TCRLA_Public/080401.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

            Tuesday, April 1, 2008, Vol. 9, No. 64

                            Headlines


A R G E N T I N A

365 SA: Proofs of Claim Verification Deadline is April 30
CATA LINEA: Proofs of Claim Verification is Until June 2
CESAR AUGUSTO: Proofs of Claim Verification Deadline is April 22
COMPULBIKE SA: Trustee to Verify Proofs of Claim Until April 23
DANVIC SA: Proofs of Claim Verification Deadline is May 7

FORESTAL ESPERANZA: Proofs of Claim Verification is Until May 22
GEN SISTEMAS: Proofs of Claim Verification is Until May 15
INKWIL SA: Proofs of Claim Verification Deadline is May 29
OBRITEC SA: Proofs of Claim Verification Deadline is May 29
TRANSIC SA: Proofs of Claim Verification Deadline is April 22

TRANSPORTADORA DE GAS: Fitch Shifts Ratings Outlook to Negative


B E R M U D A

ASPEN INSURANCE: Gets Nod to Establish Lloyd's Syndicate 4711
BRUNSWICK CO: To Hold Final Shareholders Meeting on April 16
CAMBO HOLDINGS: Proofs of Claim Filing Deadline is April 11
CAMBO HOLDINGS: Sets Final Shareholders Meeting for April 30
GLOBAL PROPERTY: Proofs of Claim Filing Deadline is April 11

GLOBAL PROPERTY: Sets Final Shareholders Meeting on May 5
MAN MAC: Sets Final Shareholders Meeting for April 21
SCOTTISH RE: Ratings Unaffected by 10-K Filing Delay, S&P Says


B R A Z I L

AES CORP: Andres Gluski Buys 6,200 Shares for US16.30 Each
BANCO DO BRASIL: Wants BRL2 Billion Housing Loan Portfolio
BANCO ITAU: Inks BRL1.3 Million Smart Card Deal with ABNote
BANCO NACIONAL: Denies Loans to Companhia Energetica Bidders
BANCO NACIONAL: OKs BRL1BB Loan to Furnas for Simplicio Project

BANCO NACIONAL: Okays BRL176.6 Mln Loan for Subway Construction
BANCO NACIONAL: To Continue Supporting Brazilian Bank's Projects
BRASIL TELECOM: Moody's Reviews Ba1 Sr. Notes Rating For Upgrade
BRASIL TELECOM: Moody's Reviews Ba1 Rating for Likely Upgrade
BRASIL TELECOM: Tele Norte Signs Preliminary Pact for Purchase

COMPANHIA ENERGETICA: Banco Nacional Denies Loans to Bidders
TELE NORTE: Signs Preliminary Pact for Brasil Telecom Purchase
USNIAS SIDERURGICAS: Allots US$150 Million for J Mendes Upgrade


C A Y M A N  I S L A N D S

BEGUISURI LIMITED: Sets Final Shareholders Meeting for April 3
DIGICEL LTD: Court Rejects Cable & Wireless-ICTA Case
J-FUND LIMITED: Will Hold Final Shareholders Meeting for April 3
NORMANDI LIMITED: To Hold Final Shareholders Meeting on April 3
NORTH BROOK: Final Shareholders Meeting is on April 3

PATHFINDER INVESTMENTS: Final Shareholders Meeting is on April 3
PENARTH INVESTMENTS: Final Shareholders Meeting Set for April 3
PUERTO AZUL: Sets Final Shareholders Meeting for April 3
RUTHERFORD SCDO: Proofs of Claim Filing Deadline is April 3
SOUND ENERGY: Proofs of Claim Filing is Until April 3

SPARCO INVESTMENTS: Sets Final Shareholders Meeting for April 3
SUTTER INVESTMENT: Proofs of Claim Filing Deadline is April 3


C O L O M B I A

BANCOLOMBIA: Fitch Holds Currency Issuer Default Ratings at BB+
ECOPETROL: TransAndean Pipeline Operations Back to Normal


E L  S A L V A D O R

DIGICEL LTD: Names Jose Antonio Rodriguez as CEO for El Salvador


G R E N A D A

CABLE & WIRELESS: Grenadan Gov't Sells 8 Mil. Shares in Firm


H A I T I

AMERICAN AIRLINES: Haitian Consul General Criticizes Airline


H O N D U R A S

DOLE FOOD: Unit Recalls Cantaloupes from Honduras


J A M A I C A

AIR JAMAICA: Air China Wants to Acquire Airline
AMERICAN AIRLINES: Miami Flight Reroutes to Montego Bay for Fuel
CASH PLUS: Unable to Repay Investors on March 31
NATIONAL COMMERCIAL: Unit to Launch Two Mutual Funds


M E X I C O

URBI DESARROLLOS: Fitch Holds BB Rating on US$150MM Senior Notes
VITRO SAB: Court Rules In Favor of Vimexo-Vitro Plan Merger


P U E R T O  R I C O

CENTENNIAL COMM: Reports US$5.4 Mil. Net Income in Third Quarter
CENTENNIAL COMMUNICATIONS: Will Increase Undersea Cable Capacity


T R I N I D A D  &  T O B A G O

DIGICEL LTD: Launches New Brand Tagline for Trinidad Network


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Assets Increase US$27.143 Bln. in 2007
PETROLEOS DE VENEZUELA: Earns US$6.27 Billion in 2007
PETROLEOS DE VENEZUELA: To Expand SouthAm & Caribbean Operations


                         - - - - -


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

365 SA: Proofs of Claim Verification Deadline is April 30
---------------------------------------------------------
Mabel Herrera, the court-appointed trustee for 365 SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until April 30, 2008.

Ms. Herrera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, 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 365 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 365's accounting
and banking records will be submitted in court.

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

Ms. Herrera is also in charge of administering 365's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

           365 SA
           Caracas 353
           Buenos Aires, Argentina

The trustee can be reached at:

           Mabel Herrera
           Rodriguez Pena 694
           Buenos Aires, Argentina


CATA LINEA: Proofs of Claim Verification is Until June 2
--------------------------------------------------------
Hugo Juarez, the court-appointed trustee for Cata Linea Aerea
SA's bankruptcy proceeding, will be verifying creditors' proofs
of claim until June 2, 2008.

Mr. Juarez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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 Cata Linea 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 Cata Linea's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Cata Linea Aerea SA
           Cordoba 373
           Buenos Aires, Argentina

The trustee can be reached at:

           Hugo Juarez
           Corrientes 1327
           Buenos Aires, Argentina


CESAR AUGUSTO: Proofs of Claim Verification Deadline is April 22
----------------------------------------------------------------
Juan Carlos De la Piedra, the court-appointed trustee for Cesar
Augusto Gauna y Cia. S.R.L.'s bankruptcy proceeding, will be
verifying creditors' proofs of claim until April 22, 2008.

Mr. De la Piedra will present the validated claims in court as
individual reports on June 19, 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 Cesar Augusto 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 Cesar Augusto's
accounting and banking records will be submitted in court on
Aug. 15, 2008.

Mr. De la Piedra is also in charge of administering Cesar
Augusto's assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

           Juan Carlos De la Piedra
           Avenida Juan B. Justo 5096
           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.

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


DANVIC SA: Proofs of Claim Verification Deadline is May 7
---------------------------------------------------------
Alfredo Mardikian, the court-appointed trustee for Danvic S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until May 7, 2008.

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

Infobae didn't state the submission dates for the reports.

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

The trustee can be reached at:

           Alfredo Mardikian
           Avenida Cordoba 1247
           Buenos Aires, Argentina


FORESTAL ESPERANZA: Proofs of Claim Verification is Until May 22
----------------------------------------------------------------
Rodolfo Torella, the court-appointed trustee for Forestal
Esperanza SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until May 22, 2008.

Mr. Torella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, 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 Forestal Esperanza 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 Forestal Esperanza's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Forestal Esperanza SA
           Uruguay 16
           Buenos Aires, Argentina

The trustee can be reached at:

           Rodolfo Torella
           Arcos 3726
           Buenos Aires, Argentina


GEN SISTEMAS: Proofs of Claim Verification is Until May 15
----------------------------------------------------------
Diana Panitch, the court-appointed trustee for Gen Sistemas
Medicos S.R.L.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until May 15, 2008.

Ms. Panitch will present the validated claims in court as
individual reports on June 27, 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 Gen Sistemas 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 Gen Sistemas'
accounting and banking records will be submitted in court on
Aug. 26, 2008.

Ms. Panitch is also in charge of administering Gen Sistemas'
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

           Diana Panitch
           Avenida Corrientes 1250
           Buenos Aires, Argentina


INKWIL SA: Proofs of Claim Verification Deadline is May 29
----------------------------------------------------------
Marcelo Carlos Rodriguez, the court-appointed trustee for Inkwil
SA's bankruptcy proceeding, will be verifying creditors' proofs
of claim until May 29, 2008.

Mr. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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 Inkwil 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 Inkwil's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Inkwil SA
           Avenida Cordoba 1886
           Buenos Aires, Argentina

The trustee can be reached at:

           Marcelo Carlos Rodriguez
           Cerrito 146
           Buenos Aires, Argentina


OBRITEC SA: Proofs of Claim Verification Deadline is May 29
-----------------------------------------------------------
Ernesto Horacio Garcia, the court-appointed trustee for Obritec
SA's bankruptcy proceeding, will be verifying creditors' proofs
of claim until May 29, 2008.

Mr. Garcia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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 Obritec 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 Obritec's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Obritec SA
           Magallanes 877
           Buenos Aires, Argentina

The trustee can be reached at:

           Ernesto Horacio Garcia
           Sarmiento 1587
           Buenos Aires, Argentina


TRANSIC SA: Proofs of Claim Verification Deadline is April 22
-------------------------------------------------------------
Juan Carlos Flores, the court-appointed trustee for Transic
S.A.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until April 22, 2008.

