TCRLA_Public/080415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, April 15, 2008, Vol. 9, No. 74

                            Headlines


A R G E N T I N A

ALITALIA SPA: Sets April 15 Meeting with Unions
CARUSO COMPANIA: Moody's Holds Ba3 Insurance Fin'l Strength Rtng
CONTRERAS HERMANOS: Moody's Assigns B3 Corporate Family Rating
CREACIONES MI: Proofs of Claim Verification Deadline is June 2
DDIM SRL: Proofs of Claim Verification Deadline is May 26

IMPOMOTOR SA: Proofs of Claim Verification is Until May 23
RNG SRL: Proofs of Claim Verification Deadline is May 16
SUMMIT GROUP: Trustee to Verify Proofs of Claim Until June 4
TOPFRUITS SA: Proofs of Claim Verification is Until July 15


B A H A M A S

ULTRAPETROL (BAHAMAS): Moody's Stays B2 Rating on US$180MM Notes


B A R B A D O S

AMERICAN AIRLINES: Cancels 200 MD-80 Flights on Saturday


B E R M U D A

COSAN LTD: S&P Assigns Long-Term Corporate Credit Rating at BB
INTELSAT LTD: Galaxy 14 Signs Contract with Rainbow Network
INTELSAT LTD: IPTV to Supply Video Programming to Cruise Ships
INTERNATIONAL ENERGY: Proofs of Claim Filing is Until May 2
INTERNATIONAL ENERGY: Sets Final Shareholders Meeting for May 14

SCOTTISH RE: A.M. Best Cuts Issuer Credit Ratings to bb- From bb
SHELL OVERSEAS: Liquidation Stayed at Shareholder's Request


B R A Z I L

DELPHI CORP: Shareholder Settlement Hearing Set for April 29
DIRECTV GROUP: Stake Swap Results in Two Board Seats for Liberty
DIRECTV GROUP: FCC Sees Liberty Media Deal to Benefit Public
EMBRATEL PARTICIPACOES: Seeks Regulator Okay for Paid TV License
GENERAL MOTORS: Idles Assembly Plant Due to AAM Workers' Strike

GENERAL MOTORS: Supplier's Workers Strike Won't Affect S&P Rtg.
JAPAN AIRLINES: To Seek Compensation for Dreamliner Delay
MILACRON INC: Dec. 31 Balance Sheet Upside-Down by US$51.1 Mil.
NORTEL NETWORKS: Posts US$844 Mil. Net Loss in 4th Quarter 2007
PERDIGAO SA: Board Approves Eleva Alimentos Merger Proposal

PERDIGAO SA: Board Approves BRL0.37/Share Interest Distribution
TAM SA: Flies 52,900 Passengers Since Signing TAP Portugal Deal


C A Y M A N  I S L A N D S

AVALON RE: S&P Cuts Class C Notes' Debt Rating to CC From CCC-
CAYMAN SPECIALTY: Sets Final Shareholders Meeting for April 17
DD EURO: Sets Final Shareholders Meeting for April 17
DD EURO GROWTH: Final Shareholders Meeting is on April 17
GANNET VI: Proofs of Claim Filing Deadline is April 17

HARBOR WAREHOUSE: Proofs of Claim Filing is Until April 17
KBW SMALL: Proofs of Claim Filing Deadline is April 17
PARKER FIELD: Proofs of Claim Filing is Until April 17
PARMALAT SPA: Board Names Bondi as CEO, Picella as Chairman
PARMALAT SPA: Extraordinary Shareholders' Meeting Set May 30

PARMALAT SPA: Shareholders Elect Directors' & Auditors' Board
POWRS 1997-1: Proofs of Claim Filing Deadline is April 17
TEAMSTAR HOLDINGS: Proofs of Claim Filing is Until April 17
TRIBECA INVESTMENTS: Proofs of Claim Filing Deadline is April 17


C H I L E

GASATACAMA: May Go Bankrupt Despite Efforts to Keep Afloat
PHELPS DODGE: S&P Ups Rating From BB+ on Adequate Debt Reduction


C O L O M B I A

BANCOLOMBIA SA: March Unconsolidated Net Income is COP219,621MM
SOLUTIA INC: Judge Beatty OKs Bank of New York Settlement Pact
SOLUTIA INC: Court Approves Bayer & Lanxess Claims Settlement
SOLUTIA INC: Court Approves Quinn Emanuel as Conflicts Counsel
TRANSTEL INTERMEDIA: Fitch Holds Junk Ratings, Outlook Stable


C O S T A  R I C A

SIRVA INC: Obtains Additional US$10 Mil. DIP Loan; Panel Objects


D O M I N I C A N   R E P U B L I C

FREESTAR TECH: Posts US$4.5 Million Net Loss in Second Quarter
PRC LLC: Wants Action Removal Period Extended to July 21
PRC LLC: Wants Lease Decision Period Extended to August 20
PRC LLC: Wants Site Consolidation Incentive Plan Approved


J A M A I C A

NATIONAL WATER: Sees Losses of Over J$200 Million in FY2008


M E X I C O

AMERICAN AXLE: Reaches Agreements With U.K. & Mexican Unions
BALLY TOTAL: Reaches Settlement with SEC After Fraud Allegations
CHRYSLER LLC: Plastech to Continue Supply Parts Until March 3
SHARPER IMAGE: Schedules Filing Deadline Extended to April 4
SHARPER IMAGE: Court Grants Request to Pay Vendor Obligations


P A N A M A

MULTIBANK PANAMA: Fitch Assigns BB-/B ID Ratings, Outlook Stable


P U E R T O  R I C O

TYCO INTERNATIONAL: Shutdowns Aguadilla Plant; Cuts 600 Jobs


X X X X X X

* S&P Says LatAm & Emerging Markets Offset U.S. Plastic Demand
* Large Companies with Insolvent Balance Sheet


                         - - - - -


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

ALITALIA SPA: Sets April 15 Meeting with Unions
-----------------------------------------------
Alitalia S.p.A. will meet its unions on April 15, 2008, to
discuss plans for the national carrier's future after it
revealed having only EUR170 million cash-to-hand and short-term
financial credits, Bloomberg News reports citing a spokesman for
the FILT-CGIL union.

As reported in the TCR-Europe on April 10, 2008, Alitalia said
it needs substantial financial support, through which it would
"be possible to regain the required confidence to pursue the
company’s business plan and hence to confirm continuity of
operations."

Alitalia said in January 2008 that it needs to raise
EUR750 million in fresh funds in the first half of the year to
remain at "adequate operating levels."

The Italian government had pledged to grant Alitalia a
EUR300 million bridging loan if the sale of its 49.9% stake to
Air France pushes through.  The French carrier, however,
withdrew its binding offer after failing to receive approval
from Alitalia's unions, which Air France needs to finalize the
takeover.

As reported in the TCR-Europe on April 9, 2008, Air France CEO
Jean Cyril Spinetta said that "it's now up to Alitalia and its
employees and unions to say how they view the future of their
airline."

Mr. Spinetta noted that Air France will not submit a new offer,
stressing that the plans amended bid presented to unions during
the negotiations "is the only one that would enable Alitalia to
return to profitable growth within a rapid time frame."

Alitalia's unions have expressed willingness to resume talks
with Air France.

                          About Alitalia

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

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

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


CARUSO COMPANIA: Moody's Holds Ba3 Insurance Fin'l Strength Rtng
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings and stable
outlook on the Ba3 global local-currency insurance financial
strength rating and the Aa2.ar IFS rating on Argentina's
national scale of Caruso Compania Argentina de Seguros S.A.

The rating agency explained that Caruso Compania's ratings
primarily reflect its significant regional positioning -- with
about 4% market share of the Argentine group life insurance
segment, as well as steadily excellent profitability, across
both investment and underwriting performance.  Moreover, the
company's capitalization has been stronger than most of the
nation's other insurers, and its key ratios and financial
profile have been consistently strong during the last few years
-- with much less volatility than its rivals.

Offsetting these positive trends to some degree, however, is the
fact that the company's credit profile is still strongly
influenced by significant challenges and weaknesses, Moody's
points out.  These challenges, the rating agency says, include
its lack of product diversification, its significant investment
risk -- somewhat offset by its well-diversified investment
portfolio -- its small size relative to peers', and the systemic
country-specific risk of doing business in Argentina.

Caruso Compania reported a net profit of ARS6.1 million during
the first half of the 2007/2008 fiscal year, ended Dec. 31 2007.  
This profit derived from underwriting income of ARS7.4 million,
as well as a positive financial result of ARS2.2 million.  Total
reported assets amounted to ARS91.1 million, and shareholders'
equity was ARS53.1 million at Dec. 31, 2007.

Based in Cordoba, Argentina, Caruso Compania Argentina de
Seguros SA provides multiline insurance coverages, although the
company's principal business segment is group life, comprising
almost 90% of gross premiums written.  The company's products
are designed mainly for small-to-medium sized businesses and for
medium-to-lower income individuals.  It distributes its products
in the central and northwestern regions of Argentina.


CONTRERAS HERMANOS: Moody's Assigns B3 Corporate Family Rating
--------------------------------------------------------------
Moody's Latin America has assigned a B3 local currency corporate
family rating and an A3.ar Argentina National Scale corporate
family rating to Contreras Hermanos S.A.  The outlook is stable.  
This is the first time that Moody's has assigned a rating to the
company.

The B3 local currency corporate family rating and A3.ar
Argentina National Scale rating reflect Contreras Hermanos'
small size, earnings volatility and substantial geographic and
project concentration.  In addition, the rating is constrained
by the company's limited financial disclosure and lack of
alternative sources of liquidity at a time when the company is
experiencing strong growth rates that may require an increased
investment in working capital.  The ratings are supported by the
company's sound business model, its long-term track record in
the Argentine construction industry and its specialty expertise
in the oil and gas sector.  Its strong credit metrics for its
rating category also support the ratings.

The company's total revenues for 2007 totaled ARS390 million
(approximately US$120 million), which is very low when compared
to its international and regional peers.  Nevertheless,
Contreras Hermanos built an extensive project track record,
protected by some barriers to entry.  According to Moody's
analyst Daniela Cuan, "there are few contractors in Argentina
that can offer Contreras's level of expertise and capabilities
in the gas industry, and the size of the market is not
attractive to bigger international players."  The company's
project portfolio consists of both private and public sector
projects and its main clients are among the major Argentine oil
and gas producers.

Also considered in the rating are the company's low debt levels
and strong credit metrics for the B3 rating category, with a 30%
debt to capitalization ratio and less than 1.0 total debt to
EBITDA.  However, the importance of credits metrics is lessened
by the lack of financial disclosure.  As a privately-held
limited company, Contreras Hermanos is not subject to most of
the corporate governance and financial reporting practices of a
publicly-traded company.  Moody's particularly views as a credit
negative the fact that its financial statements are audited by a
small, regional auditing firm.

Moody's views the company's lack of access to capital markets
and other alternate liquidity sources as a credit negative,
particularly when considering the lack of a committed credit
facility, although bank revolvers are not common among lower
rated issuers in Latin America.

The stable outlook reflects Moody's expectation that Contreras
Hermanos will face challenges to finance its expected strong
growth and likely maintain a highly concentrated project
portfolio.  The outlook also reflects Moody's expectation of
prudent financial policies with regard to dividends and the
maintenance of strong credit metrics for its rating category.

The ratings could be upgraded if the company demonstrates an
ability to significantly diversify and increase its revenue base
and project backlog while maintaining solid profit margins and
earnings stability.  Improved governance and financial
disclosure, as well as a more predictable liquidity position,
could also be positive for the rating.

The rating could be negatively impacted by a substantial
increase in leverage or deterioration in liquidity, with debt to
capitalization of more than 50% and consistently negative
retained cash flow.  In addition, the ratings could come under
downward pressure if the Argentine gas expansion projects in the
order backlog were to be suspended or terminated.

Headquartered in Buenos Aires, Argentina, Contreras Hermanos
S.A. is a family-owned construction company, focused principally
on the oil and gas sector, but with additional projects in the
civil and industrial infrastructure segments.  Consolidated
revenues for 2007 were ARS390 million.


CREACIONES MI: Proofs of Claim Verification Deadline is June 2
--------------------------------------------------------------
Mabel Herrera, the court-appointed trustee for Creaciones Mi
SA's bankruptcy proceeding, will be verifying creditors' proofs
of claim until June 2, 2008.

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

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

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

The trustee can be reached at:

           Mabel Herrera
           Rodriguez Pena 694
           Buenos Aires, Argentina


DDIM SRL: Proofs of Claim Verification Deadline is May 26
---------------------------------------------------------
Elsa A. Etchegaray Pena, the court-appointed trustee for Ddim
S.R.L.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until May 26, 2008.

Ms. Pena will present the validated claims in court as
individual reports on July 7, 2008.  The National Commercial
Court of First Instance in Mar del Plata, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Ddim 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 Ddim's accounting and
banking records will be submitted in court on Aug. 19, 2008.

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

The debtor can be reached at:

           Ddim S.R.L.
           Aragon 8867, Mar del Plata
           Buenos Aires, Argentina

The trustee can be reached at:

           Elsa A. Etchegaray Pena
           Avenida Luro 3894, Mar del Plata
           Buenos Aires, Argentina


IMPOMOTOR SA: Proofs of Claim Verification is Until May 23
----------------------------------------------------------
Ernesto Carlos Borzone, the court-appointed trustee for
Impomotor S.A.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until May 23, 2008.

Mr. Borzone will present the validated claims in court as
individual reports on July 7, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Impomotor 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 Impomotor's
accounting and banking records will be submitted in court on
Sept. 2, 2008.

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

The trustee can be reached at:

           Ernesto Carlos Borzone
           Cuenca 1464
           Buenos Aires, Argentina


RNG SRL: Proofs of Claim Verification Deadline is May 16
--------------------------------------------------------
Maria Elvira Sagasti, the court-appointed trustee for RNG
S.R.L.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until May 16, 2008.

Ms. Sagasti will present the validated claims in court as
individual reports on June 30, 2008.  The National Commercial
Court of First Instance in San Nicolas, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by RNG 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 RNG's accounting and
banking records will be submitted in court on Aug. 26, 2008.

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

The debtor can be reached at:

           RNG S.R.L.
           Balcarce 190, San Nicolas
           Buenos Aires, Argentina

The trustee can be reached at:

           Maria Elvira Sagasti
           Espana 389, San Nicolas
           Buenos Aires, Argentina


SUMMIT GROUP: Trustee to Verify Proofs of Claim Until June 4
------------------------------------------------------------
Amalia Mild, the court-appointed trustee for Summit Group
Corporation SA's reorganization proceeding, will be verifying
creditors' proofs of claim until June 4, 2008.

Ms. Mild will present the validated claims in court as
individual reports.  The National Commercial Court of First  
Instance No. 10 in Buenos Aires, with the assistance of Clerk  
No. 19, 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 Summit Group 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 Summit Group'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 April 24, 2009.

The debtor can be reached at:

        Summit Group Corporation SA
        Hipolito Yrigoyen 1530
        Buenos Aires, Argentina

The trustee can be reached at:

        Amalia Mild
        Lavalle 2024
        Buenos Aires, Argentina


TOPFRUITS SA: Proofs of Claim Verification is Until July 15
-----------------------------------------------------------
Aldo Bassagaisteguy, the court-appointed trustee for Topfruits
S.A.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until July 15, 2008.

Mr. Bassagaisteguy will present the validated claims in court as
individual reports on Sept. 10, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Topfruits 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 Topfruits' accounting
and banking records will be submitted in court on Oct. 22, 2008.

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

The trustee can be reached at:

           Aldo Bassagaisteguy
           Avenida Roque Saenz Pena 1134
           Buenos Aires, Argentina



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B A H A M A S
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ULTRAPETROL (BAHAMAS): Moody's Stays B2 Rating on US$180MM Notes
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and the B2 rating on the US$180 million 9% guaranteed
first mortgage notes due 2014 of Ultrapetrol (Bahamas) Limited.  
The outlook remains stable.

The affirmation reflects the likelihood of strong earnings and
operational cash flow growth over the next 18 months against a
large capital spending program underway, an adequate liquidity
profile, and the company's recently announced US$50 million
share repurchase program.  Moody's anticipates that
Ultrapetrol's use of forward freight agreement (FFA) derivative
contracts in the company's ocean segment will materially boost
day rates earned on three of the company's chartered oil-bulk-
ore vessels above the 2007 levels, which will help boost overall
earnings.  The higher earnings will be required to supplement
Ultrapetrol's December 2007 unrestricted cash balance of US$64
million as the company plans capital spending of US$250 million
over 2008-2009, with US$111 million of that 2008-2009 spending
committed, in addition to the share repurchase program.

The stable outlook reflects Moody's view that day rates on the
company's Ocean time charter business will remain strong into
2009 while margins in the company's other segments will not
deteriorate and debt financing, to help meet vessel payments,
will soon be forthcoming.  The stable outlook contemplates that
the company's liquidity profile will remain adequate over 2008-
2009 despite the capital spending program and share repurchase
plans.  Since the company possesses only a US$10 million
committed revolving credit facility in addition to the US$64
million unrestricted cash to supplement internal cash flow
generation, without new committed borrowings near term, the
liquidity profile would weaken in coming months, pressuring the
ratings or outlook.

Headquartered in Nassau, Bahamas, Ultrapetrol (Bahamas) Limited
(Nasdaq: ULTR) -- http://www.ultrapetrol.net/-- is a diverse  
international marine transportation company.  The company
operates in four segments: River, Ocean, Offshore Platform
Supply and Passenger and had 2007 revenues of US$221.7 million.  
It serves the shipping markets for grain, forest products,
minerals, crude oil, petroleum and refined petroleum products,
as well as the offshore oil platform supply market and the
leisure passenger cruise market, with its extensive and diverse
fleet of vessels.  These include river barges and pushboats,
platform supply vessels, tankers, oil-bulk-ore vessels and
passenger ships.



