TCRLA_Public/080416.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

            Wednesday, April 16, 2008, Vol. 9, No. 75

                            Headlines


A R G E N T I N A

ALEON SRL: Proofs of Claim Verification Deadline is May 2
CONSORCIO DE PROPIETARIOS: Files for Reorganization in Court
DELTA AIR: Deal with Pilots Clears Way for Northwest Merger
FLOWSERVE CORP: Annual Shareholders' Meeting Set for May 30
FLOWSERVE CORP: Fitch Affirms Issuer Default Rating at BB

FRIGORIFICO REGIONAL: Claims Verification Deadline is July 16
INDUSTRIA METALURGICA: Claims Verification is Until June 9
LORYMIC SRL: Proofs of Claim Verification Deadline is June 24
ORLANDO H: Proofs of Claim Verification Deadline is May 19
TELECOM ARGENTINA: Appeals Ruling Extending Telefonica Probe

TELECOM ARGENTINA: Sees Laws Favoring Triple Play Services
TEKNI-PLEX INC: Inks Restructuring Pact with Key Stakeholders
THE LOOK: Proofs of Claim Verification Deadline is June 3
TURBINE POWER: Will Hold Informative Assembly on April 25


B E R M U D A

MONTPELIER RE: Francis Lockwood to Lead US Firm Underwriting
TYCO INT'L: Settles US$250 Million Lawsuit with Bondholders


B O L I V I A

COEUR D'ALENE: Inks New Transportation Agreement with Goldbelt


B R A Z I L

ABITIBIBOWATER INC: Completes Sale of Snowflake Mill
ABITIBIBOWATER INC: S&P Puts Recovery Ratings on Sr. Debt Issues
AMERICAN AIRLINES: Flight Woes Have Little Effect on Virgin Is.
BANCO DO BRASIL: Susep Okays Unit's Incorporation of Brasilseg
BANCO FIBRA: S&P Puts BB- Rating on US$150 Mil. Two-Year Notes

BOMBARDIER INC: S&P Ups Ratings to BB+ on Improved Liquidity
BROWN SHOE: Operating Challenges Prompts S&P's Negative Outlook
EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans
ENERGIAS DO BRASIL: Issues 1Q 2008 Conference Call Webcast Alert
GERDAU SA: Will Launch Primary Offering of 44 Million Shares

MRS LOGISTICA: Will Invest BRL97.5 Million to Build Terminal
SPECTRUM BRANDS: To Release 2nd Quarter 2008 Results on May 6
SPECTRUM BRANDS: S&P Revises Outlook on Improved Liquidity
TAM SA: PwC Renews Firm's Sarbanes-Oxley Certification
TELE NORTE: To Handle Rio de Janeiro Public Offices Fixed Lines

UNIAO DE BANCOS: Gets US$75 Million Credit Line From IFC


C A Y M A N  I S L A N D S

ASIAVEST PARTNERS: Final Shareholders Meeting is on April 18
CARPROV CAYMAN: To Hold Final Shareholders Meeting on April 18
COUNTER MANAGEMENT: Proofs of Claim Filing Deadline is April 18
KGRF - XYL: Sets Final Shareholders Meeting for April 18
MOUNTAIN FINANCE: To Hold Final Shareholders Meeting on April 18

PEQUOT INDIA: Proofs of Claim Filing is Until April 18
PREMIER OFFICE: Sets Final Shareholders Meeting for April 18
SFCPX FUNDING: Sets Final Shareholders Meeting for April 17
WESTWAYS FUNDING: To Hold Final Shareholders Meeting on April 18
WESTWAYS FUNDING IX: Final Shareholders Meeting is on April 18


C O L O M B I A

QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor
QUEBECOR WORLD: Wants to Hire KPMG (Canada) as Tax Consultant
QUEBECOR WORLD: Wants Ernst & Young as Tax Services Provider
SOLUTIA INC: Settlement Pact with Solvay Gets Court Approval


D O M I N I C A N   R E P U B L I C

FLOWSERVE CORP: Moody's Holds Rtgs., Changes Outlook to Positive


E C U A D O R

PETROECUADOR: Gov't Stops Negotiations With 5 Private Oil Firms


J A M A I C A

CASH PLUS: Carlos Hill May be Charged with Fraud
HERBALIFE LTD: May be Engaged in Fraud, Says Research Group
NAT'L COMMERCIAL: Court to Rule on Olint Injunction on Friday


M E X I C O

ALERIS INT'L: Posts US$128 Mil. Net Loss in Year Ended Dec. 31
BERRY PLASTICS: Moody's Holds B3 Corporate Family Rating
BLOCKBUSTER: Extends US$1.3BB Unsolicited Bid for Circuit City
CHRYSLER LLC: To Manufacture Pick-up for Nissan at Mexican Plant
ELAMEX SA: Sets Annual Shareholders Meeting on April 23

FORD MOTOR: Sells ACH Glass Business and Mexican Subsidiary
GRUPO POSADAS: Expects to Settle Tender Offer & Consents Today
MULTIBANK INC: S&P Assigns Counterparty Credit Rating at BB-/B


P U E R T O  R I C O

PILGRIM'S PRIDE: Cuts Weekly Production by 5% in Second Quarter
TIENDAS DONATO: Case Summary & 30 Largest Unsecured Creditors


V E N E Z U E L A

BANESCO BANCO: Raises US$58.2 Million From Share Offering
NORTHWEST AIRLINES: Delta and Pilots Pact Clears Way for Merger
NORTHWEST AIRLINES: Board Votes "For" Merger with Delta Air
NORTHWEST AIRLINES: Seeks Allowance for US$5,954,902 ALPA Claims
NORTHWEST AIRLINES: Dissolves NWA Inc. and NWA Holdings

NORTHWEST AIRLINES: Makes Four Additional Shares Distribution
PETROLEOS DE VENEZUELA: Earns US$4.15BB in 2007; Doubles Equity


                         - - - - -


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

ALEON SRL: Proofs of Claim Verification Deadline is May 2
---------------------------------------------------------
Jose Stanislavsky, the court-appointed trustee for Aleon SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until May 2, 2008.

Mr. Stanislavsky 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. 20, 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 Aleon 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 Aleon's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Aleon SRL
           Moreno 1175
           Buenos Aires, Argentina

The trustee can be reached at:

           Jose Stanislavsky
           Talcahuano 768
           Buenos Aires, Argentina


CONSORCIO DE PROPIETARIOS: Files for Reorganization in Court
------------------------------------------------------------
Consorcio de Propietarios del Edificio de la Calle San Jose 1837
has requested for reorganization approval after failing to pay
its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 1 in Buenos Aires.  Clerk No. 1 assists the court
in this case.

The debtor can be reached at:

                     Consorcio de Propietarios del Edificio
                     de la Calle San Jose 1837
                     San Jose 1837
                     Buenos Aires, Argentina


DELTA AIR: Deal with Pilots Clears Way for Northwest Merger
-----------------------------------------------------------
Delta Air Lines Inc. and its pilots have reached an agreement  
in principle on a contract that would purportedly clear the way
for the carrier's merger with Northwest Airlines Corp.,
Bloomberg News reports.

The accord would allegedly raise Delta pilots' pay and give them
an equity stake in the consolidated carrier, people familiar
with the talks said.

Any pact would need to be approved by the leaders of the Delta
pilots union, a unit of the Air Line Pilots Association, before
the carriers could finalize their deal, says The Atlanta
Journal-Constitution.  The Delta union's 6,000 members also may
vote later on whether to ratify a new labor contract tied to the
merger.

"With oil at $110 per barrel and the weakening economy, Delta
probably got to the point where they felt like they needed to
move ahead," said Michael Derchin, an analyst with FTN Midwest
Research Securities Corp. in New York.  "It always made
strategic, long-term sense for these companies."

The merger talks hit a snag in February when the airlines'
pilots weren't able to agree on a way to protect members'
seniority rankings after a consolidation.

Now, Delta wants to draw up a new contract with just its 7,000
pilots, and Northwest's 5,000 pilots would be asked to join
under a single contract later, said the people who didn't want
to be identified because the plan is still private.  The plan
includes a small premium for Northwest investors, the
unidentified sources said, reports Bloomberg.

"It's sort of a backhanded slap at the Northwest pilots," said
Douglas Marshall, director of the Aviation Graduate Program at
the University of North Dakota.  "Delta's pilots are going to
have more leverage.  They will be in a stronger position."

Negotiations to create a combined seniority list may take months
to complete, Bloomberg says, citing people familiar with the
situation.

"It is hard to anticipate Northwest pilots' level of interest in
agreeing to an unknown Delta seniority integration proposal,"
said Robert Mann of R.W. Mann & Co. in Port Washington, New
York, a consultant for airlines and unions.

Betsy Talton, spokeswoman for Delta, and Tammy Lee, a
spokeswoman for Northwest, declined to comment.

                     Boards Approve Merger

On Monday, the board of directors of both Delta Air Lines and
Northwest gave their consent to allow the two airlines to merge
based on an all-stock deal, The Wall Street Journal and The
Associated Press relate.

The combination of Delta and Northwest, which is still subject
to regulatory approval, stands to create the world's largest
airline operator in the world valued at US$17.7 billion, AP
says.

Under the merger, each Northwest shareholder will get 1.25
shares in the combined company for every share owned, or
equivalent to 17% premium as of Monday's trading, based on WSJ's
and AP's reports.

Both reports recount that Delta and Northwest have emerged from
bankruptcy in 2007 and "are in much better shape" as compared
with smaller airlines that have recently gone bankrupt.

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts.  On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  On
May 21, 2007, the Court confirmed the Debtors' Plan.  The Plan
took effect May 31, 2007.  (Northwest Airlines Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.  (Delta Air Lines 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. 18, 2008, Standard and Poor's said that media reports that
Delta Air Lines Inc. (B/Positive/--) entered into merger talks
with UAL Corp. (B/Stable/--) and Northwest Airlines Corp.
(B+/Stable/--) will have no effect on the ratings or outlook on
Delta, but that confirmed merger negotiations would result in
S&P's placing ratings of Delta and other airlines involved on
CreditWatch, most likely with developing or negative
implications.


FLOWSERVE CORP: Annual Shareholders' Meeting Set for May 30
-----------------------------------------------------------
Flowserve Corp. will hold its 2008 Annual Meeting of
Shareholders on on May 30, 2008 at 11:30 a.m., local time, the
company disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission.

The meeting will be held at the Four Seasons Resort and Club,
4150 North MacArthur Boulevard in Irving, Texas.

According to Tara D. Mackey, the company's Vice President,
Assistant Secretary and Compliance Counsel, shareholders of
record of the company’s common stock at the close of business on
April 4, 2008 are entitled to notice of and to vote at the
annual meeting.

At the annual meeting, the company will ask shareholders to:

     -- elect four directors, each to serve a term expiring at
        the 2011 annual meeting of shareholders;

     -- elect two directors, each to serve a term expiring at
        the 2010 annual meeting of shareholders;

     -- to ratify the appointment of PricewaterhouseCoopers LLP
        to serve as our independent registered public accounting
        firm for 2008; and

     -- attend to other business properly presented at the
        meeting.

Proxy materials may be obtained online through:

                http://www.proxydocs.com/fls

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 55 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  The
company has subsidiaries in Argentina, Netherlands, China,
Mexico, France, Brazil and Japan, among others.


FLOWSERVE CORP: Fitch Affirms Issuer Default Rating at BB
---------------------------------------------------------
Fitch Ratings has affirmed Flowserve Corp.'s Issuer Default
Rating and senior secured bank facilities at 'BB' and revised
the Rating Outlook to Positive from Stable.

Flowserve's ratings are:

     -- IDR at 'BB';
     -- Senior secured bank facilities at 'BB';

The ratings affect approximately US$558 million of debt
outstanding at Dec. 31, 2007.

The Positive Rating Outlook reflects Flowserve's improving
operating performance, substantial progress toward resolving
concerns about contingent litigation liabilities and financial
reporting, and Fitch's expectation that the company intends to
maintain disciplined financial policies that should help it to
sustain improved credit measures.  Flowserve's solid results in
2007 contributed to a significant decline in debt/EBITDA to 1.2
times (x) as of Dec. 31, 2007 despite a stable debt level. The
company has benefited from strong demand across most of
Flowserve's businesses, particularly in its important energy and
water markets.  Flowserve has also benefited from better
operating efficiency related to the increase in sales volumes
and from its focus on improving its operating capabilities and
its reporting and controls.  The long term outlook for activity
in the company's global infrastructure markets remains favorable
although Fitch recognizes the inherent cyclicality in
Flowserve's business and its sensitivity to economic conditions.
This concern is partly offset by the company's substantial
aftermarket business.

Previous concerns about controls over financial reporting and
potential litigation liabilities have been eliminated or
significantly reduced.  The company has not reported any
material weaknesses since the end of 2006.  In February 2008,
Flowserve agreed to settlements totaling US$10.6 million with
the U.S. Dept. of Justice and the SEC concerning investigations
into its compliance with the U.N. Oil-for-Food Program.  In
addition, recent developments surrounding shareholder lawsuits
have been in Flowserve's favor although the risk of further
litigation cannot be dismissed.  Remaining legal matters include
numerous asbestos-related lawsuits and Flowserve's compliance
with U.S. export controls.  Asbestos liabilities are reduced by
insurance coverage or indemnities by other companies.  While the
effectiveness of such coverage is difficult to ascertain, the
ratings incorporate Fitch's view that, in the absence of
unexpectedly large awards against it, Flowserve's net litigation
liabilities are not likely to result in a substantial use of
cash.

The ratings also consider Flowserve's global presence in the
flow control industry, its product and geographic
diversification, and its conservative debt structure.
Discretionary spending for acquisitions and share repurchases
have been limited in recent years, but favorable financial
results have contributed to the company's decision to initiate
dividends in 2007, and in February 2008 it announced a $300
million share repurchase program.  Flowserve has not said how
quickly it might repurchase shares.  However, it has sufficient
financial capacity to fund modest levels of share repurchases
and acquisitions as well as working capital requirements and
capital expenditures that may be needed to fund internal growth.
Fitch believes large acquisitions or other leveraging
transactions are unlikely based on opportunities for meaningful
internal growth, Flowserve's commitment to making further
improvements in its operating and reporting processes, and its
demonstrated willingness to control debt and leverage.  An
upgrade in Flowserve's ratings will be contingent on continued
strong financial results, effective execution of its operating
strategies, reasonable clarity about contingent litigation
liabilities, and disciplined cash deployment.

At Dec. 31, 2007, Flowserve's liquidity included US$373 million
of cash and a US$400 million revolver that matures in 2012,
offset by US$7 million of current maturities and US$115 million
of Letter of Credit usage under the revolver.  Nearly all of
Flowserve's debt consisted of a US$555 million bank term loan
that has no significant scheduled payments until 2011.  The bank
facilities are secured by substantially all of Flowserve's
domestic assets and 65% of the capital stock of certain foreign
subsidiaries.  The facilities would become unsecured if the
company maintains investment grade ratings, as defined in the
agreement, for at least 90 days.  During 2008, Flowserve expects
to terminate its factoring facilities which represented US$64
million of non-recourse financing at the end of 2007.

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

The company's European unit, Rayovac Europe GmbH, is
headquartered in Sulzbach, Germany.  Outside the United States,
the company also has manufacturing facilities in Brazil,
Columbia and China.


FRIGORIFICO REGIONAL: Claims Verification Deadline is July 16
-------------------------------------------------------------
Estudio Alegre, Isak, Villamagna, the court-appointed trustee
for Frigorifico Regional General Las Heras SA's reorganization
proceeding, will be verifying creditors' proofs of claim until
July 16, 2008.

Ms. Addario will present the validated claims in court as  
individual reports.  The National Commercial Court of First  
Instance No. 6 in Buenos Aires, with the assistance of Clerk  
No. 52, 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 Frigorifico Regional 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 Frigorifico
Regional's accounting and banking records will be submitted in
court.

La Nacion didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan  
during the assembly on March 31, 2009.

The debtor can be reached at:

        Frigorífico Regional General Las Heras SA
        25 de Mayo 555
        Buenos Aires, Argentina

The trustee can be reached at:

        Estudio Alegre, Isak, Villamagna
        Viamonte 1592
        Buenos Aires, Argentina


INDUSTRIA METALURGICA: Claims Verification is Until June 9
----------------------------------------------------------
Estudio Clase A Debenedetti-Odorisio, the court-appointed
trustee for Industria Metalurgica Plastica Argentina Cooperativa
de Trabajo Ltda.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until June 9, 2008.

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

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

Estudio Clase is also in charge of administering Industria
Metalurgica's assets under court supervision and will take part
in their disposal to the extent established by law.

