TCRLA_Public/080404.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, April 4, 2008, Vol. 9, No. 67

                            Headlines


A R G E N T I N A

ALITALIA SPA: Air France Talks Fail; Maurizio Prato Quits
ALITALIA SPA: Airlines Challenge Air Enac Traffics Agreement
ALITALIA SPA: Group Net Debt at EUR1.37 Bln as of February 29
ASOC. MUTUAL: Files for Reorganization in Buenos Aires Court
BUENOS AIRES BUREAU: Individual Report Deadline is July 10

CEREAL PRO: Trustee to Verify Proofs of Claim Until June 4
CLAXSON INTERACTIVE: Board Committee OKs Going Private Move
COOPERATIVA DE CARNICEROS: Claims Verification is Until April 28
ESTABLECIMIENTOS AVICOLAS: Fails to Pay Debts; Seeks Reorg
GABIKAR SRL: Files for Reorganization in Buenos Aires Court

IMMSA SA: Files for Reorganization in Buenos Aires Court
MARASCO Y SPEZIALE: Files for Reorganization in Court
PAGLIETTINI SA: Trustee to Verify Proofs of Claim Until June 5
RENT A CAR: Seeks Bankruptcy Protection
SANTANA SA: Trustee to Verify Proofs of Claim Until June 9

SIGLO XXI: Trustee to Verify Proofs of Claim Until May 15
* ARGENTINA: Gas Shortage Threatens Pipeline Cos., Fitch Says


B E R M U D A

CHARTER SHIPPING: Proofs of Claim Filing Deadline is April 11
CHARTER SHIPPING: Sets Final Shareholders Meeting for April 29
EUROPEAN EQUITIES: Proofs of Claim Filing Deadline is April 9
EUROPEAN EQUITIES: Sets Final Shareholders Meeting for April 28
PURAM (BERMUDA): Proofs of Claim Filing Deadline is April 23

PURAM (BERMUDA): Sets Final Shareholders Meeting for May 5


B O L I V I A

FONDO FINANCIERO: Moody's Junks BFSR & Currency Deposit Ratings


B R A Z I L

BANCO BONSUCESSO: To Lend BRL200MM Through Pensioner Credit Card
BANCO ITAU: Eyes LatAm Add-On Acquisitions to Bolster Growth
BANCO NACIONAL: To Lend Suez EUR380 Mil. for Estreito Plant
COMPANHIA BRASILEIRA: Moody's Reviews Ba3 Rating for Upgrade
EMBRATEL PARTICIPACOES: Will Launch WiMax Network in 12 Cities

ENERGISA SA: Seeks Regulator's Okay for Debenture Issuance
FIAT SPA: Discloses Results of 2008 Annual General Meeting
FIAT SPA: Releases Details of Shares Purchase Program
GERDAU AMERISTEEL: Joint Venture Acquires Century Steel Assets
HEXION SPECIALTY: Dec. 31 Balance Sheet Upside-Down by US$1 Bil.

REALOGY CORP: S&P Retains 'B' Issue-level Rating on Senior Notes
* BRAZIL: Electric Firms to Withstand 2008 Challenges, S&P Says


C A Y M A N  I S L A N D S

BELAY OFFSHORE: Proofs of Claim Filing is Until April 6
BRASKEM CAYMAN: Appoints Joel Benedicto as Liquidator
D-LINK CHINA: Proofs of Claim Filing is Until April 7
DYOLL INSURANCE: Proofs of Claim Filing is Until April 7
MARATHON POWER: Proofs of Claim Deadline is April 17

MARATHON POWER ETA: Proofs of Claim is Until April 17
MARGHERITA LIMITED: Proofs of Claim Filing Deadline is April 7
PACTUAL CAPITAL: Proofs of Claim Deadline is April 17
WESTWAYS FUNDING: Proofs of Claim Filing is Until April 6
WESTWAYS FUNDING X: Proofs of Claim Filing Deadline is April 6


C H I L E

BANCO ITAU: Unit to Issue US$50MM Subordinated Bullet Bonds


C O L O M B I A

CHIQUITA BRANDS: May Have to Pay US$780MM for Terrorist Victims
ECOPETROL: Wants to Increase Oil Output to 700,000 Barrels/Day


C O S T A  R I C A

HERBALIFE LTD: DA Davidson Puts Buy Rating on Firm's Shares


D O M I N I C A N   R E P U B L I C

CAP CANA: Clarifies Erroneous Information in Lawsuit Against CEO
PRC LLC: Files Disclosure Statement Supporting Chapter 11 Plan
PRC LLC: Court Okays Regis McElhatton as Chief Executive Officer
PRC LLC: U.S. Trustee Amends Creditors Committee Composition


E L  S A L V A D O R

SPECTRUM BRANDS: Fitch Holds CCC ID Rating with Negative Outlook


J A M A I C A

AIR JAMAICA: Will Incur J$60 Mln. Loss This Year, Says Minister
DIGICEL GROUP: Denies Founders Plan to Sell Firm


M E X I C O

COOPER-STANDARD AUTO: Incurs US$151 Million Net Loss in 2007
LATIN AMERICA: Case Summary & 20 Largest Unsecured Creditors
SHARPER IMAGE: Shares to be Delisted From NASDAQ Stock Market


N I C A R A G U A

INFINITY ENERGY: Posts 2007 US$30.9MM Net Loss From Operations


P A R A G U A Y

INTERPUBLIC GROUP: To Hold Conference Call After Earnings Report


P E R U

QUEBECOR WORLD: Obtains Final Nod on US$1 Bln. DIP Facility
QUEBECOR WORLD: Inks US$285 Mln. Printing Deal With Mcgraw-Hill
QUEBECOR WORLD: Court Allows Assumption of BofA's P-Card Pact
QUEBECOR WORLD: Payment of US$3 Mil. Sales Commissions Approved
QUEBECOR WORLD: Has Until June 4 to File Schedules & Statements


V E N E Z U E L A

HARVEST NATURAL: CEO to Present at IPAA Conference in New York
PETROLEOS DE VENEZUELA: Cuban Plant Starts Production


X X X X X X

* Fitch Says 2008 World Economic Growth To Be Weakest in 5 Years
* Moody's Opines on Interest Rate Asset Specific Hedges in CDOs
* Beard Group Launches Intellectual Property Prospector


                         - - - - -


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

ALITALIA SPA: Air France Talks Fail; Maurizio Prato Quits
---------------------------------------------------------
Alitalia S.p.A., labor unions, professional associations, and
Air France-KLM SA have stopped negotiations over the sale of the
Italian government's 49.9% stake in the national carrier.

The parties failed to reach an agreement that would accomplish
the sale's effectiveness conditions, satisfaction of which would
finalize the acceptance by Alitalia and Italy of Air France's
binding offer.

The effectiveness conditions for Air France's offer include:

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

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

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

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

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

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

      -- the official withdrawal from the claim;

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

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

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

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

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

Air France-KLM had reiterated its planned 2,100 job cuts  --
1,600 jobs in Alitalia Fly and 500 more in Alitalia Servizi --
in its revised proposal submitted to the Italian carrier's
unions.  

Air France also maintained plans to:

    * ground some flights;

    * close Alitalia's cargo unit by 2010; and

    * terminate contract out of ground handling and aircraft
      maintenance.

Eight of Alitalia's unions -- FILT CGIL, FIT CISL, Uiltrasporti,
UGL Trasporti, SDL inter-category, Union Piloti, ANPAV, and Avia
-- described Air France's revised proposal as "unacceptable."

The unions said Air France's offer "re-proposes in substance and
in format what was already shown."

"I acknowledge with regret the collapse of the negotiations,
which wasn't caused by us," Air France CEO Jean-Cyril Spinetta
told Bloomberg News.

Meanwhile, Alitalia said Maurizio Prato resigned as its
chairman, while its board will convene today to "take the
necessary and opportune resolutions."

                       Creditor Protection

Italian Finance Minister Tommaso Padoa-Schioppa, meanwhile, said  
Alitalia may seek protection from creditors, Bloomberg News
reports.  

Mr. Padoa-Schioppa had warned if the sale to Air France fails,
the government would appoint a special commissioner to initiate
bankruptcy proceedings, The Financial Times relates.

The government had pledged to grant Alitalia a EUR300 million
bridging loan if Air France's takeover pushes through.  Alitalia
badly need more funds as it had less than EUR200 million in cash
and credit available at March 31, 2008.

                  Aeroflot Expresses Interest

OAO Aeroflot had said it may submit a proposal to acquire the
Italian government's 49.9% stake in Alitalia S.p.A. if talks
between Air France-KLM SA and the national carrier's unions
fail, Thomson Financial relates, citing a Radiocor interview
with the Russian firm's spokesman.

"If the talks break down and new acceptable proposals are made
we are ready to examine them," the spokesman told Radiocor.

Aeroflot and financial backer UniCredit S.p.A. had joined the
preliminary rounds of bidding for Alitalia, but withdrew.

                          About Alitalia

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

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

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


ALITALIA SPA: Airlines Challenge Air Enac Traffics Agreement
------------------------------------------------------------
Air One, Blue Panorama, Eurofly, Air Italy and Neos are
contemplating a legal challenge over the air traffic rights
agreement between Alitalia S.p.A. and Italian civil aviation
authority Ente Nazionale per l'Aviazione Civile (Enac), the
Financial Times reports.

The airlines, the FT relates, are urging Enac to release details
of the agreement, which according to industry and official
sources was pushed through by the government to expedite Air
France-KLM's takeover bid.

Meanwhile, industry and government sources claimed the agreement
reassigns airline traffic rights that would be of interest to
Air France.  Alitalia is also assigned traffic rights that
belonged to Volare under the agreement, the FT adds.

An Enac official, on the other hand, argued the agreement was
completely normal, saying there was no political motivation
involved.  The official disclosed Enac is set to release the
details of the agreement, the FT states.

The agreement was signed on March 14, 2008, the same day Air
France made its binding for Alitalia, the paper discloses.

                          About Alitalia

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

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

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


ALITALIA SPA: Group Net Debt at EUR1.37 Bln as of February 29
-------------------------------------------------------------
The Alitalia Group's net debt as of Feb. 29, 2008, amounted to
EUR1.368 billion, showing an increase in net indebtedness of
EUR88 million, compared to the situation on Jan. 31, 2008.  This
trend is due to the typical seasonality of this month's proceeds
and payments.

The net debt of the parent company Alitalia S.p. A. including
short-term financial credits for subsidiaries on Feb. 29, 2008,
including short-term financial credits of subsidiaries, amounted
to EUR1.357 billion showing an increase of EUR92 million
compared to net debt as of Jan. 31, 2008.

The Group's cash-to-hand and short-term financial credits as of
Feb. 29, 2008, at the Group level and for Alitalia, amounted to
EUR180 million and EUR191 million respectively.

It should be noted that as of Feb. 29, 2008, there were several
leasing contracts at the Group level -- referring almost
entirely to fleet aircraft mostly held by the parent company
amounting to EUR81 million -- whose capital share, including
lease closure value, amounted to EUR93 million, of which
EUR12 million represent the current capital share falling due
within 12 months of the reference date, with EUR10 millionheld
by the parent company).

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During February 2008, repayments were made of medium/long-term
financing amounting to about EUR14 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Feb. 29, 2008, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

    * an injunction related to supposed different pricing
      policies, issued by a carrier for EUR6 million(two
      decrees);

    * an injunction issued by a supplier of on-board movies for
      EUR1.2 million (two decrees);

    * an injunction has been issued by an IT services supplier
      for EUR812,000;

    * an injunction has been issued by an Italian subsidiary of
      an air carrier bankruptcy for EUR288,000;

    * another injunction issued by a maintenance services
      supplier for EUR492,000;

    * an injunction has been issued by the special manager of a
      firm for presumed debts relating to air ticket sales, for
      EUR3.2 million;

    * one injunction issued by a fuel supplier for about
      EUR1 million;

    * an injunction issued by an airport management company for
      limited failure to pay handling fees about EUR375,000; and

    * an injunction issued by four suppliers, for EUR188,000.

There are no other executive actions undertaken by creditors
notified as of Feb. 29, 2008, nor are there any threats by
suppliers to suspend operations.

It should be pointed out that, as part of ordinary management
practices, the Company is committed to maintaining commercial
relations with its customers and suppliers who guarantee –- in
the absence of critical situations or operational emergencies
-– the necessary financial flexibility in support of cash-to-
hand requirements.

                         About Alitalia

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

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

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


ASOC. MUTUAL: Files for Reorganization in Buenos Aires Court
------------------------------------------------------------
Asoc. Mutual del Pers. de la Adm. Publica (A.M.P.A.B.A.) has
requested for reorganization approval after failing to pay its
liabilities.

The reorganization petition, once approved by the court, will
allow Asoc. Mutual del Pers. to negotiate a settlement with its
creditors in order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.  


BUENOS AIRES BUREAU: Individual Report Deadline is July 10
----------------------------------------------------------
Alberto Eduardo Scravaglieri, the court-appointed trustee for
Buenos Aires Bureau Relevamientos SA's reorganization
proceeding, will present the validated claims as individual
reports in the National Commercial Court of First Instance No. 4
in Buenos Aires on July 10, 2008.

Mr. Scravaglieri will be verifying creditors' proofs of claim
until May 21, 2008.  He will also submit in court a general
report containing an audit of Buenos Aires Bureau's accounting
and banking records on Sept. 10, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 27, 2009.

Clerk No. 7 assists the court in this case.

The debtor can be reached at:

         Buenos Aires Bureau Relevamientos SA
         Blanco Encalada 5533
         Buenos Aires, Argentina

The trustee can be reached at:

         Alberto Eduardo Scravaglieri
         Avenida Presidente Roque Saenz Pena 651
         Buenos Aires, Argentina


CEREAL PRO: Trustee to Verify Proofs of Claim Until June 4
----------------------------------------------------------
Miryam Lewenbaum, the court-appointed trustee for Cereal Pro
SA's reorganization proceeding, will be verifying creditors'
proofs of claim until June 4, 2008.

Ms. Lewenbaum will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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 Cereal Pro 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 Cereal Pro's
accounting and banking records will be submitted in court.

Creditors will vote to ratify the completed settlement plan  
during the assembly on June 13, 2009.

