TCRLA_Public/080327.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, March 27, 2008, Vol. 9, No. 61

                            Headlines


A R G E N T I N A

ALITALIA SPA: Air France and Unions Resume Talks
ALITALIA SPA: Romano Prodi Ready to Accept Italian Bid
DELTA AIR: PBGC Seeks Leave to Respond to NQ Claims Objection
EMPRESA DISTRIBUIDORA: Inks 10-Year Contract With Cycsa


B A H A M A S

METROPOLITAN BANK: Moody's Releases First Banking Sector Report
TEEKAY CORP: Unit to Acquire Vessels for US$230 Million


B E R M U D A

IPC HOLDINGS: To Hold First Quarter 2008 Earnings Webcast


B R A Z I L

BANCO CRUZEIRO: Moody's Rates US$30 Million Senior Notes at Ba1
BANCO DA AMAZONIA: Fitch Holds BB+ Long-Term Issuer Default Rtgs
BR MALLS: Acquires 35% Indirect Interest in Osasco Plaza Mall
CENTRAIS ELETRICAS: Regulator Okays Unit's Project With Copel
CENTRAIS ELETRICAS: Says Distribution Units Won't Be Privatized

COMPANHIA ENERGETICA: Brazil Cancels Stake Sale
COPEL: Regulator Okays Hydro Plant Construction With Eletrosul
DELPHI CORP: Court Extends Exclusive Plan-Filing Date to May 31
DELPHI CORP: Seeks More IRS Waivers Due to Delay of Emergence
ENERGIAS DO BRASIL: Fails to Deposit BRL1.74B for Cesp Auction

JAPAN AIRLINES: Studies Safety Measures Along With Trade Unions
UAL CORPORATION: Capt. Wallach Joins Two Board Committees
UAL CORP: Labor, Political Leaders Balk at Outsourcing Plan
UAL CORP: Teamsters Wants Compensation Practices Overhauled
UAL CORP: U.S. Workers Get US$110 Million in Profit Sharing

XERIUM TECHNOLOGIES: Delays Filing of December 2007 Form 10-K
XERIUM TECHNOLOGIES: Discloses Likely Bankruptcy Filing
XERIUM TECHNOLOGIES: Cancels Dividend for First Quarter 2008
XERIUM TECHNOLOGIES: S&P Cuts Ratings on Likely Covenant Breach


C A Y M A N  I S L A N D S

AHFP PANTERA: Proofs of Claim Filing Deadline Is April 3
AHFP SYMPHONY: Proofs of Claim Filing Is Until April 3
AHFP TRIATTO: Proofs of Claim Filing Deadline Is April 3
ATLAS CPO:  Proofs of Claim Filing Is Until April 3
BLUECREST INT'L: Sets Final Shareholders' Meeting for April 2

FORTUNATUS ETERNUS: Proofs of Claim Filing Deadline Is April 3
GANNET V: Proofs of Claim Filing Ends on April 3
LEIF INVESTMENTS: Proofs of Claim Filing Deadline Is April 3
MONBOUQUETTE CONSULTING: Proofs of Claim Filing Is Until April 3
REDWOOD HOTEL: Court to Hear Wind-Up Petition on April 1


C H I L E

RED HAT: LatAm Online Retailer Migrates to Red Hat & JBoss


C O L O M B I A

ECOPETROL: Will Keep 30% Stake in Caracara Concession
SOLUTIA INC: Appoints Nine Members to Board Committees
SOLUTIA INC: To Begin Financial Reporting on Five Segments
TERMOCANDELARIA SCA: Fitch Assigns BB- LT Issuer Default Ratings


C O S T A  R I C A

DOLE FOOD: Unit Recalls Cantaloupes From Costa Rica
SIRVA INC: Court Okays Sale of U.K. & Ireland Operations to TEAM
SIRVA INC: Committee Wants Class 5 Claims Bar Date Set to May 29
US AIRWAYS: S&P Affirms Ratings & Revises Outlook to Stable


D O M I N I C A N   R E P U B L I C

AES CORP: Commits to US$1 Billion Joint Venture With Riverstone


E C U A D O R

PETROECUADOR: Oil Export Revenues Jump to US$1.27B in Jan.-Feb.
PETROECUADOR: Saves US$199.5 Million in Three Months


J A M A I C A

AIR JAMAICA: 9 Stations Without TCC Provide Petrol to Workers
AIR JAMAICA: Workers Launch Strike on Failed New Wage Talks


M E X I C O

AMERICAN TOWER: Fitch Puts 'BB+' Rating on Planned US$325MM Loan
AMERICAN TOWER: Moody's Puts 'Ba1' Rating on US$325 Million Loan
AMERICAN TOWER: S&P Puts 'BB+' Rating on US$325MM Loan Facility
CLEAR CHANNEL: Financing Talk Glitch Threatens to Derail Merger
GREENBRIER COS: Unit's Chair Resigns After Bankruptcy Filing

MBIA INC: Fitch Keeps Insurer Financial Strength & Debt Ratings
RETAIL PRO: Posts US$2.1 Mil. Net Loss in Quarter Ended June 30
SR TELECOM: Selling Assets to Groupe Lagasse for US$6 Million


P E R U

QUEBECOR WORLD: Has US$350 Million in Available Funds
QUEBECOR WORLD: Lays Off One-Third of Memphis Employees
QUEBECOR WORLD: Noteholders Question Panel Advisors' Engagement


V E N E Z U E L A

BANESCO BANCO: Launches Preferred Shares Public Offering  
CA LA ELECTRICIDAD: Offer & Consent Solicitation Expires April 8
PETROLEOS DE VENEZUELA: May Ink Joint Plant Pact With Petrobras
PETROLEOS DE VENEZUELA: Exxon Mobil Brings Case to Netherlands


X X X X X X

* Moody's Evaluates Proposed Changes to Ratings System


                         - - - - -


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

ALITALIA SPA: Air France and Unions Resume Talks
------------------------------------------------
Air France-KLM SA resumed on March 25, 2008, negotiations to
receive approval from Alitalia S.p.A.'s unions for its
acquisition of the Italian government's 49.9% stake in the
national carrier, BBC News reports.

As recently reported in the TCR-Europe, Alitalia and the present
government have accepted Air France-KLM SA's binding offer,
subject to several conditions including union approval.  Air
France, so far, has yet to convince the unions to accept its
business plan, which foresees more than 2,000 job cuts.

Air France has set a March 31, 2008, deadline for an agreement.

The effectiveness conditions for Air France's offer include:

    * formal approval of the Industrial Plan 2008-2010 by
      Alitalia’s Board of Directors;

    * formal agreement in a manner satisfactory for
      Air France-KLM between Alitalia and the trade unions
      representing the majority of each category of Alitalia’s
      employees, regarding the implementation of the Industrial
      Plan, the rules of employment, the plan related to the
      social shock absorbers and the contemplated transaction;

    * formal agreement in a manner satisfactory for
      Air France-KLM between Alitalia and the trade unions of
      Alitalia Servizi representing the majority of each
      category of Alitalia Servizi’s employees on the necessary
      restructuring measures and the related shock absorbers
      plan;

    * Italy's Ministry of Economy and Finance to grant Alitalia
      a credit line, or the necessary guarantees to obtain a
      credit line in favor of Alitalia of EUR300 million to be
      repaid immediately after the capital increase;

    * formal agreement between Alitalia and Aeroporti di Roma on
      the Rome Fiumicino Airport and on the service levels
      required for the implementation of the Industrial Plan
      2008-2010;

    * with respect to the claim brought on by SEA against
      Alitalia to the tribunal of Busto Arsizio, either:

      -- the official withdrawal from the claim;

      -- its settlement in a manner satisfactory to Air France;

      -- the granting by the MEF to Alitalia of appropriate
         indemnification commitments, in case necessary by
         enacting an appropriate law decree, or any other
         applicable solution satisfactory to Air France-KLM to
         definitely remove the risk attached to the claim;

    * formal agreement between Alitalia, Fintecna and Alitalia
      Servizi, for what concerns the interest of each party,
      among other things, to re-internalize in Alitalia certain
      activities and to renegotiate certain clauses of the
      service agreements;

    * formal written confirmation from the MEF that the general
      interests are properly safeguarded in the context of the
      contemplated transaction and it shall, subject to
      certain conditions, tender its Alitalia shares and
      Alitalia convertible bonds in the tender offers;

    * formal written undertaking from the competent Italian
      governmental authority to maintain the current portfolio
      of the current Alitalia’s air traffic rights, continue to
      address in a fair, transparent and non discriminatory
      manner any future requests form Alitalia for new air
      traffic rights, and provide cooperation and assistance in
      the case of any major difficulties with extra-European
      Community countries.

                          About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


ALITALIA SPA: Romano Prodi Ready to Accept Italian Bid
------------------------------------------------------
The Italian government will favor binding offers from local
groups better than presented by Air France-KLM SA, Reuters
reports, citing outgoing Italian Prime Minister Romano Prodi.

"We have always been open to [an offer from an Italian group],
Mr. Prodi was quoted by Reuters as saying.  "Of course it is
desirable.  The problem is whether it's there."

Mr. Prodi, however, said the government has yet to receive an
Italian offer is "concrete, backed by resources, [and] have an
industrial plan."

"So far we have not seen anything except for the plan that we
have taken into consideration," Mr. Prodi said.

As reported in the TCR-Europe on March 25, 2008, AirOne S.p.A.
has declared it will submit an alternative bid for Alitalia in
three weeks, stressing that it needs more time to draft a
proposal since it was excluded from conducting due diligence on
the national carrier.

Deutsche Lufthansa AG may join AirOne in the counteroffer.

Finance minister Tommaso Padoa-Schioppa, however, told The
Financial Times that any new offer for Alitalia must be made in
days, not weeks.

Alitalia and the present government have accepted Air France-KLM
SA's binding offer, subject to several conditions including
union approval.  Air France, so far, has yet to convince the
unions to accept its business plan, which foresees more than
2,000 job cuts.

Former Prime Minister Silvio Berlusconi, expected to return to
his post following the upcoming election, has vowed to rejett
Air France's offer, saying he prefer an Italian buyer for
Alitalia.

                          About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


DELTA AIR: PBGC Seeks Leave to Respond to NQ Claims Objection
-------------------------------------------------------------
The Pension Benefit Guaranty Corporation seeks leave to file a
brief no later than April 4, 2008, to respond to any pleading
filed by claimants in response to Delta Air Lines Inc. and its
debtor-affiliates' objection to the claims.

The Debtors asked Judge Adlai S. Hardin of the U.S. Bankruptcy
Court for the Southern District of New York to expunge 14
remaining claims that were filed by 13 retired pilots based on
the termination of the Non-Qualified Benefit Plans.  The Claims
also assert amounts that are different from those prescribed by
the NQ Pension Benefits methodologies and relate to obligations
under the now terminated Qualified Plan.

PBGC is the federal government agency that administers the
defined benefit pension plan termination insurance program
established by Title IV of the Employee Retirement Income
Security Act.

According to PBGC, the request allows it to comprehensively
address ERISA issues raised by the parties prior to any
decisions being made, which may significantly impact the
Qualified Plan or the Title IV pension plan termination
insurance program administered by PBGC.

              PBGC Agreement on Pilots Pension Plan

As reported in the Troubled Company Reporter on Jan. 8, 2007,
Delta confirmed, on Jan. 5, 2007, that PBGC, the federal agency
charged with insuring the nation's pension plans under ERISA,
has become the trustee of the Delta Pilots Retirement Plan.

In December 2006, the company reached a settlement agreement
with the PBGC and that the agreement had the full support of its  
Official Committee of Unsecured Creditors.  The agreement later  
received approval by the U.S. Bankruptcy Court, which had  
previously determined that Delta could not reorganize or emerge  
from Chapter 11 unless the Pilot Plan was terminated.

With the PBGC's agreement that the Pilot Plan meets all legal  
criteria for distress termination, the agency has become the  
Plan's trustee, with Sept. 2, 2006, established as the
termination date for the Plan.  In settlement of its claims
against Delta and its affiliates, the PBGC will be allowed a
prepetition unsecured claim against Delta of US$2.2 billion, and
the debtors' proposed plan of reorganization will provide for
the distribution to the PBGC of US$225 million in senior
unsecured notes.

Retired Delta pilots will receive in excess of US$800 million in
allowed claims in respect of their lost non-qualified pension
benefits.

Delta's active pilots are covered by a defined contribution  
pension plan previously negotiated with the Air Line Pilots  
Association, the union representing Delta's more than 6,000
active pilots.

Delta reconfirmed that it will preserve the Delta Retirement
Plan, which covers ground employees and flight attendants.  The
ability to preserve this plan was made possible by the
alternative funding provisions included in the pension reform
legislation passed by Congress.

                         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. 93; 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.


EMPRESA DISTRIBUIDORA: Inks 10-Year Contract With Cycsa
-------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte S.A. aka Edenor
has signed a 10-year contract with subsidiary Comunicaciones y
Consumo aka Cycsa, Business News Americas reports.

According to BNamericas, Cycsa could use Edenor's infrastructure
to offer telecommunications services.  

Argentine news daily El Cronista relates that Edenor will get 2%
of Cycsa's yearly revenues and 10% of its profits.

Edenor is currently testing power line communication, which
allows broadband to reach a wider audience as electric power
cables are more widespread than telecommunications
infrastructure with only modems as additional element required
to obtain Internet access, BNamericas states.

Based in Buenos Aires, Argentina, Empresa Distribuidora y
Comercializadora Norte S.A. aka Edenor is the largest
electricity distribution company in Argentina in terms of number
of customers and volume of energy sold.  The company commenced
operations in 1992, as a result of the privatization of the
previously state-owned SEGBA.  At that time, it was granted a
95-year concession to distribute electricity on an exclusive
basis in its concession area, the greater Buenos Aires
metropolitan area and northern portion of the City of Buenos
Aires.  EASA, which is controlled by Dolphin Energia S.A., is
Edenor's holding company.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Standard and Poor's Argentina assigned its 'B'
Rating on US$220 Million Bond issued by Empresa Distribuidora y
Comercializadora Norte S.A with annual fixed interest rate of
10.5% Notes due 2017.  S&P said the outlook is positive.



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

METROPOLITAN BANK: Moody's Releases First Banking Sector Report
---------------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.  "Bank credit risk in the Philippines has
been elevated by a difficult operating environment, a new and
developing supervisory and regulatory framework, and low level
of government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

As reported on Nov. 6, 2006, that Moody's Investors Service
revised the outlook of Metropolitan Bank & Trust Co.'s foreign
currency long-term deposit rating of B1 and foreign currency
subordinated debt rating of Ba3 from negative to stable.


TEEKAY CORP: Unit to Acquire Vessels for US$230 Million
-------------------------------------------------------
The Royal Gazette reports that Teekay GP LLC is buying the
Arctic Spirit and Polar Spirit from Teekay Corporation for
US$230 million.

Teekay GP LLC, the general partner of Teekay LNG Partners LP,
effective April 1 will acquire the vessels and immediately
charter the vessels back to Teekay Corp. for 10 years, with
options to extend the charter up for an additional 15 years, the
report relates.  These charters would generate approximately
US$27 million per year in operating cash flow to the
partnership, the report adds.

Teekay Corp., the Gazette says, bought the vessels three months
ago from a joint venture of ConocoPhillips and Marathon Oil
Corp. for US$230 million and chartered the vessels back to the
sellers until April 2009, plus options exercisable by Teekay to
extend the charter up to an additional seven years.

                      About Teekay Corp.