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

AMERICAN AIRLINES: Cancels 200 MD-80 Flights on Saturday
--------------------------------------------------------
American Airlines Inc. has canceled approximately 200 MD-80
flights on Saturday, April 12, 2008.

By late Friday afternoon, American Airlines had re-inspected and
put back into service 231 of its 300 MD-80s; most of the
remainder of the fleet was expected to be readied for service
Friday night.  The airline will operate about 75 percent of its
MD-80 schedule early Saturday, with all planes in service by
late Saturday afternoon.

The airline continues to re-accommodate customers affected by
this week's activity as its maintenance work force conducted the
final group of safety inspections.  These inspections were
necessary 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 our customers.

On Friday American Airlines canceled approximately 595 flights.  
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.

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.



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B E R M U D A
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COSAN LTD: S&P Assigns Long-Term Corporate Credit Rating at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' long-
term corporate credit rating to sugar-cane processor Cosan Ltd.  
The outlook is stable.
     
"The ratings on Cosan ultimately reflect the risks associated
with its main operating subsidiary Cosan S.A. in Brazil.  As
such, the ratings reflect inherent risks in its operating
company commodity-oriented business, which depends on highly
volatile and protected sugar and ethanol market conditions
worldwide, resulting in volatile EBITDAH margins.  The ratings
also consider substantial working capital needed to finance the
sugar cane crop and a still-aggressive financial risk policy
associated with Cosan's growth plans, which could potentially
weaken its credit metrics in the medium term," said S&P's credit
analyst Vivian Zietemann.
     
These negative rating factors are partly mitigated by the
company's advantageous cost position, which results from the
favorable climate in Brazil, where its main operation is
located, and from efficient operations and logistics.  Scale
gains from the company's strategic position as the largest sugar
cane processor in Brazil also partly compensate for negative
rating factors.  Finally, Cosan's strong liquidity position,
which has improved significantly during the past year, also
plays an important role by mitigating business volatility and
occasional financial leverage, although S&P believes the company
could use part of its cash to finance projected growth.
     
The stable outlook reflects S&P's expectations that Cosan will
maintain its leading market position in Brazil and strong export
orientation, although the rating agency believes market
conditions for 2008-2009 will likely prevent the company from
delivering robust operational efficiency.  The stable outlook
also incorporates S&P's expectation that the company's strong
cash position will continue partly mitigating the company's
weaker credit metrics projected for the next periods.
     
The ratings could be lowered or the outlook revised to negative
if the company fails to recover operational results from 2009
on, delivering EBITDAH margins of less than 15% and weaker cash-
flow protection measures, such as FFO-to-total debt ratio
consistently lower than 15%.  Moreover, an aggressive
acquisition plan, especially if financed with additional debt,
or comprising high execution risks due to integration of new
operations and businesses, would also be a negative rating
factor.
     
An upgrade or revision of the outlook to positive would depend
on stronger and more stable margins in the 20%-25% range and,
more importantly, on consistent reduction in debt leverage,
leading the company to stronger credit metrics such as FFO-to-
total-debt higher than 35%.  An unexpected improvement of the
global environment for sugar and ethanol producers, resulting in
less protective international markets, could result in
significant benefits to Cosan's business and financial risk
profiles, and thus result in a positive revision of the ratings.

Headquartered in Bermuda, Cosan Limited is a holding company of
the Sao Paulo, Brazil-based sugar and ethanol giant, Cosan S.A.
Industria e Comercio.  The company operates in three segments:
sugar, ethanol, and other products and services.  It is the
result of a corporate restructuring implemented last year, which
consisted of its listing on the New York Stock Exchange (NYSE).


INTELSAT LTD: Galaxy 14 Signs Contract with Rainbow Network
-----------------------------------------------------------
Intelsat Ltd. disclosed that Rainbow Network Communications has
signed a multi-year contract on Intelsat’s Galaxy 14 satellite
to deliver HD programming into the North American cable market.

Intelsat’s valuable, industry-leading Galaxy neighborhood offers
transmission services for HD programming being distributed via
cable MSOs in the United States, reaching millions of homes.  
Located at 125 degrees West in the U.S. cable arc, Galaxy 14 is
designed to meet the needs of the growing proliferation of HD
content.

“Intelsat’s Galaxy fleet is the premier platform for advanced
content distribution into the North American region,” said Steve
Pontillo, Senior Vice President of Broadcasting and Technology,
Rainbow Media.  “When we examined our options for HD
distribution, Intelsat’s Galaxy 14 satellite was ideally
positioned to provide us with the North American cable
penetration Rainbow Media needed to meet its long-term business
objectives.”

“Intelsat, through the Galaxy fleet, was the first satellite
operator to establish a North American HD neighborhood. Today,
Intelsat delivers more than 40 HD channels globally,” said Kurt
Riegelman, Intelsat’s Senior Vice President, Global Sales.  
“High definition programming features prominently in the growth
prospects of the media industry, with some analysts forecasting
nearly 500 new channel launches by 2012.  We will continue to
build HD neighborhoods in order to ensure efficient, high value
distribution for our programmer customers.”

                     About Rainbow Networks

Rainbow Network Communications, a subsidiary of Rainbow Media
Holdings LLC, is a full service network programming origination
and distribution company supplying an array of services to the
cable, broadcast and satellite industries.  RNC's state-of-the-
art Broadcasting and Technology Center provides HD and SD
program delivery, Affiliate Engineering, Network Operations,
Traffic and Scheduling and Network Services for seamless, day-
to-day domestic and global delivery of any network.  RNC's
client base includes Rainbow Media's own AMC, The Independent
Film Channel, WE tv, VOOM HD Networks, and other premier
clients.

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: IPTV to Supply Video Programming to Cruise Ships
--------------------------------------------------------------
Intelsat Ltd.'s IPTV has been selected as a distribution
platform for programming to cruise ships in the Americas.

Wave Entertainment Network(TM), a wholly owned subsidiary of
SeaMobile(R) Enterprises, contracted with Intelsat to provide
Wave’s industry-leading satellite television via Intelsat’s IPTV
platform to cruise ships in certain regions of the world.

Wave Entertainment Network is delivering an at-sea and remote
location viewing experience rivaling land-based services at
home.  The Wave network is the first multi-channel, interactive
television platform ever to be distributed to passenger cruise
ships in all ocean regions around the world.  Wave offers
abundant content with superior digital picture quality via the
satellite delivered Intelsat IPTV system.  The system is fully
operational and the first ship, Oceania Cruises Insignia, has
been deployed.

Intelsat’s Galaxy 13/Horizons 1 satellite located at 127 degrees
West, along with Intelsat’s IPTV Super Headend at its
Mountainside Teleport facility in Maryland will be the primary
transmitters of Wave’s channel lineup to the ships in the
Americas.  Wave’s system will utilize existing on-board tracking
C-band antennas to receive the content.

“Wave Entertainment Network is the first to serve the cruise
industry with multi-channel, interactive television.  Such
diverse entertainment and communications offerings demand
seamless, global connectivity and we continue to find those
elements within the Intelsat global network of satellite and
teleport facilities,” said Larry Lemoine, President of Wave
Entertainment Network.  “Wave Entertainment’s television line-up
allows guests on cruise ships to experience all of the
entertainment choices that they could expect on land.   
Intelsat's IPTV high-quality distribution platform is not only a
leading offering today but it also provides us an opportunity to
enhance our service as our business grows.”

“With Intelsat IPTV, customers such as Wave Entertainment,
receive a wholesale MPEG-4 content aggregation and delivery
service that provides flexibility, ability to tailor a solution,
cost-savings and high quality programming,” said Michael
DeMarco, Intelsat’s Vice President, Video Services.  ”Within the
past few years, the maritime industry has seen a growing trend
of adopting more always-on communications solutions and more
diverse entertainment packages—both which can be seamlessly
delivered via the Intelsat IPTV platform.”

                    About Wave Entertainment

Wave Entertainment Network TV --
http://www.waveentertainment.net/-- offers a diverse, like-at-
home broadcast line-up of programming including: satellite TV,
video-on-demand, live sports, special interest, kid-focused,
live national news, adult programs, and live special events
programming.  The system uses a combination of satellite
technology and special caching technology that allows viewers to
experience live events and network programming in time slots
they are accustomed to seeing.

                   About SeaMobile Enterprises

SeaMobile Enterprises -- http://www.seamobile.com/-- is the  
dominant global service provider of at-sea communications,
connectivity and content services.  The company's VSAT solutions
are delivered by the industry leader, MTN Satellite Services, a
division of SeaMobile specializing in the maritime industry.  
Its global VSAT satellite communications network offers the
reliability that only “Always On – Always Available” systems can
provide.  Over 350 vessels worldwide, including most cruise
ships, the government and military, private yachts, ferries, the
offshore energy industry, and commercial shipping customers
depend on the company's voice and data networks to keep people
connected anywhere in the world.  Its premier services include
remote access for Internet, fixed and mobile phones, fax,
television, on-board newspapers, and direct payroll deposit.

                       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.


INTERNATIONAL ENERGY: Proofs of Claim Filing is Until May 2
-----------------------------------------------------------
International Energy Insurance Limited's creditors have until
May 2, 2008, to prove their claims to Heidi Daniels-Roque, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

International Energy's shareholder decided on April 9, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


INTERNATIONAL ENERGY: Sets Final Shareholders Meeting for May 14
----------------------------------------------------------------
International Energy Insurance Limited will hold its final
shareholders meeting on May 14, 2008, at 10:00 a.m., at  Sofia
House, 1st Floor, 48 Church Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

   -- receiving an account showing the manner in which
      the winding-up of the company has been conducted
      and its property disposed of and hearing any
      explanation that may be given by the liquidator;

   -- determination by resolution the manner in
      which the books, accounts and documents of the
      company and of the liquidator shall be
      disposed; and

   -- passing of a resolution dissolving the
      company.

International Energy's shareholder decided on April 9, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


SCOTTISH RE: A.M. Best Cuts Issuer Credit Ratings to bb- From bb
----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B-
from B and the issuer credit ratings to "bb-" from "bb" of the
primary operating insurance subsidiaries of Scottish Re Group
Limited.  A.M. Best also has downgraded the ICR to "ccc+" from
"b-" and the various debt ratings of Scottish Re.  All ratings
have been placed under review with negative implications.

Subsequent to the Feb. 27, 2008 rating downgrades, A.M. Best has
noted a heightened lack of clarity with respect to Scottish Re's
financial strength position, underpinned by continuing
deterioration in the credit markets and the likely further
declines in the market value of its investment portfolio and
assets in various special purpose vehicles (SPV).  Scottish Re
has twice postponed the filing of its Form 10-K, primarily due
to an inability to complete the evaluation of mark-to-market
valuations and other temporary impairments in the carrying value
of its available for sale securities.  The continuing market
deterioration in the subprime mortgage loan market will result
in additional delinquencies and losses and there remains
uncertainty surrounding the ultimate impact of investment write-
downs on Scottish Re, its subsidiaries and SPVs such as
Ballantyne Re plc.  The rating downgrades also reflect A.M.
Best's concerns with the ongoing pricing, volatility, valuation
and default risk in the mortgage-backed securities market, which
could result in an additional negative impact on the company's
consolidated balance sheet.

A.M. Best notes that Scottish Re remains heavily dependent upon
off-shore securitizations for its XXX reserves.  Scottish Re
recently announced a binding letter of intent with ING North
American Insurance Holdings Inc. and its affiliates in which a
pro-rata portion of business ceded to Ballantyne, an orphan
offshore SPV, would be recaptured.  The transaction would allow
Scottish Re (U.S.) Inc. to continue to receive full NAIC reserve
credit for reinsurance for the business currently ceded to
Ballantyne.  Erosion in the value of the large position in
subprime and Alt-A loans held by Ballantyne would further
deplete the capital held within this structure.  If any further
deficiency were to develop, A.M. Best believes that absent the
completion of the ING North America transaction, Scottish Re's
operating subsidiaries would be required to pledge additional
assets to secure reserve credit outside of the securitization
structure.

The company also recently expanded the scope of its strategic
evaluation to include the sale of its core North American
reinsurance business.  A.M. Best views this as a departure from
Scottish Re's previously announced plans to pursue the
disposition of non-core business lines such as its international
operations.  The ratings will remain under review while A.M.
Best monitors the performance of the company's subprime and Alt-
A mortgage-backed portfolios and assesses the impact of the ING
transaction and the revised strategy on Scottish Re's balance
sheet.

The FSR has been downgraded to B- from B and the issuer credit
ratings to "bb-" from "bb" for these primary operating
subsidiaries of Scottish Re Group Limited:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
   -- Scottish Re (U.S.), Inc.
   -- Scottish Re Life Corporation
   -- Scottish Re Limited
   -- Orkney Re, Inc.

The ICR has been downgraded to "ccc+" from "b-" for Scottish Re
Group Limited.

These debt ratings have been downgraded:

Scottish Re Group Limited:

   -- to "ccc-" from "ccc" on US$125 million non-cumulative
      preferred shares

Stingray Pass-Though Trust:

   -- to "bb-" from "bb" on US$325 million 5.902% senior secured
      pass-through certificates, due 2012

These indicative ratings have been downgraded:

Scottish Re Group Limited:

   -- to "ccc+" from "b-"on senior unsecured debt
   -- to "ccc" from "ccc+" on subordinated debt
   -- to "ccc-" from "ccc" on preferred stock

Scottish Holdings Statutory Trust II and III:

   -- to "ccc" from "ccc+" on preferred securities

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


SHELL OVERSEAS: Liquidation Stayed at Shareholder's Request
-----------------------------------------------------------
Shell Overseas Trading Limited's liquidation will be stayed at
the expiration of 21 days from April 11, 2008, or until
April 22, 2008.  Robin J. Mayor, the company's liquidator, will
give notice of stay to the Official Receiver for Bermuda and the
company will be placed back in the state in which it was before
the liquidation.  The stay application is made at the request of
the company's shareholder.

Any creditor or shareholder who objects the stay, may make an  
application to the Supreme Court of Bermuda to require the
liquidator to continue the liquidation.

The liquidator can be reached at:

                 Robin J. Mayor
                 Clarendon House, Church Street
                 Hamilton, Bermuda



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

DELPHI CORP: Shareholder Settlement Hearing Set for April 29
------------------------------------------------------------
The Hon. Gerald E. Rosen of the U.S. District Court for the
Eastern District of Michigan, Southern Division, will convene a
hearing on April 29, 2008, to decide, among other things, final
Court approval of a settlement providing for a recovery of
US$38,250,000 to be paid by Deloitte & Touche LLP, Delphi
Corp.'s outside auditor; and on the dismissal of claims against
Deloitte & Touche.

                 District Court Certifies Class

The Court has preliminarily certified a class consisting of all
persons and entities who purchased or acquired publicly traded
securities issued by Delphi Trust I and Delphi Trust II between
March 7, 2000, and March 3, 2005, inclusive, and who suffered
damages thereby, including all entities who acquired shares of
Delphi common and preferred stock in the secondary market and
debt securities in Delphi.  The case is in In re Delphi
Securities, Derivative and ERISA Litigation, MDL No. 1725, Case
No. 05-md-1725.

The District Court also preliminarily approved the Deloitte &
Touche Settlement providing for a recovery of $38,250,000 to be
paid by Deloitte & Touche LLP, Delphi Corp.'s outside auditor
during the Class Period.  The Class will receive an interest on
the Deloitte & Touche Settlement Amount.

Copies of the full printed Deloitte & Touche Notice and the
Proof of Claim and Release form may be obtained at
http://www.delphiclasssettlement.comor by contacting:

  In re Delphi Corporation Securities Litigation Settlement
  c/o The Garden City Group, Inc.
  Claims Administrator
  P.O. Box 9185
  Dublin, OH 43017-4185

Inquiries may be made to the four co-lead counsel for the Lead
Plaintiffs in the Securities Litigation:

    * Bradley E. Beckworth, Esq.
      Nix, Patterson & Roach, L.L.P.
      205 Linda Drive
      Daingerfield, Texas 75638

    * Sean Handler, Esq.
      Schiffrin Barroway Topaz & Kessler, LLP
      280 King of Prussia Road
      Radnor, PA 19087

    * Jeffrey N. Leibell, Esq.
      Bernsten Litowitz Berger & Grossmann, LLP
      1285 Avenue of the Americas
      New York 10019

    * Stuart Grant, Esq.
      Grant & Eisenhofer P.A.
      Chase Manhattan Centre
      Suite 2100
      1201 N. Market St.
      Wilmington, DE 19801

Further information may also be obtained by writing to the
Claims Administrator or calling 1-800-918-0998 toll-free.

The Securities Litigation has been resolved with respect to the
Debtors pursuant to the Court-approved Multidistrict Litigation  
Settlements between the Debtors and the Lead Plaintiffs.  Under
the terms of the MDL Settlements, the Debtors granted the Lead
Plaintiffs claims that will be satisfied through Delphi's
confirmed Plan of Reorganization.

To participate in the Deloitte & Touche Settlement, parties-in-
interest must have submitted a valid proof of claim in
connection with the MDL Settlements or submit a valid proof of
claim to the Claims Administrator postmarked not later than
May 30, 2008.  The deadline for filing objection and the receipt
of requests for exclusions is April 15, 2008.

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

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

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Moody's Investors Service assigned ratings to
Delphi Corporation for the company's financing for emergence
from Chapter 11 bankruptcy protection: Corporate Family Rating
of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  The outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.
In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


DIRECTV GROUP: Stake Swap Results in Two Board Seats for Liberty
----------------------------------------------------------------
Liberty Media Corporation has completed the exchange of its
16.3% stake in News Corporation for a subsidiary of News that
holds a 41% stake in The DIRECTV Group Inc., regional sports
networks in Denver, Pittsburgh, and Seattle, and $465 million of
cash.

