dec. 31, 2007 was approximately US$2.7 billion, up
US$417 million since Sept. 30, 2007 and up approximately
US$488 million since the end of 2006.  Letter of credit
availability increased during the fourth quarter 2007 as
counterparties on trading hedges that previously required a
combination of LCs and a second lien position against the
company's assets as collateral were provided a first lien
position in exchange for the return of the posted LCs.  During
February 2008, the company moved an additional counterparty to
the first lien position that resulted in an additional return of
US$65 million in LCs.  As part of NRG's amended and restated
credit agreement executed on June 8, 2007, the company obtained
the ability to move its existing second lien counterparty
exposure to a first lien position.

The US$72 million net cash decrease during the fourth quarter of
2007 resulted from cash used to pay down debt, repurchase shares
and fund capital expenditures, which more than offset strong
cash flow from operations.  Cash used for financing activities
during the fourth quarter amounted to US$439 million and
included US$347 million of debt repayments, US$85 million for
the repurchase of 2,037,700 shares of common stock and US$14
million in preferred dividends.

Having experienced significant financial, organizational and
operational growth since emerging from bankruptcy in 2003, the
company is implementing several enhancements to the company's
management structure to position the company for further gains
through initiatives such as RepoweringNRG and FORNRG while
supporting future growth.

"Four years ago we engaged in revolutionary management change at
NRG; today we announce an evolutionary change intended to focus
our top management team on the extraordinary opportunities
available to NRG," Mr Crane stated.  "We are dedicated to
achieving a new wave of value creation for our shareholders."

As of Dec. 31, 2007, the company's balance sheet showed total
assets of US$19.2 billion, total liabilities of US$13.5 billion
and a total stockholders' equity of US$5.5 billion.

                        About NRG Energy
       
Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:  
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse   
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,  
Germany and Brazil.
       
                         *     *     *
       
On January, 2006, Moody's Investor's Service assigned to NRG
Energy Inc. its 'Ba3' long term corporate family rating and its
'B1' senior unsecured debt rating.  Moody's gave its negative
outlook on May, 2007.  These rating actions still holds to date.


NRG ENERGY: S&P Gives Positive Outlook on 'B+' Corporate Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on NRG
Energy Inc.'s 'B+' corporate credit rating to positive from
stable.  The revision reflects the company's strong cash flows
over the past couple of years, improved prospects for the next
few years, and S&P's expectations that ratings could be upgraded
as the company continues to sweep debt and strengthen its
financial profile.
     
"The 'B+' corporate credit rating reflects NRG's leveraged
financial profile, risks associated with the merchant power
business, and significant growth plans.  These factors are
mitigated by significant near-term cash flow stability created
by the company's substantial hedging program, albeit one that
creates operational risks; significant fleet diversity in terms
geography, fuel, and dispatch position; as well as the current
favorable market conditions for merchant power companies," said
Standard & Poor's credit analyst Swami Venkataraman.  "High gas
prices and tightening reserve margins across the U.S.,
accentuated by a growing difficulty in building new baseload
generation, are expected to result in strong cash flows over the
next few years.   This, combined with a mandatory cash flow
sweep associated with NRG's bank term loan B, support a
strengthening financial profile over the next few years."
     
Funds from operations coverage of interest and debt were strong
at 3.0x and 18.1%, respectively, for the year 2007.  Using S&P's
conservative merchant price assumptions, these ratios still
exceed 2.5x and 12% over the next few years, adequate for the
rating.   NRG's leverage is high for a merchant generator but
continues to decline as the company sweeps cash to pay down
debt.  Leverage stood at roughly 60.4% of total capitalization
as of Dec. 31, 2007.  Given the company's hedging policy, this
leverage can be supported at the rating level.  Under NRG's base
case, leverage drops to about 52% at the end of 2009 and to 56%
under S&P's gas price deck.
     
Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.  As of Dec. 31, 2007, NRG owned 24,115 MW of
generating capacity and had about US$8.4 billion in debt.



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

PARMALAT SPA: Legal Costs to Fall if Citi Trial Starts May
----------------------------------------------------------
Parmalat S.p.A. said legal costs may decline in the end of the
first half of 2008 if its New Jersey trial against Citigroup,
Inc. and certain of its affiliates, including Citibank, N.A.,
commences in May 2008,

"Overall, Parmalat's legal costs can fall 'towards the end of
this semester from the EUR56 million [the company spent] in
2007," a Parmalat official was quoted by Thomson Financial as
saying.

In October 2007, the Superior Court of New Jersey Citigroup's
request to dismiss the US$10-billion fraud lawsuit filed by
Parmalat Finanziaria S.p.A. Chairman Enrico Bondi, and has
rescheduled the trial to begin May 5, 2008.

Summary judgment motion in the case will be argued on
March 28, 2008, with Citigroup raising issues on U.S.
jurisdiction, and if the judge decides the case should go into
trial, it would proceed as scheduled, Dow Jones relates.

"We will answer these," the Parmalat official was further quoted
by Thomson Financial as saying.  "There is no reason to believe
the trial will not start on May 5.  There are no signals from
the judge."

The official added that the trial will take months, with the
court issuing a decision shortly afterwards.

Meanwhile, Parmalat's trial seeking damages from Bank of America
Corp. and Grant Thornton LLP may have to wait until first
quarter 2009 due to legal delays, Dow Jones says.  

An Italian court may issue rulings by end of 2009 on revocatory
actions Parmalat filed against its former auditors, Dow Jones
adds.

                          About Parmalat

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.



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

BANCOLOMBIA SA: Posts COP65,257MM February Unconsolidated Income
----------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of COP65,257
million during the past month of February.

During February, total net interest income, including investment
securities, amounted to COP199,196 million.  Additionally, total
net fees and income from services totaled COP62,194 million.

Total assets amounted to COP32.94 trillion, total deposits
totaled COP21.69 trillion and the company's total shareholders'
equity amounted to COP5.11 trillion.

Bancolombia's unconsolidated level of past due loans as a
percentage of total loans was 2.91% as of Feb. 29, 2008, and the
level of allowance for past due loans was 137.48% as of the same
date.

                          Market Share

According to Colombia's national banking association
(ASOBANCARIA), the company's market share of the Colombian
financial system as of February 2008 was: 19% of total deposits,
21.7% of total net loans, 20.2% of total savings accounts, 21.7%
of total checking accounts and 14.8% of total time deposits.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.


CHIQUITA BRANDS: Gets Sued Over Five U.S. Missionaries' Deaths
--------------------------------------------------------------
Chiquita Brands International has been sued over the killings of
five american missionaries by Colombian terrorist in the 1990s,
various reports say.

The victims' families, who claimed that Chiquita's payments to
the Revolutionary Armed Forces of Colombia (FARC) were a
contributing factor for the deaths of five members of New Tribes
Mission because the company helped finance the group's
operations at the time it occurred, has filed the lawsuit in the
U.S. District Court for the Southern District of Florida,
Reuters relates.

According to the report, the lawsuit, which seeks unspecified
damages on behalf of the victims' families, has identified the
missionaries as Mark Rich, David Mankins, Richard Lee Teneoff,
Stephen Welsh and Timothy Van Dyke.

Business Journal states that Federal prosecutors, in charges
filed in March 2007, disclosed that high-ranking Chiquita
officials granted payments to the United Self-Defense Forces of
Colombia and FARC.

The report adds that Chiquita agreed to settle the charges by
paying a US$25 million fine.  It said at the time that the
payments were made by a former subsidiary because of threats to
the safety of its employees.

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
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.


ECOPETROL: Tests Oil at Four High Madalena Fields With Hocol
------------------------------------------------------------
Ecopetrol has tested oil at four fields in Colombia's High
Magdalena valley with French oil company Maurel & Prom's, the
Colombian subsidiary Hocol.

The Balcon-22 development well, on the Palermo association
contract in the High Valley of la Magdalena, has been drilled in
the northern part of the field.  Drilling encountered an oil-
bearing level in the Caballos formation.  The test showed a 950
b/d output of a 31-degree API oil.  The well has been connected
to the existing surface installations.  Maurel & Prom, the
operator, holds 50% of this field in association with Ecopetrol.    
The related royalties are 20%.  

The Pacande Sur-2 appraisal well, drilled on the Ortega
incremental production contract in the High Valley of la
Magdalena 250 km south west of Bogota, has reached four
hydrocarbon-bearing levels in the Caballos formation.  Three of
these levels have been drilled for the first time.

The test produced 800 barrels per day of a 28.5-degree API oil.  
Maurel & Prom holds 69% of this contract that carries royalties
of 8%.  The well has been connected to Ecopetrol's existing
surface installations.  Two exploration wells will be drilled in
the first half of 2008 in structures adjacent to the Pacande
Sur-2 well.

The La Canada Norte-2 and La Canada Norte-3 appraisal wells,
drilled on the San Jacinto & Rio Paez permits by the
association, situated in the High Valley of la Magdalena 300 km
south west of Bogota, have confirmed the discovery made at the
beginning of 2007 by the LCN-1 ST exploration well which
produced 850 b/d of a 34-degree API oil in the Caballos
formation.  La Canada Norte-2 encountered the Caballos formation
and has shown an output of 220 barrels per day of 34-degree API
oil.  La Canada Norte-3 encountered the stretch of water.  The
upper zone has shown an 80 barrels per day output of a 34-degree
API oil.

Maurel & Prom is associated as the operator with Cepcolsa
(33.33%) and Petrobras (30%).  The national company Ecopetrol
has an option to increase its holding to 50% upon Declaration of
Commerciality of the field.  Royalties are 8% of production.

Additional production as Maurel & Prom's share net of oil tax
(entitlement) from these four wells is 938 barrels per day
assuming Ecopetrol increases its share on La Canada Norte.

