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

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

            Thursday, April 17, 2008, Vol. 9, No. 76

                            Headlines


A R G E N T I N A

ALEON SRL: Trustee to File Individual Reports on June 13
AMERICAN SOFT: Proofs of Claim Verification Deadline is April 30
BRASKEM SA: Won't Deploy Plant in Argentina Due to Lack of Gas
DELTA AIR: Northwest Pilots and Machinist Oppose Merger
DELTA AIR: Reaches US$17.7BB All-Stock Merger Pact w/ Northwest

DESARROLLO DE ACUERDOS: Trustee to Verify Claims by May 26
EDILTEL SRL: Proofs of Claim Verification is Until June 9
GLOBAL CROSSING: To Hold Conference Call on GC Impsat 4Q Earning
LIDJI SA: Files for Reorganization in Buenos Aires Court
PACKAGING PAPER: Proofs of Claim Verification is Until June 2

PESQUERA DIEGO: Buenos Aires Court Concludes Reorganization
PRICELINE.COM INC: Good Performance Prompts S&P to Lift Ratings
ROCCO VALENTI: Files for Reorganization in Court
SMURFIT KAPPA: Fitch Puts Long-Term Issuer Default Rating at BB
TRIOLA SRL: Proofs of Claim Verification Deadline is July 2

VALBAMAR SRL: Neuquen Court Concludes Reorganization


B A H A M A S

GLOBAL ENVIRONMENTAL: Gets License to Process Waste in Russia


B E R M U D A

SEA CONTAINERS: Court OKs Navigant as Pension Advisors
SEA CONTAINERS: Panel Obtains International Judicial Assistance


B R A Z I L

ALERIS INTERNATIONAL: Moody's Revises Outlook to Negative
AMERICAN AIRLINES: Fitch Retains Issuer Default Rating at B-
ASPEN TECH: Earns US$45.5 Million in Fiscal Year Ended June 30
BANCO BBM: Decreases Stake in Banco Cruzeiro
BANCO CRUZEIRO: Banco BBM Decreases Stake in Bank

BANCO NACIONAL: Approves BRL517 Million Loan for Acre Project
BANCO NACIONAL: L. Coutinho Opens BRL300 Mln Warehousing Program
BEAR STEARNS: JPMorgan Buys 3.9 Million Shares for US$33.1 Mln.
TELE NORTE: Launches First Quad Play Service in Belo Horizonte
UNIAO DE BANCOS: May Expand IFC Credit Line by US$25 Million


C A Y M A N  I S L A N D S

APEX ASIA: Will Hold Final Shareholders Meeting Tomorrow
ASC CENTRAL: Sets Final Shareholders Meeting for April 18
ASIAVEST PARTNERS: Proofs of Claim Filing Deadline is April 18
AVALON RE: Fitch Downgrades Class C Variable Notes Rating to C
GLOBAL CHALLENGE: Proofs of Claim Filing Deadline is April 18

HONEYWELL INDUSTRIAL: Proofs of Claim Filing is Until April 18
MARATHON POWER: Will Hold Final Shareholders Meeting Tomorrow
MARATHON POWER NICARAGUA: Final Shareholders Meeting on April 18
QATARGAS DOWNSTREAM: Final Shareholders Meeting is on April 18
QATARGAS DOWNSTREAM: Proofs of Claim Filing is Until April 18

QATARGAS UPSTREAM: Proofs of Claim Filing Deadline is April 18
QATARGAS UPSTREAM: Sets Final Shareholders Meeting for April 18
REFCO DIVERSIFIED: Final Shareholders Meeting is on April 18
SALAMANCA SA: Proofs of Claim Filing Deadline is April 18
SHIODOMETOWER FUNDING: Final Shareholders Meeting is on April 18

SKK HOLDING: Will Hold Final Shareholders Meeting Tomorrow
SPRINGFLEET INTERNATIONAL: Claims Filing Deadline is April 18
THE DRAKE GLOBAL: Sets Final Shareholders Meeting for April 18
UC PARTNERS: Sets Final Shareholders Meeting for April 18
VERITAS HIGH: Will Hold Final Shareholders Meeting Tomorrow

WESTWAYS FUNDING: Sets Final Shareholders Meeting for April 18
WESTWAYS FUNDING X: Final Shareholders Meeting is on April 18


C O L O M B I A

DIRECTV GROUP: Launches Triple Play Services with Emcali
POLYONE CORPORATION: Selling US$80-Mln Sr. Notes at 99.75% Par
POLYONE CORP: S&P Holds B+ Rating on US$80 Million Notes


D O M I N I C A N   R E P U B L I C

BANCO DOMINICANO: Court Rejects Motion to Acquit Pedro Castillo
TRICOM SA: Banco Multiple Leon Wants Bankruptcy Plan Revised


E L  S A L V A D O R

* EL SALVADOR: Fitch Issues Annual Review & Outlook for Banks


J A M A I C A

CASH PLUS: Carlos Hill to Appear in Court for Fraud Charges


M E X I C O

AMERICAN AXLE: Mexico Axle Plant Supplies Auto Parts to GM
ATSI COMMS: Accounts Receivable Financing Increased to US$5 Mil.
BALLY TOTAL: Discloses Plan Distribution for Former Stockholders
BERRY PLASTICS: S&P Rates US$530.6 Million Senior Notes at BB-
BLOCKBUSTER INC: Circuit City Bid Won't Affect S&P's Ratings Now

DIOMED HOLDINGS: To Pay Hercules US$6MM from Settlement Proceeds
FRONTIER AIRLINES: Files Voluntary Chapter 11 Protection in NY
FRONTIER AIRLINES: Case Summary & 60 Largest Unsecured Creditors
FRONTIER AIRLINES: Obtains Court Approval on First Day Motions
FRONTIER AIRLINES: Bankruptcy Filing Cues Securities Delisting

GENERAL MOTORS: Reopens Two Plants Supplied by Axle in Mexico
MOVIE GALLERY: Files Additional Supplements to 2nd Amended Plan
MOVIE GALLERY: Assumes More Leases to Appease Landlords
MOVIE GALLERY: Rejects 320+ Leases Including Hollywood Stores
REMY WORLDWIDE: Court Sets Hearing to Close Case on April 23


P A N A M A

CABLE & WIRELESS: Non-Dominance Request Cues OUR Market Study


P U E R T O  R I C O

DORAL FINANCIAL: R. Quinlan Hired as Director; O. Uziel Resigns


V E N E Z U E L A

HARVEST NATURAL: Taps Patrick Oenbring as VP-Western Operations
NORTHWEST AIRLINES: Reaches US$17.7BB All-Stock Pact with Delta
NORTHWEST AIRLINES: Pilots and Machinist Oppose Delta Merger
PETROLEOS DE VENEZUELA: President Promises 2 More Blocks to ONGC
REVLON INC: Posts Preliminary Results For the 2008 First Quarter

REVLON INC: Receives Requisite Approvals For Reverse Stock Split


X X X X X X

* S&P Issues Sovereign Credit Report on LatAm & Emerging Markets


                         - - - - -


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

ALEON SRL: Trustee to File Individual Reports on June 13
--------------------------------------------------------
Jorge Osvaldo Stanislavsky, the court-appointed trustee for
Aleon SRL's bankruptcy proceeding as individual reports in the
National Commercial Court of First Instance in Buenos Aires on
June 13, 2008.

Mr. Stanislavsky will be verifying creditors' proofs of claim
until May 2, 2008.  He will file a general report containing an
audit of Aleon's accounting and banking records in court on
Aug. 12, 2008.

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


AMERICAN SOFT: Proofs of Claim Verification Deadline is April 30
----------------------------------------------------------------
Bilenca, Ghiglione y Sabor, Contadores Publicos -- the court-
appointed trustee for American Soft S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
April 30, 2008.

Bilenca, Ghiglione y Sabor will present the validated claims in
court as individual reports on June 12, 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 American Soft 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 American Soft's
accounting and banking records will be submitted in court on
Aug. 11, 2008.

Bilenca, Ghiglione y Sabor is also in charge of administering
American Soft's assets under court supervision and will take
part in their disposal to the extent established by law.

The trustee can be reached at:

           Bilenca, Ghiglione y Sabor, Contadores Publicos
           Lavalle 1675
           Buenos Aires, Argentina


BRASKEM SA: Won't Deploy Plant in Argentina Due to Lack of Gas
--------------------------------------------------------------
Braskem SA's President Jose Carlos Grubisich told Buenos Aires
news daily La Nacion that the company is not interested in
installing a plant in Argentina due to insufficient natural gas
in that country.

Mr. Grubisich told Business News Americas that plants in
Argentina are using all the natural gas in the country.

Mr. Grubisich commented to BNamericas, "We look for
opportunities, but there isn't sufficient feedstock available
for new petrochemical projects to be started up in Argentina.  
For now, we're making different gambles.  We invested in our
local distributors so they can better ensure the supply of
products and technical assistance."

La Nacion notes that Braskem won't invest in an Argentine plant
even if the gas scarcity issue in the nation is resolved.
"I don't think there's a strong investment cycle in oil and gas
production in Argentina," Mr. Grubisich told La Nacion.

