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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, April 8, 2008, Vol. 9, No. 69

                            Headlines


A R G E N T I N A

365 SA: Trustee to File Individual Reports on June 12
ALITALIA SPA: Board Names Aristide Police as Chairman
AMBU SRL: Proofs of Claim Verification Is Until May 5
COMPANIA PRIVADA: Proofs of Claim Verification is Until May 12
EMPRESA DISTRIBUIDORA: To Invest ARS450MM to Build Substation

LOGISAT SA: Trustee to Verify Proofs of Claim Until April 28
PETROBRAS ENERGIA: C. Nunes Replaces J. Souza as G&E Director
PETRORAS ENERGIA: To Spend US$80MM to Add Capacity to Genelba
PETROBRAS ENERGIA: Will Invest US$2.4 Billion in Argentina
PSN SRL: Proofs of Claim Verification Deadline is June 9

SALTA HYDROCARBON: Fitch Drops B+ Rating on US$234MM Notes to B
TYSON FOODS: Moody's Confirms 'Ba1' Ratings; Keeps Neg Outlook


B E R M U D A

AHL INSTITUTIONAL: Proofs of Claim Filing Deadline is April 18
AHL INSTITUTIONAL: Sets Final Shareholders Meeting for April 18
ANNUITY & LIFE: Records US$18.6 Mil. Net Loss in 2007
DIGICEL GROUP: Names David Hall as North Caribbean Unit's CEO
INTELSAT LTD: Unit to Buy 9-1/4% Notes for US$869.32944 Cash

MONTPELIER RE: Thomas Busher to Lead European Operations
NOMKA LIMITED: Proofs of Claim Filing Deadline is April 18
NOMKA LIMITED: Sets Final Shareholders Meeting for May 9


B R A Z I L

BANCO ABC: Moody's Assigns Ba2 Foreign Currency Deposit Rating
BANCO BMG: Gets Central Bank Okay for BRL600MM Capital Increase
BANCO BRADESCO: Disposes Interest in Visa Capital Stock
DELPHI CORP: Investors Refuse to Participate in Plan Closing
ENERGIAS DO BRASIL: Petrobras to Supply Gas to Firm's Projects

JABIL CIRCUIT: S&P Downgrades Senior Unsecured Ratings to 'BB+'
SUL AMERICA: S&P Lifts Counterpary Credit & Debt Ratings to B+
SUL AMERICA COMPANHIA: S&P Lifts Counterpary Credit Rating to BB


C A Y M A N  I S L A N D S

CRESCENT AIR: Sets Final Shareholders Meeting for April 10
HARARE GRADE: Sets Final Shareholders Meeting for April 10
LEAVITT INSURANCE: Sets Final Shareholders Meeting for April 9
LUMIERE FUND: Will Hold Final Shareholders Meeting on April 9
MAINSAIL II: Bank of NY Appoints Trustees for Firm

ML ELKHORN: Proofs of Claim Filing Deadline is April 9
ML OAK: Proofs of Claim Filing is Until April 9
MONBOUQUETTE CONSULTING: Final Shareholders Meeting on April 10
NGF LTD: Sets Final Shareholders Meeting for April 10
STAIRWAY CAPITAL: Proofs of Claim Filing Deadline is April 10

STAIRWAY CAPITAL: To Hold Final Shareholders Meeting on April 11
SUNRISE CAPITAL: Sets Final Shareholders Meeting for April 9


C H I L E

NORSKE SKOG: Objects to Analyst's “Technically Bankrupt” Opinion
NORSKE SKOGINDUSTRIER: Election Committee Proposes Board Members


C O L O M B I A

CHIQUITA: Closes Refinancing With US$350MM Credit Facility


E C U A D O R

BANCO DEL PICHINCHA: Eyes 5% Growth in Net Profit This Year


J A M A I C A

AIR JAMAICA: Gov't Taps Int'l Finance Corp as Lead Adviser
AIR JAMAICA: Loses US$171 Million in 2007
CASH PLUS: Assures Clients of Continuation of Business


M E X I C O

CEMEX: Venezuelan Cement Nationalization Won't Affect S&P's Rtgs
CHEROKEE INTERNATIONAL: Repays US$1 Mil. Working Capital Credit
CONSTELLATION BRANDS: Posts US$610 Mil. Net Loss in FY 2008
DURA AUTOMOTIVE: Court Approves Revised Disclosure Statement
DURA AUTOMOTIVE: Court Sets Plan Confirmation Hearing May 13

EMPRESAS ICA: Unit Issues MXN500 Million Commercial Paper
MEXORO MINERALS: Reports Cieneguita Project Drill Results
SEMGROUP LP: Fitch Affirms Long-Term Issuer Default Rating at B
VITRO SAB: To Hold General Shareholders Meeting on April 17
X-RITE: Pact Violations Cue S&P's Negative Watch on B+ Rating


P A N A M A

CHIQUITA BRANDS: Elects William Camp to Board of Directors


P U E R T O  R I C O

ROYAL CARIBBEAN: Fleet Expansion Cues S&P's Rating Cut to 'BB+'
R&G FINANCIAL: Gets Regulatory Approval to Pay April Dividends


V E N E Z U E L A

PETROLEOS DE VENEZUELA: ONGC Videsh Eyes Joint Venture With Firm
PETROLEOS DE VENEZUELA: Will Explore Energy Resources in Bolivia
PETROLEOS DE VENEZUELA: To Create Joint Venture with CNPCSE Ltd.


X X X X X X

* Large Companies with Insolvent Balance Sheet


                         - - - - -


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

365 SA: Trustee to File Individual Reports on June 12
-----------------------------------------------------
Mabel Alba Herrera, the court-appointed trustee for 365 S.A.'s
bankruptcy proceeding, will  present the validated claims as
individual reports in the National Commercial Court of First
Instance in Buenos Aires on June 12, 2008.

Ms. Herrera will verify proofs of claim until April 30, 2008.  
She will file in court a general report containing an audit of
365's accounting and banking records on Aug. 8, 2008.

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

The debtor can be reached at:

           365 SA
           Caracas 353
           Buenos Aires, Argentina

The trustee can be reached at:

           Mabel Alba Herrera
           Rodriguez Pena 694
           Buenos Aires, Argentina


ALITALIA SPA: Board Names Aristide Police as Chairman
-----------------------------------------------------
Alitalia S.p.A.'s Board of Directors appointed April 3, 2008,
Aristide Police as chairman following the resignation of
Maurizio Prato, and reaffirmed its support for the binding offer
submitted by Air France-KLM SA, various reports say.

Mr. Prato resigned April 2, 2008, after efforts to sell the
Italian government's stake in Alitalia to Air France failed the
same day.

As reported in the TCR-Europe on April 3, 2008, Alitalia S.p.A.,
labor unions, professional associations, and Air France-KLM SA
have stopped negotiations after failing 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.

Air France had failed to get union's approval the majority of
each category of Alitalia’s employees, regarding the
implementation of the carrier's Industrial Plan, rules of
employment, the plan related to the social shock absorbers and
the contemplated transaction.

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."

Unions, following Air France's pullout, have expressed readiness
to return to the negotiation table.

Mr Spinetta was quoted as saying he was willing to restart
negotiations, but only on the basis of his revised proposal.

                          Lack of Funds

Alitalia's board said it would review it financial options
before deciding on April 8, 2008, whether to continue its
operations or to file for bankruptcy proceedings, The New York
Times reports.

Airline officials told the Financial Times that Alitalia will  
not request for appointment of a special commissioner to begin
the liquidation process under bankruptcy protection until the
latest possible moment.

Italian Finance Minister Tommaso Padoa-Schioppa said that if the
sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings.

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.


                          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.


AMBU SRL: Proofs of Claim Verification Is Until May 5
-----------------------------------------------------
Silvia Beatriz Giambone, the court-appointed trustee for Ambu
S.R.L.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until May 5, 2008.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

           Silvia Beatriz Giambone
           Roque Saenz Pena 651
           Buenos Aires, Argentina


COMPANIA PRIVADA: Proofs of Claim Verification is Until May 12
--------------------------------------------------------------
Leon Sergio Fuks, the court-appointed trustee for Compania
Privada de Hidrocarburos S.A.'s bankruptcy proceeding, will be
verifying creditors' proofs of claim until May 12, 2008.

Mr. Fuks will present the validated claims in court as
individual reports on July 14, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Compania Privada 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 Compania Privada's
accounting and banking records will be submitted in court on
Oct. 3, 2008.