                       About Maurel & Prom

Maurel & Prom is a France-based company engaged in the
exploration and production of hydrocarbons. The Company has
operations in several countries, including Congo, Cuba, Gabon,
Peru, Senegal, Tanzania, Italy, Hungary, Colombia and Venezuela.
Maurel & Prom is listed on the Euronext Paris Stock Exchange and
headquartered in Paris, France.

                          About Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity, according to the
company's Web site.  In 2005 it produced about 60 percent of
Colombia's daily output.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign
and local currency issuer default ratings at 'BB+' and 'BBB-',
respectively.



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

AMERICAN AXLE: Union Won't Accept Terms, Halts Labor Talks
----------------------------------------------------------
American Axle & Manufacturing Holdings Inc. and the United Auto
Workers union representatives have ceased negotiations on March
11, after a bargaining that lasted three days failed to produce
results, Terry Kodrosky and Neal Boudette of The Wall Street
Journal report.  Union officials weren't happy with the terms
proposed by the auto parts company.  The talks would have
resolved the two-week old protest of the 3,650 employees at
master-contract plants in Michigan and New York.  

American Axle, which earned US$37 million on US$3.25 billion
sales in 2007, wants a deal like those UAW gave General Motors
Corp., Ford Motor Co., Chrysler LLC, and parts makers Delphi
Corp. and Dana Corp., insisting that cutting labor costs is
essential to be competitive, The Associated Press relates.  The
auto parts supplier is asking the union to approve US$20 to
US$30 hourly wage cuts from US$73 per hour to US$27 per hour,
arguing that its original U.S. locations incurred losses for
three years.

WSJ says no one is certain if talks would resume today.

As reported in the Troubled Company Reporter-Europe on Feb. 28,
2008, UAW union president Ron Gettelfinger and Vice President
James Settles disclosed that members at American Axle began an
unfair labor practices strike at 12:01 a.m. on Feb. 26, 2008,
following expiration of a four-year master labor agreement,
which expired at 11:59 p.m., Feb. 25, 2008.

GM has about 29 facilities affected by the strike at Axle as the
supplier attempts to negotiate with the union.

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 29, 2008, Standard & Poor's Ratings Services said that its
ratings on American Axle and Manufacturing Holdings Inc.
(BB/Negative/--) are not immediately affected by reports that
the UAW elected to conduct a work stoppage at the expiration of
its four-year master labor agreement with American Axle.  

In November 2007, American Axle carries Moody's Investors
Service's Corporate Family rating of Ba3.  The company's notes
and term loan also carries Moody's senior unsecured rating of
Ba3.  The outlook is stable and the Speculative Grade Liquidity
rating of SGL-1 is renewed.


COMVERSE TECH: S&P Chips Corp. Credit Rating to 'B+' From BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and other ratings on New York, New York-based Comverse
Technology Inc. to 'B+' from 'BB-' and removed them from
CreditWatch.  The outlook is negative.
     
The ratings on these entities were placed on CreditWatch with
negative implications on March 15, 2006, following the company's
announcement that it created a special committee to review
matters related to stock option grants, and its inability to
meet financial statement filing deadlines.
     
The downgrade reflects concerns surrounding Comverse's inability
to file financial statements with the SEC since early 2006
because of investigations into stock option practices and
earning manipulation; and more recently, the need to review its
financial statements regarding the impact of vendor specific
objective evidence on revenue recognition.  Additional rating
concerns include potential financial liabilities that may arise
because of shareholder lawsuits, an ongoing SEC investigation,
and the addition of US$635 million of bank debt at Comverse's
majority-owned subsidiary, Verint Systems Inc. (B/Developing/--)
to fund an acquisition that weakened Comverse's consolidated
credit metrics.

In December 2007, Comverse said that -- as a result of its
evaluation of its recognition of revenue based on the
application of Statement of Position (SOP) 97-2, Software
Revenue Recognition, specifically relating to Vendor Specific
Objective Evidence -- it wasn't in a position to issue financial
statements or disclose revenue -- or financial information
derived from revenue -- for the fiscal quarter ended October 31,
2007.

In a regulatory filing with the Securities and Exchange
Commission, Comverse said it intends to file its periodic
reports  for the fiscal years ended Jan. 31, 2006 and Jan. 31,
2007; the fiscal quarters ended April 30, 2007, July 31, 2007
and Oct. 31, 2007; and any prior periods required for the
company to be current in its reporting obligations, together
with any restated historical financial statements, as soon as
practicable.

Comverse said any accounting errors identified as a result of
the evaluation are only expected to impact the timing of revenue
recognized and not to call into question the validity of the
underlying transactions or revenue.

In late January, Comverse's internal special committee released
its report that said the company's previous management
manipulated stock option grants and earnings.  The report
recommended a number of remedial efforts, many of which have
already been implemented, including dismissing and pursuing
remedies against senior management involved in the fraud,
replacing most board members, and hiring a new CEO.

A full-text copy of the Special Committee's report is available
at no charge at:

             http://ResearchArchives.com/t/s?290f
     
Despite completion of the special committee investigations, S&P
says Comverse remains unable to file with the SEC because of the
VSOE review.  The review, which encompasses evaluating revenue
recognition for multi-deliverable software products, is not
expected to affect aggregate reported revenue, but may change
the periods in which the revenue was reported.
      
"Comverse has provided sufficient operating and financial data
to maintain the rating, despite its non-filing status," said
Standard & Poor's credit analyst Susan Madison.

Based in Woodbury, New York, Comverse Technology Inc., --
http://www.cmvt.com/-- (Pink Sheets: CMVT.PK) through its
Comverse Inc. subsidiary, provides software and systems enabling
network-based multimedia enhanced communication and billing
services.  The company's Total Communication portfolio includes
value-added messaging, personalized data and content-based
services, and real-time converged billing solutions.  Other
Comverse Technology subsidiaries include: Verint Systems
(VRNT.PK), which provides analytic software-based solutions for
communications interception, networked video security and
business intelligence; and Ulticom (ULCM.PK), which provides
service enabling signaling software for wireline, wireless and
Internet communications.

In Latin America, Comverse has operations in Argentina, Brazil,
Mexico and Peru.


DURA AUTOMOTIVE: Tax Advisor Seeks US$962,541 in Fees for Jan.
--------------------------------------------------------------
Ernst & Young LLP seeks allowance and payment of US$941,946 for
fees and reimbursement of US$20,595 for expenses it incurred in
providing tax advisory and risk advisory services to the Chapter
11 estate of DURA Automotive Systems, Inc., for January 2008.

The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Dura Automotive Systems Inc.
and its debtor-affiliates to employ Ernst & Young as tax
advisory and risk advisory services providers, nunc pro tunc to
Oct. 30, 2006.

From October 2006 through December 2007, Ernst & Young has
billed  US$6,122,905 in fees and US$437,219 in expenses.

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

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or        
215/945-7000)


FOAMEX INTERNATIONAL: BoNY Can Collect Post-Maturity Interest
-------------------------------------------------------------
Judge Joseph J. Farnan, Jr., of the U.S. District Court for the
District of Delaware reversed a bankruptcy court order denying
the request of The Bank of New York to compel reorganized Foamex
International Inc., to pay post-maturity compound interest on
certain notes issued by Foamex.

The Bank of New York is the indenture trustee under an Indenture
dated December 23, 1997, with respect to the issuance by Foamex
LP and Foamex Capital Corporation of US$98,000,000 in 13.5%
Notes due 2005; and an Indenture dated June 12, 1997, with
respect to the issuance by Foamex and FCC of US$150,000,000 in
9.875 Notes due 2007.

Under the 2005 Indenture, Foamex and FCC failed to pay both
principal due and payable on maturity and the final interest
payment.  The Senior Subordinated Notes are unsecured
obligations of Foamex and FCC.

BoNY took an appeal from an order by the U.S. Bankruptcy Court
for the District of Delaware, arguing that the Bankruptcy Court
erred in concluding that the December 1997 Indenture did not
require Reorganized Foamex to pay BoNY post-maturity interest on
overdue installments of interest  as a result of the Reorganized
Debtor's payment default.

BoNY contends that under New York law, if a note provides for
interest to accrue on an unpaid balance, then interest continues
to accrue in the manner set forth in the note after the stated
maturity date and until the outstanding principal balance is
paid.  BoNY contends that the Reorganized Debtors failure to pay
principal on the August 15, 2005 maturity date triggered the
default rate of 14.5% interest on outstanding principal and
missed interest payments.  Because the 2005 Notes were left
unimpaired under the Debtors' confirmed Second Amended Joint
Plan of Reorganization under Chapter 11 of the Bankruptcy Code,
BoNY contends that the Reorganized Debtors are contractually
bound by the terms of the 2005 Notes Indenture to pay the
compound interest.

In response, the Reorganized Debtors contend that the governing
documents, the 2005 Subordinated Notes and the 2005 Notes
Indenture, do not expressly provide for the payment of post-
maturity compound interest.  The Reorganized Debtors further
contend that compound interest is disfavored under New York law,
and the cases cited by BoNY do not support BoNY's position.
Because the 2005 Notes Indenture only requires the payment of
simple post-maturity interest, the Reorganized Debtors contend
that the 2005 Notes Indenture has not been impaired.

In a seven-page opinion, Judge Farnan noted that the 2005 Notes
Indenture contains two provisions which are equivalent to the
"until paid" language recognized by New York courts as
sufficient to evidence an express agreement to continue the
payment of compound interest post-maturity:

   -- Section 8.1 of the Indenture provides that "the Issuer's
      [payment] obligations in Section 4.1 . . . shall survive
      until the Notes are no longer outstanding"; and

   -- Section 2.8 of the Indenture provides that "[i]f the
      principal amount of any Note is considered paid under
      Section 4.1 hereof, it ceases to be outstanding and
      interest on it ceases to accrue."

