TCRLA_Public/080414.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, April 14, 2008, Vol. 9, No. 73

                            Headlines


A R G E N T I N A

CASA BELEN: Proofs of Claim Verification Deadline is June 26
DYNAMOTIVE ENERGY: Signs Biomass Supply Deal in Argentina Plants
SANFOR SALUD: Trustee to Verify Proofs of Claim Until May 27
W.R. GRACE: To Keep Medical Program to Support Asbestos Victims
W.R. GRACE: Wants Court's Approval to Appoint Welsh as Mediator


B A R B A D O S

AMERICAN AIRLINES: Cancels More Flights as Inspections Continue
AMERICAN AIRLINES: Canceled Flights Might Affect L-T S&P's Rtgs.
AMERICAN AIRLINES: Flight Cancellations Doesn't Affect Barbados


B E R M U D A

AMAZON MARITIME: Proofs of Claim Filing Deadline is April 23
AMAZON MARITIME: Sets Final Shareholders Meeting for May 14
DFS BROKERS: Proofs of Claim Filing is Until April 23
DFS BROKERS: Sets Final Shareholders Meeting for May 13
FLUOR CONTINENTAL: Proofs of Claim Filing Deadline is April 23

FLUOR CONTINENTAL: Sets Final Shareholders Meeting for May 12
FOSTER WHEELER: UK Unit Bags Construction Deal from INEOS Feluy
HATTERAS REINSURANCE: Proofs of Claim Filing Deadline is May 2
INTELSAT LTD: Galaxy 25 to Expand RRsat Services in NorthAm
INTELSAT LTD: Inks Multi-Year Contract with Elite Entertainment

INTELSAT LTD: Raymond Svider Joins Firm as Board Chairman
SCOTTISH RE: Inks LOI to Recapture Business From Ballantyne Re
SCOTTISH RE: Explores Sale of North America Life Reinsurance Biz
SEA CONTAINER: Court Approves Entry to Charter Termination Pacts
SEA CONTAINERS: Contrarian, et al. Wants Subpoenas Quashed

SECURITY CAPITAL: Appoints Fred Corrado & Paul Hellmers to Board
SUNVELD INVESTMENT: Proofs of Claim Filing is April 30
SUNVELD INVESTMENT: Sets Final Shareholders Meeting for May 15


B R A Z I L

AMERICAN AXLE: New UAW Contract is Still Not Market Competitive
AMERICAN AXLE: Union Workers and Supporters to Rally on April 18
AMERICAN AXLE: Strike Could Affect Plastech Operations
AMR CORP: Cancels 570 Flights as Aircraft Inspections Resume
BNP PARIBAS: Inks Deal With Diebold & Banca Nazionale del Lavoro

BR MALLS: Plans Commercial Expansion With CR2 Empreendimentos
DELPHI CORP: Moody's Withdraws Low-B Prospective Debt Ratings
DRESSER-RAND GROUP: Solid Performance Cues S&P's Rating Upgrades
GOL LINHAS: VRG Suspends International Routes to Focus on LatAm
HERCULES INC: S&P Upgrades Ratings to 'BB+' on Improved Profile


C A Y M A N  I S L A N D S

BLACK JAGUAR: Proofs of Claim Filing Deadline is April 17
BLUE STREAM: Proofs of Claim Filing is Until April 17
CPS CAYMAN: S&P Assigns BB Rating on Class B Deferrable Interest
CRESCENT BROTHERS: Proofs of Claim Filing Deadline is April 17
DAMSEL FUNDING: Proofs of Claim Filing is Until April 17

JOY HOLDINGS: Proofs of Claim Filing is Until April 17
KICAP MASTER: Sets Final Shareholders Meeting for April 17
KICAP NETWORK: Will Hold Final Shareholders Meeting on April 17
OTTIMO FUNDING: Proofs of Claim Filing Deadline is April 17
POWRS 1997-1: Will Hold Final Shareholders on April 17

THE CONTRA FUND: Sets Final Shareholders Meeting for April 17


C O L O M B I A

ECOPETROL: Closes Propilco Acquisition Deal
GERDAU SA: Regulator Endorses Firm's Plan to Buy Comsisa Shares


D O M I N I C A N   R E P U B L I C

TRAILER BRIDGE: S&P Holds B- Long-Term Corporate Credit Rating


J A M A I C A

CASH PLUS: Financial Woes May Affect Jamaican Economy
CASH PLUS: Police Raid Carlos Hill's Residence


M E X I C O

CLEAR CHANNEL: Extends Tender Offers Expiration for Senior Notes
DISTRIBUTED ENERGY: Appoints UHY LLP as New Independent Auditors
FEDERAL-MOGUL: Panel's Special Counsel Seeks US$4.1 Mil. Payment
KRISPY KREME: Lenders Approve Modifications in Credit Facilities
LEVI STRAUSS: Feb. 24 Balance Sheet Upside-Down by US$318.87 Mln

MEGA BRAND: Moody's Chips Ratings After Release of 2007 Results
* MEXICO: S&P Publishes Industry Report on Mortgage Companies


P E R U

DOE RUN: Workers Launch Strike at La Oroya Refining Complex


P U E R T O  R I C O

MAXXAM: Court of Appeals Upholds Judge Hughes' Ruling vs. FDIC
R&G FINANCIAL: Gets Regulatory OK for April Dividend Payments
SUNCOM WIRELESS: Moody's Ups Rating to 'B2' on T-Mobile Merger
UNIVISION COMMS: Fitch Affirms CCC+ Rating on Sr. Unsecured Debt
WESTERN RADIOSONIC: Case Summary, 23 Largest Unsecured Creditors


V E N E Z U E L A

HARVEST NATURAL: Says Venezuela's Windfall Tax Bad for Industry
PETROLEOS DE VENEZUELA: Exxon Still Operates Chalmette Plant
PETROLEOS DE VENEZUELA: Discloses Strategy at London Congress


X X X X X X

* BOND PRICING: For the Week April 7 - April 11, 2008


                         - - - - -


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

CASA BELEN: Proofs of Claim Verification Deadline is June 26
------------------------------------------------------------
Luis Di Cesare, the court-appointed trustee for Casa Belen SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 26, 2008.

Mr. Di Cesare will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, 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 Casa Belen 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 Casa Belen's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Casa Belen SRL
           General Fructuoso Rivera 6147
           Buenos Aires, Argentina

The trustee can be reached at:

           Luis Di Cesare
           Viamonte 1356
           Buenos Aires, Argentina


DYNAMOTIVE ENERGY: Signs Biomass Supply Deal in Argentina Plants
----------------------------------------------------------------
Dynamotive Energy Systems Corporation and its subsidiary
Dynamotive Latinoamericana S.A., have disclosed the execution of
contracts for the provision of biomass for two of its proposed
plants in the Province of Corrientes in Argentina.  The company
said that it has identified, and has been offered, a site for
the project within the Municipality of Virasoro.  Negotiations
in regard to the site are progressing and are expected to be
completed in the near term.

The signing of the biomass supply contract follows months of
cooperative work with the Town of Virasoro which has been
instrumental in attracting Dynamotive to the region.  This
represents a key step in the progress toward the development of
the project announced in May, 2007.

The contract envisages the delivery by the Municipality of
Virasoro of 250,000 wet tonnes (approx. 150,000 dry tonnes) of
biomass (sawdust and other forestry operations residues) per
year for 10 years.  The contract further provides Dynamotive an
option to request deliveries beyond the initial 250,000 tonnes
envisaged and beyond the initial period.  The supply can be
further enhanced through the utilization of land filled biomass
in the region alleviating a significant environmental issue
caused by soil and air pollution as a consequence of stockpiling
and burning of biomass.

Deliveries of biomass in accordance with the contract are
envisaged to commence at the time that the proposed projects
become operational.  Dynamotive has the option to request
earlier deliveries.

Dynamotive continues to work with the Municipality of Virasoro
and other biomass providers in the region.  The development plan
envisages up to 6 plants with further potential within the
Province of Corrientes.

The city of Gobernador Virasoro and the government of the
Province of Corrientes have actively supported and continue to
support this project.

Dynamotive and its development partners in the region are in
negotiations with the Province and other users in the region for
the purchase of the plants’ output.  The project envisages the
potential for power generation and / or BioOil and char
deliveries to customers.  Proposals for the establishment of two
power plants in the region have been presented.  Further, the
company is working with financial institutions who have
expressed interest in the financing of the projects subject to
conditions precedent being met.  The company will report
progress as it advances in its negotiations.

All parties acknowledge that the project remains subject to
satisfactory negotiations and execution of definitive agreements
beyond the ones completed.  Accordingly, there can be no
certainty in respect of the company’s ultimate participation
rights in the project, nor of actual completion of them at this
time.

                     About BioOil(R) Biofuel

BioOil(R) is an industrial fuel produced from cellulose waste
material.  When combusted it produces substantially less smog-
precursor nitrogen oxides (NOx) emissions than conventional oil
as well as little or no sulfur oxide gases (SOx), which are a
prime cause of acid rain.  BioOil(R) and BioOil Plus(TM) are
price-competitive replacements for heating oils #2 and #6 that
are widely used in industrial boilers and furnaces.  They have
been EcoLogo certified, having met stringent environmental
criteria for industrial fuels as measured by Environment
Canada’s Environmental Choice Program.  BioOil(R) can be
produced from a variety of residue cellulosic biomass resources
and is not dependent on food-crop production.

                     About Dynamotive Energy

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider
headquartered in Vancouver, Canada, with offices in the USA, UK
and Argentina.  Its carbon/greenhouse gas neutral fast pyrolysis
technology uses medium temperatures and oxygen-less conditions
to turn dry waste biomass and energy crops into BioOil(TM) for
power and heat generation.  BioOil(TM) can be further converted
into vehicle fuels and chemicals.

                     Going Concern Doubt

BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of
Dynamotive Energy Systems Corp.'s consolidated financial
statements for the years ended Dec. 31, 2006, and 2005, in
accordance with Canadian reporting standards, which do not
permit a reference to conditions and events casting substantial
doubt about the company's ability to continue as a going concern
when these are adequately disclosed in the financial statements.

Dynamotive Energy incurred a loss of US$14.3 million for the
year ended Dec. 31, 2006.  The company's ability to continue as
a going concern is dependent on achieving profitable operations,
commercializing its BioOil production technology and obtaining
the necessary financing in order to develop this technology.


SANFOR SALUD: Trustee to Verify Proofs of Claim Until May 27
------------------------------------------------------------
Hugo Basile, the court-appointed trustee for Sanfor Salud SA's  
reorganization proceeding, will be verifying creditors' proofs  
of claim until May 27, 2008.

Mr. Basile will present the validated claims in court as  
individual reports.  The National Commercial Court of First  
Instance No. 17 in Buenos Aires, with the assistance of Clerk  
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Sanfor Salud 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 Sanfor Salud's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan  
during the assembly on March 3, 2009.

The debtor can be reached at:

        Sanfor Salud SA
        Pasaje King 348
        Buenos Aires, Argentina

The trustee can be reached at:

        Hugo Basile
        Uriburu 782
        Buenos Aires, Argentina


W.R. GRACE: To Keep Medical Program to Support Asbestos Victims
---------------------------------------------------------------
W. R. Grace & Co. plans to retain the Medical Program it
established in 2000 to assist local residents with medical needs
resulting from their exposure to asbestos from the former Grace
mine located near the town of Libby, Montana.
   
"In talking to people in Montana last night, there seemed to be
confusion about our medical program," William M. Corcoran, vice
president, said.  "When we saw some of the comments in the
press, we were surprised.  We have made it clear for many years
that we intend to sustain the health care program when we emerge
from Chapter 11 just as we did when we went into bankruptcy."
   
The Libby Medical Program has been in effect since 2000.  More
than 800 people are currently enrolled in it and receive health
care and prescription drug coverage.  Since 2000, Grace has
spent more than US$14 million on the program.
   
In addition, Grace is making an additional annual contribution
of US$250,000 to St. John's Lutheran Hospital in Libby, Montana.  
Since 2000, Grace has donated more than US$2 million to St.
John's to support its work on this important issue.
   
"St. John's is an outstanding health care institution with top
notch health care staff," Mr. Corcoran said.  "We are pleased
that our donations have been used to help purchase state-of-the-
art health care equipment and technology for the people of
Libby, Montana."
   
                     About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).  
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.  
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants.  The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it.  Thomas Moers Mayer,
Esq., at Kramer Levin Naftalis & Frankel, LLP, represents the
Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
commenced on January 14, 2008.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of November 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.  


W.R. GRACE: Wants Court's Approval to Appoint Welsh as Mediator
---------------------------------------------------------------
W.R. Grace Co. and its debtor-affiliates ask the United States
Bankruptcy Court for the District of Delaware to appoint Diane
M. Welsh as the mediator for the asbestos-related property
damage claims filed by Speights & Runyan on behalf of individual
claimants.

James E. O'Neill, Esq., at Pachulski, Stang, Ziehl & Jones LLP,
in Wilmington, Delaware, relates that as of April 7, 2008, about
160 S&R Claims remain pending, all of which have been objected
to by the Debtors on various grounds.  He says the Court
directed the Debtors and S&R, in January 2008, to submit to
mediation to see if the remaining claims could be resolved.  
Thereafter, the Debtors and S&R exchanged information with
respect to potential mediator candidates.  As a result, the
Debtors and S&R ultimately agreed on the selection of the Court
as the mediator.

the Court, according to Mr. O'Neill, served as a U.S.
Magistrate Judge in the U.S. District Court for the Eastern
District of Pennsylvania for 12 years.  As Magistrate Judge,
the Court conducted nearly 1,800 settlement conferences in
virtually every area of civil litigation.  She also served on
the Alternative Dispute Resolution Committee for the Eastern
District of Pennsylvania District Court for 10 years, drafting
local federal court rules for a court-annexed mediation program.  
Since her retirement in 2005, the Court has served as a
mediation and arbitrator with JAMS, an alternative dispute
resolution organization.  

Pursuant to an engagement letter, the Court will be paid for
her services at a rate of US$550 per hour plus an initial non-
refundable case management fee of US$275 from each of the
Debtors and S&R, plus out-of-pocket fees.  The Mediator's fees
and expenses will be paid equally by the Debtors and S&R.

The Debtors and S&R agree to indemnify the Mediator for any
damages.

To the best of the Debtors' knowledge, the Court is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code, and does not have any interest adverse
to the Debtors or their estates or S&R and its clients.

Mr. O'Neill says the Court indicated that she can conduct the
mediation on April 24 and 25, 2008.

                       About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).  
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.  
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants.  The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it.  Thomas Moers Mayer,
Esq., at Kramer Levin Naftalis & Frankel, LLP, represents the
Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
commenced on January 14, 2008.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of November 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.    
(W.R. Grace Bankruptcy News, Issue No. 156; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)



===============
B A R B A D O S
===============

AMERICAN AIRLINES: Cancels More Flights as Inspections Continue
---------------------------------------------------------------
American Airlines has canceled approximately 570 flights on
April 11, as it works to complete the inspections of its MD-80
fleet.  The airline continues efforts to re-accommodate
customers affected by this week's activity.

In the afternoon of April 10, 132 MD-80 aircraft were returned
to service.  Inspections will continue overnight, with
approximately 170 MD-80s expected to be available for service on
the morning of April 11.