The trustee can be reached at:

           Estudio Clase A Debenedetti-Odorisio
           Rodriguez Pena 617
           Buenos Aires, Argentina


LORYMIC SRL: Proofs of Claim Verification Deadline is June 24
-------------------------------------------------------------
Jacobo Becker, the court-appointed trustee for Lorymic SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 24, 2008.

Mr. Becker will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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 Lorymic 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 Lorymic's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Lorymic SRL
           Pacheco de Melo 2956
           Buenos Aires, Argentina

The trustee can be reached at:

           Jacobo Becker
           Salguero 2244
           Buenos Aires, Argentina


ORLANDO H: Proofs of Claim Verification Deadline is May 19
----------------------------------------------------------
Juan Angel Giannazzo, the court-appointed trustee for Orlando H.
Minguillon S.A.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until May 19, 2008.

Mr. Giannazzo will present the validated claims in court as  
individual reports on July 1, 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 Orlando H. 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 Orlando H.'s
accounting and banking records will be submitted in court on
Aug. 27, 2008.

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

The debtor can be reached at:

           Orlando H. Minguillon S.A.
           Avenida Cordoba 657
           Buenos Aires, Argentina

The trustee can be reached at:

           Juan Angel Giannazzo
           Avenida de Mayo 1370
           Buenos Aires, Argentina


TELECOM ARGENTINA: Appeals Ruling Extending Telefonica Probe
------------------------------------------------------------
Telecom Argentina has filed an appeal on a court ruling that
extended the term of a probe conducted in the firm to assess
whether Telefonica's stake in Telecom Italia creates a conflict
of interest in Argentina, Dow Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2007, the Argentine government created a two-person
board at Telecom Argentina to check whether Spanish firm
Telefonica's purchase of a stake in Telecom Italia affects
competition and whether the acquisition would lead to Telefonica
having undue influence on the decisions of Telecom Argentina,
which Telecom Italia controls.  A consortium of Italian
companies and Telefonica reached an accord on April 28, 2007, to
indirectly acquire a 23.6% controlling stake in European
operator Telecom Italia.  Telecom Italia owns 50% of Sofora,
Telecom Argentina's controller.  Local investment group Grupo
Werthein, Telecom Argentina's second biggest shareholder,
claimed that Telefonica would eventually have an impact on
Telecom Argentina.  Comision Nacional asked Spanish
telecommunications firm Telefonica, Telefonica de Argentina's
parent firm, for additional documentation on its acquisition of
a controlling stake in Telecom Italia.

Telefonica has closed its acquisition of the indirect
controlling stake in Telecom Italia.

Dow Jones Newswires relates that the court order was originally
issued in February at the request of Werthein.

Telecom Argentina said in February that the probe would also
include Sofora, Nortel Inversora, and Telecom Personal, Telecom
Argentina's unit, Dow Jones notes.

According to Telecom Argentina, the probe was initially given
two months but a court recently extended that term to conclude
10 days after Telecom Argentina's and Nortel Inversora's annual
assemblies.

Telecom Argentina will hold its assembly on April 29, Dow Jones
adds.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides    
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.  As of Dec. 31, 2006, its telephone system included
approximately 4.09 million lines in service.

As of 2007, current approximate ownership of Telecom Argentina
is: * 54.74% by Nortel Inversora S.A., itself a consortium made
up of: -- Werthein Group (48%) -- Telecom Italia  -- France
Telecom group (2%); * 41.5% publicly traded; and * 4.21%
employee stock ownership program France Telecom sold its part of
Telecom Argentina to the WertheinGroup, an Argentine
agricultural concern owned in part by vice chairman Gerardo
Werthein.  As of 2007, current approximate ownership of Telecom
Argentina is: * 54.74% by Nortel Inversora S.A., itself a
consortium made up of: -- Werthein Group (48%) -- Telecom Italia
group (50%) -- France Telecom group (2%); * 41.5% publicly
traded; and * 4.21% employee stock ownership program.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2008, Fitch Ratings upgraded Telecom Argentina's
foreign and local currency issuer default ratings to 'B+' from
'B'.  Fitch said the outlook is positive.


TELECOM ARGENTINA: Sees Laws Favoring Triple Play Services
----------------------------------------------------------
Telecom Argentina SA's Regulatory Affairs Director Edmundo
Poggio told news daily La Nacion that the firm expects Argentine
regulations to allow telecommunication operators to provide
triple play services.

Business News Americas relates that the current regulations
don't allow the firms to offer triple play services.

Telecom Argentina plans to enter the triple play market by
launching the IPTV services, BNamericas states, citing Signals
Consulting's Vice President Juan Gnius.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides    
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.  As of Dec. 31, 2006, its telephone system included
approximately 4.09 million lines in service.

As of 2007, current approximate ownership of Telecom Argentina
is: * 54.74% by Nortel Inversora S.A., itself a consortium made
up of: -- Werthein Group (48%) -- Telecom Italia  -- France
Telecom group (2%); * 41.5% publicly traded; and * 4.21%
employee stock ownership program France Telecom sold its part of
Telecom Argentina to the WertheinGroup, an Argentine
agricultural concern owned in part by vice chairman Gerardo
Werthein.  As of 2007, current approximate ownership of Telecom
Argentina is: * 54.74% by Nortel Inversora S.A., itself a
consortium made up of: -- Werthein Group (48%) -- Telecom Italia
group (50%) -- France Telecom group (2%); * 41.5% publicly
traded; and * 4.21% employee stock ownership program.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2008, Fitch Ratings upgraded Telecom Argentina's
foreign and local currency issuer default ratings to 'B+' from
'B'.  Fitch said the outlook is positive.


TEKNI-PLEX INC: Inks Restructuring Pact with Key Stakeholders
-------------------------------------------------------------
Tekni-Plex Inc. entered into a restructuring agreement with:

    (i) entities that have represented that they hold more than
        91% of the company's 12.75% Senior Subordinated Notes
        Due 2010 and more than 67% of the company's 8.75% Senior
        Secured Notes due 2013,

   (ii) holders of a majority of the company's preferred stock,

  (iii) holders of 100% of its common stock, and

   (iv) Dr. F. Patrick Smith, Chairman, Chief Executive Officer
        and President of Tekni-Plex.

The agreement memorializes the restructuring terms that were
agreed to in principle by certain stakeholders on March 27,
2008.

The restructuring agreement obligates each party to take actions
reasonably necessary to negotiate, document and consummate the
restructuring on the agreed-upon terms and conditions, which
include:

   -- general unsecured creditors of Tekni-Plex, including trade
      creditors, will be unaffected by the restructuring, and
      the company intends to honor its obligations to those
      creditors in the ordinary course of business,

   -- the company will continue to honor its obligations under
      its US$110 million credit facility, its 10.875% Senior
      Secured Notes due 2012 and its Second Lien Notes,

   -- the company's existing common stock will be cancelled,
      redeemed or purchased, and each holder will receive its
      pro rata share of a cash distribution of US$250,000,

   -- the company's preferred stock will be exchanged or
      redeemed for three tranches of warrants to purchase 12.5%
      of the company at various exercise prices,

   -- holders of at least 95% of the Subordinated Notes will
      exchange their notes for 100% of the common stock of
      Tekni-Plex, subject to dilution by a management incentive
      plan and the exercise of the warrants,

   -- the obligations of the parties to consummate the
      restructuring is subject to certain conditions, such as:

         (a) obtaining consent to the restructuring from holders
             of not less than (i) 99.5% of the preferred stock,
             (ii) 100% of the common stock, (iii) 85% of the
             indirect interests in the common stock (based on
             unit holdings of the limited liability companies
             that hold the common stock) and (iv) 95% of the
             Subordinated Notes,

         (b) definitive documentation must be reasonably
             satisfactory to the parties, and

         (c) consummation of the restructuring must occur on or
             before May 13, 2008.

Tekni-Plex intends to implement the restructuring by May 13,
2008, at which point, if the transactions are satisfactory to
each of the lenders under the company's revolving credit
facility, the maximum availability under the credit facility
will be increased from US$95 million to US$110 million.

There can be no assurance that the parties will be able to
consummate the restructuring as contemplated by their agreement.

Dr. F. Patrick Smith said: "The execution of this agreement
represents a significant step towards the consummation of the
company's restructuring, which will significantly deleverage our
balance sheet and put the company in a strong financial position
to operate and grow its businesses, many of which are leaders in
the markets they serve.  I once again applaud the efforts of
those stakeholders who have demonstrated confidence in Tekni-
Plex and have continued to work tirelessly towards the
consummation of the restructuring.  We fully intend to continue
to meet our obligations to our customers and suppliers, and we
appreciate their ongoing support."

The restructuring will constitute a "Change in Control" under
the Indenture governing the company's 10.875% Senor Secured
Notes due 2012, which will require that the company make, after
consummation of the restructuring, an offer to repurchase the
First Lien Notes at a price of 101% plus accrued interest.  The
restructuring agreement provides that if the restructuring is
consummated, certain holders of Subordinated Notes will provide
a take-out facility or tender process to replace, redeem or
repurchase, as necessary, First Lien Notes that are tendered in
connection with the occurrence of the Change in Control.  The
restructuring will not constitute a Change of Control under the
Indenture governing the Second Lien Notes or the Indenture
governing the Subordinated Notes as a result of amendments and
waivers (as described in the company's Form 8-K filed on Feb.
21, 2008).

             Agreement in Principle with Noteholders

As reported in the Troubled Company Reporter on April 3, 2008,
Tekni-Plex Inc. reached an agreement in principle among
the holders of a majority of its 12.75% Senior Subordinated
Notes Due 2010 and the holders of a majority of its preferred
stock regarding the terms of a consensual out-of-court
restructuring transaction, according to the company's regulatory
filing with the Securities and Exchange Commission.

The company also has entered into an extension, through May 13,
2008, of its Forbearance Agreement, dated as of Jan. 16, 2008,
with entities that purportedly hold more than 91% of the
Subordinated Notes and more than 64% of its 8.75% Senior Secured
Notes due 2013.

                        About Tekni-Plex

Headquartered in Coppell, Texas, Tekni-Plex Inc. --
http://www.tekni-plex.com/-- manufactures packaging, packaging  
products and materials as well as tubing products.  The company
primarily serves the food, healthcare and consumer markets.  It
has built leadership positions in its core markets, and focuses
on vertically integrated production of highly specialized
products. Tekni-Plex has operations in the United States,
Europe, China, Argentina and Canada.

Tekni-Plex Inc.'s consolidated balance sheet at Dec. 28, 2007,
showed US$605.7 million in total assets and US$1.01 billion in
total liabilities, resulting in a US$403.4 million total
stockholders' deficit.

                           *    *    *

In December 2007, Moody's Investors Service downgraded the
Corporate Family Ratings of Tekni-Plex Inc. to Caa3 from Caa1.


THE LOOK: Proofs of Claim Verification Deadline is June 3
---------------------------------------------------------
Alberto Jose Buceta, the court-appointed trustee for The Look
S.A.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until June 3, 2008.

Mr. Buceta will present the validated claims in court as  
individual reports on July 16, 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 The Look 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 The Look's accounting
and banking records will be submitted in court on
Sept. 11, 2008.

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

The trustee can be reached at:

           Alberto Jose Buceta
           Avenida Rivadavia 1342
           Buenos Aires, Argentina


TURBINE POWER: Will Hold Informative Assembly on April 25
---------------------------------------------------------
Turbine Power Co S.A.' creditors will vote on the company's
completed settlement plan during an informative assembly on
April 25, 2008.

The court-appointed trustee for Turbine Power's reorganization
proceeding, verified creditors' proofs of claim.  He presented
the validated claims in court as individual reports and
submitted a general report containing an audit of the company's
accounting and banking records.



=============
B E R M U D A
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MONTPELIER RE: Francis Lockwood to Lead US Firm Underwriting
------------------------------------------------------------
Montpelier Re Holdings Ltd.'s subsidiary, Montpelier US, has
disclosed that Francis “Bud” Lockwood has joined as the
President of Montpelier Underwriting Inc. and member of the
Montpelier US Executive Committee.  Bud comes to MUI with over
25 years of experience in the (re)insurance industry, having
served most recently as Sr. Vice President of Catlin
Underwriting Inc. (formerly Wellington) and as a member of the
Catlin Executive Committee with responsibility for Property
Treaty business.  Bud also spent over 18 years at Trenwick
America Re, leaving there as Chairman of the Underwriting
Committee.  Mr. Lockwood will be based in MUI’s Shelton, CT
office and will have responsibility for all of (re)insurance
business underwritten by MUI as a cover holder for Montpelier Re
Syndicate 5151 at Lloyd’s.

MUI also announced two other important senior staff additions,
both of whom will also be based in Shelton, CT.

Michael Finnegan has joined MUI as Sr. Vice President of
Montpelier Program Management with overall responsibility for
the development and management of MPM business.  Previously
Michael worked at Odyssey Re, where he was Vice President with
Casualty Treaty responsibilities.  Prior to joining Odyssey,
Michael spent seven years as an underwriter at
Trenwick/Chartwell.  Mr. Finnegan began his career with Aetna
P&C in the national accounts division.  MUI’s MPM division will
focus on outsourced underwriting with both new and developed
professional underwriting experts.

John Dalton, Sr. Vice President of MUI, has assumed
responsibility as Director of MUI’s Direct Property Facultative
division.  He will oversee the development and operation of
MUI’s large limit, excess of loss property facultative business,
which currently has offices in Hartford, CT and Kansas City, KS
with an additional office expected to open in Chicago, IL by
June, 2008.  Mr. Dalton joins MUI following 16 years with Swiss
Re, where he was responsible for brokered property facultative
business for North and South America.  In a career spanning
almost three decades, Mr. Dalton has also worked at
Transatlantic and Munich Re.

Stan Kott, CEO of Montpelier US, said, “Bud joining as President
of MUI completes the Executive team for our US operations.  Bud
is well known to our staff and the (re)insurance community.  We
expect his underwriting expertise and business acumen will lead
MUI on a straight, steady and conservative course to profitable
growth.  John Dalton is an experienced and accomplished
reinsurance professional with a well established following. He
is ideally suited to lead our effort to build a first-class
direct property facultative operation.  Michael Finnegan’s
strong casualty background, combined with his unique business
and people skills, make him the right person to create a
successful underwriting management division for MUI.”

                About Montpelier Re Holdings Ltd.

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

                            *     *     *

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


TYCO INT'L: Settles US$250 Million Lawsuit with Bondholders
-----------------------------------------------------------
Tyco International Ltd. is paying US$250 million to settle a
lawsuit with firms representing its bondholders, the Bloomberg
News reports.

The company said in a statement that the pact was reached with
firms that advise holders of about 80% of US$3.7 billion of
debt.

According to Bloomberg, none of the debt will be redeemed as
part of the settlement.  The company will offer to exchange its
notes due in 2028 and 2029 for notes that mature in 2019 and
2021 respectively.

The report says that the bondholders claimed the company has
divided into three separate companies without the creditors'
consent.  They believed that the settlement is a success
although Tyco denied any misconduct.  In March, U.S. District
Judge Shira Scheindlin explained in a 28-page decision that Tyco
may have breached its agreement with owners of its debt.

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.



=============
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=============

COEUR D'ALENE: Inks New Transportation Agreement with Goldbelt
--------------------------------------------------------------
Coeur d'Alene Mines Corporation and Goldbelt, Incorporated, have
entered into a new Memorandum of Understanding designed to
address the Kensington Gold Mine's transportation needs.  The
new MOU will focus on an alternate marine transportation center
at Yankee Cove that will move mine workers to and from the
Kensington, located approximately 45 miles north of Juneau.

Gary Droubay, Chief Executive Officer for Goldbelt, stated: "The
new agreement we are working on addresses the transportation,
security and other support services the mine will need under its
new Modified Plan of Operations.  We are also delighted in the
progress of the permitting of the Modified Plan of Operations
and the apparent position of the three Conservation groups that
the new tailings option is preferable to the previous Lower
Slate Lake project.

"Coeur and Goldbelt can now move ahead on a new transportation
operating agreement.  This plan will put Goldbelt shareholders
back to work.  The delay caused by the lawsuit adversely
impacted both jobs and services in which Goldbelt shareholders
would have benefited.  I know the recent developments to
progress the project are good news for Juneau and all of
Southeast Alaska," Mr. Droubay added.

Dennis E. Wheeler, CEO and Chairman of Coeur, stated, "The MOU
with Goldbelt continues to progress our new Plan of Operations
which will move our employees to the mine by busing them from
Juneau to Yankee Cove, and then by boat from Yankee Cove to the
mine site.  While the permitting process has been extended by
the litigation, there is now a clear path to permitting Coeur's
new 'paste' tailings proposal."

Mr. Wheeler added, "Our aim is to complete all necessary
permitting in the Fall of 2008, with production targeted for
2009."

During the long term relationship between Coeur and Goldbelt,
over US$35 million in environmental and design studies and three
Environment Impact Statements have been conducted on the
project.