Braskem SA (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins
producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Braskem S.A.  Fitch
also affirmed the 'BB+' ratings on the company's senior
unsecured notes 2008, 2014, and senior unsecured notes 2017.


DELTA AIR: Northwest Pilots and Machinist Oppose Merger
-------------------------------------------------------
The merger agreement between Northwest Airlines Corporation and
Delta Air Lines Inc. is disadvantageous to NWA pilots, Dave
Stevens, chairman of the Northwest chapter of the Air Line
Pilots Association, said in an e-mailed statement, reports
Bloomberg.  Mr. Stevens said pilot leaders at Northwest "will
use all resources available" to aggressively oppose the merger.

The International Association of Machinists and Aerospace
Workers' (IAM) General Vice President Robert Roach, Jr., on
April 14, 2008, issued this statement in response to the
proposed merger between Northwest Airlines and Delta Air Lines:

"Airline industry consolidation will come at tremendous public
expense.  The Machinists Union's Merger Committee has examined
the Northwest-Delta merger proposal, and we firmly believe this
merger is not in the best interest of passengers, employees or
the communities these airlines currently serve.

Northwest and Delta have both lobbied Congress for pension  
relief.  Both have also frozen their underfunded pension plans.
If this ill-advised mega venture fails, the liability for these
plans will fall on the Pension Benefit Guaranty Corporation, and
ultimately the American taxpayer.

We will do everything legally possible to oppose any merger that
threatens our members' jobs, labor contracts, pensions,
seniority, and their right to union representation."

Northwest's IAM members are the only employees at either airline
that still have an active, secure defined benefit pension
plan, the IAM National Pension Plan.  The IAM represents 12,500
Northwest Airlines Ramp Service Employees, Stores Clerks,
Customer Service Agents, Reservation Agents, Flight Simulator
Technicians and Plant Protection employees.  The Machinists
Union is currently organizing Delta Air Lines' Ramp Service,
Customer Service, Reservation and Maintenance employees.

The Machinists Union is the largest Airline and Rail Union in
North America, representing more than 170,000 Flight Attendants,
Customer Service Agents, Reservation Agents, Ramp Service
Personnel, Mechanics, Railroad Machinists and related
transportation industry workers.  Additional information about
the Machinists Union is available at
http://www.goiam.org/transportation/

                     MAC Chairman's Statement

In response to the announcement of a proposed merger
between Northwest and Delta Airlines, Metropolitan Airports
Commission Chairman Jack Lanners, said on April 15, 2008, that:
"Northwest Airlines has been a Minnesota institution for
more than 80 years, contributing greatly to the growth in air
service at Minneapolis-St. Paul International Airport and to the
region's economic vitality.

"In 1992 and again in 2007, Northwest Airlines made legally
binding commitments to the Metropolitan Airports Commission to
keep the airline's hub and headquarters, or that of its
successor, here.  In the days and weeks ahead, we will work to
the best of our ability to leverage those commitments and to
protect air service and jobs in Minnesota.

"I am confident Minneapolis-St. Paul International Airport
will remain a major hub for the consolidated airline.  We look
forward to working with Richard Anderson and Doug Steenland to
explore opportunities for continued growth in air service to the
Twin Cities and jobs in Minnesota."

                     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, Issue No. 91; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 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 $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.

                          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,
Issue No. 95; 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.


DELTA AIR: Reaches US$17.7BB All-Stock Merger Pact w/ Northwest
---------------------------------------------------------------
Delta Air Lines Inc. and Northwest Airlines Corporation reached
an agreement on April 14, 2008, in which the two carriers will
combine in an all-stock transaction with a combined enterprise
value of US$17,700,000,000.

Delta agreed to buy Northwest in a US$3.63 billion stock deal
that would create the world's largest carrier, according to
Bloomberg News.

The new airline, which will be called Delta, will provide
employees with greater job security, an equity stake in the
combined airline, and a more stable platform for future growth
in the face of significant economic pressures from rising fuel
costs and intense competition, the carriers said in a statement.  
Small communities throughout the United States will enjoy
enhanced access to more destinations worldwide.  According to
the news statement, customers also will benefit from the
combined carriers' complementary route networks, which together
will offer people greater choice, competitive fares and a
superior travel experience to more cities than any other
airline.  In addition, combining Delta and Northwest will create
a global U.S. flag carrier strongly positioned to compete with
foreign airlines that are continuing to increase service to the
United States.

Delta CEO Richard Anderson will be chief executive officer of
the combined company.  Delta Chairman of the Board Daniel Carp
will become chairman of the new Board of Directors and Northwest
Chairman Roy Bostock will become vice chairman.  Ed Bastian will
be president and chief financial officer.  

The Board of Directors will be made up of 13 members, seven of
whom will come from Delta's board, including Anderson, and five
of whom will come from Northwest's board, including Mr. Bostock
and Doug Steenland, the current Northwest CEO.  One director
will come from the Air Line Pilots Association.

Delta will have executive offices in Atlanta, Minneapolis/St.
Paul and New York, and international executive offices in
Amsterdam, Paris and Tokyo.  The company's world headquarters
will be in Atlanta.  Delta is committed to retaining significant
jobs, operations and facilities in Minnesota.

Combined, the company and its regional partners will provide
access to more than 390 destinations in 67 countries.  Delta and
Northwest, together, will have more than US$35,000,000,000 in
aggregate annual revenues, operate a mainline fleet of nearly
800 aircraft and employ approximately 75,000 people worldwide.

In an industry where the U.S. network carriers have shed more
than 150,000 jobs and lost more than US$29 billion since 2001,
the combination of Delta and Northwest creates a company with a
more resilient business model that is better able to withstand
volatile fuel prices than either can on a standalone basis.  
Merging Delta and Northwest is the most effective way to offset
higher fuel prices and improve efficiencies, increase
international presence and fund long-term investment in the
business.

The transaction is expected to generate more than US$1,000,000
in annual revenue and cost synergies from more effective
aircraft utilization, a more comprehensive and diversified route
system and cost synergies from reduced overhead and improved
operational efficiency.  The company expects to incur one-time
cash costs to not exceed US$1,000,000,000 to integrate the two
airlines.  The combined company will have a stronger, more
durable financial base and one of the strongest balance sheets
in the industry, with expected liquidity of nearly
US$7,000,000,000 at closing.

Under the terms of the transaction, Northwest shareholders will
receive 1.25 Delta shares for each Northwest share they own.  
This exchange ratio represents a premium to Northwest
shareholders of 16.8% based on April 14 closing prices.  The
transaction is expected to be accretive to current Delta
shareholders in year one excluding one-time costs.  The merger
is subject to the approval of Delta and Northwest shareholders
and regulatory approvals.  It is expected that the regulatory
review period will be completed later this year.

Richard Anderson, Delta CEO, stated: "We said we would only
enter into a consolidation transaction if it was right for all
of our constituencies; Delta and Northwest are a perfect fit.  
Today, we're announcing a transaction that is about addition,
not subtraction, and combines end-to-end networks that open a
world of opportunities for our customers and employees.  We
believe by partnering with our employees, including providing
equity to U.S.-based employees of Delta and Northwest, this
combination is off to the right start.  Together, we are
creating America's leading airline -- an airline that is
financially secure, able to invest in our employees and our
customers, and built to thrive in an increasingly competitive
marketplace."

Doug Steenland, Northwest CEO, said: "Today's announcement is
exciting for Northwest and its employees.  The new carrier will
offer superior route diversity across the U.S., Latin America,
Europe and Asia and will be better able to overcome the
industry's boom-and-bust cycles.  The airline will also be
better able to match the right planes with the right routes,
making transportation more efficient across our entire network.
In short, combining the Northwest and Delta networks will allow
the strengthened airline to realize its full global potential
and invest in its future."

    Customers, Communities to Benefit from Expanded Global        
   Route System, More Competitive, Financially Secure Airline

The Delta and Northwest merger will offer customers and
communities direct service between the United States and the
world's major business centers.  Specific benefits include:

     * Customers will be able to fly to more destinations, have
       more schedule options and more opportunities to earn and
       redeem frequent flyer miles in what will become the
       world's largest frequent flyer program.

     * The merged airline will maintain all hubs at Atlanta,
       Cincinnati, Detroit, Memphis, Minneapolis/St. Paul,
       New York-JFK, Salt Lake City, Amsterdam and Tokyo-Narita
       --  each of which will benefit from improved global
       connectivity.

     * Delta customers will benefit from Northwest's extensive
       service to Asian markets and Northwest's customers will
       have access to Delta's strengths across the Caribbean,
       Latin America, Europe, the Middle East and Africa.

     * Both airlines' customers will benefit from a strengthened
       SkyTeam alliance that more closely aligns the combined
       airline with its respective trans-Atlantic partners Air
       France and KLM.

Customers also will benefit from the combined carrier's
financial stability.  The merger creates one of the strongest
balance sheets among major U.S. airlines, permitting the
combined airline to invest in its fleet and services to enhance
the customer experience.  For instance:

     * The combination will accelerate the upgrading of existing
       international aircraft with lie-flat seats and personal
       on-demand entertainment.