"In the Court's view, New York law requires these provisions to
be construed as providing for the continuation of compound
interest payments as required in the 2005 Notes Indenture, until
the principal is paid in full, regardless of whether that full
payment occurs subsequent to the Note's maturity date," Judge
Farnan said, citing O'Brien v. Young, 95 N.Y. 428, 430 (1884);
72 N.Y. Jur. 2d Interest and Usury Section 23; and In re Best
Payphones, Inc., 2003 Bankr. LEXIS 180 at 19 (Bankr. S.D.N.Y.
Mar. 10, 2003).

BoNY is represented in the cases by Glenn E. Siegel, Esq., Ross
L. Hirsch, Esq., and Davin J. Hall, Esq., at DECHERT LLP, in New
York; and Laurie Selber Silverstein, Esq., and Gabriel R.
MacConaill, Esq., at POTTER ANDERSON & CORROON LLP, in
Wilmington, Delaware.

Pauline K. Morgan, Esq., Joseph M. Barry, Esq., and Kenneth J.
Enos, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in
Wilmington, Delaware, represent the Reorganized Debtors.

                  About Foamex International Inc.

Headquartered in Linwood, Pennsylvania, Foamex International
Inc. (FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning  
for bedding, furniture, carpet cushion and automotive markets.  
The company also manufactures polymers for the industrial,
aerospace, defense, electronics and computer industries.  The
company's Latin American subsidiary is in Mexico.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.  
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.  
Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. became effective and the company
emerged from chapter 11 bankruptcy protection on Feb. 12, 2007.

At July 1, 2007, Foamex International Inc.'s balance sheet
showed total assets of US$566.2 million and total liabilities of
US$823.5 million, resulting to a total stockholders' deficit of
US$257.3 million.


QUEBECOR WORLD: Lindenmeyr Objects to Reclamation Procedures
------------------------------------------------------------
Lindenmeyr Central and Lindenmeyr Book Publishing, divisions of
Central National-Gottesman Inc., ask the U.S. Bankruptcy Court
for the Southern District of New York to deny the proposed
claims treatment procedure of Quebcor World Inc. and its debtor-
affiliates.

Pursuant to Section 546(c) of the Bankruptcy Code, Lindenmeyr
submitted a reclamation demand to the Debtors demanding
reclamation of all goods received within 45 days prior to the
Petition Date.  Lindenmeyr's reclamation of demands is at an
aggregate price of US$1,245,653.

Lindenmeyr echoes the contentions raised by other objecting
reclamation vendors.  Lindenmeyr asserts the proposed procedures
(i) deny a reclamation creditor's right to reclaim goods under
Section 546(c) of the Bankruptcy Code; (ii) prejudice a creditor
by precluding it from filing any motion until 120 days after the
Petition Date; and (iii) do not require that the Debtors comply
with Section 546(c) for reclamation demands that are
subsequently determined to be valid.

        Suppliers Balk at Proposed Reclamation Procedures

As reported in the Troubled Company Reporter on Feb. 25, 2008,
Abitibi Consolidated Sales Corp., Abitibi-Consolidated US
Funding Corp., Bowater America Inc. and Bowater Inc.; Packaging
Corporation of America; Catalyst Pulp and Paper Sales Inc., and
Catalyst Paper (USA) Inc.; Rock-Tenn Company; Midland Paper
Company; and Day International Inc., in separate filings object
to the Debtors' proposed claims treatment procedures.

These Suppliers sold goods, specifically paper products and
printing chemicals, to the Debtors before and within the
Petition Date.  They sent the Debtors written demands for the
return of goods received by the Debtors within 45 days of their
Reclamation Demands.


                       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.

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.

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: Catalyst Pulp Replaces IPC as Committee Member
--------------------------------------------------------------
Diana G. Adams, the United States Trustee for Region 2,
appointed Catalyst Pulp & Paper Sales, Inc., as member of the
Official Committee of Unsecured Creditors.  Catalyst replaced
International Paper Company.

The Committee is now composed of:
  
   (1) Wilmington Trust Company
        Attn: Suzanne Macdonald
        520 Madison Avenue, 33d floor
        New York, NY 10022
        Tel: (212) 415-0500

   (2) Pension Benefit Guaranty Corp.
        Attn: Suzanne Kelly
        1200 K Street, NW
        Washington, DC 20005
        Tel: (212) 326-4070 x6367

   (3) The Bank of New York Mellon
        Attn: David M. Kerr
        101 Barclay Street - 8 West
        New York, NY 10286
        Tel: (212) 815-5650

   (4) MEGTEC Systems Inc.
        Attn: Gregory R. Linn
        830 Prosper Rd.
        De Pere, WI 54115
        Tel: (920) 337-1568

   (5) Abitibi Consolidated Sales Corp.
        Attn: Madeleine Fequiere
        1155 Metcalfe Street, Suite 800
        Montreal, Quebec
        H3B 5H2 CANADA
        Tel: (514) 394-3638

   (6) Cellmark Paper, Inc.
        Attn: Dominick J. Merole
        300 Atlantic Street
        Stamford, CT 06901
        Tel: (203) 251-9026

   (7) Catalyst Pulp & Paper Sales, Inc.
        Attn: Stacey Pickett
        2nd Floor, 3600 Lysander Lane
        Richmond, British Columbia
        V7B 1C3 CANADA
        Tel: (604) 247-4730

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtor is impossible,
the Committee will urge the Bankruptcy Court to convert the
Chapter 11 cases to a liquidation proceeding.

                       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.

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.

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: Suspends Payment of Preferred Dividends
-------------------------------------------------------
Quebecor World Inc. suspended dividend payments on its Series 3
and Series 5 preferred shares, according to The Canadian Press.

The Canadian Press reports that with the payments put on hold,
Quebecor World will ask shareholders to approve a reduction of
stated capital at its annual meeting in May 2008, which would
allow it to resume paying dividends.

In a release, The Canadian Press quoted Quebecor World saying,
"While the company has the funds available to pay [the]
dividends, it has been advised by counsel that as a result of
recent developments, the company may be prevented from paying
dividends to holders of its preferred shares because it may not
satisfy the applicable capital adequacy test contained in the
Canada Business Corporations Act".  

                          *     *     *

Quebecor World said that Robert Coallier has resigned from the
company's board of directors due to personal reasons, according
to The Canadian Press.

                       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.

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.

                        *     *     *

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.


URBI DESARROLLOS: Launches Net Zero Housing Program With CONAVI
---------------------------------------------------------------
During the sustainable housing round table session of the
Mexican-Canadian Alliance, the Zero Energy Housing pilot program
was presented as a result of the alternative energy program, a
joint project between Urbi Desarrollos Urbanos, S.A.B. de C.V
and the Ministry of Energy, and overseen by the national housing
commission, Comision Nacional de Vivienda.

This pilot program encompasses an alternative energy program for
the housing sector, an innovative system that seeks to make
homes self-sufficient or have zero energy (net zero)
consumption.  In other words, the goal is to have the buildings
generate the energy they consume annually.

During this event, Evangelina Hirata, General Assistant Director
of CONAVI's Housing Sector Growth Promotion, noted: "This
innovative Zero Energy Housing system implements the best
photovoltaic technology has to offer, which is the ability to
produce energy and avoid high maintenance costs by transferring
the energy generated by the home to Mexico's federal electricity
commission, Comision Federal de Electricidad, through a new two-
way meter.  On its side of the rope, the CFE will credit the
user, and this way, home energy consumption develops in a
traditional way, and aims at offsetting the final balance to
have a zero-balance bill."

To foster green building, last month the CONAVI presented a
document titled "Criteria and Indicators for the Development of
Sustainable Housing in Mexico," within the frame of the
Transversal Program of Sustainable Housing Developments, as a
result of the multidisciplinary work lead by the CONAVI, the
Ministry of the Environment and Natural Resources, and the
Ministry of Energy.

Urbi's Project Leader for the Innovation and Sustainable Growth
program, Fernando Mayagoitia highlighted:  "CONAVI has made a
most impressive job by overseeing a multidisciplinary team that
includes experts in the field of photovoltaic technology, the
Federal Electricity Commission and specialized suppliers to
carry out an unprecedented project in our country."  Mr.
Mayagoitia added,  "The success of this project is the basis to
attract domestic and international public and private investment
for financing and subsidy purposes that allows us to incorporate
this technology into homes under the right conditions to
feasibly use it."

Natural Resources Canada's Science and Technology, Communities
and International Projects Assistant Director, noted, Robin
Sihna:  "The impact of the social, economic and environmental
benefits is immeasurable if we consider that we are producing
clean energy.  In those places where the climate allows it, we
could eventually see important energy savings.  The results of
this first test are encouraging.  They may represent energy
savings of up to 50% for Mexican consumers."

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

                          *     *      *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2007, Fitch Ratings affirmed the 'BB' foreign and local
currency IDR ratings of Urbi Desarrollos Urbanos, S.A.B. de
C.V., as well as the 'BB' rating on US$150 million senior notes
due 2016.  Fitch also affirmed Urbi's national scale ratings of
'F1(mex)' and 'A+(mex)'.  Fitch's outlook on all ratings is
stable.


US STEEL: Unit Backs Out from Talks to Sell Wabush Mine Stake
-------------------------------------------------------------
U.S. Steel Canada Inc., a subsidiary of United States Steel
Corporation, has withdrawn from negotiations to sell its 44.6%
interest in the Wabush Mines Joint Venture to ArcelorMittal
Dofasco Inc.

Cleveland-Cliffs Inc. holds a 26.8% interest and Dofasco holds a
28.6% interest in the Wabush Mines Joint Venture.