The debtor can be reached at:

        Cereal Pro SA
        Uruguay 705
        Buenos Aires, Argentina

The trustee can be reached at:

        Miryam Lewenbaum
        Montevideo 666
        Buenos Aires, Argentina


CLAXSON INTERACTIVE: Board Committee OKs Going Private Move
-----------------------------------------------------------
Claxson Interactive Group Inc.'s special committee of
indiependent directors and board of directors have approved a
Going Private Transaction.  Claxson Interactive reported the
execution of a merger agreement, with a wholly owned subsidiary,
pursuant to which all stockholders of the outstanding Class A
common shares of Claxson, other than certain controlling
stockholders, will receive US$13.75 per share in cash.  The
price to be paid in the merger represents a 31% premium to the
original proposal of US$10.50 per share made by management on
March 19, 2007, a 43% premium over US$9.65 which was the closing
share price before the announcement of the proposal last March
and a 25% premium over the last sale price prior to the
announcement last month of its previous offer of US$13.50.  The
transaction is subject to customary conditions set forth in the
merger agreement.

The controlling stockholders of Claxson Interactive, consisting
of affiliates of the Cisneros Group of Companies, Hicks Muse,
Roberto Vivo, Chief Executive Officer of the company, Luis H.
Moreno and related entities, currently own a total of
approximately 81.98% of the issued and outstanding Class A
common shares of the company, and would own all of the
outstanding shares of the company following the consummation of
the merger.

"We believe that given our smaller size following the sales of
our basic PayTV and Chilean radio businesses in 2007 as well as
the current financial, business, and industry environments, it
is in the best interest of the company and all of its
shareholders that the company reduce its costs wherever
possible, including, by deregistering under the Securities
Exchange Act of 1934," said Mr. Vivo.

Following management’s proposal in March 2007, the Board of
Directors of Claxson appointed a Special Committee of
independent directors to review the proposed transaction.

The Special Committee, consisting of three of the independent
directors of the company, engaged Houlihan Lokey as its
financial adviser and Arnold & Porter LLP as its legal counsel.  
Claxson engaged Greenberg Traurig, P.A. as its legal counsel.  
After extended negotiations, the Special Committee approved, and
recommended that Claxson’s Board of Directors approve, the
proposed transaction.  Subsequently, the proposed transaction
was unanimously approved by the company's Board of Directors.

Claxson expects the merger to close in the second quarter of
2008.  The closing of the merger is subject to various
conditions, including approval of the merger by a majority of
the company's shareholders and certain other customary closing
conditions.  The members of the Group have agreed to either vote
their shares, or execute a written resolution, in support of the
proposed transaction.

The merger agreement requires Claxson, subject to certain
conditions, to respond to unsolicited inquiries by other persons
interested in acquiring it.  In addition, the company, acting
through the Special Committee, is permitted, under certain
circumstances to accept a superior offer that, among other
requirements, provides a per share consideration at least 4%
greater than the price per share under the merger agreement.  
Should a superior proposal be received, Claxson, acting through
the Special Committee, may terminate the merger agreement
described herein only upon the entry into a definitive merger
agreement with a third party that comprises a superior proposal.

As a result of the merger, Claxson will become a privately held
company and will file necessary documents with the U.S.
Securities and Exchange Commission to deregister the Class A
common shares of the company under the Securities Exchange Act
of 1934, as amended, and terminate the company’s reporting
obligations.

Headquartered in Buenos Aires, Argentina, and Miami, Florida,
Claxson Interactive Group Inc. (Pink Sheets: XSONF) has a
presence in the United States and all key Ibero-American
countries, including Mexico, Chile, Brazil, Spain and Portugal.  
Claxson's principal shareholders are the Cisneros Group of
Companies and funds affiliated with Hicks, Muse, Tate & Furst
Inc.

                         *     *     *

To date, Claxson Interactive Group Inc.'s obligaciones
negociables for US$44,400,000 is rated BB by Fitch Argentina.
The rating action was based on the company's balance sheet at
Sept. 30, 2006.


COOPERATIVA DE CARNICEROS: Claims Verification is Until April 28
----------------------------------------------------------------
Patricia C. Holmann, the court-appointed trustee for Cooperativa
de Carniceros y Matarifes de Tornquist Ltda.'s reorganization
proceeding, will be verifying creditors' proofs of claim until
April 28, 2008.

Ms. Holmann will present the validated claims in court as
individual reports on June 10, 2008.  The National Commercial
Court of First Instance in Bahia Blanca, 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 Cooperativa de Carniceros 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 Cooperativa de
Carniceros' accounting and banking records will be submitted in
court on July 24, 2008.

The debtor can be reached at:

         Cooperativa de Carniceros y
         Matarifes de Tornquist Ltda.
         San Martin 278, Tornquist
         Bahia Blanca, Buenos Aires
         Argentina

The trustee can be reached at:

         Patricia C. Holmann
         Drago 912, Bahia Blanca
         Bahia Blanca, Buenos Aires
         Argentina


ESTABLECIMIENTOS AVICOLAS: Fails to Pay Debts; Seeks Reorg
----------------------------------------------------------
Establecimientos Avicolas La Campesina SA has requested for
reorganization approval after failing to pay its liabilities
since March 5, 2008.

The reorganization petition, once approved by the court, will
allow Establecimientos Avicolas to negotiate a settlement with
its creditors in order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 3 in Buenos Aires.  Clerk No. 6 assists the court
in this case.

The debtor can be reached at:

              Establecimientos Avicolas La Campesina SA
              Emilio Castro 7440
              Buenos Aires, Argentina


GABIKAR SRL: Files for Reorganization in Buenos Aires Court
-----------------------------------------------------------
Gabikar SRL has requested for reorganization approval after
failing to pay its liabilities since Oct. 23, 2005.

The reorganization petition, once approved by the court, will
allow Gabikar to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 24 in Buenos Aires.  Clerk No. 48 assists the court
in this case.

The debtor can be reached at:

              Gabikar SRL
              Sarmiento 1986
              Buenos Aires, Argentina


IMMSA SA: Files for Reorganization in Buenos Aires Court
--------------------------------------------------------
Immsa SA has requested for reorganization approval after failing
to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Immsa to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 26 in Buenos Aires.  Clerk No. 51 assists the court
in this case.

The debtor can be reached at:

              Immsa SA
              Alsina 2143
              Buenos Aires, Argentina


MARASCO Y SPEZIALE: Files for Reorganization in Court
-----------------------------------------------------
Marasco y Speziale S.A.C.I.F.I. has requested for reorganization
approval after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Marasco y Speziale to negotiate a settlement with its
creditors in order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.  


PAGLIETTINI SA: Trustee to Verify Proofs of Claim Until June 5
--------------------------------------------------------------
Estudio Tisocco Asociados, the court-appointed trustee for
Pagliettini SA's reorganization proceeding, will be verifying
creditors' proofs of claim until June 5, 2008.

Estudio Tisocco will present the validated claims in court as  
individual reports.  The National Commercial Court of First  
Instance No. 11 in Buenos Aires, with the assistance of Clerk  
No. 22, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Pagliettini 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 Pagliettini's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan  
during the assembly on March 18, 2009.

The debtor can be reached at:

        Pagliettini SA
        Diaz Colodrero 3110
        Buenos Aires, Argentina

The trustee can be reached at:

        Estudio Tisocco Asociados
        Viamonte 1570
        Buenos Aires, Argentina


RENT A CAR: Seeks Bankruptcy Protection
---------------------------------------
The National Commercial Court of First Instance No. 12 in Buenos
Aires is studying the merits of Rent A Car Travel Service SRL -
D y W Trading SA - C y C Car SA's request to enter bankruptcy
protection.

Rent A Car filed a "Quiebra Decretada" petition, after failing
to pay its debts.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Clerk No. 24 assists the court in this case.

The debtor can be reached at:

         Rent A Car Travel Service SRL - D y W Trading SA - C y
         C Car SA
         Avenida Cordoba 645
         Buenos Aires, Argentina


SANTANA SA: Trustee to Verify Proofs of Claim Until June 9
----------------------------------------------------------
Sara Maria Rey de Lavolpe, the court-appointed trustee for
Santana S.A.'s reorganization proceeding, will be verifying
creditors' proofs of claim until June 9, 2008.

Ms. de Lavolpe will present the validated claims in court as   
individual reports on Aug. 5, 2005.  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 Santana 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 Santana's accounting
and banking records will be submitted in court on
Sept. 16, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on March 20, 2009.

The trustee can be reached at:

        Sara Maria Rey de Lavolpe
        Cerrito 1136
        Buenos Aires, Argentina


SIGLO XXI: Trustee to Verify Proofs of Claim Until May 15
---------------------------------------------------------
Pedro Domingo Caggiano, the court-appointed trustee for Siglo
XXI S.A.'s reorganization proceeding, will be verifying
creditors' proofs of claim until May 15, 2008.

Mr. Caggiano will present the validated claims in court as   
individual reports on June 27, 2008.  The National Commercial
Court of First Instance in Mendoza 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 Terramed 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 Terramed's accounting  
and banking records will be submitted in court on Aug. 26, 2008.

The debtor can be reached at:

        Siglo XXI S.A.
        Entre Rios 158, Ciudad de Mendoza
        Mendoza, Argentina

The trustee can be reached at:

        Pedro Domingo Caggiano
        Santa Cruz 96, Esquina 25 de Mayo
        Ciudad de Mendoza, Mendoza
        Argentina


* ARGENTINA: Gas Shortage Threatens Pipeline Cos., Fitch Says
-------------------------------------------------------------
According to a Fitch Ratings special report, titled "Southern
Cone: Natural Gas Shortage Threatens Argentine Pipelines", the
natural gas shortage in Argentina is affecting Argentine
pipeline companies, in addition to Chilean electric generators,
raising near-term credit concerns.

"Ongoing challenges faced by these companies include the low
probability of domestic tariff increases and continued
government influence.  The latest risk to arise is the
possibility that the exporter of gas to Chile, Transportadora
de Gas del Norte S.A. (TGN), will not be paid pursuant to
existing gas transportation agreements.  This risk has led
Fitch Ratings to recently change TGN's Rating Outlook to
Negative from Stable," said Director in Fitch's Latin America
Corporates Group, Cecilia Minguillon.

Counterparty payment and legal risks for the sector increased
during February 2008 when the Chilean energy generator,
Electrica de Santiago S.A., decided 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.  Electrica de Santiago's decision to
cease making payments to Transportadora de Gas for the
transportation of gas it was not receiving was not completely
unexpected, as last year's deliveries of gas to neighboring
Chile amounted to one-third of the total gas contracted, while
offtakers had to pay in full for the capacity contracted to ship
the gas from Argentina.

According to Ms. Minguillon, "TGN should be able to manage the
loss of revenues and cash flow associated with its agreement
with ESSA if a legal decisions would go against it.  The
company's credit profile would deteriorate sharply, however, if
the other three Chilean companies that are not receiving natural
gas through TGN due to restriction imposed by the government
would follow suit and discontinue their payments to TGN."

The full report is available on the Fitch Ratings Web site,
http://www.fitchratings.com



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

CHARTER SHIPPING: Proofs of Claim Filing Deadline is April 11
-------------------------------------------------------------
Charter Shipping 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.

Charter Shipping's shareholder decided on March 18, 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


CHARTER SHIPPING: Sets Final Shareholders Meeting for April 29
--------------------------------------------------------------
Charter Shipping Company Limited will hold its final general
meeting on April 29, 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.

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

Charter Shipping's shareholder decided on March 18, 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


EUROPEAN EQUITIES: Proofs of Claim Filing Deadline is April 9
-------------------------------------------------------------
European Equities Long/Short Trading Limited's creditors are
given until April 9, 2008, to prove their claims to Beverly
Mathias, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

European Equities' shareholders agreed on March 20, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


EUROPEAN EQUITIES: Sets Final Shareholders Meeting for April 28
---------------------------------------------------------------
European Equities Long/Short Trading Limited will hold its final
general meeting on April 28, 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.

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

European Equities' shareholders agreed on March 20, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


PURAM (BERMUDA): Proofs of Claim Filing Deadline is April 23
------------------------------------------------------------
Puram (Bermuda) Limited's creditors are given until
April 23, 2008, to prove their claims to Christopher C. Morris,
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.

Puram (Bermuda)'s shareholder decided on March 31, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

      Christopher C. Morris
      Arthur Morris, Christensen & Co.
      Century House, 16 Par-la-Ville Road
      Hamilton HM08, Bermuda


PURAM (BERMUDA): Sets Final Shareholders Meeting for May 5
----------------------------------------------------------
Puram (Bermuda) Limited will hold its final general meeting on
May 5, 2008, at 3:00 p.m. at Arthur Morris, Christensen & Co.,
Century House, 16 Par-la-Ville Road, Hamilton HM08, Bermuda.

These matters will be taken during the meeting:

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

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

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

Puram (Bermuda)'s shareholder decided on March 31, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

      Christopher C. Morris
      Arthur Morris, Christensen & Co.
      Century House, 16 Par-la-Ville Road
      Hamilton HM08, Bermuda



=============
B O L I V I A
=============

FONDO FINANCIERO: Moody's Junks BFSR & Currency Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating (BFSR) of E+ to Fondo Financiero Privado Fassil S.A.  At
the same time, Moody's assigned long- and short-term global
local currency deposit ratings of B3/Not Prime.  Foreign
currency deposit ratings of Caa1/Not Prime were also given.  All
these ratings have stable outlooks.

According to Moody's, the BFSR of E+ reflects the company's very
limited market share and the short track record of the new
management, which is faced with sharp challenges inherent to the
implementation of a new strategy.  The BFSR is also limited by
the company's lack of geographic diversification as well as by
the limitations of its business, which specializes in
microlending.  The BFSR is underpinned by good financial ratios,
including asset quality and profitability, although both credit
underwriting and risk management practices are still unseasoned.

The rating agency noted that Fassil has yet to prove its ability
to generate sustainable core earnings and to further establish
its market position, both in deposits and loans in the face of
growing competition in its core credit product.

Moody's BFSR of E+ equates to a Baseline Credit Assessment of
B3.  Moody's assesses no probability of government support to
the company's local currency deposits in situation of stress
because of its small market share in the financial system.  As a
result, Fassil's local currency deposit rating is B3 and its
foreign currency deposit rating of Caa1 remains constrained by
the Bolivian country ceiling for deposits.