     * The combined company will have the opportunity to
       exercise options for delivery of up to 20 widebody jets
       between 2010 and 2013 to provide more international
       service than ever before.

     * The combined company also will be able to improve
       customers' travel experience through new products and
       services, including enhanced self-service tools, better
       bag-tracking technology, new seats and refurbished cabin
       interiors.

         No Hub Closures; Improved International Access
                 to Benefit Small Communities

This combination will expand Delta's international and domestic
reach, and there will be no reductions in the number of hubs.  
In addition, building on both airlines' proud, decades-long
history of serving small communities, Delta will improve
worldwide connections to small towns and cities across the U.S.,
enhancing their access to the global marketplace.  Following the
merger, Delta will serve more than 140 small communities in the
United States -- more than any other airline.

"Delta and Northwest are an excellent strategic fit, with
complementary and geographically distinct route systems," said
Edward Bastian, Delta president and chief financial officer.

"Together, we will have a more robust platform for profitable
international growth. Combining both carriers' international and
domestic strengths, with our worldwide SkyTeam partners, we are
well positioned to lead the industry and deliver value to our
shareholders."

         Merger Helps Offset Record Oil Prices, Creates
  Stronger Global Airline to Compete in Open Skies environment

Record fuel prices have fundamentally changed the economics of
the airline industry.  Fuel is the highest single expense for
Delta and Northwest, significantly eroding the financial
benefits of restructuring and placing the airlines' new found
strength and stability at long-term risk.  At the beginning of
2007, oil prices were approximately US$55 a barrel.  Now, oil
prices have nearly doubled.  This dramatic run-up in the price
of oil makes the transaction even more compelling.

Internationally, the two carriers, along with their partners at
Air France and KLM, will have a broader global network similar
in scope and depth to what other foreign flag carriers already
possess – and a significant presence in key business centers,
with improved prospects for growing corporate business globally.
This presence is essential for U.S. network carriers due to Open
Skies agreements that have expanded aviation markets around the
world and have created a more competitive international
environment.

Merger combines Delta's strengths in the South, Mountain West,
Northeast, Europe and Latin America with Northwest's leading
positions in the Midwest, Canada and Asia; competition will be
preserved and enhanced as a result of complementary networks.

The Delta-Northwest combination will be pro-competitive.  There
is little overlap in the nonstop routes the two airlines serve,
with direct competitive service on only 12 of more than 1,000
nonstop city pair routes currently flown by both airlines. In
fact, the merger will create a stronger, more efficient global
competitor.  Discount carriers, which now carry one third of
domestic passengers, and other network airlines will remain
competitors in the airline's markets.

            Delta Pilot Leadership Reaches Agreement
                    on Post-Merger Contract

Delta also announced that it has reached agreement with the
company's pilot leadership to extend its existing collective
bargaining agreement through the end of 2012.  The agreement,
which is subject to pilot ratification, facilitates the
realization of the revenue synergies of the combined companies
once the transaction is completed.  It also provides the Delta
pilots a 3.5% equity stake in the new company and other
enhancements to their current contract.

Delta will use its best efforts to reach a combined Delta-
Northwest pilot agreement, including resolution of pilot
seniority integration, prior to the closing of the merger.

          Employees to be Provided Seniority Protection
                 and Equity In The New Airline

Frontline employees of both airlines will be provided seniority
protection through a fair and equitable seniority integration
process, as the airlines are combined.  In addition, U.S.-based
non-pilot employees of both companies will be provided a 4%  
equity stake in the new airline upon closing.  The company also
expects no involuntary furloughs of frontline employees as a
result of this transaction and the existing pension plans for
both companies' employees will be protected.  Additionally, all
Delta and Northwest employees will enjoy reciprocal pass
privileges on both airlines, beginning as soon as possible
during the regulatory review process.

"We are pleased that the people of Delta and Northwest will
participate directly in the growth and future success of the
combined company," Anderson said.  "Thanks to the hard work and
professionalism of the more than 75,000 Delta and Northwest
employees over the last few years, our new, combined company
will be positioned for a bright future as a leader in the global
airline industry."

          Integrated SkyTeam Frequent Flyer Programs
        and Partner Networks Enable Faster Integration;
            Existing Air France, KLM Joint Venture
                  Partnerships Strengthened

Delta and Northwest's complementary networks and common
membership in the SkyTeam alliance will ease the integration
risk that has complicated some airline mergers.  The carriers
participate in a joint SkyTeam frequent flyer program with
common customer lounges and airline partner networks.  In
addition, they share a common IT platform, which has already
been partially integrated through the existing alliance between
Delta and Northwest.  Further, the combination of Delta and
Northwest will enable an accelerated joint venture integration
with Air France/KLM, creating the industry's leading alliance
network.

Over the course of the regulatory process, a detailed
integration plan will be created by the transition committee
made up of leaders from both companies.  After closing of the
merger, the consolidation of overlapping corporate and
administrative functions will result in some job reductions or
company-paid transfers.  Involuntary reductions for management
and administrative employees will be minimized by normal
attrition.

                           Advisers

Financial advisers to Delta were Greenhill & Co. and Merrill
Lynch & Co. and legal advisers were Wachtell, Lipton, Rosen &
Katz and Hunton & Williams, LLP.  Financial advisers to
Northwest were Morgan Stanley and J.P. Morgan Securities and
legal advisers were Simpson Thacher & Bartlett LLP and O'Melveny
& Myers, LLP.

               Investor and Analyst Call Details

There will be a webcast for the investment community today,
April 15, at 9:00 a.m. EDT.  Participants will include Richard
Anderson, Delta's CEO; Doug Steenland, Northwest's President and
CEO; and Ed Bastian, Delta's President and CFO. webcast log-in
is available on:
       
   www.delta.com/about_delta/investor_relations/webcasts or

   http://ir.nwa.com

A replay of the webcast will be archived for 30 days.  Further
information is available in the investor relations section of
http://www.delta.com.

       Press Conference Details and Satellite Coordinates

Delta and Northwest will hold a joint press conference today,
April 15, at 10:30 a.m. EDT, at The Intercontinental, The
Barclay, New York, 111 East 48th St, New York, NY 10017.

Participants will include Richard Anderson, Delta's CEO; Doug
Steenland, Northwest's President and CEO; and Ed Bastian,
Delta's
President and CFO.

The press conference will be webcast LIVE over the internet at
http://www.newglobalairline.com. The replay of the webcast will  
be archived for 30 days.

                        Audio News Release

An audio news release will be available for download on
http://www.newglobalairline.com/

                           Photography

Photographs of both companies operations and management teams is
available on the news center section of
http://www.newglobalairline.com/

Further details regarding the combination can be found at
http://www.newglobalairline.com/

                     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, Issue No. 91; 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,
Issue No. 95; 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.


DESARROLLO DE ACUERDOS: Trustee to Verify Claims by May 26
----------------------------------------------------------
Estudio Sadofschi y Urena, the court-appointed trustee for
Desarrollo de Acuerdos Comerciales S.A.'s reorganization
proceeding, will be verifying creditors' proofs of claim until
May 26, 2008.

Estudio Sadofschi 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 Desarrollo
de Acuerdos 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 Desarrollo de
Acuerdos' accounting and banking records will be submitted in
court.

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

The trustee can be reached at:

        Estudio Sadofschi y Urena
        Riobamba 496
        Buenos Aires, Argentina


EDILTEL SRL: Proofs of Claim Verification is Until June 9
---------------------------------------------------------
Maria Festugato, the court-appointed trustee for Ediltel SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 9, 2008.

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

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

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

The debtor can be reached at:

           Ediltel SRL
           Marcelo T. de Alvear 1261
           Buenos Aires, Argentina

The trustee can be reached at:

           Maria Festugato
           Lavalle 1667
           Buenos Aires, Argentina


GLOBAL CROSSING: To Hold Conference Call on GC Impsat 4Q Earning
----------------------------------------------------------------
Global Crossing Ltd. will conduct a conference call on April 18,
2008 at 9:00 a.m. EDT/10:00 a.m. Buenos Aires time.  Chief
Financial Officer Jean Mandeville and Latin America managing
director Hector Alonso, will discuss GC Impsat's financial
results for the fourth quarter and full year 2007.

The call may be accessed by dialing +1 212 231 2905.  Callers
are advised to dial in 15 minutes prior to the 9:00 a.m.
EDT/10:00 a.m. Buenos Aires start time.  The call will also be
Webcast at http://investors.globalcrossing.com/events.cfm.

A replay of the call will be available on April 18, 2008,
beginning at 11:00 a.m. EDT/12:00 p.m. Buenos Aires time and
will be accessible until April 25, 2008, at 11:00 a.m. EDT/12:00
p.m. Buenos Aires time.  To access the replay, callers should
dial +1 402 977 9140 or +1 800 633 8284 and enter reservation
number 21380586.

                       About GC Impsat

GC Impsat is a provider of private telecommunications network
and Internet services in Latin America, offering integrated
data, voice, data center and Internet solutions.  Its network
consists of owned fiber-optic and wireless links, teleports and
earth stations, and leased satellite links.  The company's
regional infrastructure also includes 15 metropolitan networks
and 15 world-class data centers located in the main business
centers of Latin America and has operations in Argentina,
Brazil, Chile, Colombia, Ecuador, Peru, Venezuela and the United
States.

