TCRLA_Public/080423.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, April 23, 2008, Vol. 9, No. 80

                            Headlines


A R G E N T I N A

AGRO GENERAL: Proofs of Claim Verification Deadline is June 13
ALITALIA SPA: Air France-KLM Formally Withdraws Binding Offer
ALITALIA SPA: OAO Aeroflot to Resume Talks over Italy's Stake
CAMPUS VIRTUAL: Seeks Bankruptcy Protection
CEREAL PRO: Trustee to File Individual Reports on July 18

DANA CORP: Appoints Gary Convis as Chief Executive Officer
INKWIL SA: Trustee to File Individual Reports on July 14
LIDER COMBUSTIBLES: Proofs of Claim Verification is Until May 8
REDLEY ARGENTINA: Proofs of Claim Verification is Until May 12
SUBTIL SA: Trustee to File Individual Reports on July 23

TELEFONICA DE ARGENTINA: Eyes 1MM Broadband Clients This Year


B A H A M A S

HERCULES INC: Earns US$32.4 Million in Quarter Ended March 31


B E L I Z E

CONTINENTAL AIRLINES: S&P Changes Outlook to Negative on Ratings


B E R M U D A

CENTRAL EUROPEAN: Buys Compania de Radio Assets for RON47.2 Mil.
YRC WORLDWIDE: Enters into Credit Agreement Amendment
YRC WORLDWIDE: Renews Asset-backed Securitization Facility
YRC WORLDWIDE: Fitch Holds Ratings on Amended & Restated Loans


B R A Z I L

BANCO DO BRASIL: Eyes 10% Growth in Remittances from Japan
BANCO DO BRASIL: Gov't Okays Bank's Staff Increase
EMBRATEL PARTICIPACOES: Earns BRL281 Million in First Quarter
FERRO CORP: Revises First-Quarter 2008 Estimates
HEXCEL CORP: Earns US$23.2 Million in First Quarter of 2008

HEXCEL CORP: Annual Stockholders Meeting Scheduled on May 8
IWT TESORO: Unable to File Form 10-K Due to Bankruptcy
JAPAN AIRLINES: In Discussions With MUFG on JALCard Sale
UAL CORP: Worse Earnings Prompt S&P to Revise Outlook to Neg.
XERIUM TECH: Ernst & Young Expresses Going Concern Doubt


C A Y M A N  I S L A N D S

AMKOR TECHNOLOGY: Eric Larson Named EVP Product Management Group
AMKOR TECHNOLOGY: To Issue 1st Quarter 2008 Results on April 30
AMKOR TECHNOLOGY: Moody's Holds Junk Rating on US$190 Mln Notes
CRESCENT ARENA: Proofs of Claim Filing is Until April 30
EMERALD MANAGEMENT: Sets Final Shareholders Meeting for April 30

HEMERA INVESTMENTS: Proofs of Claim Filing Deadline is April 30
NORANDA HIGHLANDS: Proofs of Claim Filing is Until April 30
ORPHEUS DESSERTS: Proofs of Claim Filing Deadline is April 30
PARMALAT SPA: Cannot Seek Damages vs Banks, Says Milan Court
RON LIMITED: Proofs of Claim Filing is Until April 30

RON LIMITED: Sets Final Shareholders Meeting for April 30
SOLARIS CAPITAL: Proofs of Claim Filing Deadline is April 30
SOUTHERN HEMISPHERE: Proofs of Claim Filing Deadline is April 30
T.F. CAPITAL: Proofs of Claim Filing is Until April 30


C H I L E

CODELCO: Workers Strike Prompts Shut Down of Three Copper Mines


C O L O M B I A

AMPEX CORP: Files 2007 Annual Report on Form 10-K with SEC
AMPEX CORP: Discloses Terms of Chapter 11 Reorganization Plan
SOLUTIA INC: Court OKs Payment of US$197 Mil. to Professionals
SOLUTIA INC: Court Approves Settlement Pact with Air Liquide
SOLUTIA INC: EOI Eyes Acquisition of Queeny Plant for US$1 Mil.