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

The trustee can be reached at:

              Leon Sergio Fuks
              Viamonte 1636
              Buenos Aires, Argentina


EMPRESA DISTRIBUIDORA: To Invest ARS450MM to Build Substation
-------------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte S.A. will invest
some ARS450 million for the construction of a new 500/220-
kilovolt substation in Tigre, Buenos Aires, Business News
Americas reports.

State news agency Telam relates that Empresa Distribuidora and
operators of Argentina's national grid will split the project
cost.

According to BNamericas, the substation will start operations by
the end of 2010.  It will have two 800-megawatt transformers.

A 110-kilometer, 500-kilovolt line will link the substation to
the Yacyreta hydro plant.  Additional lines will connect the
substation to the General Belgrano and Atucha II plants,
BNamericas states.

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

                        *     *     *

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


LOGISAT SA: Trustee to Verify Proofs of Claim Until April 28
------------------------------------------------------------
Marisa Gacio, the court-appointed trustee for Logisat S.A.'s  
reorganization proceeding, will be verifying creditors' proofs  
of claim until April 28, 2008.

Ms. Gacio will present the validated claims in court as  
individual reports on June 10, 2008.  The National Commercial
Court of First  Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Logisat 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 Logisat's accounting   
and banking records will be submitted in court on Aug. 11, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on Feb. 19, 2009.

The trustee can be reached at:

        Marisa Gacio
        San Martin 793
        Buenos Aires, Argentina


PETROBRAS ENERGIA: C. Nunes Replaces J. Souza as G&E Director
-------------------------------------------------------------
(6k)

Petrobras Energia Paticipaciones S.A., in a regulatory filing
with the U.S. Securities and Exchange Commission, disclosed  
changes to unit Petrobras Energia S.A.'s executive officers.

According to the disclosure, Joao Ferreira Bezerra de Souza
submitted a letter of resignation from his position as Director
of Gas and Energy, effective April 1, 2008, because he has been
appointed to hold a senior management position at Petroleo
Brasileiro S.A. – Petrobras.  Mr. Bezerra de Souza was appointed
Director of Gas and Energy of the company on Jan. 30, 2006.

The company said a motion was made to appoint Claudio Fontes
Nunes as Director of Gas and Energy, effective April 1, 2008.
The motion has been approved.

Mr. Nunes, currently serving as Director of Corporate Services,
graduated in Civil Engineering specialized in Hydraulic Works
from Universidade do Rio de Janeiro.  He specialized in
Petroleum Engineering at Petrobras and is a graduate of the
Advanced Management Program at Harvard University.  He joined
Petrobras in 1980 and was in charge of Well Evaluation
Operations, Project Analysis, Contracts, Production Engineering,
Engineering and Health, Safety and Environment.

Since Mr. Nunes was appointed Director of Gas and Energy, as
from April 1, 2008, he will cease to serve as Director of
Corporate Services.  For that reason, a motion was made to
appoint Miguel Angel Bibbo as Director of Corporate Services,
effective April 1, 2008.  The motion was submitted to the
consideration of the meeting and has been unanimously approved.

Mr. Bibbo graduated in Chemical Engineering from Universidad
Nacional del Sur (Bahía Blanca, Argentina) and received a
Doctor’s Degree in Chemical Engineering (Ph.D.) from the
Massachusetts Institute of Technology in Cambridge, United
States.  He joined Petrobras in 1990 and has performed as
Executive Manager of Petrochemicals since 2005.  He has held
several senior management positions such as: Technical
Assistance Manager at Petroquímica Cuyo S.A., General Manager of
PASA Petroquímica Argentina S.A. and Country Manager at
Petrobras Energía Venezuela S.A.

                     About Petrobras Energia

Petrobras Energia Participaciones SA (Buenos Aires: PBE,
NYSE:PZE) through its subsidiary, explores, produces, and
refines oil and gas, as well as generates, transmits, and
distributes electricity.  It also offers petrochemicals, as well
as markets and transports hydrocarbons.  The company conducts
oil and gas exploration and production operations in Argentina,
Venezuela, Peru, Ecuador, and Bolivia.

                         *     *     *

In January 2007, Fitch Argentina Calificadora de Riesgo affirmed
Petrobras Energia's B+ international currency rating, B+
unsecured senior debt rating and BB- local currency rating.


PETRORAS ENERGIA: To Spend US$80MM to Add Capacity to Genelba
-------------------------------------------------------------
Petrobras Energi S.A. will spend US$80 million to add new
capacity to its Genelba generator in Argentina, state news
agency Telam reports.

Business News Americas relates that Petrobras Energia wants to
increase Genelba's capacity by 80 megawatts from 670 megawatts.

A new 170-megawatt Siemens turbine will also be delivered in
September, BNamericas states.

Petrobras Energia, S.A. is headquartered in Buenos Aires,
Argentina.  Its majority owner, Petrobras, is based in Rio de
Janeiro, Brazil.

                        *     *     *

As reported on Oct. 29, 2007, Moody's Investors Service assigned
a Ba1 global local currency issuer rating to Petrobras Energia
S.A., and affirmed its Ba2 foreign currency rating for bonds
issued under the US$2.5 billion Obligaciones Negociables
program, and the Baa1 FCBR for the Series S bonds based on a
Petrobras standby purchase agreement.

In May 2007, Fitch Ratings assigned BB long-term issuer default
rating on Petrobras Energia S.A.  Fitch said the outlook is
stable.


PETROBRAS ENERGIA: Will Invest US$2.4 Billion in Argentina
----------------------------------------------------------
Petrobras Energia S.A. will invest US$2.4 billion in Argentina
through 2012, Business News Americas reports.

Petrobras Energia's General Manager Decio Oddone commented to
Argentine states news agency Telam, "We invested US$1.8 billion
from 2003-07 and plan a substantial increase in exploration
activities in the 2008-12 period."

BNamericas relates that Petrobras Energia wants to drill 15 new
wells on concessions it has in:

          -- Santa Cruz,
          -- Neuquen, and
          -- Salta.

According to BNamericas, Petrobras Energia will participate with
Argentine state energy company Enarsa and Spain's Repsol YPF's
exploration and production activities for the Enarsa I and
Enarsa II deepwater blocks off the coast of Mar del Plata.

Mr. Oddone told BNamericas, "We did a lot of the seismic work on
Enarsa I and the idea is locate the first exploratory well in
2010."

Investment in the Repsol-operated block would be US$60 million,
BNamericas says, citing Mr. Oddone.

Mr. Oddone told BNamericas that prospecting on the Petrobras-run
Enarsa II block has begun.

Petrobras Energia would respect Argentine price controls for oil
and US$40 per barrel is still profitable for crude processed and
sold within the country, BNamericas states, citing Mr. Oddone.

Petrobras Energia, S.A. is headquartered in Buenos Aires,
Argentina.  Its majority owner, Petrobras, is based in Rio de
Janeiro, Brazil.

                        *     *     *

As reported on Oct. 29, 2007, Moody's Investors Service assigned
a Ba1 global local currency issuer rating to Petrobras Energia
S.A., and affirmed its Ba2 foreign currency rating for bonds
issued under the US$2.5 billion Obligaciones Negociables
program, and the Baa1 FCBR for the Series S bonds based on a
Petrobras standby purchase agreement.

In May 2007, Fitch ratings assigned BB long-term issuer default
rating on Petrobras Energia S.A.  Fitch said the outlook is
stable.


PSN SRL: Proofs of Claim Verification Deadline is June 9
--------------------------------------------------------
Beatriz Muruaga, the court-appointed trustee for PSN S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 9, 2008.

Ms. Muruaga will present the validated claims in court as
individual reports on Aug. 6, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by PSN 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 PSN's accounting and
banking records will be submitted in court on Sept. 18, 2008.

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

The trustee can be reached at:

           Beatriz Muruaga
           Agaero 1290
           Buenos Aires, Argentina


SALTA HYDROCARBON: Fitch Drops B+ Rating on US$234MM Notes to B
---------------------------------------------------------------
Fitch has downgraded the global scale foreign currency rating to
'B' from 'B+' for the Salta Hydrocarbon Royalty Trust
US$234 million targeted amortization notes, and placed it on
Rating Watch Negative.

The change reflects the overall increase in political risk for
the transaction due to the Province's intention to restructure
this debt in the short term, according to comments from officers
of Salta's provincial government.