These ratings were assigned:

   -- Bank Financial Strength Rating: E+, stable outlook

   -- Global Local Currency Deposits, long term: B3, stable
      outlook

   -- Global Local Currency Deposits, short term: Not Prime

   -- Foreign Currency deposits, long term: Caa1, stable outlook

   -- Foreign Currency deposits, short term: Not Prime

Headquartered in Santa Cruz de la Sierra, Bolivia, Fondo
Financiero Privado Fassil SA -- http://www.fassil.com.bo/--  
reported  BOB225 million in assets (approximately US$29 million)
and equity of BOB24 million as of December 2007.



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

BANCO BONSUCESSO: To Lend BRL200MM Through Pensioner Credit Card
----------------------------------------------------------------
Banco Bonsucesso's Commercial Director Frederico Penido told
Business News Americas that the bank will lend some
BRL200 million through a new credit card for pensioners by year-
end.

Mr. Penido commented to BNamericas, "We launched the card last
week and in just five days we're issuing almost 1,000 cards a
day."

Banco Bonsucesso launched the Visa-branded card with initial
expectations of issuing 500 per day, after an investment of
BRL1.30 million, BNamericas says, citing Mr. Penido.

According to BNamericas, Banco Bonsucesso will also issue
150,000 credit cards to pensioners by year-end and reach 60% of
its 580,000 clients in federal social security system Instituto
Nacional do Seguro Social.

Mr. Penido told BNamericas that Banco Bonsucesso wants to
increase its payroll and retirement loan book to BRL1.50 billion
by year-end, with 45% coming from the new credit card.

BNamericas notes that Banco Bonsucesso increased payroll lending
by 48.0% to BRL1.08 billion in 2007, compared to 2006, as total
lending rose 101% to BRL1.35 billion.

Mr. Penido told BNamericas that Banco Bonsucesso launched a
pilot program of housing loans with payments deducted directly
from Minas Gerais public sector workers' paychecks.  The bank
expects BRL50 million in its housing loan portfolio by year-end.

"The volume will be small because we're still testing it.  
Demand is huge and 2009 will be the year of housing loans," Mr.
Penido commented to BNamericas.

Banco Bonsucesso S.A. is a Brazil-based bank focused in granting
consigned (payroll) credit to federal, state and municipal
public servants as well as retirees. Additionally, the Bank
services the middle market private business segment with
financial products (securitization) mostly structure using
accounts receivable as a basis.  As of December 2006,
securitization products accounted for 20% of the Bank's
portfolio. The Bank holds operations across Brazil. As of the
first quarter of 2007, the Bank had 801 active representatives
located in most Brazilian state and municipalities.

                          *     *     *

On Sept. 10, 2007, Moody's assigned a Ba2 foreign currency
deposit rating for Banco Bonsucesso.  


BANCO ITAU: Eyes LatAm Add-On Acquisitions to Bolster Growth
------------------------------------------------------------
Banco Itau Holding Financeira SA's Chief Executive Officer
Roberto Setubal told journalists in Santiago, Brazil, that the
bank is targeting add-on acquisitions in Latin America where it
already operates to bolster growth.

Mr. Setubal commented to Business News Americas, "The bank is
well positioned to make large acquisitions in foreign markets.  
The countries we already operate in are our priority."

BNamericas relates that Mr. Setubal denied plans of buying a
U.S. bank.

Mr. Setubal told BNamericas that Banco Itau expects to increase
lending by 25% in Brazil this year, surpassing the market's
expected growth by up to four percentage points.

According to BNamericas, lending growth in Brazil is expected to
slow down this year as tax increases decreed earlier this year
by the Brazilian federal government and the central bank will
boost the cost of credit, although demand is expected to grow
“strongly.”

Mr. Setubal told BNamericas that Banco Itau was always seeking
for purchase opportunities in Brazil, but deals “would likely
come from niche markets rather than large acquisitions.”

Banco Itau's return on equity will likely drop slightly this
year from 32.1% last year, BNamericas states, citing Mr.
Setubal.

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: To Lend Suez EUR380 Mil. for Estreito Plant
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has signed
a loan accord with French energy group Suez for the 1.09
megawatt EUR1.2 billion Estreito hydro plant, Business News
Americas reports.

According to Suez, Banco Nacional will provide the firm with
EUR380 million -- 80% of the firm's total investment costs for
the plant -- in two tranches, 50% through a direct Banco
Nacional loan and the remainder to be raised through these
banks:

          -- Unibanco,
          -- Bradesco,
          -- ItauBBA, and
          -- Votorantim.

BNamericas notes that Suez is building the plant with:

          -- iron ore miner Vale,
          -- aluminum producer Alcoa, and
          -- engineering firm Camargo Correa.

                           About Suez

Suez SA is a France-based group primarily engaged in the
provision of electricity, natural gas, energy services, water
and waste management.  The Company has formed two divisions:
Energy and Environment. The Energy division offers production,
sale and trading of electricity; trading, transport and storage
of natural gas; energy services, including on-site management on
energy networks and utilities and facilities management, as well
as operation, maintenance and development of power and natural-
gas distribution networks, among others.  The Environment
business provides a number of services, such as production,
treatment and distribution of drinking water; rainwater
collection and treatment; waste collection, and rehabilitation
of polluted industrial sites.  The company operates through its
subsidiaries, such as Genfina, Ondeo, Sopraner, Electrabel,
Aguas Provinciales de Santa Fe. It is headquartered in Paris,
France.

                         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.


COMPANHIA BRASILEIRA: Moody's Reviews Ba3 Rating for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade the Ba3 foreign currency rating of Companhia Brasileira
de Petroleo Ipiranga's step-up senior unsecured notes due
August 2008.

The rating action reflects Moody's view that the company will
benefit from the ownership of Ultrapar Participacoes S.A. to
improve its operating margins through more efficient cost
control and synergies.  In addition, Moody's believes that the
credit strength of Ultrapar will have a positive impact on
Companhia Brasileira de Petroleo Ipiranga's financial
management, with potential reduction in funding costs, as
demonstrated by the recent redemption of the company's local
market debentures.

The review process will focus on the potential for operational
improvements at Companhia Brasileira de Petroleo Ipiranga, as
well as on the level of support expected from Ultrapar,
particularly with regard to the company's growth plans, taking
into account that high capex and increased dividend payout have
resulted in negative free cash flow in recent years.

In March 2007 Ultrapar announced the acquisition of the fuel and
lubricants distribution business of Ipiranga Group in the south
and southeast regions of Brazil, represented by Companhia
Brasileira de Petroleo Ipiranga, except for the company's
operations in the mid-west, north and northeast regions of
Brazil representing some 25% - 30% of its sales volume, which
were acquired by Petroleo Brasileiro S.A. (aka. Petrobras) and
by Distribuidora de Produtos de Petroleo Ipiranga (fuel and
lubricants distributor in the State of Rio Grande do Sul and
western part of Santa Catarina State.  The change in control of
the company and the spin-off of part of its assets to Petrobras
are not trigger factors for the acceleration of the step-up
notes' maturity, according to the terms and conditions of the
notes.

Headquartered in Sao Paulo, Ultrapar Participacoes S.A. is a
company engaged in the distribution of fuel, the production of
chemicals, as well as integrated solutions for special bulk
cargoes.  In 2007 Ultrapar reported consolidated net revenues of
BRL19.9 billion, which include BRL14.9 billion in revenues from
nine months of the operations acquired from the Ipiranga Group.

Based in Rio de Janeiro, Brazil, Companhia Brasileira de
Petroleo Ipiranga, is the second largest fuel distribution
company in Brazil and a part of Grupo Ipiranga, with 2007
estimated revenues in excess of BRL23 billion.


EMBRATEL PARTICIPACOES: Will Launch WiMax Network in 12 Cities
--------------------------------------------------------------
Embratel Participacoes SA will launch WiMax network in 12
Brazilian state capitals, news daily Folha de S Paulo reports.

Business News Americas relates that Embratel Participacoes will
launch the network at its headquarters in Brasilia.  The service
will be available in:

          -- Belem,
          -- Belo Horizonte,
          -- Brasilia,
          -- Curitiba,
          -- Fortaleza,
          -- Goiania,
          -- Porto Alegre,
          -- Recife,
          -- Rio de Janeiro,
          -- Salvador,
          -- Sao Luis, and
          -- Sao Paulo.

According to BNamericas, Embratel Participacoes invested
BRL175 million in the project's first phase, which in its
entirety is expected to cost BRL600 million.

Embratel Participacoes' WiMax network would serve 61 cities by
year-end, BNamericas states.

Embratel Participacoes SA offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

                         *     *     *

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt -- B2.


ENERGISA SA: Seeks Regulator's Okay for Debenture Issuance
----------------------------------------------------------
Energisa SA has filed a request with securities regulator
Comissao de Valores Mobiliarios for a planned issuance of
BRL150 million non-convertible debentures, Business News
Americas reports.

BNamericas relates that Energisa expects to start the offering
later this month once it gets the regulator's approval.

Energisa will use the proceeds to prepay the first issue of
commercial papers, BNamericas notes.

Citibank and HSBC's brokerage units are “coordinating the
operation,” BNamericas states.

Energisa SA -- http://www.energisa.com.br/-- is a holding
company that controls the electric energy distributors Sociedade
Anonima de Eletrificacao da Paraiba (Saelpa), Empresa Energetica
de Sergipe (Energipe), Companhia Forca e Luz Cataguazes-
Leopoldina, Companhia Energetica da Borborema, and Companhia de
Eletricidade de Nova Friburgo.  The group serves approximately
two million clients and has distributed 7,278 gigawatt hours in
2007 in the states of Paraiba, Sergipe, Minas Gerais, and Rio de
Janeiro.  The group's energy generation installed capacity is
insignificant.  The group's controlling shareholder is the
Botelho family.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 24, 2008, Fitch Ratings assigned 'BB-' local and foreign
currency issuer default ratings to Energisa S.A.  Fitch said the
outlook is stable.


FIAT SPA: Discloses Results of 2008 Annual General Meeting
----------------------------------------------------------
Fiat S.p.A. disclosed that at the Annual General Meeting held
last March 31, 2008, shareholders approved the 2007 Financial
Statements and distribution of a gross dividend of:

    -- EUR0.40 per ordinary share,
    -- EUR0.40 per preference share and
    -- EUR0.555 per savings share,

to be paid April 24 (ex-dividend date April 21).

                       Board Appointment

Shareholders also confirmed the appointment of Rene Carron to
the Board of Directors, who was co-opted on July 24, 2007.  Mr.
Carron will serve for the remainder of the Board’s current term
of office, which expires on the date of the 2009 Annual General
Meeting called to approve the 2008 Financial Statements.

           Authorisation to Purchase and Dispose Shares

The authorisation to purchase and dispose of own shares, either
directly or through Group subsidiaries, was also renewed and, to
the extent not yet exercised, the previous authorisation given
by Shareholders on April 5, 2007 was revoked.

Under the new authorisation, an aggregate total of shares, for
all three classes combined, representing a maximum of 10% of
share capital or a purchase value of EUR1.8 billion - including
the EUR0.6 billion of Fiat shares held by the Company - may be
purchased.  Such purchases must take place within the next
eighteen months, conform to applicable laws and regulations and
the purchase price may not be a maximum of 10% higher or lower
than the previous day’s official market price.

                        Incentive Plan

Finally, Shareholders approved the incentive plan passed by the
Board of Directors on Feb. 26 which allows the periodic granting
of up to a maximum of 4 million stock options or stock
appreciation rights.  As already announced, in terms of
performance criteria, vesting period and exercise period (from
2011 to 2014), the structure of this plan is similar to the
stock option plan approved Nov. 3, 2006.

The strike price shall be equivalent to the arithmetic average
of the official daily market price published by Borsa Italiana
S.p.A. for the month preceding the grant date.

Participants in the plan are those executives that hold a key
role having a significant impact on business results and who
have been recruited or promoted since the Nov. 3, 2006 stock
option assignment or executives who have taken on increased
responsibilities since that date or who may particularly warrant
additional recognition.  The Chief Executive Officer and other
members of the Board of Directors are excluded from the plan.
Turin, March 31, 2008.

                        Financial Results

The company also disclosed in its website that for the year
2007, the Group regained market shares in all sectors and
exceeded its 2007 full-year targets.

For 2007, the company reported net income EUR2.054 billion on
revenues of EUR58.529 billion compared to net income of
EUR1.151 billion on revenues of EUR51.832 for 2006.

Trading profits also increased to EUR3.233 billion in 2007 from
EUR1.951 billion in 2006.

Fiat Group also said that it extinguished its net industrial
debt in 2007 and closed the year with EUR355 million net cash.  
For 2006, the company had EUR1.773 billion in debt.

With these, Fiat CEO Sergio Marchionne said that the company “is
now ready to enter the next level that will transform it into a
major global company.”

For 2008, the company expects:

    -- revenues to exceed EUR60 billion,
    -- trading profit between EUR3.4 and EUR3.6 billion,
    -- net income between EUR2.4 and EUR2.6 billion euros, and
    -- net cash on hand of at least EUR1.5 billion.

The targets we have set are based

In 2007, trading profit totaled 3.2 billion euros, revenues
reached 58.5 billion euros, while net industrial debt was
extinguished (Dec. 31, 2006: negative by 1.8 billion euros).  At
Dec. 31, 2007, the Group had a net industrial cash position of
355 million euros.

The targets, according to the company, are based on the
conviction that the current turbulence in financial markets will
have a limited impact on the real economy and, in the worst
case, will be confined to the United States.

                           About Fiat

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


FIAT SPA: Releases Details of Shares Purchase Program
-----------------------------------------------------
Fiat S.p.A. disclosed the details of the relevant Purchase
Program following the authorization given by Shareholders to
purchase its own shares at the Annual General Meeting.

The Program, aimed at the investment of liquidity and at
servicing incentive plans, allows for the purchase of a total
number of shares, for all three classes combined, not to exceed
10% of share capital and a total purchase value of
EUR1.8 billion, which is to include EUR0.6 billion related to
the Fiat shares already held by the company, and will be carried
out on the regulated market as:

   -- it will end on Sept. 30, 2009 or once the maximum purchase
      value of EUR1.8 billion (including EUR0.6 billion related
      to Fiat shares already held by the Company) or a number of
      shares equivalent to 10% of share capital is reached;

   -- the maximum purchase price may not be a maximum of 10%
      higher than the previous day’s official market price;

   -- the maximum number of shares purchased daily shall not
      exceed 20% of the total daily trading volume for each
      class of shares.