John Malone and Greg Maffei have been appointed to the DIRECTV
board, filling two of the three seats previously held by News
representatives.  Chase Carey will continue to serve as
DIRECTV's president and CEO.

"This transaction is strategically important, financially
attractive, and will provide new focus to Liberty Media," said
Liberty CEO Greg Maffei. "We've been impressed with Chase Carey
and his team and are thrilled to welcome them to the Liberty
family.  We look forward to a partnership with DIRECTV."

The reclassification of Liberty Capital Tracking stock is
expected to be completed in the next three to five business days
and the new Liberty Entertainment and Liberty Capital tracking
stocks will commence trading early next week.

                        About News Corp.

News Corporation is a diversified international media and
entertainment company with operations in eight industry
segments: filmed entertainment; television; cable network
programming; direct broadcast satellite television; magazines
and inserts; newspapers; book publishing; and other. The
activities of News Corporation are conducted principally in the
United States, Continental Europe, the United Kingdom,
Australia, Asia and the Pacific Basin.

                      About Liberty Media

Headquartered in Englewood, Colorado, Liberty Media Corporation
(NasdaqGS: LINTA) -- http://www.libertymedia.com/-- owns
interests in a broad range of electronic retailing, media,
communications and entertainment businesses.  Those interests
are attributed to two tracking stock groups: the Liberty
Interactive group, which includes Liberty's interests in QVC,
Provide Commerce, IAC/InterActiveCorp, and Expedia, and the
Liberty Capital group, which includes Liberty's interests in
Starz Entertainment, News Corporation, and Time Warner.

                         *     *     *

Liberty Media Corporation continues to carry Fitch Ratings' 'BB'
long-term issuer default and senior unsecured debt ratings,
which were placed in December 2006.

                      About DirecTV Group

Headquartered in El Segundo, California, The DirecTV Group Inc.
(NASDAQ:DTV) -- http://www.DirecTV.com/-- provides digital   
television entertainment in the United States and Latin America.  
The company's two business segments, DirecTV U.S. and DirecTV
Latin America, are engaged in acquiring, promoting, selling
and/or distributing digital entertainment programming via
satellite to residential and commercial subscribers.  DirecTV
Holdings LLC and its subsidiaries are a provider of direct-to-
home digital television services and a provider in the multi-
channel video programming distribution industry in the United
States.  DTVLA is a provider of DTH digital television services
throughout Latin America.  In January 2007, the company acquired
Darlene Investments LLC's 14.1% equity interest in DirecTV Latin
America, LLC.  DirecTV Latin America LLC is a multinational
company, which, as a result of this transaction, became a wholly
owned subsidiary of the company.  The DIRECTV Latin America
segment provides digital direct-to-home digital television
services to approximately 1.6 million subscribers in 27
countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                          *     *     *

As of Feb. 9, 2008, The DIRECTV Group Inc. still carries
Standard & Poor's Ratings Services' 'BB' corporate credit and
'BB-' senior unsecured debt rating given on April 3, 2007.  The
outlook remains stable.


DIRECTV GROUP: FCC Sees Liberty Media Deal to Benefit Public
------------------------------------------------------------
The Federal Communications Commission approved the transfer of
control of DirecTV Group Inc. to Liberty Media Corp., subject to
conditions.  The Commission concluded that, as conditioned, the
public interest benefits of the transfer outweighed the
potential harms and would be consistent with applicable
Commission rules and policies.

As reported in the Troubled Company Reporter on Feb. 11, 2008,
under the deal, News Corp. will exchange its interest in DirecTV
Group Inc. with Liberty Media's interest in News Corp.  Liberty
Media said it plans to exchange its stake in News Corp. for 39%
of DirectTV.  The parties reached an US$11 billion deal that
includes News Corp.'s stake in DirectTV.

As a benefit of the transaction, Liberty Media and News Corp.,
which is the majority stakeholder of DirecTV, would sever their
ownership interests with each other which will decrease media
consolidation and reduce vertical integration therefore
benefiting the public.

The Order also imposes certain conditions to ensure that the
transaction will serve Commission's competition and diversity
goals.  The Order requires that Liberty and DirecTV abide by
program access, program carriage, Regional Sports Network  
arbitration, retransmission consent arbitration conditions,
modeled on similar conditions imposed in 2003, when the
Commission approved the transfer of DIRECTV from Hughes to News
Corp.

In addition, the Order requires that all of the attributable
ownership interests connecting DirecTV-Puerto Rico and Liberty
Cablevision of Puerto Rico, Ltd., which will be under common
control as a result of the transaction, be severed within one
year, at which point the companies must certify either that they
have reduced the relevant interests to a non-attributable level
or that they have filed any applications necessary to divest
assets.

On balance, the Commission found that the transaction, as
conditioned, would serve the public interest.

                        About News Corp.

News Corporation is a diversified international media and
entertainment company with operations in eight industry
segments: filmed entertainment; television; cable network
programming; direct broadcast satellite television; magazines
and inserts; newspapers; book publishing; and other.  The
activities of News Corporation are conducted principally in the
United States, Continental Europe, the United Kingdom,
Australia, Asia and the Pacific Basin.

                      About Liberty Media

Headquartered in Englewood, Colorado, Liberty Media Corporation
(NasdaqGS: LINTA) -- http://www.libertymedia.com/-- owns
interests in a broad range of electronic retailing, media,
communications and entertainment businesses.  Those interests
are attributed to two tracking stock groups: the Liberty
Interactive group, which includes Liberty's interests in QVC,
Provide Commerce, IAC/InterActiveCorp, and Expedia, and the
Liberty Capital group, which includes Liberty's interests in
Starz Entertainment, News Corporation, and Time Warner.

                          About DirecTV

Headquartered in El Segundo, California, The DirecTV Group Inc.
(NASDAQ:DTV) -- http://www.DirecTV.com/-- provides digital   
television entertainment in the United States and Latin America.  
The company's two business segments, DirecTV U.S. and DirecTV
Latin America, are engaged in acquiring, promoting, selling
and/or distributing digital entertainment programming via
satellite to residential and commercial subscribers.  DirecTV
Holdings LLC and its subsidiaries are a provider of direct-to-
home digital television services and a provider in the multi-
channel video programming distribution industry in the United
States.  DTVLA is a provider of DTH digital television services
throughout Latin America.  In January 2007, the company acquired
Darlene Investments LLC's 14.1% equity interest in DirecTV Latin
America, LLC.  DirecTV Latin America LLC is a multinational
company, which, as a result of this transaction, became a wholly
owned subsidiary of the company.  The DIRECTV Latin America
segment provides digital direct-to-home digital television
services to approximately 1.6 million subscribers in 27
countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                          *     *     *

As of Feb. 9, 2008, The DIRECTV Group Inc. still carries
Standard & Poor's Ratings Services' 'BB' corporate credit and
'BB-' senior unsecured debt rating given on April 3, 2007.  The
outlook remains stable.


EMBRATEL PARTICIPACOES: Seeks Regulator Okay for Paid TV License
----------------------------------------------------------------
Embratel Participacoes SA is seeking telecom regulator Anatel's
authorization to acquire a license to operate satellite paid
television through the direct-to-home system all over Brazil,
Agencia Estado reports.

According to Business News Americas, Embratel Participacoes
wants to offer a package of services including WiMax broadband,
telephony, and paid television.  Embratel Participacoes is
offering WiMax services in Porto Alegre of 512 kilobits per
second for BRL79.90 per month and a one megabit per second
connection for BRL89.90, BNamericas states.

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

                         *     *     *

Embratel Participacoes is rated by Moody's:

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


GENERAL MOTORS: Idles Assembly Plant Due to AAM Workers' Strike
---------------------------------------------------------------
American Axle & Manufacturing Inc.'s worker strike has affected
the production of General Motors Corp.'s vehicles equipped with
the former's auto parts sooner that it thought, various sources
report.

GM's production of Chevrolet Silverado and GMC Sierra pickups at
the Pontiac Assembly Center, which has 2,500 hourly and salaried
employees, in Michigan, ceased after the first shift Thursday,
the Associated Press related citing GM spokesman Tom Wickham.

As reported in the Troubled Company Reporter on Feb. 27, 2008,
although the strike of union workers at its supplier American
Axle and Manufacturing Inc. does not affect General Motors
Corp.'s plant production yet, the auto maker says it is
following the protest closely.  GM has a large inventory of
pickups and sport utility vehicles, which are equipped with
American Axle's parts.  However, if the strike lasts longer than
the supply, GM's assembly lines would suffer.

United Auto Workers union president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
began an unfair labor practices strike at 12:01 a.m. on Feb. 26,
2008, following expiration of a four-year master labor
agreement.  Talks broke off Monday with major issues unresolved.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.


GENERAL MOTORS: Supplier's Workers Strike Won't Affect S&P Rtg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (GM; B/Stable/B-3) are not immediately
affected by the United Auto Workers work stoppage at key
supplier American Axle and Manufacturing Holdings Inc.
(BB/Negative/--) that began Feb. 26.

S&P expects American Axle and the UAW to reach an agreement that
will improve American Axle's cost position.  However, if the
American Axle work stoppage were to persist beyond a brief
period (likely measured in days, not weeks), it would begin to
affect GM's production schedules and there would be a ripple
effect on many of GM's suppliers as well.
   
If S&P came to believe that the American Axle work stoppage
would draw out, S&P could place the ratings on GM on CreditWatch
with negative implications, along with the ratings on certain
suppliers that depend heavily on GM production.  S&P already
expects GM's first-quarter production to be below year-earlier
levels, which should provide some room for a short work
stoppage.
   
In addition, S&P estimates that GM has about US$27.3 billion in
cash, marketable securities, and readily available assets in its
existing VEBA trust.  The company also has access to
US$7 billion in committed U.S. credit lines.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.


JAPAN AIRLINES: To Seek Compensation for Dreamliner Delay
---------------------------------------------------------
Japan Airlines International Co., Ltd. may seek compensation
from Boeing Co., for a third major delay in the delivery of the
new Boeing 787 Dreamliner plane, Aiko Hayashi writes for
Reuters.

In a separate Reuters report, Bill Rigby writes that Boeing
announced the third major delay for the program, promising first
deliveries in the third quarter of next year, as compared to the
original target of May this year.

Mr. Rigby quotes JAL chief executive Haruka Nishimatsu as
saying, "The 787 s an extremely fuel-efficient aircraft.  A
delay will impact us significantly."

Mr. Rigby relates that JAL said the delay would cost the company
more in extra fuel.

JAL spokesman Hirokazu Inoue told Reuters that the company would
start talks with Boeing about compensation once the impact from
the delay on its business became clear.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

As reported on Feb. 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B+' long-term corporate credit and issue ratings
on Japan Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MILACRON INC: Dec. 31 Balance Sheet Upside-Down by US$51.1 Mil.
---------------------------------------------------------------
Milacron Inc. released its results for the fourth quarter ended
Dec. 31, 2007.  The company's balance sheet showed total assets
of US$ 592.9 million and total liabilities of US$644 million,
resulting in a US$51.1 million stockholders' deficit.  Deficit,
at Dec. 31, 2006, was US$21.3 million.

The company reported a net loss in the fourth quarter of 2007 of
US$73.4 million, caused primarily by a non-cash writedown of
deferred tax assets of US$63.0 million associated with the
change of ownership of the majority of the company's preferred
stock, as announced in October.  The loss also included
US$7.4 million in restructuring charges, US$1.9 million in one-
time costs related to the curtailment of the company's U.S.
pension plan, as well as US$1.4 million in expenses related to
the preferred stock transaction.  This compared to a net loss in
the fourth quarter of 2006 of US$8.6 million, which included
US$5.1 million in restructuring costs and US$1.8 million in
refinancing charges.

"We continue to make solid progress throughout the company in
terms of our restructuring and other cost reduction
initiatives," Ronald D. Brown, chairman, president and chief
executive officer, said.  "Our manufacturing margins and
operating cash flow or EBITDA are both up significantly from the
year-ago quarter.  And our efforts to expand Milacron's presence
in faster-growing markets of the world are also paying off.  In
fact, our sales to markets outside the U.S., Canada and Western
Europe are up well in excess of 20% and now represent about 25%
of our total sales."

These gains in non-traditional markets helped offset declines in
North America, as fourth quarter 2007 sales reached
US$217 million, up 10% from US$198 million in the year-ago
quarter.  About half of the sales increase came as a result of
favorable currency translation effects.  New orders in the
quarter were US$213 million, up from US$203 million in 2006,
entirely due to currency translation.

Aided by favorable resolutions of long-standing product
liability claims and the benefits of restructuring and product
cost reduction initiatives, manufacturing margins in the quarter
rose to 22.3%, up from 19.4% in the year ago quarter.

Net cash provided by operations during the quarter was
US$9.6 million, compared to a use of cash by operations of
US$800,000 in the fourth quarter of 2006.  At the end of the
quarter, Milacron had US$41 million in cash, up US$3 million
from the beginning of the quarter.  The company also had US$34
million in borrowing availability under its North American
revolving credit agreement, down from US$42 million at the
beginning of the quarter.

                          Year 2007

Milacron's net loss for the year was US$88.8 million, or
US$19.59 per share.  This included the writedown of tax assets
of US$63.0 million, restructuring charges of US$12.5 million,
US$1.9 million in one-time costs for pension plan curtailment,
as well as US$1.9 million in expenses for the preferred stock
transaction.  In 2006, Milacron lost US$39.7 million, or
US$10.15 per share, which included US$17.4 million in
restructuring costs and US$1.8 million in refinancing charges.  
Operating earnings in 2007 improved to US$3.1 million, up from a
loss of US$7.2 million in 2006.  Sales in 2007 fell to US$808
million from US$820 million in 2006, while new orders were
US$826 million, down slightly from US$828 million in the prior
year. 2007 sales and new orders were helped by approximately
US$29 million in favorable currency translation effects.

Throughout 2007, Milacron faced severe declines in two of its
largest markets in North America: injection molding machinery
and mold technologies, which have been impacted by the shakeout
in U.S. auto parts suppliers and the decline in new housing
starts.  During the year, however, restructuring measures helped
reduce overall operating expenses by US$12 million, while global
redesign and sourcing initiatives cut product costs by
US$6 million.  To further soften the impact of the downturn in
capital spending in North America, Milacron focused on growing
aftermarket sales, which approached US$200 million and grew to
represent 36% of total machinery sales.  The company also
accelerated efforts to further penetrate markets outside the
U.S., Canada and Western Europe.  As a result, sales to these
non-traditional markets rose to US$187 million in 2007, up 27%
over 2006.

Continued cost reductions and efficiency improvements helped
raise manufacturing margins in 2007 to 20.2%, a significant
increase over 18.5% in 2006.

Net cash provided by operations for the year was US$9.6 million,
compared to a use of cash by operations of US$19.2 million in
2006.

                         Outlook

"The economic outlook for 2008 is mixed," Mr. Brown said.  "We
expect to see continued growth in most of our markets outside of
North America, particularly in China, India and other faster-
growing economies.  Due to uncertainty in the automotive and
housing sectors, however, we are not anticipating any market
growth in North America.

"We entered the year with a solid backlog for the first quarter.  
This should enable us to show significant year-over-year
improvement in sales and operating results compared to the first
quarter of 2007.

"We continue to work hard to make 2008 a significantly better
year for Milacron," Mr. Brown said.  "In addition to improved
operating results from restructuring efforts, our cash flow will
benefit from the U.S. pension plan freeze we implemented at the
end of last year, from lower insurance costs going forward and
from the ongoing sale of redundant or non-core assets.  We are
also in the process of negotiating an asset-based loan in
Europe, which will increase our overall liquidity."

                     Annual Meeting Date Set

Milacron's board of directors set May 8, 2008 as the date of the
annual meeting of shareholders to be held in Cincinnati, Ohio,
and March 12, 2008 as the record date for determination of
shareholders entitled to notice of and to vote at the annual
meeting.

                         About Milacron

Headquartered in Cincinnati, Ohio, Milacron Inc. --
http://www.milacron.com/-- supplies plastics-processing
technologies and industrial fluids, with major manufacturing
facilities in North America, Europe and Asia.   First
incorporated in 1884, Milacron is also manufactures synthetic
water-based industrial fluids used in metalworking applications.  
The company has manufacturing facilities in Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Moody's Investors Service lowered the ratings of
Milacron Inc. Corporate Family, to Caa2 from Caa1; Probability
of Default, to Caa2 from Caa1; and senior secured notes, to Caa2
from Caa1.  The lowered ratings reflect the company's weak
credit metrics and ongoing cash flow pressures.


NORTEL NETWORKS: Posts US$844 Mil. Net Loss in 4th Quarter 2007
---------------------------------------------------------------
Nortel Networks Corp. reported financial and operating results
for the fourth quarter and full year of 2007.

The Company reported a net loss in the fourth quarter of 2007 of
US$844 million, compared to net loss of US$80 million in the
fourth quarter of 2006 and net income of US$27 million in the
third quarter of 2007.   Nortel reported a net loss for 2007 of
US$957 million, compared to net earnings of US$28 million for
the year 2006.

Revenue was US$3.2 billion for the fourth quarter of 2007
compared to US$3.3 billion for the fourth quarter of 2006 and
US$2.7 billion for the third quarter of 2007.  In the fourth
quarter of 2007, revenue increased by 18% compared to the third
quarter of 2007 and excluding the impact of the UMTS Access
divestiture, revenue increased by 2% compared with the year-ago
quarter.  For 2007, revenues were US$10.95 billion compared to
US$11.4 billion for 2006.