These inspections were conducted to ensure compliance with a
Federal Aviation Administration directive related to the
bundling of wires in the wheel well of the MD-80 aircraft.  
American Airlines apologizes for any inconvenience this activity
has created for its customers.

On Thursday, American Airlines canceled over 930 flights related
to the MD-80 inspections.  That follows the cancellation of
1,094 flights on Wednesday and 460 canceled flights on Tuesday.

Customers who were scheduled on a flight that was canceled may
request a full refund or apply the value of their ticket toward
future travel on American Airlines.  Additionally, customers
scheduled to travel on any MD-80 flight April 8-13, even if
their flight has not been canceled, may rebook without a change
fee to any AA flight with availability in the same cabin as long
as their travel begins by April 17.

Customers who were inconvenienced with overnight stays should go
to AA.com where a link has been established to request
information about compensation.  Customers also are encouraged
to continue to check AA.com or to contact their travel agents
for flight status information.

                    About American Airlines

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

                        *     *     *

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


AMERICAN AIRLINES: Canceled Flights Might Affect L-T S&P's Rtgs.
----------------------------------------------------------------
Standard & Poor's Ratings Services does not expect American
Airlines Inc.'s (B/Negative/--) widespread flight cancellations
to have an impact on its ratings on the company or parent AMR
Corp. (B/Negative/B-3), unless the disruptions are prolonged or
more serious.  S&P revised its outlook on AMR Corp. and American
Airlines to negative from positive, and lowered its short-term
rating on AMR Corp. to 'B-3' from 'B-2' on March 24, 2008.  
Still, AMR Corp. is likely to suffer a noticeable financial
impact in the second quarter, mostly because of lost revenue and
the cost of rebooking delayed passengers.  The scale of the
cancellations is beyond what would be caused by major storms
affecting an airline's hub, the most nearly comparable
situation.  Further, American Airlines is providing more
assistance, in the form of travel vouchers, overnight
accommodations, etc., than it might in the case of weather-
related cancellations.  Major storms affecting hubs have
sometimes hurt earnings up to US$20 million to US$30 million,
but the damage in this case will likely be worse.  Perhaps the
only factors working in the company's favor are that its
competitors' planes are already so crowded that it is not
possible to book many passengers on other airlines, and American
is not the first airline recently to have cancellations and a
public relations problem related to maintenance.
     
A longer-term issue, which will affect all of the United States
airlines, is that these persistent operational problems at
multiple carriers may make them more wary of raising fares
further to offset very high fuel prices.  It only takes one
large airline to block an attempted general fare increase by not
matching higher ticket prices, and American, and possibly other
airlines, may be hesitant to raise prices on the heels of such
well-publicized problems.  The timing of these problems is
unfortunate, as air travel demand is likely to be softer than
last year, due to the very weak economy, and very high fuel
prices are adding billions of dollars to airlines' expenses.

                   About American Airlines

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

                        *     *     *

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


AMERICAN AIRLINES: Flight Cancellations Doesn't Affect Barbados
---------------------------------------------------------------
American Airlines Inc.'s three days of cancellation of over 900
flights hasn't affected Barbados, Lisa Lorde at Caribbean
Broadcasting Corp. reports.

As reported in the Troubled Company Reporter-Latin America on
April 10, 2008, American Airlines canceled several hundred
flights to conduct additional inspections of its MD-80 fleet to
ensure precise and complete compliance with the Federal Aviation
Administration's airworthiness directive related to the bundling
of wires in the aircraft's wheel wells.  These inspections --
based on Federal Aviation Administration audits -- are related
to detailed, technical compliance issues and not safety-of-
flight issues.

All flights to and from Barbados and their connecting flights
are on schedule, CBC says, citing an American Airlines
representative.

The safety inspections are only for the MD-80 aircraft.  
Barbados wasn't affected since the island is serviced by the
Airbus, CBC states.

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

                        *     *     *

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



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

AMAZON MARITIME: Proofs of Claim Filing Deadline is April 23
------------------------------------------------------------
Amazon Maritime Ltd.'s creditors have until April 23, 2008, to
prove their claims to Christopher C. Morris, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Amazon Maritime's shareholder decided 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:

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


AMAZON MARITIME: Sets Final Shareholders Meeting for May 14
-----------------------------------------------------------
Amazon Maritime Ltd. will hold its final shareholders' meeting
on May 14, 2008, at 9:30 a.m. at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken during the meeting:

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

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

Amazon Maritime's shareholder decided 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:

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


DFS BROKERS: Proofs of Claim Filing is Until April 23
-----------------------------------------------------
DFS Brokers Limited's creditors have until April 23, 2008, to
prove their claims to Christopher C. Morris, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

DFS Brokers' shareholders agreed on March 31, 2008, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


DFS BROKERS: Sets Final Shareholders Meeting for May 13
-------------------------------------------------------
DFS Brokers Limited will hold its final shareholders' meeting on
May 13, 2008, at 9:30 a.m. at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken during the meeting:

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

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

DFS Brokers' shareholders agreed on March 31, 2008, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


FLUOR CONTINENTAL: Proofs of Claim Filing Deadline is April 23
--------------------------------------------------------------
Fluor Continental Limited's creditors have until April 23, 2008,
to prove their claims to Christopher C. Morris, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Fluor Continental's shareholders agreed on April 7, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


FLUOR CONTINENTAL: Sets Final Shareholders Meeting for May 12
-------------------------------------------------------------
Fluor Continental Limited will hold its final shareholders'
meeting on May 12, 2008, at 9:30 a.m. at Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken during the meeting:

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

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

Fluor Continental's shareholders agreed on April 7, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


FOSTER WHEELER: UK Unit Bags Construction Deal from INEOS Feluy
---------------------------------------------------------------
Foster Wheeler Ltd.'s UK subsidiary, Foster Wheeler Energy
Limited, part of its Global Engineering and Construction Group,
has been awarded a contract by INEOS Feluy SPRL for the
engineering, procurement and construction phase of the expansion
of INEOS' existing polyalphaolefins (PAO) plant at Feluy,
located south of Brussels, Belgium.

The Foster Wheeler contract value, which was not disclosed, was
included in the company's fourth-quarter 2007 bookings.

This contract will be executed by Foster Wheeler's Glasgow
Operation in the UK which has undertaken both the feasibility
study and front-end engineering design for the project.

“We are pleased that INEOS has demonstrated its continued
confidence in Foster Wheeler by selecting us for the EPC phase
of this project,” said Michael J. Beaumont, chairman and chief
executive officer, Foster Wheeler Energy Limited.  “This award
reflects our technical expertise and our track record of
delivering world-class engineering, procurement and construction
performance on chemicals projects around the world.”

“This is a significant step in our overall goal to support
growth in the PAO market,” said Jeff Seed, Operations Director,
INEOS Oligomers.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--   
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to positive from stable.  At the
same time, S&P affirmed its 'BB' corporate credit rating on the
company.  The company reported total debt of approximately
US$150 million at Sept. 30, 2007.


HATTERAS REINSURANCE: Proofs of Claim Filing Deadline is May 2
--------------------------------------------------------------
Hatteras Reinsurance Limited's creditors have until May 2, 2008,
to prove their claims to Michael Morrison and Charles Thresh,
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.

Creditors who have already filed proofs of claim may contact:

                 James Bennett
                 E-mail: jamesbennett@kpmg.bm
                 Phone: +1 441 294 2603

Hatteras Reinsurance's shareholders decided to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Michael Morrison and Charles Thresh
                 c/o KPMG Advisory Limited
                 Crown House, 4 Par-la-Ville Road
                 Hamilton HM 08, Bermuda


INTELSAT LTD: Galaxy 25 to Expand RRsat Services in NorthAm
-----------------------------------------------------------
Intelsat Ltd. reported that RRsat Global Communications Network
Ltd., a global provider of comprehensive content management and
distribution services to the television and radio broadcasting
industries, signed a multi-year contract on Intelsat’s Galaxy 25
satellite to expand RRsat’s services into the North American
region.

RRsat contracted for capacity on Intelsat’s Galaxy 25 satellite
for content broadcasting throughout North America.  The Galaxy
25 satellite located at 97 degrees West within Intelsat’s
valuable Galaxy neighborhood is the largest ethnic video
platform, offering programmers and content distributors access
to the U.S. cable community, reaching millions of homes.  RRsat
will leverage the Galaxy 25 capacity to distribute regional
television programming from Europe and Asia into the U.S. cable
market.

“We are pleased once again to expand our premier RRsat Global
Network over Intelsat’s Galaxy 25 satellite.  This new multi-
year contract will further develop our North American coverage,
enabling us to increase our solutions offering, meeting our
customers’ growing demands for our comprehensive content
management and global distribution services,” said Lior Rival,
RRsat’s Vice President Sales & Marketing.  “Likewise, the Galaxy
25 will allow us the opportunity to expand our tailored program
distribution offering to current and new customers throughout
the United States.”

“Globalization of content is one of the biggest trends creating
demand for satellite capacity.  Our long-standing relationship
with RRsat exemplifies how Intelsat delivers regional
programming to the world,” said Jean-Philippe Gillet, Intelsat’s
Regional Vice President, Europe & Middle East Sales.  
“Throughout the past years, RRsat has been able to seamlessly
provide additional content to its established clientele and
forge new customers throughout Africa, Asia and North America,
utilizing Intelsat’s industry-leading satellite fleet.  Our
fleet is supporting the top global DTH and cable neighborhoods
in regions where ethnic content is most in demand.”

                       About RRsat Global

RRsat Global Communications Network Ltd. (NASDAQ:RRST) provides
global, comprehensive, content management and distribution
services to the rapidly expanding television and radio
broadcasting industries.  Through its proprietary “RRsat Global
Network,” composed of satellite and terrestrial fiber optic
transmission capacity and the public Internet, RRsat is able to
offer high quality and flexible global distribution services for
content providers.  RRsat's comprehensive content management
services include producing and playing out TV content as well as
providing satellite newsgathering services (SNG).  RRsat
concurrently provide these services to more than 425 television
and radio channels, covering more than 150 countries.

                       About Intelsat Ltd.

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.


INTELSAT LTD: Inks Multi-Year Contract with Elite Entertainment
---------------------------------------------------------------
Intelsat Ltd. has entered a multi-year, multi-transponder
contract with Bogota-based Elite Entertainment Television S.A.
to distribute DTH content to its customers in Colombia.  Elite
Entertainment is the 28th DTH platform hosted on the Intelsat
global network.

Under the terms of the contract, Elite will use Intelsat’s
capacity to distribute its programming bouquet of movies,
sports, news and entertainment.  The National Commission of
Television of Colombia (CNTV) awarded the country’s third DTH
license to Elite Entertainment Television S.A.

“Intelsat offers us a flexible and powerful space segment
solution that allows us to enter the DTH market in Colombia with
a high quality service,” said Ivan Almeyda, Executive Vice
President for Elite Entertainment.  “We are confident that
Intelsat is the right partner now and in the future as we expand
and develop our service in Colombia and the region.”

“Intelsat provides the satellite capacity that enables world-
class solutions for video distribution throughout the world.  
Delivering this new DTH content demonstrates our commitment to
our customers and our customers’ end users,” said Carmen
Gonzalez-Sanfeliu, Intelsat’s Regional Vice President for Latin
America & the Caribbean.  “South America is an important region
for Intelsat and this agreement affirms Intelsat’s position as
the leading satellite services company serving Latin America.”

                    About Elite Entertainment

Based in Bogota, Colombia, Elite Entertainment Television S.A.
was granted the third DTH services license for Colombia by the
Colombian authorities.  Elite Entertainment will deliver
outstanding satellite based television services to Colombian
customers beginning in the third quarter of this year.  Elite
will offer its services with the most advanced technology
available in the market.

                       About Intelsat Ltd.

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.


INTELSAT LTD: Raymond Svider Joins Firm as Board Chairman
---------------------------------------------------------
Intelsat Ltd. has selected Raymond Svider, a Managing Partner of
BC Partners, Intelsat’s majority shareholder, to the position of
Chairman at a recent meeting of the Intelsat Board of Directors.  
Mr. Svider will replace Joseph Wright, who recently notified the
company of his resignation as Chairman of the Board and Director
of Intelsat, Ltd., effective May 1, 2008.

David McGlade, Intelsat’s Chief Executive Officer stated, “Joe
Wright has been a key figure in the success of the fixed
satellite services industry.  From his days on the PanAmSat
board, through his distinguished service as PanAmSat’s CEO, to
the last two years as Intelsat’s Chairman, he has been a major
force in the positive changes that have shaped our sector.  
Joe’s valuable insights as we combined Intelsat and PanAmSat,
particularly with respect to our government business, allowed
Intelsat to quickly obtain the benefits of our ‘one company’
operating structure.  We wish him every success in his future
endeavors.”

Mr. Svider is expected to assume the Chairman role upon Mr.
Wright’s vacating the post on May 1, 2008.

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.


SCOTTISH RE: Inks LOI to Recapture Business From Ballantyne Re
--------------------------------------------------------------
On March 31, 2008, Scottish Re Group Limited, Scottish Re (U.S.)
Inc., Scottish Re Life (Bermuda) Limited, Scottish Re (Dublin)
Limited and Scottish Annuity & Life Insurance Company (Cayman)
Ltd. entered into a binding letter of intent with ING North
America Insurance Corporation, ING America Insurance Holdings
Inc., Security Life of Denver Insurance Company and Security
Life of Denver International Ltd.

Under the letter of intent, Security Life of Denver Insurance
Company consented to the recapture, in one or more transactions,
of a pro-rata portion of the business that had been ceded by
Scottish Re (U.S.) Inc. to Ballantyne Re plc, an orphan special
purpose vehicle incorporated under the laws of Ireland for the
purpose of collateralizing the statutory reserve requirements of
the Valuation of Life Insurance Policies Model Regulation XXX
for a portion of the business acquired by the company from
Security Life of Denver Insurance Company and Security Life of
Denver International Ltd. at the end of 2004.  

The Recaptures would extend to up to US$375,000,000 of excess
statutory reserves on the subject business and would involve,
among other things, amendments to the coinsurance agreements
between Scottish Re (U.S.) Inc. and Security Life of Denver
Insurance Company.  The consent to the Recaptures is subject to
several conditions.  The Recaptures are primarily designed to
allow Scottish Re (U.S.) Inc. to continue to receive full credit
for reinsurance for the business ceded to Ballantyne.

Immediately following the consummation of each Recapture,
Security Life of Denver Insurance Company will recapture the
Recaptured Business from Scottish Re (U.S.) Inc. in exchange for
consideration from Scottish Re (U.S.) Inc. to Security Life of
Denver Insurance Company.  Security Life of Denver Insurance
Company will then cede the Recaptured Business to Security Life
of Denver International Ltd., which will cede the Recaptured
Business to Scottish Re Life (Bermuda) Limited.  

Scottish Re Life (Bermuda) Limited may cede the Recaptured
Business to either of Scottish Annuity & Life Insurance Company
(Cayman) Ltd. or Scottish Re (Dublin) Limited.

Security Life of Denver International Ltd. has agreed to
provide, or cause the provision of, one or more letters of
credit in order to provide Security Life of Denver Insurance
Company with statutory financial statement credit for the excess
of the U.S. statutory reserves associated with the Recaptured
Business over the economic reserves held in an account related
thereto.  