Fitch was not formally notified of the next steps to be taken by
the province; but the public comments by provincial officers
increase the possibility of an upcoming restructuring, or
interference in the mechanism that provides for the collection
hydrocarbon royalty payments in an Argentinean collection
account that are then transferred to an off-shore account.  At
this time it is not clear whether any attempt to interfere with
the structure would be successful.

The majority of the transaction's legal documents are governed
under foreign law.  The transaction was structured as a true
sale and securitized certain future royalty payments due to the
province of Salta from the oil and gas companies.  The oil and
gas companies signed Notice and Acknowledgements which obligates
them to make payments into the collection account.  In
accordance with the documents, the cashflows should be legally
protected under Argentine law.  While the rating on this
transaction has always anticipated a heightened degree of
political risk within the country, any specific interference of
bondholders rights to cashflows would be further evidence of a
weak legal framework within the country.  Additionally, any
forced restructuring would serve as a negative precedent for any
future Argentinean public entities related transactions in the
local and international market.

The bonds performed throughout the Argentine crisis and continue
to perform to date with a debt balance of US$159.2 million.  
Additionally, the structure benefits from a liquidity reserve
account in the amount of approximately US$9 million.

Fitch will closely monitor all the events related with this
transaction, and any action that prevents timely debt service
payments, including a redemption or restructuring with net
present value loss for the investors, which would be considered
a default by Fitch.

The Salta Hydrocarbon Royalty Trust program, issued in 2001, is
a securitization of 80% of future royalty payments due to the
Argentine province of Salta from a group of 17 private companies
operating oil and gas concessions in the province.  The
transaction benefits from overcollateralization, an insurance
policy that protects the issuer from the risk that it cannot
transfer or convert currency needed for interest payments, and a
liquidity reserve fund.


TYSON FOODS: Moody's Confirms 'Ba1' Ratings; Keeps Neg Outlook
--------------------------------------------------------------
Moody's Investors Service lowered the speculative grade
liquidity rating of Tyson Foods, Inc. to SGL-3 from SGL-2 based
on the expectation that higher commodity costs will pressure
profitability and free cash flow over the next 12 months.  
Tyson's other ratings, including its Ba1 corporate family rating
and Ba1 probability of default rating, were affirmed.  The
rating outlook remains negative.

Rating lowered:

Tyson Foods, Inc.

  -- Speculative grade liquidity rating to SGL-3 from SGL-2

Ratings affirmed

Tyson Foods, Inc.

  -- Corporate family rating at Ba1

  -- Probability of default rating at Ba1

Ratings affirmed, and LGD percentage revised:

Tyson Foods, Inc.

  -- US$1 billion senior unsecured bank credit agreement,
     guaranteed by Tyson Fresh Meats, Inc., at Ba1 (LGD3), LGD %
     to 45% from 44%

  -- US$1 billion 6.06% senior unsecured notes due 2016,
     guaranteed by Tyson Fresh Meats, Inc., at Ba1 (LGD3), LGD %
     to 45% from 44%

  -- Senior unsecured unguaranteed debt at Ba2 (LGD5), LGD % to
     87% from 88%

  -- Senior unsecured unguaranteed shelf at (P)Ba2 (LGD5), LGD %
     to 87% from 88%

  -- Senior secured industrial revenue bonds, guaranteed by
     Tyson Foods, Inc., at Baa2 (LGD2); LGD % to 18% from 15%

Tyson Fresh Meats, Inc.

  -- Senior unsecured debt, guaranteed by Tyson Foods, Inc., at
     Ba1 (LGD3), LGD % to 45% from 44%

  -- Senior secured industrial revenue bonds, guaranteed by
     Tyson Fresh Meats, Inc. at Baa2 (LGD2); LGD % to 18% from
     15%

Lakeside Farms Industries Ltd.

  -- US$195 million (originally US$353 million) senior unsecured
     term loan, guaranteed by Tyson Foods, Inc. and Tyson Fresh
     Meats, Inc., at Ba1 (LGD3), LGD % to 45% from 44%

"The speculate grade liquidity rating of SGL-3 anticipates a
likely heavier reliance on borrowings under committed credit
facilities to fund at least a portion of working capital needs
and/or capital expenditures over the next 12 months," noted
Elaine Francolino, Vice President -- Senior Credit Officer.

Current portion of long term debt at Dec. 29, 2007 is a
manageable US$132 million, given that more than half is maturing
debt under the company's 364 day accounts receivable
securitization.  Tyson maintains a US$1 billion five year
revolving credit facility expiring in September 2010 and two
US$375 million accounts receivable securitization facilities
expiring in August 2008 and August 2010 respectively.  The
company should be able to comply with covenants with cushion,
although cushion could be limited at seasonal low points.  Since
Tyson's assets are generally unsecured, it could sell a number
of operations and facilities to raise cash and improve liquidity
if necessary.

The affirmation of Tyson's long term ratings reflects Moody's
expectation that credit metrics will remain appropriate for the
company's rating level, as Tyson's diversification among all
three proteins and its leading market shares somewhat soften
what is still severe earnings volatility.

Tyson's rating outlook remains negative.  The high cost of corn
and other inputs will continue to pressure margins in beef and
chicken, and credit metrics in fiscal 2008 are likely to trail
those of fiscal 2007, in Moody's view.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.

The company makes a wide variety of protein-based and prepared
food products at its 123 processing plants.  Tyson has
approximately 114,000 Team Members employed at more than 300
facilities and offices in 26 states and 80 countries.

Tyson's U.S. beef plants are located in Amarillo, Texas; Dakota
City, Nebraska; Denison, Iowa; Finney County, Kansas; Joslin,
Illinois, Lexington, Nebraska and Pasco, Washington.  The
company also has a beef complex in Canada, and is involved in a
vertically integrated beef operation in Argentina.



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

AHL INSTITUTIONAL: Proofs of Claim Filing Deadline is April 18
--------------------------------------------------------------
AHL Institutional (Feeder) Series 1 Ltd.'s creditors have until
April 18, 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.

AHL Institutional's shareholders agreed on April 3, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


AHL INSTITUTIONAL: Sets Final Shareholders Meeting for April 18
---------------------------------------------------------------
AHL Institutional (Feeder) Series 1 Ltd. will hold its final
general meeting on April 18, 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.

AHL Institutional's shareholders agreed on April 3, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


ANNUITY & LIFE: Records US$18.6 Mil. Net Loss in 2007
-----------------------------------------------------
Annuity and Life Re (Holdings) Ltd. reported financial results
for the three months and year ended Dec. 31, 2007.  The company
posted a net loss of US$16,957,644 for the three months ended
Dec. 31, 2007, as compared to a net gain of US$82,171 for the
three months ended Dec. 31, 2006.  The company reported a net
loss of US$18,648,815 for the year ended Dec. 31, 2007, as
compared to a net loss of US$1,129,030 for the year ended
Dec. 31, 2006.

There were no net realized investment gains or losses for the
three months ended Dec. 31, 2007 as compared with net realized
investment losses of US$(52,460) for the three months ended
Dec. 31, 2006.  Net realized investment gains for the year ended
Dec. 31, 2007 were US$94,780, as compared with net realized
investment losses of US$(887,061) for the year ended Dec. 31,
2006.

Gross unrealized gains on the company's investments were
US$67,931 as of Dec. 31, 2007, as compared to gross unrealized
losses of US$(103,908) at Dec. 31, 2006.  The company's
investment portfolio currently maintains an average credit
quality of AA.  Cash used by operations for the year ended
Dec. 31, 2007 was US$259,549 as compared to cash used by
operations of US$(3,365,040) for the year ended Dec. 31, 2006.

In February 2008 the company settled its dispute with
Transamerica concerning an Agreement to novate certain
reinsurance contracts to Transamerica effective Dec. 31, 2004
and also closed on the sale of its U.S. operating subsidiary.

The company continues to explore strategic alternatives to
attempt to maximize its economic value for shareholders.  As a
first step, the Board of Directors has declared a cash
distribution (return of capital) of US$0.50 per share on the
Company's common shares. The distribution will be payable
May 15, 2008 to shareholders of record on April 30, 2008.

              About Annuity Life Re (Holdings) Ltd.

Bermuda-based Annuity & Life Re (Holdings), Ltd. --
http://www.alre.bm/or -- http://www.annuityandlifere.com/--
provides annuity and life reinsurance to insurers through its
wholly owned subsidiaries, Annuity & Life Reassurance, Ltd. and
Annuity & Life Reassurance America, Inc.