"Nortel continued to make strong progress in the fourth quarter
as we completed a pivotal year in our transformation," Nortel
President and CEO Mike Zafirovski said.  "In a period of
significant change for our industry, we have now reported six
consecutive quarters of strong year over year improvement in
operating margin, reflected in a 353 basis points improvement in
the second half of 2006 and a 369 basis points improvement in
2007.  Although our fourth quarter operating margin was below
our target, it is the highest in 12 quarters.  We also recorded
a 386 basis point increase in gross margin to 43.7%, also the
highest in 12 quarters.  And most importantly, customers around
the world are validating our strategic direction by signing up
for multi-year engagements that leverage both our technological
innovation and world-class know-how.  We ended the year with a
positive book to bill of 1.01 in the fourth quarter."

Gross margin was 43.7% of revenue in the fourth quarter of 2007.
This compared to gross margin of 39.8% for the fourth quarter of
2006 and 43.0% for the third quarter of 2007.  Compared to the
fourth quarter of 2006, gross margins benefited primarily from
productivity improvements and mix.

Cash balance at the end of the fourth quarter of 2007 was
US$3.5 billion, up from US$3.13 billion at the end of the third
quarter of 2007.  The increase in cash was primarily driven by
cash from operating activities of US$417 million and a positive
impact from foreign exchange of US$16 million, partially offset
by cash used in financing activities of US$23 million and cash
used in investing activities of US$6 million.

                             Outlook

Nortel provided its financial outlook for the full year 2008,
and expects:

  * Revenue to grow in the low single digits compared to 2007;

  * Gross Margin to be about our business model target of 43% of  
    revenue;

  * Operating Margin as a percentage of revenue to increase by
    about 300 basis points compared to 2007.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$17.0 billion and total liabilities of US$13.4
billion, resulting in a US$2.7 billion, stockholders' equity.  
Equity, on Sept. 30, 2007, was US$2.9 billion and, on Dec. 31,
2006, was US$1.1 billion.

                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance
by simplifying networks and connecting people to the information
they need, when they need it.  Nortel does business in more than
150 countries around the world.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                         *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on March 22,
2007.


PERDIGAO SA: Board Approves Eleva Alimentos Merger Proposal
-----------------------------------------------------------
Pursuant to the terms of CVM Instruction 319/99 and CVM
Instruction 358/02, both as amended, the managements of Perdigao
S.A. and Eleva Alimentos S.A. notifies the public that the Board
of Directors of the company and Eleva Alimentos, in meetings
held on April 11 2008, have approved the proposal for the merger
of the two companies.

The shareholders will consider approving the merger proposal at
their Extraordinary General Meeting on April 30 2008.  The terms
of the proposed merger include:

   1. Purposes of the Operation, Goodwill and Costs

     1.1. Perdigao holds the totality of shares representing the
          capital stock of Eleva Alimentos.

     1.2. The Merger is part of a process of a corporate
          reorganization with the purpose of simplifying the
          corporate structure of Perdigao and will represent
          gains in synergies for the Company through the
          consolidation of the activities of Perdigao and Eleva
          Alimentos in the former, with the consequent reduction
          in operating and financial costs and  the
          rationalization of the activities both companies.
          This process of corporate reorganization shall result
          in future merger operations of other subsidiaries
          companies by Perdigao.

     1.3. The goodwill originally recorded in the books of
          Perdigao in the nominal amount of BRL1,345,127,894.03,
          arising from the acquisition of 100% of the shares
          issued by Eleva Alimentos is based on forecasted
          results in future fiscal years.  As a result of the
          merger, the goodwill shall be amortized for tax
          purposes, by the company, pursuant to the terms of the
          tax legislation in effect, over a 10-year period, and
          expected to generate a fiscal benefit of approximately
          BRL457,343,483.97 (or 34% of the value originally
          recorded) for accounting purposes the goodwill shall
          be fully recognized in the fiscal year 2008 as a non-
          recurring result under the item "Other Operating
          Income (Expenses)" and the value of the tax benefit
          shall be recognized in the item "Income Tax (IRPJ)
          and Social Contribution Net Income (CSLL)".

     1.4. There will be no change in the shareholders of
          Perdigao's voting rights, dividend payments and
          property rights as compared with the policy and
          property advantages of the shares of Perdigao's
          shareholders prior to the merger.

     1.5. Both companies estimate that the total cost with
          respect to the merger shall be BRL425,000 including
          expenses with publications, preparation of a valuation
          report, and fees of the auditors, appraisers and
          lawyers.

   2. Criteria for Valuation of Shareholders Equity, Treatment
      of Subsequent Equity Variations, Substitution
      Relationship, Right to Withdraw and Solution as to the
      Shares of the Capital of a Corporation Held by Another

     2.1. The Merger shall be conducted on the basis of the net
          book value of the assets of Eleva Alimentos, recorded
          in the book valuation report, based on the balance
          sheet of the company as at Dec. 31 2007, audited by
          Deloitte Touche Tohmatsu Auditores Independentes.  The
          baseline date for the valuation shall be Dec. 31 2007,
          the book valuation report result being a net asset
          value of Eleva Alimentos on Dec. 31 2007, of the
          merger, of BRL489,356,392.86.  The equity variations
          occurring between Dec. 31 2007, and the date that the
          Extraordinary General Meeting is held shall be
          absorbed by the company, pursuant to the "Protocol
          and Justification for the Merger of Eleva Alimentos
          S.A. with Perdigao S.A." signed on April 11 2008.

     2.2. The Board of Directors of Perdigao has approved, ad
          referendum of the Extraordinary General Meeting, the
          engagement of Deloitte Touche Tohmatsu Auditores
          Independentes, with registered offices at Avenida
          Carlos Gomes, 403, Porto Alegre, enrolled in the
          corporate taxpayers' register (CNPJ/MF) under number
          49.928.567/0010-02 and the Regional Accounting Council
          under number 2SP011.609/0-8/F/RS, for the preparation
          of the book valuation report of Eleva Alimentos.
          Deloitte Touche Tohmatsu Auditores Independentes
          declares that it has no relationship which might
          create a conflict of interests or communion of
          interests, either actual or potential, with the
          controlling shareholders of the two companies, or,
          furthermore, with respect to the merger itself.

     2.3. Since 100% of the shares representing the capital
          stock of Eleva Alimentos are held by Perdigao, there
          shall be no modification in the shareholders' equity
          of Perdigao, a requirement of the substitution
          relationship that could be the subject of comparison
          and/or right to withdraw.  For this reason there is no
          justification for the preparation of valuation reports
          based on the value of the shareholders' equity of both
          companies at market prices, pursuant to Article 264 of
          the Corporation Act.

     2.4. With the Merger, Eleva Alimentos shall be extinguished
          and its shares dully canceled, pursuant to Article 226
          of the Corporation Act, without any shares, the
          issuance of Perdigao, being attributed in substitution
          of partners rights.

   3. Other Information

     3.1. The Protocol and Justification and the audited
          financial statements that serve as a basis for the
          calculation of the shareholders' equity of Eleva
          Alimentos on Dec. 31 2007 of the Merger, as well as
          other documents that relate to Article 3 of CVM
          Instruction 319 of Dec. 3 1999, shall be made
          available to the shareholders of both companies at
          these addresses and Web sites:

            (i) Perdigao: at Avenida Escola Politecnica, 760, in
                the city and state of Sao Paulo, or at the
                Website http://www.perdigao.com.br/ri

            (ii) CVM: at http://www.cvm.gov.br
    
           (iii) BOVESPA: at http://www.bovespa.com.br

Headquartered in Sao Paulo, Brazil, Perdigao S.A. is one of the
largest food processors in Brazil, with a focus on poultry,
pork, beef, milk and processed products including dairy.  With
revenues of BRL6 billion for the last twelve months eding in
June 30, 2007, Perdigao is one of the leaders in the domestic
market and exports 42% of its sales to over 100 countries and
850 customers around the world.

                         *     *     *

As of Nov. 1, 2007, Moody's Investors Service affirmed Perdigao
SA's Ba1 corporate family rating following the company's
announced signed agreement to acquire Eleva Alimentos S.A. for
approximately BRL1.67 billion in equity value plus BRL547
million in assumed debt.  Moody's rating outlook remains stable.


PERDIGAO SA: Board Approves BRL0.37/Share Interest Distribution
---------------------------------------------------------------
Perdigao S.A. Board of Directors has approved the distribution
of interest on its own capital to shareholders at the rate of
BRL0.37 gross per share, in a meeting held on April 11, 2008.

The payment will begin on Aug. 29, 2008, at the rate of
BRL0.25 gross per share, and Feb. 27, 2009, at the rate of
BRL0.12 gross per share, with withholding tax according to the
law in effect.

This payment will be included in compulsory dividends, according
to current law.

Headquartered in Sao Paulo, Brazil, Perdigao S.A. is one of the
largest food processors in Brazil, with a focus on poultry,
pork, beef, milk and processed products including dairy.  With
revenues of BRL6 billion for the last twelve months eding in
June 30, 2007, Perdigao is one of the leaders in the domestic
market and exports 42% of its sales to over 100 countries and
850 customers around the world.

                         *     *     *

As of Nov. 1, 2007, Moody's Investors Service affirmed Perdigao
SA's Ba1 corporate family rating following the company's
announced signed agreement to acquire Eleva Alimentos S.A. for
approximately BRL1.67 billion in equity value plus BRL547
million in assumed debt.  Moody's rating outlook remains stable.


TAM SA: Flies 52,900 Passengers Since Signing TAP Portugal Deal
---------------------------------------------------------------
TAM SA and TAP Portugal have flown 52,900 passengers since
signing a flight-sharing operational agreement (code-share),
launched in September 2007.  The strategic partnership allows
TAM to offer its passengers several TAP-operated direct flights
between Brazil and Portugal, departing from Rio de Janeiro,
Brasilia and Sao Paulo for Lisbon and Porto.  Passengers can
then take connecting flights to the Portuguese cities of Faro,
Funchal and Porto Santo. TAP already offers its customers
various flight options to several Brazilian cities serviced by
TAM.

"The results obtained from the code-share agreement between TAM
and TAP illustrate the success of this partnership, which has
brought more convenience and comfort to passengers traveling
between Brazil and Portugal", said TAM's vice president of
Planning and Alliances, Paulo Castello Branco.

The synergy of TAM's and TAP's air travel networks ensures more
convenient connections in Brazil and Portugal, in addition to
offering special services to their passengers, such as pre-
assigned seating and direct baggage transfers on all legs of a
trip.

"We are very pleased with the positive results of our
cooperation", added TAP Portugal's director of Alliances and
Foreign Relations, Jose Guedes Dias.  "It demonstrates that both
companies are strongly committed to the quality and convenience
of the product we offer our clients, resulting in greater
flexibility of services and wider choice of destinations."

Airport check-in counters for both companies are prepared to
accept electronic tickets, Interline Electronic Ticket (IET)
issued by either one, allowing passengers the convenience of
receiving a single ticket for all stages of a trip.  The system
provides greater security for the passenger, who need only show
identification and ticket number when checking in to request a
boarding pass that will cover the entire trip.

The agreement also provides for integration of TAM's "Fidelity"
and TAP's "Victoria" programs, allowing clients from both
companies to accumulate and redeem points on flights from either
company.

                           About TAM

TAM SA -- http://www.tam.com.br/ -- currently has business  
agreements with the regional airlines Pantanal, Passaredo,
Total and Trip.  As of Jan. 14, the daily flight on the Corumba
-- Campo Grande route in Mato Grosso do Sul began to be operated
by a partnership with Trip.  With the expansion of the agreement
with NHT, TAM will now be serving 82 destinations in Brazil, 45
of which with its own flights.  In addition, the company is
strengthening its presence in Rio Grande do Sul and Santa
Catarina.

                          *     *     *

On July 23, 2007, Fitch Ratings affirmed the 'BB' foreign
currency and local currency Issuer Default Ratings of TAM S.A.
Fitch has also affirmed the 'BB' rating of its US$300 million of
senior unsecured notes due 2017 as well as the company's
'A+(bra)' national scale rating and for its first debentures
issuance (BRL500 million).  Fitch said the rating outlook is
stable.



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

AVALON RE: S&P Cuts Class C Notes' Debt Rating to CC From CCC-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its subordinated
debt rating on Avalon Re Ltd.'s Class C notes to 'CC' from
'CCC-'.  The action follows notification from HSBC Bank (Cayman)
Ltd. that the steam pipe explosion that occurred in New York
City on July 18, 2007, would be a covered event under the terms
of the reinsurance agreement between Avalon Re Ltd. and Oil
Casualty Insurance Ltd.
      
"To date, Avalon Re Ltd. has experienced US$297 million of
covered losses due to Hurricane Katrina and the explosion at the
Buncefield oil depot," said S&P's credit analyst Gary Martucci.  
"This leaves only US$3 million of covered losses that can be
incurred prior to any losses being borne by the Class C
noteholders."
     
The covered-loss report indicated that losses could be as high
as US$50 million.  The final determination of the loss payment
is not expected to occur in the near future.
     
Although the losses will reduce the amount of subordination
supporting the Class A and B notes, S&P is not taking action on
the Class A and B notes, which are currently rated 'B+' and
'CCC', respectively.  S&P has been told that there are currently
no claims under review that are expected to cause additional
losses to Avalon Re. Ltd.  The notes are scheduled to mature on
June 6, 2008, though they are subject to extension under terms
set forth in the transaction documents.

Avalon Re Ltd. is a Cayman Islands-domiciled insurance company
formed solely to issue the variable-rate notes, enter into a
reinsurance contract with Oil Casualty Insurance Ltd., and to
conduct activities related to the notes' issuance.  The
variable-rate notes are insurance-linked collateralized
securities that will suffer a loss of principal if Oil Casualty
Insurance Ltd.'s aggregate insured losses exceed a specified
threshold that varies by note class.


CAYMAN SPECIALTY: Sets Final Shareholders Meeting for April 17
--------------------------------------------------------------
Cayman Specialty Piping 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 wind-up process, and
                   2) giving explanation thereof.

Cayman Specialty's shareholders agreed on Jan. 15, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


DD EURO: Sets Final Shareholders Meeting for April 17
-----------------------------------------------------
DD Euro Growth Fund will hold its final shareholders' meeting on
April 17, 2008.

These matters will be taken up during the meeting:

                   1) accounting of the wind-up process, and
                   2) giving explanation thereof.

DD Euro's shareholders agreed on Jan. 24, 2008, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


DD EURO GROWTH: Final Shareholders Meeting is on April 17
---------------------------------------------------------
DD Euro Growth Master Fund will hold its final shareholders'
meeting on April 17, 2008.

These matters will be taken up during the meeting:

                   1) accounting of the wind-up process, and
                   2) giving explanation thereof.

DD Euro's shareholders agreed on Jan. 24, 2008, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


GANNET VI: Proofs of Claim Filing Deadline is April 17
------------------------------------------------------
Gannet VI Funding Corporation's creditors have until
April 17, 2008, to prove their claims to Bobby Toor and Giles
Kerley, 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.

Gannet VI'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:

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


HARBOR WAREHOUSE: Proofs of Claim Filing is Until April 17
----------------------------------------------------------
Harbor Warehouse SPC's creditors have until April 17, 2008, to
prove their claims to Martin Couch and Emile Small, 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.

Harbor Warehouse'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:

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


KBW SMALL: Proofs of Claim Filing Deadline is April 17
------------------------------------------------------
KBW Small Cap Financial Services Master Fund Ltd.'s creditors
have until April 17, 2008, to prove their claims to Jan Neveril
and Bobby Toor, 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.

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

The liquidators can be reached at:

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


PARKER FIELD: Proofs of Claim Filing is Until April 17
------------------------------------------------------
Parker Field SPC's creditors have until April 17, 2008, to prove
their claims to Martin Couch and Emile Small, 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.

Parker Field'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:

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


PARMALAT SPA: Board Names Bondi as CEO, Picella as Chairman
-----------------------------------------------------------
Parmalat S.p.A.'s new Board of Directors has elected Raffaele
Picella as chairman and appointed Enrico Bondi as Chief
Executive Officer, awarding them the necessary powers.

Acting in accordance with Article 12 of the Bylaws and taking
into account the guidelines provided in Item 3.C.1 of the Code
of Conduct of Borsa Italiana S.p.A., it carried out the process
of verifying which Directors met the independence requirements.

Based on this process, these Directors qualified as independent:

    * Piergiorgio Alberti,
    * Massimo Confortini,
    * Marco De Benedetti,
    * Andrea Guerra,
    * Vittorio Mincato,
    * Erder Mingoli,
    * Marzio Saa,
    * Carlo Secchi, and
    * Ferdinando Superti Furga

The current Board of Directors includes a higher number of
independent Directors (nine) than the minimum number (at least
six) required pursuant to Article 11 of the Bylaws.

The Board of Directors also approved the establishment of the
Committees, to which it appointed the members listed below:

    * Litigation Committee:

      -- Massimo Confortini (Chairman),
      -- Ferdinando Superti Furga, and
      -- Vittorio Mincato;

    * Nominations and Compensation Committee:

      -- Carlo Secchi (Chairman),
      -- Andrea Guerra, and
      -- Marco De Benedetti

    * Internal Control and Corporate Governance Committee:

      -- Marzio Saa (Chairman),
      -- Carlo Secchi, and
      -- Ferdinando Superti Furga

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


PARMALAT SPA: Extraordinary Shareholders' Meeting Set May 30
------------------------------------------------------------
Parmalat S.p.A.'s Board of Directors has met to examine a
request by shareholders representing in total 12.0639% of the
share capital to convene an Extraordinary Shareholders'
Meeting in accordance with article 2367 of the Civil Code.

The subject matter of the request received relates to the
"proposal to increase the threshold of 50% of the distributable
earnings and consequent change of the article 26 of the
Company's Bylaws."

The Board of Directors resolved to convene an Extraordinary
Shareholders' Meeting on:

    * May 30, 2008, on the first call;
    * June 3, 2008, if necessary, on the second call; and
    * June 4, 2008, if necessary, on the third call.