Kensington is a major gold project located about 45 miles
northwest of Juneau with an estimated annual production profile
of approximately 140,000 ounces of gold.  Construction of all
surface facilities, except for the tailings facility, is
essentially completed.  In addition, the 2.5 mile horizontal
access tunnel is completed, connecting the Jualin mine site,
where the plant and mill are located, and Kensington.  Proven
and probable reserves measure approximately 1.4 million ounces
of gold.

                         About Goldbelt

Goldbelt is an Alaska Native Corporation with 3,300
shareholders.  It currently operates a number of companies
involved in hospitality, transportation and security services,
and it continues to pursue development plans for its ANCSA
land holdings, including its land at Echo Cove.

                     About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                         *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.



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

ABITIBIBOWATER INC: Completes Sale of Snowflake Mill
------------------------------------------------------
AbitibiBowater Inc. has completed the sale of its Snowflake,
Arizona, assets for a purchase price of US$161 million to a
subsidiary of Catalyst Paper Corporation (TSX: CTL).  The
facility has an annual production capacity of approximately
375,000 tonnes of newsprint.

This sale was approved by the U.S. Department of Justice in
order to comply with the requirements set for approval of the
Abitibi-Consolidated/Bowater combination.  AbitibiBowater plans
to use the proceeds from this sale for general corporate
purposes.

Headquartered in Montreal, Canada, AbitibiBowater Inc.
(NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a
result of the combination of Abitibi-Consolidated Inc. and
Bowater Incorporated.  Pursuant to the transaction, Abitibi-
Consolidated Inc. and Bowater Incorporated became subsidiaries
of AbitibiBowater.  The company produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products and markets these products to more than 90 countries.

Following the required divestiture agreed to with the U.S.
Department of Justice, AbitibiBowater will own or operate 27
pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and
South Korea.  The company also has newsprint sales offices in
Brazil and Singapore.  The company's shares also trade at the
Toronto Stock Exchange under the stock symbol ABH.


ABITIBIBOWATER INC: S&P Puts Recovery Ratings on Sr. Debt Issues
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned recovery ratings to
the senior unsecured debt issues of AbitibiBowater Inc.,
Abitibi-Consolidated Inc., and Bowater Inc.

At the same time, S&P lowered the issue-level rating on these
debts to 'CCC+' (one notch below the corporate credit ratings on
the companies) from 'B-'.

Based on a separate recovery analysis of each entity, S&P
assigned a recovery rating of '5 ' to the issues, indicating the
expectation for a modest (10%-30%) recovery in the event of a
payment default.

S&P also assigned an issue-level rating of 'CCC+', with a
recovery rating of '5', to the US$350 million convertible notes
issued by AbitibiBowater.  These notes are guaranteed by
Bowater, and therefore rank pari passu with Bowater's unsecured
debts.

                       Ratings List

AbitibiBowater Inc.

    -- Corporate credit rating      B-/Negative/--

Abitibi-Consolidated Inc.

    -- Corporate credit rating      B-/Negative/--

Bowater Inc.

    -- Corporate credit rating      B-/Negative/--

        Ratings Lowered/Recovery Rating Assigned
                       To                           From
AbitibiBowater Inc.

                       To                           From
                       --                           ----
Senior unsecured debt  CCC+ (Recovery rating: 5)    B-

Abitibi-Consolidated Inc.

                       To                           From
                       --                           ----
Senior unsecured debt  CCC+   (Recovery rating: 5)  B-

Bowater Inc.

                       To                           From
                       --                           ----
Senior unsecured debt  CCC+   (Recovery rating: 5)  B-

                      Rating Assigned
AbitibiBowater Inc.

   -- US$350 mil. convertible notes   CCC+ (Recovery rating: 5)

Headquartered in Montreal, Canada, AbitibiBowater Inc.
(NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a
result of the combination of Abitibi-Consolidated Inc. and
Bowater Incorporated.  Pursuant to the transaction, Abitibi-
Consolidated Inc. and Bowater Incorporated became subsidiaries
of AbitibiBowater.  The company produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products and markets these products to more than 90 countries.

Following the required divestiture agreed to with the U.S.
Department of Justice, AbitibiBowater will own or operate 27
pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and
South Korea. The company also has newsprint sales offices in
Brazil and Singapore.  The company's shares also trade at the
Toronto Stock Exchange under the stock symbol ABH.


AMERICAN AIRLINES: Flight Woes Have Little Effect on Virgin Is.
---------------------------------------------------------------
The Virgin Islands Daily News reports that American Airlines
Inc.'s flight cancellations have hardly affected the Virgin
Islands' tourism sector.

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

According to The Virgin Islands Daily, the MD-80 aircrafts don't
fly to the Virgin Islands and Puerto Rico.

St. Thomas and St. Croix managers of American Airlines' partner
American Eagle told The Virgin Islands Daily that passengers
haven't been prevented from reaching the territory.

"There is no effect on us here.  Everybody is coming in as
scheduled as far as I know," American Eagle's acting St. Thomas
manager Ingrid Camsel commented to The Virgin Islands Daily.

Bolongo Bay Beach Resort managing director Richard Doumeng told
The Virgin Islands Daily, "So far, other than people talking
about what a pain in the neck it was to get here, we still have
people making their connections somehow and arriving."

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.


BANCO DO BRASIL: Susep Okays Unit's Incorporation of Brasilseg
--------------------------------------------------------------
Brazil's insurance regulator Susep has authorized Banco do
Brasil's car insurer unit Brasilveaculos to incorporate general
insurer Brasilseg, Business News Americas reports, citing
insurance federation Fenaseg.

Fenaseg told BNamericas that shareholders approved Brasilseg's
incorporation as well as the increase of capital to
BRL132 million from BRL130 million.

Susep figures indicate that Brasilveaculos increased written
premiums by 5.41% to BRL151 million in January-February 2008,
from the same period in 2007, BNamericas notes.

                      About Brasilveaculos

Brasilveaculos is a car insurer in Brazil.  It is 70% owned by
Banco do Brasil and 30% owned by SulAmerica.

                     About Banco do Brasil

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

                           *     *     *

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


BANCO FIBRA: S&P Puts BB- Rating on US$150 Mil. Two-Year Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-'
foreign currency rating to Banco Fibra S.A.'s upcoming
US$150 million unsecured, unsubordinated, two-year medium-term
notes, issued through its principal office in Brazil or its
Cayman Island branch.  S&P's foreign currency rating on the bank
is BB-/Stable/B.
     
The ratings on Banco Fibra incorporate the increasing
competition affecting most Brazilian banks operating in the
small and midsize company segment.  In addition, the ratings
reflect potentially higher delinquency ratios, given increases
in consumer-finance loans, and the bank's challenge to maintain
an increasing and diversified funding base.  The bank's still-
strong asset quality indicators, good track record, expertise in
the corporate and middle-market segments, improved
profitability, and the benefits of the implicit support of its
shareholder, the Vicunha Group, temper these risks.
     
Banco Fibra's credit operations remain concentrated in the low
corporate and middle-market segments.  S&P believes the bank has
the necessary knowledge, flexibility, and customer service
policies to compete in the market and sustain its position as a
relevant player.  Although increasing competition from larger
banks could pressure interest margins further, the rating agency
believes the bank will be able to gradually replace low
corporate operations with middle-market credits and retail
loans, strengthening its strategy and sustaining its margins.  
The increasing proportion of retail loans in the total loan
portfolio (13.7% of the bank's total credit operations as of
December 2007, compared with 10.5% in June 2007) indicates that
Banco Fibra's retail strategy was executed successfully.  S&P
expects the retail portfolio to represent approximately 20%-30%
of the loan portfolio in the future, contributing to a diverse
portfolio mix and enhanced profitability.  The bank's adjusted
ROA is stable, averaging 1.7% for the past three years.
     
The stable outlook on the bank reflects S&P's expectation that
the bank will be able to sustain its good asset quality
indicators at a rate of less than 4%, while growing its funding
base and maintaining adequate capitalization and profitability.  
S&P could revise the outlook to negative or lower the ratings if
there is a significant deterioration in Banco Fibra's asset-
quality ratios (vis-a-vis the market average levels); if the
bank's liquidity and funding are pressured; or if the bank fails
to show more robust profitability levels.  On the other hand,
S&P could revise the outlook to positive or raise the ratings
depending on the bank's ability to deliver a consistent and
successful growth strategy for the longer term.  Such a positive
rating action would also depend on the bank sustaining an
adequate liquidity position, and improving profitability and
capitalization.

Banco Fibra S.A. -- http://www.bancofibra.com.br/-- is a  
commercial midsize Brazilian bank.  Despite its relatively small
market share, Banco Fibra is among the top banks operating in
the small corporates and middle-market companies segment.  Banco
Fibra is the financial arm of a large traditional conglomerate
in Brazil, owned by the Steinbruch family, with important
operations in the textile (Vicunha Txtil; not rated), steel
(Companhia Siderurgica Nacional; BB/Stable/--), and gas (CEGAS;
not rated) sectors.  As of March 30, 2007, Banco Fibra reached
US$215 million in equity and US$4.05 billion in total assets.


BOMBARDIER INC: S&P Ups Ratings to BB+ on Improved Liquidity
------------------------------------------------------------
Standard & Poor's Ratings Services raised the long-term
corporate credit and senior unsecured debt ratings on Montreal-
based Bombardier Inc. to 'BB+' from 'BB'.  At the same time, S&P
removed the ratings from CreditWatch, where they were placed
Dec. 3, 2007.  S&P also assigned a '4' recovery rating to the
senior unsecured notes, indicating the expectation for average
(30%-50%) recovery in the event of a payment default.  The
outlook is stable.

"Our rating action on Bombardier reflects the material
improvement in its financial measures and liquidity, and
management's focus on financial health and cost efficiency,"
said Standard & Poor's credit analyst Greg Pau.

It also reflects the company's leading market positions in the
business aircraft and transportation business, its increasing
geographic diversity, and recent demand recovery, particularly
in the commercial aircraft business.  These positive factors are
partially offset by the cyclicality of each individual business
segment, substantial execution risk in new aircraft programs,
and thin operating margins in the transportation business.

The US$1 billion debt reduction and US$826 million contribution
to pension plan assets, together with improved operating cash
flow in fiscal 2008, resulted in a material improvement in cash
flow and leverage measures.  Bombardier's financial measures,
supported by strong liquidity, are now more appropriate for the
rating level.  Bombardier's wide product range of business
aircraft and established transportation track record and
expertise in Europe (and increasingly in Asia) support its
strong market positions in aerospace and transportation.  The
increasing geographic and customer diversity, with only 35% of
its revenue generated in North America, should reduce the
exposure to the financially weak U.S. airline industry and to
the slowing U.S. economy.  This, together with its improved
financial flexibility, should place Bombardier in a better
position to weather the next downturn in the cyclical
aerospace and transportation industries and to support the
capital spending required for its businesses.

In fiscal 2008, continued firm demand and favorable business
conditions in both its aerospace and transportation divisions
led to strong order acquisition and a significant increase in
total backlog.  While current business conditions are benign,
Bombardier's aerospace business remains exposed to significant
cyclicality and event risks.  Although demand in transportation
is more stable, project implementation issues or credit risk
could erode traditionally thin operating margins.

The likelihood that Bombardier will proceed with the planned
110- to 130-seat C-Series aircraft program is now higher, given
the commitment of a prominent engine supplier and expressed
interest by some potential buyers.  Market demand should be
supported by the C-Series' projected fuel efficiency and
replacement need of aged aircraft in operation.  Standard &
Poor's has considered the potential financial impact of the C-
series program and expects the company to be able to support the
program with a moderate degree of cost escalation or delays.

The stable outlook reflects that Bombardier's improved financial
flexibility and geographic diversification should place the
company in a better position to weather a cyclical downturn. S&P
could raise the ratings or revise the outlook to positive if the
company improves its financial measures by further reducing debt
and maintaining strong cash flow.  Conversely, the ratings could
be lowered or the outlook revised downward if management adopts
a more aggressive set of financial targets, or if Bombardier's
liquidity position and free cash flow substantially weaken due
to market disruption or aggressive capital expenditure.

Headquartered in Canada, Bombardier Inc. --
http://www.bombardier.com/-- (TSE:BBD.B) manufactures
innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.

The company manufactures rail equipment through its Bombardier
Transportation unit. Bombardier Transport's Europe management
office is located in Germany. The company also has production
facilities in France, Spain, Switzerland, Belgium, Italy,
Austria, Hungary, Czech Republic, Poland, Denmark, Sweden,
Norway an the United Kingdom.  Other production facilities are
located at Brazil, China, India and Australia.


BROWN SHOE: Operating Challenges Prompts S&P's Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on St.
Louis, Missouri-based Brown Shoe Co. Inc. to negative from
stable.   At the same time, S&P affirmed all other ratings on
the company, including the 'BB' corporate credit rating.
      
"The outlook revision reflects the operating challenges facing
the company given the generally weak economic conditions," said
Standard & Poor's credit analyst David Kuntz.  

S&P also expects sales and margins to be hurt by cost increases
from suppliers over the medium term, and a further deterioration
in credit metrics for 2008.

Headquartered in St. Louis, Missouri, Brown Shoe Company Inc.
(NYSE:BWS) -- http://www.brownshoe.com/-- is a US$2.4 billion
footwear company with global operations including Brazil, Italy,
China, Hong Kong, and Taiwan.  Brown Shoe's Retail division
operates Famous Footwear, the 1,000-store chain that sells brand
name shoes for the family, approximately 300 specialty retail
stores in the U.S. and Canada under the Naturalizer, FX LaSalle,
and Franco Sarto names, and Shoes.com, the company's e-commerce
subsidiary.  Brown Shoe, through its wholesale divisions, owns
and markets footwear brands including Naturalizer, LifeStride,
Via Spiga, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, and Carlos by Carlos Santana and Barbie, Disney
and Nickelodeon character footwear for children.


EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans
-----------------------------------------------------------
Citigroup Inc., the bank that sponsored Terra Firma Capital
Partners Ltd.'s buyout of EMI Group PLC, withdrew plans to sell
off to outside investors about US$4.9 billion of loans provided
for the transaction, according to various reports.

The reports say Citigroup deemed the EMI loans not fit for sale
because capitalists fear over EMI's reorganization fate.  EMI's
current restructuring includes elimination of 1,500 jobs and
consolidation of certain business operations.

Various reports relate that Citigroup's difficulty in marketing
the loans has weighed down the bank's balance sheets with bulky
write-downs.  Citigroup intends to lessen its letdown by selling
a huge portion of  US$43 billion debts to a group of private-
equity companies.

Writedowns of leverage loans caused Citigroup stocks to dropped
21% in New York trading this year, Bloomberg relates.  Citigroup
expects an increase to its  US$24 billion losses on mortgages,
bonds and corporate loans.

The Wall Street Journal's Ethan Smith and David Enrich relate
that  EMI's restructuring remains a work in progress, and the
company's future shape remains an open question.  WSJ says
Citigroup worried that the uncertainty would add to the
squeamishness of the already-jittery debt investors it is trying
to lure.

                       About Citigroup Inc.

New York-based Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is a diversified global financial   
services holding company whose businesses provide a range of
financial services to consumer and corporate customers.  The
company is a bank holding company.  Its segments include Global
Consumer Group, Corporate and Investment Banking (CIB), Global
Wealth Management and Alternative Investments (AI).  Citigroup
has more than 200 million customer accounts and does business in
more than 100 countries.

                       About EMI Group plc

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.


ENERGIAS DO BRASIL: Issues 1Q 2008 Conference Call Webcast Alert
----------------------------------------------------------------
Energias do Brasil posted this Webcast alert:

   What:    Energias do Brasil 1st Quarter 2008 Results
   When:    Thursday, May 8, 2008 at 11 AM ET
   Where:   http://prnewswire.isat.com.br/?palestra_id=285
   How:     Visit the company Web site above

   Contact: Investor Relations,
            Energias do Brasil,
            Tel. Numbber: +55 11 2185-5907
            e-mail address: ri@enbr.com.br

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

                          *     *     *

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


GERDAU SA: Will Launch Primary Offering of 44 Million Shares
------------------------------------------------------------
Gerdau SA will launch a primary offering of 16.7 million common
shares and 27.3 million preferred shares at the Bovespa stock
exchange.

Gerdau told Business News Americas that the share issue totals
BRL2.41 billion based on the closing share prices of BRL58.86
preferred and BRL48.56 for common shares last Monday.  For non-
shareholders, the reserve period for the offer began on April 14
and will expire on April 23, and for current shareholders, the
offer will start on April 22 and end on April 23.

Gerdau's unit Gerdau Metalurgica will issue 6.43 million common
shares and 11.1 million preferred ones in a transaction that
will total just below BRL1.40 billion based on Monday's share
prices, BNamericas states.