                  About Global Crossing Ltd.

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides  
telecommunication  services over the world's first integrated
global IP-based network.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed US$25,511,000,000 in total assets and
US$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on Dec. 9, 2003.

Global Crossing's Latin American business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru,
Mexico, Venezuela and the United States (Florida).  It also has
operations in the United Kingdom.

                         *     *     *

At Sept. 30, 2007, Global Crossing Ltd.'s balance sheet showed
total assets of US$2.6 billion, total debts of US$2.7 billion
and a US$74 million stockholders' deficit.

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Global Crossing Ltd. said in a statement that its
net loss increased 75% to US$89 million in the third quarter
2007, compared to US$51 million in the third quarter 2006.


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

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

The case is pending in the National Commercial Court of First
Instance No 24 in Buenos Aires.  Clerk No. 47 assists the court
in this case.

The debtor can be reached at:

                     Lidji SA
                     Leandro N. Alem 1080
                     Buenos Aires, Argentina


PACKAGING PAPER: Proofs of Claim Verification is Until June 2
-------------------------------------------------------------
Ricardo Sukiassian, the court-appointed trustee for Packaging
Paper S.R.L.'s reorganization proceeding, will be verifying
creditors' proofs of claim until June 2, 2008.

Mr. Sukiassian 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 Packaging
Paper 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 Packaging Paper's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

The debtor can be reached at:

          Packaging Paper SRL
          Uruguay 160
          Buenos Aires, Argentina

The trustee can be reached at:

          Ricardo Sukiassian
          San Martin 1009
          Buenos Aires, Argentina


PESQUERA DIEGO: Buenos Aires Court Concludes Reorganization
-----------------------------------------------------------
Pesquera Diego Primero S.A. concluded its reorganization
process, according to data released by Infobae on its Web site.  
The closure came after the National Commercial Court of First
Instance in Buenos Aires, homologated the debt plan signed
between the company and its creditors.


PRICELINE.COM INC: Good Performance Prompts S&P to Lift Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Norwalk, Connecticut-based Priceline.com Inc., including the
corporate credit rating to 'BB-' from 'B+'.  At the same time,
S&P removed the ratings from CreditWatch with positive
implications, where they were placed on Dec. 17, 2007.  The
outlook is stable.
      
"The upgrade is based on continuing good operating performance
from a strong competitive position in Europe," said Standard &
Poor's credit analyst Andy Liu, "coupled with significant
improvement in the credit metrics."  While economic uncertainty
in the U.S. and Europe could dampen overall industry growth
somewhat, Standard & Poor's expects Priceline.com will continue
to gain market share and post good operating results.

Headquartered in Norwalk, Connecticut, Priceline.com
Incorporated (Nasdaq: PCLN) -- http://www.priceline.com/--   
operates priceline.com, a U.S. online travel service for value-
conscious leisure travelers, and Booking.com, an international
online hotel reservation service.

The company has acquired Agoda.com, an Asian online hotel
reservation service.  Agoda had hotel properties in in South
America, including Brazil, Chile, Argentina, Uruguay, Venezuela,
Peru, Colombia, Bolivia, Ecuador, Paraguay, French Guiana;  
Central America and the Caribbean, including Dominican Republic,
Jamaica, Bahamas, Costa Rica, Panama, Puerto Rico, Virgin
Islands (U.S.), Guadeloupe, Cayman Islands, Netherlands
Antilles, El Salvador and Trinidad & Tobago.


ROCCO VALENTI: Files for Reorganization in Court
------------------------------------------------
Rocco Valenti S.A. has requested for reorganization approval
after failing to pay its liabilities.

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

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

The debtor can be reached at:

                     Rocco Valenti S.A.
                     Andres Lamas 889
                     Buenos Aires, Argentina


SMURFIT KAPPA: Fitch Puts Long-Term Issuer Default Rating at BB
---------------------------------------------------------------
April 2008: Fitch Ratings has today upgraded UK-based Smurfit
Kappa Acquisitions' Long-term Issuer Default rating (IDR) to
'BB' from 'BB-' (BB minus) and affirmed SKA's senior secured
facilities at 'BB+'. It has also assigned a Long-term IDR of
'BB' to Smurfit Kappa Group plc, the ultimate holding company of
the group . The Outlooks on both IDRs are Stable.

At the same time, Fitch has also upgraded Smurfit Kappa
Funding's senior subordinated notes due 2015 to 'BB-' (BB minus)
from 'B+' and affirmed Smurfit Kappa Treasury Funding's
debenture notes due 2025 at 'BB+'.

"The upgrade reflects the group's improved debt measures and
financial flexibility, placing its leverage metrics at the 'BB'
rating level.  It also reflects the restructuring and synergy
benefits realised since FY06, enhancing SKG's cost position and
providing a moderate buffer against potential margin erosion in
the face of weakening market conditions," says Myriam Affri,
Director in Fitch's European Industrials team.

Savings realised in FY07 reached a run rate of EUR166m, ahead of
the group's original target of EUR160m for 2006-2009.  Despite
escalating fibre and energy costs, pre-exceptional EBITDA
increased EUR181m yoy to EUR1,064m in FY07 and EBITDA margin
rose to 14.6% from 12.7%.  Fitch acknowledges that market
conditions in 2008 are likely to become more challenging for
European containerboard producers, with signs of softening
demand, no relief from cost inflation and competitive pressures
from US producers.  In this context, the upgrade recognises
SKG's 'best-in-class' margins, management's pro-active approach
with regard to capacity adjustments in response to market
imbalances and Fitch's view that the group's improved efficiency
will enable it to maintain satisfactory margins and EBITDA
levels above those observed in the last down cycle.

Proceeds from SKG's successful IPO in March 2007 were used to
pre-pay EUR1.4bn of debt. Net debt reduced to EUR3.4bn and net
leverage decreased to 3.2x at FYE07 from 5.5x at FYE06 and 3.8x
at Q107 post-IPO.  This was below management's target range of
3.25x-4.25x and reflected the combination of higher earnings and
lower borrowings.  The group's coverage metrics also
strengthened as net costs reduced in line with debt levels. FFO
fixed charge coverage increased to 2.2x in FY07 from 1.7x in
FY06 and EBITDA/net interest rose to 3.5x from 2.2x.  While
those metrics place SKG at the weaker end of the 'BB' rating
level, Fitch notes that interest charges should reduce further
in FY08 compared to FY07 as the most expensive portion of the
group's debt was repaid in FY07 and the margin on the senior
secured credit facility (equal to approximately 76% of gross
debt at FYE07) has reduced quarterly in line with leverage.
Minimal scheduled repayments until 2011 imply adequate cash flow
headroom and liquidity.

Fitch takes further comfort in management's conservative
financial strategy as illustrated by the focus on operating
efficiency, cash flow generation, de-leveraging and the absence
of material capex projects when competitors are considering
bringing new capacity on stream.  SKG has publicly stated that
it aims to reduce net leverage to below 3x in FY08.

The rating is further supported by the group's leading market
positions ((#1 and #3 producer of corrugated paper and
containerboard, respectively, worldwide, and #1 kraftliner,
recycled containerboard and corrugated producer in Europe).  
Fitch also recognises SKG's integrated operations (approximately
70% of containerboard production is consumed internally) and its
presence in high-growth markets (#1 and #3 corrugated and
containerboard producer in Latin America).  Exposure to stable,
recession-proof end-markets (approximately 50% of revenues)
should mitigate the impact of a potential slump in demand in
Europe.

Key credit concerns in the medium term are market developments
both from a supply and demand perspective, with expected
pressure on margins resulting from slower growth, sustained cost
inflation and increased competitive pressures.  Containerboard
projects coming on stream in FY09-FY10 could further threaten
the market's balance in Europe and adversely impact pricing
power.

Headquartered in Dublin, Ireland, Smurfit Kappa --
http://www.smurfitkappa.com/-- is a paper based packaging
company with leading position in Europe and Latin America.  In
Latin America, the company operates in Argentina, Brazil, Chile,
Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico and
Venezuela.

Smurfit Kappa operates in over 30 countries (22 in Europe) with
more than 40,000 employees.  It's products include
containerboard, solid board, corrugated and solid board
packaging, graphic board, sack paper and paper sacks.


TRIOLA SRL: Proofs of Claim Verification Deadline is July 2
-----------------------------------------------------------
Ernesto Bermann, the court-appointed trustee for Triola SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until July 2, 2008.

Mr. Bermann will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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 Triola 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 Triola's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Triola SRL
           Triunvirato 4500
           Buenos Aires, Argentina

The trustee can be reached at:

           Ernesto Bermann
           Cordoba 817
           Buenos Aires, Argentina


VALBAMAR SRL: Neuquen Court Concludes Reorganization
----------------------------------------------------
Valbamar S.R.L. concluded its reorganization process, according
to data released by Infobae on its Web site.  The closure came
after the National Commercial Court of First Instance in Cutral-
Co, Neuquen, homologated the debt plan signed between the
company and its creditors.