The company will bear the costs of the Letters of Credit by
paying to Security Life of Denver Insurance Company a facility
fee based on the face amount of such Letters of Credit
outstanding as of the end of the preceding calendar quarter.  If
certain conditions are not satisfied by Dec. 31, 2008, or
otherwise satisfied on or before April 30, 2009, the facility
Fee will be stepped up and the company will pay a commitment fee
for use of the facility.

Under the letter of intent, the parties also agreed to promptly
effect, following the completion of the first Recapture, an
assignment from Scottish Re (U.S.) Inc. to Security Life of
Denver Insurance Company, and the assumption by Security Life of
Denver Insurance Company, of all of Scottish Re (U.S.) Inc.'s
rights and obligations solely with respect to the reinsurance
agreement and reinsurance trust agreement previously entered
into between Scottish Re (U.S.) Inc. and Ballantyne, with the
effect that Security Life of Denver Insurance Company would be
substituted for Scottish Re (U.S.) Inc. as the ceding company
under such reinsurance agreement and as the beneficiary under
the related reinsurance trust account.  

Security Life of Denver Insurance Company would not assume any
other rights or obligations of Scottish Re (U.S.) Inc. with
regard to Ballantyne.  The parties have agreed to use reasonable
best efforts to complete such transaction by June 30, 2008.

The LOI further provides that Security Life of Denver Insurance
Company's consent to any Recapture is subject to the condition
that the parties receive the consent (as necessary) of the
financial guarantors to the outstanding Ballantyne debt to the
assignment and assumption, and also that ING receive certain
regulatory approvals and explications.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a      
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Ireland, Singapore, the United Kingdom
and the United States.  Its flagship operating subsidiaries
include Scottish Annuity & Life Insurance Company (Cayman) Ltd.,
Scottish Re (U.S.) Inc., and Scottish Re Limited.

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$13.372 billion in total assets, US$11.939 billion in
total liabilities, US$7.4 million in minority interest,
US$555.9 million in convertible cumulative participating
preferred shares, and US$869.3 million in total shareholders'
equity.

                          *     *     *

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


SCOTTISH RE: Explores Sale of North America Life Reinsurance Biz
----------------------------------------------------------------
Scottish Re Group Ltd. disclosed in a regulatory filing with the
Securities and Exchange Commission dated April 4, 2008, that the
company's Board of Directors, in furtherance of its previously
announced strategy to develop opportunities to maximize the
value of the company's core competitive capabilities within the
Life Reinsurance North America Segment, has instructed
management to explore the possible sale of all or part of the
business constituting the Life Reinsurance North America
Segment.

The company has retained Merrill Lynch to act as financial
advisor for this purpose.  

With respect to the sale of the Life Reinsurance International
Segment, the company retained Keefe, Bruyette & Woods to act as
its financial advisor.  

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a      
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Ireland, Singapore, the United Kingdom
and the United States.  Its flagship operating subsidiaries
include Scottish Annuity & Life Insurance Company (Cayman) Ltd.,
Scottish Re (U.S.) Inc., and Scottish Re Limited.

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$13.372 billion in total assets, US$11.939 billion in
total liabilities, US$7.4 million in minority interest,
US$555.9 million in convertible cumulative participating
preferred shares, and US$869.3 million in total shareholders'
equity.

                          *     *     *

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


SEA CONTAINER: Court Approves Entry to Charter Termination Pacts
----------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Sea Containers Ltd. and its
debtor-affiliates to enter into two Charter Termination
Agreements in connection with the sale of SeaStreak America,
Inc., and Highlands Landing Corporation by non-debtor affiliate,
Sea Containers America, Inc., to New England Fast Ferries for
US$3,000,000.

Upon consummation of the Agreements, the Charter Guarantees and
all other related obligations of SCL will be deemed terminated
and otherwise released in accordance with the terms of the
Agreements.

Judge Carey ruled that for the avoidance of doubt, nothing will
be deemed to:

    (i) alter or elevate the prepetition nature and priority of
        any claims asserted by CitiCapital Commercial Leasing
        Corporation and Chase Equipment Leasing, Inc., with
        respect to any obligations arising under the Charter
        Guarantees or the Charter Termination Agreements; or

   (ii) give rise to postpetition administrative claims with
        respect to those obligations.

Judge Carey maintained that with respect to the Debtors, the
Official Committee of Unsecured Creditors of Sea Containers
Ltd., and the Official Committee of Unsecured Creditors of Sea
Containers Services Ltd., the Agreements and the sale of
SeaStreak America, Inc., will not prejudice any parties' rights
and defenses with respect to:

   -- the Services Agreement dated August 18, 1989, between SCL
      and SCSL, to the extent applicable;

   -- the final determination of the existence, amount and
      treatment of any related or underlying inter-company
      claims; and

   -- the appropriate allocation of any proceeds, costs or
      obligations.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court gave the Debtors until April 15, 2008 to file
a plan of reorganization.  (Sea Containers Bankruptcy News,
Issue No. 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Contrarian, et al. Wants Subpoenas Quashed
----------------------------------------------------------
Bondholders Contrarian Capital Advisors, LLC, J.P. Morgan
Securities Inc., Credit Trading Group, Post Advisory Group, LLC,
Trilogy Capital LLC, and Varde Investment Partners, L.P., ask
the U.S. Bankruptcy Court for the District of Delaware to quash
certain subpoenas dated March 5, 2008, served by the Official
Committee of Unsecured Creditors of Sea Containers Services Ltd.

In the alternative, the Bondholders seek a protective order
pursuant to Rule 45(c)(3) of the Federal Rules of Civil
Procedure, made applicable by Rule 9016 of the Federal Rules of
Bankruptcy Procedure.

The Debtors had asked the Court to approve their proposed
settlement with the SCSL Committee, and the Trustees of the 1983
and 1990 Pension Schemes.

Neal J. Levitsky, Esq., at Fox Rothschild LLP, in Wilmington,
Delaware, relates that the Official Committee of Unsecured
Creditors of Sea Containers Ltd. has indicated that it will
object to the Settlement Request, and accordingly, has served
document requests and deposition notices on the Settlement
Parties.  He notes that the SCSL Committee, but not the Pension
Schemes, has also served discovery requests on the SCL
Committee.

Mr. Levitsky discloses that the Bondholders' counsel has
attended the Settlement negotiations, but the Bondholders have
not formally objected to the Settlement, filed any pleadings or
participated in any discovery.  Yet, the SCSL Committee served
each of the Bondholders with separate Subpoenas, seeking
extensive document productions and depositions under Rule
30(b)(6) of the Federal Rule of Civil Procedure on 17 separate
topics.

The Bondholders assert that the discovery requests
"overwhelmingly appear to relate" to communications between them
and others concerning the Settlement or the Settlement Request,
including:

   -- communications related to the claims asserted by the
      Pension Schemes, analyses and valuations of the Pension
      Claims, and the application of prudent investor discount
      rate;

   -- documents, expert reports, and other evidence, on which
      theBondholders would rely if they file an objection to the
      Settlement Request;

   -- documents concerning communications between the
      Bondholders and The Pensions Regulator; and

   -- communications between the Bondholders, the Debtors, the
      SCL Committee, or any of the Debtors' DIP Lenders
      concerning whether the SCSL Committee violated the
      automatic stay.

In addition, the Subpoenas seek information related to the SCSL
Committee's request for compliance under Rule 2019(a) of
the Federal Rules of Bankruptcy Procedure, including documents
and deposition testimony concerning amounts of the Bondholders'
claims or interests and notes, the jurisdiction in which the
account holding the notes is located, and the name of the
beneficial holders of the notes, among other things.

Mr. Levitsky contends that the discovery sought by the SCSL
Committee is improper, and the Court should quash the Subpoenas
or enter a Protective Order.  He argues that it is unclear what
litigation value, if any, is gained from the pursuit of
extensive and costly discovery from third-party creditors like
the Bondholders, regarding a decision that the Debtors have made
and must justify.  He further notes that the Bondholders are not
parties to the Settlement, and cannot provide evidence as to why
the Debtors believe the Settlement is a reasonable one.

The extensive discovery sought by the Subpoenas is not only
irrelevant, it will also impose substantial burden and costs on
the Bondholders, Mr. Levitsky tells the Court.  He points out
that the Subpoenas were served by the SCSL Committee, which is
not a party to the Settlement Request, or even a creditor of the
SCL bankruptcy estate.  Therefore, he says, the SCSL Committee
can demonstrate no proper reason or legal basis to seek
discovery.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court gave the Debtors until April 15, 2008 to file
a plan of reorganization.  (Sea Containers Bankruptcy News,
Issue No. 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SECURITY CAPITAL: Appoints Fred Corrado & Paul Hellmers to Board
----------------------------------------------------------------
Security Capital Assurance Ltd has appointed Fred Corrado and
Paul E. Hellmers to the company's board of directors.  Following
these two appointments, the board will have nine members.

"We are pleased to welcome Fred and Paul as new members of the
board.  Their collective expertise in finance and risk
management will be a strong addition to the company's board and
we look forward to the counsel and experience that they will
bring to SCA," said Security Capital's chairperson, Michael P.
Esposito, Jr.

Mr. Corrado is being nominated as a Class II Director to fill
the vacancy created by the resignation of Brian M. O'Hara from
the company's board on Nov. 26, 2007.  Mr. Hellmers is being
nominated as a Class I Director to fill the vacancy created by
the resignation of Alan Z. Senter from the company's board on
Dec. 27, 2007.

Mr. Corrado has over 40 years experience in finance, general
management and corporate governance.  Mr. Hellmers has over 25
years of diverse investment banking, real estate, insurance and
general management experience.

Mr. Corrado served as chief financial officer and vice chairman
of the board of directors for Great Atlantic & Pacific Tea Co.,
Inc. from his appointment in 1992 to his retirement in 2002.  He
joined Great Atlantic in 1987.  Prior to that, he served as
president and chief operating officer of Nabisco Brands Ltd.
from 1984 to 1986 and was a member of its board of directors.
Mr. Corrado joined Nabisco in 1973.

Mr. Corrado currently serves as director and audit committee
chair of Novell, Inc. (since November 2002).  He also is a
member of the Approva Corporation advisory board of directors
(since 2005); a director of the New Jersey Performing Arts
Center (since 1999); and is a business strategy, acquisitions
and integration consultant (since 2002).  From 1998 to 2006, he
served as director, member of the executive committee and chair
of the finance committee of Covenant House.  Mr. Corrado is a
certified public accountant in New York State; a member of AICPA
and NYSSCPA; a member of FEI and former chairman of their CFO
Financial Advisory Council.  He graduated with a B.B.A. from
Manhattan College and is a graduate of Harvard Graduate School
of Business' Advanced Management Program.

Mr. Hellmers served as president and chief executive officer of
Centre Solutions (Bermuda) Ltd from 1998 to 2002.  From 1995 to
1998, he served as managing director and co-founder of Zurich
Structured Finance.  Prior to that, he served as a principal for
Morgan Stanley & Co., Inc. in the Fixed Income Division,
Structured Finance and Real Estate Debt Capital Markets Group
and in the Investment Banking Division, Capital Markets Group,
where he was a founding member of the Interest Rate and Currency
Swap Group.

Since 2004, Mr. Hellmers has served as the co-chairperson of the
board of directors and Executive Director of Phoenix Four, Inc.  
He graduated summa cum laude from the University of California
at Los Angeles with a B.A. and received his M.B.A. from Stanford
University.

The company also announced that its annual general meeting of
shareholders will be held at the offices of Security Capital
Assurance Ltd, A.S. Cooper Building, 26 Reid Street, Hamilton,
HM 11, Bermuda on May 20, 2008 at 8:30 a.m. local time.

                      About Security Capital

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

                          *      *      *

As reported in the Troubled Company Reporter-Latin America on
April 2, 2008, Standard & Poor's Ratings Services lowered its
rating on Security Capital Assurance Ltd.'s series A perpetual
noncumulative preference shares to 'D' from 'C'.  At the same
time, S&P removed the rating from CreditWatch with negative
implications.  The rating action follows the company's failure
to make its March 31, 2008, dividend payment.


SUNVELD INVESTMENT: Proofs of Claim Filing is April 30
------------------------------------------------------
Sunveld Investment Ltd.'s creditors have until April 30, 2008,
to prove their claims to Christopher C. Morris, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Sunveld Investment's shareholders agreed on April 2, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Christopher C. Morris
                 Arthur Morris, Christensen & Co.
                 Century House, 16 Par-la-Ville Road
                 Hamilton HM 08, Bermuda


SUNVELD INVESTMENT: Sets Final Shareholders Meeting for May 15
--------------------------------------------------------------
Sunveld Investment Ltd. will hold its final shareholders'
meeting on May 15, 2008, at 10:00 a.m. at Arthur Morris,
Christensen & Co., Century House, 16 Par-la-Ville Road,
Hamilton, Bermuda.

These matters will be taken during the meeting:

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

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

Sunveld Investment's shareholders agreed on April 2, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Christopher C. Morris
                 Arthur Morris, Christensen & Co.
                 Century House, 16 Par-la-Ville Road
                 Hamilton HM 08, Bermuda



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

AMERICAN AXLE: New UAW Contract is Still Not Market Competitive
---------------------------------------------------------------
Negotiations between American Axle & Manufacturing Holdings Inc.
and United Auto Workers union representatives will continue
despite the rejection of new UAW proposal by Axle, Reuters
reports.  Axle admits the new contract was better, but the total
cost was still roughly 200% above the market rate for Axle's
competitors in the U.S. auto parts industry.

Reuters says negotiators came back to the bargaining table
offering a new contract on Wednesday.

As reported in the Troubled Company Reporter on March 31, 2008,
Axle's Chief Executive Officer Richard Dauch berated the UAW for
the work stoppage that has caused a chain reaction in the U.S.
auto industry.  The CEO added that the auto parts manufacturer
may end up outsourcing its manufacturing division if talks with
the UAW negotiations fail.

CEO Dauch said that the company has the right to outsource its
work since they have facilities all over the globe -- Mexico,
South America, Europe, and Asia.  Mr. Dauch added that Axle will
not be forced into bankruptcy.

As previously reported in the TCR, labor talks ceased on
March 11 after a bargaining that lasted three days failed to
produce results.  Union officials weren't happy with the terms
proposed by the auto parts company.

Axle is demanding wage reductions of up to US$14 an hour as well
as elimination of future retiree health care and defined benefit
pensions for active workers.  Axle, which earned US$37 million
on US$3.25 billion sales in 2007, wanted a deal like those UAW
gave General Motors Corp., Ford Motor Co., Chrysler LLC, and
parts makers Delphi Corp. and Dana Corp., insisting that cutting
labor costs is essential to be competitive.  The auto parts
supplier is asking the union to approve US$20 to US$30 hourly
wage cuts from US$73 per hour to US$27 per hour, arguing that
its original U.S. Locations incurred losses for three years.

The March 11 talks would have resolved a strike, which started
Feb. 26, 2008, of the 3,650 employees at master-contract plants
in Michigan and New York.

                     Strike Impact on Automakers

GM has about 29 facilities affected by the strike at Axle as the
supplier attempts to negotiate with the union.  GM president and
COO Frederick Henderson said GM won't meddle in the labor
dispute between AAM and the UAW.  

