TCRLA_Public/080331.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, March 31, 2008, Vol. 9, No. 63

                            Headlines


A R G E N T I N A

4DATALINK LATIN: Trustee to Verify Proofs of Claim Until May 2
COMPULBIKE SA: Trustee to Verify Proofs of Claim Until April 23
KATEFA SRL: Court Appoints Trustee for Firm's Bankruptcy
MOLINOS HARINEROS: Buenos Aires Court Concludes Reorganization
NEXUS CAPITAL: Trustee to Verify Proofs of Claim Until May 5

SALTA HYDROCARBON: S&P Puts US$234MM Notes' B Rating on WatchNeg
SEARCH SA: Proofs of Claim Filing Deadline is May 29
* ARGENTINA: S&P Says Agricultural Protests Could Weaken Rating
* ARGENTINA: S&P Issues Credit FAQ on Agricultural Strike Effect


B E R M U D A

AIRLORD TRANSPORT: Proofs of Claim Filing is Until April 9
AIRLORD TRANPSORT: Sets Final Shareholders Meeting for April 23
LASALLE RE: Proofs of Claim Filing Deadline is April 10
LASALLE RE CORPORATE: Proofs of Claim Filing is Until April 10
MAN MAC: Proofs of Claim Filing Deadline is April 2

SCOTTISH RE: To Postpone Form 10-K Filing for Year Ended Dec. 31
SECURITY CAPITAL: PwC Confirms XL Capital's New Biz Suspension
STAINLESS INSURANCE: Proofs of Claim Filing Deadline is April 9
STAINLESS INSURANCE: Final Shareholders Meeting is on April 23


B R A Z I L

ATARI: Non-Compliance with Nasdaq Rules Cues Stocks Delisting
BANCO BMG: UBS Credit Line to Give Bank Time to Decide on IPO
BANCO BRADSECO: Discloses Stockholders' Meeting Results
BANCO NACIONAL: Grants BRL6 Million Loan to Eight Credit Coops
BANCO NACIONAL: Okays 2 Loans for Rio de Janeiro & Ceara Subway

COMPANHIA ENERGETICA: Up 5.5% in Sao Paolo Trading
DELPHI CORP: Moody's Lifts Rating on New 2nd Lien Loan to 'B2'
FORD MOTOR: February 2008 Saw Focus Sales Up By 36 Percent
FORD MOTOR: Jaguar and Land Rover Sale Won't Affect S&P's Rtngs.
HUGHES NETWORK: Net Income Rose Up 161% to US$50 Million in 2007

USINAS SIDERURGICAS: Earns BRL970 Million in Fourth Quarter 2007


C A Y M A N  I S L A N D S

BEGUISURI LIMITED: Proofs of Claim Filing Deadline is April 3
FDVG BALANCED: Sets Final Shareholders Meeting for April 3
HARARE SCDO: Proofs of Claim Filing Deadline is April 3
JOHCM TRIDENT: Will Hold Final Shareholders Meeting on April 3
LDA HOLDINGS: Sets Final Shareholders Meeting for April 3

ML PRINCIPAL: Will Hold Final Shareholders Meeting on April 3
MONITOR OIL: Must Talk with Creditors On Cash Collateral Use
NBL FUNDING: Sets Final Shareholders Meeting for April 3
PALLAS SCDO: Proofs of Claim Filing Deadline is April 3
PATHFINDER INVESTMENTS: Proofs of Claim Filing is Until April 3

PENARTH INVESTMENTS: Proofs of Claim Filing Deadline is April 3
PETROCHEMICAL INVESTMENTS: Final Shareholders Meeting on April 3
SOUTH SHORE: Will Hold Final Shareholders Meeting on April 3
SPARCO INVESTMENTS: Proofs of Claim Filing is Until April 3
TELEXPRESS INVESTMENTS: Final Shareholders Meeting is on April 3

ZEBRA CAPITAL: Sets Final Shareholders Meeting for April 3


C H I L E

QUEBECOR WORLD: Panel Taps Kurtzman Carson as Comm. Agent
QUEBECOR WORLD: Seeks Authority to Assume Various Contracts
QUEBECOR WORLD: Wants to Pay US$3,175,111 Sales Commissions


C O L O M B I A

ECOPETROL: Wants to List Shares on New York Stock Exchange
PACIFICNET INC: Files Involuntary Bankruptcy in Delaware Court
SOLUTIA INC: Harbinger Capital, et al., Hold 30.1% Stake
SOLUTIA INC: Settlement with GE Betz Gets Court Approval
SOLUTIA INC: Several Parties Disclose Ownership of Firm Shares


C O S T A  R I C A

HERBALIFE LTD: Seven Summits Issues PriceWatch Alerts
SIRVA INC: Committee Requests to Hire TRN as Investment Banker


G U A T E M A L A

ABITIBIBOWATER: Affiliate Prices US$413MM Offering of Sr. Notes
TECO ENERGY: Fitch Raises Issuer Default Rating From 'BB+'


M E X I C O

CLEAR CHANNEL: Get Temporary Restraining Order Against Banks
CLEAR CHANNEL: Fitch Says Ratings Hold if Going-Private Fails
CLEAR CHANNEL: Might Face Ad Sector Woes Alone, Report Says
CLEAR CHANNEL: Moody's Says Ratings Remain Under Review
GLENSHAW GLASS: Changes Name to Kelman Bottles

MOVIE GALLERY: Court Extends Lease Decision Period to May 13
MOVIE GALLERY: SyWest Opposes Lease Assignment to WaMu
MOVIE GALLERY: Wants Consent Procedures for Lessors Approved
* MEXICO: Default Rate Remains Low Due to Good Economy, S&P Says


P E R U

GLOBAL PAYMENT: Inks Securities Purchase Pacts with 3 Investors


P U E R T O  R I C O

ADVANCED MEDICAL: Loses US$192MM in Year Ended Dec. 31, 2007
GOLD CENTER: Gets OK to Hire Landrau Rivera as Counsel
GOLD CENTER: Sec. 341 Meeting Rescheduled to April 11
PEP BOYS: Awards Advertising Account to Zimmerman Agency
PILGRIM'S PRIDE: Promotes Robert Wright as CEO


U R U G U A Y

NUEVO BANCO: Advent & Gilinkski to Agree on Sale by April 18


V E N E Z U E L A

CHRYSLER LLC: Clarifies Misleading Coverage of Discount Programs
PETROLEOS DE VENEZUELA: Inks Partnership Pact With Petrobras
PETROLEOS DE VENEZUELA: May Launch Carabobo Tender in Two Months


X X X X X X

MODERN TECHNOLOGY: Plans Caribbean Expansion with Encore Energy
* Chadbourne & Parke Grows LA Practice w/ Mexico Office Opening
* S&P Publishes 2008 Credit Outlook on Global Auto Industry
* BOND PRICING: For the Week March 24 - March 28, 2008


                         - - - - -


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

4DATALINK LATIN: Trustee to Verify Proofs of Claim Until May 2
--------------------------------------------------------------
Ruben Daniel Sarafian, the court-appointed trustee for 4Datalink
Latin America S.R.L.'s reorganization proceeding, will be
verifying creditors' proofs of claim until May 2, 2008.

Mr. Sarafian will present the validated claims in court as  
individual reports on June 13, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by 4Datalink Latin and its creditors.

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

A general report that contains an audit of 4Datalink Latin's
accounting and banking records will be submitted in court on
Aug. 12, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on Feb. 24, 2009.

The trustee can be reached at:

        Ruben Daniel Sarafian
        Viamonte 1337
        Buenos Aires, Argentina


COMPULBIKE SA: Trustee to Verify Proofs of Claim Until April 23
---------------------------------------------------------------
Jorge Podhorzer, the court-appointed trustee for Compulbike SA's  
reorganization proceeding, will be verifying creditors' proofs  
of claim until April 23, 2008.

Mr. Podhorzer will present the validated claims in court as  
individual reports.  The National Commercial Court of First  
Instance No. 12 in Buenos Aires, with the assistance of Clerk  
No. 23, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Compulbike and its
creditors.

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

A general report that contains an audit of Compulbike's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

        Compulbike SA
        Rodriguez Pena 434
        Buenos Aires, Argentina

The trustee can be reached at:

        Jorge Podhorzer
        Carmen 716
        Buenos Aires, Argentina


KATEFA SRL: Court Appoints Trustee for Firm's Bankruptcy
--------------------------------------------------------
The National Commercial Court of First Instance in Buenos Aires
has appointed Norberto Bonesi as the trustee for Katefa S.R.L.'s
bankruptcy proceeding.

Mr. Bonesi will be verifying creditors' proofs of claim and
present the validated claims in court as individual reports in
court.  The court will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Katefa and its
creditors.

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

Mr. Bonesi will present a general report containing an audit of
Katefa's accounting and banking records in court.

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

The trustee can be reached at:

         Norberto Bonesi
         Avenida Juan B. Justo 5096
         Buenos Aires, Argentina


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


NEXUS CAPITAL: Trustee to Verify Proofs of Claim Until May 5
------------------------------------------------------------
Alfredo Jorge Yanni, the court-appointed trustee for Nexus
Capital de Argentina S.A.'s reorganization proceeding, will be
verifying creditors' proofs of claim until May 5, 2008.

Mr. Yanni will present the validated claims in court as  
individual reports on June 16, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Nexus Capital and its creditors.

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

A general report that contains an audit of Nexus Capital's
accounting and banking records will be submitted in court on
Aug. 13, 2008.

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

The trustee can be reached at:

        Alfredo Jorge Yanni
        Viamonte 1446
        Buenos Aires, Argentina


SALTA HYDROCARBON: S&P Puts US$234MM Notes' B Rating on WatchNeg
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' rating on
Salta Hydrocarbon Royalty Trust's US$234 million 11.55% targeted
amortization notes due 2015 on CreditWatch with negative
implications.
     
The rating action addresses the increased possibility that the
provincial government of the Argentine Province of Salta will
attempt to take, or provoke, actions that prevent full, timely
debt service payments, including a forced restructuring of the
original payment terms.
     
Officials from Salta's provincial government have expressed to
S&P their intention to propose a restructuring of the notes'
terms.  Although details of the proposed restructuring have not
been specified, their statements indicate an increased
likelihood that the province will attempt to force a
restructuring, potentially by trying to interfere in the
transaction mechanics that provide for payment of debt service
into an offshore trust account.  S&P's rating reflects its
opinion of the issuer's ability and willingness to pay interest
and principal according to the transaction's original terms.  
S&P considers any change to these terms, including changes
provoked or forced by a third party, a default.
     
Most of the transaction's legal documents are governed by New
York State law.  The transaction structure specifies that a
group of 17 private oil and gas companies with concessions to
operate in the Province of Salta must pay a percentage of
royalty payments, owed to the province, to an offshore trust
account.  These offshore funds are used to pay debt service.  
These provisions, in addition to a diversified obligor base,
negative covenants regarding government interference, and other
structural features, limit but do not eliminate the provincial
government's ability to carry out its intention to restructure
the transaction.  Given the provincial government's expressed
commitment to try to amend the notes despite the transaction's
structural disincentives, S&P believes the risk of interference
in the transaction by the provincial government has increased
significantly.  It is not clear, however, whether such attempts
to interfere with the structure would be successful.
     
It is likely that S&P will significantly lower the ratings on
the notes if Salta's provincial government succeeds in
negotiating an adverse change in the terms and conditions of the
bonds.  On the other hand, if the terms and conditions do not
change materially or the potential changes do not impair the
issuer's creditworthiness, S&P will affirm the rating on the
notes.
     
To date, there are sufficient funds in the collection account to
meet the debt service payment due March 28, 2008.  The reserve
account, which is equivalent to the next two interest payments,
is also fully funded.
     
The Salta Hydrocarbon Royalty Trust program, issued in 2001, is
a securitization of 80% of future royalty payments due to the
Argentine province of Salta from a group of 17 private companies
operating oil and gas concessions in the province.  The
transaction benefits from overcollateralization, an insurance
policy that protects the issuer from the risk that it cannot
transfer or convert currency needed for interest payments, and a
liquidity reserve fund.


SEARCH SA: Proofs of Claim Filing Deadline is May 29
----------------------------------------------------
Hector Vegetti, the court-appointed trustee for Search SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until May 29, 2008.

Mr. Vegetti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires , with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Search and its creditors.

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

A general report that contains an audit of Search's accounting
and banking records will be submitted in court.
La Nacion didn't state the submission dates for the reports.

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

The debtor can be reached at:

           Search SA
           Araoz 823
           Buenos Aires , Argentina

The trustee can be reached at:

           Hector Vegetti
           Montevideo 711
           Buenos Aires , Argentina


* ARGENTINA: S&P Says Agricultural Protests Could Weaken Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services issued an article, entitled
"Credit FAQ: The Agricultural Strike In Argentina: Cooking Pans
And Beyond," that examines how recent demonstrations in response
to the government's decision to hike taxes on agricultural
exports reflect increasing discontent with a style of government
that could potentially lead to a weaker sovereign rating over
time for the Republic of Argentina (B+/Stable/B sovereign credit
ratings).
     
According to S&P's credit analyst Sebastian Briozzo, the
government's popularity, albeit declining, is still relatively
high.  However, challenges are increasing and questions remain
about whether the government has the management skills to deal
with the increasing tension and the risk of a more polarized
society.
      
"The government has a political and economic cushion, but has to
use it appropriately," said Mr. Briozzo.  "Politically, its
popularity remains high.  Economically, despite the increase in
inflation, Argentina's macroeconomic situation continues to be
characterized by a fiscal surplus, a current account surplus, a
relatively large level of international reserves, and manageable
financing needs that justify its current rating category."
     
The article addresses the question of why the citizens of a
country whose GDP has been growing at above 8% for more than
five years are demonstrating at major urban and rural centers.  
The government's tax hike triggered protests and demonstrations
by agricultural producers across the country, leading to
roadblocks and a sector strike that is now in its 15th day and
threatens shortages in important food products.  Demonstrators
in major cities beat cooking pans in the streets.
     
Mr. Briozzo explained that, while these events are contained in
the rating, maintaining low financing requirements remains
critical at the current level.  "A strong fiscal performance, in
particular a correction to the fiscal expansionary stance
implemented in the 2007 electoral year, therefore remains
fundamental to containing the downside risk to the rating.  
However, as policies designed to correct the fiscal performance
place economic growth sustainability and political governability
at greater risk, they will also contain any upside potential for
Argentina's rating," Mr. Briozzo concluded.


* ARGENTINA: S&P Issues Credit FAQ on Agricultural Strike Effect
----------------------------------------------------------------
Why are the citizens of a country whose GDP has been growing at
above 8% for more than five years demonstrating at major urban
and rural centers?

While the effectiveness of current policies is always debatable,
what seems to be triggering this discontent—and could lead to a
weaker sovereign rating over time—is a style of management based
upon the concentration of power and lacking sufficient dialogue
with the different sectors of the economy.

                   Frequently Asked Questions

How did we get here?

On March 11, 2008, the government decided to increase taxes on
agricultural exports to 44.1% for soybeans from 35%, and 39.1%
for sunflowers from 32%, while reducing export taxes on wheat
and corn to 27.1% from 28% and 24.2% from 25%, respectively.  
Furthermore, it implemented a system of moving export taxes that
will vary according to the prices of agricultural commodities.  
Therefore, any potential increase in international prices will
lead to higher export duties, capturing most of the potential
upside benefits for the sector.

The measure triggered important protests and demonstrations by
agricultural producers across the country, leading to roadblocks
and a sector strike that is now in its 14th day and threatens
shortages in important food products.

What happened on March 25?

Problems escalated in rural areas, and after 13 days President
Cristina Fernandez de Kirchner delivered a speech that strongly
ratified the increase in export taxes.  The speech failed to
open the door to any dialogue and triggered greater
polarization.

Spontaneous and peaceful demonstrations next began in the
country's major urban centers, resembling the demonstrations
held in 2001 over government policies at the time, with people
beating pans in the streets.  Fortunately, the demonstrations
ended peacefully.

What's really going on?

Export taxes on agricultural products were implemented in 2002,
and, despite expected complaints from the sectors affected, were
actually accepted by most Argentines in the context of a
depreciated exchange rate and high and growing agricultural
commodity prices.  It is highly unusual for one government
economic policy tool to target so many objectives at the same
time.  First -- and a fundamental objective within the social
agenda of an administration that was voted into office by most
of the population in October 2007 -- export duties are actually
a redistribution tool.  They allow the government to
redistribute extraordinary profits realized from unusually high
agricultural commodity prices to the more vulnerable sectors of
the population.  Second -- also on the social and economic
fronts -- these taxes allow the government to contain the effect
of increasing international prices on domestic inflation.  
Third, export taxes introduce an incentive to promote the
cultivation of crops other than soybeans, avoiding the medium-
and long-term risk of concentrating agricultural production in
just one crop.  And last, but certainly not least, export duties
are an important source of fresh revenue for the central
government.

In that this revenue, which represented 10.2% of total tax
revenue and 2.5% of GDP in 2007 and is expected to reach about
3% of GDP in 2008, is not redistributed to the provinces as part
of the intergovernmental system in Argentina.  The central
government has complete discretion over this revenue and how to
apply it.

High and growing commodity prices matched by a weak peso, linked
to a weak U.S. dollar, generated high profitability in the
agricultural sector since 2002.  As mentioned, while the
existence of export taxes was accepted even by the agricultural
sector, the problem was their level.  However, export taxes on
soybeans increased progressively to 44% in 2008 from 9% in 2002.  
In this regard, the last increase affected the production
equation, particularly for small and medium producers, and for
the first time united them with large producers against the
government.

Nonetheless, and despite the fact that the increase in export
taxes triggered the agricultural strike, what gave significance
to the events was more than just the policies involved.  It took
more than the unified claims of the very different participants
in Argentina's complex and heterogeneous agricultural sector to
get people out in the streets demonstrating with their cooking
pans.  While there are certainly ideological differences between
government supporters and those who demonstrated against it with
regard to the urgency given to social problems in Argentina and
how to solve them, what transformed the event into a significant
political phenomenon seems to relate more to a certain style of
government.  At least part of the public perceives that the
government decides on measures and implements them without
sufficient and appropriate dialog among the sectors involved.
Decisions seem to be concentrated in the president's inner
circle.  Political management is becoming a more serious area of
analysis in Argentina, both in public opinion and in terms of
its credit rating evaluation.  The ability of the government to
manage a more difficult set of economic and political problems
in the coming years will have an impact on the sovereign rating.

What's next?

President Cristina Fernandez's popularity is expected to take a
hit after recent events, but remains at a relatively solid
level.  As of March 14, 2008, only a few days after the increase
in export taxes was announced, the president's popularity
reached a still-high 47.2% (people who see the president's
performance as good or very good), and was oscillating between
55% and 45% since the beginning of the year.

On the one hand, the demonstrations in major urban areas
surprised everyone because spontaneous demonstrations are
uncommon even for Argentina's highly opinionated society,
particularly in an economy that continues to grow rapidly.  On
the other hand, President Fernandez actually lost in many of the
major urban areas in the October 2007 presidential election and
was not popular there to begin with.  However, what is more
surprising is the strength of the demonstrations against the
president in major rural areas, where Cristina Fernandez won
heavily in the election.

Increasing discontent with the government could also be
supported by more significant food shortages than seen thus far.  
Fourteen days of agricultural strikes should soon start
affecting the availability of agricultural products.

The political landscape is also expected to change due to
increasing participation of provincial governors in national
politics, in particular the governors of Cordoba, Juan
Schiaretti, a Peronist who supported Cristina Fernandez in the
presidential election, and of Sante Fe, Hermes Binner, a
moderate socialist who supported the candidacy of opposition
candidate Elisa Carrio but maintained sound relationships with
the president.  The economic structures of these two provinces
(second and third in terms of economic importance) are based
upon agricultural and agro industrialized products.  The two
governors have called for moderation and for a fluent dialog to
be maintained with agricultural producers.  They, along with
other governors, could become important political players as
this standoff continues.  It is important to remember that
governors are also negatively affected by export taxes since
this fiscal revenue is not shared with producer provinces.

Will these issues affect the current 'B+' long-term sovereign
credit rating?

Although deteriorating, governability is not seen at risk at
this point.  The government's popularity, albeit declining, is
still relatively high.  However, challenges are increasing and
questions remain about whether the government has the management
skills to deal with the increasing tension and the risk of a
more polarized society.  The government has a political and
economic cushion, but has to use it appropriately.  Politically,
as mentioned, its popularity remains high.  Economically,
despite the increase in inflation, Argentina's macroeconomic
situation continues to be characterized by a fiscal surplus, a
current account surplus, a relatively large level of
international reserves, and manageable financing needs that
justify its current rating category.