=============
B A H A M A S
=============

GLOBAL ENVIRONMENTAL: Gets License to Process Waste in Russia
-------------------------------------------------------------
Global Environmental Energy Corp. has received notice from its
Russian client from the St. Petersburg-based Northwest Lawyer
Agency, that the company is permitted to process waste
throughout Russia.

In September 2007, Global licensed Northwest to market and
operate Biosphere systems in Russia.  The license included the
initial sale to Northwest of three 6MW/hr Biosphere Process
System's for US$30,000,000.  These first three systems are in
the final stage of design approval to meet the new operating
permit requirements and are being specifically designed to
handle the various specialized waste streams.

Northwest's permit, available at http://www.geecf.ruleads to an  
increased business scope as the permit allows them to operate
anywhere in Russia, which will lead to a great many more
Biosphere sales under the terms of the September 2007 license.

Headquartered in Nassau, Bahamas, Global Environmental Energy
Corp. (Deutsche Borse: GLI; OTC Bulletin Board: GEECF) --
http://www.geecf.ru-- is engaged in traditional oil and gas  
exploration and production, alternative energy sources,
environmental infrastructure and  electrical micro-power
generation through its subsidiaries, Sahara Petroleum
Exploration Corp. and Biosphere Development Corp.

                           *      *       *

As of May 31, 2007, Global Environmental Energy Corp. reported a
total stockholders' deficit of US$71,549,591 compared to
US$55,609,865 total stockholders' deficit on May 31, 2006.



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

SEA CONTAINERS: Court OKs Navigant as Pension Advisors
------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware gave authority to the Official
Committee of Unsecured Creditors in Sea Containers Ltd. and its
debtor-affiliates' Chapter 11 cases to employ Navigant
Consulting, Inc., nunc pro tunc, to Feb. 15, 2008.

The Court authorized the SCL Committee to use Navigant
Consulting's services in connection with any disputes concerning
the claims or rights of the various pension schemes in the
bankruptcy cases, including consulting and testifying expert in
adversary proceedings and contested matters.

Judge Carey ruled that Navigant Consulting may testify on
pending matters concerning the SCL Committee's objections to the
proofs of claim filed by the trustee of the pension schemes.  
However, Judge Carey reminded the SCL Committee to notify the
Debtors if it intends to use the firm's services for additional
matters because Navigant Consulting's services will not include
matters other than Pension Issues.

Navigant Consulting's services should not duplicate the efforts
of Houlihan, Lokey Howard & Zukin, the SCL Committee's financial
advisors, Judge Carey maintained.

The Debtors previously tried to block approval of the SCL
Committee's application.  They asserted, among other
contentions, that Navigant Consulting's retention will render
duplicative, overly broad services, which the firm may not be
qualified to provide.

"The SCL Committee seeks to use Navigant to establish the amount
of the Scheme's claims under the so-called "prudent investor"
rate applied in some U.S. bankruptcy cases.  But the hearing on
the Debtors' motion for approval of the pension settlement . . .  
is not a forum for the determination of the prudent investor
rate on the merits," the Debtors told the Court.

The Committee of Unsecured Creditors of Sea Containers Services
Limited supported and joined in the Debtors' objection.  The
SCSL Committee argued that it was unclear from the Application
whether Navigant Consulting and the firm's purported expert have
the experience and expertise to perform an appropriate rate
calculation on claims by the U.K. Pension Schemes, particularly
in light of the unique provisions of applicable U.K. law.

In response to the objections, the SCL Committee told the Court
that the Proposed Settlement is a compromise between "the
Debtors, the powerful Scheme's Trustee, and their surrogates on
their special-purpose SCSL Committee.  Only the SCL Committee is
left to raise a meaningful challenge on behalf of the estates'
unsecured creditors."

The SCL Committee explained that the only calculations that lie
behind the Settlement were performed by Mercer Human Resources
Consulting Limited on behalf of the Pension Schemes.  The SCL
Committee further asserted that expert advice and cross-border
experience are needed concerning the Mercer Human's
calculations, and that will be provided by Navigant Consulting.  
Hence, the SCL Committee asked the Court to approve the
Application.

                       About Sea Containers

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

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

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

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

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

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


SEA CONTAINERS: Panel Obtains International Judicial Assistance
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers
Ltd. and its debtor-affiliates' Chapter 11 cases obtained
permission from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to issue certain
letters of request for international judicial assistance
pursuant to the Hague Convention of March 18, 1970, on taking of
evidence in civil or commercial matters regarding Mercer Human
Resources
Consulting Limited and Neville Hosegood.

William  H. Sudell, Jr., Esq., at Morris, Nichols, Arsht &
Tunnell LLP, in Wilmington, Delaware, related that the claims
asserted by the Sea Containers 1983 Pension Scheme and the Sea
Containers 1990 Pension Scheme are based almost exclusively on
work performed by the Pension Trustees' actuary, Mercer Human.  
Mercer Human calculated the Scheme Claims based on the estimated
cost of purchasing annuities to discharge the Pension Schemes'
liabilities pursuant to Section 75 of the U.K. Pensions Act of
2004.

The Debtors have produced Mercer Human's summary report for the
actuarial valuations, however, none of the work papers,
actuarial valuation program, methodology or other analysis
supporting Mercer Human's conclusions have been furnished to the
Court or the SCL Committee, Mr. Sudell told Judge Carey.

Mr. Sudell also related that in the Debtors' proposed settlement
of the Pension Claims, both the proposed accepted amount of the
Pension Claims, and the amount reserved by the Debtors for
certain equalization claims is based on work performed by Mercer
Human.

The Pension Trustees and the Official Committee of Unsecured
Creditors of Sea Containers Services Ltd. refused to accept
service of a subpoena on behalf of Mercer Human, Mr. Sudell
informed the Court.  Accordingly, the SCL Committee needs to
proceed through the Hague Convention to obtain relevant
documents
from Mercer Human, and depose Mr. Hosegood.  After obtaining
relevant documents from Mercer Human and Mr. Hosegood, the SCL
Committee intends to object to the Settlement, he added.

Mr. Suddell asserted that issuance of the Letters of Request is
procedurally authorized by Rule 28(b) of the Federal Rules of
Civil Procedure and Article 1 of the Hague Convention.

Judge Carey also rules that the attachments to each of the
Letters of Request may be modified to waive any portion without
further Court order upon agreement of the Debtors, the SCL
Committee, SCSL Committee and the Pension Schemes.

                       About Sea Containers

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

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

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

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

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

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



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

ALERIS INTERNATIONAL: Moody's Revises Outlook to Negative
---------------------------------------------------------
Moody's Investors Service revised the rating outlooks for Aleris
International Inc., and Aleris Deutschland to negative from
stable.  At the same time, Moody's affirmed Aleris's B2
corporate family rating, the B2 rating on the senior secured
term loans at Aleris International and Aleris Deutschland
Holding GMBH due 2013, the B3 rating on its 9% senior unsecured
notes due 2014, and the Caa1 rating on its 10% senior
subordinated notes due 2016.

The change in outlook reflects the company's ongoing performance
challenges in light of weak end market conditions, principally
in the U.S. residential and transportation markets, the
continued high degree of leverage under which the company is
operating, and expectations for limited to negative free cash
flow over the near term.  The outlook also incorporates Aleris's
earnings sensitivity to volume levels, which Moody's expects to
decline again in 2008, although not by the magnitude seen in
2007.

The downside risks associated with a continued deterioration in
housing starts, residential investment, and transportation
spending, as well as a more broad-based global contraction, are
important factors in the rating.  Given Aleris's limited history
as a combined entity following the Corus acquisition in 2006, as
well as its subsequent bolt-on acquisitions in 2007, a pro forma
comparison of year-over-year shipment levels is challenging.  
However, Moody's estimates that North American building and
construction volumes were down in the mid-teens during the
fourth quarter of 2007, challenging Aleris's sales and operating
margins.  As a result of these difficult operating conditions,
the company's interest expense exceeded its operating earnings
in FY2007.

Considering the "margin on metal" business model construct that
Aleris operates under, Moody's views Aleris's ability to
increase margins as limited resulting in the need to record
substantive volume improvements for earnings improvement, which
is viewed as unlikely over the near term.  However, we recognize
the company's efforts to improve its fixed cost position in
2008, including announcing multiple facility closures in
Tennessee, Ohio, Virginia, and Ontario.

Aleris's B2 corporate family rating reflects its high degree of
financial leverage, the sensitivity of its earnings to volume
levels, the ongoing execution risks for timely deleveraging,
particularly for a company with relatively thin margins and high
sensitivity to volume levels, and Aleris's propensity towards
acquisitions, which Moody's believes will be a continuing
impetus for growth over the intermediate term.  The rating also
considers the potential for increased supply of extruded
products from offshore sources, as well as competition from
other products.

At the same time, the ratings recognize Aleris's strong market
position as a major global supplier of aluminum rolled products,
its ability to pass through most of the cost pressures resulting
from changes in raw material prices, and its diverse geographic
and end market exposure, which helps protect the company from
regional or product specific weakness, demonstrated this year as
stronger European markets partially offset weakness in the North
American residential and transportation markets.  Also embedded
in the rating is Moody's expectation that Aleris will apply its
free cash flow generation to deleverage over the next several
years.  The B2 corporate family rating also considers the level
of liquidity available to Aleris under its asset backed bank
facility, which were it to dissipate significantly, could
negatively impact the rating.