As reported in the TCR on March 27, 2008, the month-long work
protest of union members at Axle is taking its toll on GM,
threatening the automaker's brake part plant in Lordstown, Ohio,
which has 2,400 workers.

Chrysler LLC is temporarily closing its vehicle assembly
facility in Newark, Delaware as the strike among UAW union
members at AAM stretches.  AAM supplies Chrysler components for
the Dodge Durango and Chrysler Aspen sport utility vehicles in
Newark and two versions of the Dodge Ram pickup made in
Saltillo, Mexico.

                            About Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing
Holdings Inc. (NYSE:AXL) -- http://www.aam.com/-- and its  
wholly owned subsidiary, American Axle & Manufacturing, Inc.,
manufactures, engineers, designs and validates driveline and
drivetrain systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States (in Michigan, New York and Ohio), the
company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on April 4, 2008,
Moody's Investors Service placed American Axle & Manufacturing
Holdings, Inc.'s Ba3 Corporate Family Rating under review for
downgrade.  

As reported in the Troubled Company Reporter on Nov. 27, 2007,
Moody's Investors Service affirmed American Axle & Manufacturing
Holdings, Inc.'s Corporate Family rating of Ba3 as well its
senior unsecured rating of Ba3 to American Axle & Manufacturing
Inc.'s notes and term loan.  At the same time, the rating agency
revised the rating outlook to stable from negative and renewed
the Speculative Grade Liquidity rating of SGL-1.


AMERICAN AXLE: Union Workers and Supporters to Rally on April 18
----------------------------------------------------------------
United Auto Workers union members and supporters will rally at
11:30 a.m. on April 18, 2008, at Detroit's Hart Plaza to support
striking workers at American Axle & Manufacturing Holdings Inc.

More than 3,500 UAW members from UAW Locals 235, 262 and 2093 in
Michigan and UAW Locals 424 and 826 in New York have been on
strike since Feb. 26 to protest unfair labor practices.

"The support our members have received during this strike is
overwhelming," UAW President Ron Gettelfinger said.  "We've
heard
from members of the clergy, from local businesses, from
community
leaders -- and of course from UAW members and the entire labor
movement."

"Our rally on April 18th will be a great time to show solidarity
with American Axle strikers, and to demonstrate support for
keeping manufacturing jobs here in the United States," Mr.
Gettelfinger said.

"Even business publications like the Automotive News can't
understand how American Axle can justify giving pay raises to
executives while demanding pay cuts from workers," UAW Vice
President James Settles Jr., who directs the union's American
Axle Department, said.

"In addition to their unjustified economic demands," Mr. Settles
said, "AAM has refused to provide us the information we need for
bargaining, and has illegally cut off disability payments and
health care for injured workers, as well as compensation --
including health care -- for laid off workers. That's why this
is an unfair labor practices strike."

"Our members at American Axle are standing up for what's right
-- and we're inviting our entire community to stand with us on
April 18th at Hart Plaza."

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.


                       About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars. In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on April 4, 2008,
Moody's Investors Service placed American Axle & Manufacturing
Holdings, Inc.'s Ba3 Corporate Family Rating under review for
downgrade.

As reported in the Troubled Company Reporter on Nov. 27, 2007,
Moody's Investors Service affirmed American Axle & Manufacturing
Holdings, Inc.'s Corporate Family rating of Ba3 as well its
senior unsecured rating of Ba3 to American Axle & Manufacturing
Inc.'s notes and term loan. At the same time, the rating agency
revised the rating outlook to stable from negative and renewed
the Speculative Grade Liquidity rating of SGL-1.


AMERICAN AXLE: Strike Could Affect Plastech Operations
------------------------------------------------------
According to the Holland Sentinel, the strike by American Axle
and Manufacturing Holdings Inc. workers could affect Plastech
Engineered Products, Inc. and its debtor-affiliates.

As widely reported, The International Union, United Automobile,
Aerospace and Agricultural Implement Workers of America, which
represents American Axle's employees, has called for a strike
and mass picket against Axle at its Detroit, Michigan,
headquarters.

The strike, which has been ongoing for more than five weeks, has
forced General Motors Corp., one of Plastech's key customers, to
idle or ramp down production at 30 of its plants that make large
trucks and sports utility vehicles.  Union officials say the
company may soon have to bring down lines in Kansas City, Kan.,
and Orion Township near Detroit that make the Chevy Malibu, the
Holland Sentinel reported.

Plastech runs Johnson Controls, Inc.' Southview plant in
Holland, Michigan, and has 30 employees who make the floor
consoles for
the Malibu.  If the Malibu production is interrupted, so too
would the production of the interior parts for the vehicle,
according to the same report.

The strike, which involved 3,650 workers, started due to
American Axle's withholding of data regarding pensions, health
care and profit sharing.  The company has also sought to cut
wages and benefits by half, according to the Detroit Free Press.

                    About Plastech Engineered

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.  
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 16;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars. In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 4, 2008, Moody's Investors Service placed American Axle &
Manufacturing Holdings, Inc.'s Ba3 Corporate Family Rating under
review for downgrade.

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2007, Moody's Investors Service affirmed American Axle
& Manufacturing Holdings, Inc.'s Corporate Family rating of Ba3
as well its senior unsecured rating of Ba3 to American Axle &
Manufacturing Inc.'s notes and term loan. At the same time, the
rating agency revised the rating outlook to stable from negative
and renewed the Speculative Grade Liquidity rating of SGL-1.


AMR CORP: Cancels 570 Flights as Aircraft Inspections Resume
------------------------------------------------------------
AMR Corp. principal subsidiary American Airlines Inc. canceled
approximately 570 flights on April 11, 2008, as it works to
complete the inspections of its MD-80 fleet.  The airline
continues efforts to re-accommodate customers affected by this
week's activity.

As of Thursday afternoon, 132 MD-80 aircraft were returned to
service.  Inspections will continue overnight, with
approximately 170 MD-80s expected to be available for service on
Friday morning.

As reported in yesterday's Troubled Company Reporter, American
Airlines canceled more than 900 flights on Thursday.

As of Wednesday afternoon,

    * 179 MD-80 aircraft were completely inspected;
    * 60 of the 179 MD-80s were returned to service;
    * 119 of the 179 MD-80s were still undergoing work;
    * 121 MD-80s remain to be inspected.

On Wednesday, American officially canceled 1,094 flights, in
addition to the 460 canceled on Tuesday.

"We apologize for the inconvenience this has caused our
customers," Gerard Arpey, Chairman and CEO of American Airlines,
said.  "American will do whatever it takes to assist those
affected by these flight changes and our employees are working
hard to ensure that we remain their choice for air travel.  This
includes compensating those inconvenienced customers who stayed
overnight in a location away from their final destination."

"We continue to inspect every airplane to ensure we are in total
agreement with the specifications of the directive," Mr. Arpey
said.  "We will get back to a full schedule as quickly as
possible."

These inspections were conducted to ensure compliance with a
Federal Aviation Administration directive related to the
bundling
of wires in the aircraft's wheel well of the MD-80 aircraft.  
These inspections -- based on FAA audits -- are related to
detailed, technical compliance issues and not safety-of-flight
issues.

American also plans to contract with an independent third party
to
review American's processes for compliance with all future FAA
airworthiness directives.  This work will ensure that all
procedures strictly adhere to the technical elements of every
directive so American can avoid this type of schedule disruption
in the future.

Customers who were scheduled on a flight that was canceled may
request a full refund or apply the value of their ticket toward
future travel on American Airlines.  Additionally, customers
scheduled to travel on any MD-80 flight April 8-13, even if
their flight has not been canceled, may rebook without a change
fee to any AA flight with availability in the same cabin as long
as their travel begins by April 17.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger         
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.  
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

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


BNP PARIBAS: Inks Deal With Diebold & Banca Nazionale del Lavoro
----------------------------------------------------------------
Diebold, Incorporated has reported a deal with Banca Nazionale
del Lavoro -- part of the Banque Nationale de Paris and Paribas
Group -- to supply 143 automated teller machines with deposit
automation capability at the bank's branches throughout Italy.  
The new ATMs, which are able to accept bulk check and cash
deposits, will help Banca Nazionale del Lavoro improve branch
efficiency and provide new services for its customers.  The
agreement was announced in Paris at Diebold's annual European
customer conference.

Diebold is supplying Banca Nazionale del Lavoro with Opteva(R)
720 and 760 ATMs that will be deployed by the bank during the
second quarter of 2008.  The fully automated Opteva terminals
represent the next generation of ATMs for the financial sector.  
The benefit for the customer is that they are able to carry out
transactions without entering the branch; at the same time,
banks benefit from being able to focus on higher value services,
given that less time will now be spent on simple deposit
transactions.

Diebold vice president and general manager for South Europe,
Danilo Rivalta said,  "Deposit automation is key to the branch
transformation we are seeing in the retail banking industry, and
Diebold is well-positioned to play a valuable role in this
process."

This latest announcement represents the next phase of a long-
term strategic relationship between Diebold and Banca Nazionale
del Lavoro.  Previously, Diebold worked with the bank to
introduce the Agilis Power(R) software package, enabling the
bank to centrally manage approximately 1,000 Web-based ATMs from
three different providers.

"This recent success is a very important one for Diebold," Mr.
Rivalta said.  "BNL's decision to choose our deposit automation
ATMs acts as a testament to the quality of both the products and
services we provide."

                       About Diebold Inc.

Diebold, Incorporated -- http://www.diebold.com-- is a global  
leader in providing integrated self-service delivery and
security systems and services.  The company employs more than
17,000 associates with representation in nearly 90 countries
worldwide and is headquartered in Canton, Ohio, USA.  Diebold
reported revenue of US$2.9 billion in 2006 and is publicly
traded on the New York Stock Exchange under the symbol 'DBD.'

               About Banca Nazionale del Lavoro

Banca Nazionale del Lavoro SpA is an Italian banking firm.
Founded in 1913 as Istituto di Credito per la Cooperazione, it
was nationalized in 1929.  It was re-privatized and listed on
the Milan Stock Exchange in 1998, before being acquired by
French banking group BNP Paribas in 2006.  It is Italy's sixth
largest bank.

Banca Nazionale del Lavoro began Argentinian operations in 1960,
ultimately opening 91 branches, before selling its operation
there to HSBC Bank Argentina in 2006.

                      About BNP Paribas

Headquartered in Paris, France, BNP Paribas --
http://www.bnpparibas.com/-- is one of the main banks in Europe    
and France created through the merger of Banque Nationale de
Paris and Paribas.  Banco BNP Paribas Brasil SA is a subsidiary
of BNP Paribas in Sao Paulo, Brazil.

                          *     *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2008, Moody's Investors Service has upgraded BNP
Paribas'Series 430 notes to Ba2 from B2 by and Series 458 notes
to Ba2 from B3.  Both notes are credit-linked to Brazil.


BR MALLS: Plans Commercial Expansion With CR2 Empreendimentos
-------------------------------------------------------------
BR Malls Participacoes S.A. and CR2 Empreendimentos Imobiliarios
S.A. have announced their intention to acquire the land bank
attached to Shopping Plaza Niteroi with the purpose of expanding
the shopping mall and constructing a commercial tower.  The
expansion should add approximately 10,000 square meters to BR
Malls' owned GLA.

In accordance with the memorandum of understanding signed on
this date, BR Malls will be responsible for 100% of the area
allocated for the expansion of Shopping Plaza Niteroi and CR2
for 100% of the commercial building.

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

                         *     *     *

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


DELPHI CORP: Moody's Withdraws Low-B Prospective Debt Ratings
-------------------------------------------------------------
Moody's Investors Service withdrawn Delphi Corporation's
prospective debt ratings for its emergence financing.  Although
Delphi was successful in arranging commitments for its first
lien term loans of US$1.7 billion, a first lien revolving credit
of US$1.6 billion and General Motors Corporation and a GM
affiliate agreed to accept up to US$2.825 billion of second lien
term debt, equity participants in the financing structure have
filed a notice of termination on their earlier undertaking to
provide US$2.55 billion of capital.  The absence of equity
funding terminates Delphi's plans to emerge from bankruptcy by
April 4, 2008.

Delphi may need to renegotiate multiple agreements with other
parties as well as seek new investors to proceed with a fresh
emergence plan.  Significant agreements with the Internal
Revenue Service and the Pension Benefit Guaranty Corporation
will have to be extended.  In addition, the company may need to
revisit the maturity of its current Debtor in Possession
financing which is set to expire at the end of June 2008.  
Material agreements with its domestic workforce are not affected
by developments on the emergence financing.

Ratings being withdrawn are those listed in Moody's earlier
releases which were:

Delphi Corporation

  -- Corporate Family Rating, (P)B2

  -- Probability of Default, (P)B2

  -- Outlook, Stable

  -- US$1,500 million first lien term loan, (P)Ba2 (LGD-2, 17%)

  -- US$2,825 million second lien term loan, (P)B2 (LGD-4, 52%)

  -- Speculative Grade Liquidity rating, SGL-2

  -- Delphi Holdings Luxembourg S.ar.l

  -- equivalent of US$200 million first lien term loan,
     guaranteed by Delphi Corporation, (P)Ba2 (LGD-2, 17%)

Moody's ratings had been assigned on a prospective basis and
assumed a full subscription to Delphi's proposed debt and equity
financing as well as receiving bankruptcy court affirmation of
an effective date of emergence.  As those events have not
occurred, the ratings have been withdrawn.

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.


DRESSER-RAND GROUP: Solid Performance Cues S&P's Rating Upgrades
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings on Houston-based capital equipment provider Dresser-Rand
Group Inc. to 'BB' from 'BB-'.  The outlook is stable.  In
addition, S&P raised the issue rating on the senior secured
revolving credit facility to 'BBB-' from 'BB+' and left the
recovery rating unchanged at '1'.  S&P also raised the issue
rating on the subordinated notes to 'BB-' from 'B+'.  The
recovery rating on this debt remains at '5'.
      
"The ratings upgrade is driven by Dresser-Rand's solid operating
performance, which meaningfully improved credit measures over
the past year," said Standard & Poor's credit analyst Aniki
Saha-Yannopoulos.
     
In addition, favorable market conditions demonstrated by the
growing margins of the new units, combined with strong
aftermarket service margins, aid performance over the near term.  
Additional factors were the company's ability to generate free
cash flow and voluntary debt repayment through 2007.
     
The stable outlook reflects S&P's expectation that Dresser-Rand
will maintain its improved operating performance and continue to
generate free cash flow.

Headquartered in Houston, Texas, Dresser-Rand Group Inc. (NYSE:
DRC) -- http://www.dresser-rand.com/-- supplies rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  The company operates manufacturing
facilities in the United States, France, Germany, Norway, India,
and Brazil, and maintains a network of 26 service and support
centers covering more than 140 countries.


GOL LINHAS: VRG Suspends International Routes to Focus on LatAm
---------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazilian airlines GOL Transportes Aereos S.A. and VRG Linhas
Aereas S.A., disclosed that VRG Linhas is restructuring its
international routes, focusing on better adapting to market
conditions, increasing its presence in the domestic and South
American markets and concentrating efforts on routes where it
maintains competitive advantages.