Mr. Flores will present the validated claims in court as
individual reports on June 4, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Transic 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 Transic's accounting
and banking records will be submitted in court on July 17, 2008.

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

The trustee can be reached at:

           Juan Carlos Flores
           Junin 55
           Buenos Aires, Argentina


TRANSPORTADORA DE GAS: Fitch Shifts Ratings Outlook to Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Transportadora de Gas del Norte
S.A.'s long-term local and foreign currency Issuer Default
Ratings at 'B'.  Fitch has also affirmed the 'B' rating of the
company's senior unsecured notes due in 2012, as well as the
'RR4' recovery rating of the notes.  In conjunction with this
rating action, Fitch has affirmed the company's national scale
rating of 'A-(arg)'.  The Rating Outlook for all ratings has
been revised to Negative from Stable.

The revision in the rating outlook to negative reflects
heightened counterparty payment and legal risks due to the
decision during February 2008 by the Chilean energy generator,
Electrica de Santiago S.A., to seek legal actions in an attempt
to discontinue payments to Transportadora de Gas del Norte in
accordance with the Gas Transportation Agreement between the two
companies.

Exports of gas are important to Transportadora de Gas del
Norte's credit profile, as they represent 44% of revenues and
provide the company with hard currency.  Its export revenues are
highly concentrated and Electrica de Santiago SA is one of the
company's six clients outside Argentina.  Fitch estimates that
the Chilean contract represents US$9 million or 6% of its total
revenues and US$7.5 million or 7% of EBITDA.  The loss of these
revenues and cash flow, should a legal decision go against the
company, is manageable.  Its credit profile would deteriorate
sharply, however, if the other three Chilean companies that are
not receiving natural gas through Transportadora de Gas del
Norte SA due to restriction imposed by the government would
follow suit and discontinue their payments to the company.

The company could partially offset the export revenue loss with
additional revenues to be collected under ongoing government-
sponsored pipeline expansion initiatives.  These projects, which
are estimated to grow its revenues by US$8 million-US$10 million
over the next two to three years, are promoted by the Argentine
government and financed through private trust funds.  The
company will benefit through supervision fees collected during
construction and with management and operation fees upon project
completion.

Over the near term, however, the company's debt service will
stay tight.  In a base case scenario, free cash flow before
interest and debt service will total US$65 million, which will
cover interest expenses of US$25 million and debt amortization
of US$32 million of debt amortization during each of the next
two years by slightly more than 1.0 times .

The 'B' IDR rating reflects the company's ability to operate
under a challenging environment.  Net revenues reached US$166
million and EBITDA was US$103 million during 2007.  These
figures compare with US$165 million of revenues and US$98
million of EBITDA in 2006.  Its operating margin increased to
62% in 2007 from 59% in 2006.  As a result of the EBITDA
improvement and a partial prepayment of its senior credit
facilities by US$9 million as of December 2007, the company's
net debt-to-EBITDA reclined to 3.3 from 4.0 at year-end 2006.

At year-end 2007, its total debt was US$363 million, composed by
US$159 million amortizing notes at 6.5% step-up due in 2012 and
US$204 million bullet notes at 7.5% step-up due in 2012.  Debt
restructuring was completed in late August 2006.  The company's
financial strategy is constrained by a covenant package that
restricts cash applications.

In the near term, Fitch expects the Argentine pipeline industry
to remain volatile, due to underinvestment and continued
government interference.  Transportadora de Gas del Norte SA is
exposed to a weak regulatory framework, exchange rate and
inflation risks.  Since 1999, the company has had a flat tariff
structure and future tariff adjustments would require the
approval from its regulator.  So far, its tariff review is
pending; this negotiation is considered a key factor to mitigate
regulatory risk.

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest  
transporters of natural gas in Argentina, delivering
approximately 40% of the country's total gas consumption and
more than 50% of Argentine total gas exports.  The northern
Argentine gas pipeline system connects major gas fields in
northern and central-western Argentina.  The company benefits
from an exclusive 35-year concession contract, ending Dec. 28,
2027, which may be extended for an additional 10 years.  The
parent company is Gasinvest S.A., which has a 56.35% stake and
comprises five companies: Totalfinaelf (27.2%), Transcogas
Inversora S.A. (22.3%), Compania General de Combustibles (5%),
Organizacion Techint (27.2%), and Petroliam Nasional Berhad
(18.3%).  In addition, CMS Gas Argentina holds 23.5% of
Transportadora Norte's shares, while the remaining 20% is traded
on the Buenos Aires stock exchange.



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

ASPEN INSURANCE: Gets Nod to Establish Lloyd's Syndicate 4711
-------------------------------------------------------------
Aspen Insurance Holdings Limited has received approval from
Lloyd’s to establish a new Lloyd’s Syndicate, called Syndicate
4711 with the pseudonym of "ASP".  Syndicate 4711 will commence
underwriting from early April for business incepting from May 1,
2008.

Syndicate 4711 is managed by a newly created Lloyd’s managing
agency, Aspen Managing Agency Limited, which is authorized by
the Financial Services Authority in the UK.  Syndicate 4711 is
supported by a corporate member, which is a wholly owned
subsidiary of Aspen.

The active underwriter of Syndicate 4711 is Matthew Yeldham,
Head of International Insurance at Aspen.  Mr. Yeldham retains
his existing responsibilities in addition to assuming his new
role with Syndicate 4711.

Syndicate 4711’s business plan for 2008 is to renew certain
participations on selected classes of business currently written
by its existing UK company, Aspen Insurance UK Limited.  These
classes include Energy, Hull, Marine Liability, Transportation
related Liability, Aviation and certain specialty reinsurance
lines.

In 2008, Aspen plans to write approximately $100 million of its
forecast GWP (gross written premiums) in Syndicate 4711. This is
not expected to have a material impact on the consolidated GWP
expected to be written by the Company in 2008.

Aspen believes the Lloyd’s brand, market positioning and
licences make it a leading specialist insurance market for many
of the lines in which Aspen has strong leadership positions.

Commenting on the announcement, Chris O’Kane, Chief Executive
Officer of Aspen Insurance Holdings, said: “Lloyd’s is widely
regarded as a leading marketplace for many of the classes of
business which we currently underwrite and offers an
unrivalled distribution network.  The establishment of a
presence at Lloyd’s is a key strategic objective for Aspen as it
provides a major enhancement to our multi-platform capability as
we continue to develop our business.”

               About Aspen Insurance Holdings Ltd.

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

                           *     *     *

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


BRUNSWICK CO: To Hold Final Shareholders Meeting on April 16
------------------------------------------------------------
Brunswick Company Limited will hold its final general meeting on
April 16, 2008, at 10:00 a.m. at Conyers Dill & Pearman, 2nd
Floor, Richmond House, Par-la-Ville Road, 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.

Brunswick Company's shareholders agreed to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

          Denise Shaw
          Registrar of Companies Office
          Government Administration Building
          Parliament Street, Hamilton
          Bermuda
          Phone: 279 5316
          E-mail: denise.shaw@conyersdillandpearman.com.


CAMBO HOLDINGS: Proofs of Claim Filing Deadline is April 11
-----------------------------------------------------------
Cambo Holdings Limited's creditors are given until April 11,
2008, to prove their claims to Robin J. Mayor, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Cambo Holdings' shareholders agreed on March 26, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11, Bermuda


CAMBO HOLDINGS: Sets Final Shareholders Meeting for April 30
------------------------------------------------------------
Cambo Holdings Limited will hold its final general meeting on
April 30, 2008, at 9:30 a.m. at Messrs. Conyers Dill & Pearman,
Clarendon House, 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.

Cambo Holdings' shareholders agreed on March 26, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11, Bermuda


GLOBAL PROPERTY: Proofs of Claim Filing Deadline is April 11
------------------------------------------------------------
Global Property Company Limited's creditors are given until
April 11, 2008, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Global Property's shareholders agreed on March 25, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11, Bermuda


GLOBAL PROPERTY: Sets Final Shareholders Meeting on May 5
---------------------------------------------------------
Global Property Company Limited will hold its final general
meeting on May 5, 2008, at 9:30 a.m. at Messrs. Conyers Dill &
Pearman, Clarendon House, 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.

Global Property's shareholders agreed on March 25, 2008, to
place the company into voluntary liquidation under Bermuda 's
Companies Act 1981.

The liquidator can be reached at:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton , HM 11, Bermuda


MAN MAC: Sets Final Shareholders Meeting for April 21
-----------------------------------------------------
Man Mac Monch 9A Limited will hold its final general meeting on
April 21, 2008, at 9:30 a.m. at Argonaut Limited, Argonaut
House, 5 Park Road, Hamilton HM O9, 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.

Man Mac's shareholders agreed to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


SCOTTISH RE: Ratings Unaffected by 10-K Filing Delay, S&P Says
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Scottish Re Group Ltd. (B/Watch Neg/--) and related entities
were not affected by the company's March 27, 2008, notification
of late filing of its 2007 10-K.  This is because S&P already
took into account the securities valuation and the other factors
Scottish Re gave for the delay when it placed the ratings on
CreditWatch negative.
     
On Jan. 31, 2008, S&P lowered its ratings on Scottish Re and
placed them on CreditWatch negative because of the company's
continuing exposure to increasing investment losses and
meaningful risk of losing some reserve credits secured through
Ballantyne Re plc.  As previously stated, S&P will resolve the
CreditWatch status of the ratings when it completes its
independent process of assessing expected losses given the
ongoing market deterioration for these securities and assesses
the risk of the company incurring loss of reserve credits.

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.



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

AES CORP: Andres Gluski Buys 6,200 Shares for US16.30 Each
----------------------------------------------------------
AES Corp.'s Executive Vice President and Chief Operating Officer
Andres Gluski has purchased 6,200 shares in the company for up
to US$16.30 each.

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

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.  The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador and Panama.

                           *     *     *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.  The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation is in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as set forth in the credit agreements.  As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007.  There are no outstanding borrowings
under the senior unsecured facility.