The documents relating to the agenda will be available at least
15 days before the date set for the first call at:

         Alitalia S.p.A.
         26 Via Oreste Grassi
         Collecchio (PR)
         Italy

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


PARMALAT SPA: Shareholders Elect Directors' & Auditors' Board
-------------------------------------------------------------
Parmalat S.p.A.'s Ordinary Shareholders’ Meeting elected its
Board of Directors and Board of Statutory Auditors, reappointing
the directors and statutory auditors who served on the previous
boards.

These candidates were elected to the Board of Directors:

    * Raffaele Picella,
    * Massimo Confortini (independent),
    * Enrico Bondi,
    * Vittorio Mincato (independent),
    * Marzio Saà (independent),
    * Carlo Secchi (independent),
    * Ferdinando Superti Furga (independent),
    * Piergiorgio Alberti (independent),
    * Marco De Benedetti (independent),
    * Andrea Guerra (independent), and
    * Erder Mingoli (independent)

These candidates were elected to the Board of Statutory
Auditors:

    * Alessandro Dolcetti (Chairman),
    * Enzio Bermani (Statutory Auditor),
    * Mario Magenes (Statutory Auditor),
    * Renato Colavolpe (Alternate), and
    * Marco Lovati (Alternate)

The Shareholders’ Meeting also approved a resolution concerning
the annual compensation payable to the Board of Directors, which
was set at globally EUR1,300,000 before any legally required
deductions for the entire Board and awarded to Directors who are
asked to serve on Board Committees a variable compensation,
based on the number of Committee meetings attended, in the
amount of:

    * EUR3,900 payable to each Director for each Committee
      meeting attended; and

    * EUR6,500payable to each Committee Chairman for each
      Committee meeting attended.

For the Board of Statutory Auditors, which comprises three
statutory auditors and two alternates, the Shareholders’ Meeting
approved an annual compensation of EUR45,000 for the Statutory
Auditors and EUR65,000 euros for the Alternates.

The Directors and Statutory Auditors were elected for a term of
three years until the Shareholders’ Meeting convened to approve
the financial statements at Dec. 31, 2010.

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


POWRS 1997-1: Proofs of Claim Filing Deadline is April 17
---------------------------------------------------------
POWRS 1997-1's creditors have until April 17, 2008, to prove
their claims to Jan Neveril and Bobby Toor, 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.

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



TEAMSTAR HOLDINGS: Proofs of Claim Filing is Until April 17
-----------------------------------------------------------
Teamstar 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.

Teamstar Holdings' shareholders agreed on Feb. 18, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


TRIBECA INVESTMENTS: Proofs of Claim Filing Deadline is April 17
----------------------------------------------------------------
Tribeca Investments Ltd.'s creditors have until April 17, 2008,
to prove their claims to Jan Neveril and Joshua Grant, 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.

Tribeca Investments' 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:

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



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

GASATACAMA: May Go Bankrupt Despite Efforts to Keep Afloat
----------------------------------------------------------
A source told Business News Americas that GasAtacama could go
bankrupt despite efforts to keep it financially afloat.

BNamericas relates that GasAtacama is controlled by Endesa Chile
and Southern Cross.  The company on April 2, 2008, said it has
reached a US$600 million preliminary agreement with resource
group BHP Billiton, Chile's copper company Codelco, and copper
miner Collahuasi to "avoid a financial meltdown."

The report says that the deal would last through Dec. 31, 2011.  
Under the deal, GasAtacama and its shareholders would pay 26% of
the increased generating costs, while large miners would pay
74%.  The accord would work "if at least 84% of the unregulated
power demand was accounted for in contract."

GasAtacama reached a tentative accord with mining clients that
would keep it in business but talks with the remaining major
mining firms have been "difficult," BNamericas says, citing the
source.

The source admitted to BNamericas, "The negotiations are intense
and there are some companies that do not want to sign on to the
deal.  Everyone wants to reach some kind of an agreement, but
some of the companies want a deal with a longer-term
equilibrium.  I imagine a deal will be reached because it would
be the most reasonable outcome, but there is a chance that
GasAtacama will end up in bankruptcy."

The source told BNamericas that talks with the Luksic Group,
which controls Antofagasta, was the hardest.

BNamericas notes that GasAtacama wants the remaining 37
unregulated clients to join the accord by April 21.  

Chilean Energy Minister Marcelo Tokman is trying to persuade the
power clients to join the accord, BNamericas adds.

Headquartered in Santiago, Chile, GasAtacama --
http://www.gasatacama.cl/-- is a 585 mile gas pipeline that  
imports gas to Chile's northern interconnected system from
Salta, Argentina, and generates power at the 740-megawatt
Central Atacama (Nopel) combined cycle plant.


PHELPS DODGE: S&P Ups Rating From BB+ on Adequate Debt Reduction
----------------------------------------------------------------
Standard & Poor's Rating Services raised the corporate credit
rating on Freeport-McMoRan Copper & Gold Inc. and its Phelps
Dodge Corp. subsidiary to 'BBB-' from 'BB+'.  At the same time,
S&P lowered the ratings on the company's senior secured debt to
'BBB-' from 'BBB' in accordance with its rating criteria for
investment- grade-rated credits.  In addition, S&P raised the
rating on the unsecured debt of both Freeport and Phelps to
'BBB-', the same as the corporate credit rating, from 'BB' and
'BB+' respectively, reflecting its expectation that priority
liabilities will not exceed S&P's threshold for notching down
senior unsecured debt.
     
"The upgrade reflects the company's substantial debt reduction
since the Phelps Dodge acquisition closed about 12 months ago,"
said Standard & Poor's credit analyst Marie Shmaruk.  "The
higher rating also reflects our assessment that the company will
continue to benefit from higher-than-average copper prices
driven by global demand and the absence of large new projects
coming on stream."
   
During 2007, the company has reduced debt by approximately
US$10 billion through a combination of equity issuance, asset
divestitures, and free cash flow generation.
   
Freeport is the world's second-largest copper producer, with
3.2 billion pounds of equity production in 2007, ranking behind
Corporacion Nacional del Cobre de Chile (A/Stable/--).

                       About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the  
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, China, the
Philippines and Japan, among others.  The company has also
mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.



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

BANCOLOMBIA SA: March Unconsolidated Net Income is COP219,621MM
---------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of
COP219,621 million during the past month of March.

During March, total net interest income, including investment
securities amounted to COP210,230 million.  Additionally, total
net fees and income from services totaled COP60,095 million.

Total assets amounted to COP33.03 trillion, total deposits
totaled COP20.79 trillion and Bancolombia's total shareholders'
equity amounted to COP4.72 trillion.

Bancolombia's (unconsolidated) level of past due loans as a
percentage of total loans was 3.04% as of March 31, 2008, and
the level of allowance for past due loans was 127.69% as of the
same date.

                          Market Share

According to Colombia's national banking association
(ASOBANCARIA), Bancolombia's market share of the Colombian
financial system as of March, 2008 was: 18.3% of total deposits,
21.5% of total net loans, 18.8% of total savings accounts, 21.4%
of total checking accounts and 15.1% of total time deposits.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.


SOLUTIA INC: Judge Beatty OKs Bank of New York Settlement Pact
--------------------------------------------------------------
The Hon. Prudence C. Beatty of the U.S. Bankruptcy Court for the
Southern District of New York approved Solutia Inc.'s settlement
agreement with holders of Solutia's 11.25% Senior Secured Notes
due July 2009, and the Bank of New York, as successor indenture
trustee for the 2009 Notes.

The Settlement will resolve the disputes that have arisen
between the parties regarding the allowed amount of Claim No.
6210 filed by the Bank of New York on behalf of the Noteholders.  
Solutia will pay BNY $220,500,000 in cash plus all accrued but
unpaid interest on the 2009 Notes through the Effective Date, at
the rate of 11.25% per annum on the face amount of 2009 Notes.  
If the effective date of Solutia's reorganization plan occurs
before the Settlement is approved, Solutia will pay about
US$210,000,000 plus accrued unpaid interest through the
Effective Date.

               Committee Wants Settlement Delayed

The Official Committee of Unsecured Creditors asked the Court to
delay approval of the 2009 Settlement, in light of the then
pending high-stakes litigation between the Debtors and their
exit lenders.  It argued that the Debtors must not be married to
a financial arrangement that could preclude restructuring
alternatives that may prove necessary, if the Debtors fail to
resolved their disputes with their exit lenders Citigroup Global
Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche
Bank Securities Inc.  The Debtors, however, have reached a
settlement with the Exit Lenders.

The Creditors Committee, however, had said the 2009 Settlement,
should it be ripe for adjudication, requires key modifications.  
It noted that the 2009 Settlement, as drafted, materially
impairs the Committee's rights with respect to the ultimate
allowance of the 2009 Noteholders' claim in the event that the
2009 Settlement is declared void by the settling parties, or not
approved by the Court.

The Committee previously sought the Court's determination that
the 2009 Noteholders will have received an US$12,200,000 of
postpetition cash interest payments in excess of the amount they
are actually entitled to under Section 506(b) of the Bankruptcy
Code.  The Court denied the determination request, and the
Committee has appealed the Order.  The Committee has also filed
a motion seeking to increase the 2009 Noteholders' disputed
claims reserve under the Plan from US$37,500,000 -- the amount
in excess of US$210,000,000 which BNY believes they are entitled
to -– by US$12,200,000 on account of the Overpayment.

The Committee notes that in the event the 2009 Settlement is
declared void, the parties would return to their pre-settlement
litigation positions.  However, should a distribution have
already been made to the 2009 Noteholders that includes an
amount equal to the Overpayment, the Committee's rights to the
Overpayment would be rendered moot.

The Committee also objected to the provision that provides, if
the 2009 Settlement is declared void or stayed, the Debtors must
establish a reserve funded only with $37,500,000.  This
provision, according to the Committee, would render the 2009
Settlement moot in the event the Court approves the Reserve
Motion.

Judge Beatty, however, held "The [Debtors' Settlement] Motion is
granted in its entirety and approved in all respects."

No objection to the Settlement has been filed by any holder of
the 2009 Notes.  Accordingly, the Court held that BNY is
authorized to settle the claims on behalf of the holders of the
2009 Notes and will have no liability to any holder of the 2009
Notes as a result of its entry into the Settlement.

                Background to the BoNY Dispute

As reported in the Troubled Company Reporter on May 25, 2006,
the Court denied approval of the Disclosure Statement explaining
the Plan of Reorganization filed by Solutia and its debtor-
affiliates.  BNY is the indenture trustee for the 11.25% Senior
Secured Notes due 2009 issued by Solutia.

BNY complains that as described in the Disclosure Statement, the
Debtors' Plan of Reorganization purports to impair the Senior
Secured Notes, which are designated in Class 3.

On Nov. 1, 2007, the TCR said John K. Cunningham, Esq., at White
& Case LLP, in New York, appeared before the Court on behalf of
Bank of New York, regarding a US$223,000,000 claim by the bank
on account of the 11.25% Senior Secured Notes due 2009 issued by
Solutia Inc. or its predecessor.  Bank of New York serves as
indenture trustee for the Senior Notes.

Judge Beatty told BoNY's counsel, John K. Cunningham, Esq., at
White & Case LLP, "Pigs become hogs and then hogs get
slaughtered.  And then eaten.  What you're going for is so piggy
that you risk getting nothing."

At the hearing, which was held on Oct. 31, 2007, Judge Beatty
urged Solutia to settle its dispute with Bank of New York,
noting that the claim was the biggest hurdle to approval of
Solutia's reorganization plan.

"There are no cases that I have found which remotely approximate
the application of these principles to a case of this financial
magnitude," Judge Beatty stated.  Judge Beatty said if no
settlement is reached she will rule on the matter in about two
weeks.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,  
engage in the manufacture and sale of chemical-based materials,
which are used in consumer and industrial applications
worldwide.  Solutia has operations in Malaysia, China,
Singapore, Belgium, and Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 119;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Standard & Poor's Ratings Services assigned its
'B+' loan rating to Solutia Inc.'s (D/--/--) proposed
US$1.2 billion senior secured term loan and a '3' recovery
rating, indicating the likelihood of a meaningful (50%-70%)
recovery of principal in the event of a payment default.  The
ratings are based on preliminary terms and conditions.  S&P also
assigned its 'B-' rating to the company's proposed
US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.  
S&P expect the outlook to be stable.


SOLUTIA INC: Court Approves Bayer & Lanxess Claims Settlement
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the stipulation signed by Solutia Inc. with
LANXESS Corporation, Bayer AG, Bayer MaterialScience LLC and
Bayer Corporation.

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Bayer acquired Monsanto Company's styrenics business pursuant to
an Asset Purchase Agreement dated Dec. 31, 1995.  Monsanto later
assigned the APA to Solutia Inc. in September 1997, as part of
Solutia's spin off from Monsanto.

Solutia and Bayer were parties to a Resimene Lease and Operating
Agreement dated July 29, 1999.  Solutia terminated the Resimene
Agreement on June 28, 2000, with a termination fee of
US$2,922,300, payable to Bayer in 18 monthly installments.  As
of the bankruptcy filing, Solutia owed US$432,761 to Bayer for
the two remaining installment payments.

Bayer and Monsanto were also parties to an Indian Orchard Lease
and Services Agreement dated Oct. 31, 1995.  The agreement was
assigned to Solutia as part of the Spin Off.  Bayer terminated
the Indian Orchard Agreement, and Solutia agreed to a
termination fee of US$1,191,101, payable by Bayer in 18 monthly
installments.  As of the bankruptcy filing, Bayer owed
US$397,034 for the six remaining installment payments.

As of the bankruptcy filing, Bayer also owed Solutia US$295,771
for certain purchases of adipic acid.

Since the bankruptcy filing, LANXESS Corporation, Bayer AG,
Bayer
MaterialScience LLC, and Bayer, have undergone corporate
reorganizations, and as a result, Lanxess currently holds
certain
claims of Bayer and MaterialScience.

Solutia objected to several of Bayer/Lanxess Parties Claims for
damages arising under the APA.

Solutia also filed Schedule No. 10115234 for $339,771, for
amounts owed by Solutia to Bayer Polymers LLC, now known as
MaterialScience.

                       Settlement Agreement

Following arm's-length negotiations regarding the resolution and
treatment of the Claims, the parties have agreed, among other
things, that Bayer and Lanxess will be entitled to recoup or
offset US$372,034 against the US$397,034 owed to Solutia for the
Indian Orchard Termination Fee.

Bayer/Lanxess parties will pay Solutia US$320,771, representing
the US$25,000 balance of the Indian Orchard Termination Fee
after giving ffect to the Set-Off, plus the US$295,771 owed for
adipic acid purchases.

Also Solutia's Objection will be deemed withdrawn with respect
to the Claims; and upon approval of the Stipulation, Solutia
will be required to reserve the amount of the Allowed Claim in
the Disputed Claims Reserve on account of the Claims.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,  
engage in the manufacture and sale of chemical-based materials,
which are used in consumer and industrial applications
worldwide.  Solutia has operations in Malaysia, China,
Singapore, Belgium, and Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 119;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Standard & Poor's Ratings Services assigned its
'B+' loan rating to Solutia Inc.'s (D/--/--) proposed
US$1.2 billion senior secured term loan and a '3' recovery
rating, indicating the likelihood of a meaningful (50%-70%)
recovery of principal in the event of a payment default.  The
ratings are based on preliminary terms and conditions.  S&P also
assigned its 'B-' rating to the company's proposed
US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.  
S&P expect the outlook to be stable.


SOLUTIA INC: Court Approves Quinn Emanuel as Conflicts Counsel
--------------------------------------------------------------
Solutia Inc. and its Debtor-affiliates obtained approval from
the U.S. Bankruptcy Court for the Southern District of New
York's to employ Quinn Emanuel Urquhart Oliver & Hedges LLP, as
their special litigation and conflicts counsel for matters
arising in or related to the Debtors' Chapter 11 cases, nunc pro
tunc to Jan. 22, 2008.

The Troubled Company Reporter said on Feb. 6, 2008, that
according to Rosemary L. Klein, general counsel of Solutia and
an authorized officer of each of the other Debtors, because of
Quinn Emanuel's experience in matters concerning complex
bankruptcy and commercial litigation, the firm is well-suited to
deal effectively with many of the potential legal issues that
may arise in the Debtors' Chapter 11 cases.

As special counsel, Quinn Emanuel will:

  (a) advise the Debtors regarding their ability to initiate
      actions to protect their rights under certain Oct. 25,
      2007 Commitment Letter -- with respect to Solutia's exit
      financing -- and related documents and enforce the
      Commitment Parties' legally binding commitments for the
      benefit of their estates;

  (b) advise the Debtors regarding their ability to initiate
      actions to protect their rights as against the Debtors'
      postpetition lenders; and

  (c) commence and conduct any and all litigation necessary or
      appropriate to assert rights held by the Debtors, protect
      assets of the Debtors' Chapter 11 estates or otherwise
      further the goal of completing the Debtors' successful
      reorganization.

The Debtors will pay Quinn Emanuel in accordance with its
standard hourly rates and reimburse the firm of actual and
necessary expenses.  The firm informs the Court that its rates
are subject to period adjustment to reflect economic and other
conditions.  The firm's current hourly rates are:

             Partners               US$660 - US$950
             Other Attorneys        US$380 - US$950
             Legal Assistants       US$250 - US$280

Quinn Emanuel has not, does not, and will not represent any
entities or any of their respective affiliates or subsidiaries,
in matters related to the Debtors, their Chapter 11 cases, or
other matters directly adverse to the Debtors during the
pendency of their cases, Susheel Kirpalani, Esq., a member of
Quinn Emanuel, assures the Court.