C O S T A  R I C A

SIRVA INC: Committee Allowed to Hire BDO as Accountant & Advisor
SIRVA INC: Panel Allowed to Retain Pachulski Stang as Counsel
SIRVA INC: Committee Allowed to Hire TRN as Investment Banker


D O M I N I C A N   R E P U B L I C

BANCO BHD: Int'l Finance Corp. to Invest in Bank's Parent
BANCO INTERCONTINENTAL: Court Upholds Verdict on Bank Officials


J A M A I C A

CASH PLUS: Receiver Says More Firms Connected to Scheme
NATIONAL WATER: Demanding Payment of Outstanding Debts


M E X I C O

ATSI COMMS: January 31 Balance Sheet Upside-Down by US$250,000
CEMEX SAB: 2008 First Quarter Net Income Up 18% to US$470 Mil.
DIOMED HOLDINGS: Amex Delists Securities Effective April 28
FIAT SPA: Targets In Line With Expectations Amid Poor Car Market
FREESCALE SEMICON: SigmaTel's Stockholders Approve Merger Pact

FRONTIER AIRLINES: CEO Says Credit Card Companies Worried
HIPOTECARIA SU: Moody's Puts Ba2 Rating to Class B Certificates
WOLVERINE TUBE: Posts US$97 Mil. Net Loss in Year Ended Dec. 31


P A N A M A

CHIQUITA BRANDS: Suits for Colombia Death Leave Firm Uncertain
STARTECH  ENV'L: Puerto Rican Firm To Install Plasma Converters


P A R A G U A Y

* PARAGUAY: S&P Probes Presidential Election's Effect on Ratings


P E R U

GRAN TIERRA: To Ring Opening Bell at American Stock Exchange


U R U G U A Y

BANCO ITAU: Will Acquire AFAP UnionCapital


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Face Exxon Mobil in Netherlands Court
PETROLEOS DE VENEZUELA: To Discuss Discrepancy in Output Figures
PETROLEOS DE VENEZUELA: Paying Interests to Investors on Time
PETROLEOS DE VENEZUELA: Bolivian Gov't Seeks More Oil from Firm


                         - - - - -


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

AGRO GENERAL: Proofs of Claim Verification Deadline is June 13
--------------------------------------------------------------
Donato Antonio Sarcuno, the court-appointed trustee for Agro
General Rojo S.A.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until June 13, 2008.

Mr. Sarcuno will present the validated claims in court as
individual reports on Aug. 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 Agro General 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 Agro General's
accounting and banking records will be submitted in court on
Sept. 24, 2008.

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

The trustee can be reached at:

           Donato Antonio Sarcuno
           Bernardo de Irigoyen 330
           Buenos Aires, Argentina


ALITALIA SPA: Air France-KLM Formally Withdraws Binding Offer
-------------------------------------------------------------
Air France-KLM SA has formally withdrawn its binding offer to
acquire the Italian government's 49.9% stake in Alitalia S.p.A.,
Chris Staiti and Andrew Davis write for Bloomberg News.

According to Air France, the report adds, the agreement
disclosed last March 14 was "no longer valid" since the
conditions that needed to be met "were not fulfilled."

As previously reported in the TCR-Europe, Air France, Alitalia
and its unions had expressed willingness to resume sale
negotiations, which was stalled after the parties failed to
reach an agreement on the French carrier's offer.  

Air France CEO Jean Cyril Spinetta said the airline will not
submit a new offer, stressing that the amended plans presented
to unions during the negotiations was the only one that would
enable Alitalia to return to profitability within a short time.

Alitalia chairman Aristide Police had recommended the resumption
of negotiations between the parties.

Prime Minister-elect Silvio Berlusconi had said he might accept
an acquisition of Alitalia by Air France through a tie-up
between the carriers.  Mr. Berlusconi said Alitalia could be a
part of a "three-way  merger of equals," referring to becoming a
possible third carrier to the merger of Air France and KLM Royal
Dutch Airlines.  

Bridging Loan

Gianni Letta, an adviser to Mr. Berlusconi, and nephew Enrico,
undersecretary to current Prime Minister Enrico Prodi, have
agreed to press for a EUR150 million emergency bridging loan for
Alitalia, Bloomberg News relates.  They also agreed to work on a
joint strategy to sell Alitalia before its cash runs out.

As of March 31, 2008, Alitalia had EUR170 million in cash and
credits available to finance its operations.  The government had
pledged to grant Alitalia a EUR300 million bridging loan if the
sale of its 49.9% stake to Air France pushes through.

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

                        Italian Bidders

AirOne S.p.A., banks led by Intesa Sanpaolo S.p.A. and Italian
businessmen led by Mr. Berlusconi adviser Bruno Ermolli may form
a group to bid for Alitalia, Bloomberg News says, citing an
unsourced Il Messaggero report.