Headquartered in Nassau, Bahamas, Teekay Corporation (NYSE: TK)
-- http://www.teekay.com/-- transports more than 10 percent of
the world's seaborne oil, has built a significant presence in
the liquefied natural gas shipping sector through its publicly-
listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), and is
further growing its operations in the offshore production,
storage and transportation sector through its publicly-listed
subsidiaries, Teekay Offshore Partners L.P. (NYSE: TOO) and
Teekay Petrojarl ASA (OSE: TPO).  With a fleet of over 185
vessels, offices in 17 countries and 6,300 seagoing and shore-
based employees, Teekay provides a comprehensive set of marine
services to the world's leading oil and gas companies, helping
them seamlessly link their upstream energy production to their
downstream processing operations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Moody's Investors Service affirmed its debt
ratings of Teekay Corporation -- Corporate Family of Ba2, senior
unsecured of Ba3 and speculative grade liquidity rating of
SGL-2.  Moody's changed the rating outlook to stable from
negative.




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

IPC HOLDINGS: To Hold First Quarter 2008 Earnings Webcast
---------------------------------------------------------
IPC Holdings, Ltd., will hold its First Quarter 2008 Conference
Call on Friday, April 25, 2008, at 8:30 a.m. Eastern.

Interested participants can log on to:

     http://www.videonewswire.com/event.asp?id=46856

     Teleconference Number: 800-862-9098 or 785-424-1051
     Conference ID: IPC
     Contact: Valerie T. Masters,
              Valerie.Masters@ipcre.bm
              Tel. No. (441) 298-5111

IPC Holdings, Ltd. (Nasdaq: IPCR) through its wholly owned
subsidiary IPCRe Limited (Bermuda), provides property
catastrophe reinsurance and, to a limited extent, aviation,
property-per-risk excess and other short-tail reinsurance on a
worldwide basis.

                           *    *    *

IPC Holdings, Ltd. carried A.M. Best Co.'s BB+ rating on the
company's US$236,250,000 convertible preferred stock assigned on
Nov. 1, 2005.  The preferred stock will mature on Nov. 15, 2008.




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

BANCO CRUZEIRO: Moody's Rates US$30 Million Senior Notes at Ba1
---------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term foreign
currency debt rating to Banco Cruzeiro do Sul S.A.'s existing
US$30,000,000 senior unsecured notes due in May 2010.  The notes
were issued under the bank's US$1,000,000,000 Global Euro
Medium-Term Note Program.  The outlook on the rating is stable.

This rating was assigned to the bank's US$30 million senior
unsecured debt due in May 2010:

   -- Global Long-Term Foreign Currency Debt Rating: Ba1, stable
      outlook

Banco Cruzeiro had unconsolidated assets of BRL4,310 million and
equity of BRL1,047.6 million as of December 2007.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(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.


BANCO DA AMAZONIA: Fitch Holds BB+ Long-Term Issuer Default Rtgs
----------------------------------------------------------------
Fitch Ratings has affirmed Banco da Amazonia S.A.'s ratings as:

   -- Long-term foreign and local currency issuer default
      ratings: affirmed at 'BB+'

   -- Short-term foreign and local currency issuer default
      ratings: affirmed at 'B'

   -- Individual rating: affirmed at 'D'

   -- Support rating: affirmed at '3'

   -- Support Rating Floor: affirmed at 'BB+'

   -- National Long-term rating: affirmed at 'AA(bra)'

   -- National Short-term rating: affirmed at 'F1+(bra)'

The outlooks for the long-term IDRs and national long-term
rating remain stable.

The ratings of Banco da Amazonia reflect the moderate
probability of institutional support from its main shareholder,
Brazil's federal government, and the bank's strategic importance
to the development of Brazil's northern region, responsible for
26% of loans granted there.

The Individual rating reflects Banco da Amazonia's improved
asset quality, strategy to grow assets, good capitalisation
level and cheap funding cost provided by the transferred funds
from the Constitutional Financing Fund of the North (FNO) and
the Amazon Investment Fund.  On the other hand, the individual
rating is also affected by political influence over the bank's
management, outdated technology, strong dependence on fees
provided by FNO and successive deficits in the bank's defined-
benefit pension fund.

The Individual rating could see upward rating potential in the
medium term, should Banco da Amazonia diversify its revenue
stream, sustain solid performance and maintain adequate
capitalisation and asset quality.  The rating could be adversely
affected should the bank experience quality problems in the loan
portfolio (individual or shared), or potential legal problems
that may incur losses for the bank.

Banco da Amazonia mainly serves small rural producers and small
companies in Brazil's northern region, the Amazon region.  In
addition to its loan portfolio, the bank co-manages FNO's
portfolio.  Its revenues are generated primarily through fund
management fees, loan portfolio revenues and the yield on its
securities portfolio

Banco da Amazonia aka Basa acts as a retail bank and regional
development bank for the states of Para, Amazonas, Rondonia,
Roraima, Acre, Amapa, Tocantins, Mato Grosso and part of
Maranhao.  The national treasury of Brazil controls about 96.9%
of the company's capital.


BR MALLS: Acquires 35% Indirect Interest in Osasco Plaza Mall
-------------------------------------------------------------
BR Malls Participacoes S.A. has acquired a 35% indirect interest
in Osasco Plaza Shopping, through its subsidiaries.

Osasco Plaza Shopping is a mall located in the city of Osasco,
state of Sao Paulo with 12,800 m2 in Gross Leasable Area and 175
stores.  The mall hosts approximately 2.5 million visitors on
average per month.  Additionally, the other current stakeholders
of the shopping mall are committed to carrying out an expansion
to be launched in 2009, which will expand the mall's Gross
Leasable Area by 16,000 m2.

With this acquisition, BR Malls increases its owned Gross
Leasable Area from 372.3 m2 to 376.8 m2, totalling from 896.4 m2
to 909.2 m2, and now holds interests in 31 shopping malls.

Headquartered in Rio de Janeiro, Brazil, BR Malls is the largest
integrated shopping mall company in Brazil with a portfolio of
30 malls, representing 894.3 thousand m2 in total Gross Leasable
Area (GLA) and 372.6 thousand m2 in owned GLA.  BR Malls is also
Brazil's largest shopping mall service provider, managing and
leasing 29 malls.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Standard & Poor's Ratings Services assigned its
'BB-' rating to BR Malls International Finance Ltd.'s
forthcoming perpetual notes.  It is a wholly owned subsidiary of
Brazil-based shopping mall company BR Malls Participacoes S.A.
(BR Malls; BB-/Stable/--).  BR Malls and its direct subsidiaries
unconditionally guarantee the perpetual notes.


CENTRAIS ELETRICAS: Regulator Okays Unit's Project With Copel
-------------------------------------------------------------
Parana environmental regulator Instituto Ambiental do Parana has
granted Centrais Eletricas Brasileiras S.A. aka Eletrobras
subsidiary Eletrosul the installation license for its 361-
megawatt hydro plant with Companhia Paranaense de Energia aka
Copel.

Business News Americas relates that the license will let Copel
and Eletrosul start building the plant.  Copel told BNamericas
that investments in the plant will be almost BRL1 billion.

Copel's President Rubens Ghilardi commented to BNamericas, "We
have a commitment to make power from Maua available to consumers
starting in 2011.  That commitment cannot be postponed."

Maua will sell power to the regulated market under 30-year
contracts with 24 power distributors all over Brazil, BNamericas
states.

Centrais Eletricas Brasileiras SA aka Eletrobras operates in the
electric power sector in Brazil.  The objective of Eletrobras is
to perform activities involving studies, projects, construction
and operation of electric power plants, transmission and
distribution lines as well as underlying trade operations
arising there from.  Eletrobras is tasked with the preparation
of studies and with drawing up construction projects for
hydroelectric generation, transmission lines and substations to
supply Brazil.  It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked to the generation,
transmission and distribution of electric power.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, Standard & Poor's Ratings Services raised its
long-term foreign currency counterparty credit rating on
Centrais Eletricas Brasileiras S.A. aka Eletrobras to 'BB+' from
'BB'.  S&P said that outlook is positive.


CENTRAIS ELETRICAS: Says Distribution Units Won't Be Privatized
---------------------------------------------------------------
Centrais Eletricas Brasileiras S.A. aka Eletrobras' Investor
Relations Executive Astrogildo Quental said in a webcast that
the company's distribution units won't be privatized.

Business News Americas relates that Eletrobras controls these
distributors:

         -- Ceal,
         -- Cepisa,
         -- Boa Vista Energia,
         -- Manaus Energia,
         -- Ceam,
         -- Ceron, and
         -- Eletroacre.

"Those companies were bought by the last government [the
administration of Fernando Henrique Cardoso], which planned to
improve them for future privatization.  According to the current
government strategy, we don't plan to privatize the companies,
but are aiming for more efficient management.  Each company
operates in a state, but they could be managed as one company to
give them economies of scale, for example, when purchasing
transformers," Mr. Quental told BNamericas.

Centrais Eletricas Brasileiras SA aka Eletrobras operates in the
electric power sector in Brazil.  The objective of Eletrobras is
to perform activities involving studies, projects, construction
and operation of electric power plants, transmission and
distribution lines as well as underlying trade operations
arising therefrom.  Eletrobras is tasked with the preparation of
studies and with drawing up construction projects for
hydroelectric generation, transmission lines and substations to
supply Brazil.  It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked to the generation,
transmission and distribution of electric power.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, Standard & Poor's Ratings Services raised its
long-term foreign currency counterparty credit rating on
Centrais Eletricas Brasileiras S.A. aka Eletrobras to 'BB+' from
'BB'.  S&P said that outlook is positive.


COMPANHIA ENERGETICA: Brazil Cancels Stake Sale
-----------------------------------------------
The Sao Paulo government has canceled the March 26 auction to
privatize Companhia Energetica de Sao Paulo aka Cesp due to lack
of interest from potential buyers, various reports say.

According to Brazilian clearing house CBLC, pre-qualified
bidders failed to deposit financial guarantees for the auction.

The five bidders were identified as:

   -- Suez Tractebel, part of France's Suez Energy
      International;
   -- Energias do Brasil, a subsidiary of Portugal's EDP;
   -- Neoenergia that has Spain's Iberdrola as a key partner;
   -- U.S. aluminum producer Alcoa Inc; and
   -- Brazil's energy holding CPFL Energia

Business News Americas relates that each pre-qualified bidder
had to deposit BRL1.74 billion to participate in the auction.  
The initial purchase price was BRL6.6 billion.

The Financial Times relates that the deal, which would have
raised a minimum of BRL6.6 billion, has turned to uncertainty at
the last minute following several companies' talks of forming a
consortium to bid for the company.

Sao Paulo's Governor Jose Serra told reporters that the auction
failed because firms had trouble securing loans to bid for Cesp.
Power firms had been worried that there was no guarantee Cesp's
Jupia and Ilha Solteira plants would secure concession renewals,
BNamericas states.

The state was unprepared to lower the asset price and possible
bidders might have been unable to support the necessary fund
because of tightness in credit markets, FT reports, citing
Governor Serra.

Reuters states that the potential buyers objected to spending
nearly BRL20 billion (US$11.5 billion) for the company as
concerns grew about the renewal of licenses in two dams, Jupia
and Ilha Solteira, that account for nearly two-thirds of Cesp's
generation capacity.  According to the report, the licenses of
the two plants have already been renewed once and cannot be
repeated unless the government approved the deal.  The plants
accounted for about 5,000 megawatts, or two-thirds of the energy
Cesp generates at its six dams.

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2007, Standard & Poor's Ratings Services raised its
ratings on electricity generator Companhia Energetica de Sao
Paulo, including its corporate credit rating to 'B' from 'B-'.
At the same time, S&P raised its Brazil national scale ratings
on CESP to 'brBBB-' from 'brBB'.  S&P said the outlook remains
positive on both scales.


COPEL: Regulator Okays Hydro Plant Construction With Eletrosul
--------------------------------------------------------------
Parana environmental regulator Instituto Ambiental do Parana has
granted Companhia Paranaense de Energia aka Copel the
installation license for its 361-megawatt hydro plant with
Centrais Eletricas Brasileiras S.A. aka Eletrobras subsidiary
Eletrosul.

Business News Americas relates that the license will let Copel
and Eletrosul start building the plant.  Copel told BNamericas
that investments in the plant will be almost BRL1 billion.

Copel's President Rubens Ghilardi commented to BNamericas, "We
have a commitment to make power from Maua available to consumers
starting in 2011.  That commitment cannot be postponed."

Maua will sell power to the regulated market under 30-year
contracts with 24 power distributors all over Brazil, BNamericas
states.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/ir-- (NYSE: ELP/LATIBEX:   
XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes
electricity to more than 3 million customers in the state of
Parana and has a generating capacity of nearly 4,600 megawatts,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, Copel is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of Copel.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale.  Moody's also upgraded its
rating on the company's BRL500 million senior unsecured
guaranteed debentures due 2007 to Ba2 from Ba3 (Global Local
Currency) as well as its rating on the BRL400 million senior
secured Guaranteed debentures due 2009 to Ba1 from Ba2 (Global
Local Currency).  Moody's said the rating outlook is stable.  
This rating action concludes the review process initiated on
July 26, 2006, and still hold to date.


DELPHI CORP: Court Extends Exclusive Plan-Filing Date to May 31
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Delaware
further extended Delphi Corp. and it debtor-affiliates'
exclusive periods to:

   (a) file a plan of reorganization through and including
       May 31, 2008; and

   (b) solicit acceptance of that plan through and including
       July 31, 2008.

This is the Debtors' sixth request for exclusivity extension.  
The Debtors' current Exclusive Plan Proposal Period expires on
March 31, 2008.

As reported in the Troubled Company Reporter on Jan. 28, 2008,
the Court confirmed the Debtors' First Amended Joint Plan of
Reorganization.  The Debtors anticipate having the Plan become
effective as soon as reasonably practicable.  Out of an
abundance of caution, however, the Debtors are seeking an
extension of the Exclusive Periods to prevent any lapse in
exclusivity.

A further extension of the Exclusive Periods is justified by the
significant progress the Debtors have made toward emerging from
Chapter 11, John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in Chicago, Illinois, related.  The Debtors,
he noted, have developed, solicited, and achieved confirmation
of a reorganization plan that was accepted by 81% of their
creditors and 78% of their stockholders.  Upon the effective
date of the Plan, the Debtors' comprehensive settlements with
General Motors Corp., Delphi's U.S. labor unions, and other
settling parties will be implemented.  "All of this was the
result of diligent work by the Debtors over many months," Mr.
Butler averred.

The Debtors' efforts, according to Mr. Butler, were affected by
severe dislocations in the capital markets that began late in
the second quarter of 2007 and that have continued through the
first quarter of 2008.  "This turbulence in the capital markets
was a principal cause of the delay in the Debtors' emergence
from Chapter 11 before the end of 2007," he explained.  The
continued turbulence constitutes an additional factor justifying
a further extension of the Exclusive Periods, he asserted.

Although the Court has confirmed the Plan, the Debtors must
still procure fully committed exit financing that will support
implementation of the Plan and consummate all of the
transactions contemplated by the Plan and Delphi's investment
agreement with its Plan investors.  The tasks of securing exit
financing and satisfying all other conditions to the
effectiveness of the Plan and Investment Agreement are
significant for both their magnitude and complexity and also
justify an extension of the Exclusive Periods, Mr. Butler adds.

The size and complexity of the Debtors' Chapter 11 cases alone
constitute sufficient cause to extend the Exclusive Periods,
Mr. Butler pointed out.

The Debtors' request for an extension of the Exclusive Periods
is not a negotiation tactic, Mr. Butler clarified.  He assured
the Court that the Debtors are paying their bills as they come
due, including the statutory fees paid quarterly to the U.S.
Trustee.