BANCO DO BRASIL: Wants BRL2 Billion Housing Loan Portfolio
----------------------------------------------------------
Banco do Brasil's Home Loan Director Sergio Augusto Kurovski
told Business News Americas that the bank wants to build a
BRL2 billion housing loan portfolio by year-end.

BNamericas relates that the Brazilian central bank's national
monetary council CMN passed March 27 a resolution that let Banco
do Brasil and development banks Banco da Amazonia and Banco do
Nordeste to provide home loans backed by savings deposits, along
with credit cooperatives Bancoob and Bansicredi.

Mr. Kurovski commented to BNamericas, "We'll start offering
housing loans in June and expect to have granted BRL2 billion by
the end of the year.  There's no doubt BB [Banco do Brasil]
wants to gain a good part of this market."

According to BNamericas, Mr. Kurovski said that Banco do Brasil
will avoid direct competition with Brazil's largest mortgage
lender, federal bank Caixa Economica Federal, and take on
private sector competitors Banco Bradesco and Itau by focusing
on borrowers from the middle class and up.

Mr. Kurovski told BNamericas, "We're not going to compete with
CEF or try to knock them from first place.  Housing loans are
the product we were missing.  When account holders went to other
banks to get a housing loan, they undoubtedly took other
business with them.  We want to stop that migration."

Banco do Brasil will provide funding to homebuilders, who in
turn supply their clients with credit to buy homes, BNamericas
says, citing Mr. Kurovski.

Banco do Brasil will have BRL1 billion in resources this year
from workers compensation and savings fund FGTS for housing
loans from Caixa Economica, BNamericas states.

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                           *     *     *

On Feb. 29, 2008, Moody's Investors Rating Service assigned a
Ba2 foreign currency deposit rating to Banco do Brasil.


BANCO ITAU: Inks BRL1.3 Million Smart Card Deal with ABNote
-----------------------------------------------------------
Banco Itau Holding Financeira SA has entered into a
BRL10.3 million deal with Brazilian credit and debit cards
supplier ABNote.

Under the deal, ABNote will provide Banco Itau with 3.60 million
smart cards.

According to Business News Americas, ABNote will supply Banco
Itau with MasterCard and Visa-branded credit and debit cards
with integrated circuits.

The contract with ABNote will last for one year and can be
renewed for another year, BNamericas states.

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA(Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.  The
bank has offices in Miami, New York, Hongkong, Lisbon,
Luxembourg, Bahamas, the Cayman Islands, Chile and Uruguay.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2007, Fitch changed the outlook of Banco Itau Holding
Financiera S.A.'s 'BB+' foreign currency IDR rating to positive
from stable.


BANCO NACIONAL: Denies Loans to Companhia Energetica Bidders
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's President
Luciano Coutinho told journalists that the bank didn't grant
loans to firms interested in bidding for control of Companhia
Energetica de Sao Paulo, a.k.a. Cesp, to prioritize new
projects.

As reported in the Troubled Company Reporter-Latin America on
March 27, 2008, the Sao Paulo government canceled the March 26
auction to privatize Cesp due to lack of interest from potential
buyers.  Pre-qualified bidders failed to deposit financial
guarantees for the auction.  The five bidders were:

   -- Suez Tractebel, part of France's Suez Energy
      International;

   -- Energias do Brasil, a subsidiary of Portugal's EDP;

   -- Neoenergia that has Spain's Iberdrola as a key partner;

   -- U.S. aluminum producer Alcoa Inc; and

   -- Brazil's energy holding CPFL Energia.  

Each pre-qualified bidder had to deposit BRL1.74 billion to
participate in the auction.  The initial purchase price was
BRL6.6 billion.  The deal has turned to uncertainty at the last
minute following several companies' talks of forming a
consortium to bid for the company.  According to Sao Paulo's
Governor Jose Serra, the auction failed because firms had
trouble securing loans to bid for Cesp.  Power firms had been
worried that there was no guarantee Cesp's Jupia and Ilha
Solteira plants would secure concession renewals.

"The Sao Paulo state government did not look to us in proper
time for a loan request for the winning group.  We have limited
resources and prioritize new power projects.  If the auction had
been successful, we could have considered financing the
competitors, but that is not our focus right now," Mr. Coutinho
commented to Business News Americas.

                          About Cesp

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

                       About Banco Nacional

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

                           *     *     *

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: OKs BRL1BB Loan to Furnas for Simplicio Project
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has
authorized a BRL1 billion loan to power firm Furnas for its 334-
megawatt Simplicio hydro project, Business News Americas
reports.

Furnas' President Luiz Paulo Conde commented to reporters, "This
is the first time Furnas has borrowed money from BNDES [Banco
Nacional] in seven years and we couldn't build the plant without
this loan."

According to BNamericas, the BRL1.6 billion plant is part of the
Brazilian federal government's growth acceleration program and
will begin operating in 2010.  Furnas wasn't entitled to
government financing before the program was launched because it
was a federal company.

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 BRL176.6 Mln Loan for Subway Construction
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's board
approved two financings, in the total amount of
BRL176.6 million, for construction and modernization works to
Rio de Janeiro and Fortaleza subways.  Specifically,
BRL34.3 million to the State of Rio de Janeiro and
BRL142.3 million to the State of Ceara.

The support to Fortaleza subway [Metrofor], of BRL142.3 million,
will be directed to construct the first phase of Metrofor, the
South line, an extension between Vila das Flores and Joao Felipe
stations.  The project integrates the Growth Acceleration Plan
[PAC] and is estimated at BRL804.3 million, of which BNDES will
have a share of 17.7%.

The financing to Rio de Janeiro subway will adjust the operating
structure to the new traffic and ticketing technologies.  
BNDES's share is BRL34.3 million, which is equivalent to 62% of
the BRL55,6 million estimated for the project.  The funds will
be directed to investments in remodeling the passenger railway
cars, in Information Technology (IT), traffic engineering and
maintenance.  The cars will be reformed in order to receive a
higher number of passengers.

After modernization of the system, the increase in offer of
seats will be 3.57% in Line 1 and 2.11% in Line 2, giving more
comfort, safety and confidence to users.  In the last five years
the volume of passengers transported increased at an average of
4.2% per year.

The project also provides for a single ticketing system, based
on cards without contact, smart card type, with chip. The
objective is to integrate the present systems, so that to allow
the revenue operation and control, as well as the collection and
treatment of data related to the flow of passengers.

Organized in January 1998, Opportrans Concessăo Metroviária S.A.
began the passenger subway transportation operations in the City
of Rio de Janeiro in April of the same year, through a
concession of services for 20 years renewable for an equal
period.  Opportrans carries out the services using the brand
Metro Rio.

Metrofor - Companhia Cearense de Transportes Metropolitanos
[Metrofor] is a publicly traded corporation and will be the
intervenient responsible for the project, which will generate
700 direct jobs in the company itself, until 2011.  During
implementation, 2.5 thousand jobs will be created, linked to the
civil construction and manufacture of railway road material, to
meet orders made to the sectors involved.

Metrofor is divided in three stages and will link the capital of
the State of Ceara to the Cities of Maracanau, Pacatuba, Caucaia
and Maranguape, in Fortaleza metropolitan region.  It is a large
operation, with urbanistic, environmental, social and economic
impacts over the whole region.

To have an idea of the social impact of the construction of
Fortaleza subway, the number of passengers daily transported
will go from the current 10 thousand to 158 thousand in 2011,
with 18 stations and 10 trains.

The endeavor supported by BNDES will contribute, therefore, to
mitigate serious problems of urban circulation, reduce
transportation operating costs, maintenance costs of roads and
fuel consumption. It will also result in an alternative of fast
transportation of workers to regions of difficult access.

From an environmental point of view, it will result in a non-
polluting transportation system by electric traction,
contributing to reduce the quantity of buses and cars in
circulation.  Consequently, there is a possibility of generating
carbon credits in function of the reduction in CO2 emissions and
improvement in productivity of workers, in view of the decrease
in traveling time and in the number of accidents.

Additionally, the transference of underground road extensions to
subsoil will imply in a urbanistic renewal of degraded areas.  
That is, it will allow them to have new uses, including
exclusive areas for pedestrians, so increasing the quality of
life.

Support to Rio de Janeiro and Sao Paulo subways - BNDES has been
financing Sao Paulo subway since the 80's decade, both in the
acquisition of a big portion of the fleet of trains and in the
performance of several investments, especially for line 3.  
Among them are the implementation of traffic signals, Barra
Funda substation and Patio do Itaquera.

The Bank approved a financing to expand line 2 - Green, between
Alto Ipiranga and Vila Prudente and three stations (Sacoma,
Tamanduatei and Vila Prudente), in addition to a parking and
maintenance courtyard and acquisition of 16 trains and six
railway cars.  The credit amounted to BRL1.6 billion, for a
total investment of BRL2.1 billion.

Sao Paulo subway expansions have allowed the present network,
with 4 lines operating and 61.3 kilometers expansion, to
transport 3 million passengers per day.

BNDES has also been financing Rio de Janeiro subway system
structuring, since 1982.  The Bank support to those investments
represented an equivalent to about BRL1.7 billion, 61% of the
total investments.

The main items implemented with BNDES financing were the
expansion of line 1, acquisition of trains and expansion of line
2 until Pavuna.  Currently under implementation with BNDES
financing are the completion of Operating Restoration Program of
lines 1 and 2 and the expansion of line 1 between Cantagalo and
General Osorio.

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: To Continue Supporting Brazilian Bank's Projects
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's President
Luciano Coutinho told Brazil's federal government news agency
Radiobras that the bank will continue to support regional
infrastructure projects by Brazilian companies.

Mr. Countinho commented to Business News Americas, "The bank
currently has a US$10 billion loan portfolio for regional
operations in normal course.  We would like more flexibility to
carry it out."

Flexibility is needed as some operations involve nations facing
difficulties or balance of payments problems, BNamericas says,
citing Mr. Coutinho.