                       Going Concern Doubt

Chartered Accountants of Hamilton, Bermuda, raised substantial
doubt about Annuity and Life Re (Holdings), Ltd.'s ability to
continue as a going concern after it audited the company's
annual report for 2004.  The auditor pointed to the company's
significant losses from operations and experience of liquidity
demands.

Annuity and Life Re incurred losses for two consecutive
quarters.  The company posted a net loss of US$92,056 for the
three months ended June 30, 2007, compared to a net loss of
US$649,949 for the same period in 2006.  The company incurred a
net loss from continuing operations of US$88 million for the
three months ended Sept. 30, 2007, as compared to a net loss
from continuing operations of US$212.2 million for the same
period in 2006.


DIGICEL GROUP: Names David Hall as North Caribbean Unit's CEO
-------------------------------------------------------------
Digicel Group's North Caribbean unit has appointed David Hall as
chief executive officer, The Jamaica Observer reports.

The Observer relates that Mr. Hall was Digicel Jamaica's chief
executive officer.  At Digicel North Caribbean, Mr. Hall will
now be responsible for these markets:

          -- Bermuda,
          -- Cayman Islands, and
          -- Turks & Caicos.

The report says that Mr. Hall started his career with Digicel as
its finance director and went on to look after the Jamaican
operations.  

According to The Observer, Digicel Bermuda's Chief Executive
Officer David Hunter will take over Mr. Hall's position in
Digicel Jamaica.  

The Observer notes that Digicel Group's Chief Executive Officer
Colm Delves said, "Just when we thought that the Jamaican market
was saturated we continue to add new customers and a lot of that
is down to David Hall.  He has done a fabulous job with Jamaica
and no doubt will replicate his success with the development of
the North Caribbean markets.  It must have been challenging
following in the footsteps of Seamus Lynch who successfully
pioneered and built a liberalized mobile network in Jamaica, but
David (Hall) more than met that challenge.  We will leverage his
demonstrable experience and track record in Jamaica on the
markets he will now be focused upon."

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.


INTELSAT LTD: Unit to Buy 9-1/4% Notes for US$869.32944 Cash
------------------------------------------------------------
Intelsat Ltd.'s indirect wholly-owned subsidiary, Intelsat
Intermediate Holding Company, Ltd., is offering to purchase for
cash any and all of its outstanding 9-1/4% Senior Discount Notes
due 2015 at a purchase price of US$869.32944 for each US$1,000
principal amount at maturity of Notes validly tendered (which
represents 101% of the Accreted Value, as defined in and
calculated in accordance with the indenture governing the
Notes).

Intelsat Intermediate Holdco is required by the terms of the
indenture governing the Notes to make this offer as a result of
the previously announced acquisition of Intelsat Holdings, Ltd.,
the indirect parent of Intelsat, Ltd., by Intelsat Global
Subsidiary, Ltd. (formerly known as Serafina Acquisition
Limited), a direct wholly-owned subsidiary of Intelsat Global,
Ltd. (formerly known as Serafina Holdings Limited), an entity
formed by funds advised by BC Partners Holdings Limited, Silver
Lake Partners and certain other equity investors.  The
Acquisition constitutes a change of control under the indenture
governing the Notes.

The terms of the change of control offer are described in a
Notice of Change of Control and Offer to Purchase, dated
April 4, 2008, and the Letter of Transmittal related thereto,
which will be distributed to holders of the Notes.

The change of control offer will expire at 5:00 p.m., New York
City time, on May 29, 2008, and will have a settlement date of
June 3, 2008.  Holders whose Notes are accepted for payment
pursuant to the offer will receive 101% of the Accreted Value of
such Notes on the Settlement Date.

Intelsat Intermediate Holdco has retained Wells Fargo Bank,
National Association to act as Depositary in connection with the
change of control offer for the Notes.

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira.  The company has a
sales office in Brazil.

Intelsat, Ltd.'s December 31 balance sheet showed total assets
of US$12,053,332, total liabilities of US$12,775,716 and
stockholders' deficit of US$722,384.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on Bermuda-based Intelsat Ltd. to 'B'
from 'B+' and removed the ratings from CreditWatch.  S&P said
the outlook is stable.


MONTPELIER RE: Thomas Busher to Lead European Operations
--------------------------------------------------------
Montpelier Re Holdings Ltd. has appointed Thomas G. S. Busher as
Head of its European Operations, effective July 1, 2008.

Mr. Busher is a founding member of Montpelier’s management and
is Deputy Chairman and Chief Operating Officer of the Montpelier
Group.  He is a director of Spectrum Syndicate Management
Limited, which manages Montpelier Syndicate 5151 at Lloyd’s, and
is also Chairman of Montpelier Europa AG, Montpelier’s Swiss
Lloyd’s Coverholder.

Anthony Taylor, CEO and Chairman said: "Tom has played a key
role in the development of the Group since its inception, most
recently in the establishment of our Lloyd’s and related US and
Swiss platforms.  His many years of experience in Lloyd’s, which
dates back beyond the time when we both first worked together at
Wellington Underwriting over 20 years ago, makes him the ideal
candidate to be entrusted with the long term build-out of our
European operations.”

The company further said that Mr. Busher has entered into a new
Service Agreement effective July 1, 2008, which secures his
services as Deputy Chairman and Chief Operating Officer for
three years, and which may be extended thereafter by mutual
agreement.

Mr. Taylor continued, "We have now concluded our recent round of
senior management appointments.  We have a strong team in place
supporting every aspect of our business across all our
platforms, and we continue to execute on our diversification
strategy in a measured way, with the emphasis on organic
growth."

                About Montpelier Re Holdings Ltd.

Headquartered in Bermuda, Montpelier Re Holdings Ltd. --
www.montpelierre.bm -- through its operating subsidiary
Montpelier Reinsurance Ltd., provides customized, innovative,
and timely reinsurance and insurance solutions to the global
market.  The company has operations in the United States and
Europe.

                            *     *     *

To date, Montpelier Re Holdings holds A.M. Best's "bb+"
subordinated debt rating and "bb" preferred stock rating.


NOMKA LIMITED: Proofs of Claim Filing Deadline is April 18
----------------------------------------------------------
Nomka Limited's creditors have until April 18, 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.

Nomka's shareholders agreed on April 3, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NOMKA LIMITED: Sets Final Shareholders Meeting for May 9
--------------------------------------------------------
Nomka Limited will hold its final general meeting on May 9,
2008, at 10:30 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.

Nomka's shareholders agreed on April 3, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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



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

BANCO ABC: Moody's Assigns Ba2 Foreign Currency Deposit Rating
--------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D+ to Banco ABC Brasil S.A.  At the same time, Moody's
assigned ratings for both long- and short-term local-currency
deposits of Baa2 and Prime-2, respectively, in addition to
ratings for both long- and short-term foreign currency deposits
of Ba2 and Not Prime.  Moody's also gave the bank a Brazilian
national scale deposit rating of Aaa.br in the long term and a
BR-1 in the short term.  The outlook on all of these ratings is
stable.

Moody's D+ bank financial strength rating for Banco ABC Brasil
derives from its well-established operation as a lender to the
upper-middle market commercial segment and also from the
company's ingrained risk culture, which has supported
consistently adequate asset quality ratios relative to the
average bank peers'.  Management's disciplined cost control
ensures that Banco ABC's operating efficiency indicators are
aligned to its business model and to peers'.

The rating agency adds that the rating is underpinned by its
current capital base -- which reflects the company's recent
initial public offering -- that could accommodate the intended
expansion initiatives, primarily to the segments of payroll
lending and low middle market.  Moreover, the bank's funding
access -- and to foreign funding, in particular -- allows
management to support Banco ABC's traditional trade-finance
operations at competitive costs.  Ultimately, this access
reflects both the bank's adequate risk profile and the
commitment of Banco ABC Brasil's foreign controlling
shareholder, Arab Banking Corporation B.S.C..

Unlike the managements of its local peer group, Banco ABC chose
to establish corporate governance practices more than a decade
ago which is now a positive rating factor.