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

                            *     *     *

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


MRS LOGISTICA: Will Invest BRL97.5 Million to Build Terminal
------------------------------------------------------------
Brazilian state news agency Agencia Estado reports that MRS
Logistica S.A. will invest BRL97.5 million with port operator
Libra Terminais for the construction of a new multimodal
terminal at the Santos port in Sao Paulo.

Business News Americas relates that the terminal will occupy
140,000 square meters at the entrance to Santos.  Works on the
project will start this month and operations will begin in the
second half of this year, BNamericas adds.

The MRS consortium is a railway freight transport company
established in 1996 to operate approximately 1,700 kilometers of
track in the states of Minas Gerais, Rio de Janeiro e Sao Paulo.
MRS's rail network is also linked to the Central Atlantic,
Vitoria-Minas and Sao Paulo Railroads, offering intramodal
transportation options to the other parts of the country.  The
company mainly transports cargo for its principle shareholders.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 24, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based railroad
company MRS Logistica S.A.  S&P revised the outlook to positive
from stable.


SPECTRUM BRANDS: To Release 2nd Quarter 2008 Results on May 6
-------------------------------------------------------------
Spectrum Brands, Inc. disclosed that it will report its 2008
fiscal second quarter earnings results on Tuesday, May 6, 2008,
before the opening of the New York Stock Exchange.

The press release will be followed by a conference call and
webcast at 8:30 am EDT.

To listen to the webcast, please visit the Investor Relations
homepage on the company's website.  A webcast replay will be
available through May 20, 2008.

Spectrum Brands is a global consumer products company and a
leading supplier of batteries, lawn and garden care products,
specialty pet supplies, shaving and grooming products, household
insect control products, personal care products and portable
lighting. Spectrum Brands' products are sold by the world's top
25 retailers and are available in more than one million stores
in more than 120 countries around the world. Headquartered in
Atlanta, Georgia, Spectrum Brands generated FY2007 revenue from
continuing operations of $1.9 billion. The company's stock
trades on the New York Stock Exchange under the symbol SPC.

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

The company's European unit, Rayovac Europe GmbH, is
headquartered in Sulzbach, Germany.  Outside the United States,
the company also has manufacturing facilities in Brazil,
Columbia and China.


SPECTRUM BRANDS: S&P Revises Outlook on Improved Liquidity
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Atlanta, Ga.-based Spectrum Brands Inc. to developing from
negative.  At the same time, Standard & Poor's affirmed all of
its ratings on the company, including the 'CCC+' corporate
credit rating.  Approximately US$2.6 billion of funded debt is
affected by this action.

"The revised outlook reflects the company's improvement in
liquidity expected over the near term as a result of more
stabilized operating performance in recent quarters," said
Standard & Poor's credit analyst Patrick Jeffrey.  "This has
contributed to enhanced cash balances and revolver availability,
as well as improved cushion under its senior secured leverage
covenant."

Spectrum Brands remains in the process of selling assets which,
if successful, could help further enhance liquidity. "However,"
said Mr. Jeffrey, "we remain concerned about the company's
liquidity and its ability to meet its financial covenants on a
longer-term basis as it remains highly levered, generates
negative free cash flow, and could face further operating
challenges given the weak economic environment."

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

The company's European unit, Rayovac Europe GmbH, is
headquartered in Sulzbach, Germany.  Outside the United States,
the company also has manufacturing facilities in Brazil,
Columbia and China.


TAM SA: PwC Renews Firm's Sarbanes-Oxley Certification
------------------------------------------------------
TAM SA has received the Sarbanes-Oxley Certification (SOX)
conferred by the independent auditing firm of
PriceWaterhouseCoopers, attesting to fulfillment of the
requirements established by Section 404 of the Sarbanes-Oxley
Law concerning internal controls over consolidated financial
statements.

"Renewal of the Sarbanes-Oxley Certification reaffirms TAM's
commitment to high ethical standards and good corporate
governance practices.  It also shows the company's permanent
attention to ensuring a high level of control over its
procedures, transparency and value creation for shareholders,"
emphasizes Vice President for Finance and Management, and
Director of Investor Relations, Libano Barroso.  Receiving this
attestation is in keeping with the search for excellence in
management, one of the company's three pillars -- along with
excellence in technical and operational services -- which have
guided the company's performance.

TAM received SOX certification in April 2007, and now, with the
renewal, has become the sixth company in a select group of 40
publicly traded Brazilian companies to receive such recognition.  
Created to protect shareholders of publicly traded companies
from the risk of fraudulent accounting practices, the law
requires companies with shares traded on the New York Stock
Exchange to upgrade the structure of their internal financial
controls, improve procedures and provide greater transparency in
their activities, carried out through the tracking and
assessment of relevant procedures having to do with financial
statements.

Another requirement of Section 404 of SOX is that these efforts
be evaluated in a specific audit performed by independent
auditors.  This audit concluded that the controls that support
financial statements for Dec. 31, 2007, and their publication
were effective in all relevant respects.

Compliance with this law is intended to guarantee investors that
all financial information disclosed is consistent with the
results obtained and is reliable, demonstrating TAM's commitment
to quality and integrity with regard to both the market and
society.

                         About TAM

TAM currently -- http://www.tam.com.br/-- 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.


TELE NORTE: To Handle Rio de Janeiro Public Offices Fixed Lines
---------------------------------------------------------------
Tele Norte Leste Participacoes S.A. has won the tender for
operating Rio de Janeiro public offices' fixed lines with a  
BRL8.99 million per year bid.

According to Business News Americas, Tele Norte will manage the
fixed lines of "state organs in the 92 municipalities throughout
Rio de Janeiro" under a two-year contract that can be extended
to five years.

Rio de Janeiro spent BRL73 million on local and intercity calls
last year but with the new contract, the state eyes savings of
88%, BNamericas states.

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

                        *     *     *

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


UNIAO DE BANCOS: Gets US$75 Million Credit Line From IFC
--------------------------------------------------------
The International Finance Corp. has authorized a US$75 million
credit line to Uniao de Bancos Brasileiros SA to finance
sustainable business practices.

The IFC told Business News Americas that the credit line to
Uniao de Bancos is its fourth project with the bank and the
first to provide funding for cleaner production, renewable
energy, and sustainable construction.

Uniao de Bancos is IFC's confirming bank in its global trade
finance program, BNamericas states.

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros
SA -- http://www.unibanco.com/-- is a full-service financial
institution providing a range of financial products and services
to a diversified individual and corporate customer base
throughout Brazil.  The company's businesses comprise segments:
Retail, Wholesale, Insurance and Pension Plans and Wealth
Management.  Uniao de Bancos and its associated companies
FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas)
offer a network composed of 17,000 points of service.  It also
counts on 7,580 automated teller machines and all 30 Hours'
products and services, including the telephone service and the
Internet banking.  The company's international network consists
of branches in Nassau and the Cayman Islands; representatives
offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York --
Unibanco Securities Inc.

                          *     *     *

To date, Standard & Poor's Ratings Services rated Unibanco-Uniao
de Bancos Brasileiros SA's long-term foreign issuer credit
rating and local issuer credit rating at 'BB+'.



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

ASIAVEST PARTNERS: Final Shareholders Meeting is on April 18
------------------------------------------------------------
Asiavest Partners Global Strategy Fund Limited will hold its
final shareholders' meeting on April 18, 2008, at 9:00 a.m. at
the registered office of the company.

These matters will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted; and

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

Asiavest Partners' shareholders agreed on Feb. 28, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Richard L. Finlay
                 Attn: Krysten Lumsden
                 P.O. Box 2681, George Town
                 Grand Cayman, Cayman Islands
                 Telephone: (345) 945 3901
                 Fax: (345) 945 3902


CARPROV CAYMAN: To Hold Final Shareholders Meeting on April 18
--------------------------------------------------------------
Carprov Cayman I, Inc., will hold its final shareholders'
meeting on April 18, 2008, at 9:30 a.m. at the registered office
of the company.

These matters will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted; and

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

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

The liquidators can be reached at:

                 John Cullinane and Derrie Boggess
                 c/o Walkers SPV Limited
                 Walker House, 87 Mary Street
                 George Town, Grand Cayman KY1-9002
                 Cayman Islands


COUNTER MANAGEMENT: Proofs of Claim Filing Deadline is April 18
---------------------------------------------------------------
Counter Management Limited's creditors have until
April 18, 2008, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


KGRF - XYL: Sets Final Shareholders Meeting for April 18
--------------------------------------------------------
KGRF - XYL Limited will hold its final shareholders' meeting on
April 18, 2008, at 9:30 a.m. at the registered office of the
company.

These matters will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted; and

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

KGRF - XYL's shareholders agreed on Feb. 25, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                 John Cullinane and Derrie Boggess
                 c/o Walkers SPV Limited
                 Walker House, 87 Mary Street
                 George Town, Grand Cayman KY1-9002
                 Cayman Islands


MOUNTAIN FINANCE: To Hold Final Shareholders Meeting on April 18
----------------------------------------------------------------
Mountain Finance Limited will hold its final shareholders'
meeting on April 18, 2008, at 10:00 a.m. at the registered
office of the company.

These matters will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted; and

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

Mountain Finance's shareholders agreed on Feb. 26, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Westport Services Ltd.
                 Attn: Bonnie Willkom
                 P.O. Box 1111, Grand Cayman KY1-1102
                 Cayman Islands
                 Telephone: (345)-949-5122
                 Fax: (345)-949-7920


PEQUOT INDIA: Proofs of Claim Filing is Until April 18
------------------------------------------------------
Pequot India Cayman III, Ltd.'s creditors have until April 18,
2008, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


PREMIER OFFICE: Sets Final Shareholders Meeting for April 18
------------------------------------------------------------
Premier Office Property I Funding Corporation will hold its
final shareholders' meeting on April 18, 2008, at 9:00 a.m. at
the registered office of the company.

These matters will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted; and

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

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

The liquidators can be reached at:

                 John Cullinane and Derrie Boggess
                 c/o Walkers SPV Limited
                 Walker House, 87 Mary Street
                 George Town, Grand Cayman KY1-9002
                 Cayman Islands


SFCPX FUNDING: Sets Final Shareholders Meeting for April 17
-----------------------------------------------------------
SFCPX Funding Corporation 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 during the meeting:

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

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

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

The liquidator can be reached at:

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


WESTWAYS FUNDING: To Hold Final Shareholders Meeting on April 18
----------------------------------------------------------------
Westways Funding VI, Ltd., will hold its final shareholders'
meeting on April 18, 2008, at 10:30 a.m. at the registered
office of the company.

These matters will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted; and

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

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

The liquidators can be reached at:

                 John Cullinane and Derrie Boggess
                 c/o Walkers SPV Limited
                 Walker House, 87 Mary Street
                 George Town, Grand Cayman KY1-9002
                 Cayman Islands


WESTWAYS FUNDING IX: Final Shareholders Meeting is on April 18
--------------------------------------------------------------
Westways Funding IX, Ltd., will hold its final shareholders'
meeting on April 18, 2008, at 11:00 a.m. at the registered
office of the company.

These matters will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted; and

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

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

The liquidators can be reached at:

                 John Cullinane and Derrie Boggess
                 c/o Walkers SPV Limited
                 Walker House, 87 Mary Street
                 George Town, Grand Cayman KY1-9002
                 Cayman Islands



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

QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor
---------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority to employ KPMG LLP (US) as their tax compliance and
tax consulting advisors, nunc pro tunc to April 7, 2008.

The Debtors selected KPMG US because of the firm's extensive
experience in providing tax consultation and restructuring
assistance to businesses pursuing reorganization under chapter
11 of the Bankruptcy Code.  The firm is also familiar with the
Debtors' operations and books and records.  KPMG US has been
engaged to provide tax consulting services to the Debtors since
1989.

Under an engagement letter dated March 20, 2008, the Debtors
expect KPMG US to:

   (a) prepare federal, state and local corporate tax returns
       and supporting schedules for 2007;
  
   (b) calculate tax depreciation for the 2007 tax year;

   (c) provide tax consulting advice related to matters not
       otherwise covered by separate engagement letters;

   (d) perform tax compliance and consulting services as agreed;
       and

   (e) provide other services.

A 25-page list of services that KMPG US will provide is
available for free at http://researcharchives.com/t/s?2a67

KPMG US's hourly rates for the tax compliance services are:

        Professional
   (U.S. and Member Firm)                     Hourly Rate
   ----------------------                     -----------
    Partner                                      US$400
    Associate Partner/Senior Pricipal            US$363
    Tax Managing Director                        US$325
    Senior Manager                               US$305
    Manager                                      US$213
    Senior Tax Associate                         US$168
    Tax Associate                                US$138

These rates represent a discount of 25% to 50% from KPMG US's
customary hourly rates.

KPMG US's hourly rates for the tax consulting services are:

         Professional
    (U.S. and Member Firm)                    Hourly Rate
    ----------------------                    -----------
     Partner                                    US$505
     Associate Partner/Senior Pricipal          US$475
     Tax Managing Director                      US$455
     Senior Manager                             US$420
     Manager                                    US$332
     Senior Tax Associate                       US$245
     Tax Associate                              US$192

Michael Lawler, a partner at KPMG (US), assures Judge Peck that
his firm is a "disinterested person," as that term is defined in
Section 101(14) of the Bankruptcy Code, as modified by Section
1107(b) of the Bankruptcy Code.

A full-text copy of KPMG US's Engagement Letter is available for
free at:

   http://bankrupt.com/misc/Quebecor_KPMGUSEngagementLetter.pdf

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market      
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

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

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

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

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

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

                           *     *     *

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


QUEBECOR WORLD: Wants to Hire KPMG (Canada) as Tax Consultant
-------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority Pursuant to Sections 327(a) and 328 of the Bankruptcy
Code, the Debtors seek the Court's authority to employ KPMG LLP
(Canada) as their tax consultants, nunc pro tunc to April 7,
2008.

The Debtors say that KPMG Canada has an extensive familiarity
with their businesses, and has experience and knowledge in the
fields of taxation, accounting, auditing and tax advisory
services for large, sophisticated companies.  KPMG Canada has
been engaged to provide tax consulting services to the Debtors
and their non-debtor affiliates for more than 25 years.

In an engagement letter dated April 8, 2008, as tax consultants
to the Debtors, KPMG Canada is expected to:

   (a) provide consulting services needed by the Debtors in
       connection to a United States Internal Revenue Service
       examination for the 2005, 2006 and 2007 tax years;

   (b) work with the Debtors to resolve the IRS Examination in
       an efficient and timely manner and develop a strategy for
       best handling the IRS Examination;

   (c) assist the Debtors in their dealings with the IRS  
       examination team, meet with members of the IRS
       examination team as necessary, and assist the Debtors in
       preparing submissions in response to inquiries from the
       IRS; and

   (d) represent the Debtors in connection with any tax appeals
       or participation in an alternative dispute resolution
       program.

KPMG Canada's hourly rates are:

   Professional                    Hourly Rate
   ------------                    -----------
   Partner/Director                  US$520
   Senior Principal                  US$470
   Senior Manager                    US$395
   Manager                           US$213
   Tax Associate                     US$162

These hourly rates represent a reduction of between 35% to 50%
from KPMG Canada's customary hourly rates.

Before the Petition Date, the Debtors retained KPMG Canada to
undertake work for them on certain tax filings and activities.

Nathalie Bernier, a partner at KPMG LLP (Canada), relates that
at the time the Debtors filed for bankruptcy protection, KPMG
Canada was owed approximately CN$2,400,000 for services rendered
to Quebecor World Inc. and the Debtors' non-debtor affiliates.  
As a result, KPMG Canada is a creditor of QWI in the Canadian
insolvency proceedings.  KPMG Canada also performs services
unrelated to the Debtors and their Chapter 11 cases for
non-debtor QWI affiliates in Europe and Latin America, and is
paid in the ordinary course of business for those services.  In
addition, KPMG Canada incurred approximately CN$600,000 in fees
in connection with prepetition services provided to the Debtors
and QWI, of which approximately CN$100,000 is owed on account of
engagements where one or more of the Debtors were the sole
engaging party.  

Ms. Bernier tells the Court that KPMG Canada has agreed, in
connection with the Debtors' retention of KPMG Canada and with
the Debtors' retention of KPMG LLP (US), that if KPMG Canada's
retention is approved by the Court, KPMG Canada will waive all
of its prepetition claims against the Debtors, whether arising
under engagements where one or more of the Debtors was the sole
engaging party, or under engagements where one or more of the
Debtors signed jointly with certain non-debtor affiliates,
including particularly with QWI.  Where QWI or another non-
Debtor affiliate was a party to a signed engagement letter with
KPMG Canada (even if that engagement letter was signed jointly
by a Debtor), KPMG Canada will seek to collect outstanding
amounts solely from those non-Debtor affiliates, including QWI
in the Canadian Proceeding, Ms. Bernier says.   