                      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. 120; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)            

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 18, 2008, Standard & Poor's Ratings Services still expects
to assign a 'B' corporate credit rating to Delphi Corp. if the
company emerges from bankruptcy in early April.
      
S&P revised its expected issue-level ratings because changes to
the structure of the proposed financings have affected relative
recovery prospects among the various term loans.  S&P's expected
ratings are:

  -- The US$1.7 billion "first out" first-lien term loan B-1 is
     expected to be rated 'BB-' (two notches higher than the
     expected corporate credit rating on Delphi), with a '1'
     recovery rating, indicating the expectation of very high
     (90%-100%) recovery in the event of payment default.

  -- The US$2 billion "second out" first-lien term loan B-2 is
     expected to be rated 'B' (equal to the corporate credit
     rating), with a '4' recovery rating, indicating the
     expectation of average (30%-50%) recovery in the event of
     payment default.

  -- The US$825 million second-lien term loan is expected to be
     rated 'B-' (one notch lower than the corporate credit
     rating), with a '5' recovery rating, indicating the
     expectation of modest (10%-30%) recovery in the event of
     payment default.

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.  The outlook is
stable.


DELPHI CORP: Seeks More IRS Waivers Due to Delay of Emergence
-------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of Delaware to enter a
supplemental order authorizing their performance under modified
pension funding waivers issued by the U.S. Internal Revenue
Service and related letters of credit provided by Delphi Corp.
to the Pension Benefit Guaranty Corp.

Specifically, the Debtors ask the Court, pursuant to Section
363(b) of the Bankruptcy Code and Rule 9019 of the Federal Rules
of Bankruptcy Procedure, to authorize:

   (a) a further extension, until April 7, 2008, for Delphi to
       perform its obligations under the Pension Funding
       Waivers,

   (b) an increase of US$2,500,000 in the amounts outstanding
       under the PBGC Letters of Credit; and

   (c) an extension of the PBGC Letters of Credit through
       April 22, 2008.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, relates, Delphi's First Amended
Joint Plan of Reorganization is not likely to become effective
by March 31, 2008.  Accordingly, Delphi applied to the IRS for
another extension of the Pension Funding Waivers until
April 7, 2008.

In consideration for the extension, Delphi has offered to:

   (i) extend the PBGC Letters of Credit for the benefit of
       Delphi's pension plans from April 15, 2008, through and
       including April 22, 2008, and

  (ii) increase the aggregate amount outstanding under the
       Letters of Credit by an additional US$2,500,000.

Mr. Butler notes that given the PBGC's ongoing support of the
Debtors' reorganization and their commitment to their pension
plans, and in light of the parties' recent discussions of the
Debtors' proposal for a supplemental extension, the Debtors
anticipate that the PBGC will support the Debtors' proposal.

The Debtors further anticipate that the IRS -- which retains
sole authority to grant a supplemental extension of the Pension
Funding Waivers -- after taking into account the PBGC's
recommendation and conducting its own independent analysis, will
authorize the supplemental extension.

As of March 21, 2008, the IRS has not formally approved any
extension of the Pension Funding Waivers.  Nevertheless, in
light of the existing expiration date for the Waivers, the
Debtors have determined to seek Court approval to perform the
obligations they will incur in connection with a supplemental
extension.

Both the PBGC and the IRS have established strong records of
support for the Debtors' reorganization, within the confines of
their statutory obligations.  The Debtors believe that their
proposal for a supplemental extension of the Pension Funding
Waivers falls well within the statutory mandate of both agencies
and therefore believe that their application will be accepted.

                      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. 120; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)            

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 18, 2008, Standard & Poor's Ratings Services still expects
to assign a 'B' corporate credit rating to Delphi Corp. if the
company emerges from bankruptcy in early April.
      
S&P revised its expected issue-level ratings because changes to
the structure of the proposed financings have affected relative
recovery prospects among the various term loans.  S&P's expected
ratings are:

  -- The US$1.7 billion "first out" first-lien term loan B-1 is
     expected to be rated 'BB-' (two notches higher than the
     expected corporate credit rating on Delphi), with a '1'
     recovery rating, indicating the expectation of very high
     (90%-100%) recovery in the event of payment default.

  -- The US$2 billion "second out" first-lien term loan B-2 is
     expected to be rated 'B' (equal to the corporate credit
     rating), with a '4' recovery rating, indicating the
     expectation of average (30%-50%) recovery in the event of
     payment default.

  -- The US$825 million second-lien term loan is expected to be
     rated 'B-' (one notch lower than the corporate credit
     rating), with a '5' recovery rating, indicating the
     expectation of modest (10%-30%) recovery in the event of
     payment default.

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.  The outlook is
stable.


ENERGIAS DO BRASIL: Fails to Deposit BRL1.74B for Cesp Auction
--------------------------------------------------------------
Energias do Brasil has failed to deposit BRL1.74 billion as
financial guarantee to be able to participate in the March 26
auction to privatize Companhia Energetica de Sao Paulo aka Cesp,
Business News Americas reports.

As reported in the Troubled Company Reporter-Latin America on
March 20, 2008, Energias do Brasil's Investor Relations
Executive Flavia Heller said that the company wasn't able to
decide whether to bid for Cesp or not.  Energias do Brasil
registered as a bidder in the auction of a controlling stake in
Cesp, saying that it wants to join a consortium to make the bid
because Cesp is too big a company for one single player to
purchase.

According to Brazilian clearing house CBLC, the pre-qualified
bidders in the auction failed to deposit financial.

BNamericas relates that other pre-qualified companies include:

          -- Tractebel Energia,
          -- CPFL Energia,
          -- Neoenergia, and
          -- Alcoa.

As a result, the Sao Paulo government canceled the auction,
BNamericas says.

BNamericas notes that each pre-qualified bidder had to deposit
BRL1.74 billion to participate in the auction.  The initial
purchase price was BRL6.6 billion.

Sao Paulo's Governor Jose Serra told reporters that the auction
failed because firms had trouble securing loans to bid for the
Cesp.  Power firms had been worried that there was no guarantee
Cesp's Jupia and Ilha Solteira plants would secure concession
renewals, BNamericas states.

                     About Companhia Energetica

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

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

                          *     *     *

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


JAPAN AIRLINES: Studies Safety Measures Along With Trade Unions
---------------------------------------------------------------
Japan Airlines International Co., Ltd. has started jointly
studying safety measures with its four unions after problems
involving its flights, Kyodo News reports.

According to Kyodo News, JAL and the trade unions have set up a
flight safety working group to determine the causes of the
incidents and to develop preventive measures.

Kyodo News notes that this is the first time the management and
the unions, which often conflict over wages and working
conditions, agree to carry out a joint study of safety measures.

                     About Japan Airlines

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

                        *     *     *

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

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  

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


UAL CORPORATION: Capt. Wallach Joins Two Board Committees
---------------------------------------------------------
In a regulatory filing with the United States Securities and
Exchange Commission, Paul R. Lovejoy, senior vice president,
general counsel and secretary of UAL Corporation, disclosed that
on Feb. 21, 2008, the UAL board of directors approved a
recommendation from the Company's Governance Committee to allow
Captain Stephen A. Wallach to serve on the Public Responsibility
and Human Resources Committees of the UAL Board.

As previously reported, Capt. Wallach was elected to the UAL
Board effective on Jan. 1, 2008.

                          About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News, Issue No.
154 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/   
or 215/945-7000).

                          *     *     *

Fitch, on May 2007, affirmed the long-term issuer default
ratings of UAL Corporation and its principal operating
subsidiary United Airlines Inc. at B- originally issued on
April 11, 2006.  UAL continues to carry these ratings, as well
as Fitch's BB- bank loan debt rating, as of March 25, 2008.  
Outlook remains positive.

As of March 25, 2008, UAL's long-term corporate family and
probability-of-default ratings at B2 issued by Moody's Investors
Service still applies.  The outlook is stable.

Also, UAL's B long-term foreign and local issuer credit ratings
given by Standard & Poor's Ratings Services still holds as of
March 25, 2008.  The outlook is stable.


UAL CORP: Labor, Political Leaders Balk at Outsourcing Plan
-----------------------------------------------------------
Hundreds of supporters including Teamsters, United Airlines Inc.
mechanics, Bay Area union members and elected officials
joined Teamsters Union General President Jim Hoffa and San
Francisco Mayor Gavin Newsom at a rally on the steps of City
Hall to protest a plan by UAL Corporation to outsource nearly
4,500 jobs at its San Francisco International Airport
maintenance facility.

United currently outsources 45% of all its maintenance work to
foreign repair stations that are not held to the same standards
as their U.S.-based counterparts.  If a proposed plan by UAL to
close the maintenance facility at SFO is allowed to occur, more
than 4,500 Bay Area jobs could be lost.

"In Indianapolis, United closed down the maintenance base and
thousands lost their jobs and it devastated the community,"
said Rich Petrovsky, an airline mechanic at the SFO facility.  
"It's time to stop outsourcing and mechanics at United are
drawing the line.  We are working with the Teamsters and we say
to United enough is enough."

Petrovsky is one of the 9,300 UAL mechanics nationwide voting on
whether to retain the Teamsters Union as their bargaining
representative.  Under their current representaion, mechanics
have seen thousands of jobs leave the country unchecked.  The
proposed closure of the SFO facility is just the latest threat
to American jobs by UAL.

"The Teamsters Union will work tirelessly to make certain that
the San Francisco maintenance facility remains open," Mr. Hoffa
said.  "United must treat you as the highly trained and valuable
workforce you are and respect the hard work you and all the
United mechanics nationwide do day in and day out to ensure that
our families fly on safe and secure aircraft."

In addition to Newsom, the San Francisco UAL mechanics at the
rally received the support of a number of state and local
politicians including State Senators Leland Yee and Carol
Migden, Assembly members Ira Ruskin and Fiona Ma and District
Attorney Kamala Harris.

"These 4,500 United Airlines mechanic jobs represent the men and
women who live right here in San Francisco," Mr. Newsom said.  
"They send their children to our public schools, support our
local economy and contribute to the fabric of our community.  I
would like them to remain at SFO, and I would like to see them
remain organized for the benefit of their families."

UAL's outsourcing and plans to close the SFO facility has also
drawn criticism on a national level with U.S. Senator Barbara
Boxer and presidential candidate and U.S. Senator Barack Obama
authoring letters of support for the workers.

"I am concerned about the future of the approximately 4,000
aviation mechanics who service aircraft at the San Francisco hub
of United Airlines," Boxer said in her letter of support to the
airline mechanics.  "It is essential to maintain a domestic
aviation mechanic workforce that is highly skilled and provides
a superior level of safety and security."

             Obama Equally Critical of UAL's Actions

"The practice of outsourcing aircraft maintenance overseas
raises security concerns and pits our skilled mechanics making a
middle class living against less skilled, less well protected
workers abroad," Obama said in his letter addressed to the
Teamster Aviation Mechanics Coalition.  "I applaud your efforts
to organize a strong union at United Airlines, and look forward
to working with you on the critical issue of outsourcing now and
in the years ahead."

Founded in 1903, the International Brotherhood of Teamsters
represents 1.4 million hardworking men and women in the United
States, Canada and Puerto Rico.

                        About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News, Issue No.
154 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

Fitch, on May 2007, affirmed the long-term issuer default
ratings of UAL Corporation and its principal operating
subsidiary United Airlines Inc. at B- originally issued on
April 11, 2006.  UAL continues to carry these ratings, as well
as Fitch's BB- bank loan debt rating, as of March 25, 2008.  
Outlook remains positive.

As of March 25, 2008, UAL's long-term corporate family and
probability-of-default ratings at B2 issued by Moody's Investors
Service still applies.  The outlook is stable.

Also, UAL's B long-term foreign and local issuer credit ratings
given by Standard & Poor's Ratings Services still holds as of
March 25, 2008.  The outlook is stable.


UAL CORP: Teamsters Wants Compensation Practices Overhauled
-----------------------------------------------------------
The Teamsters sent a letter to UAL Corporation demanding that it
overhaul its compensation practices.

If the company makes no significant changes, the International
Brotherhood of Teamsters General Fund will urge fellow
shareholders to withhold votes from directors serving on the
subcommittee that set UAL's exorbitant executive pay.

"On the heels of a three-year bankruptcy, UAL rewarded its CEO
with US$39.7 million.  This level of excess is indefensible,"
said C. Thomas Keegel, general secretary-treasurer of the
Teamsters General Fund.

The letter was sent Feb. 20, 2008, to UAL's Human Resources
Subcommittee in anticipation of this year's proxy season.

The union's General Fund requests that the Human Resources
Subcommittee hire a new compensation consultant; change its
comparative peer group for compensation from similarly sized
businesses to airlines; reduce excessive golden parachutes; and
appoint new directors to the subcommittee.

"Long-term shareholders have watched their investments erode,
the Pension Benefit Guaranty Corporation was forced to take on
the company's pension obligations, and thousands of workers have
either lost their jobs or suffered significant cuts in wages,
healthcare and pensions.  Aircraft maintenance workers' pensions
were cut in half,"  Keegel said.  "How does this kind of
performance generate an almost US$40 million pay package?  
Directors must be held accountable for these decisions."

In its letter, the Fund said UAL executives are the highest paid
airline executives.  Even the lowest paid UAL senior executive
officer's pay exceeds that of CEOs at peer airlines.  The letter
also criticized the track records of the directors on their
other board service, calling their collective executive
compensation experience and performance record "a 'perfect
storm' of flawed practices."

"While UAL's board is faced with critical decisions regarding
potential mergers, acquisitions and spin-offs, shareholders need
to know that these choices will be made with a focus on creating
long-term value," Keegel said.  "Executive compensation must not
drive UAL's business plan. If we don't see substantial changes
in pay practices following our recommendations, we will ask our
fellow shareholders to join us in withholding votes from these
directors come May."

The Teamsters union has long fought to curtail excessive
executive pay, initiating successful executive severance reform
at Bank of America, Coca-Cola, McKesson and General Electric.

The Teamsters work closely with a coalition of other
institutional investors pressing for pay-for-performance reforms
through shareholder resolutions and discussions with companies.

                        About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News, Issue No.
154 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

Fitch, on May 2007, affirmed the long-term issuer default
ratings of UAL Corporation and its principal operating
subsidiary United Airlines Inc. at B- originally issued on
April 11, 2006.  UAL continues to carry these ratings, as well
as Fitch's BB- bank loan debt rating, as of March 25, 2008.  
Outlook remains positive.

As of March 25, 2008, UAL's long-term corporate family and
probability-of-default ratings at B2 issued by Moody's Investors
Service still applies.  The outlook is stable.

Also, UAL's B long-term foreign and local issuer credit ratings
given by Standard & Poor's Ratings Services still holds as of
March 25, 2008.  The outlook is stable.


UAL CORP: U.S. Workers Get US$110 Million in Profit Sharing
-----------------------------------------------------------
UAL Corporation subsidiary, United Airlines Inc., distributed
US$110 million in profit sharing payments to U.S.-based
employees.  For the year, employees earned a total of US$170
million in payments related to 2007 performance.

Eligible employees can expect to receive a profit sharing
payment of approximately US$1,200 before withholdings for every
US$30,000 of eligible earnings.

"T[he recent] profit sharing payments are a result of the strong
performance by our employees in 2007," said Glenn Tilton, United
chairman, president and CEO.  "Our employees worked together and
stayed focused on our performance and customers, in a year of
challenging weather and difficult ATC conditions.  We are all
proud of what we accomplished together and look forward to
building upon that in 2008."