Should purchases be carried out, Fiat will daily communicate to
the market and competent authorities the transactions it has
executed, specifying the number of shares purchased, the average
price, the total number of purchased shares as of the date of
the communication and the total invested amount as of such date.
As of March 31, 2008, Fiat owns 32,877,458 ordinary shares
equivalent to 2.75% of the capital having voting rights.

The shareholders’ authorization does not compel the company to
make purchases and may be therefore executed only in part.  The
company will therefore be guided by the principle that it will
only repurchase its shares if such repurchase is value accretive
to the shareholders of Fiat, and subject to any negative
repercussions a given repurchase may have on its credit ratings.

                           About Fiat

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


GERDAU AMERISTEEL: Joint Venture Acquires Century Steel Assets
--------------------------------------------------------------
Gerdau Ameristeel Corporation said that Pacific Coast Steel, a
majority owned Gerdau Ameristeel joint venture, has acquired all
the assets of Century Steel, Inc., a reinforcing and structural
steel contractor specializing in the fabrication and
installation of structural steel and reinforcing steel products,
for approximately US$152 million.

Gerdau Ameristeel also announced that, concurrently with the
acquisition of Century, Gerdau Ameristeel will pay approximately
US$68 million to increase its equity participation in the
Pacific Coast Steel joint venture to approximately 84%.

Headquartered in Las Vegas, Nevada, Century Steel, Inc.,
operates reinforcing and structural steel contracting businesses
in Nevada, California, Utah and New Mexico.  With fabrication
facilities that have an annual capacity in excess of 250,000
tons per year, the company participates in virtually all
segments of the marketplace in the western United States.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a  
mini-mill steel producer in North America.  Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.  Gerdau Ameristeel is a unit of Brazilian firm
Gerdau SA.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 26, 2007,
Moody's Investors Service affirmed the ratings of Gerdau
Ameristeel Corporation including its 'Ba1' Corporate Family
Rating and Probability of Default Rating, as well as the US$405
million Senior Unsecured Regular Bond issued.  Moody's outlook
for all ratings is stable.  Moody's also affirmed Gerdau
Brazil's (fictitious entity representing the Brazilian
operations of Gerdau S.A. Comprising Gerdau Acominas S.A.,
Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and Gerdau
Comercial de Acos SA) Ba1 Global Local Currency Corporate Family
Rating.


HEXION SPECIALTY: Dec. 31 Balance Sheet Upside-Down by US$1 Bil.
----------------------------------------------------------------
Hexion Specialty Chemicals Inc.'s balance sheet at Dec. 31,
2007, showed total assets of US$4.006 billion and total
liabilities of US$5.392 billion, resulting to total
shareholder's deficit of US$1.386 billion.

The company incurred US$63 million net loss for the fourth
quarter ended Dec. 31, 2007, versus US$55 million net loss in
the fourth quarter of 2006.

The company posted net loss of US$65 million in 2007 compared to
a net loss of US$109 million in fiscal year 2006.  Fiscal year
2007 results included US$98 million in higher interest and tax
expenses compared to the prior year period.  Fiscal year 2006
results included a US$121 million loss on the extinguishment of
debt and a US$39 million net gain from the sale of businesses.

                  Liquidity and Capital Resources

At Dec. 31, 2007, the company has US$3.720 billion debt,
including US$85 of short-term debt and capital lease maturities.  
In addition, it has US$199 million cash and cash equivalents.

At Dec. 31, 2007, the company has additional borrowing capacity
under its senior secured revolving credit facilities of
US$215 million.  The company has additional credit facilities at
certain domestic and international subsidiaries with various
expiration dates through 2008.

As of Dec. 31, 2007, it has US$71 available for borrowing under
these facilities.  

                        Transaction Update

Hexion and Huntsman Corporation have agreed to allow additional
time for the Federal Trade Commission to review the proposed
merger of the two companies.  As a result, the merger is not
expected to be completed before May 3.  To accommodate the
extension, Hexion has also given notice to Huntsman that on
April 5, it will exercise its option to extend the Termination
Date under the Merger Agreement for 90 days, and thus, if the
conditions to Hexion's extension right are met on April 5, the
termination date under the Merger Agreement will be extended
until July 4, 2008.

"We are fully cooperating with regulatory agencies and will
continue to work closely with Huntsman and the agencies in order
to obtain the regulatory approvals required to complete the
merger," Mr. Morrison said.

Hexion disclosed on July 12, 2007, that it had entered into a
definitive agreement to acquire Huntsman Corporation in an all-
cash transaction valued at approximately US$10.6 billion,
including the assumption of debt.  Under the terms of the Merger
Agreement, the cash price per share to be paid by Hexion will
increase each day beginning on April 5, 2008, through
consummation of the merger at the equivalent of approximately 8%
per annum, less any dividends or distributions declared or made.  

The transaction was approved by Huntsman shareholders on
Oct. 16, 2007, and is subject to customary closing conditions,
including regulatory approval in the U.S. and several other
countries.

                    About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/-- makes thermosetting resins,   
formaldehyde and other forest product resins, epoxy resins, and
raw materials for coatings and inks.

The company has locations in Singapore, China, Australia,
Netherlands, and Brazil.

                         *      *      *

Moody's Investor Service placed Hexion Specialty Chemicals
Inc.'s senior secured debt rating at 'B3', long term corporate
family and probability of default ratings at 'B2' in July 2007.  
The ratings still hold to date.


REALOGY CORP: S&P Retains 'B' Issue-level Rating on Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating
on Realogy Corp.'s senior unsecured debt to '4', indicating that
lenders can expect average (30% to 50%) recovery in the event of
a payment default, from '3'.  The issue-level rating on these
securities remains unchanged at 'B' (at the same level as the
'B' corporate credit rating on the company).
     
The recovery rating revision reflects Standard & Poor's reduced
cash flow expectations for Realogy, which also resulted in S&P's
outlook change on the company to negative from stable.

                          Ratings List

                          Realogy Corp.

           Corporate Credit Rating   B/Negative/--

                         Rating Revised

                                 To                   From
                                 --                   ----
      Realogy Corp.
       Senior Unsecured          B                    B
         Recovery Rating         4                    3

Headquartered in Parsippany, New Jersey, Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is a real estate
franchisor and a member of the S&P 500. The company has a
diversified business model that also includes real estate
brokerage, relocation, and title services. Realogy's world-
renowned brands and business units include CENTURY 21(R),
Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R),
Sotheby's International Realty(R), NRT Incorporated, Cartus, and
Title Resource Group. Realogy has more than 15,000 employees
worldwide. The company operates in Australia, Brazil and
France.


* BRAZIL: Electric Firms to Withstand 2008 Challenges, S&P Says
---------------------------------------------------------------
Brazilian electric power companies remain on track in
strengthening their financial profiles following the post-2001
rationing, according to Standard & Poor's Ratings Services
report on RatingsDirect titled After Recent Recovery, Brazilian
Electric Sector's Liquidity Should Withstand Challenges In 2008.
      
"While the risks in the past strongly reflected volatility
emanating from regulation and other country-related risks, the
current credit crunch, consolidation or capacity expansion
ventures, and higher average electricity prices during 2008 and
likely in 2009 present new challenges to the sector's
liquidity," said S&P's credit analyst Marcelo Costa.
     
However, after two years of active liability management
programs, most of the Brazilian electric utilities have
manageable debt amortization profiles, carry more cash holdings,
and benefit from access to domestic long-term credit both from
the banks and public debt markets.  As of December 2007, 30
companies analyzed in this report had cash holdings equivalent
to slightly more than 100% of their short-term balance,
evidencing their more comfortable liquidity situation.



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

BELAY OFFSHORE: Proofs of Claim Filing is Until April 6
-------------------------------------------------------
Belay Offshore, Ltd.'s creditors have until April 6, 2008, to
prove their claims to John Cullinane and Derrie Boggess, 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.

Belay Offshore's shareholder decided on March 6, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 John Cullinane and Derrie Boggess
                 c/o Walkers SPV Limited
                 Walker House, 87 Mary Street
                 George Town, Grand Cayman KY1-9002
                 Cayman Islands
                 Telephone: (345) 914-6305


BRASKEM CAYMAN: Appoints Joel Benedicto as Liquidator
-----------------------------------------------------
Braskem Cayman Limited's shareholders have appointed Joel
Benedicto as the company's liquidator.

Mr. Benedicto will accept proofs of claims from Braskem Cayman's
creditors.

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.

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

The liquidator can be reached at:

                 Joel Benedicto
                 Junior of Avenida das Nacoes Unidas, 4.777
                 Sao Paulo – SP, Brazil


D-LINK CHINA: Proofs of Claim Filing is Until April 7
-----------------------------------------------------
D-Link China (Cayman) Inc.'s creditors have until April 7, 2008,
to prove their claims to An Ping Chen, 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.

D-Link China's shareholders agreed on Feb. 27, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 An Ping Chen
                 No. 289, Xinhu 3rd Road
                 Neihu District, Taipei City 114
                 Taiwan
                 Telephone: 886-2-66000123
                 Fax: 886-2-27900977


DYOLL INSURANCE: Proofs of Claim Filing is Until April 7
--------------------------------------------------------
DYOLL Insurance Company Limited's creditors have until
April 17, 2008, to prove their claims to John Lee and Kenneth
Krys, 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.

Messrs. Lee and Kryss will declare a Third Interim Dividend of
13% to Dyoll Insurance’s creditors commencing on April 7, 2008,
and continuing for a period of six months.  This is in addition
to the First and Second Interim Dividend Payments.  Only claims
that have been admitted by the joint liquidators will be
considered for participation in the Third Interim Dividend.

DYOLL Insurance's shareholders agreed on Feb. 27, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

Claims must be submitted to:
                 
                   Dyoll Insurance Company Limited
                   4 Duke Street (Second Floor)
                   Kingston 5, Jamaica

                            or

                   Dyoll Insurance Company Limited
                   P.O. Box 31237, Grand Cayman KY1-1205
                   Cayman Islands

Contact for inquiries:

                   Claims Department
                   Dyoll Insurance Company Limited
                   Phone: (876) 967- 5171-2/(876) 948-8081

                            or

                   Krys & Associates
                   Attn: Deon Myles
                   Phone: (345) 947-4700


MARATHON POWER: Proofs of Claim Deadline is April 17
----------------------------------------------------
Marathon Power Nicaragua Limited's creditors have until
April 17, 2008, to prove their claims to Yvonne Kunetka, 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.

Marathon Power's shareholder decided on Feb. 28, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Yvonne Kunetka
                 Marathon Oil Company
                 5555 San Felipe Street
                 Houston, Texas 77056-2799
                 USA


MARATHON POWER ETA: Proofs of Claim is Until April 17
-----------------------------------------------------
Marathon Power ETA Limited's creditors have until
April 17, 2008, to prove their claims to Yvonne Kunetka, 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.

Marathon Power's shareholder decided on Feb. 28, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Yvonne Kunetka
                 Marathon Oil Company
                 5555 San Felipe Street
                 Houston, Texas 77056-2799
                 USA


MARGHERITA LIMITED: Proofs of Claim Filing Deadline is April 7
--------------------------------------------------------------
Margherita Limited's creditors have until April 7, 2008, to
prove their claims to Condor Nominee 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.

Margherita's shareholder decided on Feb. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Condor Nominee Limited
                 c/o Barclays Private Bank & Trust
                 (Cayman) Limited
                 4th Floor FirstCaribbean House
                 25 Main Street, George Town
                 Grand Cayman KY1-1106
                 Cayman Islands


PACTUAL CAPITAL: Proofs of Claim Deadline is April 17
-----------------------------------------------------
Pactual Capital International's creditors have until
April 17, 2008, to prove their claims to Reid Services 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.

Pactual Capital's shareholder decided on Feb. 11, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Reid Services Limited
                 Clifton House, 75 Fort Street
                 P.O. Box 1350, Grand Cayman KY1-1108
                 Cayman Islands


WESTWAYS FUNDING: Proofs of Claim Filing is Until April 6
---------------------------------------------------------
Westways Funding VII, Ltd.'s creditors have until April 6, 2008,
to prove their claims to John Cullinane and Derrie Boggess, 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.

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

The liquidators can be reached at:

                 John Cullinane and Derrie Boggess
                 c/o Walkers SPV Limited
                 Walker House, 87 Mary Street
                 George Town, Grand Cayman KY1-9002
                 Cayman Islands
                 Telephone: (345) 914-6305


WESTWAYS FUNDING X: Proofs of Claim Filing Deadline is April 6
--------------------------------------------------------------
Westways Funding X, Ltd.'s creditors have until April 6, 2008,
to prove their claims to John Cullinane and Derrie Boggess, 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.

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

The liquidators can be reached at:

                 John Cullinane and Derrie Boggess
                 c/o Walkers SPV Limited
                 Walker House, 87 Mary Street
                 George Town, Grand Cayman KY1-9002
                 Cayman Islands
                 Telephone: (345) 914-6305



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

BANCO ITAU: Unit to Issue US$50MM Subordinated Bullet Bonds
-----------------------------------------------------------
Banco Itau Holding Financeira SA's Itau Chile will issue
US$50 million in 10-year subordinated bullet bonds to fund its
growth this year, Business News Americas reports.

BNamericas relates that Itau Chile will also carry out a
US$50 million capital increase.  

Itau Chile's chairperson Ricardo Marino told journalists that
the bank will also capitalize US$39 million or 100% of the
profits in 2007.

Itau Chile wants to use the funds to finance loan growth, enter
the asset management and real estate project finance businesses,
and strengthen its leasing and factoring activities, BNamericas
says, citing Mr. Marino.

BNamericas notes that Itau Chile increased loans by 32.9% to
CLP1.94 trillion in 2007, reaching a 3% market share.

Itau Chile's Chief Executive Officer Boris Buvinic told
BNamericas that the bank will increase loans by 20% in 2008 to
have a 3.2% market share by year-end.  It will launch 10
branches to reach 70 countrywide and continue concentrating on
the high-end retail segment.

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.



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

CHIQUITA BRANDS: May Have to Pay US$780MM for Terrorist Victims
---------------------------------------------------------------
Chiquita Brands International may have to pay over
US$780 million if found guilty of its involvement in the murders
of missionaries killed by Colombian terrorists, Erik Larson and
Joshua Goodman at Bloomberg News reports.