Mr. Kirpalani asserts that the firm is a disinterested person,
as the term is defined by Section 101(14) of the Bankruptcy
Code.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,  
engage in the manufacture and sale of chemical-based materials,
which are used in consumer and industrial applications
worldwide.  Solutia has operations in Malaysia, China,
Singapore, Belgium, and Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 119;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Standard & Poor's Ratings Services assigned its
'B+' loan rating to Solutia Inc.'s (D/--/--) proposed
US$1.2 billion senior secured term loan and a '3' recovery
rating, indicating the likelihood of a meaningful (50%-70%)
recovery of principal in the event of a payment default.  The
ratings are based on preliminary terms and conditions.  S&P also
assigned its 'B-' rating to the company's proposed
US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.  
S&P expect the outlook to be stable.


TRANSTEL INTERMEDIA: Fitch Holds Junk Ratings, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has taken the following rating actions for
Transtel Intermedia S.A.:

   -- Foreign currency issuer default rating affirmed at 'CCC';

   -- Local currency issuer default rating assigned 'CCC';

   -- US$170 million senior notes due 2016 affirmed at
      'CCC+/RR3'.

The rating outlook is stable.

Transtel Intermedia's ratings incorporate the company's high
leverage, limited financial flexibility and heighten
competition. These factors are balanced against a position as a
niche player in Colombia's competitive local exchange market,
low debt maturities over the next few years and moderate
regulatory risk.  The company is exposed to competition from
larger local exchange incumbents and increased substitution of
fixed-line telephony by mobile traffic.  The US$170 million
senior notes rating of 'CCC+/RR3' reflects good recovery
prospects given default.

The company's leverage remains high despite stable debt levels,
which limits the company's financial flexibility.  For the 12
months ended Sept. 30, 2007, total debt-to-EBITDA was 5.2 times,
EBITDA-to-gross interest expense was low at 1.3 and adjusted
EBITDA-to-cash interest expense was approximately 1.5.  Cash
flow to meet 2008 maturities of US$8.2 million is expected to be
tight.  In addition, Transtel Intermedia has low financial
flexibility with low cash balances and limited access which adds
to near-term refinancing risks despite the low level of debt
amortization.

The company operates a state of the art 100% digital network
that provides economies of scale and allows it to offer quality
voice and data services.  The network has enough capacity to
meet its growth strategy over the next few years.  As a result,
capital expenditures are expected to be at minimal levels and
free cash flow generation can be used to slightly decrease debt
over the next couple years.


The company is well positioned to offer unregulated bundled
services that include voice and broadband services, as well as
video services in Cali.  This strategy has helped the company to
reduce and control churn rate, increase profitability and
penetration.  Future operating strategy continues to lever the
unused installed capacity of its network in Cali, where good
demographics and low market share by the company provides a good
opportunity to increase its subscriber base by directly
competing with incumbent, municipally owned Emcali.  Transtel
Intermedia has leading market shares in Palmira, Cartago and
Girardot, where about 50% of revenues are generated.

Local traffic has been weak over the past few years, reflecting
migration of local traffic to mobile from fixed networks.  
Increases in lines in service and growth in Internet and pay
television users have not been sufficient to compensate for
revenue loss on local services.  Broadband penetration in
Colombia is low and offers an attractive opportunity over the
medium term to enhance revenues and to help retain LIS with the
offering of unregulated bundle services.

Regulatory risk seems moderate for Transtel Intermedia.  In
2006, the industry switched to charging for minutes versus
pulses, which was not expected to significantly affect the
revenues of the company.  Local service plans are regulated if
market share exceeds 60%.  The company has approximately 27% of
its LIS under a regulated regime, while most of its LIS (63.9%)
as under a monitored pricing model.  This model allows the
company to freely set rates with the only condition of
registering the rates with the regulator.  Under a regulated
regime, the regulator determines a price cap for the rates of
several services by the use of certain formulas and
methodologies.

Headquartered in Cali, Colombia, Transtel Intermedia, S.A. is a
subsidiary of Transtel S.A.  The company controls and operates
seven telephone systems and one cable system serving residential
and commercial subscribers in ten cities including Cali and its
metropolitan area, the municipalities of Popayan and Jamundi.  
It offers local telephone, data, internet and to a lesser extent
pay television services.  At Dec. 31, 2007, the company had over
228,000 lines in service, 38,000 internet subscribers including
16,400 broadband users and 12,800 pay television subscribers.  
Revenues and EBITDA for the LTM ended Sept. 30 2007, amounted to
approximately US$55 million and US$36 million respectively.



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

SIRVA INC: Obtains Additional US$10 Mil. DIP Loan; Panel Objects
----------------------------------------------------------------
The Honorable James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York gave interim permission to SIRVA
Inc. and its debtor-affiliates to obtain US$10,000,000 on top of
the US$100,000,000 that was authorized in the Court's interim
order dated Feb. 5, 2008.

According to Marc Kieselstein, P.C., at Kirkland and Ellis LLP
in Chicago, Illinois, a creditors committee was formed on
Feb. 20, 2008.  To give the Official Committee of Unsecured
Creditors sufficient time to evaluate the DIP Motion, the
Debtors agreed to continue the Final DIP Hearing to February 28.

"[T]he Debtors require an additional US$10 million in funding
over the initial US$100 million amount authorized by the Interim
DIP Financing Order to ensure sufficient liquidity during the
additional four days before the Court can consider granting
final relief," Mr. Kieselstein informed the Court.

Without the additional liquidity, Mr. Kieselstein said, the
Debtors may encounter additional difficulties in meeting certain
critical cash needs, and subsequently cause an adverse impact on
the Debtors' business operations and delay their Plan of
Reorganization.

The Creditors Committee did not object to the request for
interim financing.

                      Triple Net Objects

Triple Net Investments IX, LP, holds a claim against one of the
Debtors, North American Van Lines, Inc., for US$2,021,546, of
which US$89,624 is an administrative claim for the February 2008
rent under a non-residential real property lease between Triple
Net and North American.

According to Triple Net, the DIP Motion works as a de facto
substantive consolidation of the Debtors' assets, to secure the
proposed US$150,000,000 DIP financing, to cross collateralize
SIRVA Worldwide, Inc.'s pre- and postpetition lender
obligations, and to collateralize exit financing.

Triple Net said it was denied recourse to a substantial
unencumbered asset base, which it submits had been available
prepetition to satisfy its claims against North American by the
removal from North American's reach valuable North American
solvent, non-debtor, foreign subsidiaries.

Triple Net noted that the DIP Motion estimates the revenues of
North American's subsidiaries to be US$36,000,000 at Sept. 30,
2007.  Part of North American's equity in its subsidiaries was
unencumbered by Debtors' obligations to prepetition secured
lenders.  Without discovery, Triple Net said, similar creditors
including itself, as well as the Court, are "operating in the
dark."

Triple Net stated that the DIP Motion had also sought a
US$65,000,000 postpetition transfer to the Prepetition Secured
Lenders, and that the transfer is preferential and was made in
bad faith, since the Debtors should have known that Prepetition
Secured Lenders were grossly undersecured when the prepetition
loan was made.  According to Triple Net, it was in fact an
unsecured loan that was paid postpetition.

Triple Net added that the the DIP Motion appears to be an
integral component of a "prepackaged" plan of reorganization,
which the Debtors are pushing through the confirmation process.

Like the DIP Motion, the Plan, has as its "lynch-pin" the
substantive consolidation of the Debtors' assets and
liabilities, including those unencumbered assets of North
American, Triple Net contended.

Triple Net pointed out that the Plan provides for a zero
distribution for general unsecured creditors like itself, while
giving full payment to those that the Debtors elect to pay,
either in the ordinary course of business or in full upon
confirmation of the Plan.

Triple Net asserted that if the Court approves the DIP Motion,
it will be prejudiced because North American, through its
subsidiaries, are solvent, and therefore able to pay Triple
Net's claim in full.

Triple Net accordingly sought a reconsideration of the interim
relief which the Court had granted to the Debtors.  It also
asked the Court to deny the final relief sought by the DIP
Motion, and to direct the Prepetition Secured Lenders to
disgorge the US$65,000,000 postpetition transfer.

                        Debtors Respond

Mr. Kieselstein told Judge Peck that Triple Net has not provided
any justification for the Court to reconsider the Interim DIP
Order, and provides no legal arguments that rebut the Court's
ruling, other than its incorrect assertion that the loans were
unsecured.  He argued that the loans, refinanced under the
Interim DIP Order, were entitled to priority over other
prepetition facility claims, and are thus fully secured.

The argument that the DIP Motion works as a de facto substantive
consolidation is meritless, according to Mr. Kieselstein, since
the DIP Facility mirrors the guarantee and security interest of
the prepetition senior secured facility -- overlapping
guarantees and security interests in the Debtors' assets.  
Hence, the DIP facility has a structure essentially identical to
the Prepetition Facility, with extra collateral to secure the
additional US$35,000,000 in funds, advanced to the Debtors.

As a result, Mr. Kieselstein explained, the Debtors were not
required to notify Triple Net of the DIP Motion, since the
service provided was adequate under Rules 4001 and 9014 of the
Federal Rules of Bankruptcy Procedure, and Triple Net was not
directly affected by the DIP Motion.

               Committee Objects to DIP Facility

The Committee objects to the entry of a final order on the DIP
Motion because:

   (i) the DIP Financing appears to be unnecessary, since the
       Debtors could operate on a cash collateral basis; and

  (ii) the DIP Financing is an attempt by the Debtors'
       Prepetition Secured Lenders to gain inappropriate
       leverage over the Committee concerning an "inevitable
       plan fight."

According to the Committee, the Debtors suggested a lack of
significant opposition to its Plan, and relied on this "global
harmony" to obtain relief for its first-day motions.

The Committee maintains that the Plan is not consensual.  The
Committee does not support the Plan because, unlike typical
prepackaged plans, the Debtors propose to pay nothing to general
unsecured creditors.  With regard to the Debtors' assertion that
the Plan is supported by "all classes entitled to vote," it is
only because holders of Class 5 Claims are deemed to reject the
Plan, and are not entitled to vote.

The Committee believes that the Plan cannot be confirmed because
in addition to discrimination issues, there appear to be holes
in the Prepetition Secured Lenders' collateral position.  It
asserts that the Class 5 Claimants are as entitled as the other
unsecured claimholders to reap the value of unencumbered assets.

The Debtors and the Prepetition Secured Lenders have sought to
rectify the problem by the superpriority US$150,000,000 DIP
Financing.  However, the Committee says, the Lenders have used
the DIP Financing to gain an advantage over the Class 5
Claimants since all of its proceeds are used:

  -- to satisfy prepetition claims, of which more than half are
     owed to the Lenders, and

  -- to pay interest and fees to the Lenders.

The Committee maintains that the Debtors have not presented any
meaningful evidence that they could not operate postpetition on
a cash collateral basis, as long as they do not use the cash
collateral to pay prepetition claims or other payments to their
Prepetition Secured Lenders.

According to the Committee, some of the most problematic aspects
of the DIP Financing are:

  (a) US$65,000,000 is used simply to repay the Prepetition
      Secured Lenders, without demonstrating that the payment
      benefits the Debtors' estates;

  (b) the premise of the Plan is that the Lenders' claims are
      undersecured, but the Debtors propose to use the DIP
      Financing proceeds for ongoing interest and expense
      payments, in violation of Section 506 of the Bankruptcy
      Code;

  (c) certain Debtors are not obligated on the prepetition debt,
      but become obligated to repay the DIP Financing;

  (d) the Committee is given a short investigation period of
      until March 11, 2008, and a limited funding of US$50,000
      or US$833 per Debtor, to investigate the validity of the
      Lenders' liens and possible claims that the 61 Debtors may
      have against the Lenders;

  (e) the Lenders improperly take a lien on proceeds of
      avoidance actions;

  (f) the Lenders seek a surcharge waiver under Section 506(c),
      which is inappropriate under the DIP Financing
      circumstances;

  (g) the Lenders seek a prohibition on marshalling, which is
      improper given the unfairness of imposing obligations on
      Debtors not obligated on the Prepetition Debt; and

  (h) the DIP Financing attempts to impose burdens on the
      Committee for the sole reason of impeding its statutory
      duties, by the provision that the Committee has no
      standing to bring claims against the Lenders without
      permission from the Court.

The Committee submits that a Court should approve a proposed DIP
Financing only if it is in the best interest of the general
creditor body, citing In re Roblin Industries, Inc., 52 B.R.
241, 244 (Bankr. W.D.N.Y. 1985).

The Committee asks the Court to deny the final approval of the
DIP Financing, and to terminate the Debtors' ability to borrow
until payments to the Lenders are reversed.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base.  The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers.  SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement.  The company has operations in Costa Rica.

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.

(Sirva Inc. Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).



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

FREESTAR TECH: Posts US$4.5 Million Net Loss in Second Quarter
--------------------------------------------------------------
FreeStar Technology Corp. recorded a net loss of US$4,568,270
for the second quarter ended Dec. 31, 2007, compared to a net
loss of US$3,124,456 for the three months ended Dec. 31, 2006,
an increase of US$1,443,814 or approximately 46%.  

Ciaran Egan, FreeStar's chief financial officer, commented that
"approximately US$2,300,000 of this amount consisted of non-cash
compensation in the form of stock, stock options, and warrants
issued to consultants and employees.  We continue to launch new
innovative products and expand our geographical market for
increased growth opportunities in 2008.  We believe that our
investment program in our product and sales and marketing
programs together with our growing pipelines will drive revenue
growth in 2008."

Revenue for the three months ended Dec. 31, 2007, was
US$1,448,713 compared to US$811,902 for the three months ended
Dec. 31, 2006, an increase of US$636,811 or approximately 78%.  
Revenue consisted of transaction processing and related revenue
of US$512,782; consulting services revenue of US$683,862 and
hardware and related revenue of US$252,069.

FreeStar Technology president and chief executive officer Paul
Egan said, "We expect to see continued increased hardware
related sales to our expanding customer base, but also recognize
increasing revenue streams from annual maintenance fees and
service initiation fees.  

"Our cross border payments processing has now expanded to Spain,
Iceland, Denmark, Sweden and the U.K.  We are seeing a steady
increase in DCC (Dynamic Currency Conversion) Transactions from
our partner, Global Refunds.  We have successfully deployed
terminals in Dominican Republic and see continuing growth in the
region.  Our International projects are nearing deployment and
can expect to see a large increase in processing revenues
throughout the remainder of fiscal 2008."

                         Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$8,201,305 in total assets, US$3,509,597 in total
liabilities, US$407,398 in minority interest, and US$4,284,310
in total stockholders' equity.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$1,945,907 in total current
assets available to pay US$3,509,597 in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2007, are available
for free at http://researcharchives.com/t/s?288f

                    Going Concern Disclaimer

As reported in the Troubled Company Reporter on Oct. 4, 2007,
New York-based RBSM LLP expressed substantial doubt about
FreeStar Technology Corp.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended June 30, 2007.  The auditing frim said the
company is experiencing difficulty in generating sufficient cash
flow to meet its obligations and sustain its operations.

                   About FreeStar Technology

Based in Dublin, Ireland, FreeStar Technology Corp. (OTC BB:
FSRT) -- http://www.freestartech.com/-- provides electronic  
payment processing services, including credit and debit card
transaction processing, point-of-sale related software
applications and other value-added services.  The company was
incorporated in the State of Nevada.  The company also has
offices in Helsinki, Finland; Stockholm, Sweden; Geneva,
Switzerland; and Santo Domingo, the Dominican Republic.


PRC LLC: Wants Action Removal Period Extended to July 21
--------------------------------------------------------
PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to extend the time by
which they must file a notice of removal in any action to
the earlier of:

  (i) the effective date of a confirmed Chapter 11 plan; or

(ii) July 21, 2008.

As of April 1, 2008, PRC LLC is a party to some non-bankruptcy
causes of actions filed in various venues throughout the United
States, each of which was filed before the date of bankruptcy,
Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in
Houston, Texas, relates.

Rule 9027(a)(2)(A) of the Federal Rules of Bankruptcy Procedure
provides that:

  "If the claim or cause of action in a civil action is pending
  when a case under the Code is commenced, a notice of removal
  may be filed only within . . . 90 days after the order for
  relief in the case under the Code. . . ."

The current deadline for the Debtors to remove actions is
April 22, 2008.

Mr. Perez tells the Court that the Debtors' objective is to exit
bankruptcy expeditiously and, to that end, the Debtors' have
focused their efforts on preparing their bankruptcy schedules,
motions to assume or reject prepetition contracts or leases, a
disclosure statement, and a plan of reorganization.  "As a
result, the Debtors have had insufficient time to evaluate the
legal and procedural ramifications of filing notices of removal
for all of the Actions," Mr. Perez says.

According to Mr. Perez, the Debtors are analyzing various
aspects of each Action, but do not believe they are able to make
informed decisions as to whether to file notices of removal in
each case by April 22, 2008.  "The Debtors do not want to
forfeit any of their rights as debtors and debtors in
possession," Mr. Perez says.

Moreover, because the next regularly scheduled hearing date is
set for April 23, 2008 -- one day after the Rule 9027 deadline
-- the Debtors ask the Court to enter a bridge order extending
the Rule 9027 deadline through and including the date on which
the Court considers their request.

                         About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.  The Debtors submitted to the Court a
Chapter 11 Plan of Reorganization on Feb. 12, 2008.  (PRC LLC
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants Lease Decision Period Extended to August 20
----------------------------------------------------------
PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to extend the time by
which they must assume or reject the leases to the earlier of:

  (i) the effective date of the Debtors' confirmed Chapter 11
      Plan; or

(ii) Aug. 20, 2008, the date which is 90 days past the
      120-day period provided in Section 365(d)(4) of the U.S.
      Bankruptcy Code.

Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in
Houston, Texas, tell the Court that the Debtors are party to
numerous leases of non-residential real property which, in most
instances, provide the premises used as contact centers in
connection with the Debtors' core business operations.  