In connection with engagements related to U.S. tax services,
KPMG Canada has in the past sub-contracted with KPMG US to
perform a majority of the work for which KPMG Canada was
engaged.  KPMG Canada directly paid KPMG US for these services
and payment was not dependent upon whether the engaging
entity(ies) paid KPMG Canada.  In connection with services
performed by KMPG US for KPMG Canada before the Debtors'
bankruptcy cases, KPMG Canada paid KPMG US approximately
US$30,000 in the 90-day period prior to the Petition Date, and
KPMG Canada currently owes KPMG US approximately US$380,000 for
work performed in connection with these engagements.  According
to Ms. Bernier, KPMG US has agreed, subject to approval of its
and KPMG Canada's retention, not to collect US$100,000 of the
amount outstanding from KPMG Canada.

KPMG Canada received US$104,630 from the Debtors during the 90-
day period before the Petition Date in the ordinary course of
business.  KPMG Canada paid KPMG US approximately US$30,000 of
this amount.

Ms. Bernier assures Judge Peck that her firm is a "disinterested
person," as that term is defined in Section 101(14) of the
Bankruptcy Code, as modified by Section 1107(b) of the
Bankruptcy Code.  

A full-text copy of the KMPG Canada's Engagement Letter is
available for free at: http://researcharchives.com/t/s?2a68

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market      
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  
In Canada it has 17 facilities in five provinces, through which
it offers a mix of printed products and related value-added
services to the Canadian market and internationally.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

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

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

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

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

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

                           *     *     *

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


QUEBECOR WORLD: Wants Ernst & Young as Tax Services Provider
------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority to employ Ernst & Young LLP as their tax services
provider, nunc pro tunc to April 7, 2008.

According to the Debtors, E&Y LLP has an extensive experience
providing tax consultation to businesses pursuing reorganization
under chapter 11 of the Bankruptcy Code.

Under the terms set forth in an engagement letter dated
March 31, 2008, the Debtors are expecting E&Y LLP to provide:

1. Bankruptcy Tax Services, which entails:

   (a) understanding reorganization and restructuring
       alternatives the Debtors are evaluating;
   
   (b) assisting and advising the Debtors in developing an
       understanding of the tax implications of their bankruptcy   
       restructuring alternatives and post-bankruptcy
       operations;

   (c) assistance with tax issues arising in the ordinary
       course of business while in bankruptcy;

   (d) tax advisory services regarding tax aspects of the
       bankruptcy process;

   (e) analysis of legal and other professional fees incurred
       during the bankruptcy period;

   (f) documentation, as appropriate or necessary, of tax
       analysis, opinions, recommendations, conclusions and
       correspondence;

   (g) advisory services regarding tax analysis and research
       related to acquisitions and divestitures;

   (h) advisory services regarding tax analysis and research
       related to tax-efficient domestic restructurings; and

   (i) tax forecast model.

2. Entity Structure Services, which includes working with the
   Debtors' personnel in developing an efficient U.S. Entity
   structure, taking into account the Debtors' desire for entity
   rationalization, tax efficiency, and impact on the Debtors'
   indirect tax obligations.

3. Loan Staff Services, which includes assigning staff to
   support the activities of the Debtors' employees in
   completing ministerial and administrative tasks relating to
   the preparation of the Debtors' quarterly and annual income
   taxes, the Debtors' U.S. restructuring, and Internal Revenue
   Service and state and local income tax authority audits.

E&Y LLP's hourly rates are:

   (a) Bankruptcy Tax Services and Entity Structure Services

       Professional                              Hourly Rate
       ------------                              -----------
       Executive Director/Principal/Partner        US$750
       Senior Manager                              US$650
       Manager                                     US$550
       Senior                                      US$420
       Staff                                   US$200 - US$300

   (c) Loan Staff Services
       
       Professional                            Hourly Rate
       ------------                            -----------
       Manager                                   US$250
       Senior                                    US$150
       Staff                                     US$120

Pursuant to the Engagement Letter, E&Y LLP may subcontract
certain work in connection with the tax services, in particular
to Ernst & Young LLP, an Ontario Limited Liability Partnership.  

E&Y Canada's hourly rates are:

   (a) Bankruptcy Tax Services and Entity Structure Services
                    
       Professional                            Hourly Rate
       ------------                            -----------
       Partner                                 CA$600
       Executive Director                        $550
       Senior Manager                            $475
       Manager                                   $375
       Senior Tax Staff                          $300
       Tax Staff                                 $200 - $275

   (b) Loan Staff Services

       Professional                            Hourly Rate
       ------------                            -----------
       Manager                                   US$250
       Senior                                    US$150
       Staff                                     US$120

E&Y LLP also anticipates subcontracting Ernst & Young (India)
Private Limited to assist it in calculations relating to the
determination of and availability of certain tax attributes.  
E&Y LLP will seek reimbursement of fees and expenses incurred by
E&Y (Canada) and EYPL under a subcontracting engagement.  

Upon subcontracting E&Y Canada and EYPL, E&Y LLP will remain
solely responsible for the services and will be the only party
to receive payment from the Debtors.

Lawrence Garret, principal of Ernst & Young LLP, assures Judge
Peck that his firm is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code, as modified
by Section 1107(b) of the Bankruptcy Code.

A full-text copy of the E&Y LLP Engagement Letter is available
for free at:

   http://bankrupt.com/misc/Quebecor_E&YLLPEngagementLetter.pdf

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market      
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  
In Canada it has 17 facilities in five provinces, through which
it offers a mix of printed products and related value-added
services to the Canadian market and internationally.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

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

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

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

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

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

                           *     *     *

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


SOLUTIA INC: Settlement Pact with Solvay Gets Court Approval
------------------------------------------------------------
Solutia Inc., and Solvay Advanced Polymers LLC, are parties to a
certain purchase agreement, dated Sept. 1, 2002, as amended,
pursuant to which Solvay purchased adipic acid and
hexamethylenediamine from Solutia.  Solutia relates that the
Purchase Agreement, and its amendments, is still in full force
and effect with respect to the purchase of adipic acid.

On Jan. 1, 2007, Solutia and Solvay entered into a new purchase
agreement for the purchase of HMDA only.  Solvay owes $65,399
under the HMDA Agreement.

The exhibits attached to the Debtors' Fifth Amended Joint Plan
of Reorganization listed the Purchase Agreement as part of the
executory contracts to be assumed.  The Plan also provided that
entry of an order confirming the Plan would constitute approval
of the assumption of the Purchase Agreement, except as to any
unresolved cure objections.  The Plan was confirmed Nov. 29,
2007.

              Settlement Agreement Approved by Court

On Nov. 9, 2007, Solutia sent Solvay a notice to assume the
Purchase Agreement with a proposed cure amount of US$0.  Solvay
objected and asserted a postpetition cure amount of US$335,718.

Solutia and Solvay have engaged in good-faith, arm's-length
negotiations in an attempt to resolve the dispute.  Judge Beatty
has approved the parties' stipulation, which provides that:

    * The cure amount due under the Purchase Agreement is
      US$335,718;

    * Solvay and Solutia will amend the Purchase Agreement;

    * Solvay owes US$65,399 to Solutia.  That amount will be set
      off the Cure Amount owed by Solutia, leaving a net balance
      of US$270,319 owed by Solutia to Solvay;

    * Upon payment of the Net Cure Amount, the parties will
      exchange releases of claims in connection with th
      assumption of the Purchase Agreement; and

    * Upon payment of the Net Cure Claim, Solutia will have been
      (i) deemed to satisfy all claims that may have been
      asserted by Solvay, and (ii) paid by Solvay in full for
      any amounts due under the HMDA Agreement for the period
      Jan. 1, 2007, through Dec. 1, 2007.

                        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 emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 123;
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.



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

FLOWSERVE CORP: Moody's Holds Rtgs., Changes Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed Flowserve Corporation's
Ba3 corporate family rating, Ba2 senior secured rating and B1
probability of default rating and changed the rating outlook to
positive from stable.  The rating action anticipates continued
strong end market demand for Flowserve's product offerings which
should support robust earnings and cash flow, as well as
improved coverage ratios.  In conjunction with debt repayment
achieved over the last several years, these favorable operating
results should enable the company to sustain financial metrics
that are supportive of a higher rating.

Moody's noted that Flowserve continues to make progress at
settling various legal and regulatory issues that have been a
constraint on the company's rating.  The positive outlook
signals Moody's belief that ratings could head higher should
Flowserve resolve remaining legal and regulatory issues while
demonstrating continued favorable operating trends, and a
commitment to maintaining its improved capital structure.

These ratings have been affirmed:

  -- Corporate family rating at Ba3
  -- Probability of default rating at B1
  -- Senior secured credit facilities at Ba2
     (to LGD2, 19% from LGD2, 20%)

Outlook Actions:

  -- Outlook, Changed To Positive From Stable

Flowserve's Ba3 corporate family rating considers the company's
leading market position as a provider of pumps, valves and
mechanical seals.  The company's products are used in various
end markets globally, with particular strength in the energy and
infrastructure markets which may offer favorable demand patterns
even as economic trends soften.  Flowserve benefits from a
global customer base, with a good representation of aftermarket
service revenues which should provide an element of stability
into future results.  Financial performance has improved over
the last year and ongoing strength of the company's end markets
is likely to support continued improvement in financial metrics.

While acknowledging these positive trends and the reduction of
indebtedness that has occurred over the last several years,
Moody's notes that Flowserve continues to work to resolve legal
and regulatory issues related to U.S. export control laws.  SEC
and DOJ investigations related to the Oil-for-food program were
settled in early 2008, which marks important progress in these
areas.  The positive rating outlook reflects Moody's expectation
that the company will continue to make progress at settling its
outstanding issues.

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.  Revenue for
2007 totaled roughly US$3.8 billion.



=============
E C U A D O R
=============

PETROECUADOR: Gov't Stops Negotiations With 5 Private Oil Firms
---------------------------------------------------------------
Dow Jones Newswires reports that the Ecuadorian government has
stopped Petroecuador's contract talks with five private oil
firms.

According to Dow Jones, Ecuadorian President Rafael Correa said  
he had stopped negotiations with:

          -- Spanish-Argentine energy group Repsol YPF,
          -- France's Perenco,
          -- Brazil's Petroleo Brasileiro SA,
          -- U.S.-owned City Oriente, and
          -- Chinese-owned Andes Petroleum.

Dow Jones notes that the firms started renegotiating their
contracts in January after Ecuador increased last year its share
of windfall profits to 99% from 50% under a presidential decree.

The government will seek temporary, six-month contracts with
foreign oil firms with which it is renegotiating accords and
after that temporary period, "the current participation
contracts would be changed into service contracts," Dow Jones
says, citing Ecuadorian Oil and Mines Minister Galo Chiriboga.

Minister Chiriboga commented to Dow Jones, "They will be
improved service contracts that guarantee legal security for
both parties."

The report says that the current participation contracts allows
the state to have a certain percentage from oil production,
while in service contracts, firms are paid production fees and
reimbursed for investment costs.

Repsol YPF spokesperson Federico Cruz commented to Dow Jones
that he is surprised by the government's decision and that the
firm is waiting for the "official notification" to understand
what will happen.

The government's decision indicates that it is solely keen on
attracting investment from state firms, Dow Jones says, citing
former energy minister Fernando Santos.

Mr. Santos commented to Dow Jones, "The Ecuadorian government
wants to win time and later, with the new Constitution, to force
private companies to leave the country.  It is probable that the
new constitution will introduce rules for blocking contracts
with companies operating in Ecuador."

Dow Jones notes that former Petroecuador president Jorge Pareja
warned that the government's planned change will paralyze
investments and affect oil production.

Mr. Pareja commented to Dow Jones, "There is an evident lack of
coherence in the official decisions and it seems evident that
the government doesn't want foreign investment."

The government is hoping that the constitutional assembly
writing the new charter gives it "greater sovereignty" over the
oil sector.  The new rules for the oil sector will establish
that the state will always own the nation's oil resources, and
that the new constitution will "give the state greater
sovereignty" over them, Dow Jones says, citing Minister
Chiriboga.

Under the oil industry reform, the government wants to eradicate
a clause in contracts with private oil firms that lets them go
to the World Bank's International Center for the Settlement of
Investment Disputes to resolve tax issues and other financial
conflicts, Minister Chiriboga explained.

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.



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

CASH PLUS: Carlos Hill May be Charged with Fraud
------------------------------------------------
Cash Plus Limited's President Carlos Hill will be charged with
fraud, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on
April 14, 2008, police officers from the Mobile Reserve, Flying
Squad, and the Organized Crime Division raided the house of Mr.
Hill in response to complaints from investors who accused the
firm of fraud -- investors complained that cheques received from
the firm bounced.  Mr. Hill and some of his affiliates were
taken to the OCID offices where they are being interrogated.  

Radio Jamaica notes that Mr. Hill's brother Bertram Hill and
Cash Plus' Chief Financial Officer Peter Wilson will also face
fraud charges.

The charges were maid last Tuesday and the men will then be
taken to court, RJR News Center relates, citing the defendants'
attorney Hugh Thompson.

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

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


HERBALIFE LTD: May be Engaged in Fraud, Says Research Group
-----------------------------------------------------------
Herbalife Ltd. may be involved in fraud, Bloomberg News reports,
citing The Fraud Discovery Institute.

The Institute listed on its Web site the "Top Ten Red Flags of
Fraud at Herbalife" and said in a report that "there appears to
be a financial crime in progress."

According to Bloomberg, the first item at The Institute's list
noted that members of Herbalife's senior management sold nearly
70% of their shares this year.

Herbalife spokesperson Barbara Hendeson denied the allegation to
Bloomberg.

The Institute's report "did not uncover anything new, nor are
they troubling, in our view," Bloomberg says, citing Goldman
Sachs Group Inc. analyst Simeon Gutman.

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


                          *      *      *

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


NAT'L COMMERCIAL: Court to Rule on Olint Injunction on Friday
-------------------------------------------------------------
Radio Jamaica reports that the Jamaican High Court Judge Roy
Jones will rule this Friday on whether the injunction stopping
the National Commercial Bank Jamaica Limited from closing Olint
Limited's accounts will be lifted, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on
March 4, 2008, Jamaica's High Court Judge Roy Jones extended the
injunction alternative investment scheme Olint Limited secured
to block the National Commercial from closing its accounts.  The
Supreme Court extended the injunction until Feb. 15, preventing
the bank from closing Olint's accounts.  Olint had taken out the
injunction on Jan. 11, 2008, when the National Commercial had
planned to close Olint's accounts, alleging that the company was
unregulated and was operating in breach of the Securities Act.

According to Radio Jamaica, Justice Jones was scheduled to make
the ruling last Monday but the judgment was postponed to Friday.

Radio Jamaica notes that thousands of Olint Limited's investors
are hoping to keep the accounts open to collect returns on their
investments.

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

                        *     *     *

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

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



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

ALERIS INT'L: Posts US$128 Mil. Net Loss in Year Ended Dec. 31
--------------------------------------------------------------
Aleris International Inc. reported results for the fourth
quarter and full year ended Dec. 31, 2007.

For three months ended Dec. 31, 2007, the company incurred net
loss of US$114.0 million compared to net income of US$10.9
million for the same period in the previous year.

The loss from continuing operations includes US$51.2 million of
special items, including US$21.6 million in restructuring and
other charges, US$15.1 million from purchase accounting, and
US$11.2 million in unrealized mark-to-market losses on
derivative financial instruments.

In addition, the fourth quarter results include amortization
expense of US$9.2 million as a result of the company's
acquisition by Texas Pacific Group, an increase of US$4.0
million from the comparable period of 2006.

The continued softness in the North American building and
construction and automotive industries well as destocking in the
North American and European distribution industries impacted
fourth quarter shipment levels and profitability.

"Fourth quarter performance was significantly impacted by
reduced volumes in our Global Rolled and Extruded Products
business," Steven J. Demetriou, chairman and chief executive
officer, said. "The U.S. construction and automotive industries
continued to weaken and demand in certain European end uses was
impacted by customer inventory destocking.  We have taken
aggressive actions to offset the reduced demand in North
America, including the announced closure of our Bedford, Ohio
and Toronto, Canada paint facilities, and the temporary
reduction of manufacturing at our Richmond, Virginia rolling
mill."

"The cost performance of our European rolled products business
in the fourth quarter was negatively impacted by the complexity
and activity associated with the completion of our state-of-the-
art 160" hot mill in Koblenz, Germany and the Duffel, Belgium
plate project.  However, both projects are successfully on-line
and production has met our expectations. Over the long-term, the
investment of capital into our European rolled products business
will allow us to expand our production of aerospace and other
heat treat plate and sheet, brazing sheet and other high-end
product offerings."