As reported in the Troubled Company Reporter-Latin America on
March 14, 2008, Chiquita Brands was sued at the U.S. District
Court for the Southern District of Florida over the killings of
five American missionaries by Revolutionary Armed Forces of
Colombia in the 1990s.  The victims' families claimed that
Chiquita Brands' payments to the terrorists were a contributing
factor for the deaths of five members of New Tribes Mission
because the company helped finance the group's operations at the
time it occurred.  The lawsuit seeks unspecified damages on
behalf of the victims' families.  

Bloomberg News relates that Chiquita Brands pleaded guilty last
year for paying Colombian paramilitary militias US$1.7 million
from 1997 to 2004.   

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

Jean-Charles Brisard, a Switzerland-based consultant on
terrorism financing who isn't involved in the case, commented to
Bloomberg News, “Chiquita's admission that they paid these
groups is half the battle.  All that's left is for the
plaintiffs to prove the much easier claim that the company knew
or could've known the FARC [terrorist group] was planning to
carry out crimes against Americans.”

“Litigation risk is something we keep an eye on as events
occur,” Standard & Poor's credit analyst Alison Sullivan told
Bloomberg News.

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

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

                           *     *     *

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


ECOPETROL: Wants to Increase Oil Output to 700,000 Barrels/Day
--------------------------------------------------------------
Ecopetrol wants to increase oil production to 700,000 barrels a
day by 2015, Dow Jones Newswires reports, citing oil licensing
agency ANH chief Armando Zamora.

Mr. Zamora told Dow Jones that Ecopetrol will then increase the
output to one million barrels per day by 2020.

Improved security after years of civil conflict has helped
foreign investment in the nation's energy sector to grow, Dow
Jones 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.



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

HERBALIFE LTD: DA Davidson Puts Buy Rating on Firm's Shares
-----------------------------------------------------------
DA Davidson analysts have assigned a "buy" rating on Herbalife
Ltd.'s shares, Newratings.com reports.

Newratings.com relates that the 12-18 month target price for
Herbalife's shares was set at US$60.

DA Davidson said in a research note that Herbalife’s
concentration on shareholder returns “is impressive.”

Newratings.com notes that Herbalife raised its earnings per
share guidance for the fiscal year 2008 to up to US$3.30, from
up to from US$3.23.

“Herbalife’s sales are diversified, insulating the company from
consumer weakness in any one particular market,” Newratings.com
states, citing DA Davidson.

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


                          *      *      *

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



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

CAP CANA: Clarifies Erroneous Information in Lawsuit Against CEO
----------------------------------------------------------------
Cap Cana S.A. disclosed that information published earlier this
week relating to the Gomez Pion lawsuit against the company was
incorrect and that no arrest warrant had been issued by a
Dominican land court against Cap Cana's President and Chief
Executive Officer, Ricardo Hazoury for allegedly failing to
appear at a court hearing.

Mr. Gomez Pion has filed various claims against Cap Cana and its
executive that in essence seeks payment of the equivalent of
approximately US$8,000,000 for certain "improvements" that once
existed on one of the parcels that currently comprise part of
the the company's property.  These "improvements" consisted
principally of items such as barbed wire fences, fence posts,
plants, and grass for cattle grazing.  On at least 12 separate
occasions, Dominican courts have issued decisions on the Gomez
Pion matter in favor of Cap Cana that effectively dismissed the
suits brought by Mr. Gomez Pion.

In the latest allegations in respect of this situation,
incorrect information was provided to the press suggesting that
Mr. Hazoury had not appeared in court for a previously scheduled
hearing.  The circumstances of this proceeding, as provided
under Dominican Land Law, did not require Mr. Hazoury's
presence.  Notwithstanding this fact, Mr. Hazoury did appear
before the court later that same day in an attempt to resolve
any lingering confusion in the matter and during the hearing the
court dismissed the claims by Mr. Gomez Pion regarding Mr.
Hazoury's failure to appear.  It is currently expected that the
substantive claims in this matter that have been brought once
more before a Dominican court by Mr. Gomez Pion will be
concluded by next week and that the court will issue a decision
regarding these claims yet again.  Cap Cana currently expects
that the court will once more decide in its favor in connection
with the claims brought in this case.

Cap Cana also reported that no actions had been taken by any
court in the Dominican Republic or elsewhere that has the effect
of restricting Mr. Hazoury's ability to travel as had been
previously reported.

                        About Cap Cana

Located on the easternmost tip of the Dominican Republic, Cap
Cana is being developed as a multi-use luxury resort in the
Caribbean with world-class beaches, championship golf courses,
yachting facilities and other leisure amenities.  The property
consists of over 46 square miles (119.9 square kilometers) of
land, including a five-mile (eight kilometer) coastline and 2.2
miles (3.5 kilometers) of one of the most pristine beaches in
the region.

                       *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings has affirmed the 'B' rating on Cap
Cana, S.A.'s US$250 million senior secured notes.  In addition,
Fitch has assigned a preliminary rating of 'B-' to the expected
issuance of US$500 million in additional senior secured notes.  
Fitch's affirmation on the existing US$250 million notes
contemplates a change to the terms of certain covenants in the
indenture relating to the incurrence of additional debt.  It
also reflects the expected increase in Cap Cana's leverage after
the proposed US$500 million issuance of additional senior
secured notes.


PRC LLC: Files Disclosure Statement Supporting Chapter 11 Plan
--------------------------------------------------------------
PRC, LLC; Panther/DCP Intermediate Holdings, LLC; PRC B2b, LLC;
Access Direct Telemarketing, Inc.; and Precision Response of
Pennsylvania, LLC delivered to the U.S. Bankruptcy Court for the
Southern District of New York on April 1, 2008, a Disclosure
Statement in support of their Joint Plan of Reorganization.

The Debtors filed their proposed Plan on Feb. 12, 2008, and
simultaneously, asked the Court for permission to file an
accompanying Disclosure Statement at a later date.

PRC LLC Chief Restructuring Officer Stephen R. Dube relates that
the Disclosure Statement provides a summary of the Plan; contain
important information concerning the classification of Claims
and Pre-confirmation Equity Interests for voting purposes and
the tabulation of votes; and narrates the events that led to the
Debtors' bankruptcy filing.

The Disclosure Statement describes the distributions
contemplated for each of the Debtors and their creditors under
the Plan, including the approximate allowed amount for each
Class of
Claims:

   Class     Designation                Approximate Allowed Amt.
   -----     -----------                ------------------------
   N/A      Administrative Expense      US$145,000, plus any
            Claims                      amounts incurred and
                                        payable in the ordinary
                                        course of business.
                                     
   N/A      Postpetition Financing      Undetermined
            Claims

   N/A      Professional Compensation   US$3,120,000
            & Reimbursement Claims

   N/A      Priority Tax Claims         Undetermined

   Class 1  Other Priority Claims       US$82,200

   Class 2  Secured Tax Claims          US$2,123,000

   Class 3  Other Secured Claims        US$0

   Class 4  Prepetition First Lien      US$121,670,000
            Claims     

   Class 5  Prepetition Second Lien     US$67,000,000
            Claims

   Class 6  General Unsecured Claims    US$17,000,000 to
                                        US$32,000,000  

   Class 7   Pre-confirmation           US$0
             Equity Interests

The Disclosure Statement also sets forth the procedures and
instructions for voting on the Plan and for filing objections to
confirmation of the Plan.

In light of these, the Debtors also presented to the Court a
Plan of Reorganization dated April 1, 2008, to include the
additional information noted in the Disclosure Statement.  The
Plan contemplates, among others, (i) the issuance to the
Prepetition First Lien and Second Lien Agents of new membership
interests in Post-confirmation Intermediate HoldCo on behalf of
allowed First and Second Lien Claims; (ii) the cancellation of
Pre-confirmation Equity interests; and (iii) the Reorganized
Debtors' entry into an exit financing facility of up to US$40 to
US$45 million.  

The Debtors maintain that the Disclosure Statement contains
adequate information pursuant to Section 1125 of the Bankruptcy
Code to enable a hypothetical investor of to make an informed
judgment whether to accept or reject the Plan.  Thus, they urge
holders of impaired claims in Classes 4, 5 and 6 to vote to
accept the Plan.

The Debtors ask the Court to set June 19, 2008, as the hearing
to consider confirmation of the Plan.

The Debtors have yet to file plan supplements, including
financial projections and liquidation analysis.

A full-text copy of the PRC Disclosure Statement is available
for free at:

              http://researcharchives.com/t/s?29ed

A full-text copy of the PRC Plan of Reorganization dated
April 1, 2008, is available for free at:

              http://researcharchives.com/t/s?29ee

                         About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer        
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Court Okays Regis McElhatton as Chief Executive Officer
----------------------------------------------------------------
PRC LLC and its debtor-affiliates obtained authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Regis McElhatton as their chief executive officer
effective as of the date of bankruptcy.

The Debtors asserted that Mr. McElhatton's employment is
critical to their efforts to effectively reorganize and emerge
from bankruptcy.  As reported in the Troubled Company Reporter
on  March 18, 2008, the Debtors told the Court that
Mr. McElhatton  brings a 40-year background in banking and
financial services to the Debtors.

The Debtors and Mr. McElhatton entered into an employment
agreement on Jan. 23, 2008.  The Employment Agreement provides,
among other things, that:

   (1) Mr. McElhatton will serve as chief executive officer of
       PRC from Jan. 23, 2008, through Jan. 23, 2009;

   (2) Mr. McElhatton is entitled to avail of the benefits
       provided under PRC's employee benefit plans or programs  
       for its senior executives;

   (3) Mr. McElhatton is not entitled to any fee for serving in
       Panther/DCP Holdings' Board of Managers;

   (4) PRC has the right to terminate the employment upon 30
       days' notice; and

   (5) Mr. McElhatton may terminate his employment for good
       reason within 30 days after the occurrence of a change of
       control, consummation of a Chapter 11 plan, a material
       breach of the employment agreement by PRC, among others.

In exchange for his services, Mr. McElhatton will be entitled
for receive a US$75,000 monthly salary and will be reimbursed
for the expenses he may incur in discharging his duties.

Mr. McElhatton will also be entitled to a bonus of between:

  (i) 0% to 125% of a target Client Retention Incentive Bonus of
      US$100,000;

(ii) 0% to 110% of a target Exit Incentive Bonus of US$100,000;
      and

(iii) 0% to 100% of a target  Restructuring Incentive Bonus of
      US$100,000.  

Moreover, PRC agrees to indemnify Mr. McElhatton under the terms
of the company's operating agreement and directors and senior
officers' liability insurance.

A full-text copy of the McElhatton Employment Agreement is
available for free at:  

              http://researcharchives.com/t/s?2934

                          About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer        
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: U.S. Trustee Amends Creditors Committee Composition
------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, amended the
membership of the Official Committee of Unsecured Creditors of
the Chapter 11 cases of PRC LLC, and its debtor-affiliates.

The Creditors Committee comprises:

    1. Verizon Communications Inc.
       Attention: William Vermette
       Asst. General Counsel
       1133 19th Street, N.W.
       Washington, DC 20026
       Tel No. :(703) 886-3301

    2. IAC/InterActiveCorp.
       Attention: Gregg Winarski
       Associate General Counsel
       555 West 18th Street
       New York, New York 10011
       Tel No.: (212) 314-7376

    3. SER Solutions, Inc.
       Attention: Jamie Oliver
       45925 Horseshoe Drive,
       No. 150 Dulles, VA 20147
       Tel No.: (703) 948-5645

    4. TMP Worldwide Advertising & Communications, LLC
       Attention: Emerson Moore
       General Counsel
       205 Hudson Street, 5th Floor
       New York, New York 10013
       Tel No.: (646) 613-2060

    5. NICE Systems Inc.
       Attention: David Ottensoser
       General Counsel
       301 Route 17 North, 10th Floor
       Rutherford, NJ 07070
       Tel No.: (201) 964-2772

Excel Marketing Solutions, Inc., and iEnergizer (USA) Inc., are
no longer part of the Committee.

                          About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer        
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



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

SPECTRUM BRANDS: Fitch Holds CCC ID Rating with Negative Outlook
----------------------------------------------------------------
Fitch Ratings has affirmed Spectrum Brands, Inc.'s ratings as:

  -- Issuer default rating 'CCC';
  -- US$1 billion term loan B maturing March 30, 2013 'B/RR1';
  -- US$225 million ABL maturing Sept. 28, 2011 'B/RR1';
  -- Eur262 million term loan maturing March 30, 2013 'B/RR1';
  -- US$700 million 7.375% senior sub note maturing Feb. 1, 2015
     'CCC-/RR5';

  -- US$2.9 million 8.5% senior sub note, maturing Oct. 1, 2013
     'CCC-/RR5';

  -- US$347 million 11.25% variable-rate toggle senior sub note,
     maturing Oct. 2, 2013 'CCC-/RR5'.

The Rating Outlook remains Negative.

The ratings reflect SPC's high leverage and relatively low
liquidity.  On a pro-forma basis for the last 12 months ended
Dec. 30, 2007, total debt/EBITDA was 9 times and EBITDA/Cash
Interest 1.3x. The metrics are on a pro-forma basis to include
the EBITDA and interest allocation of the Lawn & Garden
operation which is accounted for as a discontinued operation.  
The rating also reflects stability and some improvement in
operations as exemplified by three straight quarters of EBITDA
improvement.  At Dec. 30, 2007 SPC had US$166.4 million in cash
and availability under the ABL.  With this level of liquidity,
Fitch expects that the company should be able to finance peak
working capital requirements during its second quarter.

The Negative Outlook encompasses the deterioration in financial
and credit protection measures since 2005 as well an uncertain
business profile given that parts of the company are up for
sale.   However, if SPC can continue to demonstrate continued
improvement in its operations over the next two to three
quarters, the Outlook may be reviewed with a view toward
stabilization.  Any change in the company due to a material sale
of a business segment will prompt a review of the Outlook and
rating at that time.

Spectrum is a global branded consumer products company with
operations in seven product categories: consumer batteries; lawn
and garden; pet supplies; electric shaving and grooming;
household insect control; electric personal care products; and
portable lighting.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of     
batteries, portable lighting, lawn and garden products,
household insect control, shaving and grooming products,
personal care products and specialty pet supplies.