Mr. Coutinho told Radiobras, "South America's development is
very important to Brazil, both in terms of logistics integration
through highways and railways, and energy integration."

Banco Nacional's support for South America "is generally
destined to the exportation of engineering services and
equipment," BNamericas notes, citing Mr. Coutinho.

BNamericas relates that Mr. Coutinho believes the US financial
crisis won't affect bank loans.

Mr. Coutinho told BNamericas, "Our concern is that the
international banking crisis becomes complicated, increasing the
demand for BNDES [Banco Nacional] resources, because this would
require an additional effort to obtain funds.  We would be
happier if the markets were more peaceful."

Improvements in production and the creation of infrastructure
"are basic to support the growth of the Brazilian economy" and
Banco Nacional will seek "ways and means" to overcome any
eventuality, BNamericas states, citing Mr. Coutinho.

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.


BRASIL TELECOM: Moody's Reviews Ba1 Sr. Notes Rating For Upgrade
----------------------------------------------------------------
Moody's Investors Service placed Brasil Telecom S.A.'s global
scale senior unsecured rating of Ba1 under review for possible
upgrade based on the company's achievement of positive margins
in its mobile telephony business, cost reduction efforts and
maintenance of strong credit metrics.  Simultaneously, Moody's
affirmed Brasil Telecom's Aa1.br national scale senior unsecured
rating and stable outlook.

The review will focus on the sustainability of credit metrics in
light of the significant changes expected for the Brazilian
telecommunications industry over the near to medium term,
including the introduction of number portability and several
changes in the regulatory framework intended to promote
competition.  In addition, the review will consider recent
trends in traffic, revenue and margins by product and the
company's financial policy going forward, in particular with
regard to dividend payout.

Headquartered in Brasilia, Brasil Telecom S.A., is an integrated
telecommunications company operating in nine states in the
southern, mid-western and northern regions of Brazil.  In 2007
Brasil Telecom reported consolidated net revenues of BRL11,059
million.


BRASIL TELECOM: Moody's Reviews Ba1 Rating for Likely Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba1 rating assigned to Brasil Telecom S.A.'s
US$200 million 9.375 % structured Notes due 2014.  The review is
a result of the placement on review for possible upgrade of the
Ba1 global scale senior unsecured rating of Brasil Telecom SA.

The rating assigned to the structured notes is linked to the
fundamental credit quality of Brasil Telecom S.A., as reflected
by its global local currency rating.  As a result of this
linkage, any further change in that rating may also result in a
change in the rating of the structured notes.

Rating action:

  -- US$200 million 9.375 % structured Notes, Ba1 rating placed
     on review for possible upgrade.

Headquartered in Brasilia, Brasil Telecom S.A., is an integrated
telecommunications company operating in nine states in the
southern, mid-western and northern regions of Brazil.  In 2007
Brasil Telecom reported consolidated net revenues of
BRL11,059 million.


BRASIL TELECOM: Tele Norte Signs Preliminary Pact for Purchase
--------------------------------------------------------------
Tele Norte Leste Participacoes S.A. has reached a preliminary
agreement with Citigroup and national bank Opportunity for the
acquisition of Brasil Telecom, Brazilian news daily Folha de S
Paulo reports.

Business News Americas relates that Opportunity had agreed in
February to sell its stakes in Tele Norte, Brasil Telecom, and
Telemig Celular to drop its lawsuits with the other shareholders
of the three operators:

          -- Previ,
          -- Petros, and
          -- Funcef.

According to BNamericas, Opportunity continued legal action with
Citigroup.  The dispute between Opportunity, the operators'
shareholders, and Citigroup resulted from Opportunity's role as
representative of the groups when they invested in operator
units that emerged from privatization of the national telecoms
system Telebras in 1999.  The operators' shareholders dismissed
Opportunity as their administrative partner in the investments
in 2003 and Citigroup did the same in 2005, leading to lawsuits
that are now in the New York courts.

The new agreement will be officially disclosed sometime in
April.  The acquisition will then depend on a change in telecoms
law that the Brazilian government will approve, BNamericas
states.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                         *     *     *

To date, Brasil Telecom carries Moody's Investors Service's Ba1
senior unsecured and credit default swap ratings.


COMPANHIA ENERGETICA: Banco Nacional Denies Loans to Bidders
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's President
Luciano Coutinho told journalists that the bank didn't grant
loans to firms interested in bidding for control of Companhia
Energetica de Sao Paulo, a.k.a. Cesp, to prioritize new
projects.

As reported in the Troubled Company Reporter-Latin America on
March 27, 2008, the Sao Paulo government canceled the March 26
auction to privatize Cesp due to lack of interest from potential
buyers.  Pre-qualified bidders failed to deposit financial
guarantees for the auction.  The five bidders were Suez
Tractebel, part of France's Suez Energy International; Energias
do Brasil, a subsidiary of Portugal's EDP; Neoenergia that has
Spain's Iberdrola as a key partner; U.S. aluminum producer Alcoa
Inc; and Brazil's energy holding CPFL Energia.  Each pre-
qualified bidder had to deposit BRL1.74 billion to participate
in the auction.  The initial purchase price was BRL6.6 billion.  
The deal, which would have raised a minimum of BRL6.6 billion,
has turned to uncertainty at the last minute following several
companies' talks of forming a consortium to bid for the company.  
According to Sao Paulo's Governor Jose Serra, the auction failed
because firms had trouble securing loans to bid for Cesp.  Power
firms had been worried that there was no guarantee Cesp's Jupia
and Ilha Solteira plants would secure concession renewals.

"The Sao Paulo state government did not look to us in proper
time for a loan request for the winning group.  We have limited
resources and prioritize new power projects.  If the auction had
been successful, we could have considered financing the
competitors, but that is not our focus right now," Mr. Coutinho
commented to Business News Americas.

                       About Banco Nacional

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

                          About Cesp

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

                           *     *     *

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


TELE NORTE: Signs Preliminary Pact for Brasil Telecom Purchase
-------------------------------------------------------------
Tele Norte Leste Participacoes S.A. has reached a preliminary
agreement with Citigroup and national bank Opportunity for the
acquisition of Brasil Telecom, Brazilian news daily Folha de S
Paulo reports.

Business News Americas relates that Opportunity had agreed in
February to sell its stakes in Tele Norte, Brasil Telecom, and
Telemig Celular to drop its lawsuits with the other shareholders
of the three operators:

          -- Previ,
          -- Petros, and
          -- Funcef.

According to BNamericas, Opportunity continued legal action with
Citigroup.  The dispute between Opportunity, the operators'
shareholders, and Citigroup resulted from Opportunity's role as
representative of the groups when they invested in operator
units that emerged from privatization of the national telecoms
system Telebras in 1999.  The operators' shareholders dismissed
Opportunity as their administrative partner in the investments
in 2003 and Citigroup did the same in 2005, leading to lawsuits
that are now in the New York courts.

The new agreement will be officially disclosed sometime in
April.  The acquisition will then depend on a change in telecoms
law that the Brazilian government will approve, BNamericas
states.

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes SA -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services placed on CreditWatch with negative implications the
'BB+' corporate credit rating on Tele Norte Leste Participacoes
S.A.  The creditwatch resulted from TmarPart's decision to buy
out its holding company's preferred shares.


USNIAS SIDERURGICAS: Allots US$150 Million for J Mendes Upgrade
---------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais S.A.'s Chief Financial
Officer Paulo Penido Pinto Marques said in a conference call
that the firm has allotted some US$150 million for the expansion
of iron ore producer J Mendes' annual capacity from six million
to 11-13 million tons within three years, Business News Americas
reports.

According to BNamericas, Mr. Marques said in the conference that
Usinas Siderurgicas is considering a US$600 million investment
for the construction of a new concentrator for J Mendes to
increase its capacity to another 29 million tons per year by
2013.

Usinas Siderurgicas has also been considering the creation of a
pelletizing plant for J Mendes in 2015, which would need up to
US$1.0 billion investment, Mr. Marques told BNamericas adding
that there are no concrete plans yet for the project.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA -- http://www.usiminas.com.br-- 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.



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

BEGUISURI LIMITED: Sets Final Shareholders Meeting for April 3
--------------------------------------------------------------
Beguisuri Limited will hold its final shareholders' meeting on
April 3, 2008, at Smith Barney Private Trust Company (Cayman)
Limited, CIBC Financial Center, 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.

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
               P.O. Box 1170
               George Town, Grand Cayman
               Cayman Islands


DIGICEL LTD: Court Rejects Cable & Wireless-ICTA Case
-----------------------------------------------------
Digicel Ltd. has welcomed the decision of the Court of Appeal as
delivered on March 27, 2008, in which the Court firmly and
emphatically dismissed Judicial Review Proceedings initiated by
Cable & Wireless (Cayman Islands) Ltd against The Information
and Communications Technology Authority.  Digicel were joined to
those proceedings as an Interested Party.

The three Member Court of Appeal firmly rejected C&W’s attempts
to challenge a decision of the ICTA made on Dec. 14, 2006
(Decision 2006-6).  In this decision, the ICTA rejected C&W’s
application to challenge the contractually agreed Mobile
Termination Rate that exists between itself and Digicel.  Mobile
Termination Rates are the rates that operators pay each other
for terminating calls on their respective mobile networks.

In a 25 page judgment, the Court of Appeal unanimously ruled
that C&W had no arguable case and dismissed C & W’s proceedings
in their entirety.  Costs were awarded in favour of the ICTA and
Digicel.

Assistant General Manger of Digicel Cayman, Sean Latty, welcomed
the decision and stated that “Digicel is very pleased that the
Grand Court and now the Court of Appeal has ruled in favour of
Digicel and the Authority and has rejected C&W’s unmeritorious
application which sought to challenge an agreement freely
entered into between Digicel and C&W in July 2004 and one that
C&W have relied on to their own ends on numerous occasions
subsequently.