Standard & Poor's Ratings Services 'B+' rating on Argentina
could therefore be considered relatively low—if the analysis was
determined only by these indicators.  However, the ratings
analysis incorporates issues that have to do with institutional
weaknesses and questions on the medium- and long-term
predictability and sustainability of government policies.  
Events such as those happening with the intervention of the
Instituto Nacional de Estadisticas y Censo (INDEC), the national
statistical agency, were an example of when and how issues such
as institutional weakness could materialize in economic
policies.  Therefore, these events are somehow contained in the
current rating category.  However, maintaining low financing
requirements remains critical at the current rating level.  A
strong fiscal performance, in particular a correction to the
fiscal expansionary stance implemented in the 2007 electoral
year, therefore remains fundamental to containing the downside
risk to the rating.  However, as policies designed to correct
the fiscal performance place economic growth sustainability and
political governability at greater risk, they will also contain
any upside potential for Argentina's rating.



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

AIRLORD TRANSPORT: Proofs of Claim Filing is Until April 9
----------------------------------------------------------
Airlord Transport Ltd.'s creditors are given until
April 9, 2008, to prove their claims to Marco Montarsolo, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Airlord Transport's shareholder decided on March 17, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


AIRLORD TRANPSORT: Sets Final Shareholders Meeting for April 23
---------------------------------------------------------------
Airlord Transport Ltd. will hold its final general meeting on
April 23, 2008, at 10:00 a.m. at Sofia House, 1st Floor, 48
Church Street, Hamilton, Bermuda.

These matters will be taken during the meeting:

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

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

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

Airlord Transport's shareholder decided on March 17, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


LASALLE RE: Proofs of Claim Filing Deadline is April 10
-------------------------------------------------------
LaSalle Re Limited's creditors are given until April 10, 2008,
to prove their claims to Mike Morrison, 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.

LaSalle Re's shareholder decided on March 13, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

          Mike Morrison
          KPMG Advisory Limited
          Crown House, 4 Par-la-Ville Road
          Hamilton HM 08, Bermuda


LASALLE RE CORPORATE: Proofs of Claim Filing is Until April 10
--------------------------------------------------------------
LaSalle Re Corporate Capital Ltd.'s creditors are given until
April 10, 2008, to prove their claims to Mike Morrison, 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.

LaSalle Re's shareholder decided on March 13, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

          Mike Morrison
          KPMG Advisory Limited
          Crown House, 4 Par-la-Ville Road
          Hamilton HM 08, Bermuda


MAN MAC: Proofs of Claim Filing Deadline is April 2
---------------------------------------------------
Man Mac Monch 9A Limited's creditors are given until
April 2, 2008, to prove their claims to Beverly Mathias, 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.

Man Mac's shareholders agreed on March 18, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


SCOTTISH RE: To Postpone Form 10-K Filing for Year Ended Dec. 31
----------------------------------------------------------------
Scottish Re Group Limited will be postponing the release of
results for the fourth quarter and the filing of its Form 10-K
for the year ended Dec. 31, 2007.  The company had previously
reported that it expected to report results for the fourth
quarter of 2007 after the market closes on March 27, 2008 and
expected to host an earnings conference call to discuss the
fourth quarter and full year results on March 28, 2008.  As a
result of the matters described below, the company will be
postponing the earnings release and related earnings conference
call to a later date to be announced.

On March 12, 2008, the company filed a Form 12b-25 with the
Securities and Exchange Commission stating that it was
postponing the filing of its Annual Report on Form 10-K for the
year ended Dec. 31, 2007 beyond the due date and that it
intended to file its Form 10-K on or about April 1, 2008 so that
the company could:

    (i) complete its process of evaluating mark-to-market
        valuations and other-than-temporary impairments in the
        carrying value of its available-for-sale securities;

   (ii) address the accounting and disclosure requirements
        arising from the company’s recently announced change in
        strategy; and

  (iii) allow sufficient time for the company’s independent
        registered public accounting firm, Ernst & Young LLP, to
        complete its audit of the company’s consolidated
        financial statements for the year ended Dec. 31, 2007.

The company has filed with the U.S. Securities and Exchange
Commission an amendment to its Form 12b-25 in respect of the
said matters.

In light of continuing deterioration in the credit markets and
the resulting further declines in the market value of the
company’s investment portfolio subsequent to the fiscal year
end, the company has determined, in consultation with Ernst &
Young LLP, that additional work is required to evaluate and
conclude on the amount of other-than-temporary impairment
charges to be recognized in the consolidated financial
statements in accordance with US GAAP.

The company’s determination of other-than-temporary impairments
for securities classified as available-for-sale involves a
variety of assumptions and estimates and includes assessments of
risks and uncertainties associated with general economic
conditions as well as specific conditions affecting specific
issuers.  The company’s other-than-temporary impairment
methodology includes an analysis of gross unrealized losses for
securities where the estimated fair value has declined
significantly below cost or amortized cost.  Factors being
considered by the company include the length of time fair value
has been below cost, credit worthiness of the issuer, position
of the security in the issuer’s capital structure, the presence
and estimated value of collateral or other credit enhancement,
length of time to maturity, interest rates and the company’s
intent and ability to hold the security until the market value
recovers.  Given the concentration of the Company’s investment
portfolio in residential mortgage-backed securities backed by
sub-prime and Alt-A mortgages, the company has supplemented its
assessment of other-than-temporary impairments with specific
procedures related to these securities including best estimate
cash flow simulations of projected principal losses.  For
certain investments in beneficial interests in securitized
financial assets of less than high quality with contractual cash
flows, including asset backed securities, the company is
required to apply Emerging Issues Task Force No. 99-20
Recognition of Interest Income and Impairment on Purchased
Beneficial Interests that Continue to Be Held by a Transferor in
Securitized Financial Assets (EITF 99-20) which requires a
periodic update of the company’s best estimate cash flows over
the life of the security, utilizing assumptions and estimates
that a market participant would use.  The company is conducting
a detailed review in conjunction with Ernst & Young LLP of its
current and past accounting practices for other-than-temporary
impairments of lower credit quality structured securities
pursuant to the requirements of EITF 99-20.  Although the
company is currently unable to specify the amount of other-than-
temporary impairments to be included in realized investment
losses for the fourth quarter of 2007, the company believes that
the amounts will significantly exceed those previously reported
for prior periods.

The time and effort required to complete the foregoing
evaluation is proving to be greater than the company had
previously anticipated.  The company is also examining whether
this analysis would require a restatement of previously reported
financial results.  As a result, additional time is required for
the company to complete its work in the foregoing areas and for
Ernst & Young LLP to complete its audit procedures of the
Company's consolidated financial statements.  Consequently, the
company will be unable to file its Form 10-K for the year ended
Dec. 31, 2007, with the SEC by April 1, 2008.  The company is
diligently working on completing the Form 10-K but is unable to
specify at this time when it will be in a position to make the
filing.

The company anticipated that its full year 2007 results as
compared with the corresponding period for 2006 will show that
revenues have decreased primarily as a result of realized
investment losses representing other-than-temporary impairments
on investments.  Total benefits and expenses for 2007 are
expected to be comparable with that of the prior year.  However,
in light of changes in our assessment of other-than-temporary
impairment charges since March 12, 2008, the company currently
anticipates that its net loss after tax for the year ended
Dec. 31, 2007 will be higher than its net loss reported for the
year ended Dec. 31, 2006, although the exact amount of such
change cannot be determined at this time.

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 14, 2008, Moody's Investors Service downgraded the
preferred stock debt rating of Scottish Re Group Limited to Caa3
from B2, and the insurance financial strength ratings of the
company's core insurance subsidiaries, Scottish Annuity & Life
Insurance Company Ltd. and Scottish Re, Inc., were lowered to
Ba3 from Baa3.  The ratings were left on review for possible
further downgrade, continuing a review that had been initiated
on Feb. 15.

At the same time, Moody's Investors Service downgraded the
preferred stock debt rating of Scottish Re Group Limited
(Scottish Re; NYSE: SCT) to Caa3 from B2, and the insurance
financial strength (IFS) ratings of the company's core insurance
subsidiaries, Scottish Annuity & Life Insurance Company (Cayman)
Ltd. and Scottish Re (U.S.), Inc., were lowered to Ba3 from
Baa3.


SECURITY CAPITAL: PwC Confirms XL Capital's New Biz Suspension
--------------------------------------------------------------
PricewaterhouseCoopers LLP in New York reported on
March 24, 2008, that following significant losses in 2007, the
ratings of Security Capital Assurance Ltd.'s financial guarantee
insurance provider, XL Capital Assurance Ltd., issued by the
three major rating agencies have been downgraded.  As a
consequence, PwC said that XL Capital has suspended writing
substantially all new business.  XL Capital will administer its
existing policies, including collecting premiums, paying claims,
and negotiating termination of selected policies.  The
resumption of normal business operations is not expected in the
near term.

PwC reviewed and audited the financial position of XL Capital
Assurance Inc, and subsidiary at Dec. 31, 2007, and Dec. 31,
2006, and the results of its operations and its cash flows for
each of the three years in the period ended Dec. 31, 2007.

                 XL Capital's Annual 2007 Results

XL Capital and its subsidiary have US$3,086,490,000 in total
assets, US$3,056,924,000 in total liabilities, and US$29,566,000
in total shareholders' equity as of Dec. 31, 2007.

The companies for the year 2007 have total revenues of a
negative US$101,729,000, which included US$321,929,000 written
gross premiums and US$313,572,000 written ceded premiums and
US$150,036,000 net losses on credit derivatives.  They reported
US$356,266,000 net loss for the quarter as compared with
US$576,000 net loss and total revenues of US$33,631,000 for the
year 2006.

              Developments, Risks and Uncertainties

The maintenance of triple-A ratings has been fundamental to the
XL Capital's historical business plan and business activities.  
However, adverse developments in the credit markets generally
and the mortgage market specifically in the second half of 2007,
which accelerated in the fourth quarter, have resulted in
material adverse effects on its business, results of operations,
and financial condition.

These effects include rating agency downgrades of, and
significant provisions for losses and loss adjustment expenses
associated with, certain of the residential mortgage backed
securities and collateralized debt obligations of asset backed
securities guaranteed by XL Capital.

This caused the capital requirements for maintaining its
historic triple-A ratings of each of the three rating agencies
to increase materially and, subsequently, all three rating
agencies (Moody's Investors Service Inc., Fitch Ratings and
Standard & Poor's Ratings Services) took the negative rating
actions, which have caused the company to suspend writing
substantially all new business resulting in the loss of new
incremental earnings and cash flow.

Although there can be no assurance that XL Capital will be able
to recommence writing new business in the near term or at all,
it believes its liquidity resources are sufficient to fund its
obligations and its statutory capital is sufficient to comply
with its regulatory solvency and regulatory risks limit
requirements for at least the next 12 months.

On Jan. 23, 2008, Fitch downgraded the insurance financial
strength ratings of XLCA, XLCA-UK and XLFA to "A" (Rating Watch
Negative) from "AAA."

On Feb. 25, 2008, S&P downgraded the IFS, financial enhancement
and issuer credit ratings of XLCA, XLCA-UK and XLFA to "A-" from
"AAA" and each remains on CreditWatch with negative
implications.

On March 4, 2008, Moody's placed the "A3" IFS ratings of XLCA,
XLCA-UK and XLFA on review for possible downgrade.  Previously,
on Feb. 7, 2008, among other actions, Moody's downgraded the IFS
ratings of XLCA, XLCA-UK and XLFA to "A3" (Negative Outlook)
from "Aaa."

A full-text copy of the XL Capital's annual 2007 financial
report is available for free at
http://ResearchArchives.com/t/s?29a6

                      About Security Capital

Security Capital Assurance Ltd. (NYSE: SCA) --
http://www.scafg.com-- is a Bermuda-domiciled holding company
whose primary operating subsidiaries, XL Capital Assurance Inc.
and XL Financial Assurance Ltd, provide credit enhancement and
protection products to the public finance and structured finance
markets throughout the United States and internationally.

                          *      *      *

As reported in the Troubled Company Reporter-Latin America
March 25, 2008, Standard & Poor's Ratings Services lowered its
rating on Security Capital Assurance Ltd.'s series A perpetual
noncumulative preference shares to 'C' from 'BB-'.  The shares
remain on CreditWatch with negative implications.
     
At the same time, Standard & Poor's withdrew its 'BB+'
preliminary senior secured debt rating and 'BB-' preliminary
preferred stock rating on SCA's Rule 415 shelf registration.  
These actions follow the company's recent announcement that its
board of directors elected not to declare a semiannual dividend
payable on March 31, 2008.


STAINLESS INSURANCE: Proofs of Claim Filing Deadline is April 9
---------------------------------------------------------------
Stainless Insurance Ltd.'s creditors are given until
April 9, 2008, to prove their claims to Heidi Daniels-Roque, 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.

Stainless Insurance's shareholder decided on March 14, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

          Heidi Daniels-Roque
          Sofia House, 1st Floor
          48 Church Street, Hamilton
          Bermuda

STAINLESS INSURANCE: Final Shareholders Meeting is on April 23
--------------------------------------------------------------
Stainless Insurance Ltd. will hold its final general meeting on
April 23, 2008, at 10:00 a.m. at Sofia House, 1st Floor, 48
Church Street, Hamilton, Bermuda.

These matters will be taken during the meeting:

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

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

Stainless Insurance's shareholder decided on March 14, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

          Heidi Daniels-Roque
          Sofia House, 1st Floor
          48 Church Street, Hamilton
          Bermuda



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

ATARI: Non-Compliance with Nasdaq Rules Cues Stocks Delisting
-------------------------------------------------------------
Atari Inc. received a Staff Determination Letter from the Nasdaq
Listing Qualifications Department stating that Atari Inc. has
not gained compliance with the requirements of Nasdaq
Marketplace Rule 4450(b)(3), and that its securities are
therefore subject to delisting from The Nasdaq Global Market.

On Dec. 21, 2007, the Nasdaq Listing Qualifications Department
notified Atari Inc. that, pursuant to Nasdaq Marketplace Rule
4450(e)(1), unless the market value of Atari Inc.'s publicly
held shares, which is calculated by reference to Atari Inc.'s
total shares outstanding, less any shares held by officers,
directors or beneficial owners of 10% or more, maintains an
aggregate market value of US$15 million or more for a minimum of
10 consecutive business days prior to March 20, 2008, Atari
Inc.'s securities would be subject to delisting.

The value of Atari Inc.'s publicly held shares did not reach
that level within the required period.  Atari Inc. intends to
request a hearing before a Nasdaq Listing Qualifications Panel
in order to appeal the Nasdaq Staff's determination in light of,
among other things, the pending proposal by Infogrames
Entertainment SA to acquire all of the outstanding shares of
common stock not held by IESA.

The hearing request will stay the delisting and, as a result,
Atari Inc.'s securities will remain listed on The Nasdaq Global
Market until the Panel issues its decision after the hearing.

There can be no assurance that the Panel will grant Atari Inc.'s
request for continued listing on The Nasdaq Global Market.

                         About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) --
http://www.atari.com/-- publishes and distributes interactive   
entertainment software in the U.S.  The company's 1,000+
published titles distributed by the company include hard-core,
genre-defining franchises such as Test Drive(R); and mass-market
and children's franchises such Dragon Ball Z(R).  Atari Inc. is
a majority-owned subsidiary of France- based Infogrames
Entertainment SA, an interactive games publisher in Europe.  
Atari has offices in Brazil, the United Kingdom and Japan.

As reported in the Troubled Company Reporter on Feb. 20, 2008,
Atari Inc.'s consolidated balance sheet at Dec. 31, 2007, showed
US$43.5 million in total assets and US$60.3 million in total
liabilities, resulting in a US$16.8 million total stockholders'
deficit.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$34.9 million in total current
assets available to pay US$45.2 million in total current
liabilities.

                       Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.

As of Dec. 31, 2007, and through Feb. 12, 2008, Atari Inc. was
in violation of its financial covenants.  BlueBay High Yield
Investments (Luxembourg) S.A.R.L., Atari Inc.'s lender and a
majority shareholder of Infogrames Entertainment S.A., has not
waived this violation and has entered into a forbearance
agreement with Atari Inc. which states that BlueBay will not
exercise its rights on its facility until the earlier of (i)
March 3, 2008, (ii) additional covenant defaults except for the
ones existing as of Feb. 12, 2008, or (iii) if any action
transpires which is viewed to be adverse to the position of the
lender.


BANCO BMG: UBS Credit Line to Give Bank Time to Decide on IPO
-------------------------------------------------------------
BANCO BMG's Chief Executive Officer Ricardo Guimaraes told
Business News Americas that the bank's BRL1 billion credit line
from UBS Pactual will give it time to decide whether to carry
out an initial public offering or form a partnership with
another bank.

BNamericas notes that Banco BMG expected to get the first
installment of BRL600 million from UBS Pactual last week, with
the remaining BRL400 million at a later date.

Mr. Guimaraes commented to BNamericas, "An IPO or a partnership
are still on the horizon.  We could do one or the other but not
before next year, if at all."

According to BNamericas, Mr. Guimaraes said that Banco BMG has
spoken with five investment banks before going with UBS Pactual
and that this proves the trust foreign investors have in the
Brazilian market.

Mr. Guimaraes told BNamericas, "We're originating a lot of new
loans, more than BRL600 million a month.  We're confident
payroll loans still have a lot of potential, along with vehicle
financing."

BNamericas relates that Banco Nacional wants to boost its
lending by at least 25% this year, after expanding lending by
44.5% to BRL12.5 billion last year.

Mr. Guimaraes told BNamericas that Banco BMG will stay away from
international capital markets to finance lending growth,
although chances to sell bonds outside Brazil could arise before
year-end.  "We got a good loan [from the UBS Pactual] at a
difficult time.  We look favorably on the development of payroll
loans in other countries, especially emerging markets.  The
joint venture in Russia has stalled but not because of our
choice," Mr. Guimaraes commented to BNamericas.

Banco BMG is the banking arm of Grupo BMG, which also has real
estate, food manufacturing and agro industry holdings.  The bank
is a niche player focused on loans to civil servants, with
repayments taken monthly from payrolls.  BMG operates mainly
through in-house representatives in state companies.  It also
offers leasing and asset management services.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Banco BMG S.A. to 'BB-'
from 'B+'.  The rating was removed from CreditWatch Positive
where it was placed June 11, 2007.  S&P said the outlook is
stable.

On March 10, 2008, Moody's Investors Rating gave Banco BMG's
US$250 million issue a Ba1 long-term foreign currency debt
rating with a stable outlook and the bank's US$1 billion note
program a Ba1 long-term foreign currency rating with a stable
outlook and a Not Prime short-term foreign currency rating.


BANCO BRADSECO: Discloses Stockholders' Meeting Results
-------------------------------------------------------
Banco Bradesco S.A. has informed its stockholders, clients and
the market in general the results of its Annual Stockholders’
Meeting and Special Stockholders’ Meeting.  The company has
approved the following:

In the Annual Stockholders’ Meeting:

   1. the Management’s accounts, the Management Report, the
      Financial Statements - including the allocation of Net
      Income -, the Independent Auditors’ and Fiscal Council’s
      Reports and the Summary of the Audit Committee Report,
      related to the fiscal year ended on Dec. 31, 2007, as well
      as the ratification of Interest on own Capital and
      Dividends related to 2007, in the amount of
      BRL$2,822,796,086.42, already distributed;

   2. the reelection of Lazaro de Mello Brandao, Antonio Bornia,
      Mario da Silveira Teixeira Junior, Marcio Artur Laurelli
      Cypriano, Joao Aguiar Alvarez, Denise Aguiar Alvarez
      Valente, and Ricardo Espirito Santo Silva Salgado, to
      compose the Board of Directors;

   3. the election of the Fiscal Council’s members: Domingos
      Aparecido Maia, Jose Roberto Aparecido Nunciaroni and
      Ricardo Abecassis Espirito Santo Silva - Sitting Members;
      Joao Batistela Biazon, Nelson Lopes de Oliveira and
      Renauld Roberto Teixeira - Deputy Members;

   4. the annual global compensation and the amount allocated to
      fund the Complementary Pension Plans, both for the
      Management, as well as the individual compensation for the
      members of the Fiscal Council.

In the Special Stockholders’ Meeting:

   1. the increase from 3 to 4 of the minimum number and from 6
      to 8 of the maximum number of members that compose the
      Compliance and Internal Control Committee; and the
      establishment of the Risks and Capital Allocation
      Integrated Management Committee;

   2. the consolidation of the Bylaws.

By resolution taken in a proper meeting held on this date, the
Board of Directors of this Bank, immediately after the Annual
Stockholders’ Meeting, which elected the members thereof, has
chosen to take office as its Chairman and Vice-Chairman,
Mr. Brandao and Mr. Bornia, respectively.

These deliberations will be effective after the necessary
approval of the process by the Brazilian Central Bank.