The company operates in 13 Latin American nations including El
Salvador, Chile, Dominican Republic, Guatemala, Honduras, Costa
Rica, Colombia and Nicaragua.



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

AIR JAMAICA: Will Incur J$60 Mln. Loss This Year, Says Minister
---------------------------------------------------------------
Air Jamaica is expected to lose some J$60 million this year, The
Jamaica Observer reports, citing Finance Minister Audley Shaw.

Minister Shaw told The Observer that the Jamaican government
will have to spend J$4.3 billion this year for interest and
amortization charges for Air Jamaica.  

Interest charges will be J$2.4 billion and amortization will
cost J$1.9 billion, The Observer states, citing Minister Shaw.

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.


DIGICEL GROUP: Denies Founders Plan to Sell Firm
------------------------------------------------
Digicel Group's spokesperson Maureen Rabbitt has denied rumors
that company founder Denis O'Brien would sell the company to
fund his acquisition of Independent News and Media Plc, where he
holds a 21.07% stake or 175 million shares, to The Jamaica
Gleaner reports.

According to The Gleaner, Mr. O'Brien allegedly wants to acquire
Independent News but the firm is fighting “what it perceives as
hostile action” and has called Mr. O'Brien “a dissident.”  Mr.
O'Brien is the second largest individual shareholder in
Independent News.  He acquired one million shares from
Independent News last Monday, bringing his stake in the firm to
26.75%.  Reporters in the U.K. speculate that Mr. O'Brien will
launch a bid for Indpendent News, “given his allegation of
cronyism and poor governance by the O'Reilly family which
dominates the media group.”

Ms. Rabbitt commented to The Gleaner, "Digicel is not for sale.  
We are committed to further expansion across the Caribbean and
Central America."

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

                         *     *     *

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

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

                         *     *     *

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



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

COOPER-STANDARD AUTO: Incurs US$151 Million Net Loss in 2007
------------------------------------------------------------
Cooper-Standard Holdings Inc., the parent company of Cooper-
Standard Automotive Inc., reported results for the fourth
quarter and full year 2007 that furthered the company's
successful track record of delivering consistent performance in
what continued to be a difficult industry operating environment.

Net sales for the year increased 16%, to US$2.51 billion in 2007
from US$2.16 billion in 2006.  The increase resulted primarily
from the acquisitions of Metzeler Automotive Profile Systems
businesses in Germany and Italy and the Automotive Components
Holdings' El Jarudo fuel rail operations, as well as favorable
foreign exchange impact of US$86.9 million.  In the fourth
quarter of 2007, sales increased to US$708.3 million compared to
US$526 million for the same period in 2006 primarily as a result
of these same factors.  Gross profit increased to US$397 million
or 15.8% of sales, compared to US$332 million, or 15.4% of sales
in 2006.  This US$65 million increase year-over-year resulted
primarily from the Metzeler Automotive Profile Systems and El
Jarudo acquisitions combined with favorable foreign exchange
rates and continuing benefits from focused cost-saving
initiatives.  For the quarter, gross profit was US$113.4
million, versus US$81.9 million in the fourth quarter of 2006.

The company had a net loss of US$151 million in 2007 versus a
net loss of US$8.4 million in 2006.  The net loss for the fourth
quarter was US$152.6 million versus a net loss of US$7 million
for the fourth quarter of 2006.  The higher net loss was
attributable to a non-cash goodwill and intangibles impairment
charge of US$146.4 million in the North America Fluid reporting
unit.  The charge was due to less favorable results and business
conditions in that unit than the company previously anticipated,
relating primarily to a recent and projected decline in
production volumes for certain key platforms in North America,
as well as higher material costs.  Adjusted EBITDA, a measure of
operating performance which excludes the impairment charge,
increased to US$285.7 million in 2007 from US$248.2 million in
2006.

"In 2007 we focused on executing our strategy to expand our
global footprint in growing markets, further diversifying our
customer base and remaining steadfast in our commitment to
operational excellence.  We continue to deliver strong operating
results and cash flow.  Adjusted EBITDA for 2007 increased by
US$37.5 million from 2006, and represented 11.4% of our sales.  
The non-cash accounting charge we have taken does not reflect
the valuation of the overall business and we remain well
positioned in the global product segments we serve," said
chairperson and Chief Executive Officer, Jim McElya.

                     Operational Highlights

During the fourth quarter 2007, the company launched several new
products and programs, including:

    New:

       -- Audi (A3 Convertible)
       -- BMW (1 Series Convertible)
       -- Chrysler (Dodge Journey)

    Conquest:

       -- Ford (Edge, Escape and Explorer Sport Trac)

    Replacement:

       -- General Motors (Chevrolet Malibu)
       -- Fiat (Croma and Musa FL)
       -- Renault (QM5)

Net new business awards for the year were US$227 million.  The
company's customer mix went from 63% for the Detroit Three for
full year 2006 down to 48% for the fourth quarter of 2007.  A
significant portion of this change resulted from the acquisition
of the Metzeler business in August 2007.

Cooper-Standard Automotive completed three significant
acquisitions in 2007.  In March, the company acquired Automotive
Components Holdings' El Jarudo fuel rail operations in Mexico.  
In August, the company acquired nine Metzeler Automotive Profile
Systems operations in Germany, Italy, Belgium, Poland and
Belarus and a joint venture interest in China.  In December, the
company completed the acquisition of a 74% equity interest in
Metzeler Automotive Profiles India Private Ltd. These strategic
acquisitions further expand the company's footprint in key
growth areas and diversify the customer base.

Management uses Adjusted EBITDA as a measure of performance and
to demonstrate compliance with debt covenants.  Adjusted EBITDA
may vary slightly from the amount used in calculating indenture
covenant compliance due to the classification of joint venture
equity earnings and Pro Forma acquisition results.  EBITDA and
Adjusted EBITDA are not calculated according to GAAP and should
not be construed as income from operations or net income, as
determined by GAAP.  Other companies may report EBITDA
differently and therefore Cooper-Standard Automotive's results
may not be comparable to other similarly titled measures of
other companies.

              About Cooper-Standard Automotive Inc.

Headquartered in Novi, Michigan, Cooper-Standard Automotive,
Inc. -- http://cooper-standard.com/-- is a portfolio company of  
The Cypress Group and Goldman Sachs Capital Partners.  It is a
leading global manufacturer of fluid handling systems (about 53%
of revenues); and body sealing, and noise, vibration, and
harshness control systems (about 47%) for automotive vehicles.  
The company sells about 80% of its products directly to
automotive original equipment manufacturers.  Annual revenues
currently about US$2.2 billion.  It has Latin America operations
in Brazil and Mexico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Cooper-Standard Automotive Inc.
and revised the outlook to positive from stable.  At the same
time, S&P assigned a 'B+' bank loan rating and '2' recovery
rating to Cooper-Standard's proposed add-on of a EUR65 million
senior secured term loan due 2011.  The bank loan rating and the
recovery rating together indicate that lenders could expect
substantial (70%-90%) recovery of principal in the event of a
payment default.


LATIN AMERICA: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Latin America Media Management, LLC
        95 Merrick Way, Suite 600
        Coral Gables, FL 33134

Bankruptcy Case No.: 08-13990

Type of Business: The Debtor publishes the Latin Trade business
                  magazine that is is distributed throughout
Latin
                  America.  See http://www.freedom.com

Chapter 11 Petition Date: April 1, 2008

Court: Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtor's Counsel: Thomas L. Abrams, Esq.
                     (tabrams@tabramslaw.com)
                  1776 North Pine Island Road, Suite 309
                  Plantation, FL 33322
                  Tel: (954) 523-0900
                  http://www.tabramslaw.com/

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

Estimated Debts:    More than US$1 billion

Debtor's 20 Largest Unsecured Creditors:

Entity                      Nature of Claim       Claim Amount
------                      ---------------       ------------
Representaciones Editoriales   trade debt          US$164,822
Calle 29, Suite 579 A
Mexico

Quebecor World                 trade debt          US$113,592
570 Lexington Avenue,
Sixth Floor
New York, NY 10022

Freedom Communications, I      trade debt          US$50,000
17666 Fitch
Irvine, CA 92614

DHL Latin America              trade debt          US$36,000

VISA                           trade debt          US$30,000

Ricoh Americas Corp.           trade debt          US$24,375

Amcham SAO Paulo               trade debt          US$24,100

Bracewell & Giuliane LLP       trade debt          US$24,000

Citicorp Vendor Finance, Inc.  trade debt          US$17,024

Sky Postal                     trade debt          US$16,897

General S. of the OAS          trade debt          US$15,000

G3 Worldwide (US), Inc.        trade debt          US$13,764

American Express               trade debt          US$9,364

DHL Express (USA)              trade debt          US$8,990

Bank of America                trade debt          US$6,112

Basham Ringe Y Correa S.C.     trade debt          US$6,145

Sprint 1                       trade debt          US$9,511

Texterity                      trade debt          US$8,833

Lampada Solucoes Consultor     trade debt          US$8,000

Landov, LLC                    trade debt          US$7,200


SHARPER IMAGE: Shares to be Delisted From NASDAQ Stock Market
-------------------------------------------------------------
The NASDAQ Stock Market announced on April 1 that it will delist
the common stock of Sharper Image Corporation. Sharper Image
Corporation's stock was suspended on Feb. 29, 2008 and has not
traded on NASDAQ since that time. NASDAQ will file a Form 25
with the Securities and Exchange Commission to complete the
delisting.  The delisting becomes effective 10 days after the
Form 25 is filed.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  When the
Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.



=================
N I C A R A G U A
=================

INFINITY ENERGY: Posts 2007 US$30.9MM Net Loss From Operations
--------------------------------------------------------------
Infinity Energy Resources, Inc. reported its operating results
for the year ended Dec. 31, 2007.

On March 31, 2008, the company filed its Annual Report on Form
10-K for the twelve months ended Dec. 31, 2007.  It is
recommended that interested parties consult the Form 10-K report
for additional information on the company's 2007 operating
results and financial condition.

                  Financial and Operations Review

For the twelve months ended Dec. 31, 2007, revenues approximated
US$9.4 million, compared with approximately US$12.3 million in
the previous year.  An operating loss of US$33 million was
recorded in 2007, compared with an operating loss of US$42.5
million in 2006.  The company reported a net loss from
continuing operations of US$30.9 million, or US$1.73 per share,
for the year ended Dec. 31, 2007, versus a net loss from
continuing operations of US$58.8 million, or US$3.90 per share,
in the year ended Dec. 31, 2006.  Net income in the years 2007
and 2006 benefited from US$3.8 million and US$14.7 million,
respectively, of income related to changes in derivative values.  
In 2007, the company reported a US$27.3 million ceiling write-
down of oil and gas properties.  In 2006, the company reported a
US$37.8 million ceiling write-down of oil and gas properties and
a US$27.2 million charge related to the early extinguishment of
debt.

Earnings from continuing operations before interest, income
taxes, depreciation, depletion, amortization and accretion
expenses, gains and losses on the sale of assets, expense
related to the early extinguishment of debt, change in
derivative fair value and ceiling write-down of oil an gas
properties (EBITDA) for the twelve months ended Dec. 31, 2007
totaled US$1.4 million.

Exploration and production operations produced 1,276 million
cubic feet equivalents (MMcfe) during the twelve months ended
Dec. 31, 2007, compared with 1,630 MMcfe in 2006.

Infinity achieved oil and gas revenue of US$9.4 million in the
year ended Dec. 31, 2007, compared with US$12.3 million in 2006.  
The US$2.9 million, or 23% decrease in revenue consisted of an
approximate US$0.2 million decrease attributable to lower
average prices and a US$2.7 million decrease attributable to
lower oil and gas production.  The decrease in average price was
attributable to a 4% increase in the average natural gas price
received offset by a 6% decrease in the average price received
for oil in 2007, when compared with 2006.  The 18% decrease in
natural gas production was principally the result of natural
production declines.  The 31% decrease in crude oil production
was partially the result of natural production declines and
partly the result of a decrease in oil volumes produced by
the company in northwest Colorado as a result of the temporary
cessation of production from the Wolf Mountain 15-2-7-87 well
following a production equipment fire suffered on
March 15, 2007.  The Wolf Mountain 15-2-7-87 well was
successfully returned to production on April 12, 2007.

Approximately US$4.2 million in net cash was used in operating
activities during the twelve months ended Dec. 31, 2007,
compared with US$14.9 million in net cash provided by operating
activities in the previous year, which included cash provided by
discontinued operations.  Net cash used in investing activities,
including capital expenditures involving exploration and
production activities, totaled US$17 million in 2007, versus
US$18 million provided by investing activities, including
US$49.7 million of proceeds associated with the sale of
discontinued operations, in the twelve months ended
Dec. 31, 2006.

                     Sale of Assets/Farmout

On Jan. 7, 2008, Infinity Oil & Gas of Wyoming, Inc., a wholly
owned subsidiary of the company, completed the sale of
essentially all of its producing oil and gas properties in
Colorado and Wyoming, along with 80% of its working interest in
undeveloped leaseholds in Routt County, Colorado and Sweetwater
County, Wyoming to Forest Oil Corporation.  In addition, on
Dec. 27, 2007, Infinity Oil and Gas of Texas, Inc., a wholly
owned subsidiary of the company, entered into a Farmout and
Acquisition Agreement with Forest Oil for certain oil and gas
leaseholds in Erath County, Texas.  Under the agreement, Forest
Oil will operate and earn a 75% interest in the spacing unit for
each well in a 10-well drilling program.  If Forest Oil
completes the drilling program, it will earn a 50% interest in
the approximate 25,000 remaining undeveloped net acres and
existing Erath County infrastructure owned by Infinity-Texas.  
Drilling under the Farmout Agreement is to begin no later than
May 1, 2008, and the company expects to see benefits from the
farmout arrangement during the third and fourth quarters of
2008.

                  Second Forbearance Agreement

On March 27, 2008, the company entered into a Second Forbearance
Agreement under the loan agreement among the company, Infinity-
Texas, Infinity-Wyoming and Amegy Bank N.A.  The borrowing base
under the loan agreement was reduced to US$3.8 million, with a
resulting borrowing base deficiency of US$7.1 million.  The
Deficiency is required to be cured by May 31, 2008 through the
sale of assets, refinancing of the loan or some other means of
raising capital.  The Second Forbearance Agreement relates to
various existing defaults and provides that Amegy will waive
and forebear from exercising any remedies with respect to the
existing defaults through May 31, 2008.  The agreement gives
Amegy the right to require Infinity to proceed with the sale and
marketing of the oil and gas properties and leasehold interests
held by Infinity-Texas.