Moody's last rating action on Aleris was November 29, 2006, when
its corporate family rating was downgraded to B2 from B1
following its merger with Texas Pacific Group in a leveraged
transaction.

Headquartered in Beachwood, Ohio, Aleris is a leading global
producer of aluminum rolled products. In 2007, the company
generated revenues of approximately US$6.0 billion.

The company's international segment provides aluminum metal to
customers through both tolling arrangements and product sales,
and the types of scrap that it recycles are similar to those
processed by Aleris’ U.S. recycling facilities.  In 2004 its
five plants have a rated annual capacity of 1.08 billion pounds.
The operations include two aluminum recycling and foundry alloy
plants in Germany as well as aluminum recycling facilities in
Brazil, Mexico and Wales.  The segment’s growth is largely a
result of its development and use of efficient scrap preparation
and recycling technologies that allow high recovery of metal and
delivery of a top-quality product.

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.


AMERICAN AIRLINES: Fitch Retains Issuer Default Rating at B-
------------------------------------------------------------
Fitch Ratings has affirmed the debt ratings of AMR Corp. and its
principal operating subsidiary, American Airlines, Inc., as:

AMR Corp.:

   -- Issuer default rating at 'B-';
   -- Senior unsecured debt at 'CCC/RR6'.

American Airlines Inc.:

   -- Issuer default rating at 'B-';
   -- Secured bank credit facility at 'BB-/RR1'.

The rating outlook for both AMR Corp. and American Airlines has
been revised to stable from positive.

Ratings for both companies reflect the high degree of leverage
in the carrier's capital structure, its heavy fixed cash
obligations and the ever-present operating risks it faces in an
industry that remains uniquely vulnerable to fuel and demand
shocks.  Following two consecutive years of improving free cash
flow generation and significant debt reduction (US$2.3 billion
of debt payments in 2007 alone), AMR Corp. and the entire United
States airline industry now face a weakening operating
environment that will likely lead to some credit quality
deterioration over the next year.

In a prolonged high fuel cost scenario that assumes no
significant pull-back in crude oil and jet fuel prices through
early 2009, AMR Corp. and all of the major U.S. carriers will
face intensifying liquidity pressures -- particularly if an
extended economic slowdown drives a sharp reduction in air
travel demand.  Significantly, however, AMR Corp.'s large cash
balances and unencumbered asset holdings provide considerable
room to maneuver in response to a prolonged industry downturn.  
AMR Corp.'s estimated March 31 unrestricted cash balance of
US$4.4 billion provides a substantial liquidity cushion for the
carrier to absorb an extended fuel and revenue shock while
meeting 2008 fixed obligations (including approximately US$900
million of scheduled debt maturities and an estimated US$350
million of cash pension funding).  In addition, non-core assets
(AMR Eagle and the Beacon Investment Advisors unit) could be
monetized to shore up cash before liquidity reaches distressed
levels.

Still, Fitch remains cautious about the risk of a follow-on fuel
price spike and a slowdown in the airline's unit revenue growth
rate for 2008 and 2009.  A near-term revision of the rating
outlook to negative within the next few months is therefore a
real possibility if operating trends worsen.

For the first quarter, AMR Corp. has estimated that jet fuel
prices averaged US$2.73 per gallon.  This compares with a full
year 2007 average price of US$2.13 per gallon.  Fitch estimates
that a 10-cent change in the price of jet fuel drives
approximately US$310 million of annual consolidated costs.  
Based on an average 2008 fuel price scenario of US$3 per gallon,
therefore, the company would face approximately US$2.7 billion
of higher fuel costs this year compared with 2007.

In the wake of Chapter 11 restructurings at Delta, Northwest,
United and US Airways, AMR Corp.'s labor costs are the highest
in the U.S. airline industry, and along with Continental,
retains defined benefit pension plans for its unionized
employees.  With fuel costs soaring, pressure to control non-
fuel operating costs will intensify this year.  If additional
cuts in domestic capacity are made, however, pressure on unit
operating costs will increase. AMR Corp.'s pilot contract is now
open and amendable, and the pilots' union has called for
substantial raises.  The carrier therefore faces a more
difficult task in working with labor to pursue cost-saving
initiatives designed to offset fuel price pressure and a
potential softening of unit revenue trends.

Looking ahead, industry conditions are expected to remain
challenging for at least the next year, as airlines struggle to
offset record-high jet fuel prices with higher revenue and lower
non-fuel costs.  Although demand fundamentals have held up thus
far despite the weakening U.S. economy, concern is growing that
industry demand could weaken in the next few months.  
Potentially significant cutbacks in domestic capacity plans by
virtually all of the U.S. carriers will help to support industry
unit revenue in the face of a potential slackening in demand,
but the airlines will continue to struggle with rapidly
increasing unit costs. Any capacity rationalization linked to
industry consolidation would have to wait until early 2009 at
the earliest-following what is expected to be a lengthy
Department of Justice review of the Delta-Northwest merger and
any other follow-on transactions.

Negative rating actions (either an outlook revision to negative
or a downgrade of the IDR into the 'CCC' category) could follow
if sustained high jet fuel prices (above US$3 per gallon)
through the summer, coupled with weakening revenue per available
seat mile trends and softening air travel demand drive
substantially negative free cash flow, forcing AMR Corp. to
raise debt levels and shore up liquidity moving into 2009.

                    About American Airlines

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


ASPEN TECH: Earns US$45.5 Million in Fiscal Year Ended June 30
--------------------------------------------------------------
Aspen Technology Inc. filed on Friday its Annual Report on Form
10-K for the fiscal year ending June 30, 2007, including the
restatement of prior period results.  

Net income was US$17.9 million in the fourth quarter of fiscal
2007.  This represented a significant increase compared to net
income of US$3.9 million in the same period of fiscal 2006.  
Preferred stock discounts and dividends totaled US$3.9 million
in the fourth quarter of fiscal 2006 and zero in the fourth
quarter of fiscal 2007, resulting in net income applicable to
common shareholders of
US$17.9 million and US$52,000 in the fourth quarter of fiscal
2007 and 2006, respectively.

For the fourth quarter ended June 30, 2007, AspenTech reported
total revenue of US$101.4 million, an increase of 27% from the
fourth quarter of the prior fiscal year, and above the company's
original guidance of US$85 million to US$89 million.  Within
total revenue, license revenue was US$68.0 million, an increase
of 52%, and services revenue was US$33.4 million, a decrease of
4%, compared to the fourth quarter of fiscal 2006, respectively.

Brad Miller, chief financial officer of AspenTech, said "We are
pleased to bring approximately nine months of comprehensive
review of our financial accounts to a close with the filing of
our fiscal 2007 10-K and first quarter fiscal 2008 10-Q
financial statements.  Our work included a detailed examination
and restatement of prior financial statements, as well as a
review of all significant accounting policies and processes.

"Although it took longer than expected, we believe it was in the
long-term interest of our shareholders and will benefit the
company as we look to scale the business in the years ahead.  
With this significant body of work now behind us, we are highly
focused on completing our overall goal of bringing our financial
statements current and becoming relisted on a national
securities exchange."

Mark Fusco, chief executive officer of AspenTech, said "While
the finance department has been focused on completing our
financial statement filings, the company's customer facing
operations have continued to execute at a high level.  Following
a record fiscal 2007 performance, the company has generated
year-over-year license bookings growth of 25% during the first
nine months of fiscal 2008, including 31% year-over-year growth
during the third quarter."  

Fusco added, "The company ended the third fiscal quarter with a
strong financial position highlighted by US$137 million in cash,
an increase from US$132 million at Dec. 31, 2007, and net of
US$12 million used during the third quarter to retire our
previously existing Key Bank secured borrowing facility.  We
continue to be optimistic about the company's long-term
fundamental outlook based on our industry leading domain
expertise, unique suite of aspenONE solutions and solid demand
in our core markets."

AspenTech's income from operations, determined in accordance
with generally accepted accounting principles, was US$24.0
million in the fourth quarter of fiscal 2007, exceeding the mid-
point of the company's original guidance of approximately US$16
million and representing an operating margin of 23.7%.  This
compares to operating income of US$7.7 million in the fourth
quarter of fiscal 2006, which represented an operating margin of
9.7%.

GAAP operating expenses in the fourth quarter of fiscal 2007
included US$3.1 million of non-cash stock-based compensation,
US$1.3 million of non-cash amortization of intangibles
associated with previous acquisitions, US$1.0 million in
restructuring charges due to the company's continued office
consolidations, and US$800,000 in incremental auditing and
professional fees associated with bringing the company's
financial statements current - the combination of which reduced
the company's operating margin by approximately 6 percentage
points.  These items reduced the prior year's operating margin
by approximately 8 percentage points.