Profit sharing will be paid to most U.S.-based employees
today, and union-represented employees will also receive their
Success Sharing payout for United's 2007 financial performance.  
AFA-represented employees elected to receive their profit
sharing award in the form of a company contribution to their
401(k) to the extent possible.

                        About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News, Issue No.
154 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

Fitch, on May 2007, affirmed the long-term issuer default
ratings of UAL Corporation and its principal operating
subsidiary United Airlines Inc. at B- originally issued on
April 11, 2006.  UAL continues to carry these ratings, as well
as Fitch's BB- bank loan debt rating, as of March 25, 2008.  
Outlook remains positive.

As of March 25, 2008, UAL's long-term corporate family and
probability-of-default ratings at B2 issued by Moody's Investors
Service still applies.  The outlook is stable.

Also, UAL's B long-term foreign and local issuer credit ratings
given by Standard & Poor's Ratings Services still holds as of
March 25, 2008.  The outlook is stable.


XERIUM TECHNOLOGIES: Delays Filing of December 2007 Form 10-K
-------------------------------------------------------------
Xerium Technologies, on March 18, 2007, filed a notice of late
filing on Form 12b-25 with the U.S. Securities and Exchange
Commission with respect to its annual report on Form 10-K for
the period ended Dec. 31, 2007.

In light of the company’s risk of financial covenant default
under its Credit and Guaranty Agreement, Stephen Light, the
company’ new chief executive officer who was appointed effective
Feb. 11, 2008, and other members of senior management have been
devoting the substantial portion of their time seeking solutions
to these financial covenant issues.

In addition, in connection with the company’s annual assessment
of goodwill, the company has concluded that an impairment of the
goodwill of its roll covers segment may exist.  While the
company does expect there to be an impairment, the company
requires further time to complete the analysis of whether an
impairment does in fact exist and, if so, the amount of the
impairment.  As a result of these two matters, the company has
not completed its financial statements and certain disclosures
for inclusion in its annual report for the period ended Dec. 31,
2007.

                    About Xerium Technologies

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two    
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.


XERIUM TECHNOLOGIES: Discloses Likely Bankruptcy Filing
-------------------------------------------------------
Xerium Technologies disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission on March 18, 2008 that
while it was in compliance with it financial covenants under the
Credit Agreement as of Dec. 31, 2007 and expects that it will
generate cash flow from operations sufficient to service the
debt under the Credit Agreement prior to the stated maturity of
the debt if there is not otherwise an event of default under the
debt, the company is currently pursuing alternatives to address
expected financial covenant non-compliance in the first quarter
of 2008 and future periods.

Failing to meet a financial covenant under the Credit Agreement
constitutes an event of default under the Credit Agreement.
While the company does not expect that the lenders would do so
immediately, upon an event of default, the lenders could
accelerate the debt under the Credit Agreement, causing it to
become due and payable.  If this were to occur, the company
would need to consider all options available to it, which could
include a possible bankruptcy filing.

The company is in discussions with potential investors regarding
a private placement of equity securities, the net proceeds of
which the company would use to pay down debt under the Credit
Agreement, and is also seeking an amendment to the financial
covenants under the Credit Agreement with its lenders.  There
can be no assurance that the company will be successful in
completing either the private placement or the amendment or
that, if achieved, these will be achieved at a sufficient level
and on sufficient terms to allow the Company to meet the
financial covenants under the Credit Agreement and to operate
effectively in future periods.

If the company is not able to address the financial covenant
non-compliance issues described, the company expects that its
independent auditors would need to include an explanatory
paragraph in their opinion with respect to the Company’s
financial statements for the year ended Dec. 31, 2007 expressing
doubt about the ability of the Company to continue as a going
concern.

                    About Xerium Technologies

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two    
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.


XERIUM TECHNOLOGIES: Cancels Dividend for First Quarter 2008
------------------------------------------------------------
Xerium Technologies disclosed that pursuant to its dividend
policy, the company’s Board of Directors has determined not to
declare a dividend on the company’s common stock in the first
quarter of 2008.  The company has instead determined to retain
cash that would have otherwise been used for a dividend for the
repayment of debt or other purposes.

The company does not currently expect to pay dividends on its
common stock for the foreseeable future.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two    
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.


XERIUM TECHNOLOGIES: S&P Cuts Ratings on Likely Covenant Breach
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and bank loan ratings on Youngsville, North Carolina-
based Xerium Technologies Inc. to 'CCC+' from 'B+'.  At the same
time, the ratings were placed on CreditWatch with negative
implications.
     
"The downgrade and CreditWatch placement reflect the increased
likelihood of a bankruptcy filing, as Xerium announced that it
expects to breach certain financial covenants under its current
credit facility during the first quarter and future periods,
which could constitute a default under the facility," said
Standard & Poor's credit analyst James Siahaan.
   
Xerium, a global manufacturer of clothing and roll covers used
in the paper making process, is seeking relief from creditors
and is attempting to privately place equity to help remedy the
situation.   However, these proposed solutions are unlikely to
be satisfactory, given current credit and equity market
conditions.  Xerium also filed a Form 12b-25 report with the
SEC, indicating that it would be unable to file its annual
report in a timely fashion.  The company requires additional
time to determine the specifics of a possible asset impairment
on its roll covers operation.  The confluence of these issues
has resulted in a dramatic weakening of the company's credit
quality.  
   
S&P could lower the ratings further if Xerium fails to complete
an equity issuance and rectify its covenant violation.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two    
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.



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

AHFP PANTERA: Proofs of Claim Filing Deadline Is April 3
--------------------------------------------------------
AHFP Pantera's creditors have until April 3, 2008, to prove
their claims to Bobby Toor and Dwight Dube, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

AHFP Pantera's shareholders agreed on Feb. 11, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                  Bobby Toor and Dwight Dube
                  Maples Finance Limited
                  P.O. Box 1093, George Town
                  Grand Cayman, Cayman Islands


AHFP SYMPHONY: Proofs of Claim Filing Is Until April 3
------------------------------------------------------
AHFP Symphony's creditors have until April 3, 2008, to prove
their claims to Bobby Toor and Dwight Dube, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

AHFP Symphony's shareholders agreed on Feb. 11, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                  Bobby Toor and Dwight Dube
                  Maples Finance Limited
                  P.O. Box 1093, George Town
                  Grand Cayman, Cayman Islands


AHFP TRIATTO: Proofs of Claim Filing Deadline Is April 3
--------------------------------------------------------
AHFP Triatto's creditors have until April 3, 2008, to prove
their claims to Bobby Toor and Dwight Dube, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

AHFP Triatto's shareholders agreed on Feb. 11, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                  Bobby Toor and Dwight Dube
                  Maples Finance Limited
                  P.O. Box 1093, George Town
                  Grand Cayman, Cayman Islands


ATLAS CPO:  Proofs of Claim Filing Is Until April 3
---------------------------------------------------
Atlas CPO Series III Limited's creditors have until April 3,
2008, to prove their claims to Joshua Grant and Sarah Kennedy,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

                  Joshua Grant and Sarah Kennedy
                  Maples Finance Limited
                  P.O. Box 1093, George Town
                  Grand Cayman, Cayman Islands


BLUECREST INT'L: Sets Final Shareholders' Meeting for April 2
-------------------------------------------------------------
Bluecrest International Limited will hold its final
shareholders' meeting on April 2, 2008, at 9:00 a.m., at Close
Brothers (Cayman) Limited, on the 4th Floor of Harbor Place in
George Town, 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 six
                 years from the dissolution of the company,
                 after which they may be destroyed.

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

The liquidator can be reached at:

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


FORTUNATUS ETERNUS: Proofs of Claim Filing Deadline Is April 3
--------------------------------------------------------------
Fortunatus Eternus Limited's creditors have until April 3, 2008,
to prove their claims to Royhaven Secretaries Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Fortunatus Eternus' shareholders agreed on Feb. 18, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Royhaven Secretaries Limited
                 Attn: Sharon Meghoo
                 Coutts House
                 1446 West Bay Road
                 P.O. Box 707, Grand Cayman KY1-1107
                 Cayman Islands
                 Telephone: 945-4777
                 Fax: 945-4799


GANNET V: Proofs of Claim Filing Ends on April 3
------------------------------------------------
Gannet V Funding Corporation's creditors have until
April 3, 2008, to prove their claims to Bobby Toor and Steven
O'Connor, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Gannet V's shareholders agreed on Feb. 11, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                  Bobby Toor and Steven O'Connor
                  Maples Finance Limited
                  P.O. Box 1093, George Town
                  Grand Cayman, Cayman Islands


LEIF INVESTMENTS: Proofs of Claim Filing Deadline Is April 3
------------------------------------------------------------
Leif Investments Limited's creditors have until April 3, 2008,
to prove their claims to Joshua Grant and Giles Kerley, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Leif Investments' shareholder decided on Feb. 13, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                  Joshua Grant and Giles Kerley
                  Maples Finance Limited
                  P.O. Box 1093, George Town
                  Grand Cayman, Cayman Islands


MONBOUQUETTE CONSULTING: Proofs of Claim Filing Is Until April 3
----------------------------------------------------------------
Monbouquette Consulting And Advisory, Limited's creditors have
until April 3, 2008, to prove their claims to Linburgh Martin
and Jeff Arkley, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Monbouquette Consulting's shareholder decided on Feb. 7, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


REDWOOD HOTEL: Court to Hear Wind-Up Petition on April 1
--------------------------------------------------------
The Grand Court of the Cayman Islands will hear the wind-up
petition for Redwood Hotel Investment Corp. on April 1, 2008, at
10:00 a.m. at the Law Courts, George Town, Grand Cayman, Cayman
Islands.

Patricia Miller of 11331 Burnham Street, California, USA, filed
the petition before the Grand Court on Feb. 20, 2008.

Anyone who wants to attend the hearing of the petition, whether
to support or oppose it, must give notice of their intention to
do so by 4:00 p.m. on March 31, 2008, to the Attorneys at Law
for the petitioner:

          Ritch & Conolly
          P. O. Box 1994, Queensgate House
          George Town, Grand Cayman
          Cayman Islands.

The debtor can be reached at:

          Redwood Hotel Investment Corp.
          Cayman International Corporate & Marine Services Ltd.
          P.O. Box 822
          Jack & Jill Building, Suite 10
          19 Fort Street
          George Town, Grand Cayman KY1-1103
          Cayman Islands




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

RED HAT: LatAm Online Retailer Migrates to Red Hat & JBoss
----------------------------------------------------------
Red Hat has disclosed that deRemate.com, an online trade
community with presence in Argentina, Chile, Colombia and
Mexico, has migrated to Red Hat and JBoss solutions to create an
in-house-controlled portal to enable the payment of purchases
completed through the company’s online retail sites throughout
the region.  Using Red Hat Enterprise Linux and JBoss Enterprise
Application Platform on Dell PowerEdge hardware, the company has
achieved cost savings, reliability, ease of implementation and
scalability.

Formerly relying on a third party for services, deRemate.com
decided to search for a cost-effective and reliable solution
that could provide flexibility and reliable support in
developing its in-house portal.  It ultimately selected Red Hat
Enterprise Linux and JBoss Enterprise Application Platform for
the solutions’ customizable flexibility and low costs.  “In our
initial research, we examined competitive solutions in the
industry according to their performance, reliability,
scalability and economic benefits.  We determined that the
leading solutions delivered by Red Hat and JBoss were the best
fit in terms of this criteria,” said Alfredo Yung, CTO at
deRemate.com.  “We are happy with our decision to implement Red
Hat and JBoss solutions because we believe that we’ll have the
best, most cost-effective solution available.”

With Red Hat and JBoss solutions, deRemate.com created a new
architecture for its transactional sites and in June 2007,
deRemate.com introduced DePagos.com, a payment platform that
allows any user, individual or company to receive or send online
payments in a safe, fast and secure way, only using an email
address.  The solution, currently only in operation in Argentina
and Chile, is expected to be rolled out in Colombia and Mexico
in the near future.  In Argentina, DePagos.com has achieved
significant cost savings, enjoyed its new solution’s
transparency and benefited from reduced use of resources,
requiring only 10-15 people within its organization for the
development, operation and testing phases of its implementation.

“Our experience with our new combined Red Hat and JBoss solution
and the related support has been excellent.  We’re happy to be
dealing with products with an established presence in the
market, with a large community of developers backing them up and
with the support of well-known organizations,” said Mr. Yung.  
“Our new solution has larger potential than we’re even using so
far, so we’ll later see what other business opportunities arise
from our new platform, and how our business will evolve as a
result.”

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services revised its
outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.




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

ECOPETROL: Will Keep 30% Stake in Caracara Concession
-----------------------------------------------------
Ecopetrol will keep its 30% stake in the Caracara concession
after Spanish oil firm Compania Espanola de Petroleos SA agreed
to purchase a majority interest in the concession, Dow Jones
Newswires reports.

Dow Jones notes that the Caracara concession is in Colombia's
Llanos Basin.

According to Compania Espanola, it will get a 70% stake in the
concession from its current operator and owner Hupecol Caracara
LLC, while the rest of the stake will remain in hands of
Ecopetrol.

Dow Jones relates that the accord is part of Compania Espanola's
strategy to increase reserves and production through the
investment of US$1.8 billion through 2012.  The transaction is
awaiting approval from the regulator.

Compania Espanola told Dow Jones that the project has an output
of 20,000 barrels a day and estimated reserves of 40 million
barrels.

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.


SOLUTIA INC: Appoints Nine Members to Board Committees
------------------------------------------------------
On March 7, 2008, nine individuals were elected to serve as
members of the committees of Solutia Inc.'s board of directors,
according to Rosemary L. Klein, Solutia senior vice president,
general counsel and secretary, in a regulatory filing with the
U.S. Securities and Exchange Commission.  These are:

   (a) Audit & Finance Committee
       W. Thomas Jagodinski - Chair of the Committee
       Robert K. deVeer, Jr.
       J. Patrick Mulcahy
       Robert A. Peiser
       Gregory C. Smith

   (b) Executive Compensation & Development Committee
       J. Patrick Mulcahy - Chair of the Committee
       Eugene I. Davis
       Robert K. deVeer, Jr.
       James P. Heffernan
       William T. Monahan

   (c) Governance Committee
       Robert A. Peiser - Chair of the Committee
       Eugene I. Davis
       James P. Heffernan
       W. Thomas Jagodinski
       Gregory C. Smith

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,  
engage in the manufacture and sale of chemical-based materials,
which are used in consumer and industrial applications
worldwide.  Solutia has operations in Malaysia, China Singapore,
Belgium, and Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  Solutia emerged from chapter 11
protection Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No.
122; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 5, 2008, Standard & Poor's Ratings Services raised its
corporate credit rating on Solutia Inc. to 'B+' from 'D',
following the company's emergence from bankruptcy on Feb. 28,
2008, and the implementation of its financing plan.  The outlook
is stable.  S&P also affirmed its 'B+' rating and '3' recovery
rating on Solutia's proposed senior secured term loan.  In
addition, S&P assigned its 'B-' rating to Solutia's US$400
million unsecured bridge loan facility.  S&P also withdrew its
'B-' rating on the proposed US$400 million unsecured notes,
which have been replaced by the bridge facility in Solutia's
capital structure.


SOLUTIA INC: To Begin Financial Reporting on Five Segments
----------------------------------------------------------
Solutia Inc. will realign its financial reporting to five
segments from its current two-segment reporting structure.  The
five segments will be: Saflex(r), CPFilms(r), Technical
Specialties (including Flexsys(r), Therminol(r) and Skydrol(r)),
Integrated Nylon, and Other.