For full year 2007, the company has net loss of US$128.6 million
compared to net income of US$70.3 million in 2006.

The loss from continuing operations contains US$146.2 million of
unfavorable special items including US$104.3 million from
purchase accounting, US$32.8 million of restructuring and other
charges, and US$9.1 million in sponsor management fees.

In addition, the 2007 results include amortization expense of
US$40.1 million, an increase of US$33.0 million over 2006 as a
result of the TPG acquisition.

In 2006, Aleris reported revenues of US$4.2 billion and income
from continuing operations of US$30.8 million.  The 2006 results
included US$98.5 million of unfavorable special items.

In addition, operating results were negatively impacted by
tightening scrap spreads in its North American specification
alloy business well as the higher costs of alloys and hardeners
used in the manufacturing process, negative effect of metal
price lag and approximately US$32 million of out of the ordinary
cost including higher absorption, environmental reserves and
other items.

Free cash flow from continuing operations for 2007 was
US$421.7 million, driven by aggressive working capital
management that yielded increased turns from 5.2 to 6.6 per year
and a decrease in days of working capital from 70 to 56 in 2007
versus 2006.

During the fourth quarter, the company recorded US$21.6 million
of restructuring and other charges.  These charges resulted from
the impairment of long-lived assets at the Monterrey, Mexico
recycling facility, the Toronto, Ontario paint facility, and the
Bedford, Ohio coating facility as a result of the announced
closure of those facilities and severance costs related to the
departure of certain executive officers.

Restructuring and other charges for the full year of US$32.8
million included the fourth quarter charges as well as costs
associated with several acquisitions that were not consummated
and other facility consolidations.  Approximately US$9.5 million
of the total restructuring and other charges will result in cash
payments, primarily in 2008.

Capital expenditures were US$191.8 million in 2007, compared
with US$119.4 million for the previous year. The increase is
primarily attributable to a full year of the Corus Aluminum
acquisition and the expansion projects which accounted for
US$137.1 million of capital expenditures in 2007.

The company ended the year with US$2.7 billion of net debt and
US$369 million of liquidity, excluding the impact of the Zinc
sale. Pro forma for the application of the net proceeds from the
Zinc sale, net debt was US$2.4 billion as of Dec. 31, 2007.

Aleris' management has completed its assessment of the
effectiveness of the company's internal control over financial
reporting as required by Section 404 of the Sarbanes-Oxley Act
of 2002.  Based upon its documentation, testing and evaluation,
Management has concluded that the company did not have effective
internal control over financial reporting as of Dec. 31, 2007;
within the context of the framework developed by the Committee
of Sponsoring Organizations of the Treadway Commission.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$5.117 billion, total liabilities of US$4.269
billion and total shareholders' equity of approximately US$0.848
billion.

                  About Aleris International Inc

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled  
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                           *     *     *

Moody's Investor Service placed Aleris International Inc.'s
long-term corporate family rating at 'B2' in November 2006.  The
rating still holds to date with a stable outlook.


BERRY PLASTICS: Moody's Holds B3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating
of B3 of Berry Plastics Corporation and assigned a B1 rating to
the new senior secured notes due 2015.  The outlook is stable.

This rating action is in response to the company's announcement
on April 14, 2008 that it issuing US$530 million senior secured
floating rate notes to replace the US$520 million senior secured
bridge facility (not rated by Moody's) used to finance its
US$500 million acquisition of Captive Holdings, Inc.

   
The affirmation of Berry's Corporate Family Rating reflects the
company's success to date integrating previous acquisitions,
potential for significant synergies, and Captive's strategic fit
with Berry's core rigid plastic business.  Berry's pro-forma
competitive profile includes annual revenue of $3.4 billion, and
a low customer concentration, with no single customer accounting
for more than 6%.  The combined organization is also expected to
maintain healthy liquidity.

The ratings are constrained by Berry's aggressive financial and
acquisition policies, weakened credit metrics, and heightened
integration and financial risk.  The large interest expense
burden leaves the company dependent upon realization of
synergies to drive improvements in EBITDA and generate free cash
flow to de-leverage.  Potentially lengthy lags in contractual
raw material cost pass-throughs and integration and operating
risk pose a threat to the de-leveraging plan.  There remains
little room in Berry's credit profile for any material
acquisitions or negative variance in operating performance.

Moody's took these rating actions for Berry Plastics Corp.:

    -- Affirmed Corporate Family Rating of B3

    -- Affirmed Probability of Default Rating of B3

    -- Assigned US$530 million senior secured FRN due 2015, B1
       (LGD 2, 27%)

    -- Affirmed US$1,200 million senior secured term loan due
       2015, B1 (LGD 2, 27%)

    -- Affirmed US$225 million senior secured second lien FRN
       due 2014, Caa1 (LGD 4, 63%)

    -- Affirmed US$525 million senior secured second lien notes
       due 2014, Caa1 (LGD 4, 63%)

    -- Affirmed US$265 million senior subordinated notes due
       2016, Caa2 (LGD 5, 85%)

    -- Affirmed Speculative Grade Liquidity Rating of SGL-2

Moody's took these rating actions for Berry Plastics Group,
Inc.:

    -- Affirmed US$500 million senior unsecured term loan due
       2014, Caa2 (LGD 6, to 94% from 93%)

The rating outlook for Berry is stable.

The ratings and outlook are subject to receipt of final
documentation.

Based in Evansville, Indiana, Berry Plastics Corporation is a
supplier of plastic packaging products, serving customers in the
food and beverage, healthcare, household chemicals, personal
care, home improvement, and other industries.  Net sales for the
twelve months ended December 29, 2007 amounted to approximately
US$3.1 billion.

Berry Plastics has more than 70 locations in the United States.  
The company also has locations in Mexico, Canada, Italy,
Belgium, and China.


BLOCKBUSTER: Extends US$1.3BB Unsolicited Bid for Circuit City
--------------------------------------------------------------
Blockbuster Inc. on Monday publicly announced an offer to
acquire Circuit City Stores Inc. for at least US$6 per share in
cash, or roughly US$1.3 billion, subject to due diligence.

The offer was initially made in a letter sent to Circuit City
chairman and chief executive officer Philip Schoonover on
Feb. 17, 2008, on behalf of the Blockbuster board of directors,
who fully supports the bid.

Blockbuster's US$1.3 billion buyout bid for Circuit City started
a controversy on Wall Street as capitalists wonder how could two
financially mixed up companies merge.  Stocks of each
corporation plummeted in 2007, Merissa Marr and Gary McWilliams
of Wall Street Journal report.

The letter reiterated Blockbuster's interest in pursuing an
acquisition of Circuit City.  The company noted that the cash
necessary would be generated through the issuance of additional
Blockbuster equity, in a rights offering to its existing
shareholders.  The company also added that the borrowing
capacity of the combined business would provide the remaining
cash proceeds.

To date, however, Circuit City has failed to provide due
diligence necessary to allow Blockbuster to make a definitive
proposal.

Blockbuster said it is making its proposal public because it
believes the shareholders of Circuit City must have the
opportunity to participate in determining the destiny of the
company.  In addition, as Blockbuster has other strategic
opportunities, its offer is conditioned upon timely commencement
of the due diligence process.

Blockbuster noted the combination of the two companies would
result in an US$18 billion retail enterprise positioned to
capitalize on the growing convergence of media content and
electronic devices.  The transaction would allow both companies
to benefit from the revenue growth generated by their
complementary products, while the resulting synergies would
substantially improve consolidated financial performance,
thereby increasing shareholder value.

"Our proposal offers Circuit City a significant premium to its
existing stock price and creates a game-changing retail concept
with a sustainable competitive advantage," Jim Keyes,
Blockbuster chairman and chief executive officer, said.  "We
believe the combination will result in a compelling consumer
proposition that will drive significant revenue and margin
enhancements well as cost synergies."

"At Blockbuster, we have successfully deployed a series of
strategic initiatives designed to provide our customers with
convenient access to media content," Mr. Keyes continued.  
"These strategic initiatives have already improved our financial
results. Driven by strong performance in our domestic same-store
revenues, we expect first quarter 2008 adjusted EBITDA to be
approximately US$110 million versus US$23 million for the same
period last year."

"Additionally, net income for the first quarter of this year
should be US$30 million compared to a net loss of US$49 million
for the first quarter of 2007," Mr. Keyes continued.  "These
results are a clear demonstration that our strategy is working.  
We look forward to engaging in further conversations with
Circuit City and reaching an agreement as soon as possible.”

Circuit City is still assessing Blockbuster's proposal, WSJ
said.  Circuit City has also advised its stockholders not to
take any move, unless queries on the acquisition are answered.

According to WSJ, Blockbuster's extreme action to stay in
business is a sign that the DVD rental business is in the
process of  extinction.

WSJ says the bid has the "strong backing" of Blockbuster's
biggest shareholder, investor Carl Icahn, and the support of
dissident Circuit City shareholder Mark J. Wattles.  According
to WSJ, Mr. Wattles said he would support Blockbuster's bid and
would press for acceptance of any offer "north of US$6 a share."  
Mr. Wattles also indicated Monday, WSJ relates, that he had
spoken to Mr. Icahn by phone and the billionaire investor
confirmed he would backstop the deal if needed.  Mr. Wattles has
launched a proxy battle for Circuit City, seeking to remove CEO
Schoonover, WSJ says.

                 About Circuit City Stores Inc.

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- is a specialty  
retailer of consumer electronics, home office products,
entertainment software and related services.  The company has
two segments: domestic and international.  

                   About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a leading global     
provider of in-home movie and game entertainment, with over
7,800 stores throughout the Americas, Europe, Asia and
Australia.  The company maintains operations in Brazil, Mexico,
Denmark, Italy, Taiwan, Australia, among others.  (Movie Gallery
Bankruptcy News Issue No. 15; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

At Jan. 6, 2008, the company's total debt, including capital
lease obligations was US$757.8 million compared with
US$984.2 million in Dec. 31, 2006.

                          *     *     *

As reported in the Troubled company Reporter-Latin America on
Dec. 27, 2007, Fitch Ratings affirmed Blockbuster Inc.'s long-
term Issuer Default Rating at 'CCC' and the senior subordinated
notes at 'CC/RR6'.  The rating outlook is stable.  The company
had approximately US$991 million of debt outstanding as of
Sept. 30, 2007.


CHRYSLER LLC: To Manufacture Pick-up for Nissan at Mexican Plant
----------------------------------------------------------------
Chrysler LLC and Nissan Motor Co., Ltd., has disclosed two new
agreements for the supply of products between both companies.  
In January, Nissan agreed to supply Chrysler with a new car
based on the Nissan Versa sedan for limited distribution in
South America on an Original Equipment Manufacture basis in
2009.

This new OEM exchange benefits both companies through range
extension and the utilization of global manufacturing capacity.
Highlights of the new agreement:

Nissan will manufacture an all-new, fuel-efficient small car
based on a unique Chrysler concept and design.  This new segment
entry for Chrysler will be sold in North America, Europe and
other global markets in 2010, and manufactured at Nissan's
Oppama Plant in Japan.

Chrysler will manufacture a full-size pickup for Nissan.  Based
on a Nissan unique design, this truck will be manufactured at
Chrysler's Saltillo (Mexico) Assembly Plant.  In order to
accommodate this product, Chrysler will shift volume from Mexico
to its United States-based assembly plants that produce pickup
trucks.  Sales of the pickup in North America will start in
2011.

This latest OEM supply agreement extends a long standing product
exchange relationship between the two corporations, with Nissan
affiliate JATCO already supplying Chrysler with transmissions
since 2004.

"Forging the right tactical partnerships is critical to the
long-term success of Chrysler," said Chrysler LLC President and
Vice Chairperson, Tom LaSorda.  "It also builds on the Company's
inherent strengths, including the ability to respond rapidly and
creatively to emerging opportunities."

"In January, we said we would continue to look for additional
OEM opportunities with Chrysler," said Nissan Motor Company
Executive Vice President, Carlos Tavares.  "This latest
agreement builds on Nissan's proven track record to

deliver win-win product exchanges with multiple manufacturers
around the world," continued Tavares.

Since the signing of the first OEM agreement in January, the two
companies have also agreed to maintain an open dialogue to
explore further product-sharing opportunities.

                       About Nissan Motor

Nissan Motor Company generated global net revenues of 10.468
trillion yen in 2006.  The company is present in all major
global auto markets selling a comprehensive range of cars,
pickup trucks, SUVs and light commercial vehicles under
the Nissan and Infiniti brands, employing 224,000 people
worldwide.

                      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. 12, 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.


ELAMEX SA: Sets Annual Shareholders Meeting on April 23
-------------------------------------------------------
Elamex, S.A. de C.V. will hold the Annual Meeting of its
Shareholders on April 23, 2008, at 10:00 a.m. local time.  The
meeting will be held at Avenida Ishikawa No.9040, Northgate
Industrial Park, Cd. Juarez, Chih. Mexico.  Subsequently, at
11:00 a.m. on the same day, an Extraordinary Meeting of
Shareholders, will be held at the same address.

All shareholders are cordially invited to attend the meetings in
person.  To attend the meetings, a shareholder must present an
admission ticket.  To obtain a ticket, call Alma Diaz no later
than 48 hours before the meeting at (915) 298-3063 in El Paso,
Texas, and ask that a ticket be reserved.  The Board of
Directors and Management look forward to greeting those  
shareholders who are able to attend.

The company's audited financial statements for the year ended
Dec. 31, 2007 will be available upon request.

Elamex, S.A. de C.V. (PINKSHEETS: ELAMF) and its subsidiaries
are a group of Companies in Mexico and the United States that
provide manufacturing, packaging and distribution services.  The
Company provides customized manufacturing services in the candy
and nut industry.  The Company's manufacturing machinery and
equipment are located in facilities in Ciudad Juarez, in Mexico,
and in El Paso, Texas in the United States.   The Company is a
subsidiary of Accel, S.A. de C.V., which owns approximately
57.7% of the Company's issued and outstanding common shares at
Dec. 31, 2004.

                        Going Concern

Jorge Jaramillo El-as at Galaz, Yamazaki, Ruiz Urquiza, S.C.,
expressed substantial doubt about the company's ability to
continue as a going concern after auditing the company's Form
10-K filed on Jan. 13, 2006.  The auditor points to the
company's accumulated deficits and net losses for 2003 and 2004.

As of December 31, 2004 and 2003, the Joint Venture has an
accumulated deficit in excess of 100% of its total paid-in
capital.  Under Mexican law, this condition allows the Joint
Venture's partners, creditors or other interested parties to
force the Joint Venture into dissolution.

Initially, the Company had decided upon the sale of its stock.
However, as of September 2005, the Joint Venture's operations
were suspended, which resulted in the termination of a majority
of the Joint Venture's employees and the sale of the majority of
the Joint Venture's machinery and equipment.


FORD MOTOR: Sells ACH Glass Business and Mexican Subsidiary
-----------------------------------------------------------
Ford Motor Company, Automotive Components Holdings and Zeledyne
have disclosed the sale of the ACH Glass business and its plants
in Nashville, Tennesse, and Tulsa, Oklahoma, and its subsidiary
Vidriocar in Ciudad Juarez, Mexico.  Also included are the
leases for its warehouse in Lebanon, Tennesee, and its
engineering offices in Allen Park, Michigan.

The sale is the fourth for ACH and the second involving a United
States business.  With the completion of this sale and related
employee transfers, ACH now has eight plants supported by about
9,000 leased hourly and salaried employees, down from 17 plants
and 23,000 leased employees at its start in October 2005.

"This agreement represents a major milestone in the
implementation of our ACH strategy and Ford's restructuring
effort," said Ford's president of the Americas, Mark Fields.  
"We continue working hard and focusing on our core business -
bringing to market more top-quality products people truly want."

"We are working aggressively to complete the sale of more ACH
plants this year," said ACH Chief Executive Officer, Bill
Connelly.

Negotiations continue for the sale of additional ACH plants for
which MOUs have been signed.  Earlier ACH sales involved the
fuel rail business located in the ACH subsidiary in El Jarudo,
Mexico; the power transfer unit business located in the Converca
Plant in Nuevo Laredo, Mexico; and the driveshaft business,
which is being relocated from the ACH plant in Monroe, Michigan,
to a new site in southeast Michigan.

Zeledyne was formed for this acquisition by Robert Price, a
Tulsa-based private investor.  The management team is led by
Chief Executive Officer Michael J. McCarney, a respected leader
who retired from Ford Motor Company with more than 30 years of
experience in manufacturing and business, including two years as
president of Ford's South East Asian Operations.

"These operations represent a tremendous opportunity for
Zeledyne," said Zeledyne chairperson, Mr. Robert Price.  "We
have plans to grow all three areas of the business: automotive
glass products as original equipment; automotive aftermarket
glass; and architectural glass."