Operating costs in the highly competitive international market
have increased substantially with persistent increases in oil
prices, which recently hit a record high of US$112 per barrel.  
The cost of fuel has been impacted by the prices of WTI and Gulf
Coast Jet, which increased on average 68 and 61 percent,
respectively, in the first quarter of 2008 compared to first
quarter 2007.  Fuel currently represents nearly 40 percent of
VRG's operating costs.

The company's focus is to expand its route network in Brazil and
South America by maintaining a lean cost structure and
increasing revenues.  An important step in this plan was taken
in March, with the introduction VRG's new domestic flight
network. After several changes to the international route
network to focus on South American destinations, VRG Linhas will
continue to offer daily flights to Bogota, Buenos Aires, Caracas
and Santiago.

To this end, VRG Linhas will suspend flights to several
international destinations over the next two months.  Flights to
Mexico City will be suspended on May 11, flights to Madrid on
May 12 and operations to Paris will cease on June 9.  This
strategic decision was a responsible and calculated response
based on careful analysis of external factors and competitive
attributes of the services offered by VRG that are affecting
consolidation of the company's performance in these markets.

VRG Linhas is committed to providing assistance to those
customers who have already purchased one-way or return tickets
to suspended destinations after the dates announced and will
maintain open, transparent communications to address any
customer concerns.  Alternative flight information will be
available on the company's website, http://www.varig.com.br.

For customers with questions, they may call telephone number:
0800-728-7787 (toll-free).  The service will be available 24
hours a day, seven days a week.  Customers who prefer a refund
should work directly with their travel agent, while customers
who purchased tickets directly from VRG can request a refund by
e-mail to: reembolso.central@varig.com.

                           About GOL

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL  
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.  
The company was founded in 2001.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch also affirmed the outstanding US$200
million perpetual bonds and US$200 million of senior notes due
2017 at 'BB+' as well as the company's 'AA-' (bra) national
scale rating.  Fitch said the rating outlook is stable.


HERCULES INC: S&P Upgrades Ratings to 'BB+' on Improved Profile
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Hercules Inc., including the corporate credit rating to 'BB+'
from 'BB'.   The outlook is stable.  The upgrades reflect the
company's improved financial profile and the likelihood that
cash flow protection measures and other key ratios will be
maintained at levels that are in line with S&P's expectations
for the revised ratings.
      
"Hercules' strengthened financial metrics have benefited in part
from management's commitment to improve credit quality, as
evidenced by steady debt reduction," said Standard & Poor's
credit analyst Wesley E. Chinn.
     
The ratings reflect Wilmington, Delaware-based Hercules'
slightly aggressive, albeit much reduced, debt balance; low-
growth, very competitive pulp and paper chemicals markets; and
some exposure to asbestos-related liabilities.  These negatives
are partially offset by Hercules' satisfactory business
profile--generating annual revenues of about US$2 billion--in
the specialty chemical sector, a long track record of good
operating margins, and strengthening cash flow protection
measures.
     
Hercules derives roughly 60% of its consolidated operating
earnings from the Aqualon group, a leading producer of water-
soluble polymers.  Diverse end markets include water-based
paints and coatings, construction materials, personal care,
pharmaceutical, food, and oil and gas drilling.  A positive for
business fundamentals is a strong global presence, as more than
60% of Aqualon's sales come from outside the U.S.

Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures
and markets chemical specialties globally for making a variety
of products for home, office and industrial markets.  The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.



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

BLACK JAGUAR: Proofs of Claim Filing Deadline is April 17
---------------------------------------------------------
Black Jaguar Holdings Limited's creditors have until
April 17, 2008, to prove their claims to Stuart K. Sybersma and
Ian A.N. Wight, 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.

Black Jaguar's shareholder decided on March 3, 2008, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Stuart K. Sybersma and Ian A.N. Wight
                 Attn: Jessica Turnbull
                 Deloitte
                 P.O. Box 1787, George Town
                 Grand Cayman, Cayman Islands
                 Telephone: (345) 949 7500
                 Fax: (345) 949 8258


BLUE STREAM: Proofs of Claim Filing is Until April 17
-----------------------------------------------------
Blue Stream Holdings Limited's creditors have until
April 17, 2008, to prove their claims to Stuart K. Sybersma and
Ian A.N. Wight, 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.

Blue Stream's shareholder decided on March 3, 2008, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Stuart K. Sybersma and Ian A.N. Wight
                 Attn: Jessica Turnbull
                 Deloitte
                 P.O. Box 1787, George Town
                 Grand Cayman, Cayman Islands
                 Telephone: (345) 949 7500
                 Fax: (345) 949 8258


CPS CAYMAN: S&P Assigns BB Rating on Class B Deferrable Interest
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to CPS
Cayman Residual Trust 2008-A's US$34.14 million asset-backed
notes series 2008-A.

The ratings reflect:

   -- The credit support consisting of subordination and excess
      spread, some of which will be used to build
      overcollateralization to 3.50% of the current receivables
      balance.  The remainder will be used to cover losses and
      make required distributions.  Also, on any payment date
      after the class A notes have been paid in full, the
      noteholders may benefit from funds that are released from
      a reserve account and deposited into the collection
      account;

   -- S&P's view as to the likelihood of receiving ultimate, but
      not timely, payment of interest and principal;

   -- The credit quality of the underlying pool of subprime
      automobile loans; and

   -- The sound legal structure.
   
Ratings Assigned:

CPS Cayman Residual Trust 2008-A
   
   Class                       Rating       Amount (US$ million)
   ------------------------------------------------------------
   B deferrable interest       BBB               19.243
   C deferrable interest       BB                14.897
   D                           NR                31.810

The rating assigned to the class B and C notes represents S&P's
view as to the likelihood of receiving ultimate payment of
principal and interest on those notes.

Cayman Residual Trust is a trust organized under the laws of the
Cayman Islands.


CRESCENT BROTHERS: Proofs of Claim Filing Deadline is April 17
--------------------------------------------------------------
Crescent Brothers Investments, Ltd.'s creditors have until
April 17, 2008, to prove their claims to Linburgh Martin and
Jeff Arkley, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Crescent Brothers' shareholder decided on Jan. 30, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


DAMSEL FUNDING: Proofs of Claim Filing is Until April 17
--------------------------------------------------------
Damsel Funding Ltd.'s creditors have until April 17, 2008, to
prove their claims to Giles Kerley and Chris Watler, 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.

Damsel Funding's shareholders agreed on Feb. 29, 2008, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


JOY HOLDINGS: Proofs of Claim Filing is Until April 17
------------------------------------------------------
Joy Holdings Limited's creditors have until April 17, 2008, to
prove their claims to Royhaven Secretaries Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Joy Holdings' 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:

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


KICAP MASTER: Sets Final Shareholders Meeting for April 17
----------------------------------------------------------
KiCap Master Fund Limited will hold its final shareholders'
meeting on April 17, 2008, at 3:00 p.m. at Maples Finance
Limited, Boundary Hall, Cricket Square, George Town, Grand
Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

KiCap Master's shareholders agreed on March 6, 2008, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                      Richard Gordon
                      Maples Finance Limited
                      P.O. Box 1093, Boundary Hall
                      Cricket Square, Grand Cayman KY1-1102
                      Cayman Islands


KICAP NETWORK: Will Hold Final Shareholders Meeting on April 17
---------------------------------------------------------------
KiCap Network Fund Limited will hold its final shareholders'
meeting on April 17, 2008, at 3:00 p.m. at Maples Finance
Limited, Boundary Hall, Cricket Square, George Town, Grand
Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

KiCap Network's shareholders agreed on March 6, 2008, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                      Richard Gordon
                      Maples Finance Limited
                      P.O. Box 1093, Boundary Hall
                      Cricket Square, Grand Cayman KY1-1102
                      Cayman Islands


OTTIMO FUNDING: Proofs of Claim Filing Deadline is April 17
-----------------------------------------------------------
Ottimo Funding Ltd.'s creditors have until April 17, 2008, to
prove their claims to Stuart K. Sybersma and Ian A.N. Wight, 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.

Ottimo Funding's shareholder decided on March 3, 2008, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Stuart K. Sybersma and Ian A.N. Wight
                 Attn: Jessica Turnbull
                 Deloitte
                 P.O. Box 1787, George Town
                 Grand Cayman, Cayman Islands
                 Telephone: (345) 949 7500
                 Fax: (345) 949 8258


POWRS 1997-1: Will Hold Final Shareholders on April 17
------------------------------------------------------
POWRS 1997-1. will hold its final shareholders' meeting on
April 17, 2008, at Maples Finance Limited, Boundary Hall,
Cricket Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

POWRS 1997-1.'s shareholders agreed on March 6, 2008, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


THE CONTRA FUND: Sets Final Shareholders Meeting for April 17
-------------------------------------------------------------
The Contra Fund Limited will hold its final shareholders'
meeting on April 17, 2008, at 11:00 a.m. at the registered
office of the company.

These matters will be taken up during the meeting:

                   1) approval of the conduct of the liquidation
                      by liquidators S.L.C. Whicker and K.D.
                      Blake;

                   2) approval of the quantum of the  
                      liquidators’ remuneration, that being
                      fixed by the time properly spent by the
                      liquidators and their staff;

                   3) accounting of the wind-up process; and

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

The Contra Fund's shareholders agreed on March 17, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                      K.D. Blake
                      Attn: Camele Burke
                      P.O. Box 493, Grand Cayman KY1-1106
                      Cayman Islands
                      Telephone: 345-914-4325 / 345-949-4800
                      Fax: 345-949-7164



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

ECOPETROL: Closes Propilco Acquisition Deal
-------------------------------------------
Ecopetrol has closed the deal to acquire Propilco for
US$690 million.

Business News Americas relates that Propilco produces some
380,000 tons per year of polypropylene.

Ecopetrol told BNamericas that expansion plans would increase
its capacity to 500,000 tons per year in 2010.

According to BNamericas, Ecopetrol gets 30% of its raw material
from its refineries in Cartagena and Barrancabermeja and that
supply could increase in the coming years.

Ecopetrol told BNamericas that the Propilco acquisition deal is
important to its long-term strategy of exporting crude and
adding value to its oil with expanded refining and petrochemical
operations.

                          About Propilco

Propilco is the largest petrochemical company in Colombia and is
the biggest resin producer in the Andean region, Central America
and the Caribbean.  It is the main supplier of polypropylene in
Colombia.  Propilco was previously owned by the Stanford Group's
Andean Chemicals and Valorem Group's PrimeFinanzas and
PrimeOther.

                          About Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America 's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity, according to the
company's Web site.  In 2005 it produced about 60 percent of
Colombia 's daily output.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A. 's foreign
and local currency issuer default ratings at 'BB+' and 'BBB-',
respectively.


GERDAU SA: Regulator Endorses Firm's Plan to Buy Comsisa Shares
---------------------------------------------------------------
Colombian industry and trade regulator Superintendencia de
Industria y Comercio has endorsed Gerdau SA's plan to acquire
shares in Compania Siderurgica de la Sabana or Comsisa.

Business News Americas relates that a Comsisa official said last
year that the firm was in talks with Gerdau to sell the plant
that manufactures rods and bars that makes up half of Comsisa.

BNamericas relates that the regulator also authorized Gerdau to
buy shares in Aceros Boyaca-Procesos in Sogamoso that produces
almost 80,000 tons per year.

According to BNamericas, the Aceros Boyaca-Procesos consortium
owns a 50% stake in Comsisa.

The official commented to BNamericas, "We are also forming a
strategic alliance in which Gerdau has promised to supply bars
to our sales branch, Codiacero."

Gerdau's Diaco will be increasing production in Colombia to
almost 780,000 tons of bars produced at Comsisa, BNamericas
states.

Headquartered in Porto Alegre, Brazil, Gerdau SA
-- http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook.



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

TRAILER BRIDGE: S&P Holds B- Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Trailer Bridge Inc.  At the same
time, S&P affirmed the 'B-' senior secured debt rating, the same
as the corporate credit rating, while leaving the recovery
rating unchanged at '3', indicating expectations of a meaningful
(50%-70%) recovery in the event of a payment default.  The
rating outlook remains stable.
      
"Ratings on Trailer Bridge reflect the company's highly
leveraged financial profile, concentrated end-market demand, and
participation in the capital-intensive and competitive shipping
industry," said S&P's credit analyst Funmi Afonja.  Positive
credit factors include a steady demand for ocean cargo shipments
of food and other staples by residents of Puerto Rico, and
barriers to entry provided by the Jones Act.
     
The company recently announced that the McLean family,
beneficial owners of a 47.8% ownership stake in the company,
could potentially sell their stake; the timing and structure of
the sale remains unknown.
     
For fiscal year ended Dec. 31, 2007, the company's sales were
about US$116 million, a modest increase from prior-year sales of
US$110 million.  EBITDA for 2007 was US$21.7 million, compared
with US$12 million the prior year.  The difference was due to
the company's decision in 2006 to expense about US$12.8 million
in dry-docking costs, rather than deferring and amortizing, as
is commonly practiced by peers.  At Dec. 31, 2007, lease-
adjusted debt to capital was 99%, about the same as the prior
year, and total debt to EBITDA was 5.6, improved from 10.  
Credit measures will likely remain weak, and could come under
pressure if the slowing United States economy exacerbates
already sluggish Puerto Rican economic conditions.  Maturing of
the new Dominican Republic trade has the potential to benefit
revenues and earnings modestly, though performance thus far has
been below S&P's expectations.
     
The stable outlook reflects S&P's expectations of modest
improvements in operating results and the company's financial
profile over the next year.  The rating agency could revise the
outlook to negative if the improvements fail to materialize
because of weak market conditions in Puerto Rico or if rising
fuel prices constrain earnings more than anticipated.  S&P
considers an outlook change to positive less likely over the
near to intermediate term.  At this time there is no evidence
that the potential sale of the McLean family's stake in the
company could affect the rating or outlook.  However, a
transaction that leads to a material change in strategy or
financial policy could have outlook or rating implications.

Headquartered in Jacksonville, Florida, Trailer Bridge Inc.
(NASDAQ: TRBR) -- http://www.trailerbridge.com/-- provides  
transportation between the continental United States and Puerto
Rico, and recently launched service into the Dominican Republic.  
The company operates a fleet of ocean-going barges, truck
tractors, containers, and chassis.  It currently utilizes two
roll-on/roll-off vessels and three triplestack box carriers to
transport freight between Jacksonville, Florida, San Juan,
Puerto Rico, and the Dominican Republic.  The new Dominican
service allows the company to balance its north- and south-bound
volumes somewhat and provides limited additional market
diversity.



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

CASH PLUS: Financial Woes May Affect Jamaican Economy
-----------------------------------------------------
Cash Plus Limited's financial problems could have critical
consequences on Jamaica's economy, Radio Jamaica reports.

In April this year, the Supreme Court of Jamaica placed Cash
Plus into receivership.  Cash Plus admitted that it wouldn't be
able to pay its lenders until April 14.  The firm has 40,000
lenders with loans totaling J$4 billion.  Cash Plus was unable
to repay its investors.  The Financial Services Commission said
it was informed by the attorney acting on behalf of Cash Plus
that the investment club lacked the funds to start the repayment
of the principal and interest owing to its investors.  
PricewaterhouseCoopers' accountant Kevin Bandoian was appointed
as joint receiver-manager for Cash Plus.