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 31.7 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works.  On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                         *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2007, Standard & Poor's Ratings Services assigned its
'BB+' senior unsecured rating to the proposed offering of up to
US$400 million in senior unsecured notes due Feb. 1, 2018, of
United States Steel Corp. (BB+/Negative/--).  These notes are
being issued under the company's unlimited shelf registration
filed on March 5, 2007.



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

BUNGE LTD: Waits For Favorable Market Conditions Before Offering
----------------------------------------------------------------
Bunge Limited disclosed that it will not proceed with its
proposed public offering of senior notes at this time due
to unfavorable market conditions.

Chief Financial Officer, Jacqualyn Fouse, commented, "We have
concluded that current conditions in the debt markets are not
conducive to completing our offering at this time.  We have
sufficient capital to manage our business, and we have decided
to wait for a more attractive environment before returning to
the debt markets."

Headquartered in White Plains, New York, Bunge Ltd. (NYSE: BG)
is a global agribusiness company which supplies fertilizer to
farmers, originates, transports and processes oilseeds, grains
and other agricultural commodities worldwide, produces food
products for commercial customers and consumers, and supplies
raw materials and services to the biofuels industry in South
America and Asia.  The company has operations in Brazil, Peru
and Argentina.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Standard & Poor's Ratings Services assigned its
'BB' rating to Bunge Ltd.'s US$750 million of 5.125% cumulative
mandatory convertible preference shares.  At the same time, S&P
affirmed its 'BBB-' long-term corporate credit and other ratings
on Bunge.  The outlook is stable.  Pro forma for the new issue,
about US$4.2 billion of debt and preference shares of the
company are rated.  Proceeds from this issue will be used to
repay debt and for general corporate purposes.



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

DORAL FINANCIAL: Mario Levis Indicted for Defrauding Investors
--------------------------------------------------------------
Former Doral Financial Corp. treasurer Mario Levis was indicted
with allegedly scheming to swindle investors, Paritosh Bansal at
Reuters reports, citing U.S. prosecutors.

Reuters relates that Mr. Levis was charged with one count of
securities fraud and three counts of wire fraud, each carrying a
maximum penalty of 20 years.

The prosecutors told MarketWatch that Mr. Levis allegedly  
manipulated the publicly reported value of certain non-cash
assets carried on the company's books to artificially inflate
its stock price.  Doral Financial had disclosed a streak of 28
quarters of record earnings based in significant part on the
stated value of those assets by the start of 2005, Reuters says,
citing the prosecutors.

The Levis family, founder of Doral Financial, is "not currently
and have not been affiliated with Doral since 2005," a company
spokesperson told Reuters.

Mario Jove, spokesperson of the Levis family, however told the
news agency that Mr. Levis was still one of Doral Financial's
largest individual shareholders and had never sold a share of
his Doral Financial stock, even though he lost most of his
savings as shares declined.

Prosecutors told Reuters that Mr. Levis owned 2.4% of Doral
Financial stock.

Prosecutors said that an aggregate US$4 billion drop in
shareholder value resulted when the scheme was unraveled,
Reuters states.

Mr. Jove commented to Reuters, "Mario Levis, while astonished by
these accusations, adamantly denies the allegations and will
conclusively refute them at a trial."  Mr. Levis' legal
representative Roy Black said in a statement, "Once we are
allowed to present evidence, which certainly contradicts these
allegations, Mario Levis will be acquitted of all charges."

Mr. Black, according to MarketWatch, questioned the prosecutors'
charging his client this time when a number of financial firms
have suffered from a crisis in the mortgage market in recent
years.  "Why, then, has Doral and Mario been singled out?" Mr.
Black commented to MarketWatch.

Mr. Black reportedly will seek to move the case from New York to
Puerto Rico.

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2007, Standard & Poor's Ratings Services said that its
'B' long-term counterparty credit rating on Doral Financial
Corp. remains on CreditWatch Positive, where it was placed
July 20, 2007.


MICRON TECH: S&P Puts BB- Corporate Rating on Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Micron
Technology Inc., including the 'BB-' corporate credit rating, on
CreditWatch with negative implications.

The action reflects challenging market conditions in Boise,
Idaho-based Micron's key markets: DRAM (dynamic random access
memory) chips used in personal computers; NAND flash chips used
in portable music players, cell phones, and other electronic
devices; and CMOS image sensors, used in phones and cameras.  A
degree of economic diversity among the three markets has
benefited ratings in the past.  However, concurrent weakness in
all three markets, coupled with high capital expenditures to
expand and upgrade manufacturing facilities, has led to
substantial negative cash flows.  Prefinancing cash flows were
negative US$1.2 billion in the four quarters ended Nov. 30,
2007, including the benefit of capital contributions by Intel
Corp. to the companies' NAND flash memory joint venture.  Micron
had cash balances of US$2 billion as of Nov. 30, 2007, and debt
of US$2.5 billion.

"We will meet with management to review anticipated business
conditions and capital expenditure plans, and will assess the
company's likely cash requirements over the intermediate term to
resolve the CreditWatch," said Standard & Poor's credit analyst
Bruce Hyman.  "In the event that we lower the rating, it is
unlikely to be by more than one notch."

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.


MUSICLAND HOLDING: Parties Seek to Pursue Action v. Best Buy
------------------------------------------------------------
Hobart Truesdell, the responsible person of the estates of
Musicland Holding Corp. and its debtor-affiliates; the Official
Committee of Unsecured Creditors in the Debtors' cases; and the  
current members of the Informal Committee of Secured Trade
Vendors seek to commence a potential avoidance action against
Best Buy Co. Inc.

The U.S. Bankruptcy Court for the Southern District of New York
approved a stipulation among the Debtors, the Official Committee
of Unsecured Creditors, and the Secured Trade Committee,
granting the Creditors Committee authority and standing to
pursue certain actions, specifically standing and authority to
investigate, pursue and prosecute any and all other claims that
may exist against certain Secured Trade Creditors.

The Informal Committee's current members are Buena Vista Home
Entertainment, Inc., Metro-Goldwyn-Mayer Home Entertainment,
LLC, Warner Home Video Inc., Credit Suisse International,
Cargill Financial Services International, Inc., Plainfield
Capital Limited and Hain Capital Group, LLC.

On Feb. 6, 2007, the Court approved the stipulation among the
Debtors, Creditors Committee, and the Current Members of the
Informal Committee of Secured Trade Vendors granting the
Creditors Committee authority and standing to pursue any and all
Avoidance Actions.

In analyzing the nature and extent of the Avoidance Actions, the
parties have identified a potential action against Best Buy Co.,
Inc., the former parent company of the Debtors, relating to
certain transfers made by the Debtors to Best Buy.

In addition to the avoidance of the Best Buy Transfers, the
Parties have identified:

   * additional causes of action against Best Buy; and

   * potential related actions against former officers and
     directors of the Debtors based on the Best Buy Transfers.

The Parties have consulted to determine who and what is the best
and most cost-efficient manner for the Parties to pursue the
Best Buy Claims and the D&O Claims as expeditiously as possible
and have determined that the best and most cost-efficient manner
is for the action to be pursued by the Creditors Committee as it
is the unsecured creditors who hold the pecuniary interest in
the action under the confirmed Second Amended Joint Plan of
Liquidation.

In an agreement approved by the Court, the Debtors, the
Creditors Committee, and the Informal Committee of Secured Trade
Vendors agreed that:

   -- the Creditors Committee is appointed as representative of
      the Debtors' estates, and standing is conferred upon the
      Committee, for the purpose of investigating, pursuing,
      prosecuting and, if appropriate, compromising and settling
      the Best Buy claims and the D&O claims;

   -- as of the effective date of the Debtors' Plan, Hobart
      Truesdell, as the Responsible Person, will automatically
      be deemed to be substituted in the place and stead of the
      Committee with respect to the Best Buy claims and the D&O
      claims.  The Responsible Person will succeed to all
      rights, benefits and protections of the Committee with
      respect to the Best Buy claims and will have standing
      post-confirmation to pursue and compromise and settle all
      claims asserted in the Best Buy Claims and the D&O Claims
      in accordance with the terms of the Plan;

   -- any settlement of the Best Buy Claims and the D&O Claims
      by the Committee will be subject to Court Approval;

   -- the Debtors agree to reasonably cooperate in making
      information and their documents available to the Creditors
      Committee for its review without formal subpoena or
      discovery demands;

   -- as the Parties share a common interest in the pursuit of
      the Best Buy Claims and the D&O Claims, neither the
      Stipulation nor any privileged information shared among
      the Parties concerning the Best Buy Claims and the D&O
      Claims will constitute a waiver of the attorney-client
      privilege of any of the Parties, which privileges are
      fully preserved;

   -- nothing will be deemed to modify or affect the Creditors
      Committee's rights and standing to pursue the Avoidance
      Actions.

Best Buy acquired Musicland in December 2000 in a strategic
acquisition to exploit Musicland's mall-based retail
entertainment-related distribution channels, which annually
reached more than 300 million customers.  As part of the
acquisition, Best Buy filed disclosures with the United States
Security and Exchange Commission and made numerous public
statements that it had agreed to assume roughly US$271,000,000
in long term debt that Musicland had outstanding to various
third-parties.  Consistent with the statements, Best Buy assumed
the debt in December 2000, and proceeded to make additional
capital investments in Musicland thereafter through the 2001 and
2002 calendar years.

The Creditors Committee alleged in January that Best Buy and
Musicland's own officers and directors engineered a series of  
transactions designed to disguise Best Buy's capital investment
as debt.  To this end, Best Buy -- practically on the eve of its
sale of Musicland to Sun Capital Partners, Inc. -- caused
Musicland to execute several credit-type documents which
characterized Best Buy's capital investment as debt, and,
pursuant to which Musicland transferred more than US$145,000,000
to Best Buy -- purportedly in partial satisfaction of the debt.