About 1,600 employees in the U.S. and Mexico work at the Glass
operations, which is a leading manufacturer of OEM and
Carlite(R) replacement automotive glass as well as Versalux(R)
architectural glass.  Last year the automotive glass products,
including windshields, backlites and door glass, were installed
in more than 2.7 million vehicles as either original or
replacement parts.  Versalux(R) architectural glass can be found
on many notable buildings around the world, from Ford Field in
Detroit to casinos in China and hotels in Dubai.

Automotive Components Holdings was established by Ford Motor
Company in October 2005 to ensure the flow of quality components
and systems to Ford while ACH facilities, formerly owned by
Visteon, were prepared for sale or closure.

                       About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.  
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 31, 2008, Standard & Poor's Ratings Services said that the
ratings and outlook on Ford Motor Co. and Ford Motor Credit Co.
(both rated B/Stable/B-3) were not affected by Ford's
announcement of an agreement to sell its Jaguar and Land Rover
units to Tata Motors Ltd. (BB+/Watch Neg/--) for US$2.3 billion
(before US$600 million of pension contributions by Ford for
Jaguar-Land Rover).

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings
of Ford Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the United Auto Workers.


GRUPO POSADAS: Expects to Settle Tender Offer & Consents Today
--------------------------------------------------------------
Grupo Posadas, S.A.B. de C.V. has disclosed the results of its
offer to purchase for cash any and all of its outstanding 8-3/4%
Senior Notes due 2011 and the solicitation of consents from the
holders of the notes, upon the terms and subject to the
conditions set forth in the Offer to Purchase and Consent
Solicitation Statement dated March 17, 2008, and in the related
Consent and Letter of Transmittal.  The Tender Offer and Consent
Solicitation expired at 12:00 midnight, New York City time, on
April 11, 2008.

The company has been advised by the tender agent and information
agent that, as of April 11, 2008, of the US$225,000,000 in
aggregate principal amount of notes outstanding, US$189,217,000,
or approximately 84.1%, had been validly tendered and not
validly withdrawn pursuant to the Tender Offer.  The company has
accepted for purchase all notes validly tendered and not validly
withdrawn pursuant to the Tender Offer.

On the Settlement Date, which is expected to be April 16, 2008,
the company will cause registered holders of the notes who
validly tendered and did not validly withdraw their notes prior
to or at 5:00 p.m., New York City time, on March 28, 2008, to
receive the total consideration of US$1,050 per US$1,000
principal amount of such notes, plus accrued and unpaid interest
from the last interest payment date preceding the Tender Offer
to, but not including, the Settlement Date for such notes.  The
Total Consideration includes a consent payment of US$15.00 per
US$1,000 principal amount of such notes.  On April 16, the
company will cause holders who validly tendered and did not
validly withdraw their notes after 5:00 p.m., New York City
time, on March 28, 2008, and prior to 12:00 midnight, New York
City time on April 11, 2008, to receive the Offer Price, which
does not include the Consent Payment, plus accrued and unpaid
interest from the last interest payment date preceding the
Tender Offer to, but not including, the Settlement Date for such
Notes.

As a result of the company's acceptance of the tendered notes,
the supplemental indenture implementing the proposed amendments
to the indenture dated as of Oct. 4, 2004, under which the Notes
were issued, as described in the Offer to Purchase, will become
effective as of April 16, 2008.

The company has engaged Credit Suisse Securities (USA) LLC to
act as the Dealer Manager and Solicitation Agent in connection
with the Tender Offer and Consent Solicitation, and D.F. King &
Co., Inc. to act as the tender agent and information agent for
the Tender Offer and Consent Solicitation.

                        About Grupo Posadas

Grupo Posadas SA de CV (BMV: POSADAS) -- http://www.posadas.com
-- is the largest hotel operator in Mexico, specializing for
over 37 years in providing high-quality hotel services aimed at
covering the specific needs of its hotel customers, currently
operates 102 hotels and approximately 18,800 rooms in some of
the most important and most highly visited urban and coastal
destinations in Mexico, the United States and South America.

Grupo Posadas operates under its Aqua, Fiesta Americana Grand,
Fiesta Americana, Fiesta Americana Vacation Club, Fiesta Inn,
One Hotel, Caesar Park, Caesar Business and The Explorean brands
in Brazil, Argentina and Chile.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, Fitch Ratings upgraded the foreign currency and
local currency Issuer Default Ratings of Grupo Posadas, S.A.B.
de C.V. as well as the issue rating on Posadas' US$225 million
senior notes due 2011 to 'BB' from 'BB-'. Fitch has also
upgraded the national scale rating of Posadas to 'A+(mex)' from
'A(mex)' including MXN250 million 'Certificados Bursatiles'
issuance due 2009. Fitch's rating outlook is stable.


MULTIBANK INC: S&P Assigns Counterparty Credit Rating at BB-/B
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-/B'
counterparty credit and CD ratings to Multibank Inc. y
Subsidiarias.  The outlook is stable.
      
"The ratings on Multibank reflect weak/adequate enterprise risk
management (ERM) in which credit risk results from the
relatively high concentration of its loan portfolio and
liquidity. Funding and market risks stem from concentration of
the bank's deposits in a few customers, and certain mismatches
on the balance sheet.  The overall improving financial
performance trend in the past three years and the bank's
successful strategy support the rating," said S&P's credit
analyst Leonardo Bravo.
     
S&P's ratings on Multibank reflect ERM that is approaching
adequate.  Multibank's loan portfolio is mainly composed
of relatively large commercial loans.  In this sense, the
default of a single customer could have an important effect on
asset quality.  Another risk of loan concentration is that the
shift of any customer to another bank would affect the size of
the loan portfolio.  S&P expects Multibank's retail loan
portfolio to gradually increase its participation until it
reaches 30% of total loans in the next three years.  Although
asset quality has improved compared to previous years, an
important portion of the newly originated loans has not fully
matured yet and were granted in a benign economic environment.  
S&P does not expect the loan portfolio to diversify importantly,
but good asset quality should remain.
     
Another factor S&P considered in its ERM assessment is corporate
governance, which is improving, but main shareholders still have
an important role in the bank's day-to-day activities.  
Multibank faces a relatively important maturity gap as most of
its debt is short term, whereas almost 30% of its loans have
more than three years of maturity.  The bank has relied mainly
on deposits to fund its assets and is progressively using
alternatives such as bank lines, bonds, and hybrid issues to
mitigate the gap.
     
Multibank is a midsize niche bank that is becoming a full-range
bank.  It can be compared to other niche banks in Latin America
that have similar business profiles and that also have been
growing importantly in the past three years.  The bank has
aggressive and challenging growth strategies.  It expects to
become one of the most important banks by growing organically
and inorganically in a country where strong and very competitive
banks operate.  In S&P's view the bank's growth strategy of
building teams that merge experienced executives from competitor
banks with Multibank's own executives has been successful.
     
The stable outlook already reflects S&P's expectation that the
bank will continue growing its loan portfolio and exhibiting
similar financial performance as in 2007.  If the bank is able
to achieve business diversification, maintaining current
profitability, nonperforming assets, and capitalization, ratings
could be revised positively.  If asset quality, profitability,
or capitalization deteriorate significantly, ratings could be
revised negatively.

Headquartered in Panama City, Panama, Multibank Inc. --
http://www.multibank.com.pa/-- (fka. Multi Credit Bank Inc.) 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
====================

PILGRIM'S PRIDE: Cuts Weekly Production by 5% in Second Quarter
---------------------------------------------------------------
Pilgrim's Pride Corp. plans to reduce weekly chicken processing
by approximately 5% in the second half of fiscal 2008 when
compared to the same period a year ago, as part of its
continuing effort to better balance supply and demand amid
record-high costs for feed ingredients such as corn and soybean
meal.

The reduction began with eggs set earlier this month and should
take full effect with weekly processing beginning in June.  The
company said the reduction will remain in effect until average
industry margins return to more normalized levels.  The 5%
reduction includes the impact of the previously stated closing
of the Pilgrim's Pride plant in Siler City, North Carolina,
which should be completed by June.

"Soaring feed-ingredient costs fueled by the federal
government's misguided ethanol policy has created a crisis in
our industry, the true effects of which are only just now
beginning to be felt by American consumers in the form of higher
food prices," Clint Rivers, president and chief executive
officer, said.  "Over the past two weeks, a growing number of
smaller chicken producers have announced production cutbacks in
an effort to manage these unprecedented increases for corn and
soybean meal, which are expected to add billions of dollars of
cost to our industry this year."

"It is clear that chicken producers of all sizes are feeling the
tremendous financial strain from these additional grain costs,"
Mr. Rivers added.  "We have been encouraged by these public
announcements, for they indicate that the production cutbacks
this time are being shared more broadly across the industry,
rather than limited to just the largest processors, as was the
case last year."

"We believe the cuts we are enacting will strike a better
balance between production and demand and strengthen our
competitive position," Mr. Rivers continued.  "As we have said
in the past, reducing overall supply to better match demand is
an important component in helping return the industry to
profitability."

The company also said it is continuing to review its production
facilities for potential mix changes, closure and consolidation
in response to current negative industry fundamentals.  
Pilgrim's Pride acknowledged that its processing complex in El
Dorado, Arkansas, is among those being reviewed for possible
closure.  But the company emphasized that no decision has been
made at this time.

                      About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  Pilgrim's Pride employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and
Utah.

                         *     *     *

Pilgrim's Pride Corp. holds Moody's Investors Service's
B1 senior unsecured credit rating, B2 senior subordinated notes,
and Ba3 corporate family ratings.  PPC's planned new
US$250 million senior unsecured notes also bears Moody's B1
rating and its new US$200 million senior subordinated notes
bears Moody's B2 rating.  The outlook on all ratings is stable.  

Standard & Poor's Ratings Services gave Pilgrim's Pride Corp. a
'BB-' corporate credit rating.


TIENDAS DONATO: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Tiendas Donato, Inc.
             P.O. BOX 13346
             San Juan, PR 00908

Bankruptcy Case No.: 08-02127

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Donato Fernandez, Inc.                     08-02130
        D. Fernandez e Hijos, Inc.                 08-02137
        Donato's Management Corp.                  08-02139
        Tiendas Donato Ponce, Inc.                 08-02140

Chapter 11 Petition Date: April 8, 2008

Court: District of Puerto Rico (Old San Juan)

Debtors' Counsel: Charles Alfred Cuprill, Esq.
                  (cacuprill@aol.com)
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515

Tiendas Donato, Inc's Financial Condition:

Total Assets: US$0

Total Debts: US$3,204,046

A. Tiendas Donato, Inc's Ten Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Banco Santander Puerto Rico    loan                 US$3,062,908
P.O. Box 191080
San Juan, PR 0919-1080

Plaza las Americas             Rent Plaza Las          US$54,733
P.O. Box 363268                Americas Store                        
San Juan, PR 00936-3268

FOM Puerto Rico/Ron Simking Be rent for Beltz          US$34,381
Ron Simkin Belz Enterprises    Outlet store
P.O. Box 3361
Memphis, TN 38173-0661

Centro Gran Caribe             rent Bahia Tropical     US$23,579
                               (vega alta)

DDR Rexville, LLC              rent Rexville Plaza     US$18,182
                               store

TSCPR Family                   rent manati store        US$9,342

Martin, Odell & Calabria       legal services             US$444

Xtra Cool Air Conditioning     maintenance servicee       US$295

ANtilles Electronics           supplies                   US$106

Tony Iron Work                 repairs and                 US$75
                               maintenance

B. Donato Fernandez, Inc's Three Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Banco Santander Puerto Rico    loan                 US$3,062,908
P.O. Box 191080
San Juan, PR 0919-1080

Royal Finance, Inc.            insurance policies      US$86,714
P.O. Box 9718
San Juan, PR 00908

Xtra Cool Air Conditioning     air conditioning           US$109
P.M.B. 212                     service & maintenance
P.O. Box 11850
San Juan, PR 00920

C. D. Fernandez e Hijos, Inc's Three Largest Unsecured
Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Banco Santander Puerto Rico    loan                 US$2,514,914
P.O. Box 191080
San Juan, PR 0919-1080

Donato Fernandez Fernandez     rent                       US$700
P.O. Box 13346
San Juan, PR 00908

Xtra Cool Air Conditioning     air conditioning           US$167
P.M.B. 212                     service & maintenance
P.O. Box 11850
San Juan, PR 00920

D. Donato's Management Corp's 12 Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Banco Santander Puerto Rico    loan                 US$2,514,914
P.O. Box 191080
San Juan, PR 0919-1080

Jet Printing                   supplies                 US$2,891
P.O. Box 14155
San Juan, PR 00916

Wise Systems                   supplies                 US$2,422
P.O. Box 191793
San Juan, PR 00919

Mr. Diesel                     truck repairs            US$1,968

American Ribbons               supplies                   US$724

Taller Guerra                  truct repairs              US$323

Offic Discount                 office supplies             US$80

Nelson Benitez                 exterminating               US$80
                               services

Business Computers             computer maintenance        US$75
                               services

ATT Wireless                   mobile phone                US$53
                               equipment

ANTilles Electronics           electrical                  US$48
                               maintenance & repairs

CC Reciclaje del Norte         recycling services          US$30

E. Tiendas Donato Ponce, Inc's Two Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Banco Santander Puerto Rico    loan                 US$2,514,914
P.O. Box 191080
San Juan, PR 0919-1080

Glorialma Realty Corp.         rent Ponce store        US$35,000



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

BANESCO BANCO: Raises US$58.2 Million From Share Offering
---------------------------------------------------------
Banesco Banco Universal has raised US$58.2 million (VEF125
million) from a public offer of new preferred shares on the
local market, Business News Americas reports, citing a company
statement.

BNAmericas says that the bank, from March 14 to April 10, sold
1.25 billion preferred shares at VEF0.1 each to tighten its
capital base, offering a fixed dividend rate of 19.5% for the
first year.

According to the report, an amount of VEF100 is the minimum
purchase that is subject to a three-year lockup period.

The report further relates that the bank has also initiated a
second public offer of new preferred shares from April 17 to
May 8, which is identical to the first.  

Banesco Banco Universal was established in 1977. It has grown
rapidly during the past 10 years through M&A. The bank offers
loans in several segments including consumer, commercial and
agricultural.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2008, Fitch Ratings assigned 'B' long- and short-term
local currency issuer default ratings to Banesco Banco
Universal. Fitch said the outlook is negative.


NORTHWEST AIRLINES: Delta and Pilots Pact Clears Way for Merger
---------------------------------------------------------------
Delta Air Lines Inc. and its pilots have reached an agreement  
in principle on a contract that would purportedly clear the way
for the carrier's merger with Northwest Airlines Corp.,
Bloomberg News reports.

The accord would allegedly raise Delta pilots' pay and give them
an equity stake in the consolidated carrier, people familiar
with the talks said.

Any pact would need to be approved by the leaders of the Delta
pilots union, a unit of the Air Line Pilots Association, before
the carriers could finalize their deal, says The Atlanta
Journal-Constitution.  The Delta union's 6,000 members also may
vote later on whether to ratify a new labor contract tied to the
merger.

"With oil at $110 per barrel and the weakening economy, Delta
probably got to the point where they felt like they needed to
move ahead," said Michael Derchin, an analyst with FTN Midwest
Research Securities Corp. in New York.  "It always made
strategic, long-term sense for these companies."

The merger talks hit a snag in February when the airlines'
pilots weren't able to agree on a way to protect members'
seniority rankings after a consolidation.

Now, Delta wants to draw up a new contract with just its 7,000
pilots, and Northwest's 5,000 pilots would be asked to join
under a single contract later, said the people who didn't want
to be identified because the plan is still private.  The plan
includes a small premium for Northwest investors, the
unidentified sources said, reports Bloomberg.

"It's sort of a backhanded slap at the Northwest pilots," said
Douglas Marshall, director of the Aviation Graduate Program at
the University of North Dakota.  "Delta's pilots are going to
have more leverage.  They will be in a stronger position."

Negotiations to create a combined seniority list may take months
to complete, Bloomberg says, citing people familiar with the
situation.

"It is hard to anticipate Northwest pilots' level of interest in
agreeing to an unknown Delta seniority integration proposal,"
said Robert Mann of R.W. Mann & Co. in Port Washington, New
York, a consultant for airlines and unions.

Betsy Talton, spokeswoman for Delta, and Tammy Lee, a
spokeswoman for Northwest, declined to comment.

                          About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.  (Delta Air Lines Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.  
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.  (Northwest Airlines Bankruptcy
News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Northwest Airlines Corp. and its Northwest Airlines
Inc. subsidiary, including raising the long-term corporate
credit ratings on both entities to 'B+' from 'D', following
their emergence from Chapter 11 bankruptcy proceedings.  S&P
said the rating outlook is stable.