“Today’s judgment demonstrates that the days of monopoly where
one provider can dictate the conditions of the market, are well
and truly over.  Cable & Wireless’ behaviour throughout this
episode, as clearly recognized by the ICTA, the Grand Court and
now the Court of Appeal, has been self-serving, unflattering and
highly regrettable.  This is a significant step in the right
direction in ensuring that the each operator is working on a
level playing field and that ultimately the people of the Cayman
Islands can enjoy the benefits of a fully liberalized market”
added Sean Latty.

C&W’s application centered on an Agreement reached between C&W
and Digicel in July 2004 in which a Mobile Termination Rate was
agreed.  In September 2006, C&W sought to unilaterally amend the
MTR payable between the Parties notwithstanding that the rate
applicable was subject to a binding contract and the fact that
C&W had itself on numerous occasions sought to rely on the
binding nature of the Agreement to its own ends over the
previous two year period.

Documents put before the Court of Appeal demonstrated that the
July 2004 Agreement became less and less commercially
advantageous to C&W as Digicel’s customer numbers rapidly grew
after the launch of the Digicel service.  Part of Digicel’s
submission was that commercial considerations provided C&W’s
principal motivation behind their recently stated opposition to
the Agreement.

C&W ultimately refused to pay the rate as contractually agreed
and Digicel was forced to initiate an Arbitration process with
the International Chamber of Commerce.  This process is ongoing
with a hearing scheduled before an ICC Panel in London in
June 2008.  It is uncertain whether C&W will continue their
defense of these Arbitration Proceedings in light of the
decision of the Court of Appeal.

“Unfortunately this is just another chapter in our history with
Cable & Wireless Ltd who have continually raised barriers to
true competition” concluded Mr. Latty.

Digicel currently has a claim in the English High Court against
Cable and Wireless plc and various of its subsidiaries
(including Cable & Wireless (Cayman Islands) Limited), stating
its belief that it has been the victim of a co-ordinated effort
on C&W’s part to prevent and delay Digicel launching competing
mobile telephone networks in St Lucia, St Vincent & the
Grenadines, Grenada, Barbados, the Cayman Islands, Trinidad &
Tobago and the Turks and Caicos Islands.  The Caribbean company
is seeking multi-million pound damages. These proceedings will
be heard before the High Court in London in April of next year.

                          About Digicel

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings downgraded Digicel Limited's
Foreign currency Issuer Default Rating to 'B-' from 'B' and
US$450 million senior notes due 2012 to 'B-/RR4' from'B/RR4'.


J-FUND LIMITED: Will Hold Final Shareholders Meeting for April 3
----------------------------------------------------------------
J-Fund 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.

J-Fund's shareholders agreed on Jan. 22, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


NORMANDI LIMITED: To Hold Final Shareholders Meeting on April 3
---------------------------------------------------------------
Normandi Limited will hold its final shareholders' meeting on
April 3, 2008, at Smith Barney Private Trust Company (Cayman)
Limited, CIBC Financial Center, 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.

Normandi'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
               P.O. Box 1170
               George Town, Grand Cayman
               Cayman Islands


NORTH BROOK: Final Shareholders Meeting is on April 3
-----------------------------------------------------
North Brook Limited will hold its final shareholders' meeting on
April 3, 2008, at Smith Barney Private Trust Company (Cayman)
Limited, CIBC Financial Center, 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.

North Brook'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
               P.O. Box 1170
               George Town, Grand Cayman
               Cayman Islands


PATHFINDER INVESTMENTS: Final Shareholders Meeting is on April 3
----------------------------------------------------------------
Pathfinder Investments Limited will hold its final shareholders'
meeting on April 3, 2008, at Smith Barney Private Trust Company
(Cayman) Limited, CIBC Financial Center, 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.

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
               P.O. Box 1170
               George Town, Grand Cayman
               Cayman Islands


PENARTH INVESTMENTS: Final Shareholders Meeting Set for April 3
---------------------------------------------------------------
Penarth Investments Limited will hold its final shareholders'
meeting on April 3, 2008, at Smith Barney Private Trust Company
(Cayman) Limited, CIBC Financial Center, 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.

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
               P.O. Box 1170
               George Town, Grand Cayman
               Cayman Islands


PUERTO AZUL: Sets Final Shareholders Meeting for April 3
--------------------------------------------------------
Puerto Azul Limited will hold its final shareholders' meeting on
April 3, 2008, at  Cititrust (Cayman) Limited, CIBC Financial
Center, 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.

Puerto Azul'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
               P.O. Box 1170
               George Town, Grand Cayman
               Cayman Islands


RUTHERFORD SCDO: Proofs of Claim Filing Deadline is April 3
-----------------------------------------------------------
Rutherford SCDO 2003-1 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.

Rutherford 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


SOUND ENERGY: Proofs of Claim Filing is Until April 3
-----------------------------------------------------
Sound Energy Capital Offshore Fund. Ltd.'s creditors have until
April 3, 2008, to prove their claims to Linburgh Martin and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidators can be reached at:

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


SPARCO INVESTMENTS: Sets Final Shareholders Meeting for April 3
---------------------------------------------------------------
Sparco Investments Limited will hold its final shareholders'
meeting on April 3, 2008, at Smith Barney Private Trust Company
(Cayman) Limited, CIBC Financial Center, 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.

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
               P.O. Box 1170
               George Town, Grand Cayman
               Cayman Islands


SUTTER INVESTMENT: Proofs of Claim Filing Deadline is April 3
-------------------------------------------------------------
Sutter Investment Grade SCDO'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.

Sutter Investment'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



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

BANCOLOMBIA: Fitch Holds Currency Issuer Default Ratings at BB+
---------------------------------------------------------------
Fitch Ratings affirms Bancolombia's ratings as:

   -- Foreign currency issuer default rating: 'BB+';
   -- Foreign currency short-term issuer default rating: 'B';
   -- Local currency issuer default rating: 'BB+';
   -- Local currency short-term issuer default rating: 'B';
   -- Individual rating: 'C/D';
   -- Support rating: '3';
   -- Support floor: 'BB-'.

At the same time, Fitch affirms Bancolombia's subordinated debt
rating at 'BB'.  The rating outlook is stable.

The ratings reflect Bancolombia's dominant franchise, growth
potential, diversified loan portfolio and revenues, strong
earnings generation capacity and, sound management.  The ratings
also factor in the stretched capital, the deteriorating yet
still adequate portfolio quality and increased provision
requirements.

Given the size and systemic importance of Bancolombia, Fitch
believes there is a moderate probability of support from
Colombia's Central Bank whose ability to provide support is
constrained by the country's financial and fiscal standing;
Colombia's sovereign rating is 'BB+' with a stable outlook.

Upward potential for Bancolombia's IDRs is contingent upon the
bank's ability to restore and maintain pre-acquisition capital
levels, sustain its strong performance and achieve balanced
growth stabilizing asset quality.  Should capital weaken, asset
quality deteriorate or performance decline, there would be
significant downward pressure on Bancolombia's individual and
IDR ratings.

The integration of Banco Agricola focused on corporate
governance, controls and coordination; this approach did not
disrupt the business and the results are so far better than
expected.  Bancolombia's interest revenue showed strong growth
during 2007 (+31%) lead by a growing loan portfolio (+24%) and
increasing margins arising from higher interest rates and a
higher retail component.  Non-interest revenues scored a modest
growth (+7.7%) while operating costs remained well under control
(+6.1%) as the mergers and acquisitions start to pay-off and
efficiency improves.

Loan portfolio quality improved in terms of diversification and
concentration; however, past due ratios and credits classified
in the worse categories showed a negative trend which combined
with more stringent regulation and Bancolombia's conservative
policies, resulted in a sharp increase in loan loss provisions
(+158%); reserves remain stable and adequate.  Overall, strong
revenues and controlled costs offset provisions yielding a
higher net income (+31%) and improved profitability (ROAA: 2.5%,
ROAE: 24%) which remains below its historical highs but is
nevertheless adequate and should vary only slightly downwards.

The significant deposit growth (+20%) did not match loans growth
and the bank decreased investments and some liquidity.  Funding
is better diversified within a wide customer base; costs however
increased as the deposit mix changed.  Regulatory capital grew
mainly through subordinated debt (BIS ratio: 12.7%) that does
not receive any equity-credit per Fitch Ratings methodology as
the coupons can not be deferred.  After the deduction from
regulatory capital of substantial goodwill and the subordinated
debt, the Fitch Eligible Capital ratio would have been about 9%
at December 2007.  Fitch expects that Bancolombia will gradually
rebuild its Fitch Eligible Capital base though the 2007 ratio
may see some deterioration.

Bancolombia expanded abroad in May 2007 by acquiring Banco
Agricola (El Salvador's largest bank, rated BB+ by Fitch).  The
bank is controlled by a conglomerate of companies informally
known as Grupo Antioqueno and is widely active in corporate, SME
and retail markets.

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


ECOPETROL: TransAndean Pipeline Operations Back to Normal
---------------------------------------------------------
An Ecopetrol spokesperson told Business News Americas that
operations at the 100,000 barrel per day TransAndean pipeline
linking Colombia 's Putumayo basin with export facilities in the
port city of Tumaco has returned to normal.

BNamericas relates that FARC rebels allegedly attacked southern
Colombia along the border with Ecuador in early March, causing
up to nine ruptures in the pipeline.

The spokesperson told BNamericas that Ecopetrol didn't have to
suspend production at any point.

Canadian oil firm Gran Tierra had suggested on March 14 that
output would have been decreased had storage capacity filled up
before the pipeline was repaired, BNamericas states.

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.



====================
E L  S A L V A D O R
====================

DIGICEL LTD: Names Jose Antonio Rodriguez as CEO for El Salvador
----------------------------------------------------------------
Digicel Ltd. has appointed Jose Antonio Rodriguez as chief
executive officer for Digicel El Salvador.  In addition to the
new CEO appointment, Luis La Rocca, the former El Salvador CEO,
has been promoted to Vice President of Business Development for
Digicel Central America, spearheading Digicel’s expansion across
the region.