Cash Plus' woes might trigger economic panic, Radio Jamaica
says, citing economist Dr. Davidson Daway.

Dr. Daway commented to Radio Jamaica, "If people cannot afford
to pay their loan or their outstanding debt, they won't be able
to spend on other commodities in terms of education and so on.  
They would have to reach out to get those things which means it
is going to create a greater loan dependency or it may even
create what we call an economic panic and there are quite a few
people who are involved."

Radio Jamaica notes that Dr. Daway said Cash Plus' problems have
implications for the financial sector.

Dr. Daway told Radio Jamaica, "You're going to have a situation
where these people will be reluctant to put their money into any
financial agency for fear that the same thing will happen to
them.  So we are going to have what we call the 'mattress
protection effect' where they put the money under the mattress
rather than into the financial environment so these are the
kinds of things that can really affect the economy."

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


CASH PLUS: Police Raid Carlos Hill's Residence
----------------------------------------------
Radio Jamaica reports that police officers from the Mobile
Reserve, Flying Squad, and the Organized Crime Division have
raided the house of Cash Plus Limited's President Carlos Hill at
68 Norbrook Drive in St. Andrew in response to complaints from
investors who accused the firm of fraud, Radio Jamaica reports.

According to the Constabulary Communication Network, Cash Plus
investors complained that cheques received from the firm
bounced.  Radio Jamaica says that the investors are being urged
to submit complaints formally using a form available on the
Ministry of National Security Web site at http://www.mns.org.jm

Claims of fraud must go through the Web site and it won't be
accepting any fraud reports by any other means, Radio Jamaica
says, citing CCN.

According to Radio Jamaica, the police and officials from the
Financial Investigation Division searched the premises and
several boxes were brought in to carry away documents
confiscated at the house.  Five vehicles including three high
end SUVs from the premises were also removed.

The report says that a representative from a security firm
showed up at the scene claiming to act on behalf of Mr. Hill and
saying that items not belonging to Mr. Hill could be removed
from the residence.

Radio Jamaica notes that Mr. Hill was taken to the OCID offices
where he will be formally interrogated.  

The police also raided other residential and commercial
properties of some of Mr. Hill's associates.  Two members of Mr.
Hill's management team were also taken to the OCID offices,
Radio Jamaica relates.

Cash Plus investors showed up at the firm's New Kingston offices
as news of the raid circulated, according to Radio Jamaica.

An investor told the RJR News Center he heard that Cash Plus
wouldn't be able to honor its earlier commitment to pay
investors at the end of the month.

The investor commented to Radio Jamaica, "We need our money and
(that is what) I would like the government and Mr. Hill to know.  
Blood or sweat or whatever it cost, we need our money.  I
invested my live savings."

Radio Jamaica reports that branches of the Premier and Island
Life Plaza were closed, while employees at the 67 Slipe Road
Offices of Cash Plus are waiting for word from company officials
as to what will happen to them.

As reported in the Troubled Company Reporter-Latin America on
April 11, 2008, Cash Plus hasn't paid the March salaries of
workers at its phone card distribution center.  The workers
complained that the management hasn't told them when they will
be paid.  A worker said that Cash Plus should have paid them
on March 25, 2008, before it was placed into receivership.

Managers at Cash Plus' phone card distribution center told Radio
Jamaica that the workers are still on the job.

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

In April this year, the Supreme Court of Jamaica placed Cash
Plus into receivership. Cash Plus admitted that it wouldn't be
able to pay its lenders until April 14. The firm has 40,000
lenders with loans totaling J$4 billion. Cash Plus was unable
to repay its investors. The Financial Services Commission said
it was informed by the attorney acting on behalf of Cash Plus
that the investment club lacked the funds to start the repayment
of the principal and interest owing to its investors.
PricewaterhouseCoopers' accountant Kevin Bandoian was appointed
as joint receiver-manager for Cash Plus.



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

CLEAR CHANNEL: Extends Tender Offers Expiration for Senior Notes
----------------------------------------------------------------
In connection with Clear Channel Communications, Inc.'s tender
offer for its outstanding 7.65% Senior Notes due 2010 (CUSIP No.
184502AK8) and Clear Channel's subsidiary AMFM Operating Inc.'s
tender offer for its outstanding 8% Senior Notes due 2008 (CUSIP
No. 158916AL0), Clear Channel extended the date on which the
tender offers are scheduled to expire from 8:00 a.m. New York
City time on April 11, 2008 to 8:00 a.m. New York City time on
April 18, 2008 and the consent payment deadline for the Notes
from 8:00 a.m. New York City time on April 11, 2008 to 8:00 a.m.
New York City time on April 18, 2008.  The Offer Expiration Date
and the Consent Payment Deadline are subject to extension by
Clear Channel, with respect to the CCU Notes, and AMFM, with
respect to the AMFM Notes, in their sole discretion.

The completion of the tender offers and consent solicitations
for the Notes is conditioned upon the satisfaction or waiver of
all of the conditions precedent to the Agreement and Plan of
Merger by and among Clear Channel, CC Media Holdings, Inc., B
Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple
Crown Merger Co., Inc., dated Nov. 16, 2006, as amended by
Amendment No. 1, dated April 18, 2007, and Amendment No. 2,
dated May 17, 2007 and the closing of the merger contemplated by
the Merger Agreement.  The closing of the Merger has not
occurred.  On March 26, 2008, Clear Channel, joined by CC Media
Holdings, Inc., filed a lawsuit in the Texas State Court in
Bexar County, Texas, against Citigroup, Deutsche Bank, Morgan
Stanley, Credit Suisse, The Royal Bank of Scotland, and
Wachovia, the banks who had committed to provide the debt
financing for the Merger.  Clear Channel intends to complete the
tender offers and consent solicitations for the CCU Notes, and
AMFM intends to complete the tender offers and consent
solicitations for the AMFM Notes, upon consummation of the
Merger.

Clear Channel, on Jan. 2, 2008, received, pursuant to its tender
offer and consent solicitation for the CCU Notes, the requisite
consents to adopt the proposed amendments to the CCU Notes and
the indenture governing the CCU Notes applicable to the CCU
Notes, and that AMFM had received, pursuant to its previously
announced tender offer and consent solicitation for the AMFM
Notes, the requisite consents to adopt the proposed amendments
to the AMFM Notes and the indenture governing the AMFM Notes.

As of April 9, 2008, approximately 87% of the AMFM Notes have
been validly tendered and not withdrawn and approximately 98% of
the CCU Notes have been validly tendered and not withdrawn.  The
Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent.  The AMFM tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the AMFM Offer to Purchase and Consent Solicitation
Statement for the AMFM Notes dated Dec. 17, 2007, and the
related Letter of Transmittal and Consent.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Inc. to act as co-dealer managers for the
tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  Questions regarding the tender offers should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).  Requests for documentation should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

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

                            *     *     *

As reported on March 28, 2008, Standard & Poor's Ratings
Services said its ratings on Clear Channel Communications Inc.,
including the 'B+' corporate credit rating, remain on
CreditWatch with negative implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


DISTRIBUTED ENERGY: Appoints UHY LLP as New Independent Auditors
----------------------------------------------------------------
On April 2, 2008, the Audit Committee of the Board of Directors
of Distributed Energy Systems Corp. dismissed
PricewaterhouseCoopers LLP as the company's independent
registered public accounting firm.  The company informed PwC of
this decision on April 3, 2008.

On the same day, the company's Audit Committee appointed UHY LLP
as its new independent registered public accounting firm, to
perform auditing services commencing with the fiscal year ending
Dec. 31, 2008.

PwC's reports with respect to the company's financial statements
for the fiscal years ended Dec. 31, 2006, and 2007, did not
contain an adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or
accounting principle, except that such reports included an
explanatory paragraph raising substantial doubt about the
company's ability to continue as a going concern.

During the company's fiscal years ended Dec. 31, 2006, and 2007,
and through April 2, 2008, there have been no disagreements with
PwC on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure.,
which disagreements if not resolved to the satisfaction of PwC
would have caused them to make reference thereto in their
reports on the financial statements for such years.

                     About Distributed Energy

Based in Wallingford, Connecticut, Distributed Energy Systems
Corp. (NasdaqCM: DESC) -- http://www.distributed-energy.com/--    
provides products and services for distributed, or on-site,
power generation and storage.  The company has operations in
Mexico.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$41,750,604 in total assets, US$18,827,203 in total
liabilities, and US$22,923,401 in total stockholders' equity.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 1, 2008,
Pricewaterhousecoopers LLP expressed substantial doubt about
Distributed Energy Systems Corp.'s ability  to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2007.   The
auditing firm reported that the company has incurred significant
recurring operating losses and cash outflows from operations.


FEDERAL-MOGUL: Panel's Special Counsel Seeks US$4.1 Mil. Payment
----------------------------------------------------------------
Ashurst LLP seeks payment of US$4,030,507 for its professional
fees covering the period November 2, 2001, through July 31,
2006, and reimbursement of US$81,942 for the firm's actual and
necessary expenses incurred during the same period.

The Official Committee of Unsecured Creditors retained Ashurst
as its special counsel in the Federal Mogul bankruptcy cases.

Among other services, Ashurst provided the Creditors Committee
with legal advice:

  (1) with respect to English Administration proceedings and
      interrelationship between U.K. Administration and the
      Chapter 11 proceedings;

  (2) on the manner in which the commercial solution achieved in
      respect of the Debtors' U.S. Chapter 11 proceedings could
      be implemented in the U.K. under schemes of arrangement
      and company voluntary arrangements;

  (3) on English law issues relating to matters like the ability
      potential asbestos creditors to claim in English schemes
      of arrangement and company voluntary arrangements; and

  (4) on drafts of the Fourth Amended Plan, schemes of
      arrangement and voluntary arrangements.

Federal-Mogul Corporation -- http://www.federal-mogul.com/--       
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.  
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.  
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.  Federal-Mogul emerged from
Chapter 11 on December 27,
2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 10, 2008, Moody's Investors Service confirmed the ratings
of the reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.  
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007.  S&P said the outlook is stable.


KRISPY KREME: Lenders Approve Modifications in Credit Facilities
----------------------------------------------------------------
Krispy Kreme Doughnuts Inc. obtained amendments to the company's
secured credit facilities which, among other things, relax
certain financial covenants.  Those covenants were scheduled to
become more stringent during fiscal 2009.

The amendments also provide that the interest rate on the loans
outstanding under the facilities will increase from LIBOR plus
3.50% to LIBOR plus 5.50%, with a minimum LIBOR rate of 3.25%,
and fees on letters of credit outstanding under the facilities
will increase from 3.75% to 5.75%.

As of Feb. 3, 2008, the outstanding balance of the term loan was
US$76.1 million and outstanding letters of credit were
US$20.3 million.  There were no amounts drawn under the
revolving facility, which was reduced from US$50 million to
US$30 million.

The term loan balance reflects a prepayment of US$10.9 million
made on February 1 in connection with the completion of the sale
of the company's mix manufacturing and distribution facility in
Effingham, Illinois.

                   US$160,000,000 Credit Facility

Krispy Kreme Doughnut Corporation, a wholly owned subsidiary of
Krispy Kreme Doughnuts, Inc., entered into a US$160 million
credit agreement, dated as of February 16, 2007, with Credit
Suisse, Cayman Islands Branch, as administrative agent,
collateral agent, issuing lender and swingline lender, and the
lenders party.  The credit facility comprises a US$110 million
term loan and a US$50 million revolving loan.

The term loan amortizes in quarterly installments of US$275,000
beginning in April 2007 with a final payment of the remaining
term loan balance due in February 2014.  The revolving facility
has a six year term ending in February 2013.

The revolving credit facility provides that up to US$30 million
of the facility may be used by KKDC to obtain letters of credit.  
The new facility may be retired without penalty at any time.

Proceeds of the term loan were used to repay the approximately
US$107 million outstanding balance under KKDC's prior credit
facility -- which had been arranged by Credit Suisse, Cayman
Island Branch -- and to pay fees and expenses related to the new
financing and the retirement of the prior facility.

Loans under the new credit agreement bear interest at LIBOR plus
3.00% -- subject to a stepdown based on credit ratings.  Upon
the occurrence of customary events of default set forth in the
credit agreement, including payment defaults, breaches of
covenants, a change of control and insolvency/bankruptcy events,
the administrative agent may and, upon the request of a majority
of the lenders, shall, accelerate repayment of the loans.

In connection with the credit agreement, Krispy Kreme and its
affiliates and subsidiaries that guaranteed the loan
obligations, entered into a security agreement with Credit
Suisse, Cayman Islands Branch, dated as of February 16, 2007.

Under the credit facility, Krispy Kreme Doughnuts Inc. covenants
with its lenders not to permit its Consolidated Leverage Ratio
to exceed these ratios for any Test Period:

     Period                                            Ratio
     ------                                            -----
1st Fiscal Quarter of 2008 Fiscal Year             4.50 to 1.00
2nd and 3rd Fiscal Quarters of 2008 Fiscal Year    4.25 to 1.00
4th Fiscal Quarter of 2008 Fiscal Year             4.00 to 1.00
1st First Fiscal Quarter of 2009 Fiscal Year       3.75 to 1.00
2nd, 3rd and 4th Fiscal Quarters
  of 2009 Fiscal Year                              3.50 to 1.00
2010 Fiscal Year                                   3.25 to 1.00
2011 and 2012 Fiscal Years                         3.00 to 1.00
2013 Fiscal Year and Thereafter                    2.75 to 1.00

Krispy Kreme Doughnuts Inc. also covenants with its lenders not
to permit its Consolidated Interest Coverage Ratio to be less
than these ratios for any Test Period:

     Period                                            Ratio
     ------                                            -----
1st Fiscal Quarter of 2008 Fiscal Year             2.75 to 1.00
2nd and 3rd Fiscal Quarters of 2008 Fiscal Year    3.00 to 1.00
4th Fiscal Quarter of 2008 Fiscal Year             3.25 to 1.00
1st Fiscal Quarter of 2009 Fiscal Year             3.50 to 1.00
2nd and 3rd Fiscal Quarters of 2009 Fiscal Year    3.75 to 1.00
4th Fiscal Quarter of 2009 Fiscal Year             4.00 to 1.00
2010 Fiscal Year                                   4.25 to 1.00
2011 Fiscal Year and Thereafter                    4.50 to 1.00

Krispy Kreme Doughnuts Inc. also covenants with its lenders not
to permit the aggregate amount of Capital Expenditures to exceed
specific amounts at these periods:

        Period                           Amount
        ------                           ------
   2008 Fiscal Year                  US$15,000,000
   2009 Fiscal Year                  US$17,500,000
   2010 Fiscal Year and each
      Fiscal Year thereafter         US$20,000,000

If the aggregate amount of Capital Expenditures for any Fiscal
Year would be less than the amount permitted to be made in that
Fiscal Year, then 50% of the shortfall will be added to the
amount of Capital Expenditures permitted for the immediately
succeeding -- but not any other -- Fiscal Year and the amount of
Capital Expenditures made during any Fiscal Year will be deemed
to have been made first from the amount permitted to be made in
that Fiscal Year and last from carryover from the preceding
Fiscal Year.