As of March 31, 2003, the amount of net equity investments that
Best Buy had made in Musicland totaled US$381,256,676, in
addition to Best Buy's US$425,000,000 expenditure to purchase
Musicland Store Corporation's common stock.

The Creditors Committee said Best Buy, as lender, and Musicland,
as borrower, executed on March 31, 2003, a Revolving Credit Loan  
Agreement, ostensibly to create a lending arrangement between
Best Buy and Musicland.  According to the Loan Agreement,
Musicland was indebted to Best Buy "on account of term loans or
inter-company advances made by [Best Buy] to finance [TMG's
and/or Musicland's] working capital needs in the amount of
$381,256,676."  In reality the US$381,256,676 constituted
capital investment, not debt, the Committee said.

On March 31, 2003, Musicland executed a Revolving Note for
US$400,000,000 for the benefit of Best Buy.  Musicland made
payments to Best Buy to pay down amounts due under the Note.  On
June 16, 2003, Musicland executed a Second Amended and Restated
Promissory Note for US$30,000,000 for the benefit of Best Buy.

Musicland was later sold to Sun Capital Partners, which formed
Musicland Holding Corp.

Pursuant to a Stock Purchase Agreement dated June 16, 2003, Best
Buy caused MSC to sell its 100% stock ownership interest in TMG
to MHC for US$1.00.

Pursuant to a Note Purchase Agreement dated June 16, 2003, Best
Buy purportedly sold the Second Amended and Restated Note to MHC
for US$1.00.

                     About Musicland Holding

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

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.

The Debtor's Second Amended Joint Plan of Liquidation was
declared effective as of Jan. 30, 2008.  (Musicland Bankruptcy
News, Issue No. 47; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MUSICLAND HOLDING: Truesdell Inks Pacts w/ Preference Defendants
----------------------------------------------------------------
Pursuant to Section 105 of the Bankruptcy Code and Rules 2002
and 9019 of the Federal Rules of Bankruptcy Procedure, Hobart
Truesdell, as the Responsible Person of the estates of Musicland
Holding Corp. and its debtor-affiliates, seeks authority from
the U.S. Bankruptcy Court for the Southern District of New York
to approve and enter into settlement agreements with certain
preference defendants and potential defendants.

The Debtors' confirmed Second Amended Plan of Liquidation
provides that after the Plan becomes effective, the Responsible
Person will be authorized and obligated to investigate,
prosecute, litigate, settle or compromise all claims or causes
of actions under Chapter 5 of the U.S. Bankruptcy Code.  The
Plan also provided for the dissolution of the Official Committee
of Unsecured Creditors on the Plan Effective Date and the
formation of a Plan committee overseeing the Responsible Person.

In February 2007, the Court appointed the Committee as
representative of the Debtors' estates for the purpose of
investigating, pursuing, prosecuting and, if appropriate,
compromising and settling the Avoidance Claims prior to the
occurrence of the Plan Effective Date.

Additionally, the Avoidance Claims Authority Order provided that
as of the Plan Effective Date, the Responsible Person would:

   a) automatically be deemed to be substituted in place and
      stead of the Committee with respect to any and all actions
      asserting Avoidance Claims;

   b) succeed to all rights, benefits and protections of the
      Committee with respect to the Avoidance Actions; and

   c) have standing post-confirmation to pursue and, if
      appropriate, compromise and settle all claims asserted in
      the Avoidance Actions in accordance with the terms of the
      Plan.

In April 2007, the Committee sent about 145 demand letters to
potential defendants of Avoidance Claims seeking the return of
preferential transfers made within 90 days prior to the Petition
Date or other avoidable transfers, Mark T. Power, Esq., at Hahn
& Hessen LLP, in New York, relates.

Since that time, the Committee had commenced numerous actions
asserting Avoidance claims against certain defendants.  By
virtue of the Avoidance Claims Authority Order and operation of
the Plan, the Responsible Person was substituted as plaintiff in
the Avoidance Actions on the Effective Date.

According to Mr. Power, the Responsible Person has reached
mutually agreeable settlements with various defendants and
potential defendants, the terms of which include:

   a. the defendants agreed to pay these amounts to the Debtors;
           
      Defendant                         Settlement Amount
      ---------                         -----------------            
      Activision, Inc. and                      US$39,200
         Activision Publishing, Inc.
      Bowe Industries Inc.                      US$60,000  
      Diamond Comic Distributors, Inc.          US$43,000
      Great Eastern Entertainment Co.           US$30,000
      Musicdrama, Inc.                           US$7,000
      Quad/Graphics Inc.                         US$6,500
      Rimage Corporation                        US$30,000
      Senn-Delaney Consulting                   US$61,788
      SVG Distribution, Inc.                     US$8,000
      Tampa Westshore Associates                US$70,000
         Limited Partnership     
      Uline, Inc.                               US$20,000

   b. the defendants agree to waive any rights they might have
      to file a claim against the Debtors' estate pursuant to
      Section 502(h); and

   c. the parties agree to mutual releases.    

Mr. Power relates that the terms of the settlement agreements
provide for current payments to the Debtors of US$375,488 -- and
a waiver of US$1,672,078 in unsecured claims against the
Debtors' estates -- which is a significant economic benefit and
a figure that approaches the amount which the Responsible Person
would likely recover through litigation while avoiding the
expense, delay and uncertainty of a litigated resolution.

Mr. Power notes that the Committee has conveyed its analyses to
the Debtors and the Informal Committee of Secured Trade Vendors
who both concur and approve of the proposed settlements.

"The settlement agreements are fair and reasonable and in the
best interests of the Debtors' estates and their creditors and
therefore should be approved," Mr. Power avers.

                    About Musicland Holding

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

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.

The Debtor's Second Amended Joint Plan of Liquidation was
declared effective as of Jan. 30, 2008.  (Musicland Bankruptcy
News, Issue No. 47; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MUSICLAND HOLDING: Truesdell Intends to Lump Tax Claim Dispute
--------------------------------------------------------------
Hobart Truesdell, as the Responsible Person of the estates of
Musicland Holding Corp. and its debtor-affiliates, seeks
permission from the U.S. Bankruptcy Court for the Southern
District of New York to consolidate his objections to tax claims
in a single omnibus objection.

Rule 3007(d) of the Federal Rules of Bankruptcy Procedure was
recently amended to set parameters for the use of omnibus
objections to claims.  Rule 3007(d)(6) states that one basis for
joining more than one claim in an omnibus objection is where the
claims "were presented in a form that does not comply with
applicable rules, and the objection states that the objector is
unable to determine the validity of the claim because of the
noncompliance[.]".  Rule 3007(c) also permits the joinder of
more than one claim, not specified under section (d), in an
omnibus objection by order of the court.  

Section 105(a), on the other hand, provides that "the court may
issue any order, process, or judgment that is necessary or
appropriate to carry out the provisions" of the Bankruptcy Code.

Mark T. Power, Esq., at Hahn & Hessen LLP, in New York, asserts
that the Responsible Person's objections to the tax claims fit
within the category of claims contemplated by Rule 3007(d)(6) in
that they were not presented in a form of complaint with
applicable rules -- the Tax Claims lack the requisite supporting
documentation necessary for determining the validity of the
secured, administrative or priority status asserted by the Tax
Claims.

Mr. Power notes that there are approximately 44 separate
personal property tax claims filed by various taxing authorities
within the states of California, Indiana and Ohio which assert
secured, administrative and priority claims against the Debtors'
estates.

According to Mr. Power, the Responsible Person intends to
reclassify the Tax Claims from secured, administrative or
priority claims to general unsecured claims.

Mr. Powers assures the Court that there will be no prejudice to
the Taxing Authorities because the Responsible Person will
notify each Taxing Authority of the objection.

                     About Musicland Holding

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

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.

The Debtor's Second Amended Joint Plan of Liquidation was
declared effective as of Jan. 30, 2008.  (Musicland Bankruptcy
News, Issue No. 47; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MUSICLAND HOLDING: Hob-Lob Wants US$1.2 Mil. Admin. Claim Paid
--------------------------------------------------------------
Hob-Lob L.P., a subtenant of Musicland Holding Corp.'s debtor-
affiliate Media Play Inc., asks the U.S. Bankruptcy Court for
the Southern District of New York to allow and compel payment of
its US$1,258,724 claim.

Hob-Lob is a subtenant under certain leases of non-residential
real property referred to as the Deerbrook Mall Sublease and the
Wilshire Plaza Sublease.

Michelle McMahon, Esq., at Bryan Cave LLP, in New York, relates
in February 2006, Media Play (a) rejected the lease that
served as the basis for Media Play's sublease of the non-
residential real property demised to Hob-Lob under the Deerbrook
Mall Sublease, and (b) entered into a Lease Termination
Agreement terminating the lease that served as the basis for
Media Play's sublease of the non-residential real property
demised to Hob-Lob under the Wilshire Plaza Sublease.

This resulted in Media Play's material breach of the subleases.

Neither Media Play nor the Court took any action under Section  
365 of the Bankruptcy Code to reject the Subleases, and the
Subleases were not rejected under Section 365.

Because of Media-Play's breach of the Subleases, Hob-Lob lost
the benefit of the contractual terms of those leases and had to
negotiate new, replacement leases, resulting in substantial
damages to Hob-Lob, specifically US$1,258,724 in damages with
US$138,125 on the Deerbrook Mall Sublease and US$1,120,599 on
the Wilshire Plaza Sublease.
   
Ms. McMahon contends that the Debtors' postpetition breach of
the subleases constitutes a basis for allowance of
administrative expenses.