Since the filing of bankruptcy, Mr. Perez says, the Debtors have
diligently reviewed their business needs with respect to leased
premises and have filed several motions to reject leases.  
Currently, the Debtors lease 19 premises for which no motion to
assume or reject has been filed with the Court.  A list of these
leases is available for free at:

             http://researcharchives.com/t/s?2a5b

Section 365(d)(4) of the Bankruptcy Code provides, in relevant
part, that "an unexpired lease of nonresidential real property
under which the debtor is the lessee shall be deemed rejected,
and the trustee shall immediately surrender that nonresidential
real property to the lessor, if the trustee does not assume or
reject the unexpired lease by the earlier of:

  (i) the date that is 120 days after the date of the order for
      relief; or

(ii) the date of the entry of an order confirming a plan."

The current deadline for the Debtors to decide whether to
assume, assume and assign, or reject leases is May 22, 2008.

The Debtors' objective is to exit bankruptcy expeditiously.  To
that end, Mr. Perez says, the Debtors have focused significant
attention on preparing and filing bankruptcy schedules, a
disclosure statement, and a plan of reorganization.  
"Nevertheless, the Debtors have had insufficient time to
evaluate the economics of the remaining Leases in the context of
future business operations to determine whether the assumption
or rejection of any of the Leases would inure to the benefit of
all parties-in-interest," Mr. Perez relates.

While the Debtors are working as expeditiously as possible to
analyze all aspects of their businesses, they do not believe it
will be possible to make an informed decision as to whether to
assume or reject all of the Leases by May 22, 2008.  According
to Mr. Perez, the Debtors do not want to forfeit any of the
Leases as a result of the "deemed rejection" provision of
Section 365(d)(4).  

The Debtors assure the Court that their landlords will not be
prejudiced by the requested extension.  Mr. Perez notes that the
Debtors are current, and intend to remain current, on their
postpetition obligations under the Leases.

                         About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.  The Debtors submitted to the Court a
Chapter 11 Plan of Reorganization on Feb. 12, 2008.  (PRC LLC
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants Site Consolidation Incentive Plan Approved
---------------------------------------------------------
PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to approve an incentive
plan that proposes to consolidate their operations, thereby
reducing costs.

The Debtors have determined to consolidate their businesses into
a smaller number of contact centers than they now occupy and to
execute site adjustments by relocating the services provided to
certain clients between existing centers, in order to implement
cost-savings measures, with a minimum of disruption to their
clients, their employees and their business as a whole, Alfredo
Perez, Esq., at Weil, Gotshal & Manges LLP, in Houston, Texas,
tells the Court.

To ensure that essential customer-service representatives, team
leaders, and site management continue working at affected
contact centers during the Site Adjustments, the Debtors wish to
establish a modest incentive plan that is consistent with past
incentive arrangements, Mr. Perez says.

                       The Incentive Plan

The proposed Incentive Plan will not apply automatically to all
Employees affected by Site Adjustments.  Rather, on a case-by-
case basis, its application will depend on the Debtors'
determination that the continued employment of the affected
Employees will provide a financial or other material benefit to
the Debtors, according to Mr. Perez.  

Payments under the Incentive Plan will be based on numerous
factors, including (a) the time the Debtors require to complete
a Site Adjustment, (b) the number of Employees affected by the
Site Adjustment, (c) the distance required for relocation of
eligible Employees, (d) any client funding commitments during
the Site Adjustment, (e) training requirements for affected
programs, (f) service commitments for affected programs, and (g)
existing labor markets.

Payments offered to Employees pursuant to the Incentive Plan
will not exceed these maximum amounts:

--------------------------------------------------------------
Time between                EMPLOYEES OFFERED RELOCATION
announcement and        --------------------------------------  
date of elimination        Non-Exempt            Exempt
of position at
"old" center
---------------------   --------------------------------------
Up to 30 days                 --                  --
---------------------   --------------------------------------
More than 30 days but US$400 paid 90 days US$1,000 paid 90 days
less than 100 days      after employee     after employee
                         starts at "new"    starts at "new"
                         location           location
---------------------   --------------------------------------
More than 100 days    US$800 paid 90 days US$2,000 paid 90 days
                         after employee     after employee  
                         starts at "new"    starts at "new"
                         location           location
--------------------------------------------------------------

--------------------------------------------------------------
Time between               EMPLOYEES NOT OFFERED RELOCATION
announcement and        --------------------------------------  
date of elimination        Non-Exempt            Exempt
of position at
"old" center
---------------------   --------------------------------------
Up to 30 days                 --                  --
---------------------   --------------------------------------
More than 30 days but    US$200 paid at      US$750 paid at
less than 100 days         termination         termination
---------------------   --------------------------------------
More than 100 days      US$200 paid after   US$1,500 paid at
                            60 days, and         termination
                            another US$200
                         paid at termination  
--------------------------------------------------------------

The proposed Incentive Plan payments will be in addition to any
"WARN Act" notice pay, severance or any payout of accrued but
unused paid time off.

The Debtors propose that the Incentive Plan will expire on the
earlier of (i) a termination of the Incentive Plan by the
Debtors, or (ii) the completion of all site adjustments
announced prior to the effective date of any plan of
reorganization in the Debtors' Chapter 11 cases.

Specifically, the Debtors ask the Court to:

  (a) approve the Incentive Plan;

  (b) authorize implementation of the Incentive Plan; and
       
  (c) authorize all payments provided to eligible employees as
      provided for in the Incentive Plan.

Mr. Perez emphasizes that the Employees' payment rights under
the Incentive Plan are actual, necessary costs and expenses of
preserving the Debtors' estates and thus should be accorded
administrative expense priority under Section 503(b)(1) of the
Bankruptcy Code.

The Debtors relate that they require some continuity of staffing
during the Site Adjustments because they want to (i) avoid any
penalties or other costs associated with site adjustments; (ii)
maintain and maximize profitable programs until a turndown is
complete, and (iii) service clients at consistently high levels
during any relocation of their services from one site to
another, the Debtors require some continuity of staffing during
site adjustments.

Mr. Perez adds that the Court should approve the Incentive Plan,
as the Debtors have calculated that, in some cases, it would be
significantly more expensive for them to recruit, hire, train
and deploy new customer-service representatives and managers
than it would be to provide a modest incentive to existing
employees that will encourage them to continue to work for the
Debtors after their positions have been relocated to another
contact center.

                         About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.  The Debtors submitted to the Court a
Chapter 11 Plan of Reorganization on Feb. 12, 2008.  (PRC LLC
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)



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

NATIONAL WATER: Sees Losses of Over J$200 Million in FY2008
-----------------------------------------------------------
The National Water Commission of Jamaica's losses are expected
to be a little over J$200 million in the financial year 2008,
Radio Jamaica reports.

According to Radio Jamaica, the Commission's financial losses
will have a "drastic reduction" this year.

The Jamaica Gleaner relates that the Commission is expecting
that its losses for the year will be reduced by over 90% to
J$222 million this year and that expenses will increase at a
slower rate.  The Commission lost J$2.5 million in the financial
year 2007, Radio Jamaica notes.

According to The Gleaner, the Commission applied to the Office
of Utilities Regulation for a 44% increase in tariff.  Having
completed consultations, the OUR will still decide on the
matter.

The Commission "factored in a healthy tariff increase" into its
revenue for 2008, The Gleaner says.  The Gleaner further notes
that estimates tabled in Parliament indicated that the
Commission sees a 48% growth in revenue this year.

According to The Gleaner, the expected growth in revenue is
based on what the Commission says is a revised tariff structure,
which will be implemented before the end of June.  The
Commission told The Gleaner that this should increase its income
to J$15.3 billion from J$10.3 last year.

The Gleaner reports that the Commission is expecting that it
will collect J$10 billion for the provision of water,
representing "a sharp increase" from last year's J$6.5 billion.

The National Water Commission is a statutory organization
charged with the responsibility of providing potable water and
wastewater services for the people of Jamaica.

                          *     *     *

The National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.

Jamaican citizens have been complaining to the commission about
water disruptions in their communities, resulting to
restrictions of water use.



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

AMERICAN AXLE: Reaches Agreements With U.K. & Mexican Unions
------------------------------------------------------------
American Axle & Manufacturing has reached agreements with the
unions representing its associates in England, Mexico and
Scotland.

"All of AAM's hourly associates at AAM de Mexico and our wholly-
owned subsidiary Albion Automotive in the United Kingdom have
union representation," said American Axle Co-Founder,
Chairperson & Chief Executive Officer, Richard E. Dauch.  "The
recently signed agreements in Mexico and the United Kingdom
achieved a market competitive labor cost structure in those
regions where the facilities are located.  This was all done
quietly, professionally, responsibly and effectively with no
production disruption."

In addition to locations in the United States (Michigan, New
York, Ohio and Indiana), America Axle also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg,
Mexico, Poland, South Korea, Thailand and the United Kingdom.

Headquartered in Detroit, Michigan, American Axle &
Manufacturing, Inc. manufactures, designs, engineers and
validates driveline systems and related components and modules,
chassis systems, and metal formed products for light truck,
SUV's and passenger cars.  The company has manufacturing
locations in the USA, Mexico, the United Kingdom, Brazil, China
and Poland.  The company reported revenues of US$3.2 billion in
2007.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2008, Moody's Investors Service placed American Axle &
Manufacturing Holdings, Inc.'s Ba3 Corporate Family Rating under
review for downgrade.  In a related action, American Axle's
Speculative Grade Liquidity Rating was lowered to SGL-2 from
SGL-1.  The review will consider the potential near term
implications of the protracted work stoppage by American Axle's
UAW employees on the company's financial metrics and liquidity,
balanced against the potential long term benefits of any
eventual settlement.


BALLY TOTAL: Reaches Settlement with SEC After Fraud Allegations
----------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates have reached a settlement with the U.S. Securities
and Exchange Commission concerning the SEC's investigation
relating to the restatement of the company's financial
statements for 2002 and 2003 and selected financial data for
2000 and 2001.

In a lawsuit brought before the U.S. District Court in the
District of Columbia on Feb. 28, 2008, the SEC filed financial
fraud charges against against Bally alleging that the Company
violated securities law -- and misled investors -- by issuing
financial reports which fraudulently misrepresented Bally's
financial condition during the years from 1997 to 2003, reports
the Chicago Tribune.

Specifically, the SEC alleges that:

  -- from at least 1997 through 2003, Bally's financial
     statements were affected by more than two dozen accounting
     improprieties, which caused Bally to overstate its
     originally reported year-end 2001 stockholders' equity by
     nearly US$1.8 billion, or more than 340%.

  -- Bally understated its originally reported 2002 net loss by
     US$92.4 million, or 9341%, and understated its originally
     reported 2003 net loss by US$90.8 million, or 845%.

  -- Bally violated the antifraud, reporting, books and
     records, and internal control provisions of the federal
     securities laws.

  -- Bally fraudulently accounted for (i) three types of
     revenue it received from its members: initiation fees,
     prepaid dues, and reactivation fees; and (ii) its
     membership acquisition costs.

"These frauds account for US$1.2 billion of the US$1.8 billion
overstatement of Bally's originally reported year-end 2001
stockholders' equity," the SEC said in its complaint.  

In addition, Bally's accounting for more than 20 other revenue
or expense items failed to conform to Generally Accepted
Accounting Principles, which account for the remaining US$600
million of the US$1.8 billion overstatement of Bally's
originally reported year-end 2001 stockholders' equity, said the
SEC.

                         Bally Settles

In a "consent decree," says the Tribune, the suit was filed, and
Bally settled the charges simultaneously.

The company settled the proceedings without admitting or denying
the SEC's findings, according to reports.  The settlement does
not require the Company to pay a monetary penalty.

In accepting Bally's settlement offer, the SEC said, the
Commission took into account "Bally's cooperation with the
commission staff in the investigation leading to this action and
(its) prompt commencement of remedial action," reports the
Tribune.

As part of the settlement, the company has consented to a final
judgment requiring future compliance with Federal securities
laws and regulations.

Since the suit asks the Court only to enjoin Bally from future
violations, the litigation appears to be resolved.  However, the
SEC said that its investigation of events "is continuing," the
Tribune adds.

"I am pleased that the conclusion of the government
investigations puts these matters behind us as we continue to
execute our strategies for the long-term success of our
business," said Don R. Kornstein, Chairman of Bally Total
Fitness.

The Department of Justice also closed the criminal investigation
involving Bally's restatement, without action against the
company, according to a statement issued by Bally.

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally Total and
its affiliates filed for chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite
number of votes in favor of their pre-packaged chapter 11 plan.  
Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents
the Debtors in their restructuring efforts.  As of June 30,
2007, the Debtors had US$408,546,205 in total assets and
US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


CHRYSLER LLC: Plastech to Continue Supply Parts Until March 3
-------------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates have
agreed to continue to supply parts to Chrysler LLC until
March 3, 2008, Crain's Detroit Business reports.

As reported in the Troubled Company Reporter on Feb. 22, 2008,
the Debtors and Chrysler previously agreed to an extension of
their interim production agreement, under which Plastech will
continue to manufacture and deliver component parts to Chrysler
until Feb. 27, 2008.

Pursuant to the initial interim agreement between the parties:

  -- Chrysler was obligated to make certain payments to
     Plastech in conjunction with the continued production of
     component parts; and

  -- The Debtors are to allow BBK, as agents for Chrysler, to
     have supervised access to Plastech facilities for the
     purpose of inspecting and conducting an inventory of all
     tooling used for Chrysler production.

The U.S. Bankruptcy Court for the Eastern District of Michigan
denied Chrysler LLC's request to pull out the tooling equipment
from Plastech's plants a few weeks ago.

                   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.

                      About Chrysler LLC

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


SHARPER IMAGE: Schedules Filing Deadline Extended to April 4
------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted a request by Sharper Image Corp. to extend a deadline
for the Debtor to submit Schedules for an additional 15 days, or
until April 4, 2008.  

Judge Kevin Gross will consider the Debtor's request for a
waiver of the requirements to file the list of equity security
holders on March 7, 2008, at 1:00 p.m.

Under Section 521 of the Bankruptcy Code and Rule 1007 of the
Federal Rules of Bankruptcy Procedure, a debtor is required
to file a schedule of assets and liabilities; schedule of
current income and expenditures; schedule of executory contract
and unexpired leases; and statement of financial affairs within
15 days after it filed for bankruptcy.

Rule 1007-1(b) of the Local Rules of Bankruptcy Practice and
Procedure of the United States Bankruptcy Court for the District
of Delaware provides that a debtor with over 200 creditors is
given 30 days to file its schedules.

Sharper Image asked the Court to extend the 30-day period to 60
days, without prejudice to the Debtor's ability to request
additional time should it become necessary.

Proposed counsel for the Debtor, Steven K. Kortanek, Esq., at
Womble Carlyle Sandridge & Rice, PLLC, in Wilmington, Delaware,
stated that the Debtor needs until May 19, 2008, to submit its
Schedules.

Mr. Kortanek asserted that the 60-day extension is justified on
the grounds that:

  -- resources are strained;

  -- in view of the amount of work entailed in completing th
     Schedules and the competing demands on the Debtor's
     employees to assist in efforts to stabilize business
     operations during the initial postpetition period, the
     Debtor likely will not be able to properly and accurately
     complete the Schedules within the 30-day time period;  

  -- the task of completing the schedules takes a significant
     amount of time and effort on the employees; and

  -- there is a large amount of information to be compiled and
     assembled.

The Debtor also asked the Court to waive the requirement that it
file a list of equity security holders within 15 days of the
Petition Date.

As of the Petition Date, the Debtor has approximately 15,172,523
shares of common stock outstanding.

Mr. Kortanek noted that preparing a list of the equity security
holders and sending of notice to all holders of the 15,172,523
shares is expensive and time consuming.  Moreover, the equity
security holders change on a daily basis.

If it becomes necessary for the equity security holders to file
proofs of interest, they will be provided with notice of the bar
date and then will have an opportunity to assert their interests
-- and therefore, will not be prejudiced, Mr. Kortanek says.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty   
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  The company
filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D.,
Case No. 08-10322).  Steven K. Kortanek, Esq. at Womble,
Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its
restructuring efforts.  When the Debtor filed for bankruptcy, it
listed total assets of US$251,500,000 and total debts of
US$199,000,000.

(Sharper Image Bankruptcy News Issue No. 4, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000)


SHARPER IMAGE: Court Grants Request to Pay Vendor Obligations
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted a request by Sharper Image Corp. to pay its Vendor
Obligations in the ordinary course of business

The Debtor relies on providers of goods including, but not
limited to, manufacturers and suppliers, as well as packagers,
transporters, and product servicers, according to the Debtor's
proposed counsel, Steven K. Kortanek, Esq., at Womble Carlyle
Sandridge & Rice, PLLC, in Wilmington, Delaware.
       
Shipment and servicing of the Debtor's products from Vendors to
the Debtor's warehouse and distribution facilities in California
and Arkansas, as well as shipment of the Debtor's products to
its stores, and retail and wholesale customers is typically
effectuated through the services of common carriers, customs
brokers, freight forwarders and third parties that service and
repair certain of the Debtor's goods, Mr. Kortanek noted.
       
As of the Debtors' bankruptcy petition, and in the ordinary
course of business, the Debtor had approximately US$113,000,000
of purchase orders outstanding with various manufacturers and
suppliers, as well as packagers, transporters and product
servicers for goods ordered prior to the Petition Date, and
delivered postpetition.
       
Mr. Kortanek explained that as a result of the Debtor's Chapter
11 case, Vendors may be concerned that the goods and services
provided to the Debtor prior to the Petition Date, but delivered
after the Petition Date, will make them general unsecured
creditors of the Debtor's estate.  
       