Moody's also identifies management's portfolio diversification,
its targeting of the middle market, and the bank's entry into
the low-risk public payroll-lending segments as positive steps
in the creation of recurring and higher-yielding income streams.  
Such a move would also help diversify a somewhat poor
granularity of its loan book

On the other hand, Moody's points out that the bank is exposed
to increasing competition in its targeted business segments,
which may reflect in narrowing financial margins, and slower
pace of growth.  The rating agency believes that greater demands
on performance are powerful influences that could steer Banco
ABC's management away from its currently rigid credit policy,
thereby moving it in the direction of gaining more scale.

The Baa2 local currency deposit rating assigned to Banco ABC
Brasil, incorporates Moody's assessment of a high probability of
support from its committed foreign controlling shareholder, Arab
Banking Corporation B.S.C. (rated A3/Prime-2, with a stable
outlook).  In Moody's assessment, Banco ABC would not be
eligible to regulatory support, however, given its modest
participation in the Brazilian deposit market.

These ratings were assigned to Banco ABC Brasil S.A.:

  -- Bank Financial Strength Rating: D+, stable outlook.

  -- Global Local-Currency Rating: Baa2 long-term local-currency
     deposit rating and Prime-2 short-term local-currency
     deposit rating.  Stable outlook.

  -- Foreign Currency Deposit Rating: Ba2 long-term foreign-
     currency deposit rating and Not Prime short-term foreign-
     currency deposit rating.  Stable outlook.

  -- Brazilian National Scale Deposit Ratings: Aaa.br long-term
     deposit rating and BR-1 short-term deposit rating.  Stable
     outlook.

Established in 1983 and headquartered in Sao Paulo, Brazil,
Banco ABC Brasil SA, controlled by the Arab Banking Corporation
and with a branch on the Cayman Islands, is a multiple bank
endowed to operate with commercial, investment, financial,
housing loan and exchange portfolios.  As of December 2007, the
bank had total assets of approximately BRL5.67 billion and
equity of BRL1.09 billion.


BANCO BMG: Gets Central Bank Okay for BRL600MM Capital Increase
---------------------------------------------------------------
Banco BMG has secured the Brazilian central bank's approval for
its planned BRL600 million capital increase, the first stage of
a five-year, BRL1 billion credit line it got from UBS Pactual.

Banco BMG told Business News Americas that shareholders' equity
now rises above BRL2 billion.  

According to BNamericas, Banco BMG had BRL1.33 billion in
shareholders' equity at the end of 2007.

As reported in the Troubled Company Reporter-Latin America on
March 31, 2008, Banco BMG's Chief Executive Officer Ricardo
Guimaraes said that the BRL1 billion credit line from UBS
Pactual will give the bank time to decide whether to carry
out an initial public offering or form a partnership with
another bank.

Banco BMG shareholders will still decide when to receive the
remaining BRL400 million from the credit line, BNamericas
states, citing a bank spokesperson.

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

                         *     *     *

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

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


BANCO BRADESCO: Disposes Interest in Visa Capital Stock
--------------------------------------------------------
The Bradesco Organization informed its stockholders and the
market in general that it partially disposed its interest in the
capital stock of Visa Inc., in the process related to the
Initial Public Offering occurred in the United States of
America, obtaining pre-tax profit in the approximate amount of
BRL352 million, which will compose the net income for the first
quarter of 2008.

An interest of approximately 3.7 million stocks remains, which,
at the price of US$44.00 per stock established in the
bookbuilding procedure, corresponds to US$163 million.  Pursuant
to IPO rules, this interest is subject to a three-year lock-up
period.

                     About Banco Bradesco

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

                             *     *     *

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


DELPHI CORP: Investors Refuse to Participate in Plan Closing
------------------------------------------------------------
Although it has met the conditions required to substantially
consummate its First Amended Joint Plan of Reorganization,
including obtaining US$6.1 billion of exit financing, Delphi
Corp.'s plan investors refused to participate in a closing that
was commenced but not completed on April 4 and refused to fund
their investment agreement with the Company. Instead, the plan
investors delivered a written notice purporting to terminate the
Equity Purchase and Commitment Agreement and alleged breaches of
the EPCA that the plan investors assert would entitle them to
payment of additional compensation under the EPCA from Delphi.

"Our formal closing process commenced, and all of the other
required parties for a successful closing and emergence from
Chapter 11 -- including representatives of our new exit lenders,
General Motors Corporation and our Joint Statutory Committees --
were present and prepared to move forward this morning," John
Sheehan, Delphi vice president and chief restructuring officer,
said.

"We are extremely disappointed that our plan investors have
taken the position that they are not obligated to fund their
plan investment commitments to Delphi and instead have chosen to
walk away from the company and its stakeholders. We are prepared
to pursue actions that are in the best interests of Delphi and
its stakeholders. These actions will be overseen by a committee
of our Board of Directors, and will not impact the successful
operation of the company. We are very appreciative of the strong
financial support from our exit financing lenders and GM, and we
look forward to continuing to work with them and our other
stakeholders as we move forward with our goal of emerging from
chapter 11 as soon as practicable."

The US$6.1 billion in exit facilities that were made available
to the company in connection with the closing were successfully
arranged by J.P. Morgan Securities, Inc. and Citigroup Global
Markets, Inc., in accordance with prior orders entered by the
United States Bankruptcy Court for the Southern District of New
York.  The plan investors that did not fund the investment of up
to US$2.55 billion in preferred and common equity under the
Equity Purchase and Commitment Agreement agreed to in 2007
include affiliates of lead investor Appaloosa Management L.P.;
Harbinger Capital Partners Master Fund I, Ltd.; Merrill Lynch,
Pierce, Fenner & Smith Inc.; UBS Securities LLC; Goldman Sachs &
Co.; and Pardus Capital Management, L.P.

"We have accomplished the commitments in our restructuring
plan," said Delphi CEO and President Rodney O'Neal. "We are
proud of the
fact that we have never disrupted our customers' operations
during this reorganization. We also have kept the pipeline full
of exciting technologies and products to meet the challenges
facing our customers -- to make vehicles safer, greener and more
connected to consumers' lives than ever before."

Delphi's transformation initiatives include:

   -- competitive collective bargaining agreements with its U.S.
      unions;

   -- comprehensive settlement and commercial agreements with
      General Motors;

   -- a streamlined product portfolio focusing on core
      businesses, with the divestiture, wind-down or sale of
      business lines not among those core businesses;

   -- a customer- and product-focused organizational structure
      that streamlines cost and achieves competitive salaried
      workforce levels; and

   -- funding of the company's pension plans following emergence
      from Chapter 11.

"While our plan investors' actions are very disappointing, it is
important that we clearly distinguish their actions from the
company's achievement of its transformation objectives," O'Neal
said.  "Our unwavering commitment to our customers, suppliers,
employees and other stakeholders will remain at the for
efront as we move forward with our chapter 11 cases, and we are
committed to emergence as soon as practicable."

                        About Delphi Corp.

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

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

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

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

                           *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Moody's Investors Service raised the rating on Delphi Corp.'s
revised second lien term loan to (P)B2 from (P)B3 and affirmed
the company's Corporate Family Rating and Probability of Default
Ratings of (P)B2, Speculative Grade Liquidity rating of SGL-2,
first lien term loan rating of (P)Ba2, and stable outlook.   The
revision to the rating on the second lien facility follows a
change in the composition of the term loans from the structure
Moody's rated on March 14, 2008.

As reported in the Troubled Company Reporter on March 17, 2008,
Standard & Poor's Ratings Services still expects to assign a 'B'
corporate credit rating to Delphi Corp. if the company emerges
from bankruptcy in early April.
   
S&P has revised its expected issue-level ratings because changes
to the structure of the proposed financings have affected
relative recovery prospects among the various term loans.  S&P's
expected ratings are:

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

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

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


ENERGIAS DO BRASIL: Petrobras to Supply Gas to Firm's Projects
--------------------------------------------------------------
Energias do Brasil S.A. has signed accords with Petroleo
Brasileiro SA aka Petrobras for the supply of natural gas to its
Resende and Norte Capixaba thermoelectric projects, Business
News Americas reports.

According to Energias do Brasil, the deals guarantee gas supply
for the projects beginning 2013 and let projects to be included
in an energy auction in July.  The plants will each have 500
megawatts of capacity.  The sale of power from Resende and Norte
Capixaba will depend on the commercial and financial terms
attained in the auction.  Norte Capixaba's is awaiting
environmental licensing.