                      About Banco Bradesco

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

                             *     *     *

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


BANCO NACIONAL: Grants BRL6 Million Loan to Eight Credit Coops
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has
approved a financial support for BRL6 million to a microcredit
program of eight credit cooperatives affiliated to Associacao
das Cooperativas de Apoio a Economia Familiar [Ascoob].  These
cooperatives operate in the semiarid of the State of Bahia, one
of the poorest regions of Brazil, which economic activity is
essentially rural, with predominance in the exploration of
sisal, extensive farming and familiar agriculture for
subsistence.

The total volume of funds applied to microcredit during the
project duration (five years) will be BRL21.5 million, due to
financing rotation.  With that, the cooperatives have the target
of supporting at least 25% (around 8.5 thousand) of their total
members within the next five years, and it is estimated a
generation and maintenance of 13.5 thousand jobs until 2012.

The project has a strong impact on income generation and
regional development, mainly taking into consideration that the
municipalities involved present a Human Development Index (HDI)
and GDP per capita lower than the average of the State of Bahia
and Brazil.  The average HDI of municipalities included in the
project is 0.627, below the index of 0.693 in the State of Bahia
or 0.757 in Brazil.  The GDP per capita of those municipalities
is BRL4,477.00, lower than BRL6,587.00 in the State of Bahia and
BRL11,658.00 in Brazil.

Among the merits of the project supported by BNDES are the
importance of a contribution to the strengthening of the
familiar agriculture for subsistence in one of the poorest
regions of Brazil and an expansion in the offer of productive
microcredit at the semiarid in the State of Bahia.  In addition,
the project will allow the attraction of new members and
diversification of the products offered.

The operation will also have an important impact on the
financial results and businesses of cooperative in the region,
because BNDES funds in the ambit of the Microcredit Program
[PMC] have more favorable conditions in terms of costs and terms
than the funds currently raised by them in the market.  PMC
credit conditions are financial charges of 2.5% per month and
term up to 15 months with a 3-month grace period.

Microcredit performance of cooperatives in the region is recent,
arising from the integration with activities linked to an
interdependent economy.  In the last three years, such
cooperatives performed about 4 thousand productive microcredit
operations, lending approximately BRL5 million to about 3.2
thousand members, small rural producers.

List of Cooperatives supported:

   * Cooperativa de Credito Rural de inhambupe Ltda - Sicoob
     Credite

   * Cooperativa de Credito Rural do Vale do Itapicuru Ltda -
     Ascoob Itapicuru

   * Cooperativa de Credito Rural Baixa Grande - Sicoob Grande

   * Cooperativa Valentense de Credito Rural Ltda – Sicoob
     Coopere

   * Cooperativa de Credito Rural do Piemonte – Ascoob
     Credimonte

   * Cooperativa de Credito Rural de Araci Ltda - Sicoob Araci

   * Cooperativa de Credito Rural de Serrinha Ltda – Ascoob
     Serrinha

   * Cooperativa de Credito Rural Pintadas - Sicoob Sertao

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

                           *     *     *

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


BANCO NACIONAL: Okays 2 Loans for Rio de Janeiro & Ceara Subway
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has
authorized two loans totaling BRL177 million for the
construction and modernization of the subway in Rio de Janeiro
and Ceara state capital Fortaleza.

Business News Americas relates that Fortaleza subway firm
Metrofor will get BRL142 million for the construction of the
first stage of the subway system in the city.

BNamericas notes that the project is part of the Brazilian
federal government's growth acceleration plan.  It has a total
budget of BRL804 million, of which Banco Nacional is funding
about 17.7%.  The project includes 18 stations and 10 trains.

The report says that the Fortaleza subway project has three
stages and will connect the city to:

          -- Maracanau,
          -- Pacatuba,
          -- Caucaia, and
          -- Maranguape.

BNamericas states that through the project, public transport
system will be able to mobilize 158,000 passengers by 2011, a
substantial increase compared to the current 10,000.

According to BNamericas, Rio de Janeiro subway firm Metra-Rio
will receive BRL34.3 million from Banco Nacional to implement
new traffic control and ticket sales technology, to remodel
railcars, and to carry out general maintenance.  The loan is 62%
of the project budget of BRL55.6 million.  Metra-Rio will also
implement a unique system for tickets through the use of a smart
card with a computer chip.

The project will make 3.57% more space for passengers on Line 1
and 2.11% more space on Line 2, BNamericas states.  

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

                           *     *     *

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


COMPANHIA ENERGETICA: Up 5.5% in Sao Paolo Trading
--------------------------------------------------
Companhia Energetica de Minas Gerais has rose 5.5 percent
to BRL30.59 in Sao Paulo trading, the biggest rally since
Nov. 30, Paulo Winterstein of Bloomberg News reports.

According to the report, Cemig, in four months, has gained after
UBS AG recommended the company, saying that the concern in its
energy concessions won't be renewed has been "exaggerated."

The report adds that after the government refused to promise
renewal of expiring energy concessions, Cemig has dropped 5.2
percent in the previous two days.  Banco Santander analyst
Marcio Prado said in a statement that the government's rejection
to guarantee the renewal of concessions is "very bad news" for
utilities.

On March 25, Rival Cia. Energetica de Sao Paulo has canceled an
auction to sell a stake in Cesp due to federal government's
refusal to promise to renew the licenses to operate three Cesp
hydroelectric dams.  The stock has dived the most since 2006,
Bloomberg relates.

Citing UBS analyst Pedro Batista, Bloomberg says that "Market
reaction was overly exaggerated."  The risk of non-renewed
concessions is only 9 percent of the company's generation
capacity.

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

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

                          *     *     *

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


DELPHI CORP: Moody's Lifts Rating on New 2nd Lien Loan to 'B2'
--------------------------------------------------------------
Moody's Investors Service raised the rating on Delphi
Corporation's revised second lien term loan to (P)B2 from (P)B3
and affirmed the company's Corporate Family Rating and
Probability of Default Ratings of (P)B2, Speculative Grade
Liquidity rating of SGL-2, first lien term loan rating of
(P)Ba2, and stable outlook.   The revision to the rating on the
second lien facility follows a change in the composition of the
term loans from the structure Moody's rated on March 14, 2008.

The total amount of secured term loans Delphi requires to emerge
from bankruptcy is unchanged at US$4.525 billion.  However, the
first lien term loan will be reduced to US$1.7 billion from
US$3.7 billion and the second lien term loan will be increased
to US$2.825 billion from US$0.825 billion as the full US$2.0
billion of what was to be the B-2 tranche of the first lien term
loan has been moved to the second lien facility.  The first lien
term loan will continue to be split between US$1.5 billion
lodged at the parent and US$0.2 billion at a European
subsidiary.

The previous B-2 tranche was designed as a "second out" portion
of the first lien term loan, and remains junior to the US$1.7
billion of the first lien term loan.  However, it will now be
documented as part of an enlarged second lien term loan.  An
affiliate of General Motors Corporation has agreed to accept up
to US$2.825 billion of the second lien term loan as part of the
settlement for GM's claims.

Major terms of the first lien term loan have not been altered
from those of the B-1 tranche in the earlier structure.  As
those terms involved initial amortization of 1% per year, by
moving US$2.0 billion to the second lien term loan, which does
not require any scheduled amortization prior to final maturity,
Delphi's annual repayment obligations post emergence will be
lowered by US$20 million a year.

Nonetheless, Delphi's financial leverage will not be affected by
these changes nor will its expected operating performance, and
key coverage metrics will not experience any material change
from previous expectations.  Consequently, Moody's affirmed
Delphi's Corporate Family and Probability of Default ratings as
well its liquidity rating and outlook.

Although the amount of the first lien term loan will be reduced,
its rating of (P)Ba2 is unchanged; the amounts of debt that are
superior, equally ranked, or junior in the overall waterfall are
unchanged.  The (P)B2 rating on the increased size of the second
lien term loan is one notch higher than the earlier rating and
level with that of the Corporate Family Rating.  This develops
from a lower amount of senior debt ahead of its claims and its
higher proportion of the debt capital, both of which tend to
boost its expected recovery rate.

Rating revised:

  -- US$2.825 billion second lien term loan, (P)B2, LGD-4, 52%
     from (P)B3, LGD-4, 65%

Rating withdrawn:

  -- US$2.0 billion B-2 tranche of first lien term loan, (P)B2,
     LGD-3, 47%

Delphi Corporation, headquartered in Troy, Michigan, is a global
tier-1 automotive supplier with products and services addressing
electrical or electronic architecture, electronics & safety,
powertrain systems, thermal systems, and aftermarket product and
service solutions.  The company expects to have revenues from
continuing operations of roughly US$20 billion and employs
approximately 171,000 people at 163 manufacturing sites around
the world.

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.


FORD MOTOR: February 2008 Saw Focus Sales Up By 36 Percent
----------------------------------------------------------
Ford Motor Co.'s new Focus and SYNC are connecting with small
car buyers.  Focus retail sales were up 36% in February -- the
fourth month in a row of higher retail sales.

"The new Focus and SYNC arrived at an opportune time," said Jim
Farley, Ford's group vice president, Marketing and
Communications.  "We needed to raise awareness and consideration
among younger buyers – and Focus and SYNC are getting us back in
the game."

Buyers age 16-35 account for 32% of retail sales for the 2008
Focus, compared with 28 percent for the previous model.  Focus
is one of 12 Ford, Lincoln and Mercury models equipped with
SYNC, an affordable, in-car connectivity technology that fully
integrates most Bluetooth-enabled cell phones and MP3 players by
voice activation.

Retail car sales were 4% higher than a year ago paced by the
Focus and the three mid-size sedans -- Ford Fusion, Mercury
Milan, and Lincoln MKZ -- which combined posted a retail sales
increase of 7%.

The company at February continued to see higher sales in its:

   * Crossover utility vehicles -- 10%;
   * Ford Edge -- 46%; and
   * Lincoln MKX  -- 22%.

The MKZ and MKX helped Lincoln post higher retail sales in
February -- up 2% -- although total sales were down 11%,
reflecting lower fleet sales.

Among trucks, sales for Ford's F-Series pickup totaled 52,548,
off 5% from a year ago.  Sales for Ford's compact pickup, the
Ranger, totaled 7,431, up 27%.

Sales for traditional sport utility vehicles continued to
decline in February as combined sales for the Ford Explorer and
Expedition, Mercury Mountaineer, and Lincoln Navigator were 22%
lower than a year ago.

Ford, Lincoln and Mercury sales totaled 185,294, down 7%
compared with a year ago.  Lower daily rental sales -- down 20%
-- accounted for 60% of the decline.

Total Ford Motor Company sales, including Jaguar, Land Rover,
and Volvo, totaled 196,681, also down 7%.

                     North American Production

In the second quarter 2008, the company plans to produce 730,000
vehicles, a level 10% lower than a year ago when the company
produced 811,000 vehicles.  The reduction reflects the current
economic conditions.

In the first quarter 2008, the company plans to produce 685,000
vehicles, unchanged from the previously announced plan.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings
of Ford Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the United Auto Workers.


FORD MOTOR: Jaguar and Land Rover Sale Won't Affect S&P's Rtngs.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) for US$2.3 billion (before US$600
million of pension contributions by Ford for Jaguar-Land Rover).

The sale will bolster Ford's adequate liquidity.  As of Dec. 31,
2007, cash and marketable securities totaled US$32.7 billion,
and the company had an US$11.5 billion secured revolving credit
facility with US$10.9 billion available for use.  There are no
financial maintenance covenants on this facility other than a
borrowing-base calculation, which was not restrictive at year-
end 2007.  S&P sees insignificant risk in Ford's plans to
temporarily provide components and technologies to Jaguar and
Land Rover as well as provide financing for Jaguar and Land
Rover dealers and customers for up to a year.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.


HUGHES NETWORK: Net Income Rose Up 161% to US$50 Million in 2007
----------------------------------------------------------------
Hughes Communications, Inc. reported financial results for the
fourth quarter and year ended Dec. 31, 2007.

The company's consolidated operations are currently classified
into four reportable segments: North America VSAT; International
VSAT; Telecom Systems; and Corporate and Other.  The North
America VSAT, International VSAT and Telecom Systems segments
represent all the operations of Hughes Network Systems, LLC,
Hughes' principal operating subsidiary.

The company and its affiliates reported a net income of US$43.5
million on US$970.6 million of total revenues for the year ended
Dec. 31, 2007, compared to 2006 where the group incurred a net
loss of US$39.1 million on total revenues of US$858.6 million.

The group had US$1.1 billion in total assets, US$859.1 million
in total liabilities, and a stockholders' equity of US$247.4
million at Dec. 31, 2007, compared to total assets of US$912.3
million, total liabilities of US$709.4 million, and a
stockholders' equity of US$198.3 million at Dec. 31, 2006.

"HNS delivered strong financial results in 2007," said president
and chief executive officer, Pradman Kaul.  "Revenues increased
by 13% over 2006 to USUS$970 million and our profitability in
2007 was also very strong.  Operating Income for the year was
USUS$90 million, a growth of 56% over 2006; EBITDA increased by
28% to USUS$139 million in 2007 over 2006, and Net Income
increased by 161% to USUS$50 million.  All of the segments
showed robust growth.  The major revenue growth contributors
were the consumer, international and the mobile satellite
markets with growth rates of 13%, 11% and 77% respectively in
2007 over 2006.  The consumer base grew to 379,900 subscribers
at Dec. 31, 2007, a growth of 16% over the subscriber base at
Dec. 31, 2006.  Our North America and International enterprise
groups provided a solid revenue base contributing in aggregate
over half of HNS' total revenue in 2007.  I am also very pleased
to report that we were awarded a record USUS$1.1 billion of new
orders in 2007 representing a growth of 30% over 2006."

"These impressive full-year results were a result of sustained
quarterly performances, including a strong fourth quarter,"
continued Mr. Kaul.  "We grew fourth quarter 2007 Revenues by
15%, Operating Income by 39% and Net Income by 95% over the
fourth quarter of 2006.  The revenue growth engines in the
fourth quarter of 2007 were the consumer, international, and
mobile satellite markets with growth rates of 14%, 25% and 52%
respectively over the fourth quarter of 2006.  We were awarded
USUS$333 million of new orders in the fourth quarter of 2007,
including significant orders from Camelot, State Bank of India,
Best Western, Sherwin Williams, Walmart, Blockbuster, Hess, BP,
Harris and Hughes Telematics."

Some of the company's selected highlights:

   -- Hughes Network Systems, LLC accepted the in-orbit handover
      of the SPACEWAY(TM) 3 commercial communications satellite
      from Boeing. HNS will utilize the Boeing-built satellite
      to provide HughesNet(R) broadband satellite services
      throughout North America.  The satellite is currently
      going through the system testing phase and the company
      expects to commence service later in the first quarter of
      2008.

   -- Hughes Network Systems' wholly owned European subsidiary
      Hughes Network Systems Ltd. signed an amendment to the
      contract previously executed in August 2007 with U.K.
      lottery operator Camelot PLC for providing managed network
      services for over 27,000 lottery sites in the U.K.  The
      amendment extends the contract's term to 10 years and also
      provides additional functionality.  This brings the total
      value of the 10 year contract to over USUS$150 million
      making it the largest single order awarded to Hughes
      Network Systems in 2007.

   -- Hughes entered into a definitive agreement to acquire
      Helius, Inc., a portfolio company of Canopy Ventures. The
      acquisition will combine the skills of Helius, a
      recognized leader in providing business IPTV solutions for
      applications such as training, corporate communications
      and digital signage, with the extensive broadband
      networking experience and customer base of Hughes.  Hughes
      plans to deploy Helius' innovative IP video technologies
      to enhance its existing HughesNet service offerings.

   -- Hughes Network Systems signed an agreement with Dow
      Electronics to be a distributor of HughesNet satellite
      broadband Internet service in the Southeastern United
      States, home to many consumers who are not served by high-
      speed landline Internet providers. Under the terms of the
      agreement, Dow Electronics will market primarily to
      retailers in Florida, Alabama, Georgia, Mississippi,
      Louisiana, South Carolina, North Carolina, Arkansas,
      Tennessee, Puerto Rico and the U.S. Virgin Islands who
      will sell and install the HughesNet satellite broadband
      access service.

   -- Hughes Network Systems signed an agreement with CVS
      Systems, Inc. to be a distributor of HughesNet satellite
      broadband Internet service in the Midwest and Great Lakes
      region of the country, home to many consumers who are not
      served by high-speed landline Internet providers.  Under
      the terms of the agreement, CVS will market primarily to
      retailers in Illinois, Indiana, Kansas, Kentucky,
      Michigan, Missouri and Ohio who will sell and install the
      HughesNet satellite broadband access service.

Mr. Kaul said, "We are very pleased with the strong and balanced
financial results that we have delivered in 2007.  We are
currently at an advanced stage in the in-orbit system testing of
SPACEWAY 3 and we are looking forward to commencing service on
SPACEWAY 3 by the end of this quarter.  We expect that SPACEWAY
3 will provide us significant cost benefits and also open up new
revenue opportunities going forward in the North American
enterprise and consumer markets.  We have a robust orders
backlog coming into 2008 as a result of an outstanding new
orders performance in 2007.  All of these have positioned HNS
very well for 2008 and beyond."

Commenting on Hughes' financial performance, executive vice
president and chief financial officer, Grant Barber said, "Our
revenue and profitability showed strong growth in the fourth
quarter of 2007.  For the twelve months ended December 2007,
Hughes delivered earnings per share of USUS$2.26 compared to a
loss of USUS$2.43 in the same period in 2006, both on a fully
diluted basis.  We also generated cash from operations of
USUS$93 million in 2007 and closed the year with a healthy
consolidated cash and marketable securities position of USUS$151
million."

                  About Hughes Network Systems

Based in Germantown, Maryland, Hughes Network Systems LLC
(NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned  
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.  
In Europe, Hughes maintains operations facilities and sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.

                          *     *     *

Moody's Investors Service assigned a B1 rating to Hughes Network
Systems LLC's proposed US$115 million senior unsecured term
loan, due 2014.  In addition, the ratings agency affirmed the B1
corporate family rating, the B1 rating on the existing US$450
million senior notes due 2014 and the Ba1 rating on the US$50
million senior secured revolving credit facility.  The proceeds
of the new term loan will be used primarily to fund capital
expenditures and for general corporate purposes.


USINAS SIDERURGICAS: Earns BRL970 Million in Fourth Quarter 2007
----------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA a.k.a. Usiminas told Dow
Jones Newswires that its net profit increased 28.9% to
BRL970 million in the fourth quarter 2007, compared to
BRL752 million in the fourth quarter 2006.

The increase in the net profit is due to higher prices and an
improved sales mix, Dow Jones notes, citing Usiminas.

According to Dow Jones, Usiminas net revenue rose 6.2% to
BRL3.48 billion in the fourth quarter 2007, compared to
BRL3.27 billion in the fourth quarter 2006.

Dow Jones relates that Usiminas' earnings before interest,
taxes, depreciation and amortization increased 2.6% to
BRL1.2 billion in the fourth quarter 2007, from BRL1.18 billion
in the same period in 2006.

Usiminas's net profit increased to BRL3.17 billion in 2007,
compared to BRL2.51 billion in 2006, Dow JOnes states.

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

                        *     *     *

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

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



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

BEGUISURI LIMITED: Proofs of Claim Filing Deadline is April 3
-------------------------------------------------------------
Beguisuri Limited's creditors have until April 3, 2008, to prove
their claims to Buchanan 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.

Beguisuri's shareholders agreed on Feb. 21, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Buchanan Limited
                 Attn: Francine Jennings
                 P.O. Box 1170
                 Grand Cayman KY1-1102, Cayman Islands
                 Telephone: (345) 949-0355
                 Fax: (345) 949-0360


FDVG BALANCED: Sets Final Shareholders Meeting for April 3
----------------------------------------------------------
FDVG Balanced Company Limited will hold its final shareholders'
meeting on April 3, 2008, at 10:00 a.m., at HSBC Bank (Cayman)
Limited, P.O. Box 1109, 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 five
                 years from the dissolution of the company,
                 after which they may be destroyed.

FDVG Balanced's shareholder decided 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:

                 Scott Aitken and Connan Hill
                 Attn: Alex Johnston
                 P.O. Box 1109, George Town
                 Grand Cayman, Cayman Islands
                 Telephone: (345) 949-7755
                 Fax: (345) 949-7634


HARARE SCDO: Proofs of Claim Filing Deadline is April 3
-------------------------------------------------------
Harare SCDO 2002-1 Ltd.'s creditors have until April 3, 2008,
to prove their claims to Griffin Management 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.

Harare SCDO's shareholders agreed on Feb. 20, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Griffin Management Limited
                 Attn: Janeen Aljadir
                 Caledonian Trust (Cayman) Limited
                 Caledonian House, 69 Dr. Roy’s Drive
                 P.O. Box 1043, Grand Cayman KY1-1102
                 Cayman Islands
                 Telephone: (345) 914-4943
                 Fax: (345) 814-4859


JOHCM TRIDENT: Will Hold Final Shareholders Meeting on April 3
--------------------------------------------------------------
JOHCM Trident Financials Fund will hold its final shareholders'
meeting on April 3, 2008.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and
              2) giving explanation thereof.