Ms. McMahon reminds the Court that in Reading Co. v. Brown, 391
U.S. 471, 479, 88 S.Ct. 1759, 1763, 20 L.Ed.2d 751 (1968), the
Supreme Court stated that persons "subjected to loss and expense
as a result of the administration of a bankruptcy estate are
entitled to be made whole as a matter of fundamental fairness
and will be allowed administrative expense claims to implement
that result."

                     About Musicland Holding

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

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.

The Debtor's Second Amended Joint Plan of Liquidation was
declared effective as of Jan. 30, 2008.  (Musicland Bankruptcy
News, Issue No. 47; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


NASH FINCH: Must Pay US$6.75 Million Class Action Settlement
------------------------------------------------------------
Nash Finch Company signed a Stipulation of Settlement which, if
approved by the Court, will fully resolve all of the claims in
the putative securities fraud class action pending in the United
States District Court for the District of Minnesota.  That class
action was filed after the company issued revised earnings
guidance on Oct. 20, 2005.  The lawsuit challenged, among other
things, the public statements the company made about its
acquisition of certain assets from Roundy's Supermarkets, Inc.  
The company denies it engaged in any wrongdoing.

Pursuant to this settlement, which is subject to certain
conditions, US$6.75 million will be paid into a settlement fund
that will be distributed to members of a class of all persons
who purchased the company's common stock from Feb. 24, 2005, the
date the company announced an agreement to acquire certain
assets from Roundy's Supermarkets, Inc., through and including
October 20, 2005, the date the company announced a downward
revision to its earnings guidance for fiscal 2005.  The
settlement payment will be funded in full by the company's
insurance coverage.  Notice of the settlement must be provided
to the class and then it is subject to final approval by the
Court.

"We believed, and continue to believe, that this case lacks
merit and had planned to defend the litigation vigorously," Alec
Covington, President and Chief Executive Officer of Nash Finch,
said.  "However, after reaching an accommodation that will be
fully covered by our directors and officers insurance and is
acceptable to our insurance carrier, we have agreed to the
settlement so that we can eliminate the distraction and expense
of further litigation.  We believe that our shareholders are
best served with this matter behind us and our attention focused
on our business and the implementation of our strategic plan,
Operation Fresh Start."

Headquartered Minneapolis, Minnesota, Nash Finch Company
(Nasdaq:NAFC) -- http://www.nashfinch.com/-- is an American  
food distribution company.  Nash Finch's core business, food
distribution, serves independent retailers and military
commissaries in 31 states, the District of Columbia, Europe,
Cuba, Puerto Rico, the Azores and Egypt.  The company also owns
and operates a base of retail stores, primarily supermarkets
under the Econofoods(R), Family Thrift Center(R), and Sun
Mart(R) trade names.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 22, 2007,
Standard & Poor's Ratings Services revised its outlook on Nash
Finch Co. to stable from negative.  At the same time, S&P
affirmed the Minneapolis, Minnesota-based company's 'B+'
corporate credit and other ratings.  This action reflects
stabilized operating performance, improved credit metrics and
adequate liquidity.


PSYCHIATRIC SOLUTIONS: Earns US$23 Mil. in Quarter Ended Dec. 31
----------------------------------------------------------------
Psychiatric Solutions, Inc., disclosed financial results for the
fourth quarter and year ended Dec. 31, 2007.

For the quarter ended Dec. 31, 2007, the company reported a net
income of US$23.1 million, compared to a net income of US$17.5
million for the quarter ended Dec. 31, 2006.  Net income for the
year ended Dec. 31, 2007, grew to US$76.2 million from year
2006's US$60.6 million.

For the quarter, revenue increased 44.1% to US$403.4 million
compared to the fourth quarter of 2006.  Revenue for the year
ended Dec. 31, 2007 grew 44.9% to US$1.4 billion from the full
year 2006.

Consolidated adjusted EBITDA grew 49.1% to a record US$72.3
million, or 17.9% of revenue, for the fourth quarter of 2007
compared to the fourth quarter of 2006. For the full year,
consolidated adjusted EBITDA expanded 47.7% to US$256.0 million,
or 17.3% of revenue.  

Same-facility revenue increased 5.3% for the latest quarter
compared with the fourth quarter of 2006, driven primarily by a
4.6% increase in revenue per patient day and a 0.6% increase in
patient days.  For the full year, same-facility revenue
increased 6.5% resulting from growth in revenue per patient day
of 5.0% and growth in patient days of 1.4%.

"PSI continued to produce outstanding profitable growth for the
fourth quarter and full year 2007," remarked Joey Jacobs,
Chairman, President and Chief Executive Officer of PSI.  "Demand
for high quality inpatient psychiatric care continues to expand
in this capacity constrained and very fragmented industry.  We
are well positioned to achieve further significant profitable
growth for 2008 and beyond through organic growth initiatives
and acquisitions.

"We are targeting 7% to 9% same-facility revenue growth for 2008
once again.  Work is already underway to add nearly 600 beds in
existing and new facilities by the end of 2008, double our
normal targeted pace of expansion, allowing us to treat patients
that we do not have the capacity to treat today.

"We are highly confident that we will be able to acquire at
least six inpatient facilities during 2008.  The pipeline of
potential acquisition opportunities remains strong, enhancing
our ability to continue to build a platform for future growth."

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$2.1 billion and total liabilities of US$1.4
billion, resulting in a US$754.7 million stockholders' equity.  
Equity, as of Dec. 31, 2006, was US$627.7 million.

Headquartered in Franklin, Tenn., Psychiatric Solutions Inc. --  
(NASDAQ: PSYS) -- http://www.psysolutions.com/-- offers an   
extensive continuum of behavioral health programs to critically
ill children, adolescents and adults and operates owned or
leased freestanding psychiatric inpatient facilities with
approximately 10,000 beds in 31 states, Puerto Rico and the U.S.
Virgin Islands.

PSI also manages freestanding psychiatric inpatient facilities
for government agencies and psychiatric inpatient units within
medical/surgical hospitals owned by others.

                          *     *     *

Psychiatric Solutions Inc. still carries Moody's Investors
Service's B1 long term corporate family rating which was last
placed on June 16, 2005.  Outlook is Stable.


PUNTO APARTE/CIMA: Case Summary & 19 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: Punto Aparte/Cima Publicidad, Inc.
             Corporate Center Building
             Resolution Street 22
             Floor 6, Suite 302
             San Juan, PR 00920

Bankruptcy Case No.: 08-01350

Debtor-affiliate filing separate Chapter 11 petition:

      Entity                                   Case No.
      ------                                   --------
Dieresis Public Relations, Inc.                08-01352

Chapter 11 Petition Date: March 5, 2008

Court: District of Puerto Rico (Old San Juan)

Judge: Gerardo Carlo Altieri

Debtors' Counsel: Carmen D. Conde Torres
                  254 San Jose Street
                  5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  notices@condelaw.com

Punto Aparte/Cima Publicidad, Inc's financial condition:

Estimated Assets: US$500,000 to US$1 million

Estimated Debts:  US$1 million to US$10 million

A. Punto Aparte/Cima Publicidad, Inc's list of its 19 Largest
   Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
First Bank Puerto Rico                              US$2,800,000
P.O. Box 9146
Santurce, PR 00908-0146

Jesus Latalladi                                       US$952,329
Bienteveo 15 Montehiedra
San Juan, PR 00926

El Nuevo Dia (ROP)                                    US$301,712
P.O. Box 9067512
San Juan, PR 00906-7512

El Nuevo Dia (Classificados)                          US$219,523

Hostos Gallardo                                       US$215,000

Inmobiliaria Cima S.E.                                US$176,458

Primera Hora                                          US$132,993

Wells Fargo Corporate                                 US$113,174

Rumbos-Comm. Integradas                               US$100,000

El Vocero                                              US$65,655

Tactical Media                                         US$60,000

Viu Media                                              US$52,500

WB Doner                                               US$31,510

CBS Ourdoor                                            US$30,278

Graphic Print and Design                               US$20,884

Lamar Companies                                        US$19,200

Adtime                                                 US$16,667

Caribbean Business                                     US$13,507

Plaza Las Americas, Inc.                               US$12,945

B. Dieresis Public Relations, Inc's list of its 20 Largest
   Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
El Nuevo Dia                                           US$15,834
P.O. Box 9067512
San Juan, PR 00906-7512

Colegio CPA de PR                                      US$10,000
#239 Avenue
Arterial Hostos
Suite 1401
WDIF. Capital Center 1
San Juan, PR 00918-1477

Carbonell & Co., LLP                                    US$5,263
P.O. Box 270010
San Juan, PR 00927-0010

Graphic Printing and Design                             US$4,900

WKAQ-AM Univision Radio                                 US$4,344

Jeszor Prints, Corp.                                    US$4,344

Halls Executive Gift & Awards                           US$3,048

WAPA Radio                                              US$2,660

Exhibits Depot Inc.                                     US$2,100

Interactive Marketing                                   US$2,078

Almo Visual                                             US$1,552

Carol Forsythe                                          US$1,502

Joe Colon Studio                                        US$1,305

La Perla Del Sur                                          US$686

Anexo Group Inc.                                          US$610

El Norte Urb. Industrial                                  US$518

Salichs Pou and Associates                                US$439

Wilfredo Morales                                          US$400

Instalaciones JBL                                         US$339

Professional Graphics                                     US$311


SPANISH BROADCASTING: Posts US$4,964 Mil. Net Loss in 4Q 2007
-------------------------------------------------------------
Spanish Broadcasting System, Inc., reported US$4,964 million net
loss for the fourth quarter ended Dec. 31, 2007, compared to
US$6,945 million net loss for the fourth quarter ended Dec. 31.
2006.