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

                          *     *     *

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


JABIL CIRCUIT: S&P Downgrades Senior Unsecured Ratings to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on St. Petersburg, Florida-based
Jabil Circuit Inc. to 'BB+' from 'BBB-', following the company's
revised outlook for the balance of fiscal 2008.  The outlook is
stable.
     
At the same time, S&P assigned a '4' recovery rating to the
company's US$250 million 8.25% notes due 2018 and its US$300
million 5.875% notes due 2010, indicating that lenders can
expect an average recovery (30% to 50%) in the event of payment
default.
     
Jabil lowered its revenue and earnings expectations for the next
two quarters, reflecting near-term decreased demand from
previously estimated levels, principally in the
telecommunications and television display sectors it serves.  
Prospects for improvement in leverage, currently high for the
rating at 2.7x, have been delayed.  In addition, the company's
exposure to consumer end markets, about 32% of trailing-12-month
revenues as of Feb. 29, 2008, could remain under pressure and
dampen operating trends.
      
"The rating reflects highly competitive, relatively low-margin
industry characteristics, modest customer concentration, and
variable profitability metrics, said Standard & Poor's credit
analyst Lucy Patricola.  "These factors are offset by good
liquidity and leverage that is consistent with the rating."
     
Headquartered in St. Petersburg, Florida, Jabil Circuit Inc.,
(NYSE: JBL) -- http://www.jabil.com/-- is an electronic product
solutions company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom and Japan.


SUL AMERICA: S&P Lifts Counterpary Credit & Debt Ratings to B+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and senior unsecured debt ratings on Sul
America S.A. to 'B+' from 'B'.  At the same time, S&P raised the
counterparty credit rating on Sul America's main operating
insurance entity, Sul America Companhia Nacional de Seguros, to
'BB' from 'BB-'.  The outlook on both entities is positive.
     
"The rating action is based on the holding company's
significantly reduced leverage and strongly enhanced
capitalization after its IPO," said S&P's credit analyst Milena
Zaniboni.
     
The improvements were associated with better underwriting
performance in the consolidated operations of the group's
insurance companies, as reflected in the concurrent upgrade of
the insurance entity.  By using part of the proceeds from the
IPO concluded in November 2007, Sul America was able to
considerably reduce its leverage ratios by paying off all debt
with local banks and redeeming 35% of its US$200 million, 2012
senior notes early.  As a result, the holding company's debt-to-
capital ratio improved significantly, well above S&P's
expectations.  The capitalization of the consolidated
operations, as calculated in S&P's capital model, also improved
considerably, to adequate from marginal levels.
     
The ratings on Sul America SA reflect its status as a
nonoperational holding company for the Sul America insurance
group and the structural subordination of the holding company's
creditors to policyholders of its operating entities.

Headquartered in Rio de Janeiro, Brazil, Sul America SA --
http://www.sulamerica.com.br/-- is a multiline insurance  
company.  It provides a range of insurance coverage to
companies, individuals and governmental entities.  The company
offers investment funds, health, life and property insurance.
Sul America also provides asset and healthcare management
services.  It owns Saepar Servicos e Participacoes SA.  The
Company holds shares in other companies, such as Sul America
Companhia Nacional de Seguros and Sul America Companhia de
Seguro Saude.


SUL AMERICA COMPANHIA: S&P Lifts Counterpary Credit Rating to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and senior unsecured debt ratings on Sul
America S.A. to 'B+' from 'B'.  At the same time, S&P raised the
counterparty credit rating on Sul America's main operating
insurance entity, Sul America Companhia Nacional de Seguros, to
'BB' from 'BB-'.  The outlook on both entities is positive.
     
"The rating action is based on the holding company's
significantly reduced leverage and strongly enhanced
capitalization after its IPO," said S&P's credit analyst Milena
Zaniboni.
     
The improvements were associated with better underwriting
performance in the consolidated operations of the group's
insurance companies, as reflected in the concurrent upgrade of
the insurance entity.  By using part of the proceeds from the
IPO concluded in November 2007, Sul America was able to
considerably reduce its leverage ratios by paying off all debt
with local banks and redeeming 35% of its US$200 million, 2012
senior notes early.  As a result, the holding company's debt-to-
capital ratio improved significantly, well above S&P's
expectations.  The capitalization of the consolidated
operations, as calculated in S&P's capital model, also improved
considerably, to adequate from marginal levels.
     
The ratings on Sul America SA reflect its status as a
nonoperational holding company for the Sul America insurance
group and the structural subordination of the holding company's
creditors to policyholders of its operating entities.

Headquartered in Rio de Janeiro, Brazil, Sul America Companhia
Nacional de Seguros operates in partnership with ING and is
primarily active in the field of life insurance.  Through its
subsidiaries, the company is active across three areas:
insurance and private pension plans, financial services and
asset management and management of medical services.  Its
principal investments include interests in Sul America
Investimentos e Participacoes S.A., Sul America Seguros de Vida
e Previdencia S.A., Sul America Seguro Saude S.A., Sul America
Investimentos e Distribuidora de Titulos e Valores Mobiliarios
S.A., Sul America Servicos Medicos S.A., Gerling Sul America
S.A.-Seguros Industriais and Brasilveiculos Companhia de
Seguros, all of them wholly owned.  The company forms part of
the SulAmerica Group conglomerate and operates under this brand.



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

CRESCENT AIR: Sets Final Shareholders Meeting for April 10
----------------------------------------------------------
Crescent Air Asia Investments, Ltd., will hold its final
shareholders' meeting on April 10, 2008, at 10:00 a.m. at Close
Brothers (Cayman) Limited, 4th Floor Harbor Place, George Town,
Grand Cayman.

These matters will be taken up during the meeting:

                   1) accounting of the winding-up process; and

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

Crescent Air's shareholders agreed on Feb. 12, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


HARARE GRADE: Sets Final Shareholders Meeting for April 10
----------------------------------------------------------
Harare Grade SCDO 2002-1 Ltd. will hold its final shareholders'
meeting on April 10, 2008, at Caledonian House, 69 Dr. Roy’s
Drive, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                      Griffin Management Limitd
                      Caledonian Trust (Cayman) Limited
                      Caledonian House, P.O. Box 1043
                      Grand Cayman KY1-1102, Cayman Islands


LEAVITT INSURANCE: Sets Final Shareholders Meeting for April 9
--------------------------------------------------------------
Leavitt Insurance Company will hold its final shareholders'
meeting on April 9, 2008, at 9:30 a.m. at HSBC Bank (Cayman)
Ltd., Strathvale House, 2nd Floor, North Church Street, George
Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

Leavitt Insurance's shareholders agreed 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:

                      Michael Leavitt and Justin Kuperberg
                      c/o Leavitt Management Group
                      2600 Lake Lucien Drive
                      Maitland, Florida 32751
                      USA


LUMIERE FUND: Will Hold Final Shareholders Meeting on April 9
-------------------------------------------------------------
Lumiere Fund Ltd. will hold its final shareholders' meeting on
April 9, 2008, at 10:30 a.m. at 3rd Floor, Queensgate House, 113
South Church Street, Grand Cayman.

These matters will be taken up during the meeting:

                   1) accounting of the winding-up process; and
                   2) authorizing the liquidator of the company
                      to retain the records of the company for a
                      period of five years from the dissolution
                      of the company, after which they may be
                      destroyed.

Lumiere Fund's shareholders agreed on Feb. 19, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                      Ogier
                      Attn: Bryant Terry
                      Telephone: (345) 949 9876
                      Fax: (345) 949 1987


MAINSAIL II: Bank of NY Appoints Trustees for Firm
--------------------------------------------------
Kris Beighton of KPMG in the Cayman Islands and Richard Heis and
Mick McLoughlin of KPMG LLP (UK) have been appointed joint
receivers of Mainsail II Limited.  The appointment was made
after a drop in the market value of the company’s investment
portfolio which breached enforcement triggers.

The appointment of receivers was made by The Bank of New York as
Security Trustee following the direction of a majority of the
senior secured creditors.

Mr. Beighton said, "Owing to the ongoing liquidity and
confidence crisis in financial markets the value of the
company's investment portfolio has been adversely affected.  
This breached various triggers, and has led to our appointment
as receivers.  Over the coming weeks we will work closely with
the creditors and other parties to develop and implement an
appropriate restructuring strategy."

                            About KPMG

KPMG is a Cayman Islands partnership and a member firm of the
KPMG network of independent member firms affiliated with KPMG
International, a Swiss cooperative.  KPMG is a global network of
professional firms providing Audit, Tax, and Advisory services.  
It operates in 144 countries and have more than 104,000
professionals working in member firms around the world.  