In addition, S&P assigned a 'BB-' bank loan rating, one notch
above the corporate credit rating, with a '1' recovery rating,
to Northwest Airlines Inc.'s US$1.225 billion bankruptcy exit
financing, based on S&P's expectation of a full recovery of
principal in the event of a second Northwest bankruptcy.   That
bank facility converted from a debtor-in-possession credit
facility; S&P withdrew the 'BBB-' rating on the DIP facility.


NORTHWEST AIRLINES: Board Votes "For" Merger with Delta Air
-----------------------------------------------------------
The board of directors of both Delta Air Lines Inc. and
Northwest Airlines Corp. gave their consent Monday to allow the
two airlines to merge based on an all-stock deal, The Wall
Street Journal and The Associated Press relate.

The combination of Delta and Northwest, which is still subject
to regulatory approval, stands to create the world's largest
airline operator in the world valued at US$17.7 billion, AP
says.

Under the merger, each Northwest shareholder will get 1.25
shares in the combined company for every share owned, or
equivalent to 17% premium as of Monday's trading, based on WSJ's
and AP's reports.

Both reports recount that Delta and Northwest have emerged from
bankruptcy in 2007 and "are in much better shape" as compared
with smaller airlines that have recently gone bankrupt.

The deal, reportedly, could incite potential workers' protest.


                   Air France-KLM Partnership

Reports note that Delta and Northwest have partnered with Air
France-KLM SA, which previously indicated plans to invest
US$750.0 million in the merger of the two U.S. airlines.

As reported in the Troubled Company Reporter on Feb. 22, 2008,
amid the merger rumors, Franco-Dutch airline Air France-KLM
expressed its interest to invest in the entity that would emerge
from a Delta and Northwest merger.  Pierre-Henri Gourgeon, Air
France-KLM's deputy CEO said in an analysts' conference call
that the investment would depend on whether the U.S. airlines
obtain a green light from competition authorities and probably
won't result in any payments before the end of 2008.  The
investment is said to be close to US$1.0 billion or EUR680.0
million.

                          Labor Issues

Concerning potential employee protest, the TCR said on April 10,
2008, that Northwest and Delta have revived their merger talks,
even without the pre-arranged deal from both carriers' pilots,
said people familiar with the situation.  Delta's board members
convened on April 4, 2008, and agreed to continue the talks
which were reportedly intensifying.  

Delta pilots were granted permits to picket at Northwest hubs
from April 8 to 24, to protest over the carriers' pilot-
seniority dispute.  Northwest's pilots union said it reserves
the right to do the same thing at Delta hubs if it chooses.

Previouisly, pilots' leaders from both carriers were unable to
reach an agreement on an acceptable seniority list integration.  
The original deal between the parties included a common pilot
labor contract for their combined 11,000 pilots that would give
all of them raises, with Northwest's 5,000 aviators getting
heftier increases to bring them up to Delta levels.  The new
deal may include a smaller pay package for pilots.

The carriers are not required by law to come up with pre-merger
pilots' labor agreements to push through with the deal.  Delta
and Northwest, however, wanted to avoid a messy, labor wrangle
once the deal was consummated and, therefore, made efforts to
come up with a "common labor contract."

               Expected Revenue Boost After Merger

Once approved by regulators, the merger will result in a
projected annual sales of US$31.7 billion, significantly higher
than American Airlines Inc.'s annual sales, according to AP.

WSJ reports that the merger will realize annual revenue and cost
reduction will reach at least US$1.0 billion.  WSJ adds that the
Delta and Northwest will need less than US$1.0 billion to
complete the merger.

                Wave of U.S. Airline Consolidation

According to the reports, the merger signals the start of a
series of collaborative efforts among U.S. airlines to address
the rise in fuel costs, weakened economy, and the financial
crisis.  Larger airlines also have greater ability to compete
internationally, relate the reports.

The TCR related on March 24, 2008, that United Air Lines Inc.
would pursue a consolidation with Continental Airlines Inc. if
given the go-ahead, to create the airline industry's biggest
carrier.

Stephen Canale, a union representative on United Airlines' board
of directors, said that Continental is "without question" the
first choice for a United merger.

The TCR said that the merger between Delta and Northwest, which
was at that time currently under consideration, could incite a
United-Continental tie-up.

                         About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.  (Delta Air Lines 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. 18, 2008, Standard and Poor's said that media reports that
Delta Air Lines Inc. (B/Positive/--) entered into merger talks
with UAL Corp. (B/Stable/--) and Northwest Airlines Corp.
(B+/Stable/--) will have no effect on the ratings or outlook on
Delta, but that confirmed merger negotiations would result in
S&P's placing ratings of Delta and other airlines involved on
CreditWatch, most likely with developing or negative
implications.

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts.  On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  On
May 21, 2007, the Court confirmed the Debtors' Plan.  The Plan
took effect May 31, 2007.  (Northwest Airlines Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Northwest Airlines Corp. and its Northwest Airlines
Inc. subsidiary, including raising the long-term corporate
credit ratings on both entities to 'B+' from 'D', following
their emergence from Chapter 11 bankruptcy proceedings.  S&P
said the rating outlook is stable.

In addition, S&P assigned a 'BB-' bank loan rating, one notch
above the corporate credit rating, with a '1' recovery rating,
to Northwest Airlines Inc.'s US$1.225 billion bankruptcy exit
financing, based on S&P's expectation of a full recovery of
principal in the event of a second Northwest bankruptcy.   That
bank facility converted from a debtor-in-possession credit
facility; S&P withdrew the 'BBB-' rating on the DIP facility.


NORTHWEST AIRLINES: Seeks Allowance for US$5,954,902 ALPA Claims
----------------------------------------------------------------
The Air Line Pilots Association, International filed Claim No.
9311 against Northwest Airlines Corp. and its debtor-affiliates
-- for not less than US$921,395,651 -- asserting three separate
groups of claims:

   * prepetition discharge grievances and prepetition non-
     discharge grievances -- the Disputed Claim -- for no less
     than US$7,581,351;

   * the second portion of the Claim relating to employee pre-
     grievances and grievances, was previously allowed by the
     Court as a general unsecured claim for US$888,000,000,
     pursuant to a restructured collective agreement between the
     Debtors and ALPA that was approved by the U.S. Bankruptcy
     Court for the Southern District of New York; and

   * the final portion of the Claim asserts an unliquidated
     amount for employee wages and benefits that the Debtors
     continue to honor in the ordinary course of business.

                 Settlement Agreement with ALPA

Pursuant to Rule 9019 of the Federal Rules of Bankruptcy
Procedure, the Debtors ask the Court to approve a settlement
agreement resolving Claim No. 9311.

The Settlement Agreement provides that in full and final
satisfaction of the Non-Discharge Grievances, the Disputed Claim
is liquidated and fixed:

   (a) as an allowed general unsecured claim for US$4,954,902;
       and

   (b) as an allowed administrative expense claim for
       US$1,000,000.

Any amounts contained in Claim No. 9311 in excess of the sum of
the Allowed Non-Discharge Grievance Claim and the previously
approved Allowed ALPA Claim are disallowed in their entirety.

Subject to Court approval, the Debtors will cooperate with ALPA
in the sale of ALPA's Allowed General Unsecured Grievance Claim,
and make a cash distribution of the net proceeds of the sale to
the individual pilots designated by ALPA.

The Debtors will make a catch-up distribution to any purchaser
of the Allowed General Unsecured Grievance Claim on the later of
(i) at least 11 days after the Court's approval of the
Settlement Agreement that is not subject to an appeal or stay,
or (ii) the first business day that is at least 11 days after
the Debtros are notified of the identity of the purchaser.

If, for any reason, ALPA is not able to sell its Allowed General
Unsecured Grievance Claim, and so notifies the Debtors in
writing, the Debtors will make a Catch-Up Distribution on the
Allowed General Unsecured Grievance Claim to the individual
employees identified by ALPA to receive distributions.

The Debtors will then direct their transfer agent to promptly
sell the shares on behalf of those individuals, and pay the net
proceeds in accordance with the allocation instructions provided
by ALPA.  Subsequent distributions, if any, will be treated
similarly, if feasible in light of the amount of the subsequent
distributions, with the Bankruptcy Court to resolve any relating
disputes.

If the Settlement Agreement is approved by the Court, the only
Prepetition Discharge Grievances that will remain unresolved and
may be pursued by ALPA are seven grievances specifically
mentioned in the Settlement, a full-text copy of which is
available for free at:

       http://bankrupt.com/misc/NWA_ALPASettlementPact.pdf

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed $14.4 billion
in total assets and $17.9 billion in total debts.  On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  On
May 21, 2007, the Court confirmed the Debtors' Plan.  The Plan
took effect May 31, 2007.  (Northwest Airlines Bankruptcy News,
Issue No. 89; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Northwest Airlines Corp. and its Northwest Airlines
Inc. subsidiary, including raising the long-term corporate
credit
ratings on both entities to 'B+' from 'D', following their
emergence from Chapter 11 bankruptcy proceedings.  S&P said the
rating outlook is stable.

In addition, S&P assigned a 'BB-' bank loan rating, one notch
above the corporate credit rating, with a '1' recovery rating,
to Northwest Airlines Inc.'s US$1.225 billion bankruptcy exit
financing, based on S&P's expectation of a full recovery of
principal in the event of a second Northwest bankruptcy.   That
bank facility converted from a debtor-in-possession credit
facility; S&P withdrew the 'BBB-' rating on the DIP facility.


NORTHWEST AIRLINES: Dissolves NWA Inc. and NWA Holdings
-------------------------------------------------------
Northwest Airlines Corp. and its debtor-affiliates informed
Judge Allan L. Gropper of the U.S. Bankruptcy Court for the
Southern District of New York that under the terms of their
confirmed Plan of Reorganization:

   -- NWA Inc. would merge with and into Northwest Airlines,
      Inc.; and

   -- Northwest Airlines Holdings Corporation would merge with
      and into NWA Inc.

Pursuant to the General Corporation Law of the State of
Delaware, and the Business Corporation Act of the State of
Minnesota, NWA Inc. filed with the Secretary of State for the
State of Minnesota its Certificate of Ownership and Merger
Merging NWA Inc. into Northwest Airlines Inc.

As provided for by the General Corporation Law of the State of
Delaware, Holdings filed with the Secretary of State for the
State of Minnesota its Certificate of Ownership and Merger
Merging Northwest Airlines Holdings Corporation into NWA Inc.

Accordingly, each of NWA Inc. and Northwest Holdings ceased to
exist as separate coporate entities, without the necessity for
any other or further actions to be taken, or payments to be
made, on behalf of the Debtors.

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.  
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.  (Northwest Airlines Bankruptcy
News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Northwest Airlines Corp. and its Northwest Airlines
Inc. subsidiary, including raising the long-term corporate
credit ratings on both entities to 'B+' from 'D', following
their emergence from Chapter 11 bankruptcy proceedings.  S&P
said the rating outlook is stable.

In addition, S&P assigned a 'BB-' bank loan rating, one notch
above the corporate credit rating, with a '1' recovery rating,
to Northwest Airlines Inc.'s US$1.225 billion bankruptcy exit
financing, based on S&P's expectation of a full recovery of
principal in the event of a second Northwest bankruptcy.   That
bank facility converted from a debtor-in-possession credit
facility; S&P withdrew the 'BBB-' rating on the DIP facility.


NORTHWEST AIRLINES: Makes Four Additional Shares Distribution
-------------------------------------------------------------
Northwest Airlines Corp. and its debtor-affiliates made four
distribution of shares of new common stock, from May 31, 2007,
to Jan. 2, 2008:

   (1) an initial distribution on May 31, 2007;
   (2) a catch-up distribution on July 16, 2007;
   (3) a periodic and catch-up distribution on Oct. 1, 2007;
       and
   (4) a periodic distribution and a Catch-up Distribution on
       Jan. 2, 2008.

Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP,
in New York, informs Judge Gropper that the Debtors were set to
make a periodic distribution and a catch-up distribution last
April 1, 2008, of:
                                         Expected No.   
   New Common Stock                       of Shares        
   ----------------                      ------------   
   For Creditors Allocable to               2,668,330
   Class 1D
   
   For Creditors With A Guaranty               30,847    

According to Mr. Petrick, the total estimated amount of shares
of New Common Stock remaining in the Distribution Reserve are:

                                         Expected No.   
   New Common Stock                       of Shares              
   ----------------                      ------------           
   For Creditors Allocable to              23,564,009
   Class 1D
   
   For Creditors With A Guaranty              711,915

Mr. Petrick also informs Judge Allan L. Gropper of the U.S.
Bankruptcy Court for the Southern District of New York that the
total amount of shares of New Common Stock distributed pursuant
to the Debtors' Plan of Reorganization, as of March 17, 2008,
was:

                                              Amount  
   New Common Stock                         of Shares  
   ----------------                         ---------    
   For Creditors Allocable to             195,505,407
   Class 1D
    
   For Creditors With A Guaranty            7,880,010

   Pursuant to Rights Offering             27,777,778

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.  
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.  (Northwest Airlines Bankruptcy
News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Northwest Airlines Corp. and its Northwest Airlines
Inc. subsidiary, including raising the long-term corporate
credit ratings on both entities to 'B+' from 'D', following
their emergence from Chapter 11 bankruptcy proceedings.  S&P
said the rating outlook is stable.

In addition, S&P assigned a 'BB-' bank loan rating, one notch
above the corporate credit rating, with a '1' recovery rating,
to Northwest Airlines Inc.'s US$1.225 billion bankruptcy exit
financing, based on S&P's expectation of a full recovery of
principal in the event of a second Northwest bankruptcy.   That
bank facility converted from a debtor-in-possession credit
facility; S&P withdrew the 'BBB-' rating on the DIP facility.


PETROLEOS DE VENEZUELA: Earns US$4.15BB in 2007; Doubles Equity
---------------------------------------------------------------
Petroleos de Venezuela S.A. reported profits of US$4.150 billion
in 2007, thereby doubling its equity with regard to 1998.  These
were the results included in the Report on Management and
Financial Results in March, which reported the record amount of
US$56.072 billion.

Rafael Ramirez, People’s Minister for Energy and Petroleum and
president of PDVSA, made such figures public during a meeting
with domestic and foreign media representatives.  The meeting
was held to present the 2007 Management Report and Audited
Financial Statements, which were approved by the oil company’s
Shareholders Meeting.

Minister Ramirez indicated that “in 1998 our Revolutionary
Government led the company to report a deficit of 14.626 billion
dollars, which caused its equity to drop to a mere 32.035
billion dollars.  [A]fter a very important financial and
administration cleanup process of the company’s figures, this
situation has been reversed and we have crafted a company for
all Venezuelans that has doubled its equity and has no deficit
whatsoever”.

Minister Ramirez also indicated that “in these past few years
the Bolivarian Administration has progressively lessened an
inherited deficit situation.  Finally, in 2007 the company
stopped reporting deficits and began reporting profits of 4.150
billion dollars, which raised our equity to 56.072 billion
dollars”.

Minister Ramirez took this opportunity to inform that “the
leaders of the 4th Republic, the leaders of the old PDVSA, have
manipulated information and lied to the country not only about
the terrible businesses they engaged in but also about the
financial state of Petroleos de Venezuela in 1998, which was a
mortal deficit of 14.626 billion dollars and equity that did not
correspond at all to the efforts done by the Venezuelan State to
create this company”.

In this regard, Minister Ramirez quoted the 1999 Statutory
Auditor’s Report, prepared by Rafael Dario Ramirez, which
acknowledged the deficit and literally stated: “[a deficit] has
existed for the past ten years, but has been exacerbated by the
effects of assessing and paying dividends”.

According to Mr. Ramirez’s words, in such report the Statutory
Auditor denounced, “and so did the Shareholder (the Venezuelan
State) at some point, that Petroleos de Venezuela had
accumulated a very significant deficit in the past ten years,
since 1998, that was caused because its financial balance sheets
and profit and loss statements were reported in bolivars at a
historical cost and not based on the real value of the bolivar
currency”.

For this reason -he continued-, “the figures Petroleos de
Venezuela reported in those historical cost bolivars were fake;
they were based on a fictitious situation; the old PVDSA began
issuing profit statements in bolivars that didn’t have any real
value, and this allowed the meritocracy to share out dividends
and bonds, which was evidently eliminated from the New PDVSA’s
scheme”.

Mr. Ramirez further stated that “the same situation was reported
in the 2000 Statutory Auditor’s Report and after that, following
the instructions of the Shareholder (the Venezuelan State), it
was decided that Petroleos de Venezuela’s financial balance
sheets had to adapt to the accounting rules in force in the
country and be reported in current bolivars value”.

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

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

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

                        *     *     *

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


                            ***********


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.  Tara Eliza Tecarro, Sheryl Joy P. Olano, Rizande
delos Santos, and Pamella Ritah K. Jala, Editors.

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

This material is copyrighted and any commercial use, resale or
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