JOHCM Trident's shareholders agreed on Jan. 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 Richard Gordon
                 Maples Finance Limited
                 P.O. Box 1093, George Town
                 Grand Cayman, Cayman Islands


LDA HOLDINGS: Sets Final Shareholders Meeting for April 3
---------------------------------------------------------
LDA Holdings Ltd. will hold its final shareholders' meeting on
April 3, 2008, at Maples Finance Limited, Boundary Hall, Cricket
Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and
              2) giving explanation thereof.

LDA Holdings' shareholders agreed on Jan. 10, 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 Richard
                 Maples Finance Limited
                 P.O. Box 1093, George Town
                 Grand Cayman, Cayman Islands


ML PRINCIPAL: Will Hold Final Shareholders Meeting on April 3
-------------------------------------------------------------
ML Principal Protection Plus Ltd. will hold its final
shareholders' meeting on April 3, 2008, at Maples Finance
Limited, Boundary Hall, Cricket Square, George Town, Grand
Cayman, Cayman Islands.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and
              2) giving explanation thereof.

ML Principal's shareholders agreed on Dec. 18, 2007, 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 Jan Neveril
                 Maples Finance Limited
                 P.O. Box 1093, George Town
                 Grand Cayman, Cayman Islands


MONITOR OIL: Must Talk with Creditors On Cash Collateral Use
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
advised Monitor Oil PLC and its creditors to arrive at an
agreement immediately regarding Monitor's access to cash
collateral -- before Monitor turns insolvent -- Tiffany Kary of
Bloomberg News reports.

Creditors have denied Monitor access to cash collateral of up to
US$3,500,000, Ms. Kary says.

On the other hand, Monitor is currently seeking approval to pay
up to US$43,500,000 to its lenders owed US$80,000,000 in
principal plus US$1,450,000 in interest, as reported in the
Troubled Company Reporter on March 17, 2008.  A hearing is set
on April 4, 2008, to consider the request.

Monitor's US$75,000 cash could fall down to US$53,000, Bloomberg
says.

Monitor's shareholder have removed all of the sitting directors
and elected each of the proposed members to the board of
directors, according to the company's Web site.  The new
directors are:

   -- Bjorn Q. Aaserod;
   -- Ole Johan Olsen;
   -- Odd Harald Hauge; and
   -- David Lynch.

Mr. Aaserod was named executive chairman of Monitor.

The new directors, Bloomberg relates, is seeking financing to
pay bondholders and lenders.

                        About Monitor Oil

Headquartered in the Cayman Islands, Monitor Oil, Plc --
htpp://www.monitoroil.com/ -- an oil and gas service company
that provides oil and gas production solutions, offshore
services and engineering services.  The Monitor Group has
operations in London, England; Aberdeen, Scotland; Stavanger,
Norway; Caldicot, Wales; Shanghai, China and New York, United
States.

The company and two of its affiliates,  Monitor Single Lift 1,
Ltd., and Monitor US FinCo, Inc., filed for Chapter 11
Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  
Eric Lopez Schnabel, Esq., at Dorsey & Whitney, L.L.P.,
represents the Debtor.  The U.S. Trustee for Region 2 appointed
five creditors to serve on an Official Committee of Unsecured
Creditors in the Debtors' cases.  Ira L. Herman, Esq., at
Thompson & Knight, LLP, represents the Committee.  As of
Dec. 31, 2007, the company disclosed total assets of
US$98,340,000 and total debts of US$56,125,000.


NBL FUNDING: Sets Final Shareholders Meeting for April 3
--------------------------------------------------------
NBL Funding Corp. will hold its final shareholders' meeting on
April 3, 2008, at Maples Finance Limited, Boundary Hall, Cricket
Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and
              2) giving explanation thereof.

NBL Funding's shareholders agreed on Feb. 14, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Martin Couch and Jan Neveril
                 Maples Finance Limited
                 P.O. Box 1093, George Town
                 Grand Cayman, Cayman Islands


PALLAS SCDO: Proofs of Claim Filing Deadline is April 3
-------------------------------------------------------
Pallas SCDO 2002-1 Ltd.'s creditors have until April 3, 2008,
to prove their claims to Griffin Management 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.

Pallas SCDO's shareholders agreed on Feb. 20, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Griffin Management Limited
                 Attn: Janeen Aljadir
                 Caledonian Trust (Cayman) Limited
                 Caledonian House, 69 Dr. Roy’s Drive
                 P.O. Box 1043, Grand Cayman KY1-1102
                 Cayman Islands
                 Telephone: (345) 914-4943
                 Fax: (345) 814-4859


PATHFINDER INVESTMENTS: Proofs of Claim Filing is Until April 3
---------------------------------------------------------------
Pathfinder Investments Limited's creditors have until
April 3, 2008, to prove their claims to Buchanan 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.

Pathfinder Investments' shareholders agreed on Feb. 21, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Buchanan Limited
                 Attn: Francine Jennings
                 P.O. Box 1170
                 Grand Cayman KY1-1102, Cayman Islands
                 Telephone: (345) 949-0355
                 Fax: (345) 949-0360


PENARTH INVESTMENTS: Proofs of Claim Filing Deadline is April 3
---------------------------------------------------------------
Penarth Investments Limited's creditors have until
April 3, 2008, to prove their claims to Buchanan 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.

Penarth Investments' shareholders agreed on Feb. 21, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Buchanan Limited
                 Attn: Francine Jennings
                 P.O. Box 1170
                 Grand Cayman KY1-1102, Cayman Islands
                 Telephone: (345) 949-0355
                 Fax: (345) 949-0360


PETROCHEMICAL INVESTMENTS: Final Shareholders Meeting on April 3
----------------------------------------------------------------
Petrochemical Investments Limited will hold its final
shareholders' meeting on April 3, 2008, at 10:00 a.m., at
Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, 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 five
                 years from the dissolution of the company,
                 after which they may be destroyed.

Petrochemical Investments' shareholders agreed on Feb. 22, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Stuart Sybersma
                 Attn: Mervin Solas
                 Deloitte
                 P.O. Box 1787, George Town
                 Grand Cayman, Cayman Islands
                 Telephone: (345) 949-7500
                 Fax: (345) 949-8258


SOUTH SHORE: Will Hold Final Shareholders Meeting on April 3
------------------------------------------------------------
South Shore CLO II, Ltd., will hold its final shareholders'
meeting on April 3, 2008, at Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and
              2) giving explanation thereof.

South Shore's shareholders agreed on Jan. 10, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


SPARCO INVESTMENTS: Proofs of Claim Filing is Until April 3
-----------------------------------------------------------
Sparco Investments Limited's creditors have until April 3, 2008,
to prove their claims to Buchanan 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.

Sparco Investments' shareholders agreed on Feb. 21, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Buchanan Limited
                 Attn: Francine Jennings
                 P.O. Box 1170
                 Grand Cayman KY1-1102, Cayman Islands
                 Telephone: (345) 949-0355
                 Fax: (345) 949-0360


TELEXPRESS INVESTMENTS: Final Shareholders Meeting is on April 3
----------------------------------------------------------------
Telexpress Investments Limited will hold its final shareholders'
meeting on April 3, 2008, at Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and
              2) giving explanation thereof.

Telexpress Investments' shareholders agreed on Jan. 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:

                 Richard Gordon and Chris Marett
                 Maples Finance Limited
                 P.O. Box 1093, George Town
                 Grand Cayman, Cayman Islands


ZEBRA CAPITAL: Sets Final Shareholders Meeting for April 3
----------------------------------------------------------
Zebra Capital Limited will hold its final shareholders' meeting
on April 3, 2008, at Maples Finance Limited, Boundary Hall,
Cricket Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and
              2) giving explanation thereof.

Zebra Capital's shareholders agreed on Jan. 10, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Mora Goddard and Emile Small
                 Maples Finance Limited
                 P.O. Box 1093, George Town
                 Grand Cayman, Cayman Islands



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

QUEBECOR WORLD: Panel Taps Kurtzman Carson as Comm. Agent
---------------------------------------------------------
The Official Committee of Unsecured Creditors of Quebecor World
Inc. and its affiliates seeks the U.S. Bankruptcy Court for the
Southern District of New York's authority to retain Kurtzman
Carson Consultants, LLC, as its communications agent, nunc pro
tunc to Feb. 21, 2008.

According to Madeleine Fequeire, director of Abitibi-
Consolidated Sales Corp. and co-chairperson of the Committee,
the Committee seeks to employ Kurtman Carson in compliance to
its obligation under Section 1102(b)(3) of the Bankruptcy Code.

Kurztman Carson is expected to:

   (a) establish and maintain an Internet-accessed Web site that
       provides, without limitation:
       
       (1) general information concerning the Debtors,
           including, case dockets, access to docket filings,
           and general information concerning significant
           parties in the cases;
    
       (2) highlights of significant events in the cases;
             
       (3) a calendar with upcoming significant events in the
           cases;

       (4) access to the claims docket as and when established
           by the Debtors or any claim agent retained in the
           cases;

       (5) a link to the Web site of the monitor appointed in
           the Debtors' Canadian proceedings;

       (6) a general overview of the chapter 11 process;

       (7) press releases (if any) issued by each of the
           Committee and the Debtors;

       (8) a non-public registration form for creditors to
           request "real-time" case updates via electronic mail;

       (9) a non-public form to submit creditor questions,
           comments and requests for access to information;

      (10) responses to creditor questions, comments and
           requests for access to information; provided, that
           the Committee may privately provide such responses in
           the exercise of its reasonable discretion, including
           in the light of the nature of the information request
           and the creditor's agreements to appropriate
           confidentiality and trading constraints;
   
      (11) answers to frequently asked questions; and

      (12) links to other relevant Web sites.

   (b) distribute case updates via electronic mail for creditors   
       that have registered for this service on the Committee
       Web site;

   (c) establish and maintain a telephone number and electronic
       mail address for creditors to submit questions and
       comments; and

   (d) print and serve documents as directed by the Committee
       and its counsel.

Kurtzman Carson is charging its normal and customary rates for
its services to the Committee.  The United States Trustee has
agreed that Kurtzman Carson, in order to maintain its
competitive rates, is not required to include its fee structure
in the Committee's application.

A full text copy of the KCC Agreement is available for free at:

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

Sheryl Betance, director of KCC's Restructuring Services, says
that her firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code, and does not
hold or represent any interest adverse to the Debtors' estates
or of any class of creditors or equity security holders.

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

                          *     *     *

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


QUEBECOR WORLD: Seeks Authority to Assume Various Contracts
-----------------------------------------------------------
Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to
assume executory contracts with various entities.

1. Hell Gravure, GMBH & Co. KG

The Debtors want to assume four executory contracts with Hell
Gravure, GMBH & Co. KG to which the Debtors would buy certain
rotogravure printing equipment and related software from Hell
Gravure:
   
   (a) Quebecor Worlfd Atglen Inc. and Hell Gravure Agreement
       for purchase of two K6 Engravers for the Debtors' Atglen,
       Pennsylvania facility;
   
   (b) Quebecor World Mt. Morris II LLC and Hell Gravure
       Agreement for the purchase of two K6 Engravers for the
       Debtors' Mt. Morris, Illinois Facility;
   
   (c) QW Atglen and Hell Gravure Agreement for the purchase of
       two K6 Engravers for the Debtors' Franklin, Kentucky
       facility; and
   
   (d) A purchase order between QW Memephis Corp. and Hell
       Gravure for K6 upgrades to existing K406 Engravers for
       the Debtors' Dickson, Tennessee facility.

The Debtors owe EUR1,872,938 to Hell Gravure under the
contracts.

The Debtors seek the Court's authority to pay its cure amounts
and provide Hell Gravure with adequate assurance of future
performance in accordance with Section 365 of the Bankruptcy
Code.

Michael Canning, Esq., at Arnold & Porter LLP, in New York, says
that assumption of the contracts is critical to the Debtors'
business.

2. Maschinenfabrik K. Walter GMBH & Co. KG

The Debtors seek the Court's authority to assume two contracts
with Maschinenfabrik K. Walter GMBH & Co. KG for the purchase of
copper tanks used to plate the cylinders used in the rotogravure
printing process.  

Quebecor World Nevada Inc. entered into an Equipment Purchase
Agreement with K. Walter dated Sept. 3, 2007, for the purchase
of one copper tank for the Debtors' Fernley, Nevada facility,
and Quebecor World Atglen, Inc. entered into an Equipment
Purchase Agreement with K. Walter dated Sept. 19, 2007, for the
purchase of one copper tank for the Debtors' Franklin, Kentucky
facility.

The Debtors also ask Judge James M. Peck's permission to pay a
US$240,000 cure amount on account of the equipment for the
Fernley plant.  The Debtors will provide K. Walter with adequate
assurance of future performance.

Mr. Canning says the Cylinder Plating Equipment is necessary to
the Debtors' business, and the favorable terms of the Agreements
make it a valuable asset of the Debtors' bankruptcy estates.
  
3. SIM Products Inc.

Debtor Quebecor World Logistics Inc. and SIM Products Inc.
entered into a contract, wherein the Debtor would purchase six
30-Pocket Co-Mailing Systems from SIM.  Co-Mailers are used by
the Debtors in connection with their direct mail business.  A
30-Pocket Co-Mailer system consists of software and equipment
capable of integrating subscriber lists from up to 30 different
publishers and then bundling the related publications according
to mail carrier routes and postal ZIP codes established by the
U.S. Postal Service, so that magazines, catalogs and other
materials published by multiple customers that are destined for
the same geographic area are grouped together prior to delivery
to the Postal Service.

As of March 10, 2008, the Debtors have made down payments and
installment payments totaling 39% of the total purchase price.  
The unpaid prepetition amount currently due and owing on account
of the Co-Mailers is US$541,965, which is the amount that would
be required to cure the Debtors' defaults under the Agreement
pursuant to Section 365(b) of the Bankruptcy Code.

The Debtors ask Judge Peck for permission to assume the
contract, pay the Cure Amount to cure existing defaults, and
provide SIM with adequate assurance of future performance.  The
Co-Mailers are necessary to the Debtors' business, and the
favorable terms of the Agreement make it a valuable asset of the
Debtors' bankruptcy estates, Mr. Canning says.

4. Goss International Americas Inc.

Debtor Quebecor World Waukee Inc. and Goss International
Americas Inc. entered into a contract, wherein Waukee would
purchase a Universal 45 Four-High Tower Add-On with related
equipment from Goss.

According to Mr. Canning, the Tower would be added as an
additional tower to an existing Goss Universal 45 press at the
Debtors' facility in Waukee, Iowa.  The Goss U45 Press is used
primarily in the Debtors' telephone directory business.  The
Tower would provide additional page and color capability to the
existing Goss U45 Press.  "Increasing the range of page and
color capability that the Debtors are able to offer to their
customers will substantially increase their ability to generate
revenue in the telephone directory business," Mr. Canning says.  

Mr. Canning relates that beginning mid-April 2008, the Waukee
facility will lose a substantial amount of earnings each week
the Tower is not operational, as it will have to outsource a
substantial amount of work produced on the Goss U45 Press.  
Installation of the Tower was scheduled for March-April because
the facility is less busy during this time and could more easily
afford to take the Goss U45 Press offline for the time it will
take to complete the installation and testing for the Tower.  As
of March 10, 2008, the Tower has been manufactured and shipped
to Waukee, and Goss has represented to the Debtors that it is
prepared to begin installation of the Tower immediately
following assumption of the Agreement, Mr. Canning says.

As of March 10, 2008, the Debtors have made down payments and
installment payments totaling 45% of the total purchase price.  
The unpaid amount currently due and owing on account of the
Tower is US$705,458, which is the amount that would be required
to cure the Debtors' defaults under the Agreement pursuant to
Section 365(b) of the Bankruptcy Code.

The Debtors seek the Court's authority to assume the Agreement,
pay the Cure Amount to cure existing defaults, and provide Goss
with adequate assurance of future performance.  

Mr. Canning relates that the Tower is necessary to the Debtors'
telephone directory business and will allow the Debtors to avoid
outsourcing work related to that line of business.  "Moreover,
because the Debtors have already installed the Goss U45 Press at
their Waukee facility, Goss is the only manufacturer that
produces a tower add-on that is compatible with the Debtors'
existing equipment."

                      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. 10; 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: Wants to Pay US$3,175,111 Sales Commissions
-----------------------------------------------------------
Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to pay
prepetition sales commissions currently owing to 108 sales
representatives.  Of these 108 sales representatives, 107 are
owed accrued prepetition commissions by no later than
March 31, 2008.  The other employee is owed US$15,000 for
meeting specific sales and budget attainment goals in 2007.  
This payment was due at the end of January 2007, and the Debtors
seek authority to pay this employee for successfully achieving
the target sales goal.

The total amount of the sales commissions due to these 108
individuals is US$3,175,111.  Of this amount, US$2,224,373
reflects amounts in excess of US$10,950 per employee, with the
proposed prepetition payments per employee ranging from US$142
to US$251,441.

Michael Canning, Esq., at Arnold & Porter LLP, in New York,
notes that along with the sales commissions due in March, there
are certain prepetition commission obligations that have not yet
been fully resolved.  
        
Mr. Canning says the Debtors reserve the right to file a motion
to seek the Court's authority to pay additional prepetition
sales commissions, which the Debtors currently estimate to be
approximately US$550,000.

           First Motion to Pay Prepetition Commissions

As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court gave the Debtors permission to pay accrued prepetition
commissions due and owing as of Feb. 1, 2008, to their sales
representatives.

The TCR said on Feb. 19, 2008, Mr. Canning related that the
Debtors' sales representatives are located in plants or in
regional offices throughout North America, Europe and Latin
America, and customers are able to coordinate simultaneous
printing throughout the Debtors' network through a single sales
representative.

Mr. Canning said that the Debtors owe 59 sale representatives,
as of Feb. 1, US$1,792,993.  Of this amount, US$1,234,641
reflects amounts in excess of US$10,950 per employee, with the
proposed prepetition payments per employee ranging from US$933
to US$117,868.

The Debtors intends to provide the Office of the United States
Trustee and counsel to the Official Committee of Unsecured
Creditors a schedule showing for each employee scheduled to
receive sales commissions on Feb. 1, 2008, the amount of payment
and the amount of additional compensation previously received by
the employee on account of 2007.

                      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. 10; 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.



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

ECOPETROL: Wants to List Shares on New York Stock Exchange
----------------------------------------------------------
Ecopetrol President Javier Gutierrez told Reuters that the
company wants to list its shares on the New York Stock Exchange
in the second half of this year.

According to Reuters, Ecopetrol sold 10.1% of its stake for
US$2.8 billion to Colombian investors last year, the first time
that the firm opened itself to private investment.

Ecopetrol told Reuters that proceeds from the privatization are
being invested in the company as it tries to revitalize the oil
sector.  

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.


PACIFICNET INC: Files Involuntary Bankruptcy in Delaware Court
--------------------------------------------------------------
PacificNet, Inc. disclosed that three holders of the company's
convertible subordinated debentures filed an involuntary
petition for Chapter 11 relief in federal bankruptcy court on
March 22, 2008, in Wilmington, Delaware.  The company has
retained counsel to oppose the filing because the petition fails
to meet the standard for invoking an involuntary bankruptcy and
fails to take into consideration other binding agreements
between the company and the petitioning creditors that control
the relationships between them.  The company intends to
vigorously opposethe petition and move for dismissal of the
filing, and if successful will seek damages and attorneys fees.

"PacificNet intends to take all appropriate actions and remedies
regarding the involuntary petition," said Chief Executive
Officer, Tony Tong.  "We are working very hard with the advice
of counsel to resolve this issue as soon as possible.  We regret
the action taken by these bondholders, however, we must be sure
that any settlement reached is fair to all parties involved,
including our shareholders.  In the meantime, we will continue
to operate as usual with no changes to our day-to-day
operations. "

PacificNet, Inc. (Nasdaq: PACT) is a provider of gaming and
mobile game technology worldwide.  Through its gaming
subsidiaries including PactGames, Take1 Technologies and
Octavian International, PacificNet offers solutions in casino
equipment supply and the development, installation and support
of systems and game content for the casino, lottery and AWP
markets.  The company employs around 1,800 staff in its various
subsidiaries with offices in Argentina, Australia, China,
Colombia, Germany, Hong Kong, India, Italy, Russia, Ukraine,
U.K. and the U.S.

                         *      *      *

As reported in the Troubled Company Reporter on March 19, 2008,
Los Angeles-based Kabani & Company, Inc., raised substantial
doubt about the ability of PacificNet, Inc., to continue as a
going concern after it audited the company's financial
statements, as restated, for the year ended Dec. 31, 2006.