                         About Mainsail II

Mainsail II Limited is a Cayman Islands registered Structured
Investment Vehicle with no employees which invested in a
portfolio of assets consisting largely of mortgage backed
securities.


ML ELKHORN: Proofs of Claim Filing Deadline is April 9
------------------------------------------------------
ML Elkhorn (Cayman)'s creditors have until April 9, 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.

ML Elkhorn's shareholder decided on March 10, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 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


ML OAK: Proofs of Claim Filing is Until April 9
-----------------------------------------------
ML Oak (Cayman)'s creditors have until April 9, 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.

ML Oak's shareholder decided on March 10, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 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


MONBOUQUETTE CONSULTING: Final Shareholders Meeting on April 10
---------------------------------------------------------------
Monbouquette Consulting And Advisory, Limited, will hold its
final shareholders' meeting on April 10, 2008, at 10:00 a.m. at
Close Brothers (Cayman) Limited, 4th Floor Harbour Place, George
Town, Grand Cayman.

These matters will be taken up during the meeting:

                   1) accounting of the winding-up process; and

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

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

The liquidator can be reached at:

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


NGF LTD: Sets Final Shareholders Meeting for April 10
-----------------------------------------------------
NGF Ltd. will hold its final shareholders' meeting on
April 10, 2008, at 10:00 a.m. at Close Brothers (Cayman)
Limited, 4th Floor Harbor Place, George Town,
Grand Cayman.

These matters will be taken up during the meeting:

                   1) accounting of the winding-up process; and

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

Crescent Air's shareholders agreed on Feb. 12, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


STAIRWAY CAPITAL: Proofs of Claim Filing Deadline is April 10
-------------------------------------------------------------
Stairway Capital Limited's creditors have until April 10, 2008,
to prove their claims to E. Andrew Hersant and Christopher
Humphries, 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.

Stairway Capital's shareholders agreed on Cot. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                      Andrew Hersant and Christopher Humphries
                      Stuarts Walker Hersant
                      P.O. Box 2510, Grand Cayman KY1-1104
                      Cayman Islands
                      Telephone: (345) 949 3344
                      Fax: (345) 949 2888


STAIRWAY CAPITAL: To Hold Final Shareholders Meeting on April 11
----------------------------------------------------------------
Stairway Capital Limited will hold its final shareholders'
meeting on April 11, 2008, at 6A Dr Roy’s Drive, Grand Cayman,
Cayman Islands.

These matters will be taken up during the meeting:

                   1) accounting of the winding-up process; and

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

Stairway Capital's shareholders agreed on Cot. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                      Andrew Hersant and Christopher Humphries
                      Stuarts Walker Hersant
                      P.O. Box 2510, Grand Cayman KY1-1104
                      Cayman Islands
                      Telephone: (345) 949 3344
                      Fax: (345) 949 2888


SUNRISE CAPITAL: Sets Final Shareholders Meeting for April 9
------------------------------------------------------------
Sunrise Capital Diversified II, Ltd., will hold its final
shareholders' meeting on April 9, 2008, at 11:00 a.m. at Olympia
Capital (Cayman) Limited.

These matters will be taken up during the meeting:

                   1) accounting of the winding-up process; and

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

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

The liquidator can be reached at:

                      Olympia Capital (Cayman) Limited
                      Williams House, 20 Reid Street
                      Hamilton, Bermuda



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

NORSKE SKOG: Objects to Analyst's “Technically Bankrupt” Opinion
----------------------------------------------------------------
Norske Skogindustrier ASA confirmed it has comfortable liquidity
and rejected an analyst's opinion that it risked becoming
"technically bankrupt", Reuters News reports.

According to Reuters, Andreas Enger, Norske Skogv CFO wrote to
the editors of Finansavisen saying, "[t]he view that Norske Skog
is 'technically bankrupt' is ... speculative and wrong."

"[It] hardly reflects the consensus among the analysts who
really watch the company," Mr. Enger added.

On April 3, 2008, Finansavisen quoted analyst Roger Berntsen at
Internet brokerage NetFonds as saying that Norske Skog was
"technically bankrupt" and "pure mathematics" showed it must do
something quickly to tackle its debt, Reuters said.

Mr. Enger said that the company's 2007 accounts showed that it
is not technically bankrupt and nothing occurred to change the
situation significantly, Reuters relates.

"Profitability ... is under pressure. That is related to
increased costs of operation, energy and recycled paper and a
paper market with overcapacity and low prices," Mr. Enger .

Mr. Berntsen told Reuters that he was warning about future risks
to the company, not its current situation.  

"They have to come up with a structural solution to reduce debt
and they are working hard on this," Mr. Berntsen was quoted by
Reuters as saying.

                        About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.  It has paper mills in Chile and Brazil.

                          *     *     *

As reported on Nov. 6, 2007, Moody's Investors Service
downgraded the Corporate Family Rating of Norske Skogindustrier
ASA to Ba2 from Ba1 and placed all ratings on review for further
possible downgrade.

The company also carries Standard & Poor's corporate credit
rating of BB. At the same time, the B short-term corporate
credit rating was affirmed.  The outlook is negative.


NORSKE SKOGINDUSTRIER: Election Committee Proposes Board Members
----------------------------------------------------------------
The election committee in Norske Skogindustrier ASA presented
its proposal for members of the corporate assembly and the board
of directors in Norske Skog.

Norske Skog's election committee is composed of Helge Evju, Idar
Kreutzer, Ole H. Bakke and Gunn Waersted.  The election
committee proposes members for the corporate assembly, the board
and the election committee.  

Members of the corporate assembly will be elected at the general
meeting on April 24, 2008.  

The chair and deputy chair of the corporate assembly, as well as
members, the chair and deputy chair of the board will be elected
by the corporate assembly on May 7, 2008.

                       About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.  It has paper mills in Chile and Brazil.

                          *     *     *

As reported on Nov. 6, 2007, Moody's Investors Service
downgraded the Corporate Family Rating of Norske Skogindustrier
ASA to Ba2 from Ba1 and placed all ratings on review for further
possible downgrade.

The company also carries Standard & Poor's corporate credit
rating of BB. At the same time, the B short-term corporate
credit rating was affirmed.  The outlook is negative.



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

CHIQUITA: Closes Refinancing With US$350MM Credit Facility
----------------------------------------------------------
Chiquita Brands International Inc. and Chiquita Brands LLC
entered into a new US$350 million senior secured credit
agreement with various lenders.  This agreement completed the
company's refinancing plan, which has lowered the company's
interest expense, extended debt maturities and added significant
covenant flexibility that will allow management to focus further
on executing its profitable growth strategy.

The lenders include Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A., "Rabobank Nederland," New York Branch
acting as administrative agent and lead arranger and with Wells
Fargo Bank, National Association as the syndication agent.  

The new credit facility is comprised of a six-year US$200
million senior secured term loan facility and a six-year US$150
million senior secured revolving credit facility.  The revolving
credit facility may be increased to US$200 million under certain
conditions.  The new credit facility replaced CBL's prior
revolving credit facility and term loan.

The new US$200 million term loan matures on March 31, 2014.  The
term loan bears interest, at CBL's option, at a rate per annum
equal to either:

   (i) the "Base Rate" which is the higher of: (a) the Rabobank
       prime rate, and (b) the Federal Funds Effective Rate plus
       0.5% plus 3.25% for the first six months and between
       2.75% and 3.50%, based on the company's consolidated
       adjusted leverage ratio, thereafter; or

  (ii) the LIBOR Rate plus 4.25% for the first six months and
       between 3.75% and 4.50%, based on the company's
       consolidated adjusted leverage ratio, thereafter.

The current interest rate for the term loan is 7%.  The term
loan requires quarterly payments, amounting to 5% per year of
the initial principal amount for the first two years and 10% per
year of the initial principal amount for years three to six,
with the remaining balance to be paid on the maturity date of
the term loan facility.

CBL borrowed the full US$200 million term loan on the closing
date. Borrowings under the term loan were used to repay the full
amounts due under CBL's prior revolving credit facility and term
loan, which together totaled US$179 million and to pay related
fees and expenses; CBL retained approximately US$14 million of
net proceeds from the term loan.