                    Results and Discussions

For the quarter ended Dec. 31, 2007, consolidated net revenue
totaled US$46.2 million compared to US$44.4 million for the same
prior year period, resulting in an increase of US$1.8 million or
4%.  This increase was mainly attributable to the company's
television segment, which had a net revenue increase of US$1.3
million or 80%.  The television segment net revenue growth was
primarily due to MegaTV establishing itself within the South
Florida advertising community during the past 22 months, which
resulted in an ability to increase advertising rates and sell
more inventory.  The television segment net revenue increase was
also due to its new national distribution agreement with
DIRECTV.  The company's radio segment had an increase in net
revenue of US$0.4 million or 1% primarily due to national and
barter sales, offset by a decrease in local sales.  The increase
in national sales occurred primarily in the New York, Miami, and
Puerto Rico markets, offset by a decrease in the Chicago market.  
The increase in barter sales occurred in the Puerto Rico and New
York markets.  The decrease in local sales occurred primarily in
the Los Angeles, New York, Chicago and San Francisco markets,
offset by the Miami market.

Operating income before loss (gain) on the sale of assets, net,
a non-GAAP measure, totaled US$5.8 million compared to US$5.9
million for the same prior year period, resulting in a decrease
of US$0.1 million or 2%.  Operating income before depreciation
and amortization and loss (gain) on the sale of assets, net, a
non-GAAP measure, totaled US$7.1 million for the current period
and prior year period, respectively.  The minimal increase was
primarily attributed to the decrease in the television operating
loss before depreciation and amortization and loss (gain) on the
sale of assets, net, of US$1.6 million, offset by a decrease in
the radio segment's operating income before depreciation and
amortization and loss (gain) on the sale of assets, net, of
US$1.3 million and an increase in corporate expenses of US$0.3
million.

Income before income taxes totaled US$0.9 million for the
current period and prior year period, respectively.

For the year ended Dec. 31, 2007, the consolidated net revenue
totaled US$179.7 million compared to US$176.9 million for the
prior year, resulting in an increase of US$2.8 million or 2%.  
This increase was attributable to the television segment, which
had a net revenue increase of US$5.3 million or 110%, offset by
the radio segment net revenue decrease of US$2.5 million or 1%.  
The television segment growth was primarily due to:


   (a) MegaTV establishing itself within the South Florida
       advertising community during the past 22 months, which
       resulted in an  ability to increase advertising rates and
       sell more inventory; and

   (b) the television results reflecting a full year of revenue
       compared to the prior period's results reflecting only
       ten-months of revenue.

The radio segment had a decrease in net revenue due to lower
local sales.  The decrease in local sales occurred primarily in
the Los Angeles, Miami, Chicago and Puerto Rico markets, offset
by an increase in the New York and San Francisco markets.

Operating income before loss (gain) on the sale of assets, net,
a non-GAAP measure, totaled US$34.7 million compared to US$33.4
million for the prior year, resulting in growth of 4%.  
Operating income before depreciation and amortization and loss
(gain) on the sale of assets, net, a non-GAAP measure, totaled
US$39.5 million compared to US$37.4 million for the prior year,
resulting in an increase of US$2.1 million or 6%.  The increase
was primarily attributed to the decrease in the television
operating loss before depreciation and amortization and loss
(gain) on the sale of assets, net, of US$7.9 million, offset by
a decrease in the radio segment's operating income before
depreciation and amortization and (gain) loss on the sale of
assets, net, of US$5.3 million and an increase in corporate
expenses of US$0.5 million.

Income before income taxes totaled US$17.6 million compared to
US$61 million for the same prior year period.  The decrease
resulted mainly from the prior year gain on the sale of assets,
net, of US$50.8 million related to the sale of the radio
stations KZAB-FM and KZBA-FM.

Chairperson and Chief Executive Officer, Raul Alarcon, Jr.
commented, "Our overall fourth quarter results were driven by an
80% revenue increase at MegaTV, as well as top-line growth at
our radio operations.  We performed within our guidance and well
ahead of the majority of our peers despite facing a continued
challenging advertising environment.  Capitalizing on its strong
audience growth and national expansion, MegaTV has continued to
generate robust revenue growth, while gradually reducing its
operating loss.  We expect this trend to continue for the year
2008, as we build upon MegaTV's success and leverage our
partnership with DIRECTV.  Our radio portfolio continues to
generate substantial audience shares.  In the year ahead we
remain focused on maximizing our platform and improving our
ability to convert our audience shares into financial gains.  
Given our premium asset base in the nation's top-ten markets, we
remain well positioned to capitalize on the rapid growth of the
nation's Hispanic population."

                  First Quarter 2008 Outlook

"Taking into consideration the challenging advertising
environment, we expect our first quarter 2008 consolidated
net revenue to decrease in the mid single digit range over the
comparable prior year period." Mr. Alarcon added.

               About Spanish Broadcasting System

Spanish Broadcasting System Inc. (NasdaqGM: SBSA)--
http://www.spanishbroadcasting.com/--  operates as a media and  
entertainment company in the United States.  The company owns
and operates 20 radio stations and 2 television stations.  Its
television stations operate under the MEGA TV brand, serving the
south Florida market.  The company also operates LaMusica.com,
Mega.tv, and a radio station Web sites, which are bilingual Web
sites that provide content related to Latin music,
entertainment, news, and culture.  In addition, it produces live
concerts and events throughout the United States and Puerto
Rico.


UNIVISION COMMS: Fitch Publishes Review on Recovery Ratings
-----------------------------------------------------------
Fitch Ratings has published a review of its Recovery Ratings
methodology and updated analysis for rated issuers in the United
States media and entertainment space.  Recovery Ratings are a
relative indicator of recovery that bondholders would receive in
the event of default.  Recovery Ratings are applied to issuers
with an Issuer Default Rating of 'B+' and below.

Fitch's U.S. media and entertainment Recovery Ratings view
covered approximately US$41.3 billion of debt across six
companies and 13 issuing entities.  The companies analyzed in
the report are:

    -- AMC Entertainment ('B,' Stable Outlook),

    -- Marquee Holdings ('B,' Stable Outlook),

    -- Regal Entertainment Group and Regal Cinemas Corporation
       ('B+,' Stable Outlook),

    -- Dex Media, Inc. ('B+,' Stable Outlook),

    -- Six Flags, Inc. and Six Flags Theme Parks, Inc.
       ('B-,' Negative Outlook),

    -- Tribune Co. ('B-,' Negative Outlook), and

    -- Univision Communication, Inc. ('B,' Stable Outlook).

Headquartered in Los Angeles, Calif., Univision Communications
Inc., (NYSE: UVN) -- http://www.univision.net/-- owns and
operates more than 60 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.



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

DIGICEL GROUP: Blames Text Messaging Failure to Competitor
----------------------------------------------------------
Digicel blames the failure of text messaging between the
company's phone and bmobile to competitor Telecommunications
Services of Trinidad and Tobago, The Trinidad & Tobago Express
reports.

Digicel said in a statement, "TSTT continues to compromise
service to their own bmobile customers as well as Digicel
customers by refusing to acknowledge the agreement that is in
place that would allow customers to text freely across the
networks."

TSTT's Mobile Executive Vice President Gary Barrow told The
Express, "We have no such agreement [with Digicel] implied or
otherwise in place and are currently in good faith negotiations
and technical discussions that would facilitate SMS (short
messaging service) inter-networking."

Digicel has had a draft commercial agreement from TSTT for some
time now and TSTT has been waiting for its comments, The Express
says, citing Mr. Barrow.

The Express relates that TSTT's Legal and Fixed and Carrier
Services Vice President Lisa Agard said that the company would
not have to increase their rates to clients due to
interconnection.

According to Business News Americas, a dispute resolution panel
appointed by the Trinidad & Tobago telecoms regulator TATT ruled
that the mobile termination rate will be TT$0.40 per minute.

The rate decided was about 142% lower than what Digicel had
initially proposed, The Express notes, citing Ms. Agard.

According to The Express, Digicel had wanted TSTT to pay it
TT$0.97 cents per minute.

Ms. Agard told BNamericas that if Digicel had been successful in
what it was asking for, TSTT would have had to immediately raise
by:

          -- 56% the rates for calls to Digicel for its fixed
             line clients,

          -- 44% for mobile prepaid, and

          -- 88% for postpaid customers of its bmobile service.

BNamericas notes that the fixed interconnection rate to be paid
by Digicel to TSTT will be TT$0.07 per minute.

According to BNamericas, the panel decided that all rates should
be billed on a per-second basis, instead of a per-minute basis,
and that interconnect rates are payable from April 6, 2006, the
date on which the two companies first interconnected.

Ms. Agard told BNamericas that the panel had given Digicel and
TSTT 30 days for a "reconciliation exercise to look at what
minutes have traversed the network over the period concerned and
add them up."

The companies would then be given 15 days to determine amounts
payable and another 15 days to pay amounts which may be due,
BNamericas says, citing Ms. Agard.

BNamericas reports that Digicel claimed that TSTT was still
failing to honor interconnection commitments and was preventing
Digicel clients from sending SMS to TSTT phones.

The Trinidad & Tobago Guardian relates that TSTT is misleading
customers with claims that interconnection termination rates
directly affect the charges paid by cellphone users.

Digicel Chief Executive Officer Niall Dorrian said, "They have
gone so far as to threaten back-charging their own customers in
response to the arbitration panel's ruling that the rates must
be paid retroactively.  This flies in the face of their claims
to be a consumer champion."  