"This change will promote a better understanding of the
underlying nature of Solutia's businesses by providing a more
detailed analysis of each segment," said Jeffry N. Quinn,
chairman, president and chief executive officer of Solutia Inc.  
"In addition, the new segment reporting will more effectively
communicate Solutia's current operating environment and business
unit strategy."

The company will present its future results in this new
reporting format.  Key financial metrics for 2007 are presented
in the new format at the end of this press release.  In
addition, 2007 and 2006 quarterly key financial metrics will be
posted on the investor section of the company's Web site --
http://www.solutia.com/

        Portfolio Transformation and Business Investment

"Over the last few years, we have made great strides in
transforming our business into a global specialty chemicals and
performance materials company with leading market positions,
clear competitive differentiation and attractive growth
opportunities," said Quinn.  "In line with this strategy, we had
many accomplishments in 2007 including the opening of our Saflex
plant in Suzhou, China, the acquisition of Flexsys -- the world
leader in rubber chemicals, and the continued restructuring of
our integrated nylon business from a U.S.-focused carpet fiber
producer to a global engineered thermoplastics and polymers
supplier.  As a result, our diversified portfolio better
positions us to capitalize on the growth opportunities that
exist globally while reducing our exposure to industry cycles.  
Although we recognize that there remains work to be done, we
take comfort from the path we have traveled to get to this
point."

"Our financial results in 2007 demonstrate the success of our
strategy, the resolve of our execution, and the strong
foundation upon which we base our outlook for the future," added
Quinn.  "For the year, we delivered significant revenue and
underlying earnings growth across all of our business units and
across multiple geographic regions.  We achieved particularly
strong growth in Asia, which reported a 55% increase in revenue
over the previous year."

                   Significant Top-Line Growth

Solutia reported net sales of US$3,535 million for 2007, an
increase of 26% compared to net sales of US$2,795 million for
2006.  The majority of the increase came as the result of
Solutia's acquisition of the 50% stake in Flexsys, which
resulted in Solutia's 100% ownership and consolidation of
Flexsys sales since May 1, 2007.  Excluding Flexsys, net sales
increased 9% year-over-year, with 4% of the increase attributed
to higher sales volumes, 4% attributable to higher selling
prices and the remainder from currency exchange movements.

Sales increased in all businesses in 2007 primarily due to
strong international growth in CPFilms, Saflex and Integrated
Nylon.  Net sales outside the United States accounted for 55% of
the total revenue, with 25% from Asia, 23% from Europe, and 7%
from all other regions.

        Net Income/Loss and Analysis of Significant Items

Solutia reported a consolidated net loss from continuing
operations of US$222 million for the year ended 2007 versus a
consolidated net loss from continuing operations of US$56
million for the year ended 2006.  Solutia's continuing
operations were negatively impacted by reorganization items and
other unusual gains and charges totaling approximately US$293
million after-tax in 2007 and US$76 million for 2006.

"The charges Solutia incurred during 2007 and within the fourth
quarter in particular were entirely associated with
reorganization items," said James M. Sullivan, senior vice
president and chief financial officer, Solutia Inc.  "These
items are not related to our underlying business performance,
and are primarily related to changes in claims valuations for
certain creditors within the reorganization process.  Excluding
reorganization items and other unusual gains and charges, net
income from continuing operations increased to $71 million from
$20 million in 2006."

Increased volumes and selling price improvements in all
businesses contributed positively to the Company's results.  Raw
material costs continued to rise during the year; however,
selling price increases offset this impact.

                      New Segment Reporting

The company utilizes EBITDAR as the comparable basis given
future results will be impacted by the adoption of fresh start
accounting as of its emergence date, which will impact the
company's depreciation and amortization expense, as well as
eliminate the reorganization items classification in future
periodic filings.  Therefore in the first quarter of 2008, the
company will begin to utilize EBITDAR as its measure of segment
profit/loss.  The table below provides historical financial
information based on the company's new financial segment
reporting format.

            Use of Non-U.S. GAAP Financial Information

EBITDAR is defined as operating profit from continuing
operations, plus equity earnings from affiliates, other income,
depreciation and amortization and further adjusted for
reorganization costs associated with bankruptcy and other
charges.  EBITDAR is not a recognized term under GAAP and does
not purport to be an alternative to net income as a measure of
operating performance or to cash flows from operating activities
as a measure of liquidity.

Management believes that EBITDAR is meaningful because it
provides a way to identify operating results of the company had
it not been in the reorganization process during the time period
being reported upon. EBITDAR is a typical financial measure used
for companies during the restructuring process.

In addition, management believes that measures of income
excluding non-recurring, non-operational items are meaningful
because they provide insight with respect to Solutia's ongoing
operating results.  The measurements are not recognized in
accordance with generally accepted accounting principles and
should not be viewed as an alternative to GAAP measures of
performance.  Because not all companies use identical
calculations, this presentation of EBITDAR may not be comparable
to similarly titled measures of other companies.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,  
engage in the manufacture and sale of chemical-based materials,
which are used in consumer and industrial applications
worldwide.  Solutia has operations in Malaysia, China Singapore,
Belgium, and Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  Solutia emerged from chapter 11
protection Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No.
122; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 5, 2008, Standard & Poor's Ratings Services raised its
corporate credit rating on Solutia Inc. to 'B+' from 'D',
following the company's emergence from bankruptcy on
Feb. 28, 2008, and the implementation of its financing plan.  
The outlook is stable.  S&P also affirmed its 'B+' rating and
'3' recovery rating on Solutia's proposed senior secured term
loan.  In addition, S&P assigned its 'B-' rating to Solutia's
US$400 million unsecured bridge loan facility.  S&P also
withdrew its 'B-' rating on the proposed US$400 million
unsecured notes, which have been replaced by the bridge facility
in Solutia's capital structure.


TERMOCANDELARIA SCA: Fitch Assigns BB- LT Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has assigned 'BB-' foreign and local currency
Issuer Default Ratings to Termocandelaria S.C.A. E.S.P.
Concurrently, Fitch has assigned a 'BB-' foreign currency long-
term debt to Termocandelaria Power Ltd.'s outstanding senior
secured US$90.1 million notes.  The rating outlook is stable.

Termocandelaria's ratings reflect the company's guaranteed
reliability charges (capacity payments) during the next five
years according to Colombia's recently revised regulatory
framework.  Resolution CREG-071 of 2006 established a new firm
capacity compensation scheme for Colombian generation companies,
which favorably affected Termocandelaria and granted the company
an approximately US$34 to US$37 million in annual, dollar
linked, capacity payments until December 2012.  Furthermore,
resolution CREG-019 of 2008 established that existing plants
will be allocated 100% of their firm energy after November 2012.  
Therefore, Termocandelaria is expected to continue receiving
firm energy remuneration in the long term, which will equal the
current firm energy times the resulting price from the energy
auctions.  This price is subject to a cap and floor protection
for the 3 years proceeding December 2013.

Termocandelaria operates in a highly competitive electricity
market dominated by low cost hydro electric generation
companies.  Therefore, the company does not expect to be
regularly dispatched but to be a back-up generation plant for
the Colombian electricity interconnected system.  Furthermore,
the Colombian electricity market's installed capacity
sufficiently meets current demand and new capacity is not
expected to be needed until 2013.

The company's historically weak financial profile reflects the
company's past challenging operating environment.  Unfavorable
regulatory changes during 2001, coupled with high debt levels,
decreasing demand and additional transmission capacity to
Termocandelaria's region forced the company to decrease its
dispatch to a minimum.  Going forward, increased income from
capacity payments should improve the company's financial
profile.

The ratings do not incorporate the possible plant conversion to
combined cycle given that its completion and financing is
currently uncertain.  The conversion may be considered neutral
to negative for the company's credit profile depending on how it
is financed.  However, capital expenditures for this project are
considered significant and might increase leverage.

Post financial restructuring trust structure provides
satisfactory protection for note-holders granting them easier
access to the company's assets in an event of default.  The
trust structure also mitigates some Change of Control issues as
well as willingness issues by preventing the company from
increasing leverage and requiring high debt prepayment fees.  
This is incorporated into the company's IDRs.

Located near the city of Cartagena, Colombia, Termocandelaria is
a thermoelectric generation company with a net installed
capacity of 314 mega watts.  The company has been recently
converted to operate with either natural gas or diesel, when
initially only used natural gas.  The company serves as a back
up plant for when the country faces drought seasons and
hydroelectric generation capacity is low or when transmission
between the interior of the country and the north side is
interrupted.




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

DOLE FOOD: Unit Recalls Cantaloupes From Costa Rica
---------------------------------------------------
Dole Food Co. Inc.'s unit Dole Fresh Fruit Co. has recalled the
cantaloupes imported from Costa Rica, Emaxhealth.com reports.

Emaxhealth.com relates that Dole Fresh recalled the cantaloupes
in the Eastern U.S. and Quebec due to potential health concerns
-- some cantaloupes packed on Jan. 25, 26, and 27, of last year
by an independent, third-party grower in Costa Rica were found
to be positive for Salmonella.  

Infection with Salmonella could result in more severe illnesses
and potentially can be fatal, Emaxhealth.com says, citing the
U.S. Food and Drug Administration.  No illnesses have been
reported but Dole Fresh decided to recall the cantaloupes, the
report says.

About 6,104 cartons of cantaloupes were distributed between
Feb. 5 and Feb. 8, 2007, Emaxhealth.com states.  

Based in Westlake Village, California, Dole Food Company Inc. --
http://www.dole.com/-- is the world's largest producer and
marketer of high-quality fresh fruit, fresh vegetables and
fresh-cut flowers.  Dole markets a growing line of packaged and
frozen foods and is a produce industry leader in nutrition
education and research.  Dole's fresh-cut! Flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the U.S.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on Dole Food Co. Inc. and Dole Holding
Co. LLC, to 'B-' from 'B'.  S&P said the outlook is negative.


SIRVA INC: Court Okays Sale of U.K. & Ireland Operations to TEAM
----------------------------------------------------------------
Sirva Inc. and its debtor-affiliates received authority from the
U.S. Bankruptcy Court for the Southern District of New York to
consummate the Sale of their ownership shares in SIRVA Group
Holdings Limited and SIRVA Ireland, despite objections.

Triple Net Investments IX, LP, opposed the Debtors' request to
sell their ownership shares to companies managed by TEAM
Relocations Limited, for US$4,200,000.

Robert E. Nies, Esq., at Wolff & Samson PC, in New York, asked
the Court to delay approval of the Motion until the Debtors make
greater disclosure of the circumstances that require approval of
the "extraordinary and exigent sale."

Triple Net asked that:

   -- the first disclosure must address TEAM, and its "dual
      relationship" to the Purchasers and to the Committee; and

   -- a full disclosure of the Committee's process in reaching
      support of the Motion must be made.

Triple Net stated that the Motion and the contract of Sale is
not clear with regard to the legal exposure of SIRVA, Inc., the
parent company of the foreign non-debtor subsidiaries, after the
Sale.

According to Mr. Nies, notwithstanding the potential benefit of
the Debtors in discharging their obligations with respect to the
Sale, they need to explain in greater detail how the Motion will
benefit all unsecured creditors, particularly the Class 5
claimants.

Absent full disclosure, Triple Net insisted that despite the
need to fund SIRVA UK and avoid liquidation, the Motion should
be denied for having to abandon a normal sale process under
Section 363 of the Bankruptcy Code.

                         *     *     *

Judge James M. Peck authorized the Debtors to:

   * consummate the Sale of the shares to TEAM, pursuant to the
     terms of the Share Purchase Agreement;

   * close the Sale contemplated by in the Agreement; and

   * execute and close fully the Agreement.

Judge Peck determined that TEAM undertook the transactions
contemplated by the Agreement in accordance with Section 363(m)
of the Bankruptcy Code; hence (i) the reversal or modification
on appeal of the authorization to consummate the Sale will not
affect the validity of the Sale, and (ii) TEAM is entitled to
the full protections of Section 363(m).

Furthermore, Judge Peck approved the Notice of Sale to be served
on all parties-in-interest with respect to the Sale.

The sale of the shares by the Debtors to TEAM in a Private Sale
with no competitive bidding is approved and authorized in light
of, among others, the liquidity needs of SIRVA UK, Judge Peck
held.

All objections to the Motion were withdrawn at the hearing held
March 21, 2008.

                        About Sirva Inc.

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

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.  The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.

(Sirva Inc. Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)


SIRVA INC: Committee Wants Class 5 Claims Bar Date Set to May 29
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sirva Inc. and
its debtor-affiliates asks the U.S. Bankruptcy Court for the
Southern District of New York to:

   (a) authorize the Debtors to establish May 29, 2008, 5:00
       p.m., Pacific Time, as the Claims Bar Date for holders of
       Class 5 claims;

   (b) approve the procedures for filing proofs of claim; and

   (c) approve the form and manner of notice for the Class 5
       Claims Bar Date.

The Committee relates that it is seeking to obtain a
distribution to holders of Class 5 Claims, which the Debtors
have affirmed to be no more than 48 claimholders.

The Debtors' position is that no bar date for Class 5 claims is
necessary because holders of these claims are to receive no
distribution, Ilan D. Scharf, Esq., at Pachulski, Stang, Ziehl &
Jones LLP, relates.  However, in the event that holders of Class
5 Claims become entitled to a distribution on account of their
claims -- either after litigation or a settlement -- the
Committee and the Debtors may well need to know the amount of
Class 5 Claims, Mr. Scharf says.

"As such, the Committee asks the Court to establish a deadline
for parties to assert Class 5 Claims," Mr. Scharf explains.

The Committee asks the Court to direct the Debtors to serve (i)
the notice of Class 5 Bar Date and (ii) a proof of claim form
substantially in the form of Official Form No. 10 upon Class 5
Claimholders, the United States Trustee, and other parties-in-
interest as deemed appropriate by the Debtors and the Committee,
by no later than April 22, 2008, to provide potential claimants
ample time to prepare and file their claims.

The Committee further asks the Court to direct the Claimants to
file their proofs of claim with the Claims Agent, Kurtzman
Carson Consultants LLC, at 2335 Alaska Ave., El Segundo, CA
90245, no later than May 29, 2008.

Failure to appropriately file a proof of claim will bar a
claimant from:

   -- asserting claims against the Debtors;

   -- voting on any plan of reorganization filed by the Debtors;
      and
   
   -- participating in any distribution on account of the
      claims.

Mr. Scharf notes that since there are no unknown holders of
Class 5 Claims, a "publication notice is unnecessary under the
circumstances."

                        About Sirva Inc.

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

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.  The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.

(Sirva Inc. Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)


US AIRWAYS: S&P Affirms Ratings & Revises Outlook to Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on US
Airways Group Inc. to stable from positive.  S&P has affirmed
all ratings, including the 'B-' long-term corporate credit
rating.
      
"The outlook revision is based on an expected weakening of the
company's financial profile from sustained high fuel prices,"
said Standard & Poor's credit analyst Betsy Snyder.  "We expect
the company to post a significant loss in 2008 not only because
of higher fuel prices, but also due to weaker demand caused by a
slowing economy."
     
The ratings on US Airways Group Inc. reflect the high risk
profile of the U.S. airline industry, a substantial debt burden,
limited financial flexibility, and ongoing labor integration
problems.   Ratings also incorporate the company's relatively
good liquidity and modest debt maturities over the next several
years.  US Airways Group is the seventh-largest U.S. airline, as
measured by revenue passenger miles and available seat miles.
     