There is the possibility, Mr. Kortanek said, that the Vendors
may refuse to ship or transport goods or perform services with
respect to the Outstanding Orders, unless the  Debtor (i) issues
substitute postpetition purchase orders, (ii) obtains a Court
order granting all undisputed obligations of the Debtor arising
from its postpetition receipt and acceptance goods and services
subject to Outstanding Orders administrative expense priority
status, (iii) obtains the Court's authority to satisfy the
Undisputed Obligations, in the ordinary course of business.
       
                  Custom Duties and Other Fees
       
Mr. Kortanek related that the Debtor imports approximately
US$75,000,000 to US$175,000,000 of goods per quarter.  
Furthermore, the Debtor engages V. Alexander & Co., a Custom
Broker, and Panalpina Group, an import Freight Forwarder, to
take all actions necessary, including making payment, to obtain
the release of imported surcharged goods for delivery to the
Debtor.
       
As of the Petition Date, the Debtor estimates that it owes
Alexander & Co. approximately US$2,000, while Panalpina is owed
roughly US$250,000.  Mr. Kortanek pointed out that prompt
payment to these entities are vital to the Debtor's operations.
       
The Debtor estimates that, as of the Petition Date,
approximately US$2,700,000 of imported goods have been paid for,
and are either awaiting transit or are in transit to the U.S.,
all of which must be processed by Alexander & Co. or Panalpina.
       
Prompt payment of the Customs Duties and other fees promotes the
uninterrupted flow of retail products, which are essential to
the Debtor's business, Mr. Kortanek maintained.
       
              Common Carriers and Product Servicers
       
The Debtor's catalog and Internet sales are dependent on common
carriers to ensure delivery of its customer orders, Mr. Kortanek
told Judge Gross.
       
As of the Petition Date, the Debtor owes approximately
US$850,000 to Common Carriers that are in possession of around
US$2,200,000 of the Debtor's goods.  Furthermore, the Debtor
also owes roughly US$415,000 to Product Servicers who are in
possession of in excess of US$1,350,000 worth of the Debtor's
goods.
       
To avoid disruptions to the continuous and timely flow of
products from the Vendors to the Debtor, which could result in
insufficient goods with which to provide customers with the
products they expect, the Court, at the Debtor's behest:
       
  * granted the Vendors administrative expense priority status
    for undisputed obligation arising from the postpetition
    delivery of goods and services ordered in the prepetition
    period;  
       
  * authorized the Debtor to pay its Vendor Obligations in the
    ordinary course of business;
       
  * authorized the Debtor to pay all undisputed prepetition
    customs duties, broker's fees, freight forward charges,
    ocean freight charges, common carrier charges and product
    servicer charges, for an amount not exceeding US$1,500,000,
    without further Court order; and
       
  * authorized the Debtor's banks to receive, process, honor and
    pay checks related to the undisputed prepetition
    obligations.
       
Furthermore, upon the Debtor's payment of any undisputed
prepetition obligation, any property held by any Vendor as
security for the payment will be immediately released and
delivered by the Vendor to its destination as directed by the
Debtor.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty   
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  The company
filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D.,
Case No. 08-10322).  Steven K. Kortanek, Esq. at Womble,
Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its
restructuring efforts.  When the Debtor filed for bankruptcy, it
listed total assets of US$251,500,000 and total debts of
US$199,000,000.

(Sharper Image Bankruptcy News Issue No. 4, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000)



===========
P A N A M A
===========

MULTIBANK PANAMA: Fitch Assigns BB-/B ID Ratings, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Multibank Panama these ratings:

   -- Foreign currency long-term issuer default rating 'BB-';
   -- Foreign currency short-term issuer default rating 'B';
   -- Individual rating 'C/D';
   -- Support rating '5';
   -- Support floor 'NF';
   -- National rating long-term IDR 'A(Pan)';
   -- National rating short-term IDR 'F1(Pan)'.

The rating outlook is Stable.

Multibank ratings reflect its sound capital base, improved
portfolio quality, high liquidity, diversified revenues,
improved performance and focused business approach.  It also
factors in its relatively small size, its relatively high loan
and deposit concentration and its still high cost structure.

Multibank's ratings would benefit from further diversification
of loans, better cross-sell, a wider deposit base, stronger cost
controls and improved efficiency.  The bank's ratings could be
pressured downward if the credit portfolio quality deteriorates,
reserve levels decline or profitability weakens.

A long-standing dollarized economy, Panama lacks a central bank;
hence, banks do not have a lender of last resort.  Banco
Nacional de Panama, the country's largest state controlled bank,
could only provide temporary liquidity loans if needed.  In
Fitch's opinion, external support for Multibank although
possible, can not be relied upon.

Multibank's performance during 2007 was driven by strong loan
portfolio growth (+53% at December 2007), especially in its
corporate portfolio that combined with stable margins, boosted
interest revenues (+40%).  The acquisition of Macrofinanciera
and improved cross-sell contributed to increase non-interest
revenues (+61%).

Personnel costs increased (+49%) as well as other administrative
costs reflecting the banks significant investment to re-
structure and expand.  Loan loss provisions were also higher
(+88%) as a result of portfolio growth and a conservative
reserve policy.  Nevertheless, net income reached a record $14.5
million while profitability improved (ROAA: 1.8%, ROAE 23%).

Improved loan portfolio quality with PDLs reaching record lows
(1.07% of gross loans) and higher loan loss reserves allowed
Multibank to improve its reserve coverage to 168%.  Liquidity
remained ample and of very good quality.  On the other hand,
increased earnings retention along with new issues of ordinary
shares and preferred shares with 100% equity-credit as per Fitch
criteria, allowed the bank to maintain a comfortable capital
ratio (17.7%) well above regulatory requirements and the
industry average.

With its strategic plan well under way and a sound competitive
positioning, the bank is poised to reap the benefits of its
expanded target market.  Growth is oriented towards retail
banking in an effort to further diversify revenues, underpin
margins, improve the still high portfolio concentration and
achieve higher cost efficiency.

After a wave of mergers and acquisitions, Multibank is the 10th
largest Panamanian Bank with a market share of about 2.3% of
assets at December 2007 in a market dominated by big players.  
The bank has undergone a significant corporate re-structuring to
become a universal bank.  It provides a growing array of banking
services to SME, corporate and retail customers.  It is
controlled by a well regarded local family.



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

TYCO INTERNATIONAL: Shutdowns Aguadilla Plant; Cuts 600 Jobs
------------------------------------------------------------
Tyco International Ltd. is closing a plant in Puerto Rico and
cutting 600 employees to move the operations to a lower-cost
area, Bloomberg News reports.

Over the next 12 months, the Aguadilla plant will shut in phases
and workers will get severance packages and outplacement
service, the report relates.

The company said in a statement that the plant, which makes
anti-theft products and is operated by Tyco's Safety Products
division, has been maintained to remain open by investing in new
technologies and making job cuts to reduce costs.

According to Gopal Chandramowle, director of Global Supply Chain
for Tyco Safety Products, a new relocation of the facility
outside of Puerto Rico is in the works.

Tyco spokesman Ira Gottlieb disclosed that the new plant will be
announced soon.  The company has planned to set up a research
and development centre in Puerto Rico that will employ about 25
engineers, the report says.

Based in Pembroke, Bermuda, Tyco International Ltd. (NYSE: TYC)
-- http://www.tyco.com/-- provides security, fire protection
and detection, valves and controls, and other industrial
products and services to customers in four business segments:
Electronics, Fire & Security, Healthcare, and Engineered
Products & Services.  With 2007 revenue of US$18 billion, Tyco
employs approximately 118,000 people worldwide.  In Latin
America, Tyco has presence in Argentina, Brazil, Chile, Costa
Rica, Ecuador, Honduras, and the Bahamas.

Effective June 29, 2007, Tyco International Ltd. completed the
spin-offs of Covidien and Tyco Electronics, formerly its
Healthcare and Electronics businesses, respectively, into
separate, publicly traded companies in the form of a
distribution to Tyco shareholders.

                            *     *     *

As reported in the Troubled Company Reporter on Dec. 21, 2007,
in its annual report for the year ended Sept. 28, 2007, Tyco
said that on Nov. 8, 2007, The Bank of New York delivered to the
company a notice of events of default.  The notice claims that
the actions taken by the company in connection with its
separation into three public entities constitute events of
default under certain indentures.



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

* S&P Says LatAm & Emerging Markets Offset U.S. Plastic Demand
--------------------------------------------------------------
Standard & Poor's Ratings Services expects the global packaging
sector to experience another year of downward pressure on credit
quality in 2008.  About 63% of all rated packaging companies are
in the highly volatile 'B' category or lower, following the boom
in leveraged buyouts, and S&P expects more issuers to encounter
financial challenges as the economy sputters and credit market
conditions remain difficult.  As S&P had expected, defaults
have picked up and the packaging sector has already witnessed
two in North America from December 2007 through April 2008.  
This is consistent with broader trends across leveraged
industries, as the universe of rated North American corporate
issuers saw 12 defaults in the first three months of 2008,
compared with just 18 for the entire year of 2007.

Interestingly, the level of defaults for packaging companies has
likely been somewhat suppressed because of limited refinancing
requirements and covenant-lite features in credit facilities of
several issuers, owing to the tremendous liquidity in the market
before the credit squeeze began in the summer of 2007.  S&P's
Global Fixed Income Research forecasts a 2008 year-end
speculative-grade baseline default rate of 4.6% in the United
States, with a high forecast of 5.7% and a low of 3.4%.  For
S&P's rated universe of issuers, Global Fixed Income Research
group's data indicates that over the long term (1981-2007)
globally, an average of 9.1% of all entities rated 'B-' and
25.6% of all entities rated 'CCC+' or lower transition to
default within one year.  Given that 25% of packaging companies
are rated 'B-' or below, liquidity concerns remain high.  
Defaults in the packaging sector likely will pick up momentum
later in 2008 and continue into 2009, as companies grapple with
weaker operating trends, liquidity pressures, and covenant
violations.

The previous spike in leveraged buyouts and issuance among the
speculative-grade rated packaging companies in the 1990s
subsequently led to a peak in defaults in 2001.  Four companies
defaulted in 2001, followed by minimal defaults in subsequent
years.  The packaging sector witnessed one default in all of
2002, 2004, 2005, 2006, and 2007.  The heightened debt issuance
at the 'B' level and lower since 2004 is an early warning of
potential credit deterioration and default pressure.  Since
early 2004, S&P has rated 12 new issuers in the U.S. all in the
'B' category and the proportion of credits rated at the lowest
rungs of the rating scale in the packaging sector has increased
visibly, particularly in the 'B-' and 'CCC+' rating
designations.  S&P has four companies (11%) rated in the 'CCC'
category, which the rating agency reserves for issuers at the
highest risk of default in the next 12 months.

Overall, the distribution of outlooks and CreditWatch listings
among the 38 rated issuers in the sector is 13% positive, 26%
negative, and 61% stable.  The proportion of negative outlooks
and CreditWatch listings with negative implications has declined
in the past two quarters, as a result of defaults and
downgrades.  The current 26% proportion of negative outlooks
represents a marked decline from the 30% to 40% range witnessed
in the past few years.  Although three (43%) of the seven
investment-grade rated issuers have negative outlooks, some of
them have a greater ability to improve cash flow from operations
and restore their financial profiles within the next year, as
compared to highly leveraged issuers at the lower end of the
rating spectrum.  Within the 'B' rating category, 20% of ratings
carry negative outlooks, while only 10% have positive outlooks.

            Demand Varies Across Packaging Segments

While packaging demand has been considered recession resistant,
recent earnings trends reflected lower volumes in rigid and
flexible plastic packaging for dairy, beverages, and foods, as
consumers pulled back on spending at grocery and convenience
stores in light of high gas prices, rising prices of dairy,
meat, and other food items, and subprime mortgage woes.  
According to S&P's economic research, it still anticipates a
drop in first-quarter real GDP, but probably only by 0.3% rather
than the 0.9% that was estimated in early March.  Second-quarter
GDP is likely to drop more, however, given the lackluster March
employment report.

Weaker trends in consumer spending have a varied impact on
packaging companies depending on their product mix, end markets,
and customer base.  As consumers eat out less and trade down
from restaurants to lower priced quick service chains and eat at
home more in recessionary times, volumes for packaged food and
beverages consumed at home should hold steady or increase
slightly.

About 35% of the U.S. packaging companies have a well
diversified global geographic footprint, and the metal and glass
packaging companies, in particular, benefit from strong demand
growth in Eastern Europe, Asia, and Latin America that offsets
mature demand in the U.S.

   As Plastic Resin Prices Rise, Companies Try To Do With Less

The price of polyethylene, a key raw material for various
plastic packaging companies, is on an upward trend because of
higher energy prices.  This could exert further pressure on the
profitability of packaging suppliers through 2008, particularly
manufacturers of films and flexible packaging.  However, S&P
expects plastic resin prices to decline as significant capacity
additions in the Middle East and the Asia-Pacific region come
onstream in 2008, 2009, and 2010.

The emphasis on sustainability by retailers and consumers is
likely to shape trends in packaging product development and
product innovation over the next several years.  Since February
2008, Wal-Mart Stores Inc. measures and recognizes its 60,000
suppliers worldwide for using less packaging, utilizing more
effective materials in packaging, and sourcing these materials
more efficiently through a packaging scorecard.  Wal-Mart
expects this initiative to result in a reduction of 5% in
overall packaging by 2013.  These and other initiatives by
consumer product companies have driven certain shifts toward
shrink overwrap for multi-packaging from corrugated boxes, and
the conversion to smaller, concentrated liquid laundry detergent
containers.  While this has created growth opportunities for
some packaging companies, it could also hurt volumes and
profitability in other packaging segments.  For example, S&P
expects Graham Packaging Co.'s volumes in laundry detergent
containers to be adversely affected in 2008 due to the shift
toward smaller containers for concentrated laundry detergents.  
The renewed focus on downguaging of films and lightweighting in
the plastic and metal container segments are other examples of
companies using sustainability and cost reduction efforts to
lower raw material, freight, and other operating costs.

              Tight Supply And Demand Balance Aids
         Glass Manufacturers' Efforts To Pass On Costs

In the U.S. and Europe, S&P expects the glass industry to
benefit from a tight demand-supply balance in 2008, which should
support continued selling-price increases to offset glass
manufacturers' cost pressures.  Because contracts generally
include annual price adjustments, there has been a considerable
lag in recouping these cost increases.  In light of significant
inflationary cost pressures, Owens-Illinois Inc., the global
leader in glass packaging, is developing a value-based approach
to pricing beyond cost recovery and is reviewing its global
glass footprint.

   Metal Packaging Firms See Higher Demand In Emerging Markets

Most companies in the metal packaging sector continue to pass
through higher metal prices to customers, because of the
contractual nature of the majority of sales.  Like other
companies in the packaging sector, metal packaging producers
also have exposure to inflationary costs such as freight and
energy.  S&P expects steel prices to increase substantially in
2008 and packaging companies to pass these costs through to
customers.

Demand for beverage and food cans in emerging markets has been
strong and has provided a good counterbalance to the mature U.S.
markets.  Most of the leading can manufacturers have a global
geographic footprint and are building and expanding capacity to
tap the growth potential in Eastern Europe, Asia, and the Middle
East.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                      Total
                                   Shareholders    Total
                                      Equity      Assets
  Company               Ticker        (US$MM)     (US$MM)
  -------                ------    ------------   -------
Arthur Lange             ARLA3       (23.61)        52.76
Kuala                    ARTE3       (33.57)        11.86
Bombril                  BOBR3      (472.88)       413.81
Caf Brasilia             CAFE3      (876.27)        42.83
Chiarelli SA             CCHI3       (63.93)        50.64
Ceper-Inv                CEP          (7.77)       120.08
Ceper-B                  CEP/B        (7.77)       120.08
Telefonica Hldg          CITI     (1,481.31)       307.89
Telefonica Hldg          CITI5    (1,481.31)       307.89
SOC Comercial PL         COME       (793.61)       439.83
Marambaia                CTPC3        (1.38)        79.73
DTCOM-DIR To Co          DTCY3       (14.16)         9.24
Aco Altona               ESTR        (49.52)       113.90
Estrela SA               ESTR3       (62.09)       118.58
Bombril Holding          FPXE3    (1,064.31)        41.97
Fabrica Renaux           FTRX3        (5.55)       136.60
Cimob Partic SA          GAFP3       (63.56)        94.60
Gazola                   GAZ03       (43.13)        22.28
Haga                     HAGA3      (114.40)        17.96
Hercules                 HETA3      (240.65)        37.34
Doc Imbituba             IMB13       (20.49)       209.80
IMPSAT Fiber Networks    IMPTQ       (17.16)       535.01
Minupar                  MNPR3       (39.46)       154.47
Nova America SA          NOVA3      (300.97)        41.80
Recrusul                 RCSL3       (59.33)        25.19
Telebras-CM RCPT         RCTB30     (163.58)       229.94
Rimet                    REEM3      (219.34)        93.47
Schlosser                SCL03       (75.19)        47.05
Semp Toshiba SA          SEMP3        (4.68)       153.68
Tecel S Jose             SJ0S3       (13.24)        71.56
Sansuy                   SNSY3       (67.08)       201.64
Teka                     TEKA3      (331.28)       536.33
Telebras SA              TELB3      (163.58)       229.94
Telebras-CM RCPT         TELE31     (163.58)       229.94
Telebras SA              TLBRON     (163.58)       229.94
TECTOY                   TOYB3        (3.79)        38.65
TEC TOY SA-PREF          TOYB5        (3.79)        38.65
TEC TOY SA-PF B          TOYB6        (3.79)        38.65
TECTOY SA                TOYBON       (3.79)        38.65
Texteis Renaux           TXRX3      (103.01)        76.93
Varig SA                 VAGV3    (8,194.58)     2,169.10
FER C Atlant             VSPT3      (104.65)     1,975.79
Wiest                    WISA3      (140.97)        71.37


                            ***********


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

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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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