Mr. Rodriguez, a native El Salvadorian, has more than 10 years
of telecommunications industry experience.  He joins Digicel El
Salvador having formerly served as Country Manager of Telefónica
El Salvador.  Mr. Rodriguez will leverage his vast
telecommunications expertise to drive Digicel’s continued growth
in El Salvador.

“Digicel is pleased to appoint Jose Antonio Rodriguez to the
role of CEO Digicel El Salvador.  Given Jose’s excellent track
record, we are confident he will foster the continued growth of
Digicel’s El Salvador operation at the phenomenal rate we have
seen in recent months,” said Kevin White, COO of Digicel Group
Ltd.

Since its official El Salvador launch last year, Digicel has
increased its El Salvadorian subscriber base threefold and grown
its market share from five percent to more than 18 percent,
successfully competing with the other mobile providers in the
market.

As Vice President of Business Development for Digicel Central
America, Mr. La Rocca will be responsible for leading Digicel’s
expansion efforts across the region, and will be actively
involved in the bidding team for the imminent license auction in
Panama for which Digicel has prequalified.  Mr. La Rocca
previously held a similar position with BellSouth where he led
that company’s expansion into Panama, Nicaragua and Guatemala.  
Prior to this appointment, Mr. La Rocca led Digicel’s entry into
the El Salvador market through an acquisition in October 2006
and the subsequent brand launch in April 2007.

“We are pleased to promote Luis to the role of VP of Business
Development for Digicel Central America” said Donal
O’Shaughnessy, CEO of Digicel Central America.  “With a recent
license in Honduras and even more opportunities for new licenses
ahead, this is a very exciting time for Digicel in Central
America.  Digicel is entering into this next phase of growth
with solid management teams in place to execute against our
aggressive business goals.”

Mr. Rodriguez’s past experiences include the positions of both
Marketing Director and Commercial Director for Telefonica’s El
Salvador and Guatemala operations.  Prior to Telefonica he held
senior management positions at Telecommunicaciones de America SA
de CV (TELECAM) and at GBM of El Salvador, SA de CV, an IBM
Alliance company.  Mr. Rodriguez graduated in Computer
Engineering from the Tulane University in New Orleans, USA and
earned an MBA from the Pontificia Catholic University of Chile.

With an investment of US$190 million, Digicel has dramatically
expanded its operations in El Salvador in the last year to offer
a first class service.  The company increased its population
network coverage by 20 percent in just six months, achieving 95
percent coverage to reach communities previously underserved by
competitors.  Digicel El Salvador directly employs 487 people
and has 464 independently managed retails stores nationwide.

Digicel Central America Holdings Limited is a sister company to
Digicel Group Limited and Digicel South Pacific Limited.

                          About Digicel

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings downgraded Digicel Limited's
Foreign currency Issuer Default Rating to 'B-' from 'B' and
US$450 million senior notes due 2012 to 'B-/RR4' from'B/RR4'.



=============
G R E N A D A
=============

CABLE & WIRELESS: Grenadan Gov't Sells 8 Mil. Shares in Firm
------------------------------------------------------------
The Grenadan government is selling eight million of its shares
in Cable & Wireless' Grenadan unit at 37% discount, The Jamaica
Gleaner reports.

The Gleaner notes that the government holds a 30% stake in the
Cable & Wireless unit.  The government will keep four million
shares or 10% of the firm.

Business News Americas relates that Grenadan Communications
Minister Gregory Bowen said in a radio broadcast that
developments on the global market had prompted the decision to
lessen the price per share from EC$20 to EC$12.50.

Minister Bowen commented to The Gleaner, "This first four
million will be sold until May 4, [and] if during that time the
shares are oversubscribed, the excess will be allotted out of
the second tranche at a price to be determined before the
remainder is put on sale.  However, if an investor who was among
those who oversubscribed in the first tranche does not wish to
participate in the second tranche, the money will be refunded."

The initial offer will bring in EC$50 million to the government,
which needs liquidity, The Gleaner states.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.  
The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.

                        *     *     *

As of Feb. 12, 2008, Cable & Wireless Plc carried a Ba3 long-
term corporate family rating, a B1 senior unsecured debt rating
and a Ba3 probability of default rating from Moody's Investors
Service, which said the outlook is stable.

The company also carries a BB- long-term local and foreign
issuer credit ratings from Standard & Poor's Ratings Services,
which said the outlook is stable.  S&P rates its short-term
local and foreign issuer credit at B.



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

AMERICAN AIRLINES: Haitian Consul General Criticizes Airline
------------------------------------------------------------
Ralph Latortue, Haiti's consul general in Miami, has accused
American Airlines of "ongoing pattern of disrespect" of its
Haitian passengers, CaribWorldNews reports.

According to the Miami Herald news daily, Mr. Latortue sent a
letter to American Airlines about his complaint.

CaribWorldNews relates that a passenger who works for Haitian
President Rene Preval was allegedly mistreated on American
Airlines' Port-au-Prince to Miami flight.

The Herald notes that the alleged incident occurred on American
Flight 816 and involved President Preval's adviser Elisabeth
Delatour, who was traveling in business class with two minors --
her son and her nephew.  She had bought an upgrade for nephew
Sebastien Delatour.

Mr. Latortue told American Airlines that a flight attendant
"rudely insisted, while yelling" that the nephew sit in economy
class so that off-duty flight attendant Leon Harris could sit in
the business-class seat, CaribWorldNews says.

CaribWorldNews notes that Mr. Latortue said in his letter,
"There is no logical explanation why an employee of American
Airlines should verbally aggress a passenger and literally push
a child out of his seat, in order to replace him by an off-duty
employee."

American Airlines spokesperson Martha Pantin told CaribWorldNews
that the incident was a misunderstanding and that the airline is
"very committed to the Haitian market and has a long-standing
commitment with the Haitian community both in the U.S. and in
Haiti, serving Haiti for 37 years."

American Airlines is investigating the matter, CaribWorldNews
states, citing Ms. Pantin.

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.  The
airline flies to Belgium, Brazil, Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2008, Standard & Poor's Ratings Services revised its
outlook on the long-term ratings on AMR Corp. (B/Negative/B-3)
and subsidiary American Airlines Inc. (B/Negative/--) to
negative from positive.   S&P also lowered its short-term rating
on AMR to 'B- 3' from 'B-2' and affirmed all other ratings on
AMR and American.      



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

DOLE FOOD: Unit Recalls Cantaloupes from Honduras
-------------------------------------------------
The Dole Food Co. unit Dole Fresh Fruit Co. has recalled
cantaloupes from Honduras that were shipped by independent
grower and packer Agropecuaria Montelibano, the Associated Press
reports.

Fresh Plaza relates that the U.S. Food and Drug Administration
advised U.S. grocery firms, produce wholesalers and food service
operators to remove cantaloupes from Agropecuaria Montelibano,
because they may contain the bacterium Salmonella Litchfield,
which can cause intestinal illness in humans.

Dole Fresh told the AP that the recalled cantaloupes had been
distributed in the U.S. and Canada in cardboard cartons with the
brand "Dole" and "Product of Honduras" printed on the side
panels.

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

                           *     *     *

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



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

AIR JAMAICA: Air China Wants to Acquire Airline
-----------------------------------------------
Air China is interested in acquiring Air Jamaica, The Jamaica
Gleaner reports, citing Jamaican Finance and Public Service
Minister Audley Shaw.

Minister Shaw told The Gleaner that Air China has had initial
talks with the Jamaican government for the possibility of
operating Air Jamaica.

As reported in the Troubled Company Reporter-Latin America on
March 12, 2008, the government set a March 2009 deadline for Air
Jamaica's privatization.  Minister Shaw said that the government
is on track with arrangements for the sale of Air Jamaica.  
According to the minister, a divestment committee was formed and
is being supervised by Minister Without Portfolio in the Finance
Ministry Senator Don Wehby.

The Gleaner relates that Air Jamaica has accumulated significant
losses, costing the government over US$100 million to maintain
annually.  

Jamaican Prime Minister Bruce Golding told The Gleaner that he
had instructed the Finance and the Public Service Ministry to
initiate talks with private interests that would be prepared to
operate the airline.

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

                          *    *     *

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

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


AMERICAN AIRLINES: Miami Flight Reroutes to Montego Bay for Fuel
----------------------------------------------------------------
American Airlines' Jamaica-US flight has rerouted to the
Sangster International Airport in Montego Bay for fuel, Janet
Silvera at The Jamaica Gleaner reports.

The Gleaner relates that an alleged JET-A fuel shortage at the
Norman Manley International Airport delayed the Kingston-Miami
flight.

American Airlines' Country Director Yvonne Pearson told The
Gleaner that the aircraft had been refueled.

Ms. Pearson admitted to The Gleaner that she was first told that
there was no fuel, then was told there were problems with a
valve.

According to The Gleaner, checks made with Chevron, which
supplies Air BP Fuel -- who was contracted to provide JET-A fuel
to American Airlines -- showed that fuel had run low.

"We didn't run out of fuel.  There were complications with
pneumatic valves," Air BP's Plant Manager Ashton Ramsay
commented to The Gleaner.

Of the 140 passengers on board, about 135 were connecting
passengers who either had to be accommodated in hotels in the US
or placed on other carriers, incurring a cost to the airline, or
rerouted on other American Airlines planes, The Gleaner states,
citing Ms. Pearson.

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.  The
airline flies to Belgium, Brazil, Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2008, Standard & Poor's Ratings Services revised its
outlook on the long-term ratings on AMR Corp. (B/Negative/B-3)
and subsidiary American Airlines Inc. (B/Negative/--) to
negative from positive.   S&P also lowered its short-term rating
on AMR to 'B- 3' from 'B-2' and affirmed all other ratings on
AMR and American.      


CASH PLUS: Unable to Repay Investors on March 31
------------------------------------------------
Cash Plus Limited was unable to repay its investors on March 31,
The Jamaica Observer reports.