The auditor pointed out that the company incurred net losses,
had a negative cash flow in operating activities amounting to
negative US$8,190,000 in the year ended Dec. 31, 2006, and the
company's accumulated deficit was US$51,090,000 as of
Dec. 31, 2006.  In addition, the company is in default on its
convertible debenture obligation.


SOLUTIA INC: Harbinger Capital, et al., Hold 30.1% Stake
--------------------------------------------------------
A joint Schedule 13D have been filed in the U.S. Securities and
Exchange Commission by:

     * Harbinger Capital Partners Master Fund I, Ltd. -- Master
       Fund;

     * Harbinger Capital Partners Offshore Manager, L.L.C. --
       Harbinger Management -- the investment manager of the
       Master Fund;

     * HMC Investors, L.L.C., Harbinger Management's managing
       member -- HMC Investors;

     * Harbinger Capital Partners Special Situations Fund, L.P.
       -- Special Fund;

     * Harbinger Capital Partners Special Situations GP, LLC --
       HCPSS -- the general partner of the Special Fund;

     * HMC - New York, Inc. -- HMCNY -- the managing member of
       HCPSS;

     * Harbert Management Corporation -- HMC -- the managing
       member of HMC Investors and the parent of HMCNY;

     * Philip Falcone, a shareholder of HMC and the portfolio
       manager of the Master Fund and the Special Fund;

     * Raymond J. Harbert , a shareholder of HMC; and

     * Michael D. Luce, a shareholder of HMC.

As of March 11, 2008, 59,943,092 shares of new common stock are
outstanding -- based on the 59,750,000 shares Solutia Inc.
reported outstanding and issued as the company's emergence,
adjusted for warrants held by HMC, et al.

William R. Lucas, Jr., on behalf of the Entities, discloses that
as of March 11, they may be deemed to beneficially own these
number of Shares:

     Party                     Shares Owned     % of Shares
     -----                     ------------     -----------
     Master Fund                 12,032,149           20.1%
     Harbinger Management        12,032,149           20.1%
     HMC Investors               12,032,149           20.1%
     Special Fund                 6,026,461           10.1%
     HCPSS                        6,026,461           10.1%
     HMCNY                        6,026,461           10.1%
     HMC                         18,058,610           30.1%
     Mr. Falcone                 18,058,610           30.1%
     Mr. Harbert                 18,058,610           30.1%
     Mr. Luce                    18,058,610           30.1%

No borrowed funds were used to purchase the Shares, other than
any borrowed funds used for working capital purposes in the
ordinary course of business, according to Mr. Lucas.  He states
that the Reporting Persons have acquired their Shares for
investment and they reserve their rights.

Mr. Lucas says that each the Reporting Persons has:

    -- the sole power to vote or direct the vote of zero Shares;

    -- the shared power to vote or direct the vote corresponding
       to the number of Shares they own;

    -- has the sole power to dispose or direct the disposition
       of zero Shares; and

    -- shared power to dispose or direct the disposition of
       Shares corresponding to the number of Shares they own.

The Reporting Persons, with the exception of Master Fund,
specifically disclaim beneficial ownership in the Shares
reported except to the extent of their pecuniary interest in the
Shares.

In a Form 3 filing with SEC, Master Fund discloses that:

    -- it directly owns 193,092 warrants to purchase shares of
       common stock with a conversion or exercise price of
       US$29.70; and

    -- it indirectly owns 193,092 warrants with a conversion or
       exercise price of US$29.7.  These securities may be
       deemed to be beneficially owned by Harbinger Management,
       HMC Investors, HMC, and Messrs. Falcone, Harbert and
       Luce.  Each disclaims beneficial  ownership of the
       securities reported except to the extent to his or its
       pecuniary interest in these.

                        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.  
S&P said 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: Settlement with GE Betz Gets Court Approval
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a stipulation between Solutia Inc. and GE Betz Inc.,
under which both companies agree that:

    -- Claim No. 14845 will amend and supersede Claim No. 5640;

    -- GE Betz may exercise its right of setoff.  GE Betz
       withdraws the secured claim of US$124,545; and

    -- GE Betz will retain an allowed general unsecured claim of
       US$255,575.

As reported in the Troubled Company Reporter on March 6, 2008,
GE Betz filed Claim No. 5640 on Nov. 22, 2004, alleging a total
claim of US$406,006, of which US$124,545 was secured by a right
of offset.

On Feb. 4, 2008, GE Betz filed Claim No. 14845 for US$380,119,
of which US$124,545 is secured by a right of offset.  Claim No.
14845 is intended to amend and supersede Claim No. 5640.

                        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.  
S&P said 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: Several Parties Disclose Ownership of Firm Shares
--------------------------------------------------------------
These parties disclosed in regulatory filings with the
Securities and Exchange Commission their ownership of
Reorganized Solutia Inc. securities:

                      Non-Derivative             Derivative
                        Securities               Securities
Entity             Acquired       Owned     Acquired       Owned
------             --------       -----     --------       -----
Jeffry N. Quinn      20,000      20,115            -           -
President, Chief     10,000      30,115
  Executive
  Officer &
  Chairman

Timothy J. Spihlman     800      24,800            -           -
Vice President &        100      24,900
  Corporate             100      25,000
  Controller

James M. Sullivan     2,000      63,895            -           -
Senior Vice           2,000      65,895
  President, Chief    1,000      66,895
  Financial Officer   4,000      70,895
  & Treasurer

Luc de Temmerman        300         300            -           -
Senior Vice President   100         400
  & President Perf.   2,100       2,500
  Products

James R. Voss           100      40,100            -           -
Senior Vice             100      40,200
  President &           200      40,400
  President             400      40,800
  Flexsys               400      41,200
                        600      41,800
                        700      42,500

Hal E. Wallach,         500         500            -           -
  Jr.                   300         800
Senior Vice             200       1,000
  President -           100       1,100
  Human Resources       200       1,300
                      2,700       4,000
                      2,000       6,000

Mr. Quinn indirectly owns the securities -- 20,000 at
US$13.2066, and 10,000 at US$9.95 -- for the Jeffry N. Quinn
Trust.

Mr. Spihlman acquired the shares at prices ranging from US$11.26
to US$11.40.

Mr. Sullivan acquired the securities at prices ranging from $11
to US$13.45.

Mr. Temmerman acquired the securities at prices ranging from
US$11.33 to US$11.37.

Mr. Voss directly owns the securities.  The securities' prices
range from US$13.47 to US$13.66.

Mr. Wallach acquired the shares at prices ranging from US$10 to
US$14.11.

                        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.  
S&P said 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.



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

HERBALIFE LTD: Seven Summits Issues PriceWatch Alerts
-----------------------------------------------------
Seven Summits Research issues PriceWatch Alerts for key stocks.  
Seven Summits Strategic Investments' PriceWatch Alerts are
available at  http://www.iotogo.com/s/032608A.

The PriceWatch Alerts cover these stocks:

   * First Solar, Inc. (Nasdaq: FSLR),
   * Morgan Stanley (NYSE: MS),
   * ConocoPhillips (NYSE: COP),
   * Jabil Circuit Inc. (NYSE: JBL), and
   * Herbalife Ltd. (NYSE: HLF).

Along with Seven Summits PriceWatch Alerts, these brief reports
contain a concise market overview, economic calendar and Dynamic
Market Opportunities.  PriceWatch Alerts include hedged trade
ideas designed to potentially protect investors from unexpected
market shifts.  While other market reports only provide stock
news, Seven Summits offer strategies that hedge investments
against uncertainty.  Hedged trades increase chances of making a
profit, even if a stock goes down.

"Our PriceWatch Alerts go beyond other market reports.  Along
with a brief concise market overview, each PriceWatch Alert
provides useful strategies, which ensure potential investments
are protected with basic hedging techniques," says Seven Summits
Senior Analyst, Reid Stratton.  "This brief report contains
information that can benefit expert and novice investors who
want to stay ahead of the market."

For essential information on stocks poised to move go to:
http://www.iotogo.com/s/032608Afor Seven Summits Strategic  
Investments' PriceWatch Alerts.

             About Seven Summits Investment Research

Seven Summits Investment Research --
http://www.SevenSummitsInvestmentResearch.com-- is an  
independent investment research group, which focuses on the U.S.
equities and options markets.  The company's analytical tools,
screening techniques, rigorous research methods and committed
staff provide solid information to help its clients make the
best possible investment decisions.

                      About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/-- is a  
global network marketing company that sells weight management,
nutritional supplement, energy & fitness products and personal
care products through a network of over 1.7 million independent
distributors where the company currently sells the products
through retail stores and an employed sales force.  The company
reports in the U.S., Canada, Jamaica, Mexico, Costa Rica, El
Salvador, Panama, the Dominican Republic, Brazil, Europe,
Africa, New Zealand and Australia, among others.  Herbalife was
founded in 1980 and is based in Grand Cayman, Cayman Islands.


                          *      *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Herbalife Ltd. remains on CreditWatch with
negative implications following the company's announcement that
the company's board of directors has rejected a bid to be
acquired by Whitney V L.P.  The board indicated that although it
views Whitney's bid as too low, it would consider an
improved offer.


SIRVA INC: Committee Requests to Hire TRN as Investment Banker
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sirva Inc. and
its debtor-affiliates ask the U.S. Bankruptcy Court for the
Southern District of New York for authority to retain Trenwith
Securities, LLC, as its investment banker, nunc pro tunc to
Feb. 23, 2008.

According to the Committee, TRN has extensive familiarity with
investment banking, valuation, and corporate finance in
insolvency matters.  The Committee adds that TRN has indicated a
willingness to act as investment banker on the Committee's
behalf.

As investment banker, TRN will:

   (a) analyze the Debtors' business, operations, and financial
       position in light of potential transactions related to
       the sale of securities or assets;

   (b) evaluate proposals from potential investors or purchasers
       of securities or assets;

   (c) advise the Committee on strategy and tactics for
       discussion and negotiations relating to valuation of
       securities, assets, and other transactions;

   (d) recommend and analyze the "highest and best" alternatives
       for the Committee; and

   (e) support the Committee in other matters it may request.

TRN will be paid on an hourly basis, and will be reimbursed of
actual, necessary expenses and other charges incurred.  Its
standard hourly rates are:

     Position                         Hourly Rate
     --------                         -----------
     Managing Directors             US$600 - US$675
     Principals                     US$300 - US$600
     Vice-Presidents                US$225 - US$375
     Associates                     US$175 - US$275
     Staff                          US$125 - US$200

Jeffrey R. Manning, a managing director at TRN, assures the
Court that his firm does not hold any interest adverse to the
Debtors, their estates, their creditors, and the Committee.  TRN
is a "disinterested person" as that term is applied in Section
101(14) of the Bankruptcy Code.

                       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. 10; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)



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

ABITIBIBOWATER: Affiliate Prices US$413MM Offering of Sr. Notes
---------------------------------------------------------------
AbitibiBowater Inc.'s subsidiary, Abitibi-Consolidated Company
of Canada, priced a private offering of US$413 million aggregate
principal amount of 13.75% senior secured notes due
April 1, 2011.

The notes were sold to qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as
amended, and to non-U.S. persons in reliance on Regulation S
under the Securities Act.  The notes have not been registered
under the Securities Act or any state securities laws.  

ACCC also priced a US$400 million 364-day senior secured term
loan with a coupon of LIBOR + 800 basis points, with a 3.5%
LIBOR floor, at a price of 96% of par.

The closing of both transactions is expected to occur on or
about April 1, 2008, subject to the concurrent closing of both
transactions and two other transactions.  All four transactions
are subject to the satisfaction of various closing conditions,
including the receipt of various third-party approvals.  

The net proceeds from all four transactions will be used as part
of the overall refinancing plan for the company's Abitibi-
Consolidated Inc. subsidiary, which is intended to address
upcoming debt maturities and general liquidity needs.

                    About AbitibiBowater

Headquartered in Dallas, Texas, Affiliated Computer Services
Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology services to
commercial and government clients.  The company has two segments
based on the clients it serves: commercial and government.  The
company provides services to a variety of clients including
healthcare providers and payers, manufacturers, retailers,
wholesale distributors, utilities, entertainment companies,
higher education institutions, financial institutions, insurance
and transportation companies.  The company has operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.


TECO ENERGY: Fitch Raises Issuer Default Rating From 'BB+'
----------------------------------------------------------
Fitch upgrades the Issuer Default Rating and senior unsecured
debt ratings of TECO Energy, Inc. to 'BBB-' from 'BB+'.  In
addition, Fitch has removed TECO and its subsidiary, Tampa
Electric Company from Rating Watch Positive.  The Rating Outlook
is Stable.  Fitch affirms the IDR of Tampa Electric at 'BBB'.  
Approximately US$3.2 billion of debt is affected by this rating
actions.

Fitch's upgrade of TECO reflects the leverage reduction
resulting from pay-down of parent debt using a portion of the
proceeds from the US$405 million sale of the barge operations
and earlier debt reduction efforts. TECO reduced parent and
parent guaranteed debt by US$765 million in 2007.  Fitch expects
TECO's FFO coverage ratio to be approximately 3.8 times and a
FFO to debt ratio of approximately 19% in 2008, which are
consistent with guidelines for the new rating level.  In
addition, TECO has reduced business risk over the past few years
through sales of certain non-regulated operations and a focus on
Florida utility operations.

TECO's liquidity position is considered strong.  Cash and cash
equivalents were US$162.6 million and available credit
facilities were US$640.5 million at year-end 2007.  Liquidity is
enhanced by US$508 million of net operating losses tax carry-
forwards as of Dec. 31, 2007, which is expected to result in
minimal cash tax payments through 2010.  In addition, there was
approximately US$197 million of alternate minimum tax carry
forwards at Dec. 31, 2007.  There is no long-term debt maturing
at the parent holding company in 2008 or 2009 and TECO has
extended the average life of its debt through refinancing
efforts.

TECO's ratings are supported by upstream dividends from
regulated utilities in Florida and profitable coal mining and
Guatemala power investments.  Primary credit concerns are
increasing operating costs at the utilities, a weak Florida
housing market and slowing state economy that are expected to
contribute to more moderate growth of energy sales, and
increasing capital spending for new gas-fired generation
capacity and other investments.  In addition, Fitch is concerned
that higher risk TECO Coal and Guatemala operations may begin to
contribute a greater proportion of consolidated cash flow.

The ratings of Tampa Electric were affirmed.  Credit metrics are
expected to remain consistent with the current rating for the
next few years assuming the State regulatory environment
continues to be supportive and the parent company invests equity
in the utility.  In 2008, Tampa Electric is expected to file for
its first base rate increase since 1992 as it continues to
invest to meet system growth and reliability needs.  Credit
concerns include an increasing reliance on gas-fired generating
capacity over the next five years, more stringent environmental
regulations, slower kilowatt hour sales growth and the need for
base rate relief to earn allowed rates of return.

Fitch has upgraded these ratings and assigned a Stable Rating
Outlook:

TECO Energy, Inc.

  -- IDR to 'BBB-' from 'BB+';
  -- Senior unsecured to 'BBB-' from 'BB+'.

TECO Finance

  -- IDR to 'BBB-' from 'BB+';
  -- Senior unsecured to 'BBB-'from 'BB+'.

Fitch affirmed these ratings and assigned a Stable Rating
Outlook.

Tampa Electric Company

  -- IDR at 'BBB';
  -- Senior unsecured at 'BBB+';
  -- Short-term rating at 'F2'
  -- Commercial paper at 'F2'.

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



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

CLEAR CHANNEL: Get Temporary Restraining Order Against Banks
------------------------------------------------------------
District Court Judge John D. Gabriel of Bexar County, Texas, on
Wednesday night, awarded a Temporary Restraining Order in favor
of Clear Channel Communications Inc.

The company had sued the banks that committed to financing the
debt connected to their US$26 billion merger for tortious
interference on March 26, 2008.

Judge Gabriel ordered that the banks, among other things, must
not “interfere with or thwart consummation of the Merger
Agreement” by:

     1) refusing to fund the Merger transaction,

     2) insisting on terms that are inconsistent with the
        Commitment Letter, or

     3) refusing to act in good faith in the drafting of
        definitive loan documents.


In a statement released on their website, Clear Channels said
that with the ruling, “the banks and the purchasers will now be
able to move quickly to complete the loan documents and fund the
merger.”

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and  
entertainment company specializing in mobile and on-demand
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside the United States, the company has operations in France,
Italy, Spain and the United Kingdom, as well as Australia, China
and Mexico.


CLEAR CHANNEL: Fitch Says Ratings Hold if Going-Private Fails
-------------------------------------------------------------
In line with previous guidance, Fitch Ratings stated that Clear
Channel Communications 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Fitch originally downgraded Clear Channel's ratings to 'BB-'
from 'BBB-' on Nov. 16, 2006 after the company announced it had
executed a definitive merger agreement with a private equity
group to be acquired for over US$26 billion.  At that time,
Fitch stated that the consummation of the going-private
transaction would likely result in lower ratings, but that any
cancellation of the merger would not result in any upward
movement of the 'BB-' ratings, as management demonstrated a
tolerance for greater leverage. Clear Channel has significant
debt maturities coming due over the next three years, including
its bank facility.  Fitch believes the risk of financial policy
revisions must be properly reflected in the ratings on any
future market transactions that may be used to re-finance these
maturities. Executive management employment agreements extend
into 2014.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and  
entertainment company specializing in mobile and on-demand
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside the United States, the company has operations in France,
Italy, Spain and the United Kingdom, as well as Australia, China
and Mexico.


CLEAR CHANNEL: Might Face Ad Sector Woes Alone, Report Says
-----------------------------------------------------------
Clear Channel Communication Inc. faces another potential
struggle aside from facing a possible collapse of its sale to
Thomas H. Lee Partners LP and Bain Capital Partners LLC,
according to Sarah McBride of The Wall Street Journal.  The
report said the company stands to go alone in "a faltering radio
industry."

As reported by the Troubled Company Reporter on March 26, 2008,
the privatization of Clear Channel appeared in danger of
collapsing after the backers failed to reach agreement on the
final financing of the transaction.  The TCR also reported that
the buyers filed complaints in New York state court in Manhattan
and in Bexar County, Texas to force the financiers to keep a
promise to fund the deal in May 2007.  Clear Channel joined the
suit in Texas.

WSJ said, "If the deal isn't completed, Clear Channel will be
back to square one in a business that has declined sharply
during the months it has chased the sale."  The advertising
sector is suffering in general and radio advertising in
particular, the report noted.  Some of Clear Channel's radio
operations have suffered while the sale is pending.  At the time
of the proposed sale, the company owned 1,150 stations.  The
number is now down to about 1,000, the report said.

Clear Channel could depend on its promising billboard
advertising to perform well, but worries remain that broader
economic woes might drag down the sector, according to the
report.

The report supported the idea posited by Bear Stearns analyst
Victor Miller to separate its slower-growing radio business from
the more promising billboard category to restore some confidence
and boost shares.  Mr. Miller also suggested the company could
sell its international outdoor business, the report said.

What the report sees as the bright side at Channel Communication
is the company's lower debt than most similar companies -- which
was noted by Bernstein Research analyst Michael Nathanson.  
Clear Channel has a ratio for debt-to-EBITDA of 2.6 for 2008.  

Clear Channel had anticipated closing the merger agreement it
entered into in May 2007 by 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.

If the deal is not pushed through, Channel Communications would
get a breakup fee of US$500 million to US$600 million, and it
wouldn't have to sell six radio stations as required under the
privatization.

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.

         Restraining Order Issued Against Sale Financiers

The recent WSJ report stated that on Thursday, a judge in Texas
issued a restraining order forbidding the banks from refusing to
fund the merger.  Later in the day, the banks filed a notice to
try to move the suit to federal court, the report stated.

                       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.


CLEAR CHANNEL: Moody's Says Ratings Remain Under Review
-------------------------------------------------------
On March 26, 2008, Clear Channel Communications, Inc. and
affiliates of the Thomas H. Lee Partners, L.P. and Bain Capital
Partners, LLC, filed a lawsuit against the banks who had
committed to financing the debt in connection with their US$26
billion merger.  Subsequently, a Texas judge issued a
restraining order in favor of Clear Channel.

The company's ratings remain under review for possible downgrade
pending closing of the acquisition.  Moody's will continue to
monitor developments in order to assess the likelihood that the
transaction will close.

If the buyout is completed, the company's pro-forma leverage is
expected to increase substantially and the post-acquisition
company will have significantly weaker credit metrics.  Assuming
the transaction is completed as currently contemplated, Clear
Channel will likely be assigned a Corporate Family Rating of B2
and the rating on the existing senior notes is likely to be
notched down to Caa1 based on their expected subordination to
the new senior secured debt facilities and the new senior notes.

In the event the proposed leveraged buyout does not close, Clear
Channel's ratings still have a high probability of being
downgraded to speculative grade based on the company's now
demonstrated predilection for shareholder friendly behavior.  If
the buyout does not close, the review will focus on the
company's business strategy and financial policy including
management's tolerance for financial risk.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and  
entertainment company specializing in mobile and on-demand
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside the United States, the company has operations in France,
Italy, Spain and the United Kingdom, as well as Australia, China
and Mexico.