These matters, as wells as other risk factors related to the
company's liquidity and financial position, as further discussed
in the Form 10-K, raise substantial doubt as to the company's
ability to continue as a going concern.

                        Business Strategy

The company's principal objective is to create stockholder value
through the execution of its business strategy.  The company
will seek to: (i) continue to operate its producing properties
in the Fort Worth Basin; (ii) benefit from the anticipated
drilling and completion activities of Forest Oil under the
Farmout Agreement; (iii) potentially seek additional farmout
opportunities with respect to the company's remaining
undeveloped acreage in the Fort Worth, Green River and Piceance
Basins of the continental United States; and (iv) consummate the
necessary ratifications of the Nicaraguan concessions and
commence the geological and geophysical exploration of the
concessions, while also seeking joint venture or working
interest partners.

The company intends to finance its business strategies through
employment of working capital, cash flow from operations, net
proceeds from asset sales, and/or through external financing,
which may include debt and/or equity capital raised in public
and/or private offerings.  Essentially all of the company's
assets serve as collateral under its credit facility, and as
such, any disposition of material assets would require the
approval of the company's lender and may require stockholder
approval.  The company may be unable to sell its assets or
obtain financing on acceptable terms, or at all.

                     Management Comments

"The past twelve months have witnessed a transformation in
Infinity's operations, as reflected in the sale of our producing
oil and gas properties in Colorado and Wyoming; our entry into a
farmout agreement with Forest Oil involving our Barnett Shale
acreage in Texas; and significant changes in our operating
philosophy under the direction of the company's Chief Operating
Officer, Dr. Renato Bertani," stated Infinity Energy Resources,
Inc. Chief Executive Officer, Stanton E. Ross.  "The sale of our
producing properties in Colorado and Wyoming to Forest Oil
allowed Infinity to significantly reduce its outstanding debt,
and we kept 100% of our exploratory properties in the Piceance
Basin and LaBarge areas in the Rocky Mountains and a 20% working
interest in any future wells that Forest Oil drills in the Sand
Wash Basin.  Meanwhile, we are working closely with Amegy to
financially reposition the company in accordance with our
business strategy and strategic focus upon oil and gas
development activities in Texas and offshore Nicaragua."

"We are excited to be working with Forest Oil in a farmout
relationship involving certain of our oil and gas leases in
Erath County, Texas," observed Chief Operating Officer, Dr.
Bertani.  "Initially, Forest intends to complete one Barnett
Shale well that we drilled earlier, and then proceed with the
rest of the drilling program.  Forest has enjoyed notable
success in the Barnett Shale, and the farmout provides an
opportunity for Infinity shareholders to benefit from Forest's
operational experience in this regard."

"I am pleased to report further progress involving our 1.4
million-acre oil and gas concession offshore Nicaragua, which we
continue to believe has 'world-class' potential and could be the
company's most valuable asset," added Mr. Ross.  "We are seeking
to clarify certain issues and obtain ratification of our
concessions and exploration contract on a timely basis.  Since
the beginning of 2008, we have met on a variety of occasions
with top federal officials, including President Ortega, and
regional government councils, on this matter.  We look forward
to the achievement of this critical ratification milestone, so
that we can proceed with our exploration activities, including
initial environmental and seismic work."

              About Infinity Energy Resources, Inc.

Headquartered in Denver, Infinity Energy Resources Inc.
(NasdaqGM: IFNY) -- http://www.infinity-res.com/-- is an  
independent energy company engaged in the exploration,
development production of natural gas and oil and the
acquisition of natural gas and oil properties in Texas and the
Rocky Mountain region of the United States.  The company also
has a 1.4 million-acre oil and gas concession offshore Nicaragua
in the Caribbean Sea.

            Amegy Bank Deficiency and Defaults

Under the Forbearance Agreement entered into with Amegy Bank
N.A. in August, Infinity is required to repay an US$11.5 million
borrowing base deficiency by Nov. 30, 2007.  In order to satisfy
the US$11.5 million borrowing base deficiency, Infinity is
required to sell the assets of Infinity Oil & Gas of Wyoming
Inc., which holds its Rocky Mountain oil and gas assets, and may
be required to sell Infinity Oil and Gas of Texas Inc.

In addition, Infinity is currently in default under the loan
agreement with Amegy.  The company failed to meet certain
financial and other covenants during the three months ended
Sept. 30, 2007, including the interest coverage ratio and the
funded debt to EBITDA ratio.  Although Infinity intends to seek
waivers of existing and future defaults as they occur, Amegy
currently has the right to declare an event of default and
foreclose on substantially all of Infinity's assets.



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

INTERPUBLIC GROUP: To Hold Conference Call After Earnings Report
----------------------------------------------------------------
Interpublic Group of Cos. Inc. will release earnings for the
quarter ended March 31, 2008 on April 30, 2008.  Following the
release, the company will hold a conference call for investors
at 8:30 a.m. Eastern Time on the same day to review results.

To join the conference call, please call (888) 889-1954. Outside
the United States, please call (210) 234-0005.  The participant
passcode is 4770670.  The call will be available live on the
company’s website, www.interpublic.com.

The conference call will be recorded and available for 30 days
by calling (800) 925-0728 followed by the passcode 6782. Outside
the United States, please call (402) 998-1627 followed by the
passcode 6782.  The call will also be archived and available in
the investor relations section of the company’s website.

New York-based, Interpublic Group of Companies Inc. (NYSE: IPG)
-- http://www.interpublic.com/-- is one of the world's leading  
organizations of advertising agencies and marketing services
companies.  Major global brands include Draftfcb, FutureBrand,
GolinHarris International, Initiative, Jack Morton Worldwide,
Lowe Worldwide, MAGNA Global, McCann Erickson, Momentum, MRM
Worldwide, Octagon, Universal McCann and Weber Shandwick.  
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.

The company has operations in Argentina, Brazil, Barbados,
Belize, Chile, Colombia, Costa Rica, Dominican Republic,
Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico,
Nicaragua, Panama, Paraguay, Puerto Rico, Peru, Uruguay and
Venezuela.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 4, 2008, Standard & Poor's Ratings Services raised its
corporate credit rating on Interpublic Group of Cos. Inc. to
'B+' from 'B'.  The outlook is positive.  The New York City-
based global advertising agency holding company had
approximately US$2.3 billion in debt outstanding as of
Dec. 31, 2007.



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

QUEBECOR WORLD: Obtains Final Nod on US$1 Bln. DIP Facility
-----------------------------------------------------------
Quebecor World Inc. received final approval for its US$1 billion
debtor-in-possession financing.  Judge James M. Peck of the
Southern District of New York approved and entered the order on
April 1, 2008.

The US$1 billion DIP financing is comprised of a term loan of
US$600 million and a revolving loan facility of US$400 million.  
The final order serves to confirm the US$750 million of interim
financing that was made available since the Jan. 23 interim
court order and increases the availability by a further
US$250 million effective today.  Combined with unrestricted cash
on hand of US$110 million and undrawn availability under the
US$400 million revolver, the Company now has liquidity of about
US$500 million.  In addition, the company has exceeded by about
US$160 million its cash flow projections as filed by the court-
appointed Monitor on Feb. 14, 2008.  This level of liquidity and
favorable cash flow performance reflects the Company's clear
direction towards emerging from creditor protection as a strong
and stable enterprise.

The company believes that this financing and its ability to
generate significant cash flow from operations will allow it to
pursue its operations serving all its global customers with
superior products and enhanced value-added services while
working with its stakeholders to emerge from creditor protection
as a strong company in its industry.

           US$1-Bil. Loan Needed to Continue Business

In his order authorizing Quebecor World (USA), Inc., and its
debtor-affiliates to borrow US$1,000,000,000 from a syndicate of
lenders led by Credit Suisse Securities (USA), LLC, and Morgan
Stanley Senior Funding, Inc., Judge James M. Peck of the U.S.
Bankruptcy Court for the Southern District of New York held,
"The ability of the Debtors to finance their operations and have
available sufficient working capital through the incurrence of
indebtedness for borrowed money and other financial
accommodations is vital to the Debtors' ability to preserve and
maintain their going concern value."

The DIP Loan will be used solely:

   (a) to repurchase their existing North American accounts
       receivable securitization facility of approximately
       US$418,000,000 plus certain expenses, from ABN AMRO Bank
       N.V.;
  
   (b) to provide financing for working capital, letters of
       credit, capital expenditures and other general corporate
       purposes of the Debtors; and

   (c) for the payment of fees and expenses incurred in
       connection with the DIP transactions.

The Debtors are also authorized to make transfers to non-debtor
affiliates, subject to limitations:

     * up to EUR25,000,000 for non-debtor affiliates' European
       operations;

     * up to US$5,000,000 for Latin American operations; and

     * up to US$5,000,000 for non-European operations.
   
To secure the Debtors' obligations under the US$1,000,000,000
Loan, the DIP Lenders are granted, among other things:

   -- a fully-perfected first priority senior security interest
      in and lien upon all unencumbered property of the Debtors,
      with the exception of avoidance actions or claims and
      causes of actions under Section 502(d),544, 545, 548, 549,
      550 or 551 of the Bankruptcy Code;

   -- fully perfected liens junior to the Prepetition Secured   
      Lenders' adequate protection liens; and

   -- an allowed administrative expense claim with priority
      under Section 364(c)(1) of the Bankruptcy Code, subject
      only to the Carve-Out for, among other things, payment of
      professional fees and expenses of up to US$20,000,000.

The Court has permitted the Debtors to enter into secured hedge
agreements -- certain interest rate swap, car or collar
agreements, interest rate future or option contracts, currency
swap agreements and other hedging agreements -- in connection
with the DIP Loan.

The DIP Loan, according to the Jan. 21 DIP Agreement, will
have a maturity date on the earliest of (a) 18 months following
the earlier of the Petition Date or the CCAA filing date, (b)
substantial consummation of a reorganization plan of Quebecor
World, and (c) the acceleration of the loans under the DIP
Facility.

Credit Suisse Securities (USA) LLC, Credit Suisse, Cayman
Islands Branch, Credit Suisse, Toronto Branch and Morgan Stanley
Senior Funding, Inc., are the arrangers of the DIP Loan.  Credit
Suisse acts as administrative agent, collateral agent, initial
issuing bank, and initial swing line lender, and Morgan Stanley
acts as syndication agent under the DIP Facility.

The Court has authorized the Debtors to promptly pay to the
Agents and the Arrangers costs, fees and out-of-pocket expenses,
in accordance with the Fee Letters.  The Debtors will send the
Official Committee of Unsecured Creditors monthly invoices of
the Agents and Arrangers' attorneys and financial advisors.

                  Amendments to DIP Facility

The Senior Secured Superpriority Debtor-in-Possession Credit
Agreement dated as of Jan. 21, 2008, was amended on
March 27, 2008, to, among other things, permit Quebecor World
to provide the DIP Lenders its audited consolidated financial
statements for full-year 2007 by April 29, 2008.

On March 18, 2008, Quebecor World said that, in view of its
filing for creditor protection in Canada and the United States,
it will delay the release and filing of its financial statements
for the year ended Dec. 31, 2007.

Judge Peck has required the Debtors to provide advance notice
upon no less than three business days to counsel to Royal Bank
of Canada, Societe Generale (Canada), the ad hoc group of
holders of notes issued by Debtors, and the Creditors Committee
on all amendments, or the final material terms, of the DIP
Facility.  

The Debtors are required to obtain Court approval or consent
from RBC, Soc Gen, the Ad Hoc Group of Noteholders and the
Creditors Committee with respect to amendments to the DIP Credit
Agreement that:

  (i) shorten the maturity of the extension of credit
      thereunder,

(ii) increase the commitments, the rate of interest payable, or
      letter of credit fees payable thereunder, or

(iii) amend the "events of default" under the DIP Agreement.

Any fees charged in connection with any amendment, however, will
only be disclosed to the Creditors Committee.  

            Adequate Protection to Prepetition Lenders

Various prepetition lenders asserted security interests in
certain assets of the Debtors pursuant to:

   (x) the Amended and Restated Credit Agreement, dated as of
       Dec. 15, 2005, among Quebecor World, Inc., QWUSA,
       certain financial institutions acting as lenders, and
       Royal Bank of Canada, as administrative agent for the
       lenders, and the Guaranty, dated as of Oct. 26, 2007;

   (y) the Credit Agreement, dated as of Jan. 13, 2006, among
       QWI, as borrower, QWUSA, as guarantor, and Societe
       Generale (Canada), as lender; and

   (z) security agreements, pledge agreements, hypothec,
       mortgages, deeds of trust and other collateral documents,
       each dated Oct. 26, 2007, by QWI and certain
       subsidiaries of QWI for the benefit of the lenders, and
       Computershare Trust Company of Canada, as collateral
       agent.

The Prepetition Secured Lenders are provided adequate
protection, solely for any diminution in the value of their
interests in the Debtors' assets:

  (1) The Prepetition Secured Lenders will retain their
      prepetition security interests in and liens
      upon:

        (a) the inventory of Quebecor World Memphis LLC that
            existed as of the Petition Date, and

        (b) all proceeds of the QW Memphis Petition Date
            Inventory.

  (2) The Debtors will deposit into an interest-bearing cash
      collateral account any and all proceeds of QW Memphis
      Inventory Collateral pending further order of the Court.

  (3) The Prepetition Secured Lenders will not be required to
      file financing statements, mortgages, deeds of trust,
      security deeds, notices of lien, or similar instruments in
      any jurisdiction or effect any other action to attach or
      perfect the Prepetition Secured Lenders' Adequate
      Protection Liens.

  (4) In the event that the Adequate Protection Liens are
      insufficient to cover any diminution in value, the
      respective Prepetition Secured Lenders are granted
      administrative claims pursuant to Section 507(b) of the
      Bankruptcy Code which will have priority over all
      administrative expense claims, unsecured claims and all
      other claims against the Debtors, but junior to the
      Superpriority Claim, the DIP Liens, the Carve-Out and the
      Adequately Protected Debtor Reimbursement Claim.

  (5) The Debtors will provide each of the Prepetition Agent,
      Soc Gen, the Creditors Committee and the Ad Hoc Group of
      Noteholders access to information.