"This is an unbelievable position that TSTT has taken, to even
suggest that they would retroactively charge their customers for
an operating cost they knew was inevitably going to be
implemented is shocking.  They continue to make claims that a
higher interconnection rate would have increased consumer rates,
even though this is not the case if you look at the
telecommunications sector throughout the region and the world.  
Digicel maintains that these rates would not have had any impact
on the charges paid by Digicel subscribers; the rate Digicel
charges their consumers would have remained unchanged," Mr.
Dorrian commented to The Guardian.

TSTT's Ms. Agard, however, asserts that TSTT wouldn't bill
customers retroactively.

Mr. Dorrian told The Guardian that TSTT was also misleading the
public by concentrating on the mobile interconnection
termination rate issue alone.  He also said that TSTT originally
proposed a Digicel mobile-to- fixed-line termination rate of
20.9 cents.  

According to The Guardian, Digicel is asking TSTT to lower its
cellphone rates since the interconnection termination rates  
decided by the panel are even lower than the ones TSTT proposed.

TSTT's claims that "a lower interconnection termination rate
should translate to a lower consumer rate," The Guardian says,
citing Mr. Dorrian.

According to Mr. Dorrian, the regional evidence clearly proves
that whenever interconnection termination rates -- even those
higher than the ones proposed by Digicel in Trinidad & Tobago --
are implemented, consumer rates come down.

"Rates have done nothing but come down since competition became
a reality for TSTT and their 49% shareholder British
telecommunications provider, Cable & Wireless.  One does not
have to reflect too far back to remember the days of mobile and
fixed rates that made telecommunications services accessible
only to a select few.  TSTT should consider this when making
ludicrous claims about being forced to raise prices as a result
of interconnection termination rates.  Gone are the not-so-long-
ago days of monopolistic exorbitant pricing from incumbent
providers," Mr. Dorrian told The Guardian.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings Service assigned 'CCC+/RR5' rating
on Digicel Group Ltd.'s proposed US$1.4 billion senior
subordinated notes due 2015.  

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                         *     *     *

In February 2007, Moody's Investors Service affirmed Caa2 senior
unsecured rating to Digicel Group Limited's US$1.4 billion
senior unsecured notes offering.



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

NORTHWEST AIRLINES: Resumes Talks with Delta After Brief Impasse
----------------------------------------------------------------
Delta Air Lines Inc. and Northwest Airlines Corp. pilot leaders
resumed talks on March 4, 2008, to reach an agreement on how to
"mesh" their unions, Bloomberg News reports.

The meetings have involved a handful of senior pilots and are
not formal negotiations, Reuters says, citing a person familiar
with the talks.

As widely reported, the pilot negotiators of both carriers had
an impasse over the combination of seniority rankings for 12,000
pilots.  According to Bloomberg, a pilots' agreement is the last
major step needed for the carriers to merge.

"Nothing can be accomplished if they're not talking, so just
getting them back together in the same room is a big step,"
Bloomberg quotes Kit Darby, a retired United Airlines pilot who
now runs Air Inc., an Atlanta-based career-counseling firm for
pilots, as saying.  "Pilots get their rewards from a contract
that's governed by seniority.  This is everything to them."

To recall, Delta and Northwest have agreed on most terms for a
consolidation, including keeping Delta's name and Atlanta
headquarters, and having Delta Chief Executive Officer Richard
Anderson run the new airline.

Pilot negotiators at Delta and Northwest have agreed on a
US$2,000,000,000 package that would include higher pay, an
equity stake in the combined airline and a board seat, Bloomberg
earlier reported, citing people familiar with the talks.

However, the pilots can't agree on how to put together their
seniority lists.  Northwest leaders want their more-senior
pilots to be ranked by hire date, while Delta wants size of
planes and routes currently flown to be considered, Bloomberg
says.

The pilot unions, both affiliated with the Air Line Pilots
Association, have refused to comment on any new meetings held
and on merger developments.

The Wall Street Journal says that the series of snags in the
consolidation talks has some investors losing patience.  An
investor has privately told WSJ that a pilot accord on seniority
is neither required by law or by both contracts under the
carriers' unions, so the airlines could close a deal now and
sort out the pilots seniority later.

           Pension Insurer Wants to Join Merger Talks

The Pension Benefit Guaranty Corp. wants to be included in talks
between Northwest and Delta, because it said a merger could
leave the carriers without enough assets to cover their
pensions, The Associated Press reports.

According to the AP, the PBGC became a major shareholder in
Delta after it assumed Delta's pilot pension during Delta's
bankruptcy proceedings.  In contrast, Northwest avoided that
scenario in its bankruptcy because a change in the law gave
Northwest "more time to get caught up on its pensions," the AP
says.

PBGC director Charles E. F. Millard wrote to both airlines that
his agency needs a role in merger discussions to ensure "that
all appropriate considerations with respect to the continued
health of the airlines' defined benefit pension plans are
addressed," the AP discloses.

"Together," the letter said, "the two pension plans do not have
enough assets to pay all promised benefits: if the plans were to
terminate, they would be underfunded by over $7 billion."

                    Rising Fuel Costs Puts
                 Pressure on Airlines to Merge

As oil prices surged to US$108 a barrel, the CEOs of Delta and
Northwest said rising fuel costs are undermining the carriers'
profits at an alarming rate, the Salt Lake Tribune reports.

According to the paper, Delta's Richard Anderson condemned
federal officials for failing to help restrain costs, saying,
"We don't have an energy policy in this country, and we need
one."

For his part, Northwest's Doug Steenland said record oil prices
are a "serious budget breaker" and part of what makes
consolidation "inevitable," referring to the stalled
consolidation talks between the two carriers, the Salt Lake
Tribune states.

In a recorded message to Northwest's employees, Mr. Steenland
said that if oil stays above US$100 a barrel, the airline will
pay US$1,700,000,000 more than it had planned for fuel for this
year.

Mr. Anderson expressed his frustration on the oil-price
situation, saying, "if policymakers were serious about
conserving fuel, they would be installing new air-traffic
control equipment and systems more quickly to reduce flight
delays," the paper disclosed.

Many industry analysts believe that higher fuel prices are
increasing the pressure on carriers to merge, in order to cut
costs and increase ticket-pricing power, the Salt Lake Tribune
noted.

                         About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.  (Delta Air Lines Bankruptcy News, Issue No. 92;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                   About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--     
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.  
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.  (Northwest Bankruptcy News,
Issue No. 88; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


PETROLEOS DE VENEZUELA: Ships 4MM Crude Barrels to India, China
---------------------------------------------------------------
Petroleos de Venezuela SA Refinacion Oriente shipped 4 million
crude barrels to India and China as part of a successful
strategy to achieve operating integration for the sea docks of
(TAECJ by its initials in Spanish) located in the Jose Storing
and Shipping Terminal and (TOJ by its initials in Spanish)
located in the Jose Eastern Terminal.

This way, PDVSA is promoting the successful strategy of
increasing the price of the oil barrel worldwide, thereby
complying with the guidelines issued by the Bolivarian
Government through the People's Ministry for Energy and
Petroleum, with the purpose of opening new markets for
Venezuelan crudes.

This integration paves the way for an important increase in
domestic and international oil shipments.  By connecting these
two terminals located in the Petroleum and Petrochemical
Industrial Complex "José Antonio Anzoategui", PDVSA guarantees
the delivery of cargoes to deep-draft ships and an approximate
capacity of 2 million crude barrels.

This strategic operational decision of strengthening the
capacities of TAECJ and TOJ makes possible to pump oil to large-
capacity ships in less time.  Similarly, it guarantees the
delivery of the highly-valued product to a larger number of
markets.  For example, increasing cargo volumes allows for much
quicker shipments to places like Asia and Europe.

The first cargo took place when the "La Providencia" ship
received 1,867,000 oil barrels to be shipped to China.  This
volume was loaded using both terminals.  1,067,000 barrels were
loaded using the TAECJ Terminal and 800,000 barrels were pumped
using the TOJ terminal.

The pumping of the second cargo to be shipped to the Far East
finished on March 1 in the TAECJ's sea platform in the
"Capricorn Star" ship, and included 2 million barrels to be
shipped to India.  Of these 2 million, 1 million were
Leona type crude barrels and the other million was Merey 16 type
crude barrels.

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: Absorbs 2000++ Workers at Orinoco Belt
--------------------------------------------------------------
Petroleos de Venezuela, C.A., through the Venezuelan Petroleum
Corporation (CVP), has completed the absorption of the full-time
labor hired under the former partnership agreements operating at
the Orinoco Oil Belt.

This novel concept involving refurbishing and overhaul of the
organizational culture following nationalization of our
hydrocarbons, and in line with the revolutionary government of
President Hugo Chavez, managed to absorb 2,055 workers with
Petropiar, Petromonagas, Petrosucre, Petrocedeno, Petrolera
Sinovensa and former Petrozuata.  In this way, justice was done
with the workers who were used for years by contractors and
multinationals operating at the Belt.

The largest number of people absorbed comes from Petrocedeño
(formerly Sincor), that is, 957 people, in addition to 122
workers with the cafeteria, for a total of 1079 employees.  In
Petropiar (formerly Ameriven), 341 people were absorbed,
followed by 233 from Petrozuata and 215 from Petromonagas
(formerly Cerro Negro), including workers with the cafeteria.  
This process was completed also in Petrolera Sinovensa, formerly
Sinovensa (141 workers) absorbed, and  Petrosucre, formerly
Corocoro Project (46 workers).

Thanks to nationalization of the partnership agreements at the
Orinoco Oil Belt, 2,055 workers were absorbed.  In accordance
with the oil-sector collective bargaining agreement, 60 percent
of them were absorbed.

Following the successful talks on the 2007-2009 oil-sector
collective bargaining agreement, the cafeteria, and maintenance
of green spaces and facilities were included as permanent
activities.

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.



                            ***********


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
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