GLENSHAW GLASS: Changes Name to Kelman Bottles
----------------------------------------------
Kelman Bottles LLC is the new name of the former Glenshaw Glass
Company and officially begins a new chapter of glassmaking in
Pittsburgh.  Kelman Bottles occupies 100,000 square feet in the
former Glenshaw plant along Route 8 in Glenshaw, Pennsylvania.  
The company produces 3 colors of glass -- amber, flint and
green.

Glassmaking was one of Pittsburgh's earliest industries.  By
1870, there were over sixty factories in the region producing
half of the nation's glass supply.  In the past 50 years,
foreign competition has forced many domestic glass companies to
close. Kelman Bottles is committed to reversing the trend.

There is significant demand for glass containers from buyers
ranging from the largest breweries and wineries to local,
independent producers.  According to owner William Kelman
"Demand is coming from the food and beverage industries which
have seen a number of glass producers cease operations in recent
years.  The glass companies remaining are benefiting from the
reduced number of domestic suppliers."

                      Creation of 120 Jobs

Kelman Bottles currently produces 220 tons of glass per day and
employs more than 100 people.  Immediate plans are to restore
two additional furnaces, which would create another 120 jobs in
the community.  A major reason for Kelman Bottles' willingness
to invest in Western Pennsylvania is the experience, skill and
dedication of the employees.  Many of the company's employees
have more than thirty years of glass industry experience.

Kelman Bottles plays an important role in the environmental
movement in the community by recycling glass.  Currently only
25% of glass bottles are recycled in Pennsylvania compared to
over 80% in Europe and Canada.  "A key to our success will be
the use of recycled glass.  You will see us working to reduce
the glass that goes into landfills.  Our hope is that we can
help Pennsylvania not only match the recycling rates in Europe
but exceed them," Mr. Kelman states.

As an independent glass company in an industry dominated by a
small number of major players, Kelman Bottles is comfortable in
its role as a niche supplier.  "Having acquired a shuttered
glass plant, our initial focus was to bring in orders and get
the plant making bottles again.  Our team has been successful in
doing both. Our mission going forward is simple -- "We aim to be
the best - not the biggest."

               About Glenshaw Glass/Kelman Bottles

Allison Park, Pennsylvania-based GGC LLC, aka Glenshaw Glass
Company faced an involuntary chapter 7 petition on Feb. 1, 2005
(Bankr. W.D. Penn. Case No. 05-21071) by TIN Inc., d/b/a Temple-
Inland, Pro-Tec Partitons Inc., and Terlyn Industries Ltd.  
Judge M. Bruce McCullough presides the case.  David K. Rudov,
Esq., at Rudov & Stein represents the petitioning creditors who
have an aggregate claim of more than US$1 million.

Pittsburgh Business Times reported on March 20, 2008, that
Glenshaw Glass Company was liquidated under chapter 11 of the
U.S. Bankruptcy Code in 2006.

Now known as Kelman Bottles -- http://kelmanbottles.com/-- the  
company produces glass containers for the food and beverage
industry in the US, Canada and Mexico.


MOVIE GALLERY: Court Extends Lease Decision Period to May 13
------------------------------------------------------------
The Honorable Douglas O. Tice of the U.S. Bankruptcy Court for
the Eastern District of Virginia extended the period by which
Movie Gallery Inc. and its debtor-affiliates must assume or
reject leases, through and including May 13, 2008.

The Court clarified that the Order is be without prejudice to
the rights of:

   -- the Debtors to request and obtain further related  
      extensions;

   -- parties-in-interest to oppose the Debtors' requests for
      extension, or their rejection or assumption of any Lease;
      and

   -- any party to seek to compel the Debtors to assume or
      reject any Leases.

Judge Tice ruled that the extension does not apply to the Lease
located at 6301 Troost, in Kansas City, Missouri, which
terminated by its own terms on Dec. 31, 2007.

                       About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment  
specialty retailer.  It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors have until June 13, 2008 to file
their plan of reorganization.  (Movie Gallery Bankruptcy News
Issue No. 22; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: SyWest Opposes Lease Assignment to WaMu
------------------------------------------------------
SyWest Development asks the U.S. Bankruptcy Court for the
Eastern District of Virginia to deny Movie Gallery Inc. and its
debtor-affiliates' request to assume and assign a lease to
Washington Mutual.

SyWest Development and the Debtors are parties to a non-
residential real property lease agreement dated Oct. 8, 1996,
involving Fruitvale Station Shopping Center located in Oakland,
California, where the Debtors operate one of their stores.

SyWest contends that the Debtors' proposal to assume and assign
the Oakland Lease to Washington Mutual Bank for use as a bank
branch:

  * violates the use provision of the Lease and an exclusivity
    provision in favor of Bank of the West, another tenant in
    the center; and

  * must provide all adequate assurance information under
    Section 365(b) of the Bankruptcy Code.

Pursuant to the Phase 2 Auction procedures, an executed Sale
Agreement constitutes a sale free and clear of any interest
including, without limitation, any liens, claims or encumbrances
or other interests on or in the Phase 2 Leases that are subject
to Sale Agreements.  A Designation Rights Agreement will entitle
good-faith purchasers with adequate protections.

Charles W. Chotvacs, Esq., at Ballard Spahr Andrews & Ingersoll,
LLP, in Washington, D.C., contends that shopping center leases
will often "contain complementary restrictive use provisions
. . . [where] . . . various tenants are bound to provide a
complementary and diverse array of products and services which
together will attract a large number of customers to the
shopping center."

According to Mr. Chotvacs, the Debtors' proposed lease
assignment violates the provisions of the Lease and the Bank of
West Lease under Section(b)(3) of the Bankruptcy Code which
requires that "any attempt to assume and assign a lease will be
subject to the terms of the lease, including provisions
concerning use, exclusivity and tenant mix and balance."

"The word 'mix' implies that issues will focus on the inclusion
or exclusion of a store in the array or mix of mall stores; and
'balance' implies issues focusing on the location and
relationship of tenants in [it]," Mr. Chotvacs states, pointing
the Court to In re Federated Dept. Stores, Inc., 135 B.R.
941, 943 (Bankr. S.D.Ohio 1991).

In effect, Mr. Chotvacs continues, the proposed use of the
Premises as a bank will adversely affect the Landlord's
merchandising plans for the Center.

Additionally, the Debtors' proposed assumption and assignment of
the Lease to Washington Mutual places the Landlord in breach of
the Bank of the West Lease and can subject Sywest to significant
damages and legal fees, Mr. Chotvacs says.

                       About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment  
specialty retailer.  It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors have until June 13, 2008 to file
their plan of reorganization.  (Movie Gallery Bankruptcy News
Issue No. 22; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Wants Consent Procedures for Lessors Approved
------------------------------------------------------------
Movie Gallery Inc. and its debtor-affiliates asked the Honorable
Douglas O. Tice of the U.S. Bankruptcy Court for the Eastern
District of Virginia to approve procedures for receiving prior
written consent of lessors to extend the deadline by which the
Debtors must assume or reject unexpired leases of nonresidential
real property.

As part of their prepetition and ongoing restructuring
initiatives, the Debtors have made decisions since the date of
bankruptcy with respect to approximately 1,000 leases of
nonresidential real property to maximize the value of their
estates.

The Debtors maintained that they will need additional
flexibility to assume or reject their remaining 3,000 leases,
which may foreclose some restructuring options and create
unnecessary administrative claims.  Alternatively, the Debtors
would be forced to negotiate extensions with several landlords
on an individual basis, which is a process that would prove
inefficient and expensive.

Pursuant to the Consent Procedures, the Debtors proposed that:

   (a) they will compile a schedule of the Leases on which
       additional time is needed to make decisions to assume or
       reject;
               
   (b) a notice of the Court-approval of the Consent Procedures        
       will be sent to landlords;

   (c) a Consent Letter will be sent to concerned lessors;

   (d) the Consent Letter will state the Debtors' request for
       the Lessor's written consent to the lease decision
       deadline, to be extended through and including the
       earlier of:
       
          (a) Sept. 15, 2008; and
          
          (b) the Plan Effective Date in exchange for US$100
              consent check for each lease.

       A full-text copy of the Consent Letter is available for
       free at http://researcharchives.com/t/s?299f/

   (e) a lessor's cashing of the consent check that the Debtors
       will send along with the Consent Letter constitutes an
       acceptance of the Debtors' offer for US$100 and consent
       that the lease decision deadline may be extended, thereby
       creating a written contract between the Debtors and the
       lessor;

   (f) by entering into the Contract, the Lessor is deemed to
       have given the Debtors "prior written consent" within the
       meaning of Section 365(d)(4)(B)(ii) of the Bankruptcy
       Code;

   (g) the Lessor will have the opportunity to "opt out" through
       the Opt Out Form, a full-text copy of which is available
       for free at http://researcharchives.com/t/s?29a0

   (h) the Debtors will submit for final Court authorization of
       a lease decision extension a proposed order identifying
       the consenting lessors.

A full-text copy of the proposed Consent Procedures is available
for free at http://researcharchives.com/t/s?29a1

Peter J. Barrett, Esq., at Kutak Rock LLP, in Richmond, Virginia
said that pursuant to the Consent Procedures, each lessor may
opt out by informing the Debtors; or not cashing the Consent
Check.  Accordingly, Mr. Barrett continues, the proposed Consent
Procedures do not unfairly prejudice the lessors.

Mr. Barrett contended that the Consent Procedures provide
lessors the option to enter into, and be compensated through,
the written contracts while disallowing the Debtors from
potentially making premature assumption or rejection of leases.

Furthermore, Mr. Barrett maintained that the Debtors' use of
their assets to issue consent checks is justified because this
affords the Debtors additional time to conduct a thorough
analysis of the Leases.  The Debtors expect that spending US$100
per lease is reasonable payment in light of the benefits that
the Consent Procedures offer to all parties, Mr. Barrett tells
Judge Tice.

                         Landlords Object

More than 25 landlords object to the Debtors' proposed lease
decision extension consent procedures:

   * The Macerich Company, RREEF Management Company, West Valley
     Properties, Westwood Financial Corporation, Watt Management
     Company, Sywest Development, Jones Lang LaSalle Americas,
     Inc., J.H. Snyder Company, Sol Hoff Company, LLC and
     Beverly Wilcox Properties, LLC;

   * Aronov Realty Management, Centro Properties Group
     Developers, Diversified Realty Corporation, Federal Realty
     Investment Trust, General Growth Management, Inc., Levin
     Management Corporation, The Morris Companies Affiliates,
     American Resurgens, WP Realty and Regency Centers L.P.; and

   * Weingarten Realty Investors and its affiliates, BC Woods
     Properties, Benderson Development Company, Kanoa West
     Pointe, LLC, Mala LLC, and RMC Property Group.

The Landlords contend that cashing the US$100 check cannot
replace the requirement that the Debtors obtain the prior
written consent of the Landlords within the meaning of Section
365(d)(4)(B)(ii) of the Bankruptcy Code.

The Debtors should be required to secure written consent or a
stand alone agreement with the affected Landlord, instead of
deeming that the Landlord has accepted the extension request
through the cashing of the check, the Landlords maintain.

In addition, the mechanism proposed by the Debtors is prone to
numerous situations where the check may be cashed by an entity
that is unauthorized to decide whether to allow the Debtors to
extend the time to assume or reject the lease, the Landlords
tell Judge Tice.

The Landlords further relate that they receive checks "in an
untimely fashion that are sent to former landlords' lock boxes",
where the Landlords have no way of tracking the checks under the
Debtors' proposal; hence, the risk of accidental cashing of the
checks "is too high".

The Landlords also note that the Bankruptcy Code provides no
authority for the Debtors to assume or reject leases beyond the
Plan confirmation date.

Against this backdrop, the Landlords ask the Court to deny the
Extension Procedures Request and disallow attempts to have the
cashing of a check being a deemed Landlord's acceptance of a
lease decision period extension.

In the alternative, the Landlords ask Judge Tice to require the
Debtors to provide a mechanism for any related lease decision
period with a separate written extension consent or stand-alone
agreement.

                       About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment  
specialty retailer.  It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors have until June 13, 2008 to file
their plan of reorganization.  (Movie Gallery Bankruptcy News
Issue No. 22; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


* MEXICO: Default Rate Remains Low Due to Good Economy, S&P Says
----------------------------------------------------------------
During 2007, the default rate continued decreasing in Mexico
because of a good economic environment, interest rate stability,
and a low inflation rate, according to a report released by
Standard & Poor's Ratings Services titled, "2007 Corporate,
Financial Services, And Public Finance Default And Ratings
Transition Study In Mexico."
     
Since 1990, the total number of Mexican companies that have
defaulted is still 29, compared with a larger number of rated
companies in Mexico.  Last year, S&P rated a total of 282
entities in the corporate, financial services, and public
finance sectors, a 2% increase from 2006.
      
"In 2007, the ratio of company downgrades to upgrades in Mexico
was 0.51%, which means that for every downgrade, there were two
upgrades on average, reflecting Mexico's economic stability
during the year," said S&P's credit analyst Fabiola Ortiz.  The
ratio compares well with the global ratio of 0.67%.
     
This transition study covers 646 companies in the corporate,
financial institutions, and public finance sectors in Mexico,
including 29 entities that have defaulted on their financial
obligations.  Comparatively, the global study includes 13,162
issuers with 1,542 defaults.



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

GLOBAL PAYMENT: Inks Securities Purchase Pacts with 3 Investors
---------------------------------------------------------------
Global Payment Technologies Inc. disclosed in a regulatory
filing with the Securities and Exchange Commission Tuesday that
it has entered into securities purchase agreements and common
stock purchase warrants with David Mark Crompton, through Ydra
Pty Ltd as purchaser, Steven Hugh Crisp and Richard and Luisa
Soussa.  The transactions closed Feb. 20, 2008, March 13, 2008,
and March 14, 2008, respectively.

The securities purchase agreements for David Crompton, Steven
Crisp and Richard Soussa provide for the purchase of 200,000,
500,000 and 250,000 shares, respectively, of GPT common stock at
US$0.20 per share in cash.

In addition each investor received warrants to purchase an
additional 200,000; 500,000 and 250,000 shares, respectively, of
GPT common stock at US$0.28 per share.  The warrants expire in
March 2012.

The transactions contemplated by the Purchase Agreement are
exempt from the registration requirements pursuant to Section
4(2) and Regulation D of the Securities Act of 1933, as amended.

                      About Global Payment

Headquartered in Bohemia, New York, Global Payment Technologies
Inc. (NasdaqCM: GPTX) -- http://www.gptx.com/-- designs,    
manufactures, and markets automated currency acceptance and
validation systems used to receive and authenticate currencies
in a variety of payment applications worldwide.  The company has
operation in Peru.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on Jan. 31, 2008,
New York-based Eisner LLP expressed substantial doubt about
Global Payment Technologies Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended Sept. 30, 2007.  The
auditing firm pointed to Global Payment's recurring losses and
deficiencies in cash flows from operations.



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

ADVANCED MEDICAL: Loses US$192MM in Year Ended Dec. 31, 2007
------------------------------------------------------------
Advanced Medical Optics Inc. incurred a net loss of US$192
million on US$1 billion of net sales for the year ended
Dec. 31, 2007, compared to earnings of US$79 million on net
sales of US$997 million for the year ended Dec. 31, 2006.

The company's net sales for 2007 rose 9.4% to US$1,090.8
million. The rise reflects the IntraLase and WaveFront Sciences
acquisitions, organic growth in cataract implant and laser
vision corrections sales and a 2.9% increase related to foreign
currency, which were partially offset by recall-related declines
in eye care sales.

The company had a GAAP net loss for 2007 of US$192.9 million, or
a net loss of US$3.22 per share.  The per share loss was
increased by an estimated US$2.26 due to an US$87.0 million
charge for in-process R&D, approximately US$38.2 million in
transaction-related charges, a US$1.3 million deferred financing
cost write-off, a US$6.1 million loss on derivative instruments
and an estimated US$2.8 million tax effect.

The company reported a fourth-quarter net loss under GAAP of
US$12.3 million, compared to a net loss of US$7.6 million, in
2006's fourth quarter.  These results included the impacts of
the November 2006 and May 2007 recalls.  The fourth-quarter 2007
results also included the following items, which combined to
increase the net loss per share by US$0.17:

   * US$10.7 million in pre-tax charges related to integration
     of acquisitions;

   * US$3.4 million pre-tax loss on derivative instruments; and

   * estimated tax effects totaling US$3.8 million.

The company's fourth-quarter 2007 net sales rose 25% to US$304.6
million on organic growth, the acquisitions of IntraLase Corp.
and WaveFront Sciences, Inc., and includes a 5.3% increase
related to foreign currency impacts.  On a pro forma basis, the
company's fourth-quarter sales rose 7.3%.  The pro forma sales
growth rate reflects comparisons that include the IntraLase and
WaveFront Sciences performance as if the acquisitions had
occurred in all periods presented.  Fourth-quarter sales growth
was partially offset by lost sales and returns associated with
the company's May 2007 contact lens care solution recall.

Advanced Medical had total assets of US$2.7 billion, total
liabilities of US$2.1 billion, and a stockholders' equity of
US$598 million at Dec. 31, 2007, compared to total assets of
US$2 billion, total liabilities of US$1.2 billion, and a
stockholders' equity of US$715 million at Dec. 31, 2006.

                   Plans to Reduce Fixed Costs

The company disclosed plans to reduce its fixed costs in order
to further enhance its global competitiveness, operating
leverage and cash flow.

The plan includes a net workforce reduction of approximately 150
positions, or about 4% of the company's global workforce.  In
addition, AMO plans to consolidate certain operations to improve
its overall facility utilization.  To complete this plan, AMO
expects to incur charges between US$25 million and US$30 million
in 2008 and estimates that the vast majority will be cash.  Upon
full implementation, the company expects these actions to result
in annualized savings of approximately US$10 million to US$12
million.

In 2008, the company estimates savings related to these actions
in the range of US$4 million to US$7 million, which are
reflected in the current guidance.  The charges outlined above
are in addition to the US$11 million to US$13 million in charges
the company expects to take in 2008 to consolidate its equipment
manufacturing, which was announced in December 2007.

"Our fourth-quarter performance represented a strong finish to
2007, in which we advanced our strategy and moved aggressively
to overcome challenges," said Jim Mazzo, chairman and chief
executive officer.  "Our cataract/implant business delivered
growth across all product categories, and we are entering 2008
on track to launch a range of new technologies to position us
for future growth.  Our eye care business continued to rebound,
with fourth-quarter 2007 sales up 20% on a sequential basis.  In
addition, this business is now launching our first-ever product
to relieve dry eye symptoms.  Demonstrating the competitive
power of our dual excimer and femtosecond laser platform, our
laser vision correction business achieved double-digit sales
growth on a pro forma basis.  With the planned 2008 release of
new LASIK innovations, we intend to continue to expand our
leadership position.

"To ensure we are maximizing the earnings and cash flow power of
the global footprint we have created, we need to be diligent in
our effort to improve efficiency and productivity.  We expect to
accomplish this through staff reductions and infrastructure
changes designed to reduce fixed costs, improve operating
leverage and enhance long-term cash flow.

"We remain confident in the strength of our global businesses,
technologies, new product pipeline and strategy.  However, after
the first six weeks of 2008, we have seen the deteriorating U.S.
economy negatively impact our domestic LASIK procedure volumes.  
We have multiple, unique growth drivers that we believe will
mitigate our exposure to a slowdown in the elective refractive
procedure market, but we feel a more conservative view is
prudent at this time," concludes Mr. Mazzo.

                      About Advanced Medical

Headquartered in Santa Ana, Calif., Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  AMO employs
employs approximately 4,200 worldwide.  The company has
operations in 24 countries and markets products in approximately
60 countries.  The company has operations in Germany, Japan,
Ireland, Puerto Rico and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service downgraded Advanced
Medical Optics, Inc.'s Corporate Family Rating and Probability
of Default Rating to B2 from B1.  The rating outlook was revised
to stable.  Ratings hold to date.


GOLD CENTER: Gets OK to Hire Landrau Rivera as Counsel
------------------------------------------------------
Gold Center, Inc., sought and obtained authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Noemi
Landrau Rivera, Esq., at Landrau Rivera & Assoc., in Guaynabo,
Puerto Rico, as its bankruptcy counsel.

Gold Center requires the assistance of legal counsel to properly
administer the  bankruptcy proceeding, present a disclosure
statement and propose a confirmable bankruptcy plan.