A full-text copy of the US$160,000,000 CREDIT AGREEMENT dated as
of February 16, 2007, among KRISPY KREME DOUGHNUT CORPORATION,
KRISPY KREME DOUGHNUTS, INC., The SUBSIDIARY GUARANTORS, on the
one hand; and CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as
Administrative Agent, Collateral Agent, Issuing Lender and
Swingline Lender; CREDIT SUISSE SECURITIES (USA) LLC, as Sole
Bookrunner and Sole Lead Arranger; WELLS FARGO FOOTHILL, INC.
and WACHOVIA BANK, NATIONAL ASSOCIATION as Co-Syndication
Agents; and CAROLINA FIRST BANK, as Documentation Agent, is
available at no charge at:

               http://ResearchArchives.com/t/s?29f1

                      About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates and the United Kingdom.

                         *     *     *

Standard & Poor's placed Krispy Kreme Doughnuts Inc.'s long term
foreign and local issuer credit ratings at 'B-' in September
2007.  The ratings still hold to date with a negative outlook.


LEVI STRAUSS: Feb. 24 Balance Sheet Upside-Down by US$318.87 Mln
----------------------------------------------------------------
Levi Strauss & Co.'s balance sheet at Feb. 24, 2008, showed
total assets of US$2,956,586,000 and total liabilities of
US$3,275,460,000, resulting to total stockholders' deficit of
roughly US$318,874,000.

The company's net income was US$97.107 million in the first
quarter ended Feb. 24, 2008, compared to net income of US$86.635
million for the same quarter in 2007.  The a 12% increase in the
net income reflected lower interest expense and a lower tax
rate.

"Our performance in the first quarter represents a solid start
for the year, despite an increasingly difficult retail
environment," John Anderson, president and chief executive
officer, said.  "Our Levi's(R) brand continues to perform well
on a global basis, and benefited from continued growth in our
emerging Asia Pacific markets and in Europe."

"We are cautious given the economic uncertainty in the United
States and key markets around the world," Mr. Anderson added.
"Nonetheless, we remain focused on product innovation, retail
expansion and optimizing our global footprint."

The company reported that its board of directors declared a
US$50 million cash dividend to common shareholders.  In
addition, the company reported that on March 25 it redeemed its
remaining 12-1/4 % bonds, further reducing long-term debt by
US$19 million.

"Our solid operating margins and strong cash flows have allowed
us to continue to reduce debt, and to invest in our brands and
retail expansion," Hans Ploos van Amstel, chief financial
officer, said. "We have made significant progress in managing
inventory levels.   Our priority continues to be cash generation
as we work to further  support our brands and strengthen our
financial position."

                             Liquidity

The company ended the first quarter with cash and cash
equivalents of US$222 million, an increase of US$66 million from
the year ended Nov. 25, 2007.  Cash provided by operating
activities was US$107 million for the first quarter, compared
with US$17 million used for operating activities for the same
period in 2007, reflecting lower interest payments and a
reduction of cash used for inventory and accounts payable.

The company reduced long-term debt by US$18 million in the
quarter.  Total debt was US$1.95 billion at the end of the first
quarter.

                      About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co.
-- http://www.levistrauss.com/-- is a branded apparel company.   
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.  Levi
Strauss & Co. distributes its Levi's and Dockers products
primarily through chain retailers and department stores in the
United States, and through department stores, specialty
retailers and franchised stores abroad.  The company employs a
staff of approximately 10,000 worldwide, including approximately
1,010 at the company's San Francisco, California headquarters.  
Levi Strauss Europe is headquartered in Brussels, Belgium, while
Levi's Asia Pacific division is based in Singapore.  Levi's has
operations in Brazil, Mexico, Chile and Peru.

                          *     *     *

Moody's Investors Service placed Levi Strauss & Co.'s long term
corporate family and probability of default ratings at 'B1' in
March 2007.  The ratings still holds to date with a positive
outlook.


MEGA BRAND: Moody's Chips Ratings After Release of 2007 Results
---------------------------------------------------------------
Moody's lowered Mega Brand Inc.'s ratings to B2 from B1 after
the company posted its full year results for 2007.  The rating
remains on review for possible further downgrade.  The SGL 3 was
affirmed.

Moody's said that the financial flexibility of the company had
deteriorated significantly in 2007 due both to lower than
expected sales of Magnetix products and new special charges
related to a new recall and special items.  The weak results led
to the downgrade of the CFR to B2.  Debt to EBITDA jumped to
over 5.5 times as of year-end 2007 from 3.9 times in 2006 (per
Moody's FM) and cash flow was negative.

The SGL 3 was maintained largely because of the provisions under
the amended credit facility which provide for greater
flexibility both on covenants and for the proposed asset sales.

A successful sale of the stationery and activities businesses
could significantly improve credit metrics, liquidity and could
result in a rating confirmation or even put positive pressure on
the rating.

Nevertheless, the review for downgrade continues both until such
a sale materializes, and pending clearer understanding of post-
sale core toy business momentum and management's future
financial targets.  Failure to sell the businesses combined with
ongoing softness in core toy businesses could lead to further
downgrade.

Although the potential sale of the stationery and activities
business will allow Mega to focus on its core toy brands and to
reduce existing debt, which Moody's would view positively, Mega
would also become a much smaller, less diversified, and more
seasonal company with greater retailer concentration.  
Furthermore, management's plans for its future capital structure
would also need to be considered.  Other key concerns include:

* Questions around consumer acceptance of the new generation of
  Magnetix products after the damage suffered over the last
  years due to product safety issues and the resulting recalls
  and lawsuits.

* Ongoing litigation, and issues around the company's self
  insurance for product liability for Magnetix products
  manufactured before May 1, 2006 and for incidents occurring
  after Dec. 1, 2006

* The resolution of and likely timing and payout of the disputed
  Rose Art earn-out payment.

These ratings were downgraded and remain on review for
downgrade:

MEGA Brands, Inc.

  -- Corporate Family Rating to B2 from B1;

  -- Probability of Default to B3 from B2;

  -- US$120 million 5-year revolving credit facility maturing
     July 2010 to B1 (LGD 2, 26%) from Ba3 (LGD 2, 26%);

  -- US$40 million, 5-year term loan A facility to B1 (LGD-2,
     26%) from Ba3 (LGD 2, 26%)

MEGA Brands Finco

  -- US$260 million 7-year term loan B facility to B1 (LGD 2,
     26%) from Ba3 (LGD 2, 26%)

MEGA Brands Inc. (TSE: MB) -- http://www.megabrands.com/--
designs, manufactures and markets high quality toys and
stationery products.  Headquartered in Montreal, the company has
approximately 4,500 employees with offices, manufacturing
facilities or distribution centers in 14 countries, including
Belgium, United Kingdom, Germany, France, Spain, Mexico, and
Australia.  The Corporation's products are sold in over 100
countries and had sales of $525 million in 2007.


* MEXICO: S&P Publishes Industry Report on Mortgage Companies
-------------------------------------------------------------
Market sentiment has changed dramatically and exhibited two of
the industry's clearest vulnerabilities: its reliance
on volatile funding sources and its limitations to adequately
manage market, funding, and liquidity risks.  These factors have
been reflected in increasing refinancing risk for the industry.  
For this year, Standard & Poor's Ratings Services expects lower
growth rates and pressures on profitability levels.

                        Refinancing risk

Given current market conditions, refinancing risk is one of the
major concerns for the rating agency.  However, refinancing risk
is partially mitigated, as S&P expects Sociedad Hipotecaria
Federal -- a government-related entity rated 'mxAAA/Stable/mxA-
1+' -- to support the industry to meet its obligations in the
case of market disruptions.  Rated debt maturities in April 2008
of MXN3.8 billion account for 18% of all existing maturities in
the industry between now and March 2009.  This figure excludes
maturities from Hipotecaria Credito y Casa (not rated) of MXN1.9
billion.  Furthermore, the high concentration of upcoming
maturities during April 2008 will only continue to be
exacerbated in following months given the very short terms in
which the roll-overs are being done by some participants.  Thus,
if market sentiment doesn't change, by July or August S&P could
be facing a single month accounting for more than MXN9 billion
in maturities, or 45% of scheduled maturities for the industry
in the next 12 months, and refinancing risk will remain for the
rest of 2008.  In addition, short-term market debt issued by
this sector represents about one-third of total short-term debt
issued in the Mexican market.

During first-quarter 2008, S&P has seen major efforts to
refinance, but all players have experienced some degree of
increasing spreads.  Investors are rethinking their risk
appetite at a time when maturities are clearly concentrated.  In
S&P's opinion, this concentration has been a result of weak
funding and liquidity risk management practices.  For 2008, the
agency expects indirect dependence on Sociedad Hipotecaria
Federal for funding to increase.

     Lower growth rates and decreasing profitability levels

Increasing funding costs, stringent underwriting policies, and
limited capital to support increased nonperforming assets will
be reflected in lower growth rates for the mortgage nonbank
banks.  S&P expects to see a growth rate for mortgage companies
the rating agency rate around 7% during 2008, compared with a
16% average growth rate in the past three years.

Issuance spreads have increased importantly, and will be
reflected in lower interest margins.  Mexican mortgage companies
benefited from, and in some cases even abused, short-term market
issuances until the first half of 2007, when spreads were
extremely compressed among tenor and ratings/issuers.  However
at this point, the market is differentiating among asset classes
and companies' characteristics, pressuring interest margins.

In addition, increasing nonperforming assets will require higher
loan-loss provisioning, also affecting profitability levels.  
Lesser quality in recent vintages reflects the risk appetite of
mortgage companies that attacked riskier segments such as land-
financing and land-investing, as well as attempts to grant
mortgages to the informal workforce.  As seasoning of lesser-
quality vintages is yet to be seen, S&P expects growth in
nonperforming assets to continue.  However, S&P also expects to
see an improvement in the new originated loans as a result of
more stringent underwriting policies, compared with those of
previous years.

One of the factors that mitigates the impact of the debt market
and of lower profitability levels is the strong fundamentals of
Infonavit (FC: BBB/Stable/A-3 NSR: mxAAA/Stable/mxA-1+), the
most important cash-out structure for residential construction
loans (bridge loans), and one of the fastest-growing products
for mortgages (Cofinavit).

      Market differentiates Mexican mortgage nonbank banks

From a credit perspective, it is healthy that the market has
factored differences among issuers/ratings and tenor, and from
now on, companies have increased incentives to improve their
market, funding, and liquidity risk management capabilities.  In
S&P's view, the better positioned companies are those who rely
less on short-term funding and their assets and liabilities are
better matched, while they also have either more cash on hand or
access to committed facilities that cover an important part of
their upcoming maturities.  But even for companies who had major
concentrated maturities and limited cash on hand, financial
flexibility in the form of mechanisms to exchange eligible
assets for cash has provided much needed liquidity, while the
market has priced an overall risk level for which imbalances can
be cleared at higher prices.  Sociedad Hipotecaria Federal has
been key to effectively increase the size of existing vehicles
linked to warehousing lines that can provide liquidity, or even
directly fund such vehicles.



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

DOE RUN: Workers Launch Strike at La Oroya Refining Complex
-----------------------------------------------------------
Doe Run Peru's spokesperson Victor Andres Belaunde told Business
News Americas that over 30% of the firm's workers at the La
Oroya polymetallic refining complex have launched a protest
against the firm.

The workers claimed that Doe Run failed to pay correct
compensation from profits, BNamericas says, citing Mr. Belaunde.

Mr. Belaunde told BNamericas that Doe Run compensated the
employees adequately and is negotiating with the unions involved
to put an end to the strikes.  Mr. Belaunde assured BNamericas
that activities at the refinery are ongoing.

Based in St. Louis, Mo., The Doe Run Company --
http://www.doerun.com/-- is a privately held natural resources
company dedicated to environmentally responsible mineral
production, metals fabrication, recycling and reclamation.  The
company and its subsidiaries deliver products and services
needed to provide power, protection and convenience through
premium products and associated metals including lead, zinc,
copper, gold and silver.  As the operator of one of the world's
only multi-metal facilities and the Americas' largest integrated
lead producer, Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

Doe Run Peru S.R.L., an indirect Peruvian subsidiary, operates a
smelter in La Oroya, Peru, one of the largest polymetallic
processing facilities in the world, producing an extensive
product mix of non-ferrous and precious metals, including
silver, copper, zinc, lead and gold.  Doe Run Peru also has a
copper mining and milling operation in Cobriza, Peru in the
region of Huancavelica, which is approximately 200 miles
southeast of La Oroya in Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.



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

MAXXAM: Court of Appeals Upholds Judge Hughes' Ruling vs. FDIC
--------------------------------------------------------------
MAXXAM Inc. disclosed that the United States Court of Appeals
for the Fifth Circuit has upheld substantial parts of a ruling
by District Judge Lynn Hughes of the United States District
Court for the Southern District of Texas.  The District Court
ruled in 2005 that the Federal Deposit Insurance Corporation
engaged in sanctionable misconduct in connection with legal
proceedings brought against MAXXAM and others.  

The Fifth Circuit decision returns the matter to the District
Court for a determination of the amount of sanctions.  While the
final dollar award must be determined, it could be as much as
US$15 million, making it one of the largest sanction awards
against the federal government ever.

"We are pleased by the Court of Appeals' decision to uphold
Judge Hughes' finding that the FDIC acted improperly by using
litigation tactics of delay and harassment to pressure MAXXAM
into a settlement," J. Kent Friedman, general counsel of MAXXAM,
said. "We have always believed that the FDIC wasted taxpayer
money, and after years of legal battles and several rulings in
favor of MAXXAM, it is clear that the litigation was meritless."

The case stems from a decision by the FDIC to sue MAXXAM and
others in order to force a "debt-for-nature" trade as a
financial settlement for the failure of the United Saving
Association of Texas.  MAXXAM had made a substantial investment
in United Financial Group Inc., which in turn owned USAT.  

Judge Hughes found that the FDIC brought the litigation to help
the Interior Department acquire old-growth redwood trees located
in the so-called Headwaters Forest of Northern California.  
Although the FDIC had concluded it had a legally weak case, it
faced extraordinary pressure from certain members of Congress
and environmental advocacy groups to sue MAXXAM and its CEO,
Charles Hurwitz.

The FDIC's goal was to create the threat of a debt regarding
USAT that could be swapped for the Headwaters Forest, which at
the time was owned by The Pacific Lumber Company, an entirely
separate entity owned by MAXXAM.  The Fifth Circuit upheld Judge
Hughes' finding that acquiring the redwood trees was one of the
FDIC's purposes in filing the suit, well as his finding that the
FDIC used improper litigation tactics to cause delay and
harassment in an effort to increase the costs of the litigation
and force a settlement.

"No government agency is above the law," Charles E. Hurwitz,
chairman and CEO of MAXXAM, said.  "There should be consequences
when a government entity illegitimately uses the tremendous
power and resources of the United States government for an
improper purpose.  This is a fantastic victory for all of us at
MAXXAM and innocent Americans across the country who thinks the
government is too big to fight."

While the Fifth Circuit reversed the District Court's award of
US$57 million for costs incurred in an associated administrative
proceeding brought, at the direction of the FDIC,  by the Office
of Thrift Supervision, it did not do so on the ground that the
FDIC's use of the OTS to advance its agenda was entirely proper.  
It simply ruled that the District Court did not have power to
sanction for conduct in the administrative proceedings.