According to the Financial Services Commission, it was informed
by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

The Observer relates that Cash Plus had lost a legal battle to
keep its accounts at the National Commercial Bank open.  The
firm also had to comply with a cease and desist order for
allegedly taking deposits with the necessary approval from the
FSC.

The FSC told The Observer that it has urged Cash Plus to issue a
public notice advising investors of their position.

Cash Plus Ltd is an investment club in Jamaica .  It collapsed
in 2007 after the Financial Services Commission moved to
regulate its operations. The company is a financial arm of the
Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous
acquisitions.


NATIONAL COMMERCIAL: Unit to Launch Two Mutual Funds
----------------------------------------------------
The National Commercial Bank's NCB Capital Markets will launch
two mutual funds, The Jamaica Observer reports.

According to The Observer, NCB Capital will also launch a new
advertising campaign to attract retail customers while
increasing its concentration on “high net worth clients and
corporate markets.”

The Observer relates that NCBCM's Managing Director Christopher
Williams said during the firm's annual general meeting, "Because
the distractions in the marketplace are behind us now, we will
be introducing a new marketing campaign for our retail clients.  
We want to dispel the idea that mutual funds are only for high
net worth clients when in fact our AIC mutual fund has a minimum
opening balance of US$250."

The Observer notes that the National Commercial's Group Managing
Director and NCB Capital's Chairperson Patrick Hylton told
shareholders at the annual general meeting, "The Board continues
to challenge the management team to undertake initiatives that
will enhance the ability of the company to better serve its
clients, while recording increased revenue.  While we are the
most profitable entity within the NCB [National Commercial]
group, we got a failing grade by our directors because we missed
their budget target.  We recognize that we have weaknesses in
our distribution team and so we are working on that."

NCB Capital took several decisions to boost its long-term
performance and the company also refreshed its wealth advisor
team, The Observer says, citing Mr. Williams.

Mr. Williams commented to The Observer, "We have trained staff
that are in attractive uniforms that are giving even better
customer service to our clients.  And we have very little staff
turnover so that wealth advisors can build relationships with
clients."

According to the report, Mr. Williams said that “high net worth”
customers were also a major focus for NCB Capital.

Mr. Williams told The Observer, "We recognize that there are
opportunities to serve high net worth individuals and we have
hired specially trained wealth managers."
NCB Capital renewed its focus on corporate customers during the
fiscal year, The Observer says, citing Mr. Williams.

"We hired a new team that targeted institutional investors
across the region and we have seen significant growth in that
market," Mr. Williams told The Observer.

Mr. Williams told The Observer, "The Financial Services
Commission wants us to move our income from net interest income
to other income.  Also, our clientele are seeking better returns
so we have to put them into other assets, not just a repurchase
product.  NCBCM [NCB Capital] also did well with bond, stocks
and structured notes trading."

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

                           *    *    *

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

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



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

URBI DESARROLLOS: Fitch Holds BB Rating on US$150MM Senior Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' foreign and local currency
issuer default ratings of Urbi Desarrollos Urbanos, S.A.B. de
C.V., as well as the 'BB' rating of the company's US$150 million
senior notes due 2016.  In conjunction with this rating action,
Fitch has downgraded the short- and long-term national scale
ratings to 'F2(mex)' from 'F1(mex)' and 'A(mex)' from 'A+(mex)'.  
The Rating Outlook on all ratings is Stable.

The downgrade of Urbi Desarrollos' national scale ratings is the
result of higher leverage observed during 2007.  The company has
not reduced debt levels.  Its debt had grown during 2006 due to
the start-up of a program called 'the Alternative Urbi', which
led to the company funding the initial phase of home purchases
by homeowners without enough money for a down payment, or
homeowners who could not show proof of income.  The company's
international ratings have moderately weakened but still remain
consistent within the international rating category.  Overall,
its ratings continue to reflect its strong market position in
the highly fragmented Mexican homebuilding industry, its
increasing geographic and customer diversification, as well as
its significant land reserves.

During 2002 to 2005, total debt-to-EBITDA averaged approximately
1.3 times.  In 2006, the company began sales through 'the
Alternative Urbi' that substantially increased its working
capital requirements.  To fund the growth in accounts
receivables, the company factored the receivables into a debt
agreement with recourse funding.  This additional debt increased
the total debt-to-EBITDA ratio to 1.9 during 2006.  In 2007, the
company decided not to use other options for financing the
houses under 'the Alternative Urbi' program due to the cost
level of such options.  Therefore, the company's leverage,
including the factoring of receivables with recourse funding,
remained high at the end of 2007 at 1.7.  Fitch expected this
ratio to be similar to levels prior to 2006.

The company has increased its geographic and product
diversification over the last several years.  Geographic
diversity has diminished the risks related to operating
concentration but has required more supervision and control to
integrate new regions, as well as in the existing locations.  
Its sales mix provides it with the flexibility to direct the
company's commercial strategies according to market needs.

Urbi Desarrollos is well positioned to benefit from expected
strong growth in the homebuilding sector in Mexico.  The company
owns a significant amount of land, predominantly in Baja
California, the Mexico City metropolitan area, Guadalajara and
Chihuahua, providing the company with flexibility to meet
growing demand for new homes.  At Dec. 31, 2007, the company had
approximately five years of land reserves in the different areas
where it operates.

Its operating profile is solid.  Over the last six years
revenues have grown at a rapid 20.6% compound annual growth
rate, while units sold increased from 17,711 to 37,231.  Over
the same period, EBITDA had a 24% compound annual growth rate.  
In addition, the company has been able to maintain stable EBITDA
margins of approximately 24.4% through strict cost and expense
controls, the ability to diversify its product mix, construction
optimization and the implementation of new sale schemes.

At the end of 2007, approximately 35% of total debt adjusted by
factoring agreements (MXN5.6 billion) was due to a discount of
accounts receivables.  During the same period, cash and
marketable securities were MXN3.4 billion (38% higher compared
to December 2006).  This was mainly the result of additional
resources obtained from the company's equity placement in
November 2007, which has been used to continue the company's
growth plan without debt reduction purposes.

Fitch expects debt-to-EBITDA to strengthen over the next few
quarters while the benefits of the different projects are
reflected in the company's financial position.  In light of the
latest projects undertaken, should there be a variation in this
ratio, current ratings could be adversely affected.

Urbi Desarrollos is exposed to liquidity risks and working
capital constraints associated with the timing of government-
related mortgage funding of low-income homes.  Financial
institutions providing such funding include Infonavit, Sociedad
Hipotecaria Federal, and Fovissste.  The continued development
of Mexico's mortgage market, increasing alternatives of funding
sources, more subsidies to low-income workers, and increasing
availability of credit in Mexico are all expected to somewhat
lower these risks over the medium term and support industry
growth.

The homebuilding sector continues to face challenges which could
limit the growth of the industry, such as the ability for
homebuilders to access sources of funding in addition to the
internally generated cash flow, managing the delays related to
the bureaucratic process involved in effectively obtaining
permissions and licenses, the lack of land with infrastructure
at affordable prices, as well as the feasibility of granting
credit for low-income-level homes with attractive margins, among
others.

Urbi Desarrollos is one of the largest housing developers in
Mexico.  At Dec. 31, 2007, the company sold 37,231 houses and
earned MXN12.8 billion in revenues.

Founded in 1981 in Mexicali, Baja California, Urbi Desarrollos
Urbanos, S.A.B. de C.V -- http://www.urbi.com/-- is the third-
largest homebuilder in Mexico.  The company builds and sells
houses mainly in the states of Baja California, Sonora, Sinaloa,
Chihuahua, Nuevo Leon, Aguascalientes, Jalisco, and Mexico
City's metropolitan area.  The company specializes in affordable
entry-level and low middle-income housing, although it also
participates in high middle-income and upper-income housing
segments.


VITRO SAB: Court Rules In Favor of Vimexo-Vitro Plan Merger
-----------------------------------------------------------
Vitro S.A.B. de C.V. disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission that the First District
Court in Civil and Labor matters in Nuevo Leon has rejected the
opposition of Pilkington Group Limited to the merger of the
company's two subsidiaries -- Vimexico S.A. de C.V. and Vitro
Plan S.A. de C.V.

According to the SEC filing, shareholders of Vitro S.A.B.'s flat
glass business unit, Vitro Plan, approved in December 2006 a
resolution merging Vitro Plan into Vimexico.

Pilkington initiated a legal action opposing the resolution and
merger.  Pilkington, owned by Japan's Nippon Sheet Glass Co.,
holds 35% of Vitro Plan, Dow Jones Newswires said.

Under the merger, Vitro Plan's debt is reduced by US$135
million, thus significantly improving its financial condition by
improving is DEBT-EBITDA financial ratio from 4.5 to 3.2 times,
the regulatory filing pointed out.  Dow Jones noted that the
merger gave Vitro S.A.B. a 91.8% stake in Vitro Plan (Pilkington
the remaining 8.2%) and eliminated Vimexico's debt with Vitro
Plan.

In its decision, the District Court resolved that according to
the article 200 of the General Laws of Corporations, the adopted
resolutions are valid and mandatory for all of the then Vitro
Plan shareholders, including those that voted against the
resolutions.  The Court absolved Vimexico of each and all of the
claims demanded by Pilkington in its complaint.  Additionally,
the Court resolved to condemn Pilkington to pay Vimexico legal
fees and trial expenses generated by the proceedings.


"We are satisfied by this Court decision as it validates what we
have sustained since such resolutions were adopted: That we have
complied with each and all of the corresponding legal
requirements for such merger.  Besides legally resolving in our
favor, this decision reinforces our strategy of allowing
Vimexico to have a financial structure that will allow the
company to strengthen its competitive position in Mexico and
countries were it operates in benefit of its investors,
customers, suppliers, staff and communities were it operates",
said Hugo Lara, President of Vitro's Flat Glass business unit.