As counsel Landrau Rivera will:

   a) advise the debtor with respect to its duties, powers and
      responsibilities in the case under the laws of the United
      States and Puerto Rico in which the debtor-in-possession
      conducts its business, or is involved in litigation;

   b) advise the debtor in connection with a determination
      whether a reorganization is feasible and, if not, aiding
      debtor in the orderly liquidation of its assets;

   c) assist the debtor with respect to negotiations with
      creditors for the purpose of arranging the orderly
      liquidation of assets or for proposing a viable plan of
      reorganization;

   d) prepare on behalf of the debtor the necessary complaints,
      answers, orders, reports, memoranda of law or any other
      legal papers or documents;

   e) appear before the Bankruptcy Court, or any court in which
      the debtor asserts a claim interest or defense directly or
      indirectly related to the bankruptcy case;

   f) perform other legal services for debtor as may be required
      in the proceedings or in connection with the operation of
      and involvement with debtor's business, including but not
      limited to notarial services;

   g) employ other professional services as necessary to
      complete debtor's financial reorganization with Chapter 11
      of the Bankruptcy Code.

Noemi Landrau Rivera, Esq., will be paid US$175 an hour for her
services.  An Associate Staff Attorney at the firm will be paid
US$125 an hour.  Legal and Financial Assistants will be paid
US$75 per hour.  The firm will also be reimbursed for actual
out-of-pocket expenses.

The parties have agreed to a US$6,000 retainer, which was paid
before the filing of the petition.

Gold Center attests that Noemi Landrau Rivera, nor her employees
have any connection with the debtors, the creditors, any party-
in-interest, their attorneys, their accountants and the U.S.
Trustee's Office.  Mrs. Landrau represents Chapter 7 trustees
who have been appointed to the Panel of private trustees for the
Judicial District of Puerto Rico under the supervision of the
Office of the United States Trustee.  The Debtor attests that
her engagement as attorney for Chapter 7 Trustees does not
constitute or represent an adverse interest to the estate.

Noemi Landrau Rivera and Landrau Rivera & Assoc. are
disinterested persons within the definition provided by 11
U.S.C. Section 101(14), the Debtor states.

Gold Center Inc., filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code on February 13, 2008, before
the U.S. Bankruptcy Court for the District of Puerto Rico in Old
San Juan (Case No. 08-00815).  The Debtor continues to manage
its properties and operate its business as debtor-in-possession.  
Gold Center disclosed US$1 mllion to US$100 million in estimated
assets and debts when it filed for bankruptcy.


GOLD CENTER: Sec. 341 Meeting Rescheduled to April 11
-----------------------------------------------------
The meeting of creditors in Gold Center Inc.'s chapter 11 cases
has been rescheduled to April 11, 2008, at 10:00 am.  The
meeting will be held at the Ochoa Building, First Floor, 500
Tanca SL Corner of Tanca and Comercio St., in Old San Juan,
Puerto Rico.

The meeting was originally set for March 24, 2008 at 1:30 p.m.

Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc., in
Guaynabo, Puerto Rico, the Debtor's counsel, did not disclose
the reason for the adjournment.  Ms. Rivera signed the
rescheduling notice.

Gold Center Inc., filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code on February 13, 2008, before
the U.S. Bankruptcy Court for the District of Puerto Rico in Old
San Juan (Case No. 08-00815).  The Debtor continues to manage
its properties and operate its business as debtor-in-possession.  
Gold Center disclosed US$1 mllion to US$100 million in estimated
assets and debts when it filed for bankruptcy.


PEP BOYS: Awards Advertising Account to Zimmerman Agency
--------------------------------------------------------
Zimmerman Advertising has been named agency of record for The
Pep Boys - Manny, Moe & Jack.

The addition of Pep Boys -- the only national aftermarket retail
and service chain that serves the do-it-yourself, do-it-for-me,
buy-for-resale and replacement tire segments of the automotive
aftermarket -- to its client list, which includes CROCS, Nissan,
Six Flags, hh gregg, Longs Drugs Stores and Friendly's Ice Cream
Restaurants, is further recognition of Zimmerman's vast retail
branding experience in every category.

Pep Boys, which spent US$85 million last year, will benefit from
the agency's take-no-prisoners approach to grabbing market share
and achieving both out-of-the-starting-gate and lasting results,
developing and implementing a holistic advertising and marketing
campaign, including media planning and buying, creative strategy
and a complete retail activation plan.

"The Zimmerman team is the perfect match for Pep Boys -- we're
both focused on the customer and, more importantly, that synergy
will allow us to achieve our objective of treating every market
as if it is the only market, and every customer as if he or she
is our only customer," said Pep Boys' senior vice president of
merchandising and marketing, Scott Webb.  "They understand our
business and the pressures our customers are feeling today.  
Together with Zimmerman, we'll accelerate our business
transformation.  I'm super pleased to welcome the Zimmerman team
to our Pep Boys family."

"We walked in with the vision that Pep Boys will become the
premier national brand to service cars and trucks," says agency
founder, Jordan Zimmerman.  "Together, we will make sense of a
very fragmented and broken sector.  The opportunity is
absolutely monstrous."

Pep Boys' Vice President of Marketing and Advertising, Jim Fox
commented, "We are pleased to engage a highly experienced agency
like Zimmerman to help us create a more dynamic marketing and
advertising strategy and reignite customer passion for our 87-
year-old iconic brand and its heritage.  We look forward to
working together to identify new and exciting approaches to
reaching our customers and building our brand."

"Pep Boys has developed great awareness with consumers with the
Manny, Moe and Jack personalities, but those same consumers who
recognize the brand don't know exactly what Pep Boys offers,"
adds Zimmerman Executive Vice President and Chief Marketing
Officer, Michael Goldberg.  "Our mission is to transform that
broad awareness into real purchase intent, and use this
recognition to have a seismic impact on market share, both in
the auto parts sector -- where Pep Boys already dominates -- and
in the service sector, which is fragmented and not dominated by
any one provider."

                   About Zimmerman Advertising

Headquartered in Fort Lauderdale, Florida, Zimmerman
Advertising, an Omnicom Group(TM) company, is a national retail
brand builder, and the 15th largest advertising agency in the
United States, with more than 1,000 full-time associates and
offices throughout the country, including New York, Los Angeles,
Washington DC, Chicago, Dallas, San Francisco and Atlanta.

                        About Pep Boys

Headquartered in Philadelphia, The Pep Boys - Manny, Moe & Jack
(NYSE: PBY) -- http://pepboys.com/-- has over 560 stores and  
approximately 6,000 service bays in 35 states and Puerto Rico.
Along with its vehicle repair and maintenance capabilities, the
company also serves the commercial auto parts delivery market
and is one of the leading sellers of replacement tires in the
United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2008, Moody's Investors Service has placed these
ratings of Pep Boys Manny Moe & Jack under review for possible
downgrade: Corporate family rating at B1; Probability of default
rating at B1; US$155 million senior secured term loan due 2013
at Ba3; and US$200 million senior subordinated notes due 2014 at
B3.


PILGRIM'S PRIDE: Promotes Robert Wright as CEO
----------------------------------------------
Robert A. Wright has been promoted to chief operating officer of
Pilgrim's Pride Corporation.  Mr. Wright previously served as
executive vice president of sales and marketing, a position he
had held since June 2004.  He succeeds J. Clinton Rivers, who
was promoted to president and chief executive officer earlier
this month.

Pilgrim's Pride also disclosed an organizational realignment
designed to enhance customer service, product quality, teamwork
and communications.  Under the new structure, four senior
division vice presidents will have overall responsibility for
sales, operations and quality assurance in their respective
lines of business: case ready, fresh foodservice, supply
operations and prepared foods.  Those four senior executives, in
turn, will report to Mr. Wright, whose former position as
executive vice president of sales and marketing has been
eliminated under this new organization alignment.

"Bob has the ideal background and experience to lead this new
reporting structure, which we believe will enable us to deliver
enhanced service, quality and value to our customers," Mr.
Rivers explained.  "Bob is a proven leader who can forge
stronger relationships among our sales and operations teams.  
His combination of operations and sales experience will prove
invaluable as we work to position the company for sustained,
profitable growth."

Mr. Wright joined Pilgrim's Pride in October 2003 as executive
vice president of the company's turkey division after serving as
president of Butterball Turkey Co. for five years.  Prior to
leading Butterball, he held various leadership positions at
Cargill, Inc., including vice president of operations --
worldwide poultry, general manager -- broiler division, and
director of operations and engineering.  Mr. Wright earned a
Bachelor of Science degree from Fitchburg State College,
graduating cum laude.  He also holds a Master of Business
Administration degree from Rivier College in Nashua, New
Hampshire.

Pilgrim's Pride also announced that Shane Butler has been
promoted to senior division vice president, prepared foods.  He
previously served as senior vice president, prepared foods
regional operations since February 2007.  Prior to that, Mr.
Butler was vice president, prepared foods regional operations,
having previously served in successive management positions at
the Company's Mt. Pleasant, Texas, prepared foods facility.  He
earned a Bachelor of Science degree in business administration
and a Master of Science degree in business management from
LeTourneau University in Longview, Texas.

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

                         *     *     *

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

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



=============
U R U G U A Y
=============

NUEVO BANCO: Advent & Gilinkski to Agree on Sale by April 18
------------------------------------------------------------
Private equity fund Advent International will reach an agreement
on the sale of its Nuevo Banco Comercial in Uruguay to
Colombia's Gilinski group by April 18, Business News Americas
reports, citing a source.

As reported in the Troubled Company Reporter-Latin America on
March 18, 2008, Advent International may reach an accord to sell
Nuevo Banco to Gilinski by the end of this month.  Advent
International reportedly stopped the sale of Nuevo Banco on
Jan. 28, 2008, even though it received bids from three banks.  
Banco Itau, Unibanco, Scotiabank, the Royal Bank of Canada, and
Gilinski's GNB Sudameris looked at Nuevo Banco's books, but only
three of them presented a concrete proposal.  Advent
International officials informed representatives of the central
bank on March 11, 2008, of the ongoing negotiations with
Gilinski, who asked Advent International for updated figures on
Nuevo Banco despite having been over the bank's books recently.

The source told BNamericas that Gilinski hasn't yet approached
the Uruguayan central bank.

Advent International could get as much as US$300 million from
the sale of Nuevo Banco, BNamericas says, citing market
observers.

Boston Consulting Group is responsible for the "due diligence
process," BNamericas states, citing the source.

Nuevo Banco, Uruguay's second largest private sector bank, was
formed in March 2003 from the assets of three local banks that
were intervened and suspended due to a "run on deposits" during
Uruguay's financial crisis in 2002.  The Uruguayan government
sold Nuevo Banco to a group led by Advent International for
US$167 million in September 2005.  Nuevo Bank has
UYU29.7 billion in assets and some 106,000 customers.

                        *    *    *

In April 2007, Fitch Ratings Service affirmed Nuevo Banco
Comercial S.A.'s BB- local currency long-term issuer rating.  
Fitch said the outlook is stable.



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

CHRYSLER LLC: Clarifies Misleading Coverage of Discount Programs
----------------------------------------------------------------
Some recent reports suggested that Chrysler LLc's Friends
Program discounts on purchases of new Chrysler, Jeep(R), or
Dodge vehicles had been discontinued.

Chrysler employees can still help an immediate family member or
a friend get a great deal on a new Chrysler, Jeep(R), or Dodge
vehicle. U.S. employees can enable 6 vehicle purchase or lease
discounts (at 1% below dealer invoice) for extended family and
friends.  This is in addition to the 6 vehicle purchase or lease
discounts for the employees, retirees and their eligible family
members -- a total of 12 discounts on most new Chrysler, Jeep &
Dodge vehicles.  All 12 discounts provide major savings and
include relevant incentives in effect.

The recent news coverage on these employee programs was
misleading in that it made people think that the Friends Program
was eliminated.  The program continues for employees and
retirees.  Only The Employee Choice program has been cancelled
which ended Jan. 2, 2008 -- all other Chrysler LLC employee
purchase programs remain in effect.

With all the Chrysler Employee Advantage programs, employees
have the ability to be true product and sales ambassadors for
the company.  Employees can continue to drive Chrysler sales by
encouraging their friends, family, neighbors and acquaintances
to buy or lease a new Chrysler product.  Now is the time to get
great deals with affordable financing or lease payments with 0%
APR financing for 60 months available on most 2008 models.

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

                          *     *     *

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


PETROLEOS DE VENEZUELA: Inks Partnership Pact With Petrobras
------------------------------------------------------------
Petroleos de Venezuela SA president Rafael Ramirez has signed an
agreement with Petroleo Brasileiro president Jose Sergio
Gabrielli de Azevedo that sets the bases for the partnership
between the two companies for the Abreu e Lima Refinery, in
Pernambuco.

The agreement lays out the terms for the incorporation,
including shareholding, set at 60% for Petrobras and 40% for
PDVSA.  It also defines the terms for the future signing of the
Articles of Incorporation and of the Shareholder Agreement.  The
specific terms of the agreement are protected by a
confidentiality agreement.

The Abreu e Lima Refinery will get an investment in the order of
US$4.05 billion and will be capable of processing 200,000
barrels of oil per day, 50% of which from Brazil (Marlim) and
50% from Venezuela.

The plant is expected to go online in the second half of 2010
and to reach full capacity in 2011.  Some 65% of the processed
volume will be diesel fuel, the oil derivative that is used the
most in Brazil.  Cooking gas (LPG), petrochemical naphtha, and
coke – solid fuel used in the steel, cement, thermal, and
aluminum industries -, will also be produced.

Petrobras will give continuity to its studies on a corporate
share of up to 10% in the oil exploration and production project
in the Carabobo 1 field, in the Orinoco Range, in which PDVSA
will hold no less than a 60% share.  The studies will continue
until the bidding procedure, announced by PDVSA for the
remaining 30% share, has been completed.

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: May Launch Carabobo Tender in Two Months
----------------------------------------------------------------
A Petroleos de Venezuela SA executive told Dow Jones Newswires
that the firm could launch a tender for the Carabobo 1 field in
the Orinoco heavy oil basin in two months.

The official commented to Dow Jones, "In the tender for licenses
to operate Carabobo 1 oil field blocs, the work is very much
advanced and the announcement could come in one or two months."

Venezuelan Oil Minister Rafael Ramirez told Dow Jones that the
government will launch the Carabobo tender sometime this year
but has yet to give a date.

The Venezuelan government would seek partners to develop
Carabobo 1, expected to hold some 10 billion barrels of heavy
crude, Dow Jones states.

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

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
===========

MODERN TECHNOLOGY: Plans Caribbean Expansion with Encore Energy
---------------------------------------------------------------
Modern Technology Corp. and Encore Energy Systems disclosed
plans to install a showcase pilot project for its planned
expansion into the Caribbean Energy Market.

The planned pilot energy project includes the geothermal grey-
water heat exchanger technology and solar water heating systems.  
The project site is a self-contained complex spanning 3 acres
with office suites and residential units.  The systems will
support 140,000 gallons of heated swimming pools, six water
heater units and 30 tons of environmental control HVAC using
geothermal heat-exchanger technology.

The two companies intend for local and regional government
officials to participate in the project.  The project is
intended to serve as a model and showcase installation and to
further promote its geothermal expansion in the region.

Caribbean power generation depends on expensive oil that burdens
local economies and hinders growth.  The planned showcase
installation will reduce electrical hot water generation costs
by an estimated 95% and HVAC heating/cooling costs by an
estimated 40% to 70%.  The price per kilowatt-hour of
electricity is one of the highest in the world.  This showcase
geothermal project will clearly demonstrate the rapid return on
investment for the installed systems.

Through this planned project, the project will introduce energy-
saving geothermal and solar technologies to the Caribbean and
promote job creation.  The companies believe that this project
will not only provide a shining example to residents, businesses
and governments, but also demonstrate the potential of this
energy-saving and cost-effective system.

                       About Encore Energy

Encore Energy Systems (Pink Sheets: ENCS.PK) --
http://www.encoreenergyinc.com-- owns the patents for the use  
of grey-water and domestic water in heat exchanger systems.  
They also provide all forms of conventional geothermal heat
exchange systems.

                  About Modern Technology Corp

Headquartered in Oxford , Massachusetts, Modern Technology Corp.
(Pink Sheets: MODC) -- http://www.moderntechnologycorp.com/--  
is a diversified technology development and acquisition company
that builds revenues through continuous growth, strategic
acquisitions, and commercialization of nascent technology.  MODC
improves operating efficiencies through the elimination of cost
redundancies and realized synergy between subsidiaries.

                       Going Concern Doubt

The company said it has doubts about its ability to continue as
a going concern considering its significant losses, negative
cash flows from operations, and accumulated deficits for the
periods ending March 31, 2007.

In addition, the company will need to fulfill working capital
requirements through the sale of stock and/or the issuance of
debt.


* Chadbourne & Parke Grows LA Practice w/ Mexico Office Opening
---------------------------------------------------------------
Chadbourne & Parke LLP opened an office in Mexico City as part
of the expansion of its Latin American practice.  Lawyers in the
office will advise clients in Latin America and also in major
U.S. markets involved in cross-border trade with the region.

"A Mexico City presence fits well with Chadbourne's
international and domestic network of offices and provides
strong support for our Latin America practice," Allen Miller,
co-head of Chadbourne's Latin America practice, said.  "We
expect Mexico City to be a key office in our international
network.  Our operation there also creates special synergies
with domestic offices such as Los Angeles, where Chadbourne
already has a very active practice, including renewable energy
and litigation, and Houston, where we are particularly strong in
serving the oil and gas sector."

Lawyers in the new office will focus on mergers and
acquisitions, private equity, capital markets, bank and project
finance, energy and infrastructure, litigation and arbitration.

The Mexico City office opened with approximately 20 lawyers.  
Boris Otto, a corporate lawyer, and Luis Enrique Graham, a
litigator and international arbitration practitioner, joined as
partners in Chadbourne & Parke LLP. Jose Antonio Chavez, a
corporate finance lawyer, joined as a partner in the Mexican
partnership, Chadbourne & Parke, S.C.

Two other attorneys joined Chadbourne's New York office earlier
this month as part of the Latin American practice's expansion.
Marc Rossell, who concentrates on cross-border capital markets
and financing work, and Oliver Armas, a litigator and
international arbitration practitioner, joined as partners of
Chadbourne & Parke LLP.

Other lawyers in the Mexico City office include Derek Woodhouse,
who heads the energy and infrastructure practice in Mexico;
Anthony Girolami, who is active in infrastructure development
and international finance matters, with an emphasis on Brazil;
and Ricardo Ramirez Hernandez, who focuses on international
arbitration and trade matters.

"We are excited to join Chadbourne and become its first office
in Latin America," Mr. Otto, managing partner of the Mexico City
office, said.  "Our Latin America practice has deep roots in the
region and experienced attorneys.  My colleagues and I expect to
benefit from Chadbourne's resources in Latin America and
worldwide.  We look forward to an expansion of the office's
activity in such areas as M&A and private equity."

After significant increases in 2007 in revenue and profits, the
firm is evaluating other locations in Latin America for
expansion. Talbert Navia, co-head of the Latin America practice,
said that Brazil is a possibility, noting, "Chadbourne already
serves major clients in that country, in the energy, natural
resources, infrastructure and financial sectors.  An in-country
presence in Brazil would further expand our practice."

               About Chadbourne & Parke LLP

Headquartered in New York City, Chadbourne & Parke LLP --
http://www.chadbourne.com/-- provides a full range of legal
services, including mergers and acquisitions, securities,
project finance, private funds, corporate finance, energy,
communications and technology, commercial and products liability
litigation, securities litigation and regulatory enforcement,
special investigations and litigation, intellectual property,
antitrust, domestic and international tax, insurance and
reinsurance, environmental, real estate, bankruptcy and
financial restructuring, employment law and ERISA, trusts and
estates and government contract matters. Major geographical
areas of concentration include Central and Eastern Europe,
Russia and the CIS, the Middle East and Latin America.  The firm
has offices in New York, Washington, DC, Los Angeles, Houston,
London, Moscow, St. Petersburg, Warsaw, Kyiv, Almaty, Dubai and
Beijing.


* S&P Publishes 2008 Credit Outlook on Global Auto Industry
-----------------------------------------------------------

                    Industry Credit Outlook

The problematic United States economic outlook and growing
regulatory pressures to cut greenhouse gases are turning the
thumbscrews on automaker profits in the world's three largest
established markets, the U.S., Europe, and Japan.  Light-vehicle
sales in the U.S. will almost certainly decline to their lowest
level in 10 years in 2008 to about 15 million units, and a deep
U.S. recession could drag them still lower.  Standard & Poor's
Ratings Services expects new-car registrations in Europe to
stagnate because strong demand in the budding Eastern European
markets will not make up for likely declines in Western Europe.  
In Japan, too, vehicle sales are likely to continue to slide,
putting pressure on original equipment manufacturers' (OEM)
profits.

In the U.S., the auto loan ABS markets have not escaped the
fall-out from the general reassessment of risk by investors.  
Still, S&P believes they are still accessible, albeit at a
higher cost than in recent years.