America West Holdings Corp., parent of America West Airlines
Inc., completed a reverse merger with US Airways Group (America
West effectively acquired US Airways, with US Airways Group
becoming the new holding company for both airlines) on
Sept. 27, 2005.  The merger occurred on the day US Airways
emerged from Chapter 11 bankruptcy protection.  The two airlines
were finally combined under one operating certificate on
Sept. 26, 2007, after operating independently up to that date.

The merger resulted in a much broader route network; America
West had focused primarily in the Southwest, while US Airways
had focused on the eastern half of the U.S. Combined, they
operate out of primary hubs at Charlotte, North Carolina,
Phoenix, and Philadelphia, and secondary hubs at Las Vegas, New
York (LaGuardia Airport), Washington, District of Columbia
(Reagan Airport), and Boston to cities in the U.S., Canada, the
Caribbean, Latin America, and Europe.  Still, the combined route
system is less extensive than those of other large U.S. network
airlines and has a more limited presence in faster-growing
international markets.
     
Higher fuel prices and expected weaker demand have made a
ratings upgrade for US Airways over the near to intermediate
term less likely.  However, S&P could revise the outlook to
positive if fuel prices were to decline significantly and the
fall off in demand is less than expected.  Sustained high fuel
prices and weakness in demand could result in a negative
outlook.

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) -
http://www.usairways.com/-- primary business activity is the
ownership of the common stock of US Airways, Inc., Allegheny
Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc.,
MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc.,
Material Services Company, Inc., and Airways Assurance Limited,
LLC.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.




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

AES CORP: Commits to US$1 Billion Joint Venture With Riverstone
---------------------------------------------------------------
The AES Corporation and Riverstone Holdings LLC have committed
up to US$1 billion as part of a new joint venture to develop a
global platform of utility-scale solar photovoltaic (PV)
projects.  Under terms of the agreement, AES, one of the world's
largest global power companies, and Riverstone, a New York-based
energy and power-focused private equity firm, will each provide
up to US$500 million of capital over five years to invest in PV
solar projects around the world.

The jointly owned entity, to be called AES Solar, will seek to
become a leading global developer, owner and operator of
utility-scale solar installations that will be connected to the
power grids that supply homes and businesses.  These
installations, ranging from fewer than two to more than 50
megawatts in size, will consist of land-based solar PV panels
that capture sunlight and convert it into electricity, feeding
the power grid directly.

The business will follow the traditional independent power
producer and wind business growth models by initially focusing
on developments and projects in those countries offering the
most attractive tariffs.  As the costs of both PV panels and
installation come down, AES Solar will look to expand into other
countries with appropriate market incentives, with the goal of
"grid parity" - being competitive with conventional fuels.

"Renewable energy is an increasingly significant part of AES's
overall portfolio and currently accounts for 20 percent of our
global generation capacity," said Paul Hanrahan, AES President
and Chief Executive Officer.  "Solar is a natural extension of
our business, much as wind generation has been, and we see
tremendous opportunity for growth in this market.  We look
forward to partnering with Riverstone in this joint venture, to
make solar power a viable energy source worldwide."

Ralph Alexander, a Managing Director of Riverstone Holdings,
said, "Because of its scale, this joint venture has the
potential to change the fundamental economics of solar power.  
We are excited about partnering with AES, which we recognize as
a world-class partner.  The timing is right for this project
given the spread of renewable power standards around the world,
high energy prices and the continued progress of the solar
photovoltaics industry to improve performance and reduce costs.  
Together, these trends present a substantial opportunity to
create value and meet the world's growing demand for clean
energy."

The joint venture will be managed by a seven-member board of
directors. Three directors each will be appointed by AES and
Riverstone. Robert Hemphill will serve as President and CEO and
the seventh member of the board.  Mr. Hemphill joined AES in
1981 and has held a series of senior leadership positions,
including serving as AES's Executive Vice President of Global
Development.  He also served as a member of the AES Board of
Directors for seven years.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

The company has Latin America operations in Argentina, Brazil,
Chile, Dominican Republic, El Salvador and Panama.

                            *     *     *

AES Corporation still carries Moody's Investors Service's
B1 Corporate Family Rating and the senior unsecured rating.  As
of Feb. 6, 2008, the company still carried Fitch Ratings'
'BB/RR1' rating on US$500 million issue of senior unsecured
notes due 2017.




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

PETROECUADOR: Oil Export Revenues Jump to US$1.27B in Jan.-Feb.
---------------------------------------------------------------
Petroecuador said that its oil export revenues increased to
US$1.27 billion in the first two months of this year, compared
to US$487 million in the same period of 2007, Dow Jones
Newswires reports.

Dow Jones relates that data from Petroecuador indicates that in
terms of volume, the company's oil exports increased 42% to 16.1
million barrels of crude oil between January and February 2008,
from 11.37 million barrels in the same months last year.

According to Dow Jones, Petroecuador's total exports include
Napo crude from fields the government confiscated from
Occidental Petroleum Co. in May 2006 for allegedly breaching the
terms of the operating contract.

Oriente crude exports totaled 11.03 million barrels in the first
two months of 2008, with the average price increasing to
US$80.53 a barrel from US$45.24 a barrel in the same months last
year, the report says.  Napo crude exports were about 5.07
million barrels, with the average price increasing to US$75.81
per barrel in the first two months of this year from US$38.89 in
the same period in 2007, Dow Jones states.

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


PETROECUADOR: Saves US$199.5 Million in Three Months
----------------------------------------------------
Petroecuador's President Fernando Zurita told Dow Jones
Newswires that the company has saved US$199.5 million in the
last three months due to decline in costs and better control in
the sale of oil products.

The Ecuadorian government will use the savings to help flood
victims, Dow Jones reports, citing Mr. Zurita.

Petroecuador will be able save US$540 million next year through
projects like a new system to control the firm's oil production
with private companies, Mr. Zurita told Dow Jones.

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.




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

AIR JAMAICA: 9 Stations Without TCC Provide Petrol to Workers
-------------------------------------------------------------
Jamaica's auditor general found that nine gas stations provided
petrol to Air Jamaica employees without having current Tax
Compliance Certificates, The Jamaica Gleaner reports.

As reported in the Troubled Company Reporter-Latin America on
March 20, 2008, the Public Accounts Committee launched a probe
over Air Jamaica's extension of contracts to firms who failed to
comply with the requirements of the Contracts Commission.  Air
Jamaica named four petrol stations as being retained to provide
petrol lifting services despite their failure to provide Tax
Compliance Certificates.

Air Jamaica's board member Millicent Hughes told The Gleaner
that the nine companies include four that have since submitted
the certificates to the auditor general and one that had
withdrawn its services with the airline.  The Gleaner relates
that the other four petrol suppliers were in the process of
either getting their certificates or their contracts would be
terminated for noncompliance.

The four operators were given until April 15 to provide the
certificates, The Gleaner says, citing Ms. Hughes.

The Gleaner notes that the Committee was also told that Air
Jamaica owed the companies outstanding amounts.

Committee Chairperson Omar Davies asked Ms. Hughes what had
convinced Air Jamaica that this time, the delinquent firms would
comply with the deadline, the report says.  According to The
Gleaner, Ms. Hughes answered, "(We have insisted that) if you
can't produce in a month, we won't do business with you."

Mr. Davies commented to The Gleaner, "All persons wishing to do
business with Air Jamaica should be aware of the procurement
guidelines governing Air Jamaica's acquisition of goods or
services."

Contracts with Air Jamaica were being examined to ascertain
whether persons had valid certificates, The Gleaner states,
citing Ms. Hughes.

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

                           *    *     *

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

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


AIR JAMAICA: Workers Launch Strike on Failed New Wage Talks
-----------------------------------------------------------
Flight attendants have launched demonstrations against Air
Jamaica for failing to start new wage negotiations, Caribbean
Media Corporation reports.

About 38 flight attendants called in sick, RJR News says, citing
Air Jamaica's Executive Chairperson Shirley Williams.

The flight attendants told CMC that the last wage contract
expired in May 2007 and since then talks for a new labor accord
haven't "gotten off the ground."  CMC notes that flight
attendants are also complaining about Air Jamaica's failure to
improve poor working conditions.  The Bustamante Industrial
Trade Union told CMC that the workers were upset over the living
conditions they are subjected to while on duty in the U.S.,
accusing Air Jamaica's management for refusing to address the
problem despite numerous complaints.

According to CMC, the protest has resulted to the cancellation
of some of Air Jamaica's international flights.

Air Jamaica told the Associated Press that it has canceled
flights to:

          -- New York,
          -- Fort Lauderdale,
          -- Miami, and
          -- Toronto.

The strike was unexpected because the management was planning to
meet with the flight attendants last Tuesday to discuss
grievances, the AP says, citing Ms. Williams.

Radio Jamaica relates that hundreds of passengers were stranded
at the Norman Manley International Airport.  Afternoon flight
passengers were reportedly asked to wait while Air Jamaica
officials were in meetings.

According to Radio Jamaica, unions representing flight
attendants and ground staff gave Air Jamaica until next week to
launch wage talks.

Ms. Williams told Radio Jamaica, "I am not sure what the nature
of these problems are, there have been various reports in the
news media. . . . we have reported the matter to the Ministry of
Labor."

Radio Jamaica relates that Air Jamaica's management will be
meeting with the unions before the Ministry of Labor.

Labor Minister Pearnel Charles told RJR News that the ministry
will do everything for the speedy resumption of normal
activities at Air Jamaica.

The cancellation of flights has affected farm and hotel workers
who were to leave Jamaica last Tuesday, Radio Jamaica states,
citing Mr. Charles.

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

                           *    *     *

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

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




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

AMERICAN TOWER: Fitch Puts 'BB+' Rating on Planned US$325MM Loan
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to American Tower
Corporation's proposed US$325 million incremental senior term
loan maturing in 2012.  Proceeds from the term loan will be used
to refinance existing indebtedness under the revolving facility.  
The Rating Outlook is Stable.

AMT's ratings reflect the scale in its operations, which has
translated into strong operating performance and increased free
cash flow.  AMT's operating characteristics remain favorable and
are reflective of the lower business risk that results in a
predictable and growing cash flow stream generated largely from
investment grade national wireless operators.  Fitch believes
these characteristics more than offset AMT's sizable share
repurchase program and the higher financial leverage for its
rating category.  AMT should continue to meaningfully improve
its operating metrics due to scale benefits and the expectations
for continued wireless industry demand.  Over the longer-term,
Fitch expects that AMT, as well as the rest of the tower
industry, will benefit from the build-out requirements
associated with the 700 MHz auction.

AMT's liquidity position is solid owing to its free cash flow,
cash on hand and undrawn revolver capacity.  FCF for the last
twelve months was in excess of US$500 million.  For 2008, with
higher capital spending expected for land purchases, new tower
construction and augmentation of existing sites, Fitch believes
FCF levels will be comparable to 2007.  Cash and cash
equivalents, including restricted cash, was US$87 million as of
Dec. 31, 2007.  Proforma for the new incremental term loan,
which will provide AMT with additional liquidity, the company
had drawn approximately US$650 million of the US$1.25 billion on
its senior unsecured revolving credit facility that matures in
2012.  The financial covenants for the new term loan are the
same as the existing revolver, which includes these: total
senior secured leverage ratio of 3.0 times, total borrower
leverage ratio of 6.0x and interest coverage ratio of 2.5x.  The
senior secured leverage covenant of 3.0x provides AMT with
additional capacity for future tower securitizations.

Fitch expects the majority of excess cash flow, borrowings under
its revolving credit facility and cash on hand will be used to
repurchase shares.  Under the previous stock repurchase program
that expired in February 2008, AMT purchased 35 million shares
of common stock for US$1.5 billion.  AMT's Board of Directors
approved a new stock repurchase program to purchase up to an
additional US$1.5 billion of its class A common stock.  As a
result, debt will increase moderately over the next couple of
years.  For 2007, debt increased by US$700 million to US$4.3
billion.  Based on current capital allocation plans, Fitch
expects debt to increase by at least US$400 million in 2008 with
leverage likely staying in the mid-4x range.  AMT's near-term
debt maturities are relatively modest over the next three years
with only US$78 million of convertible debt from two issuances
due in 2010.

Headquartered in Boston, American Tower Corporation (NYSE: AMT)
-- http://www.americantower.com/-- owns, operates and develops
broadcast and wireless communications sites.  American Tower
owns and operates over 22,000 sites in the United States, Mexico
and Brazil.  The company had an annual revenues of US$1.5
billion.


AMERICAN TOWER: Moody's Puts 'Ba1' Rating on US$325 Million Loan
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to American
Tower Corporation's new US$325 million senior unsecured term
loan maturing in 2012, the proceeds of which will be used to
repay outstandings under the revolving credit facility.

The transaction will modestly strengthen the company's liquidity
position, as the company also announced a US$1.5 billion stock
buyback program.  The Company's fundamental key credit
considerations remain unchanged.  Accordingly, Moody's affirmed
AMT's Ba1 corporate family, Ba1 senior unsecured and SGL-1
liquidity ratings.  Moody's also affirmed AMT's Ba1 probability
of default rating.  The outlook remains stable.

Moody's has taken these ratings actions:

Issuer: American Tower Corporation

  -- Corporate Family Rating: Affirmed Ba1

  -- Probability-of-Default Rating: Affirmed Ba1

  -- US$325 million new term loan facility: Assigned Ba1,
     LGD4 -- 56%

  -- US$1.25 billion revolving credit facility: Affirmed Ba1,
     LGD4 -- 56% (Changed from LGD4 -- 55%)

  -- 7% Senior Notes due 2017: Affirmed Ba1, LGD4 -- 56%
     (Changed from LGD4 -- 55%)

  -- 7.125% Senior Notes due 2012: Affirmed Ba1, LGD4 -- 56%
     (Changed from LGD4 -- 55%)

  -- 7.5% Senior Notes due 2012: Affirmed Ba1, LGD4 -- 56%
     (Changed from LGD4 -- 55%)

  -- 5% Senior Convertible Notes due 2010: Affirmed Ba1, LGD4 --
     56% (Changed from LGD4 -- 55%)

  -- Outlook: Stable

  -- Speculative Grade Liquidity: Affirmed SGL-1

AMT's Ba1 corporate family rating reflects Moody's expectation
that the fundamentals of the wireless tower sector are likely to
remain favorable through the next several years and AMT's good
market position will enable its strong earnings and cash flow
momentum to continue.  

The rating also considers the company's single industry focus
and relatively small scale, although much of AMT's revenues are
contractually derived from its relationships with the largest
and well-capitalized national wireless operators across the U.S.   
Finally, the rating reflects Moody's view that AMT is likely to
continue directing its growing free cash flow to shareholders
via share buy backs over the next few years, targeting adjusted
leverage below 6.0x.

Headquartered in Boston, American Tower Corporation (NYSE: AMT)
-- http://www.americantower.com/-- owns, operates and develops
broadcast and wireless communications sites.  American Tower
owns and operates over 22,000 sites in the United States, Mexico
and Brazil.  The company had an annual revenues of US$1.5
billion.


AMERICAN TOWER: S&P Puts 'BB+' Rating on US$325MM Loan Facility
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its issue and
recovery ratings to Boston, Massachusetts-based communications
tower operator American Tower Corp.'s $325 million unsecured
term loan facility.  The assigned issue rating is 'BB+', the
same as the corporate credit rating, with a recovery rating of
'3', indicating expectations for meaningful (50%-70%) recovery
in the event of a payment default.
     
The existing ratings on the company's outstanding unsecured debt
issues remain unchanged.  Although numerically S&P's analysis
indicates recovery in the 90%-100% range, the recovery rating
has been capped at '3' due to the company's ability to incur
additional debt.  Should the company's credit profile worsen,
S&P expect it may add further debt, material enough to reduce
its recovery estimate.
     