The Creditors Committee will have 120 days to file an adversary
proceeding or contest the Debtors' admissions and stipulations
in connection with the transactions in connection with the DIP
Facility.  The Committee will also have the right to:

  (i) examine and challenge the validity, extent, priority,
      avoidability, or enforceability of any of the Prepetition
      Secured Lenders' liens and security interest, and

(ii) assert or prosecute any action for preferences, fraudulent
      conveyances, other avoidance power claims or any other
      claims, counterclaims or causes of action, objections,
      contests or defenses against the Prepetition Secured
      Lenders.

         Flint Group, et al., Balk at US$1 Bil. DIP Facility

As reported in the Troubled Company Reporter on March 6, 2008,
Flint Group North America Corporation, Abitibi Consolidated
Sales Corp., Abitibi-Consolidated US Funding Corp., Bowater
America Inc., and Bowater Inc., and Corporate Property
Associates 9 LP, object to the request of the Debtors to obtain
US$1,000,000,000 of DIP financing.

                      About Quebecor World

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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


QUEBECOR WORLD: Inks US$285 Mln. Printing Deal With Mcgraw-Hill
---------------------------------------------------------------
Quebecor World Inc. was awarded a new contract with The McGraw-
Hill Companies extending into 2014.  The McGraw-Hill Companies
is a leading global information services provider.  The new
agreement is valued at approximately US$285 million over its
term and covers a wide range of educational textbooks, ancillary
products, professional learning products and catalogs.

H. Bruce Ryno, Sr. VP Global Procurement & Manufacturing
Services for The McGraw-Hill Companies stated, "This contract
with Quebecor World extends a successful, long term relationship
and delivers significant cost savings to The McGraw-Hill
Companies over the life of the contract."

"We are pleased to renew and expand our partnership with The
McGraw-Hill Companies," said Jacques Mallette, President and CEO
Quebecor World Inc.  "We are committed to serving their needs
for many years to come by providing an on-time, quality product
and expanded value-added solutions to help them grow their
business."

Kevin J. Clarke, President of the Quebecor World Book and
Directory Group commented, "This agreement is a further
testament to our focus on creating premier solutions that
maximize our customer's success in their targeted markets.  The
dedication of our employees to meet the high standards of The
McGraw-Hill Companies is a great source of pride".

                      About Quebecor World

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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


QUEBECOR WORLD: Court Allows Assumption of BofA's P-Card Pact
-------------------------------------------------------------
Pursuant to Section 363 of the Bankruptcy Code, Quebecor World
Inc. and its debtor-affiliates are authorized to use property of
their bankruptcy estates to pay Bank of America on account of
prepetition amounts due and owing under the existing purchasing
card agreement.

Pursuant to Section 364(a), the Debtors are authorized to obtain
unsecured postpetition financing from Bank of America under an
employee purchasing card program.

As reported in the Troubled Company Reporter on March 24, 2008,
the Debtors sought permission from the U.S. Bankruptcy Court for
the Southern District of New York to assume their Purchasing
Card Agreement with Bank of America and cure an existing
monetary default.  In the alternative, the Debtors seek the
Court's authority to re-establish a purchasing card agreement
with Bank of America.

Michael Canning, Esq., at Arnold & Porter LLP, in New York,
related that prior to the bankruptcy filing, the Debtors had a
purchasing card agreement with Bank of America in which Bank of
America issued credit cards to certain of the Debtors' employees
to be used in a manner similar to consumer credit cards and
constitute unsecured debt obligations to the Debtors.

The Debtors have historically used P-Cards for transactions with
small vendors or ad hoc purchases in large part to minimize
administrative costs for smaller purchasing transactions.  The
P-Cards serve as substitutes for petty cash, thus reducing the
need for the Debtors to keep cash on hand at each of their
facilities and permitting the Debtors to make certain payments
more efficiently than would be possible using checks or wire
transfers.

Through 2007, the Debtors had approximately 400 individual card
users and processed approximately US$2,000,000 per month in
purchases on the P-Cards.

The provision of purchasing card services was withdrawn by Bank
of America in mid-December 2007, in conjunction with actions
taken by Bank of America to reduce credit exposure to the
Debtors.  As of the bankruptcy filing, the Debtors had an
outstanding balance of US$460,000 owing to Bank of America for
prepetition charges.

                      About Quebecor World

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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


QUEBECOR WORLD: Payment of US$3 Mil. Sales Commissions Approved
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Quebecor World Inc. and its debtor-affiliates to pay:

  (i) 107 sales representatives who are owed accrued prepetition
      commissions,

(ii) one employee US$15,000 for meeting specific sales and
      budget attainment goals in 2007.

The Court also authorized the Debtors to pay additional accrued
prepetition commissions to sales employees that become due and
payable without further need for Court approval, provided that
the payments are agreeable to the Official Committee of
Unsecured Creditors and the Office of the United States Trustee.

As reported in the Troubled Company Reporter on March 28, 2008,
the Debtors sought the Court's authority to pay prepetition
sales commissions currently owing to 108 sales representatives.  
Of these 108 sales representatives, 107 are owed accrued
prepetition commissions by no later than March 31, 2008.  The
other employee is owed US$15,000 for meeting specific sales and
budget attainment goals in 2007.  This payment was due at the
end of January 2007, and the Debtors seek authority to pay this
employee for successfully achieving the target sales goal.

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

                      About Quebecor World

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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


QUEBECOR WORLD: Has Until June 4 to File Schedules & Statements
---------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York extended Quebecor World Inc. and
its debtor-affiliates' deadline to file their schedules of
assets and liabilities and statements of financial affairs,
until June 4, 2008.

                      About Quebecor World

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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



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

HARVEST NATURAL: CEO to Present at IPAA Conference in New York
--------------------------------------------------------------
Harvest Natural Resources, Inc. President and Chief Executive
Officer, James A. Edmiston, will present at the Independent
Petroleum Association of America Oil and Gas Investment
Symposium in New York at 4:35 p.m. EDT on April 8, 2008.

The presentation can be heard live at http://www.harvestnr.com
or at http://www.investorcalendar.com/CEPage.asp?ID=126941

A replay of the presentation will be available soon after the
live event.  A copy of the presentation will also available on
the Harvest website at http://www.harvestnr.com

Harvest Natural Resources, Inc. (NYSE: HNR) --
http://www.harvestnr.com/--  is an independent energy company    
engaged in the acquisition, exploration, development, production
and disposition of oil and natural gas properties.  The company
has acquired and developed significant interests in the
Venezuela, Russia and has also undeveloped acreage offshore of
China.  The company's only producing assets are in Venezuela.  
Its subsidiary, Harvest Vinccler S.C.A. has been providing
operating services to Petroleos de Venezuela SA (PDVSA).

                        *     *     *

As reported in December 2007, Harvest Natural Resources said in
a statement that it incurred a US$6.5 million loss in the first
quarter 2007, and a net loss of $62.5 million as of Dec. 31,
2006.


Moody's Investors Service Upgraded the company's senior implied
rating to Caa1 from Caa2 in September 2004.  The rating still
hold to date.


PETROLEOS DE VENEZUELA: Cuban Plant Starts Production
-----------------------------------------------------
A Cienfuegos plant owned by PDV-Cupet SA -- a joint venture of
Petroleos de Venezuela SA and CubaPetroleo -- is on schedule two
months into operations with gasoline production starting in
March, Oil & Gas Journal reports, citing Julio Sanchez, the
director of refinery expansion.

As previously reported in the Troubled Company Reporter-Latin
America, the Cuban Plant started processing crude on
Jan. 8 and had reached its initial capacity of 65,000 barrels
per day.  As of March 2, the plant had processed 2,239,263
barrels.  The plant was scheduled to start producing gasoline on
March 21.

Mr. Sanchez told Oil & Gas that the plant will produce:

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

Mr. Sanchez told Oil & Gas that expansion plans are currently
“on the drawing board.”

Oil & Gas relates that PDV-Cupet has development plans to allow
the plant to eventually process some 150,000 barrels per day of
crude and supply feedstock for a planned petrochemical industry
in the area.

The US$1.3 billion expansion of the plant “would get under way
in 2009 and begin operation in 2013,” Oil & Gas states, citing
Mr. Sanchez.

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

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

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

                        *     *     *

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



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

* Fitch Says 2008 World Economic Growth To Be Weakest in 5 Years
----------------------------------------------------------------
Fitch Ratings said that housing- and consumer-led downturns in
advanced economies will drive world growth to its lowest level
in five years in 2008, despite robust growth in Brazil, Russia,
China and India (BRIC) and other emerging markets.  Fitch
predicts GDP growth in 2008 to be 1% in the United States, 1.3%
in Japan, 1.4% in the United Kingdom and 1.7% in the euro area.  
These are a few of the highlights of Fitch's Special Report
entitled, Global Economic Outlook.

The world economy is set for a tough time over the next 18
months. With the US slipping into recession, Fitch is projecting
1.3% growth in the major advanced economies (MAEs, comprising
the U.S., european area, Japan and U.K.) in 2008, no higher than
in 2001.  That was itself a particularly weak year for the MAEs,
when the bursting of the technology bubble, coinciding with
stagnation in Japan, culminated in an unusually synchronised
downturn.  Global GDP growth will be stronger than in 2001
thanks to the new-found economic resilience of BRIC and other
emerging markets; however, measured at market exchange rates,
world growth will be 2.6% -- its weakest for five years.

Deteriorating prospects for the U.S. consumer and a deeper and
more prolonged than expected slump in the U.S. housing market
lie at the heart of the weaker global outlook.  Fitch now
expects rising income uncertainty and falling asset prices to
contribute to broader retrenchment by the U.S. household sector
in the form of a rise in the saving ratio.  Strong policy
stimulus, resilient business investment and buoyant exports will
limit the severity of the recession, but U.S. domestic demand
growth will be weaker than in 2001.  Given the importance of US
consumers as a source of final demand for the rest of the world
in the current decade, this will undoubtedly have sizeable
knock-on effects elsewhere through trade linkages, including in
emerging markets.  But housing and consumer spending adjustments
are also starting to get underway in other large economies,
including the UK and Spain.

Moreover, the persistence of stress in global credit markets
increases the prospect that widespread deterioration in credit
conditions will take a macroeconomic toll by restraining lending
to the real economy.  With the bulk of the losses on US subprime
mortgage loans being absorbed by financial institutions in the
MAEs, banks' recognition of losses on their capital accounts,
combined with the lack of stability in investor confidence and
loss of investor appetite for most bank unsecured debt as well
as asset-backed debt, has resulted in some unanticipated
expansion of bank balance sheets.  In the context of desired de-
leveraging and rising risk aversion, banks' willingness to lend
has fallen sharply.  While the evidence is still tentative on
the macroeconomic fall-out from the credit crunch -- credit
growth has actually remained quite robust to date in the MAEs --
what has become much clearer is the deterioration in consumer
confidence.  In the U.S., U.K., France and Spain, confidence is
now at its lowest level since at least the early to mid-1990s,
pointing to concerns about the outlook for income and jobs.

The ability of policymakers to offset this shock is being
constrained to various degrees by recent increases in inflation
related to a surge in global energy prices since late last year
and high rates of world food price growth.  Fitch predicts
inflation in the MAEs to average just under 3% in 2008, which
would be the highest rate since 1992, while global CPI inflation
is projected at 3.7%, the highest since 1999.  The rise in
inflation is giving pause to some central banks in the MAEs
where the slowdown in growth is not yet self-evident.  However,
as weaker activity manifests itself more firmly through the
course of the year, Fitch expects further significant cuts in
rates, including by the Federal Reserve, BOE and the ECB.  
Emerging markets are a different story -- stronger growth
dynamics and larger and more lasting effects from food and
energy price shocks are creating an imperative to tighten policy
to avoid inflation having more damaging effects on economic
performance in the medium term.


* Moody's Opines on Interest Rate Asset Specific Hedges in CDOs
---------------------------------------------------------------
In a new report, Moody's Investors Service says asset specific
interest rate hedges for collateralized debt obligation
transaction may provide a more dynamic control of interest rate
risk than having a single macro interest rate swap for the
entire CDO pool.  However, asset specific hedges also carry
unique risks that need to be considered.

"Traditionally, to protect themselves against interest rate
mismatches between assets and liabilities in CDO transactions,
collateral managers have entered into macro interest rate swaps
that are generally in place when the transaction closes and
seldom modified even if portfolios change over time," say
Moody's analysts David Burger and Yasmine Mahdavi.  "Managers
may prefer interest rate asset specific hedges, as their
granular nature may provide a more efficient approach to
maintaining interest rate risk neutrality."

Since Moody's does not know in advance how interest rate asset
specific hedges will be used throughout the life of the
transaction, there need to be established guidelines around
their use.  Moody's says there are several specific criteria
that can mitigate their risks.  These include having each hedge
associated with only one asset, the initial notional amount of
the asset specific hedge equal to the principal amount of the
hedged asset, and the maturity date of the hedge matching that
of the hedged asset.


* Beard Group Launches Intellectual Property Prospector
-------------------------------------------------------
The Beard Group has developed the Intellectual Property
Prospector weekly e-newsletter to support the efforts of firms
and individuals interested in identifying opportunities in the
specific area of intellectual property, which includes patents,
trademarks, trade secrets, and licenses, among others.
The Intellectual Property Prospector identifies United States
and foreign companies filing for bankruptcy or reporting other
financial difficulty and profiles their ownership of
intellectual property.  It is compiled weekly and delivered
electronically to subscribers every Monday.

A six-month subscription to the Intellectual Property Prospector
is available at US$575, payable in advance and can be obtained
by calling Beard Group Customer Service at 240-629-3300, ext. 1
or by visiting the Intellectual Property Data Depot at
http://www.ipdatadepot.com.  All subscriptions entered are  
continued until canceled.

The Beard Group, based outside of Washington, D.C. in Frederick,
Maryland, offers a comprehensive range of leading-edge products
and services to legal and business professionals. The Beard
Group produces both print and web publishing products, databank
document search and delivery, and conferences.

Contact: Beard Group Customer Service
Telephone: 240-629-3300, ext. 1
subscriptions@beard.com
http://www.ipdatadepot.com

Beard Group
P. O. Box 4250, Frederick, Maryland USA 21705
Voice 240-629-3300 (USA 011).  Fax 240-629-3360



                            ***********


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

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

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

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

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

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


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