Regulators in Europe, in particular, are moving ahead to cut
carbon dioxide (CO2) emissions. Planned EU legislation outlined
in December would, if implemented, increase the onus on OEMs to
foot much of the bill for persuading consumers to choose greener
cars.  This could weigh increasingly heavily on their research
and development (R&D) spending over the next few years.

Still, European automakers are proving remarkably resilient to
adverse industry developments.  Thanks mainly to restructuring
efforts over the past two years, the operating profits of all
six rated European automakers improved in 2007 from the previous
year.

The booming BRIC nations -- Brazil, Russia, India, and China --
are also providing a bridge to growth. These emerging economies
already represent 20% of global car sales and S&P believes they
will continue to increase strongly by more than 10% per year
over the medium term.  Yet, even if demand is robust, growing
competition in these markets is beginning to dampen
profitability.  In China, profit levels have already sunk to the
world average, due to competition, overcapacity, and market
fragmentation.  BRICs therefore can't fully offset the effect of
persisting negative industry trends in established markets:
continued high raw-material costs, largely unfavorable foreign
exchange rates for the export-oriented OEMs, and the longer term
threat of more stringent environment legislation to reduce
vehicle emissions.

U.S. auto loan ABS losses rise modestly, but ratings remain
stable.

Despite the financial market turbulence, automakers in general
continue to enjoy a strong industrial liquidity position, which
S&P considers a necessity in an industrial environment
characterized by huge working capital swings and high capital
expenditures.  They also have availability under their revolving
credit facilities.  The auto loan ABS markets have not escaped
the fall-out from the general reassessment of risk by investors.  
Consequently, pricing spreads on secondary and new issue auto
loan ABS spreads have widened.  Nevertheless, S&P believes that
the auto loan ABS market is accessible, albeit at a higher cost
than in recent years.  As the bond market is largely unavailable
to the subinvestment-grade automakers, notably the U.S. players
General Motors Corp. (B/WatchNeg/B-3), Ford Motor Co.
(B/Stable/B-3), and Chrysler LLC (B/Negative/--), there has been
a heavy reliance on ABS financings in recent years.  In 2007,
Ford Credit and GMAC were active issuers, but toward the second
half of the year investors weren't buying non-'AAA' tranches
like they once did. This trend continued into 2008.  Through the
end of February this year, each of the three had tapped the
public ABS markets, but classes rated below 'AAA' were retained
by the sellers.

Like most auto finance companies, losses on Ford Credit and
GMAC's 2007 securitizations are trending slightly higher than in
2006, but remain close to expected levels.  Chrysler LLC's 2006
and 2007 ABS are reporting elevated losses compared with the low
levels experienced for the 2005 pools.  However, there has been
a significant reduction in 30+ day delinquencies for Chrysler's
pools for the last two reporting months, December and January.  
Management attributes this to several actions instituted to
improve collections. At this time, the 2006 and 2007 pools from
the domestic captives remain adequately enhanced for the
assigned ratings.

           North American light-vehicle sales in 2008:
                      How low will they go?

U.S. light vehicle industry sales will almost certainly decline
to their lowest level in 10 years in 2008.  But how low is far
from certain.  S&P currently expects 2008 U.S. light-vehicle
sales to be about 15 million, down from 16.1 million in 2007.  
This would be about 13% below the record level of 17.3 million
in 2000.  In a deep U.S. recession, S&P believes sales would go
well below 15 million. But the seasonally adjusted annual
selling rate for January 2008 was 15.3 million and 15.4 million
for February -- both higher than S&P's 2008 estimate, in the
face of clear economic weakness.  Still, S&P remains concerned
about how 2008 sales will evolve.  With industry demand soft in
light of economic uncertainty, the crucial efforts by the
Michigan-based automakers to manage dealer inventories,
reduce daily rental volumes, and control their use of incentives
will remain under pressure.

Compounding the weak sales outlook, product-mix shifts into
somewhat smaller and generally less profitable vehicle classes
continue. Crossover utility vehicle (CUV) sales were up 10.3% in
the first two months of 2008, while sport utility vehicle (SUV)
sales were down 22.1%.  Pressure on the SUV and pickup truck
segments will remain a negative influence in 2008, led by
consumer preference shifts, high gas prices, the housing
decline, and uncertainty over consumer spending.

GM, Ford Motor, and Chrysler continue to gradually lose market
share, partly by design as they retrench from daily rental fleet
sales.  GM's market share in the first two months of 2008 was
23.5%, down from 23.7% in the same period of 2007.  Ford Motor's
share during those same periods was 15.7%, down slightly from
15.8%.  Chrysler's was 13% versus 14.1% in 2007.

Second quarter 2008 North American production for Ford Motor is
expected to be down 10% from 2007, while GM's production is
forecast to be down 5%.  In both cases, actual production is
subject to change because inventory levels evolve during the
quarter.  Japanese and Korean automakers, meanwhile, are not
immune from a lower level of sales.  While Toyota Motor Corp.'s
(AAA/Stable/A-1+) market share was 16% for the first two months
of 2008, up from 15.5% in 2007, its sales fell 2.5% year over
year during the first two months of 2008.

               North American Commercial Vehicles:
                No light yet at the end of tunnel

The severe downturn in medium- and heavy-duty truck markets
entered its second full year with few signs of a rebound in
demand.  What had initially been a technical downturn caused by
new engine-emission regulations in early 2007 has been extended
and exacerbated by the weak U.S. economy.  A similar confluence
of factors caused the extended truck downturn from 2001 to 2003.  
For full-year 2007, class 8 heavy-duty truck production fell
44%, according to data from A.C.T. Research.  Monthly net orders
remained at sluggish levels through the first two months of
2008, and dealer inventories remained high, particularly in
medium-duty class 6 and 7 segments.  S&P currently expects North
American production to be flat or even slightly down in 2008,
with a possibility of some pickup of demand late in the year.  
But visibility is very poor for all industry players.  Activity
in 2009 will likely benefit from another round of emissions
changes scheduled for 2010, but if demand stays depressed into
early 2009 then some suppliers or manufacturers may find
themselves with covenant or liquidity challenges.

   European Automakers Reap Rewards of Restructuring Efforts

Operating profits of all six rated European automakers improved
in 2007 thanks to cost-saving a restructuring programs launched
by almost all European OEMs over the past two years.  S&P
expects better labor efficiency and declining capital
expenditure levels also to support free cash flow generation
this year.

Credit quality in the sector held up well in the first two
months of 2008, despite the adverse industry environment, with
no downgrades.  The outlook on Peugeot S.A. (BBB+/Stable/A-2)
was revised to stable from negative and Daimler AG (BBB+/Watch
Pos/A-2) was put under review in February for a potential
upgrade in the short term.

In the first two months of 2008, auto demand gathered momentum
in both Western and Eastern Europe.  Yet, for the full year
2008, S&P expects the European market as a whole to remain
largely stagnant, with likely declines in Spain and the U.K. as
a result of negative housing prices and poor consumer-confidence
trends.  The weak dollar and yen also present challenges for
export-oriented manufacturers with a poor global production
footprint.  All automakers have improved their financial hedging
in recent years, however, so that effects on operating profits
should remain moderate.

German consumers start the year in spending gear:  

Of the five major auto markets in Western Europe, Germany grew
the strongest in the first two months of 2008, with new-car
registrations up 17.3% on the same period of the previous year,
following a 9.2% decline in the full year 2007.  Yet, despite
the relatively strong underlying economy and increasing
replacement demand, S&P expects the market to stagnate over the
full year, reflecting uncertainty about future CO2 emissions
regulation, leading customers to postpone car-buying decisions.

France's new tax incentives may stimulate small-car sales:  

The French market grew by 2.4% in the first two months of 2008
on the same period of 2007) but a planned incentive scheme could
further stimulate auto sales in 2008.  The introduction of CO2-
based tax regime as of Jan. 1, 2008, alongside purchase
incentives of up to EUR1,000 on small and low-emission cars
could stimulate small car sales in 2008 and heavily penalize the
largest and least fuel-efficient cars, by imposing a one-time
purchase tax of up to EUR2,600, with a sliding scale of taxes
for those cars that fall between these extremes.

U.K. sales could slide on house-prices worries:   

U.K. car sales fell by 3.1% in the first two months of 2008,
after growing by 2.5% in 2007.  S&P expects full-year sales to
decline, as a result of negative housing prices and poor
consumer confidence.  Replacement demand could also be slow
because the U.K. has the youngest fleet in Europe.

Italian market slows:   

New-car registrations in Italy dropped by 5.5% in January and
February 2008, after a strong 7.1% growth for full-year 2007 --
the strongest in Western Europe last year.  A continuation of
the government scrapping incentives in 2008, which contributed
to 2007 market growth, could aid the market.

Spanish auto market on a downhill path:   

During 2006-2007, the Spanish market showed a continuous
downward demand trend. This decline continued in January, by
12.7% on the first month of last year, but managed a slight
increase of 0.7% in February.  S&P expects the downward trend to
continue in 2008.

New EU states accelerating:   

New-car registrations in the new EU member states are continuing
to trend upward.  Europe's new markets grew by 18.6% in January
and February compared with 13.1% in the same period of 2007.  In
the medium term, S&P expects the EU accession countries' car
markets to grow robustly as cars become increasingly affordable
due to growing GDPs.

BMW leads the pack:   

Among individual OEM's German automaker BMW AG (A+/Stable/A-1)
was first off the starting block in the first two months of
2008, with new car registrations up 19.2% on the same period of
the previous year.  Daimler registrations were up also up 9.9%,
By contrast, Toyota declined by 8.4% and GM by 6%.

Eastern Europe: Still powering Europe's heavy-truck market                    
through 2008

European light commercial vehicle registrations rose by 7.1% in
2007, which was strong, although slower than 2006.  In the
heavy-duty segment (over 16 tons), strong demand in Central and
Eastern Europe drove growth to 7.3% on the previous year.  For
2008, S&P expects this to continue at about 5%-10% for the
heavy-duty truck market, which is in line with its expectation.

Sliding vehicle demand in Japan will increase profitability
pressures this year

Vehicle sales in Japan slipped to 5.35 million units in 2007, a
6.7% decline from 2006.  A series of new model launches by
Toyota, Honda Motor Co. Ltd. (A+/Positive/A-1), and others in
the latter part of 2007 failed to stem the decline in passenger-
car demand by 5.2% from the previous year.  Even sales of mini-
vehicles, with engines of 0.66 liters or smaller, which enjoyed
favorable sales growth in 2006, declined by 5.1% to 1.92 million
units.  In January 2008, the passenger-car segment perked up,
increasing 6.4% year-on-year and supporting a 1.4% increase in
overall demand in the first month.  Yet, the Japan Automobile
Manufacturers Association projects that full-year 2008 vehicle
sales figures will disappoint, declining 1.2% from 2007.

S&P expects Japanese automakers' profitability to come under
increased pressure in 2008, but to remain relatively healthy.
Manufacturers such as Toyota and Honda reported generally
favorable operating results for 2007, with strong growth in unit
sales in major overseas markets.  Favorable foreign exchange
rates also supported strong results. Nevertheless, major
challenges remain, including continuously high material and
energy costs, increased administrative and R&D expenses to
support global expansion, and a weaker model mix as a result of
a demand shift to smaller vehicles in the high gasoline price
environment.  What's more, uncertainty over the economic outlook
in the U.S., the largest market for most Japanese automakers,
and increased volatility in foreign exchange rates are adding
to Japanese automakers' concerns.

Korean vehicle market: New products support sales

Despite a likely slowdown in GDP growth in 2008, vehicle sales
in Korea should remain largely supported by an influx of new
models.  Ten new launches are scheduled for the domestic market
this year, after just four in 2007.  Kia Motors Corp. (BBB-
/Stable/--), in particular, should benefit from three new models
that are likely to underpin a growth in market share.

In 2007, domestic vehicle sales increased by 4.8% to 1.22
million units, from 1.15 million units in 2006, on the back of a
recovery in domestic consumption.  However, this masks mixed
fortunes among individual manufacturers. While Hyundai Motor Co.
(BBB-/Stable/--) recorded 7.5% sales growth at home in 2007,
after timely new product launches and facelifts, Kia's unit
sales remained flat, due to limited new product launches last
year.

                  BRICs Build A Bridge To Growth

The emerging BRIC countries look set to continue to unfold their
growth potential to established carmakers in 2008, giving them
the chance to boost their global sales and reduce their
dependence on sluggish demand in the West's mature and saturated
automotive markets.

Brazil steams ahead:

After a record-breaking 27% surge in 2007, vehicle sales in 2008
are likely to calm, but still reach double-digit growth rates.  
Brazil's surprisingly strong macroeconomic performance, with
forecast GDP growth of about 5% in 2008, and its resilience
against the global credit crunch will support better credit
availability, lower interest rates, and the extension of loan
periods, all of which should feed healthy domestic demand in
2008.

With registrations of 607,556 in 2007, Fiat Spa (BB+/Positive/B)
was the top-selling brand in Brazil, with an increase of 30.5%,
followed by Volkswagen AG (A-/Stable/A-2), GM, Ford Motor, and
Peugeot.

Foreign manufacturers pile into Russia:

The dynamic development of the Russian automotive industry looks
set to gather force in 2008.  After 2.3 million new cars were
sold in Russia in 2007, and this is expected to rise to
3,000,000 units this year.  Much of the demand in 2007 came from
imports of branded vehicles, up 61% on the previous year.  In
January this year, sales of foreign cars continued to grow at a
prodigious pace of 53% or 39,270 units year on year.

Russia is also expanding as a manufacturing base, with seven
foreign assembly lines now operating in Russia: the GM-Avtovaz
joint venture; Ford Motor; the Renault S.A. (BBB+/Stable/A-2)
and Moscow joint venture; the Avtotor plant assembling BMW, GM,
and KIA cars; the IzhAvto plant assembling three KIA models; the
Taganrog enterprise that assembles Hyundai cars; and Toyota's
St. Petersburg plant that assembles Toyota Camrys.  This
industrial expansion is being driven by substantial inflows of
capital and petrodollars, as well as the availability of
consumer credit.

In February 2008, Avtovaz, Russia's largest domestic carmaker,
and Renault confirmed their strategic partnership, in the course
of which Renault will acquire 25% plus one share in Avtovaz for
US$1 billion and a deferred payment not exceeding US$165
million.

In India, Tata unveils the world's cheapest car:

The Indian automotive market has seen strong compound annual
average growth of 12% over the past four years and shows no
signs of flagging.  Forecasts by J.D. Power and Associates
suggest 10%-11% growth per year until the end of the decade.

For the 10 months to Jan. 31, 2008, passenger-car and
commercial-vehicle sales grew by 12.8% and 2.9%, respectively,
on a year-on-year basis. Passenger-vehicle exports during this
period grew by a mere 4.9% year on year, while the commercial-
vehicle exports were up 17.9%.

The Indian market is dominated by three players: Maruti Udyog
Ltd. (not rated), 54% of which is owned by Suzuki Motor Corp.
(A-/Stable/--); Hyundai Motor India Ltd., a subsidiary of Korean
Hyundai Motor Co.; and India's own Tata Motors Ltd. (BB+/Watch
Neg/--). Profitability is currently high, with EBITDA margins of
about 12%, but S&P expects this to decline gradually due to
increasing competition and declining capacity utilization rates.

In January 2008, Tata Motors unveiled the cheapest car in the
world, the Nano (costing about US$2,500-US$3,000) in India,
which attracted worldwide interest.  Tata expects to sell
250,000 cars in the first year and up to 1,000,000 annually in
the next three to four years.  The car is likely to boost demand
in the Indian passenger-car market by attracting owners of
motorized two-wheelers, which represent a major section of the
Indian automobile sector, to upgrade to a car.

The Indian passenger-car market has flourished mainly due to a
rise in personal disposable incomes and the booming Indian
economy that is growing at an annual rate of about 9%.  More
than 50% of the vehicles sold in India are purchased on credit.  
Despite rising interest rates, demand is growing because of
attractive buyer incentives, price reductions, and the easy
availability of consumer financing.

Chinese market promising:

After an impressive annual growth rate of 60% to 70% in recent
years, the Chinese passenger-car market is likely to cool to
10%-15% increases per year over the medium term.  The market
holds plenty of promise given that it has a population of 1.3
billion in which only 20 in 1,000 people of driving age owned a
car in 2006.  What's more, nominal national income is likely to
grow at more than 10% per year over the next five years, spurred
by strong economic growth.

Total auto sales in China grew by 21.8% in 2007 year on year to
8.8 million units and are expected to surpass 10 million units
in 2008.  Sales of passenger vehicles grew by 21.7% year on year
to 6.3 million units and commercial vehicles by about 22.3% to
2.5 million units.  Nearly 90 new vehicle models were launched
in 2007.  GM and VW are still the leading brands in the country,
through joint ventures with local manufacturers.

Although demand is strong, profitability in China has come down
to world-average levels as a result of fierce competition,
overcapacity, intense pricing pressures, market fragmentation,
high material costs, poor quality (albeit improving), the lower
availability of components, and higher-than-average production
costs.  In such a competitive environment, automakers cannot
pass on rising steel prices to consumers so relieve pressure on
margins.

Still, growth in exports from China has been remarkably fast,
from a mere 1,000 units in 2003 to 612,700 units in 2007, and is
expected to reach one million unit per year by 2010.  In terms
of value, exports rose by 130% to US$7.31 billion.  The Chinese
government has outlined an ambitious plan to increase the export
value of vehicles and auto components to US$120 billion within
the next decade.


* BOND PRICING: For the Week March 24 - March 28, 2008
------------------------------------------------------

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

   ARGENTINA
   ---------
Argnt-Bocon PR11         2.000     12/3/10     ARS      60.86
Argnt-Bocon PR13         2.000     3/15/24     ARS      61.17
Arg Boden                2.000     9/30/08     ARS      14.80
Argent-EURDIS            7.820    12/31/33     EUR      72.94
Argent-$DIS              8.280    12/31/33     USD      72.25
Argent-Par               0.630    12/31/38     ARS      38.52

   BRAZIL
   ------
CESP                     9.750     1/15/15     BRL      62.29

   CAYMAN ISLANDS
   --------------
Shinsei Fin Caym         6.418     1/29/49     USD      70.22
Shinsei Finance          7.160     7/29/49     USD      68.32
Vontobel Cayman          5.000     3/12/10     CHF      70.60
Vontobel Cayman          6.400     3/28/08     CHF      75.00
Vontobel Cayman          6.533     3/27/08     CHF      66.95
Vontobel Cayman          7.812     3/27/08     EUR      71.90
Vontobel Cayman          8.250     4/25/08     CHF      71.60
Vontobel Cayman          8.250     7/28/08     CHF      39.20
Vontobel Cayman          8.000    10/24/08     CHF      48.40
Vontobel Cayman          8.500     3/27/08     CHF      51.40
Vontobel Cayman          8.600     3/27/08     CHF      67.60
Vontobel Cayman          8.900     3/27/08     CHF      66.55
Vontobel Cayman          9.100    10/31/08     CHF      63.60
Vontobel Cayman          9.250     3/27/08     CHF      71.70
Vontobel Cayman         10.000    10/24/08     CHF      47.40
Vontobel Cayman         10.400     3/27/08     CHF      73.30
Vontobel Cayman         10.400      7/8/08     CHF      53.20
Vontobel Cayman         10.800     9/26/08     CHF      49.00
Vontobel Cayman         10.800    12/19/08     CHF      74.00
Vontobel Cayman         10.850     3/27/08     EUR      53.00
Vontobel Cayman         10.900     9/26/08     CHF      48.00
Vontobel Cayman         11.000     6/20/08     CHF      38.40
Vontobel Cayman         11.500     6/27/08     EUR      60.95
Vontobel Cayman         11.500     7/22/08     CHF      62.80
Vontobel Cayman         12.000     7/25/08     EUR      73.90
Vontobel Cayman         17.500      6/5/09     CHF      71.80
Vontobel Cayman         20.000     1/23/09     EUR      67.20

   JAMAICA
   -------
Jamaica Govt LRS         7.500     10/6/12     JMD      71.98
Jamaica Govt LRS        12.750     6/29/22     JMD      73.98
Jamaica Govt LRS        12.850     5/31/22     JMD      73.39

   PUERTO RICO
   -----------
Puerto Rico Cons.        5.900     4/15/34     USD      45.00
Puerto Rico Cons.        6.000    12/15/34     USD      71.00
Puerto Rico Cons.        6.250      5/1/22     USD      74.00
Puerto Rico Cons.        6.300     11/1/33     USD      47.00

   VENEZUELA
   ---------
Petroleos de Ven         5.250     4/12/17     USD      66.81
Petroleos de Ven         5.375     4/12/27     USD      57.47
Petroleos de Ven         5.500     4/12/37     USD      55.87
Venezuela                7.000     3/31/38     USD      69.87


                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.

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

This material is copyrighted and any commercial use, resale or
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