The company recognizes the possibility of Pilkington appealling
the decision but Vitro S.A.B believes any appellate court will
confirm the decision.

Headquartered in Monterrey , Mexico , Vitro, S.A.B. de C.V.
(BMV:VITROA; NYSE: VTO), through its two subsidiaries, Vitro
Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is
a leading global glass producer, serving the construction and
automotive glass markets and glass containers needs of the food,
beverage, wine, liquor, cosmetics and pharmaceutical industries.

                         *     *     *

Vitro, SAB de CV continues to carry Moody's global foreign
currency rating of B2 on the company's proposed US$750 million
senior unsecured guaranteed notes due 2012 and 2017, assigned on
Jan. 18, 2007.  As well as Fitch's long-term issuer default
rating of B, which was upgraded in Jan. 30, 2007 with a stable
outlook.



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

CENTENNIAL COMM: Reports US$5.4 Mil. Net Income in Third Quarter
----------------------------------------------------------------
Centennial Communications Corp. earned US$5.4 million for the
three months ended Feb. 29, 2008, compared to a net loss of
US$1.3 million for the three months ended Feb. 28, 2007.

"In the U.S., we continue to invest heavily in training our
front-line Associates to engender a competitive spirit that
keeps everyone focused on the bottom line," said Michael J.
Small, Centennial's chief executive officer.  "We've improved
upon our long successful local market strategy by delighting
customers at every touch-point with innovative new features,
improving an already superior network and targeting our
advertising within our footprint to showcase our strengths
against the most relevant competitors."

Small continued, "In Puerto Rico, we're capitalizing on our
leading position to consistently grow customers, improve
customer retention and sustain a robust ARPU.  Our Puerto Rico
wireless business grew cash flow 13 percent during the fiscal
third quarter, our best effort in more than two years.  We're
also leveraging our assets to attack new revenue streams in the
residential market, and are seeing meaningful growth from our
cable partnerships."

Centennial reported fiscal third-quarter consolidated revenue
from continuing operations of US$251.2 million, which included
US$137.8 million from U.S. wireless and US$113.4 million from
Puerto Rico operations.  Consolidated revenue from continuing
operations grew 8 percent versus the adjusted fiscal third
quarter of 2007.  The company ended the quarter with 1,086,300
total wireless subscribers, which compares to 1,034,200 for the
year-ago quarter and 1,068,300 for the previous quarter ended
Nov. 30, 2007.  The company reported 474,500 total access lines
and equivalents at the end of the fiscal third quarter, which
compares to 397,800 for the year-ago quarter.

On Feb. 7, 2008, Centennial announced that Thomas E. McInerney,
a general partner of Welsh, Carson, Anderson & Stowe, stepped
down as the company's non-executive chairman.  Mr. McInerney
will continue to serve as a director of Centennial.  The company
further stated that J. Stephen Vanderwoude, who has been a
director of the Company since 1999, was unanimously appointed by
the board of directors to serve as Centennial's non-executive
chairman.

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

                        *     *     *

In July 2007, Standard & Poor's Ratings Services raised its
ratings on Wall, New Jersey-based Centennial Communications
Corp., including the corporate credit rating, which was raised
to 'B' from 'B-'.

At Nov. 30, 2007, the company's balance sheet showed
US$1.3 billion in total assets, US$2.4 billion in total
liabilities, and US$4.6 million in minority interest
in subsidiaries, resulting in a US$1.0 million total
stockholders' deficit.


CENTENNIAL COMMUNICATIONS: Will Increase Undersea Cable Capacity
----------------------------------------------------------------
Centennial Communications Corp.'s Chief Executive Officer
Michael Small said during a conference call that the firm will
add some 10 gigabits per second of undersea cable capacity
before the northern hemisphere summer to meet demand for
bandwidth in Puerto Rico, Business News Americas reports.

Mr. Small told Bnanerucas that two years ago there was only
dial-up available in Puerto Rico and even with the appearance of
cable modems and DSL, most of the Internet packages were sold at
256 kilobits per second, but that is now changing and Centennial
Communications has collaborated with cable companies and clients
can now access one megabit per second.

Mr. Small commented to BNamericas, "In Puerto Rico we're
watching a bandwidth explosion as we speak... to accommodate
this explosion in demand for internet capacity, we expect to add
10Gbps [gigabits per second] to undersea capacity with a new
undersea pipe this summer.  10Gbps is the largest available pipe
you can buy in undersea capacity in today's economics and we
think this is really a seminal event for Centennial because the
copper networks can't deal with capacity like this.  When you
marry the undersea capacity that Centennial is buying with its
fiber rings on the island, we have unparalleled ability to serve
the voracious bandwidth demand going forward."

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

                        *     *     *

In July 2007, Standard & Poor's Ratings Services raised its
ratings on Wall, New Jersey-based Centennial Communications
Corp., including the corporate credit rating, which was raised
to 'B' from 'B-'.

At Nov. 30, 2007, the company's balance sheet showed
US$1.3 billion in total assets, US$2.4 billion in total
liabilities, and US$4.6 million in minority interest
in subsidiaries, resulting in a US$1.0 million total
stockholders' deficit.



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

DIGICEL LTD: Launches New Brand Tagline for Trinidad Network
------------------------------------------------------------
Digicel Ltd. has launched new brand tagline “The Bigger, Better
Network,” Trinidad & Tobago Newsday reports.

Digicel told Newsday that the tagline reinforces its ability to:

          -- construct wireless networks,
          -- lessen mobile prices, and
          -- provide clients network coverage across all 23
             markets.

According to Newsday, the tagline signifies Digicel’s network
has 99% population coverage and ability to launch new technology
innovations to communities that don't have mobile service.

The report says that Digicel has invested over TT$1.8 billion in
custom building a network.

Digicel Trinidad & Tobago's Marketing Director Sacha Thompson
told Newsday that the firm's new tagline is a “clear description
of the quality and coverage of our network and reaffirms our
ability to introduce exciting, new technology innovations such
as GPRS, Blackberry and GSM.  We remain passionate about our
promise to provide the best mobile phone service to all of our
customers in Trinidad and Tobago.”

The tagline indicates Digicel’s infrastructure investments and
partnerships with world leaders in GSM technology and GPRS,
Newsday states, citing Ms. Thompson.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings downgraded Digicel Limited's
Foreign currency Issuer Default Rating to 'B-' from 'B' and
US$450 million senior notes due 2012 to 'B-/RR4' from'B/RR4'.



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

PETROLEOS DE VENEZUELA: Assets Increase US$27.143 Bln. in 2007
--------------------------------------------------------------
Petroleos de Venezuela SA's assets have increased
US$27.143 billion in 2007, compared to 2006, Prensa Latina
reports, citing official sources.

Petroleos de Venezuela's 2007 management report indicated assets
for US$107.672 billion, Venezuela's Energy and Oil Minister
Rafael Ramirez told reporters.

According to Prensa Latina, Petroleos de Venezuela reported a
profit of US$4.150 million dollars in 2007, compared to a
US$14.150 billion deficit in 2006.

Petroleos de Venezuela's expenditures of crude oil purchases
abroad dropped US$10.641 billion in 2007, compared to 2006,
Prensa Latina 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.


PETROLEOS DE VENEZUELA: Earns US$6.27 Billion in 2007
-----------------------------------------------------
Petroleos de Venezuela SA's earnings increased 15% to
US$6.27 billion in 2007, compared to US$5.45 billion in 2006.

Business News Americas relates that Petroleos de Venezuela's
revenue dropped 3% to US$96.2 billion in 2007, compared to
US$99.3 billion in 2006.  Petroleos de Venezuela spent some
US$154 million on exploration in 2007, compared to US$100
million in 2006.

According to Petroleos de Venezuela, its contributions to the
Venezuelan state increased 11% to US$43.7 billion in 2007,
compared to US$39.3 billion in 2006.

Petroleos de Venezuela said in February that it earned
US$896 million in the first half of 2007, BNamericas states.

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

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: To Expand SouthAm & Caribbean Operations
----------------------------------------------------------------
Petroleos de Venezuela SA will expand its South American and
Caribbean operations, El Universal reports.

El Universal relates that Petroleos de Venezuela is launching a
regional expansion plan this year, which include the purchase
and leasing of facilities for crude oil storage and shipping and
for processing of oil byproducts.

According to El Universal, Petroleos de Venezuela's 2007 report
says that the firm will purchase:

          -- an oil terminal in northeast Brazil with a capacity
             of 24,000 barrels per day of fuel,

          -- a lube mixing and filling plant in Ecuador, and
   
          -- 38,000 tons per year asphalt terminal in Ecuador.

El Universal notes that the purchases in Ecuador will help
Petroleos de Venezuela "expand PDV trademark's share in the
Ecuadorian market and cement alliances with Petroecuador to
introduce the trademark in the state chain."

Petroleos de Venezuela will rent seaports, oil transportation,
and storage facilities in Santo Tomas de Castilla, Guatemala,
which comprise a tank farm, a seaport oil terminal, and a
250,000 barrel per day distribution plant.  This compound would
become a regional storage hub primarily for fuel and diesel
shipment, El Universal says.

According to El Universal, Petroleos de Venezuela is renting a
tank farm and a 260,000 barrels storage Terminal in St John's,
Antigua, to ship diesel and fuel to:

          -- Dominica,
          -- Saint Kitts and Nevis, and
          -- Saint Vincent and the Grenadines.

The report says that Petroleos de Venezuela is renting a fuel
oil storage and shipment complex to generate power in Haiti.  
The firm will expand its tank farm and terminal in El Guamache,
Nueva Esparta, to dispatch byproducts to the Caribbean.  
Petroleos de Venezuela will also brand privately owned gas
stations in Salvador.

Petroleos de Venezuela will also reinforce fuel sales to
transportation cooperatives and gas stations in Nicaragua and
sell fuel to the industrial and agriculture sectors in Belize,
El Universal 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.


                            ***********


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