                          About MAXXAM

Headquartered in Houston, Texas, MAXXAM Inc. (AMEX: MXM)  
operates businesses ranging from aluminum and timber products to  
real estate and horse racing.  MAXXAM's top revenue source is  
Kaiser Aluminum, which has been in Chapter 11 bankruptcy since  
2002.  MAXXAM's timber subsidiary, Pacific Lumber, owns about  
205,000 acres of old-growth redwood and Douglas fir timberlands  
in Humboldt County, California.  MAXXAM's real estate interests  
include commercial and residential properties in Arizona,  
California, Texas, and Puerto Rico.  The company also owns the  
Sam Houston Race Park, a horseracing track near Houston.  Its  
chairperson and chief executive officer, Charles Hurwitz,  
controls 77% of MAXXAM.

At Sept. 30, 2007, the company's balance sheets showed total
assets of US$543.7 million and total liabilities of US$785.3
million resulting to total stockholders' deficit
US$241.6 million.


R&G FINANCIAL: Gets Regulatory OK for April Dividend Payments
-------------------------------------------------------------
R&G Financial Corporation received regulatory permission to make
dividend payments for April on its four outstanding series of
preferred stock and distributions for April on its trust
preferred securities issues.

Regulatory approvals are necessary as a result of the company's
agreements with the board of governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation and
Commissioner of Financial Institutions of the Commonwealth of
Puerto Rico.

The permission granted by the Federal Reserve was conditioned
upon the financial support provided by Mr. Victor Galan, a
director and former chairman and chief executive officer of the
company, through his purchase of a small portfolio of delinquent
loans, which will assist the company in the partial funding of
the company's April dividend payments.

The company relates that it is very uncertain that future
dividends and distributions will be approved absent material
improvements to the company's liquidity, capital and cash flows.

While it is possible that approval may be obtained and the
company is taking steps to apply for further approvals, the
company expects that the payment of dividends and distributions
on its outstanding preferred stock or its trust preferred
securities is unlikely in the foreseeable future.

                   About R&G Financial Corp.

Headquartered in San Juan, Puerto Rico, R&G Financial Corp.
(PNK: RGFC.PK) -- http://www.rgonline.com/-- is a financial      
holding company with operations in Puerto Rico and the
United States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the company operated 37 bank branches
in Puerto Rico, 35 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 49 mortgage offices in Puerto Rico, including 37
facilities located within R-G Premier Bank's banking branches.

                          *     *     *

R&G Financial Corporation continues to carry Fitch's 'CCC' long-
term issuer default rating which was assigned in September 2007.


SUNCOM WIRELESS: Moody's Ups Rating to 'B2' on T-Mobile Merger
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Suncom Wireless Inc. to B2 with a stable outlook from Caa1
following completion of the acquisition of Suncom by T-Mobile
USA, Inc., a subsidiary of Deutsche Telekom AG ("DT", A3 under
review for possible downgrade).

The ratings upgrade reflects Moody's view that the acquisition
of Suncom by T-Mobile materially enhances Suncom's standalone
credit profile despite the fact that neither T-Mobile or DT will
guarantee any of Suncom's debt obligations.  The magnitude of
the rating's lift has been capped at two notches based on
Moody's published methodology to rating non-guaranteed
subsidiaries.

Concurrent with this rating action, Moody's upgraded the various
instrument ratings of Suncom pursuant to Moody's loss-given-
default methodology.  Finally, Moody's said it will withdraw all
ratings for Suncom as the bank debt has been repaid and no
future standalone financial information on Suncom will be
available.  Moody's believes T-Mobile is likely to redeem
Suncom's senior unsecured notes once they are callable in June
2008.  This concludes the ratings review commenced when the
acquisition agreement between T-Mobile and Suncom was announced
in September 2007.

Upgrades:

Issuer: Suncom Wireless, Inc

  -- Probability of Default Rating, Upgraded to B2 from Caa1

  -- Corporate Family Rating, Upgraded to B2 from Caa1

  -- Senior Subordinated Regular Bond/Debenture, Upgraded to
     Caa1, LGD6 - 96% from Caa3, LGD6 - 96%

  -- Senior Secured Bank Credit Facility, Upgraded to Ba2, LGD1-
     8% from B1, LGD1- 8%

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to B3,
     LGD4- 63% from Caa2, LGD4- 63%

Outlook Actions:

Issuer: Suncom Wireless, Inc

  -- Outlook, Changed To Stable From Positive

Headquartered in Bonn, Deutsche Telekom is the leading provider
of wireline and wireless telephony services in Germany.  It is
also one of the leading international providers of wireless
services.  DT is currently 31.70% government-owned (14.83%
directly and 16.87% through state-owned investment vehicle KfW).

Headquartered in Berwyn, Pennsylvania, Suncom Wireless, Inc. is
a regional wireless telecommunications service provider
operating in the southeastern US and Puerto Rico.  Suncom is a
wholly-owned subsidiary of Suncom Wireless Holdings, Inc.


UNIVISION COMMS: Fitch Affirms CCC+ Rating on Sr. Unsecured Debt
----------------------------------------------------------------
Fitch Ratings affirmed these ratings of Univision
Communications, Inc.:

  -- Issuer Default Rating 'B';
  -- Senior secured bank 'B+/RR3';
  -- Senior secured notes 'B+/RR3';
  -- Second-Lien Loan 'B-/RR5';
  -- Senior Unsecured debt 'CCC+/RR6'.

In a filing on April 8, 2008, Univision disclosed that it
borrowed US$700 million from its seven year revolving credit
facility to provide the company with greater financial
flexibility in light of current financial market conditions.  
Fitch does not believe that the borrowing changes the company's
financial profile or probability of default at its existing 'B'
rating.  The Outlook remains Stable.

While there may be some uncertainty regarding whether the
drawing
is related to an undisclosed adverse event, Fitch believes the
forward-looking component of the Material Adverse Effect
Representation somewhat mitigates this risk.

As detailed in a Fitch press release dated March 4, Fitch
believes the company has various alternatives to pay down its
US$500 million second-lien loan due March 2009, including sale
proceeds from its music division, the sale of non-cash flow
producing assets and the sale of non-core assets.  Fitch views
the company's TV stations that are not in top Hispanic markets
and/or do not have duopolies (Salt Lake City, Cleveland,
Raleigh) and stand-alone radio stations (Las Vegas, San Diego)
as non-core.  Beyond 2009, the company does not have any debt
maturities until US$500 million due 2011.  Fitch believes the
company will be cash flow positive over the intermediate term.

The ratings are still supported by the company's underlying
portfolio of assets which include duopoly TV stations and radio
stations in most of the top Hispanic markets, with a national
overlay of broadcast and cable networks.  The ratings are
restrained from a highly leveraged capital structure that
includes cash interest coverage of under 1.5x.  Fitch expects
the company to pay cash interest on its PIK Notes for the
existing six month period, however any period with revolver
availability under US$300 million results in automatic PIK
election on these notes.  The ratings are also restrained by the
ongoing litigation disputes with Televisa.  As Fitch have
mentioned before, there is limited potential for upward momentum
to ratings in the future unless the company is able to agree to
a longer term contract with Televisa.  

These concerns are balanced by Fitch's continued expectations
for strong growth over the intermediate term.

Headquartered in Los Angeles, Calif., Univision Communications
Inc., (NYSE: UVN) -- http://www.univision.net/-- owns and
operates more than 60 television stations in the U.S. and Puerto
Rico offering a variety of news, sports, and entertainment
programming.   The company had about US$2.6 billion in debts at
Dec. 31, 2006.


WESTERN RADIOSONIC: Case Summary, 23 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Western Radiosonic Inc.
        105 Mendez Vigo Street
        Mayaguez, PR 00680

Bankruptcy Case No.: 08-01956

Type of Business: Health Care Business

Chapter 11 Petition Date: March 31, 2008

Court: District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Angelique Doble Bravo, Esq.
                  Gallart Law Firm
                  420 Ponce De Leon Avenue
                  Midtown Build Suite 304
                  San Juan, PR 00918
                  Tel: 787-754-7171
                  Fax: 787-250-1041
                  gallartlaw@yahoo.com

Estimated Assets: US$2,397,552

Estimated Debts: US$1,437,825

Debtor's list of its 23 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Department of Treasury           taxes             US$736,150
Bankruptcy Section
424 B P.O. Box 9024140
San Juan, PR 00902

Internal Revenue Services        taxes             US$281,075
Philadelphia, PA 19255

Crim                             taxes             US$174,606
P.O. Box 195387
San Juan, PR 00919

Department of Labor              unemployment      US$57,624

Asociacion Condominio La Palma   maintainance      US$49,013
                                 contract

Medintek Corp.                   trade debt        US$47,500

Gallart Law Firm                 trade debt        US$47,783

CPA Israel Dominicci & Co. PSC   trade debt        US$35,000

Rodriguez Rivera & Toro          trade debt        US$29,654

Municipio De Mayaguez            taxes             US$21,450

Autoridad De Energia Electrica   utilities         US$15,711

Aguadilla Airlines               trade debt        US$7,316

Samuel Olmeda                    trade debt        US$4,377

Luis Rivera                      trade debt        US$4,620

Sepulveda & Sepulveda            trade debt        US$4,000

Asociacion Condominio Centro     maintainance      US$1,500
Servicios Medicos                contract

Centennial Cellular              utilities         US$1,319

Puerto Rico Telephone            trade debt        US$978

Centennial Data                  utilities         US$503

Tischer & Company                trade debt        US$254

Asociacion Condominio            maintainance      US$169
Popular Center                   contract

Autoridad De Acueductos          utilities         unknown
y Alcantarillados

Old San Juan Station             trade debt        unknown



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

HARVEST NATURAL: Says Venezuela's Windfall Tax Bad for Industry
---------------------------------------------------------------
Harvest Natural Resources' Chief Executive Officer James
Edmiston told Business News Americas that Venezuela's planned
windfall tax on oil production would negatively affect the oil
industry.

The unicameral national assembly has tentatively approved the
windfall tax, BNamericas says, citing Mr. Edmiston.

BNamericas relates that Mr. Edmiston said during the Independent
Petroleum Association of America conference in New York, "The
assembly has passed the first reading of the legislation and it
will go back for a second reading before it becomes law.  At
that point, the ministry of oil and energy will be charged with
writing up the specific legislation for the tax."

Mr. Edmiston told BNamericas that "the assembly most likely will
be set two triggers at US$70 per barrel and US$100 barrels per
day."

Mr. Edmiston commented to BNamericas, "I'm not going to
speculate on what the net affect for us will be.  But it's like
any other tax: it will reduce investment.  It will have an
impact on investor confidence in Venezuela and I think it will
work against Venezuela's desire to increase production in the
near term.  It's a tax that you've seen implemented in a number
of other countries, so we know what the [general] effects are."

According to BNamericas, Mr. Edmiston said that the windfall
taxes affect different assets in different ways and that the tax
would slow the pace of output increases on "untapped reserves."

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

                        *     *     *

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


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


PETROLEOS DE VENEZUELA: Exxon Still Operates Chalmette Plant
------------------------------------------------------------
Exxon Mobil Corp. told Dow Jones that it continues to operate
the Chalmette Refining LLC it jointly owns with Petroleos de
Venezuela SA.

As reported in the Troubled Company Reporter-Latin America on
April 11, 2008, Petroleos de Venezuela will seek to replace
Exxon Mobil as operator of the Chalmette plant in Louisiana.  
The Venezuelan government wants a new operator for the Chalmette
oil refinery.

Exxon Mobil spokesperson Margaret Ross commented to Dow Jones
Americas, "ExxonMobil is aware that PdVSA [Petroleos de
Venezuela] is considering its option to exercise its rights
under the Chalmette Refining LLC, operating agreement to remove
ExxonMobil Oil Corp. as operator of the refinery.  It is our
policy not to comment in detail on the specifics of our
contracts."

Exxon Mobil is still open to discussion with Petroleos de
Venezuela, Dow Jones states, citing Ms. Ross.

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

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

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Discloses Strategy at London Congress
-------------------------------------------------------------
Petroleos de Venezuela SA has disclosed its strategy on oil
sovereignty and social responsibility at the World Congress of
National Oil Companies in London, Prensa Latina reports.

According to Luis Verma, PDVSA vice president for exploration
and production, the national laws defended state-run oil
prospect and production, while costs and risks can be shared in
ventures, the report adds.

The report states that Mr. Verma has discussed the regional
energy integration and diversification under the rules of the
Organization of Petroleum Exporting Countries.

The discussion was involved with the definition of the role of
national companies in world oil potential, including, reserves,
production, human resources and technology.

Companies National Iranian Oil Company, Abu Dhabi National Oil
Company (United Arab Emirates, Sonangol (Angola), Qatar
Petroleum (Qatar), Petrobras (Brazil), PEMEX (Mexico), Statoil,
ChevronTexaco and Shell (US) and TOTAL (France) were present
during the Congress.

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

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

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

                        *     *     *

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



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

* BOND PRICING: For the Week April 7 - April 11, 2008
-----------------------------------------------------

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

   ARGENTINA
   ---------
Argnt-Bocon PR11         2.000     12/3/10     ARS      59.84
Argnt-Bocon PR13         2.000     3/15/24     ARS      61.67
Arg Boden                2.000     9/30/08     ARS      15.10
Argent-EURDIS            7.820    12/31/33     EUR      71.44
Argent-Par               0.630    12/31/38     ARS      38.33

   BRAZIL
   ------
CESP                     9.750     1/15/15     BRL      63.35

   CAYMAN ISLANDS
   --------------
Shinsei Fin Caym         6.418     1/29/49     USD      69.71
Shinsei Finance          7.160     7/29/49     USD      67.64
Vontobel Cayman          5.000     3/12/10     CHF      71.40
Vontobel Cayman          8.250     4/25/08     CHF      70.80
Vontobel Cayman          8.250     7/28/08     CHF      45.20
Vontobel Cayman          8.000    10/24/08     CHF      53.80
Vontobel Cayman          9.100    10/31/08     CHF      67.60
Vontobel Cayman         10.000    10/24/08     CHF      53.40
Vontobel Cayman         10.400      7/8/08     CHF      55.80
Vontobel Cayman         10.800     9/26/08     CHF      56.75
Vontobel Cayman         10.900     9/26/08     CHF      54.60
Vontobel Cayman         11.000     6/20/08     CHF      43.80
Vontobel Cayman         11.500     6/27/08     EUR      61.55
Vontobel Cayman         11.500     7/22/08     CHF      66.20
Vontobel Cayman         17.500      6/5/09     CHF      70.20
Vontobel Cayman         20.000     1/23/09     EUR      69.20

   JAMAICA
   -------
Jamaica Govt LRS         7.500     10/6/12     JMD      71.84
Jamaica Govt LRS        12.750     6/29/22     JMD      73.60
Jamaica Govt LRS        12.850     5/31/22     JMD      73.00

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

   VENEZUELA
   ---------
Petroleos de Ven         5.250     4/12/17     USD      67.35
Petroleos de Ven         5.375     4/12/27     USD      58.57
Petroleos de Ven         5.500     4/12/37     USD      57.64
Venezuela                7.000     3/31/38     USD      69.62


                            ***********


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

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

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

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

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

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


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