The revolving credit facility matures on March 31, 2014.  The
revolving credit facility bears interest, at CBL's option, at a
rate per annum equal to either:

   (i) the "Base Rate" plus 2.50% for the first six months and
       between 2.00% and 2.75% thereafter; or

  (ii) the LIBOR Rate plus 3.50% for the first six months and
       between 3.00% and 3.75% thereafter.

CBL is required to pay a fee on the daily unused portion of the
new revolving credit facility of 0.50% per annum.  Borrowings
under the revolving credit facility may be used for working
capital requirements and other general corporate purposes,
including permitted acquisitions; the facility also permits the
issuance of letters of credit.  There are currently no loans
outstanding under the revolving credit facility, but letters of
credit have been issued thereunder aggregating approximately
US$29 million.

CBL's obligations under the revolving credit facility and the
term loan are guaranteed on a senior secured basis by the
company, all of CBL's material domestic subsidiaries and certain
of its material foreign subsidiaries.  The obligations under the
revolving credit facility and term loan are secured by a first
priority lien on substantially all of the assets of CBL and
CBL's material domestic subsidiaries, including trademarks, 100%
of the stock of CBL's material domestic subsidiaries, and at
least 65% of the stock of certain of CBL's material foreign
subsidiaries.  The company's obligations under its guarantee are
secured by a pledge of the stock of CBL.

The revolving credit facility and term loan may be repaid
without penalty, but amounts repaid under the term loan may not
be reborrowed.  The credit facility includes covenants that:

   (a) require CBL to maintain a maximum leverage ratio and a
       minimum fixed charge coverage ratio;

   (b) place limitations on the ability of CBL and its
       subsidiaries to incur debt, create liens, dispose of
       assets, carry out mergers and acquisitions, and make
       investments and capital expenditures; and

   (c) place limitations on CBL's ability to make loans,
       distributions or other transfers to the company.  

However, payments to the company are permitted:

   (i) whether or not any event of default exists or is
       continuing under the credit facility, for all routine
       operating expenses in connection with the company's
       normal operations and to fund certain liabilities of the
       company, including interest payments on the company's
       senior notes; and

  (ii) subject to no continuing event of default and compliance
       with the financial covenants, for other financial needs,
       including: (A) payment of dividends and distributions to
       the company's shareholders; and (B) repurchases of the
       company's common stock and warrants.

From time to time, some of the lenders and their affiliates have
provided, and may in the future provide, investment banking and
commercial banking services and general financing and other
services to the company for which they have in the past
received, and may in the future receive, customary fees.

Certain lenders and their affiliates provide other loan, credit
and banking services including cash investments and commodity
and currency hedging programs, all on commercial terms.  Those
lenders or lender affiliates which provide commodity and hedging
programs enjoy a secured position for these obligations in the
collateral provided under the credit facility.

In addition, one of the lenders, Wells Fargo Bank, National
Association, is the company's transfer agent, warrant agent and
trustee of one of the company's employee benefit plans, and
another lender, Bank of America NA has an affiliate which is the
trustee for the company's senior notes and convertible notes.

As a result of the repayment of the existing term loan, the
company may utilize the additional lien flexibility obtained in
its consent solicitation whereby holders of the company's 7-1/2%
Senior Notes due 2014 agreed to add a new permitted lien to the
indenture governing the 7-1/2% Senior Notes that permits the
company to incur liens securing indebtedness in an aggregate
amount not to exceed US$185 million at any one time outstanding
once the prior term loan was repaid or refinanced in full.

CBL used the proceeds from the new term loan to repay in full
all amounts due under the prior amended and restated credit
agreement, entered into in June 2005 and as amended to date,
among the company, CBL, a syndicate of bank lenders and Wachovia
Bank, National Association, as administrative agent.  Upon such
repayment, the prior credit agreement was terminated.

                        Financial Covenants

Under the terms of the agreement, Chiquita will not permit:

   (a) the Borrower Leverage Ratio to be greater than 3.50 to
       1.00 at the end of the fiscal quarter ended on June 30,
       2008;

   (b) the Fixed Charge Coverage Ratio to be less than 1.15 to
       1.0 at the end of the fiscal quarter ended on June 30,
       2008;

   (c) the aggregate amount of Capital Expenditures made by  
       Chiquita in any fiscal year to exceed US$150 million;
       provided, however, that if, for any fiscal year, the
       amount specified exceeds the aggregate amount of Capital
       Expenditures made by Chiquita during the fiscal year,
       Chiquita will be entitled to make additional Capital
       Expenditures in the immediately succeeding fiscal year in
       an amount equal to such excess.

A full-text copy of the new credit facility agreement is
available at no charge at http://ResearchArchives.com/t/s?2a00

                     About Chiquita Brands

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 on March 4, 2008,
Moody's Investors Service rated the proposed new senior secured
guaranteed bank agreements of Chiquita Brands, LLC at Ba3.  The
ratings on CBLLC's existing bank revolving credit agreement and
term loan C are upgraded to Ba3 from B1, and will be withdrawn
when the new bank agreements are executed.  Parent Chiquita
Brands International, Inc.'s ratings are affirmed, including its
B3 corporate family rating and B3 probability of default rating.  
The rating outlook remains negative.



=============
E C U A D O R
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BANCO DEL PICHINCHA: Eyes 5% Growth in Net Profit This Year
-----------------------------------------------------------
Banco del Pichincha's Chief Executive Fernando Pozo told
Business News Americas that the bank is expecting a 5% increase
in its net profit this year, compared to last year.

Banco del Pichincha's net income decreased 1.4% in nominal terms
to US$58.6 million in 2007, form US$59.5 million in 2006,
BNamericas says, citing figures from financial sector regulator
Superintendencia de Bancos y Seguros.

Mr. Pozo told BNamericas that Banco del Pichincha's 2008 net
income will reflect the combination of higher revenues mainly
due to double-digit increase in loans "and significant
provisions to provide the bank with a solid cushion against any
potential loan losses."

According to BNamericas, Mr. Pozo said he thinks it is prudent
to give Banco del Pichincha "a fairly significant cushion in
light of the country's less favorable environment for banks."

BNamericas relates that bank loan growth dropped sharply to 8%
in 2007, compared to 23% in 2006, due to political environment
and weaker economic expansion.

Ecuador's volatile political situation will continue to obstruct
growth of the banking business in 2008, BNamericas states,
citing market observers.

Banco del Pichincha is a private bank in Ecuador.  At the end of
the first half (2006), Banco del Pichincha ranked first in the
local financial system with an asset market share of 24%.  The
bank's parent is financial group Grupo Financiero Banco del
Pichincha, Ecuador's largest financial group, with assets of
US$3.71 billion at June end.  Banco del Pichincha was founded in
1906 and has 227 branches in about 80 cities and 416 ATMs.

                        *     *     *

In August 2007, Fitch Ratings affirmed Banco del Pichincha's
'B-' long-term issuer default and B short-term issuer default
ratings.  Fitch said the outlook is negative.



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J A M A I C A
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AIR JAMAICA: Gov't Taps Int'l Finance Corp as Lead Adviser
----------------------------------------------------------
The Jamaican government has appointed the International Finance
Corp. as lead adviser in the privatization of Air Jamaica, The
Jamaica Observer reports.

Don Wehby, Jamaica's Minister Without Portfolio in the Ministry
of Finance and the Public Service, told The Observer that the
government signed an advisory services accord with the IFC on
March 31, 2008.

The IFC will assume the role of financial adviser and act as
coordinator of all specialist consultants to guarantee that
"stipulated objectives" are met and that the divestment process
is carried out as efficiently as possible, The Observer says,
citing Minister Wehby.

According to Minister Wehby, the IFC was selected on the basis
of its aviation expertise.  With its involvement, the
administration would meet the March 2009 deadline for Air
Jamaica's privatization.

Minister Wehby told The Observer that a special advisory
committee chaired by Dennis Lalor was also formed to supervise
the privatization process locally.  According to The Observer,
the special advisory committee will monitor the process and
advise Minister Wehby to ensure that the IFC stand by the
government's objectives and interests.

Minister Wehby commented to The Observer, "The advisory
committee will be expected to work closely with the IFC to
ensure that the project proceeds in accordance with the
stipulated timeline and guidelines."

The Observer relates that Bustamante Industrial Trade Union's
President Kavan Gayle was concerned that the unions were being
ignored in the process.  Mr. Gayle told The Observer, "I would
have expected that, as a bargaining agent for the workers and
the fact that we are currently engage