                Fiscal Year 2007 Financial Results

For the fiscal year ended June 30, 2007, AspenTech reported
total revenue of US$341.0 million, an increase of 16% from
fiscal 2006.  Within total revenue, license revenue was US$199.8
million, an increase of 30%, and services revenue was US$141.3
million, an increase compared to US$140.7 million, in fiscal
2006, respectively.

AspenTech's income from operations, determined in accordance
with GAAP, was US$55.4 million in fiscal 2007, representing an
operating margin of 16.2%.  This compares to operating income of
US$18.8 million in fiscal 2006, which represented an operating
margin of 6.4%.

GAAP operating expenses in fiscal 2007 included US$11.1 million
of non-cash stock-based compensation, US$6.5 million of non-cash
amortization of intangibles associated with previous
acquisitions, US$4.6 million in restructuring charges due to the
company's continued office consolidations, and US$800,000 in
incremental auditing and professional fees associated with
bringing the company's financial statements current - the
combination of which reduced the company's operating margin by
approximately 7  percentage points.  These items reduced the
prior fiscal year's operating margin by approximately 7
percentage points.

Net income was US$45.5 million in fiscal 2007, compared with net
income of US$6.5 million in fiscal 2006.

Net income applicable to common shareholders was US$38.2 million
in fiscal 2007, which was net of US$7.3 million in preferred
stock discounts and dividends.  This represented a significant
increase compared to a loss attributable to common shareholders
of US$8.9 million in fiscal 2006, which was net of
US$15.4 million in preferred stock discounts and dividends.

AspenTech had cash and cash equivalents of US$132.3 million at
June 30, 2007, an increase of approximately US$31.5 million from
US$100.8 million at the end of March 31, 2007.

                  Summary of Restatement Effects
                of Prior Period Financial Results

The company's Annual Report on Form 10-K for fiscal 2007
included the restatement of its financial statements for fiscal
years ended June 30, 2006, and 2005, in addition to the first
three quarters of the year ended June 30, 2007.

On June 11, 2007, the company announced that it had identified
errors related to the accounting for sales of installment
receivables.  In particular, the company determined that certain
sales of installments receivable did not meet criteria for true
sale accounting on an ongoing basis.

As a result, two new balance sheet accounts were created -
Collateralized Receivables and the related Secured Borrowing
liability.  The restated consolidated balance sheet as of
June 30, 2006, includes the recording of US$211.3 million in
collateralized receivables, the related recording of US$182.4
million in secured borrowings, and the elimination of US$19.0
million in retained interest in sold receivables.  

As previously stated, the company views this newly reported
liability as self funding, with collections of collateralized
receivables servicing the liability.  The company does not
believe that this accounting conclusion alters its arrangements
with its customers, and it has not changed its economic
relationship with the financial institutions.

The summary impact to income/loss from operations related to the
restatement of installments receivable, in addition to
correcting other errors in the company's previously reported
financial statements, was:

  -- Income from operations improved from US$28.1 million as
     previously reported to US$31.4 million as restated for the
     nine months ended March 31, 2007;

  -- Income from operations in fiscal 2006 was US$18.8 million
     both as previously reported and as restated;

  -- Loss from operations in fiscal 2005 improved from a
     previously reported operating loss of US$70.0 million to a
     restated operating loss of US$59.0 million.

On Feb. 11, 2008, the company announced it had identified errors
relating to its historical accounting for income taxes for
certain international tax obligations, primarily arising from
transactions among consolidated subsidiaries or from revaluation
of foreign currencies.  As a result, the company increased tax
provisions for these potential obligations in the applicable
period in the amounts of US$4.1 million for the nine months
ended March 31, 2007, US$3.2 million for the year ended
June 30, 2006, US$6.8 million for the year ended June 30, 2005,
and US$4.6 million as of June 30, 2004.

The summary impact on net income or loss as a result of the
restatement was:

  -- Net income for the nine months ended March 31, 2007 as
     restated was US$27.6 million, a decrease from
     US$31.9 million as previously reported;

  -- Net income for fiscal 2006 as restated was US$6.5 million,
     a decrease from US$12.8 million as previously reported;

  -- Net loss for fiscal 2005 as restated was US$69.1 million,
     an improvement from US$73.6 million as previously reported.

In addition, in the calculation and disclosure of deferred tax
balances, errors were identified for the book or tax accounting
treatment for certain items.  These errors resulted in the
incorrect disclosure of components of the company's deferred
taxes and the related offsetting valuation allowance within the
income tax footnote.  

Accordingly, the deferred tax balances included in the income
tax footnote and the offsetting valuation allowance has been
restated as of June 30, 2006.  As these net deferred tax assets
had a full valuation allowance, the adjustments to deferred tax
assets had no net impact on the company's consolidated balance
sheet or statements of operations.

Ending cash balances were not affected as a result of the
restatement; however, the presentation of the cash flow
statement was restated.  The net proceeds from the sale of
installments receivable were previously classified in cash flows
from operations and have been restated as cash flows from
financing activities.  Payments made on secured borrowings are
now similarly classified as cash flows from financing
activities.  

Annual collections relating to installments receivable that were
previously transferred to a financing institution are recognized
as cash flows from operations.  The company did not previously
recognize these collections within its cash flow statement
following the transfer of the installments receivable to the
financing institution.

                 Liquidity and Capital Resources

a) Operating Cash Flow

In fiscal 2007, operating activities provided US$55.7 million of
cash as net income, plus non-cash expenses for stock-based
compensation and depreciation and amortization totaling
US$30.5 million, was partially offset by a US$30.9 million
increase in installments receivables, primarily related to the
sale of receivables to Key Bank, the proceeds from which are
presented as a component of cash from financing activities.  
Accrued expenses increased by US$1.8 million due to increases in
accruals for income taxes and professional fees associated with
the restatement of the company's financial statements.

b) Borrowings Collateralized by Receivable Contracts

      (i) Traditional Programs

The company historically has maintained arrangements with
financial institutions providing for borrowings that are secured
by the company's installment and other receivable contracts, and
for which limited recourse exists against the company.  

As of June 30, 2007, the company had outstanding secured
borrowings of US$180.3 million that were secured by
collateralized receivables totaling US$183.2 million.

Availability under these arrangements is dependent upon the
company's generation of additional customer receivables and the
financial institutions' willingness to continue to enter into
these transactions.  The company estimates that there was in
excess of US$64.0 million available under the Traditional
Programs at June 30, 2007.  

     (ii) Securitization of Accounts Receivable

The securitization transactions in fiscal 2005 and 2007 include
collateralized receivables whose value exceeds the related
borrowings from the financial institutions.  The company
receives and retains collections on these securitized
receivables after all borrowing and related costs are paid to
the financial institution.  The financial institutions' rights
to repayment are limited to the payments received from the
collateralized receivables.  

The carrying value of the collateralized receivables at
June 30, 2007, under these arrangements was US$61.9 million and
the secured borrowings totaled US$25.8 million.  

    (iii) Fiscal 2005 Securitization

On June 15, 2005, the company securitized and transferred    
installments receivable with a net carrying value of 71.9
million and received cash proceeds of US$43.8 million.  The
transfers of installments receivable to the securitization
facility did not qualify as a sale for accounting purposes and
has been accounted for as a secured borrowing.  These borrowings
are secured by collateralized receivables and the debt and
borrowing costs are repaid as the receivables are collected.

     (iv) Fiscal 2007 Securitization

On Sept. 29, 2006, the company entered into a three-year
revolving securitization facility and securitized and
transferred installments receivable with a net carrying value of
US$32.1 million and received cash proceeds of US$20.0 million.  
The transfers of installments receivable to the securitization
facility did not qualify as a sale for accounting purposes and
have been accounted for as a secured borrowing.  These
borrowings are secured by collateralized receivables and the
debt and borrowing costs are repaid as the receivables are
collected.

In December 2007, the company paid the outstanding amount of the
Fiscal 2005 securitization at its carrying value.  

The company had been in violation of certain covenants related
to the Fiscal 2007 Securitization due to the delay in filing its
financial statements and other violations.  In March 2008, the
company paid the outstanding amount of the Fiscal 2007
Securitization at its carrying value plus a termination fee of
US$800,000, and this securitization is no longer available.

c) Credit Facility

In January 2003 and through subsequent amendments, the company  
executed a loan arrangement with Silicon Valley Bank.  This
arrangement provides a line of credit of up to the lesser of
(1) US$15.0 million or (2) 70% of eligible domestic receivables,
and a line of credit of up to the lesser of (1) US$10.0 million
or (2) 80% of eligible foreign receivables.  

As of June 30, 2007, there were US$7.4 million in letters of
credit outstanding under the line of credit, and there was
US$13.1 million available for future borrowing.  On
Oct. 16, 2007, the company executed an amendment to the Loan
Arrangement that adjusted the terms of certain financial
covenants, including modifying the date the company must provide
monthly unaudited and annual audited financial statements to the
bank.  

The loan arrangement expires in May 2008.  The company is
currently in negotiations to either: (i) extend this line of
credit with the company's current lender and amend the terms of
the facility; or (ii) obtain a facility from another lender.

                     Contractual Obligations

The company's total contractual obligations, which primarily
consisted of operating leases for the company's headquarters and
other facilities, sub-contractor purchase commitments, and other
debt obligations, totaled US$62.9 million at June 30, 2007.  
Other than these, there were no other commitments for capital or
other expenditures.