The term loan is an incremental facility that is allowed under,
and governed by, the existing loan agreement.  It will have
substantially similar terms and conditions as the existing loan
agreement.  The proceeds from this new facility will be used to
repay borrowings under the company's US$1.25 billion revolving
credit facility.
     
The corporate credit rating is BB+ and the outlook is stable.  
The corporate credit rating reflects the promising prospects of
its wireless tower leasing business, which is expected to
generate increasingly stronger levels of net free cash flow
after capital expenditures.

                           Ratings List

                       American Tower Corp.

  Corporate credit rating         BB+/Stable/--

                        New Issue Assigned

                       American Tower Corp.

  US$325 million unsecured term loan facility   BB+
   
   Recovery rating                3       

Headquartered in Boston, American Tower Corporation (NYSE: AMT)
-- http://www.americantower.com/-- owns, operates and develops
broadcast and wireless communications sites.  American Tower
owns and operates over 22,000 sites in the United States, Mexico
and Brazil.  The company had an annual revenues of US$1.5
billion.


CLEAR CHANNEL: Financing Talk Glitch Threatens to Derail Merger
---------------------------------------------------------------
The privatization of Clear Channel Communications Inc. appeared
in danger of collapsing after backers of the deal failed to
reach agreement on the final financing of the transaction,
reports say.

As reported by the Troubled Company Reporter on Feb. 19, 2008,
the company anticipated closing the merger agreement with Thomas
H. Lee Partners LP and Bain Capital Partners on March 31, 2008.  
The company's shareholders approved the adoption of the merger
agreement, as amended, in which Clear Channel would be acquired
by CC Media Holdings Inc., a corporation formed by private
equity funds co-sponsored by Lee Partners and Bain Capital.  The
deal includes US$19.4 billion of equity and US$7.7 billion of
debt.

In recent developments, talks of the private-equity firms and
their banks reportedly became mired over details of the credit
agreement, the people familiar with the matter said. The banks
that agreed to finance the deal include Citigroup Inc., Morgan
Stanley, Deutsche Bank AG, Credit Suisse Group, Royal Bank of
Scotland PLC and Wachovia Corp.

A report by The Wall Street Journal stated that analysts predict  
Clear Channel's stock to likely collapse into the US$20s without
the privatization.  In 4 p.m. composite trading on the New York
Stock Exchange on March 15, Clear Channel shares traded at
US$32.56.

According to the report, one of the difficult issues surrounding
the deal concerns the requirements on the deal's debt.

"The banks have made it very difficult for the two private-
equity firms to refinance some of the debt that's set to mature
in four years, and the private equity firms have balked," the
WSJ report stated.

Another issue is the banks insistence on a price floor for the
debt that would limit their exposure, according to the report.

                       About Bain Capital

Boston, Massachussetts-based Bain Capital Partners LLC --
http://www.baincapital.com/-- is a private investment firm with   
approximately US$40 billion in assets under management.  Its
family of funds includes private equity, venture capital, public
equity and leveraged debt assets.  Absolute Return Capital LLC
is the global macro affiliate of Bain Capital. Bain Capital
Private Equity has raised nine funds and invested in more than
200 companies.  Bain Capital (Europe) Limited, an affiliate, is
dedicated to investment opportunities in the European market.  
Bain Capital Venture Partners LLC is the venture capital arm of
Bain Capital.  Sankaty Advisors LLC, the credit affiliate of
Bain Capital LLC, is a private manager of high-yield debt
obligations.  In October 2006, Michaels Stores Inc. announced
the completion of its merger with affiliates of Bain Capital
Partners LLC and The Blackstone Group.  As a result, Bain
Capital Partners LLC and Blackstone own equal stakes in
Michaels, and funds affiliated with Highfields Capital
Management own a minority stake.

                     About Thomas Lee Partners

Boston, Massachussetts-based Thomas H. Lee Partners LP --
http://www.thlee.com/-- Thomas H. Lee Partners is the teddy  
bear at the gate.  Known as a "friendly" leveraged buyout (LBO)
firm, the company uses a mix of debt, funds from institutional
investors, and its own money to buy companies.  Unlike the
fearsome LBO outfits of the 1980s, Thomas H. Lee Partners
eschews the axe for the handshake; it builds up a stake and
courts management cooperation.  Lee then usually sells the
revamped acquisitions or takes them public.  Thomas H. Lee, who
founded Thomas H. Lee Partners in 1974, left his namesake firm
in 2006 to start a long-planned rival hedge fund and private
equity venture.

The company has teamed up with Bain Capital to buy media titan
Clear Channel for almost US$20 billion.  

                About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications, including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.  S&P originally placed them on CreditWatch on
Oct. 26, 2006, following the company's announcement that it was
exploring strategic alternatives to enhance shareholder value.


GREENBRIER COS: Unit's Chair Resigns After Bankruptcy Filing
------------------------------------------------------------
Gerald Regan resigned as chairman of TrentonWorks Ltd., a non-
operating subsidiary of The Greenbrier Companies, following the
bankruptcy filing of Greenbrier, Sarah Regan writes for The
Canadian Press.

As reported in the Troubled Company Reporter on Feb. 27, 2008,
made an application to the Supreme Court of Nova Scotia for the
appointment of a receiver to take control of its assets.

Mr. Regan said that the prolonged receivership proceedings
prompted Greenbrier to file for bankruptcy and end the
receivership of Trentonworks, Canadian Press relates.

The receivership trial was scheduled to commence this month but
was delayed after the United Steelworkers Union representing the
laid off workers at Trentonworks requested to attend the trial,
based on the report.

Union representative Dave Fanning stated that he hasn't "seen
the bankruptcy order" but said that creditors owed money by the
Debtor will meet on March 31, 2008, Canadian Press says.

Ernst & Young will be appointed trustee in the bankruptcy case
and will proceed in the sale of the Debtor's assets, Canadian
Press quotes Mr. Regan as stating.

           Receivership Application in Nova Scotia Court

The TCR said that in April 2007, Greenbrier announced the
closure of the railcar manufacturing operation, located in
Trenton, Nova Scotia, Canada.  The operation had become
uncompetitive as a result of appreciation of the Canadian dollar
and other cost disadvantages.  Since then, the company has
worked with Ernst & Young to market the facility and, in the
process, directly contacted over 200 potential buyers,
nationally and internationally.

That process was not successful, and TrentonWorks has asked the
Court to appoint a eceiver to administer the assets in the best
interest of its creditors.  The company expects the appointment
of a Receiver to eliminate any ongoing costs associated with
this operation.

Greenbrier regrets the closing of the plant and the subsequent
loss of employment, but the plant was not cost competitive in
the North American marketplace.

                      About TrentonWorks Ltd.

Located in Nova Scotia, Canada, TrentonWorks Ltd. --
http://www.trentonworks.ca/-- was acquired by e Greenbrier   
Companies in 1995.  TrentonWorks has a history in the railcar
and other steel fabricating businesses in Canada since 1872.

                  About Greenbrier Companies Inc.

Headquartered in Lake Oswego, Oregon, Greenbrier (NYSE: GBX) -
http://www.gbrx.com/-- is a supplier of transportation  
equipment and services to the railroad industry.  The company
builds new railroad freight cars in its three manufacturing
facilities in the U.S. and Mexico and marine barges at its U.S.
facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 38 locations across North
America.  Greenbrier also builds new railroad freight cars and
refurbishes freight cars for the European market through both
its operations in Poland and various subcontractor facilities
throughout Europe.  Greenbrier owns approximately 9,000
railcars, and performs management services for approximately
138,000 railcars.

                          *     *     *

The Greenbrier Cos. Inc. continues to carry Moody's Investors
Service's 'B1' long-term corporate family rating, which was
placed in March 2007.


MBIA INC: Fitch Keeps Insurer Financial Strength & Debt Ratings
---------------------------------------------------------------
Fitch Ratings has decided to maintain its Insurer Financial
Strength and debt ratings on MBIA Inc. and its subsidiaries for
the foreseeable future.  Fitch expects to maintain the MBIA
ratings as long as Fitch believes that it can maintain a clear,
well-supported credit view without access to certain non-public
details concerning MBIA's insured portfolio, to which Fitch will
no longer have access.

Commenting on Fitch's decision, Stephen W. Joynt, President and
Chief Executive Officer of Fitch Ratings, said: "We are
disappointed that MBIA has requested that we withdraw our IFS
ratings and that they have decided to stop providing us
important non-public information about their portfolio.  While
we respect MBIA's decision not to provide us that information,
we trust that they will respect our decision to continue to
maintain a rating on MBIA, a company about which many investors
are so clearly interested.  The approach we are taking with MBIA
is consistent with the approach we have taken in other similar
situations."

Mr. Joynt continued: "Fitch has discussed this situation with
several major investors, some of whom hold MBIA insured
securities that are only rated by Fitch, and we have concluded
that maintaining the MBIA ratings at this time is most
appropriate for investors and causes the least disruption to the
marketplace.  For example, several large money market funds hold
Tender Option Bonds rated by Fitch based on MBIA insurance.  If
we withdraw our rating they may be forced sellers into a market
already challenged by liquidity issues.  Maintaining a rating --
whether AAA or even if downgraded to AA category -- continues
the recognition of the high quality of their investment."

As announced by Fitch on Feb. 5, 2008 -- before Fitch received
MBIA's request to withdraw -- the ratings of MBIA and its
subsidiaries were place on Rating Watch Negative.  Fitch expects
that its review of MBIA will be completed in the course of the
next few weeks. Currently, Fitch believes that should the
ratings of MBIA be changed as a result of this review, MBIA's
IFS ratings will be no lower than the 'AA' category, which
represents very strong capacity to meet policyholder and
contract obligations on a timely basis.

On March 7, 2008, MBIA publicly announced its request that Fitch
withdraw its IFS ratings.  That request was communicated in a
letter to Fitch and received just prior to MBIA's public
announcement.  Fitch subsequently confirmed with the company
that MBIA would no longer provide Fitch non-public details on
its insured portfolio and may participate in the rating process
in a more limited manner than it has participated to date.

In general, Fitch believes that they can rate companies based
upon publicly available information.  The unique nature of the
financial guaranty sector makes maintaining the MBIA IFS and
debt ratings more challenging without access to the non-public
details on their insured portfolio.  To Fitch's knowledge, the
non-public details on MBIA's insured portfolio currently made
available to Fitch are not available from any other source.

Accordingly, while Fitch has decided to maintain MBIA's ratings
at this time, it may become necessary to withdraw those ratings
in the future.  Fitch expects that it will maintain MBIA's
ratings for at least the next few months, but can provide no
assurance that the ratings will remain outstanding beyond then.

Headquartered in Armonk, New York, MBIA Inc. (NYSE:MBI) --
http://www.mbia.com-- provides financial guarantee insurance,       
investment management services, and municipal and other
servicesto public finance and structured finance clients on a
globalbasis.  The company conducts its financial guarantee
business through its wholly owned subsidiary, MBIA Insurance
Corporation and provides investment management products and
financial services through its wholly owned subsidiary MBIA
Asset Management, LLC.
   
MBIA manages its activities primarily through two principal
business operations: insurance and investment management
services.  In February 2007, MBIA Corp. formed a new subsidiary,
MBIA Mexico, S.A. de C.V.  During the year ended Dec. 31, 2006,
MBIA discontinued its municipal services operations.  These
operations included MBIA MuniServices Company.  On Dec. 5, 2006,
the company completed the sale of MBIA MuniServices Company.


RETAIL PRO: Posts US$2.1 Mil. Net Loss in Quarter Ended June 30
---------------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission dated March 19, 2008, Retail Pro Inc. reported a net
loss of US$2.1 million on total revenue of US$6.2 million for
the first quarter ended June 30, 2007, compared with a net loss
of US$1.8 million on total revenue of US$6.0 million for the
corresponding period ended June 30, 2006.

Operating loss, which included depreciation and amortization
expense, increased by US$797,000, due primarily to the increase
in Application development and Selling, General & Administrative
expenses, offset by an increase in gross profit.

Interest expense was US$419,000 in the three months ended
June 30, 2007, compared to US$380,000 during the three months
ended June 30, 2006.

During the three months ended June 30, 2007, the company
financed its investment in software development and capital
equipment using cash provided by operations and proceeds from a
long-term purchase contract.  At June 30, 2007 and
March 31, 2007, the company had cash of US$731,000 and
US$565,000, respectively.

                          Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$42.0 million in total assets, US$33.1 million in total
liabilities, and US$8.9 million in total stockholders' equity.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with US$5.4 million in total current
assets available to pay US$27.2 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?298e

                       Going Concern Doubt

Goldman & Parks LLP, in Encino, California, expressed
substantial doubt about Island Pacific Inc. nka. Retail Pro
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
March 31, 2007, and 2006.  The auditing firm reported that the
company has suffered recurring losses from operations and has an
accumulated deficit of US$81,979,000 as of March 31, 2007.

Headquartered in La Jolla, California, Retail Pro, Inc. (OTC:
IPIN.PK) -- http://www.retailpro.com/--provides Point of Sale,   
Store Operations, Merchandising, Planning, Business
Intelligence, and Payment Processing software applications for
the specialty retail industry.

Retail Pro(R) is delivered through a world-wide network of
channel partners.  The company maintains offices in the United
States, United Kingdom, Australia, Mexico, Italy, Poland and
China.


SR TELECOM: Selling Assets to Groupe Lagasse for US$6 Million
-------------------------------------------------------------
SR Telecom Inc. signed an asset purchase agreement to sell
majority of its assets, including its WiMAZ Forum-certified
symmetryMX product line, to Groupe Lagasse for an aggregate
consideration of US$6.05 million payable at closing and by the
assumption of certain stated liabilities.

The transaction, once completed, will provide continuity for SR
Telecom's international customer base and permit the company to
grow and capitalize on its many WiMAX opportunities.  The
transaction, which is subject to certain closing conditions and
court approval, is expected to close on or before April 4, 2008.

"We are pleased to reach this agreement with Groupe Lagasse,"
said Serge Fortin, President and CEO of SR Telecom.  "Their
international presence, financial strength and entrepreneurial
spirit, along with their knowledge and expertise in the high
technology field, make Groupe Lagasse a strong financial and
operational purchaser for SR Telecom’s business.  This deal
clearly benefits our employees and our customers around the
world as it will enable us to quickly resume normal operations,
and accelerate the development, delivery and deployment of our
leading-edge WiMAX solutions."

"Groupe Lagasse had been searching for ways to tap in to the
WiMAX market for quite some time," Louis Lagasse, Chairman of
Groupe Lagasse said.  "In SR Telecom, we saw an organization
possessing a solid business plan, a strong management team, a
significant order pipeline, and an unequaled depth of expertise
and experience in wireless telecommunications.  This acquisition
allows us to leverage the synergies between our current
organization and SR Telecom to immediately enter the rapidly-
growing global WiMAX market as a major player with a feature-
rich, field-proven product line."

Under terms of the agreement, Groupe Lagasse will purchase SR
Telecom’s brand, trademarks, intellectual property, patents,
inventories and equipment relating to its symmetryMX product
line.  It is not expected that SR Telecom shareholders will
receive any value out of the proceeds of such sale.

SR Telecom filed for creditor protection under the CCAA on
Nov. 19, 2007.  On Feb. 29, 2008, it announced that it had
obtained an order from the Quebec Superior Court to extend the
period of the court-ordered stay of proceedings against SR
Telecom under the CCAA to May 2, 2008.

Headquartered in Quebec, Canada, Groupe Lagasse --
http://www.groupelagasse.com/-- is an international company  
with manufacturing and products business units that focus on
providing leading edge, rugged, high reliability, and high
availability solutions for the private and public sectors.  Its
activities include electronic manufacturing expertise for secure
radio and telecom products that address the entire product life
cycle.  Groupe Lagasse is a privately held holding whose sales,
in 2007, exceeded CDN200 million; the group has operations in
Europe and North America and employs over 1,000 people
worldwide.

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million
in total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.


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

QUEBECOR WORLD: Has US$350 Million in Available Funds
-----------------------------------------------------
Quebecor World Inc. provided an update on the currently ongoing
chapter 11 proceedings of Quebecor World (USA) Inc. and its
affiliated debtors.

As of March 7, 2008, the company had more than US$225 million of
cash on hand and more than US$125 million of additional
borrowings available under the US$750 million debtor-in-
possession financings for a total of more than US$350 million of
availability.  The company also expects to generate significant
free cash flow in 2008.

On March 7, 2008, Judge James M. Peck of the U.S. Bankruptcy
Court for the Southern District of New York extended by 30 days
the date by which the final order approving the debtors US$1
billion debtor-in-possession financing, previously authorized by
the Court, must be entered in order to allow the parties
sufficient time to address certain remaining issues.  During
this extended period, all of the terms and conditions of the
interim order previously entered by the Court approving the
debtor-in-possession financing remain in effect, including the
company's right to borrow up to US$750 million under the debtor-
in-possession financings.

                      About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; 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: Lays Off One-Third of Memphis Employees
-------------------------------------------------------
Einat Paz-Frankel of Memphis Business Journal reports that
Quebecor World Inc. has laid off one-third of its Memphis work
force.

From the Tennessee Department of Labor & Workforce Development,
Einat Paz-Frankel found out that 87 employees of the Memphis
facility were laid off on March 4, 2008.  In February, the plant
employed 260 full-time workers.  The report notes that the
reason for the layoff was not disclosed.

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; 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: Noteholders Question Panel Advisors' Engagement
---------------------------------------------------------------
The Ad Hoc Group of Quebecor Noteholders tells Judge James M.
Peck of the U.S. Bankruptcy Court for the Southern District of
New York that it questions the Official Committee of Unsecured
Creditors' decision to retain two sets of financial advisors on
top of the numerous financial advisors already at work in the
Debtors' cases on behalf of unsecured creditors.

The Noteholder Group is currently engaged in discussions with
the Creditors' Committee with respect to the consensual division
of labor between Mesirow Financial Consulting LLC, and Jefferies
& Company, Inc.  It is hopeful that an appropriate arrangement
can be reached in short order.  "Until agreement is reached,
however, the Noteholder Group submits that the addition of yet
two more financial advisors can only lead to duplication of
effort and wasted resources.  Furthermore, the burden is on the
Creditors' Committee to show why it needs two financial advisors
in [the Debtors'] cases -- a burden it has not met," Alan W.
Kornberg, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
in New York, says.

    U.S. Trustee Concerned With Likely Duplication of Efforts

Diana G. Adams, the United States Trustee for Region 2, is
concerned about the division of responsibilities between
Jefferies and Mesirow, the potential for duplication of efforts
between the firms, and any resulting inefficiencies and
adverse cost implications on the estates.  To that end, the
United States Trustee has raised the issue with counsel to the
Creditors' Committee.

The U.S. Trustee's trial attorney, Andrew D. Velez-Rivera,
relates that Jefferies and Mesirow have met for the purpose of
establishing a division of responsibilities between the firms,
and agreed upon an allocation of services to the Creditors'
Committee.  The Office of the United States Trustee has been
advised of the specific tasks to be performed by each of the
firms, and of the division of responsibilities between them.  
The United States Trustee has no objection to that allocation,
and the Creditors' Committee has agreed to notify the Office of
the United States Trustee in the event the division of
responsibilities between Jefferies and Mesirow changes during
the course of their representation of the Committee.

      Committee Wants Ad Hoc Committee's Objection Overruled

"The [Ad Hoc Noteholder Group's] Objection should be overruled,"
according to Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer
& Feld LLP, in New York, representing the Official Committee of
Unsecured Creditors.

Mr. Dizengoff says that the Ad Hoc Noteholder Group's objection
lack merit since the Committee, in the careful exercise of its
business judgment has concluded that it needs the services of
both a sophisticated forensic accounting and financial advisory
firm with significant international experience (Mesirow) and an
investment banking firm with significant capital market
experience (Jefferies).

Mr. Dizengoff relates that the advisory services to be provided
by Mesirow and Jefferies are discreet and independent from each
other.  "Indeed, each firm's responsibilities have been
carefully negotiated to avoid duplication, appropriately make
use of [the] firm's abilities and ultimately assist the
Committee in analyzing the Debtors' business operations,
financial results and reorganization efforts," Mr. Dizengoff
adds.

Mr. Dizengoff also points out that the Committee cannot and
should not, as the Ad Hoc Noteholder Group suggests, abdicate
its fiduciary responsibilities to the Ad Hoc Noteholder Group,
the Prepetition Bank Group or the Monitor.  "The Ad Hoc
Noteholder Group cannot hold the Committee hostage to its demand
that there be an agreed upon process on who takes a leading role
on a particular issue," Mr. Dizengoff relates.  While the Ad Hoc
Noteholder Group is free to rely on the Committee, Mr. Dizengoff
says that the reverse is not true.

Mr. Dizengoff delineates each firm's role:

                                   Mesirow Financial Consulting
   Jefferies & Co.                 (Forensic Accntg./ Financial
   (Investment banking Services)   Advisory Services)
   ----------------------------    ----------------------------
   (a) Fraudulent transfers        (a) Fraudulent transfers  
       including lien pledge           including lien pledge       
       to pre-petition lenders         pre-petition lenders
       - Capital Market analysis       - Forensic analysis
                                       - Facts analysis
                                           
   (b) DIP objection/ amendments   (b) Preference and avoidance
                                       actions including
                                       repayment of private  
                                       notes
                                      
   (c) Major asset sales           (c) Review and analysis of
       - M&A transactions              plant closures
                                       - Cost analysis

   (d) Non-public(i.e. management  (d) 13 week cash flow                     
                             
       monthly operating reports,      analysis
       by business and geographic      - Cash receipts and
       region)                         disbursements

   (e) Publicly filed Monthly      (e) AR securitization
       Operating Reports               facility  


   (f) Executory contracts         (f) Executory contracts
       - to be determined              - to be determined

   (g) Employee retention and      (g) Pension funding status
       compensation plans

   (h) Business plans analysis     (h) Intercompany transactions
       and review

   (i) Advise on current state     (i) Critical vendor/
       of the restructuring/            reclamation
       capital markets

   (j) Analyzing any potential     (j) Liquidation analysis
       or proposed strategy
       for restructuring or
       adjusting the Debtors'
       outstanding indebtedness
       or overall capital
       structure

   (k) Exit financing              (k) Exit financing
       - Lender selection and          - Cash flow and covenants
         economics                     - Collateral analysis

   (l) Debt capacity analysis

                      About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; 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.




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

BANESCO BANCO: Launches Preferred Shares Public Offering  
--------------------------------------------------------
Banco Banesco Universal has launched a public offer of new
preferred shares on the Venezuelan market to raise some
VEF125 million.

According to Banco Banesco, it will be selling 1.25 billion at
VEF0.1 each from March 24 to April 10 to strengthen its capital
base, offering a fixed dividend rate of 19.5% for the first
year.  The minimum purchase is VEF100 subject to a three-year
lockup period.

Banco Banesco told Business News Americas that it will give
preference to small retail investors who want to purchase up to
VEF2,000 in Banesco shares.

The placement agents for the offering are Multiplicas and
Econinvest, BNamericas states.

Banesco Banco Universal was established in 1977.  It has grown
rapidly during the past 10 years through M&A.  The bank offers
loans in several segments including consumer, commercial and
agricultural.

                              *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2008, Fitch Ratings assigned 'B' long- and short-term
local currency issuer default ratings to Banesco Banco
Universal.  Fitch said the outlook is negative.


CA LA ELECTRICIDAD: Offer & Consent Solicitation Expires April 8
----------------------------------------------------------------
C.A. La Electricidad de Caracas, pursuant to its previous offer
to purchase and consent solicitation, its wholly-owned
subsidiary, Electricidad de Caracas Finance B.V. has received
consents from the holders of approximately US$244.3 million in
aggregate, or 93.96% in aggregate, of Electricidad de Caracas
Finance BV's 10.25% Senior Guaranteed Notes Due 2014 as of 5:00
p.m., New York City time, on March 24, 2008.  The consents
received exceeded the number needed to approve the adoption of
the proposed amendments to the indenture under which the Notes
were issued.  The terms and conditions of the offer and consent
solicitation are set forth in an Offer to Purchase and Consent
Solicitation Statement dated March 7, 2008.

Based on the receipt of the required consents, Electricidad de
Caracas Finance BV, C.A. La Electricidad de Caracas and the
trustee under the indenture governing the Notes expect to enter
into a supplemental indenture that will, once operative,
eliminate substantially all the restrictive covenants contained
in the indenture and the Notes and, as a result of such
amendments, thereby eliminate certain events of default and
would modify other related provisions of the indenture.  These
amendments will not become operative until the Electricidad de
Caracas Finance BV accepts and pays for all notes validly
tendered by April 8, 2008.

Each holder who validly tendered and did not validly withdraw
their notes and related consents prior to 5:00 p.m., New York
City time, on March 24, 2008, may no longer withdraw their notes
and related consents and will be entitled to an early consent
payment of US$20 for each US$1,000 principal amount of Notes
tendered by them if Electricidad de Caracas Finance B.V. accepts
such Notes pursuant to the terms of the Offer to Purchase.

The offer will expire at midnight, New York City time, on
April 8, 2008, unless extended or earlier terminated by
Electricidad de Caracas Finance B.V. at its sole discretion.  
Holders who have not yet tendered their notes may tender until
April 8, 2008.  Such holders will not be eligible to receive the
Early Consent Payment and accordingly will only be eligible to
receive an amount equal to the Total Consideration less the
Early Consent Payment.

Electricidad de Caracas Finance B.V.'s obligation to accept for
purchase and to pay for each of the notes validly tendered in
the tender offer is subject to, and conditioned upon, the
satisfaction or waiver of:

    (i) the receipt of the requisite consents and the execution
        of amendments to the indenture and each of the other
        related transaction documents implementing the proposed
        amendments;

   (ii) the issuance and receipt of funds from a new issuance of
        debt securities in transactions exempt from registration
        under the United States Securities Act of 1933, as
        amended, or receipt of funds from other financing
        sources, in an amount sufficient to fund the purchase of
        any and all validly tendered and not withdrawn notes
        accepted for purchase in accordance with the terms of
        the Offer to Purchase and all related fees and expenses;
        and

  (iii) certain other customary conditions set forth in the
        Offer to Purchase.

Electricidad de Caracas Finance B.V. reserves the right to
extend, amend or terminate the tender offer and consent
solicitation at any time.

The company has retained ABN AMRO Bank N.V. to serve as the
Dealer Manager for the offer and the consent solicitation.  
Questions concerning the terms of the offer may be directed to:

            ABN AMRO Bank N.V.
            Tel. Number: 1-212-409-7530.

Copies of the Offer to Purchase may be obtained by calling the
information agent:

        D.F. King & Co., Inc.,
        Tel. Number: 1-800-829-6551 (toll-free) or
                     1-212-269-5550 (banks and brokerage firms).

Headquartered in Caracas, Venezuela, CA La Electricidad De
Caracas is a subsidiary of AES Corporation and is engaged in
providing electricity services.  The company operates in
Caracas, Guarenas, Guatire in Miranda State and San Felipe in
Yaracuy State.  As of May 11, 2007, CA La Electricidad de
Caracas is a subsidiary of Petroleos de Venezuela, S.A.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 2, 2007, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on C.A. La Electricidad de
Caracas to 'BB-' from 'B'.  The ratings were removed from
CreditWatch with developing implications, where they were placed
originally on Feb. 13, 2007.  S&P said the outlook is stable.


PETROLEOS DE VENEZUELA: May Ink Joint Plant Pact With Petrobras
---------------------------------------------------------------
Venezuela's President Hugo Chavez may sign an accord with
Brazil's President Luiz Inacio Lula da Silva to formalize
Petroleos de Venezuela SA's US$4.5 billion joint heavy-oil
refinery with Petroleo Brasileiro SA aka Petrobras outside
Recife in Brazil's Northeast, Jeb Blount at Bloomberg News
reports.

Brazilian presidential spokesperson Marcelo Baumbach told
Bloomberg that President Chavez will visit Brazil to start
negotiations with President Lula da Silva.

Presidents Chavez and Lula da Silva expect to sign a final
agreement to allow the construction of the 200,000 barrel per
day plant that would get 50% of its input from Venezuela and the
other half from Brazil, Bloomberg relates, citing, Mr. Baumbach.

According to Bloomberg, the project was first proposed in 2000
as a joint venture with an agreement that Petrobras will own 60%
of the refinery's shares, while Petroleos de Venezuela will hold
40%.  Venezuela initiated with Brazil plans for the refinery
several times since 2005, but Venezuela didn't agree on a final
role in the project, which was scheduled to begin production in
2011.  

Banco Fator SA's oil analyst Marcos Paulo Fernandes commented to
Bloomberg, "We're getting to the point where people can't really
wait for a final decision from Venezuela anymore.  Petrobras is
perfectly able to handle this project itself, Venezuela's
participation is, at least, in part about politics and
diplomacy."

Petrobras will proceed with the construction of the plant even
without Petroleos de Venezuela, Bloomberg states, citing
Brokerage Agora CTVM's oil analyst Luiz Otavio Broad.

                         About Petrobras

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

                    About Petroleos de Venezuela

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

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 is negative.


PETROLEOS DE VENEZUELA: Exxon Mobil Brings Case to Netherlands
--------------------------------------------------------------
El Universal reports that Exxon Mobil won a freezing injunction
hitting Petroleos de Venezuela SA's assets in both the
Netherlands and the Netherlands Antilles.

According to El Universal, Hildegard Rondon de Sanso, legal
counsel of PDVSA in the case against US oil major Exxon Mobil,
said that following a victory in the England High Court, the
conglomerate now has to advocate its viewpoint in the
Netherlands court where the US company filed an action.

Last week, Judge Paul Walker of the London High Court overturned
the freezing injunction against PDVSA.  While satisfied with the
ruling issued by Judge Walker, Ms. Rondon stressed that PDVSA
"has less arguments for defense in the Netherlands, as the
holding does own assets in the Netherlands, namely Bopec -- a
small oil storage terminal based in Bonaire -- and 220,000 bpd
Isla refinery in Curacao, which PDVSA operates under a leasing
agreement," El Universal relates.

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 is negative.



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

* Moody's Evaluates Proposed Changes to Ratings System
------------------------------------------------------
Moody's Investors Service is mulling over possible changes to
its ratings system, The New York Times reports.

These considerations come in the wake of criticism against
rating firms underrating municipal debt in relation to corporate
bonds, relates the Times.  Several states have already pressured
these rating agencies to come up with a single rating standard
for both municipal and corporate debt.  Various groups have
hailed the move as a "welcome first step".

In addition, Fitch Ratings and Standard & Poor's have employed
steps to standardize and simplify their ratings, says the Times.





                           ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Sheryl Joy P. Olano, Rizande de los Santos,
Pamella Ritah K. Jala, Tara Eliza Tecarro, Frauline S. Abangan,
and Peter A. Chapman, Editors.

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

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