Total contractual future sublease rental income as of
June 30, 2007, was US$7.2 million, which is not included.

On Sept. 5, 2007, the company entered into an additional
sublease agreement related to its former office space in
Cambridge, Massachusetts, effective Oct. 1, 2007, for
approximately 50,000 square feet that expires on Sept. 30, 2012.  
This new sublease agreement represents US$5.5 million of
scheduled sublease payments not included in the total.

Effective Sept. 1, 2007, the landlord terminated a portion of
the company's lease in Houston, Texas with respect to
approximately 14,000 square feet of the original leased space.  
This termination agreement has not been included in the total
and represents future reductions of US$2.6 million in lease
payments.

                          Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$528.9 million in total assets, US$391.7 million in
total liabilities, and US$137.2 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the year ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?2a82

                         About AspenTech

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides process  
optimization software and services.  AspenTech's integrated
aspenONE(TM) solutions enable manufacturers to reduce costs,
increase capacity, and optimize operational performance end-to-
end throughout the engineering, plant operations, and supply
chain management processes.   The company has locations in
Brazil, Malaysia and France.

                          *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at B2 and its equity-linked rating at
Caa1 in October 2001.  These ratings still hold to date with a
stable outlook.


BANCO BBM: Decreases Stake in Banco Cruzeiro
--------------------------------------------
Banco BBM S.A. has reduced its stake in Banco Cruzeiro do Sul to
3.59% of non-voting capital.

Business News Americas relates that Banco BBM has decreased its
preferred shares in Banco Cruzeiro to 1.63 million from
2.84 million, or 6.26% of non-voting capital.

According to BNamericas Banco Cruzeiro went public in June 2007
and soled some 36.1 million preferred shares for BRL560 million.

Banco Cruzeiro could sell US$100 million in bonds next week,
Brazilian financial daily Valor Economico states.

                      About Banco Cruzeiro

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                        About Banco BBM

Banco BBM is headquartered in Rio de Janeiro, Brazil.  It is a
privately owned financial services firm that is primarily
engaged in wholesale banking and treasury activities.

                           *     *     *

In November 2007, Moody's Investors Services assigned a Ba2
foreign currency deposit rating on Banco BBM S.A.  


BANCO CRUZEIRO: Banco BBM Decreases Stake in Bank
-------------------------------------------------
Banco BBM S.A. has reduced its stake in Banco Cruzeiro do Sul to
3.59% of non-voting capital.

Business News Americas relates that Banco BBM has decreased its
preferred shares in Banco Cruzeiro to 1.63 million from
2.84 million, or 6.26% of non-voting capital.

According to BNamericas Banco Cruzeiro went public in June 2007
and soled some 36.1 million preferred shares for BRL560 million.

Banco Cruzeiro could sell US$100 million in bonds next week,
Brazilian financial daily Valor Economico states.

                        About Banco BBM

Banco BBM is headquartered in Rio de Janeiro, Brazil.  It is a
privately owned financial services firm that is primarily
engaged in wholesale banking and treasury activities.

                      About Banco Cruzeiro

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 27, 2008, Moody's Investors Service assigned a Ba1 long-
term foreign currency debt rating to Banco Cruzeiro do Sul
S.A.'s existing US$30,000,000 senior unsecured notes due in May
2010.  Moody's said the outlook on the rating is stable.


BANCO NACIONAL: Approves BRL517 Million Loan for Acre Project
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has
approved financing in the amount of BRL517 million for the
Programa Integrado de Desenvolvimento Sustentavel (Integrated
Program of Sustainable Development) - Phase III (PIDS III),
implemented by the State of Acre.  The financing corresponds to
90% of the project total investment, which is BRL575 million.

BNDES President Luciano Coutinho signed the financing contract
last Monday, the 14th, in a ceremony held at Palácio do Planalto
(seat of Brazilian Federal Government), in Brasilia, with the
presence of the President Luiz Inacio Lula da Silva.

Having a long-term strategic planning, PIDS III gathers a set of
structuring programs which aim to promote the sustainable
development of Acre.  PIDS III comprises 29 projects, which are
a priority for the State Government and that covers the state
seat of government, Rio Branco, as well as all the 21 cities
uptown.  These projects target several industries, urban and
regional infrastructure, sanitation, different types of basic
social services, and investments in health, education,
environment and modernization of the state management system.

The expansion of the sewerage service coverage in the city of
Rio Branco is one of the highlights among the projects
prioritized.  Included in the Growth Acceleration Program (PAC),
the project relies on BNDES financing of BRL60.7 million,
representing 90% of the total investment of BRL67.5 million.

This undertaking aims at extending the coverage of the sewage
collection system of the state seat of government, currently in
30%, and consolidating the implementation of the sewage
treatment system, providing the service to 65% of local people.  
The project will contribute to improve the quality of life, once
the cases of waterborne diseases will be reduced.

The water supply system project to the uptown cities, covering
as well the social-oriented housing infrastructure is also one
of the highlights.  They will comprise the construction, in Rio
Branco, of 1.2 thousand houses for the low-income population.

Hence, PIDS III will contribute to expand and modernize the
region infrastructure, generating sustainability conditions for
the economic development and the social inclusion.

In its implementation phase, PIDS III will create around 12.5
thousand direct and 14.3 thousand indirect employment
opportunities.  In the operation phase, the project will create
10.6 thousand indirect and 4.5 thousand direct employment
opportunities.

PIDS is being implemented in phases, all of them financed by
BNDES.  In the two prior phases (PIDS I and PIDS II), the State
of Acre obtained financial support of the Bank in the amount of
BRL177.7 million.

Simultaneously to the public investments of PIDS III, Acre
government promotes supplemental investments in the private
sector, whether by supplying raw material for the implementation
and operation of public projects or by the cost-effective use of
the infrastructure created.

The PIDS III implementation will extend the positive impacts of
three major undertakings being implemented in Acre and
surrounding area: paving of BR-364 Rio Branco-Cruzeiro do Sul
stretch; paving of Interoceânica (interoceanic) public road in
Peruvian territory - private concession that links Brazil to
Peru; and the Madeira River hydroelectric complex.

PIDS III is structured into seven parts:

   1. Strengthening of the Tourism and Consolidation of
      Acre/Peru/Bolivia Integration Circuits;
   2. Urban Infrastructure and Social Interest Dwelling;
   3. Health and Sanitation Infrastructure;
   4. Education Infrastructure;
   5. Economic Development and Integration Infrastructure;
   6. Communication and Social Development Infrastructure; and
   7. Modernization of the Management System.

Some projects of PIDS III:

   -- consolidation of tourist routes of Vale do Acre and Vale
      do Jurua and implementation of an international circuit,
      the Amazonia-Andes-Pacific International Tourist Route;

   -- construction of Centro de Convenções do Acre (Acre
      Convention Center);

   -- Implementation of "Amazonia-Seringal Quixadá" Theme
      Amusement Park;

   -- urbanization of roadways in the cities located along the
      BR-364 and 317, implementation of urban environmental
      parks;

   -- construction health care units;

   -- infrastructure for education, constructing, expanding and
      reforming the schools and;

   -- extension of the Rio Branco industrial park and district
      and implementation of the Vale do Juruá forest industrial
      complex, with hardboard and floor tile plant;

   -- Implementation of Porto Seco do Acre;

   -- strengthening of the nut productive chain;

   -- paving of vicinal collector roadways;

   -- support to native communities in the areas of influence of
      federal roads BR 364 and 317; and

   -- construction of Cruzeiro do Sul soccer stadium.

                         About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                           *     *     *

Banco Nacional currently carries a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


BANCO NACIONAL: L. Coutinho Opens BRL300 Mln Warehousing Program
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social President
Luciano Coutinho launched on April 14, the Warehousing Program
for Brazilian Cereal Companies.  The program is intended to
bolster the development and the streamlining of the cereal
industry and also to expand the Brazilian storage capacity in
the segment directly serving rural producers.

BNDES's support will contribute to improve the control of food
stock and reduce logistics pressures that often take place
during harvesting periods.  Cereal companies' representatives,
the President of Companhia Nacional de Abastecimento (Conab),
Wagner Rossi and Edilson Guimaraes, Secretary of Agricultural
Policy of the Ministry of Agriculture, Farming and Supply
attended the launch ceremony.

The new program will be assigned a budget of BRL300 million and
will be into force until December 31 this year.  The Bank will
provide support to companies earning annual gross income below
BRL500 million and those performing the activities of drying,
cleaning, standardizing, storing and commercializing vegetal
non-processed products.

As compared to the financing currently granted to this industry,
through BNDES operational facilities, there are relevant
differences in the conditions of the program: Low interest
rates, extended terms, limits to the accredited financial
institution spread and increased share level of the Bank upon
granting of credit.

The financial cost, which so far consisted of a portion in
currency basket, will be set out in Long Term Interest Rate
(TJLP) - which is currently at 6.25%.  The rate will be added to
1% per annum of basic spread of BNDES and 0.5% of financial
intermediation only for large-sized companies, resulting in a
cost