According to Il Messaggero, AirOne will own 40% of the bidding
vehicle, the banks will control 40% and Mr. Bruno's group will
hold 20%.

Mr. Berluconi has been insisting that an Italian consortium will
present a binding offer for Italy's 49.9% stake in Alitalia in
less than a month.

                         About Alitalia

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

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

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


ALITALIA SPA: OAO Aeroflot to Resume Talks over Italy's Stake
-------------------------------------------------------------
OAO Aeroflot will resume negotiations with Alitalia S.p.A. over
the sale of the government's 49.9% stake in the Italian carrier,
Reuters reports say, citing Russian President Vladimir Putin.

Mr. Putin, after speaking with Aeroflot chairman Alexander
Zurabov, said the Russian carrier is ready to resume contact
with Alitalia, Reuters saysreports.

Mr Putin noted that Alitalia's condition is complicated, citing
the airline's debt and profitability problems as well as the
need to convince the Italian government and the unions to accept
it possible offer, Reuters relates.

Aeroflot CEO Valery Okulov, however, told Russia Today that the
carrier is not planning to submit a second bid for Alitalia.

"I believe we gained useful experience by participating in an
Alitalia privatization tender, but the information we have does
not inspire sufficient optimism to participate in the project
for a second time."

Italy's Prime Minister-elect Silvio Berlusconi welcomed
Aeroflot's possible offer, adding that they are open to all
options to revive Alitalia as along as the it remains the
national carrier headquartered in the country.

As reported in the TCR-Europe on April 3, 2008, an Aeroflot
spokesman said it may submit a proposal to acquire Italy's stake
in Alitalia S.p.A. if talks between Air France-KLM SA and the
national carrier's unions fail.  Aeroflot and financial backer
UniCredit S.p.A. had joined the preliminary rounds of bidding
for Alitalia, but withdrew.

Air France has withdrawn its bid for Alitalia, but said it may
resume talks with the carrier and its unions.  Alitalia chairman
Aristide Police has recommended the resumption of negotiations
between the parties.

                         About Alitalia

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

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

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


CAMPUS VIRTUAL: Seeks Bankruptcy Protection
-------------------------------------------
The National Commercial Court of First Instance in Buenos Aires
is studying the merits of Campus Virtual S.A.'s request to enter
bankruptcy protection.

Don Quijote filed a "Quiebra Decretada" petition, after failing
to pay its debts.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

The debtor can be reached at:

          Campus Virtual S.A.
          Alicia Moreau de Justo 2030
          Buenos Aires, Argentina


CEREAL PRO: Trustee to File Individual Reports on July 18
---------------------------------------------------------
Miryam Lewenbaum, the court-appointed trustee for Cereal Pro
SA's reorganization proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on July 18, 2008.

Ms. Lewenbaum will be verifying creditors' proofs of claim until
June 4, 2008.  She will present in court a general report
containing an audit of Cereal Pro's accounting and banking
records on Sept. 15, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on June 13, 2009.

The debtor can be reached at:

        Cereal Pro SA
        Uruguay 705
        Buenos Aires, Argentina

The trustee can be reached at:

        Miryam Lewenbaum
        Montevideo 666
        Buenos Aires, Argentina


DANA CORP: Appoints Gary Convis as Chief Executive Officer
----------------------------------------------------------
Reorganized Dana Corp. has named Gary L. Convis to the post of
Chief Executive Officer.  Mr. Convis was appointed to Dana's new
Board of Directors in January 2008 after retiring from Toyota
Motor Corporation, where he had spent more than 20 years
culminating in his role as Chairman of Toyota Motor
Manufacturing, Kentucky.

"We are delighted to welcome Gary as Chief Executive Officer,"
Dana Executive Chairman John Devine, who had served as the
company's acting CEO since January, said.  "Gary is widely
respected as one of the leading experts in lean manufacturing
and management systems, including the Toyota Production System.  
Along with his strong leadership and global industry experience,
we believe he is an ideal choice as our new Chief Executive."

"I am honored by the Board's confidence in me to lead Dana," Mr.
Convis said.  "I'm also eager to join with our people in
establishing world-class manufacturing systems and returning
this great company to the leadership ranks of the global
automotive supply industry."

Mr. Convis comes to Dana after more than four decades spent at
Toyota, General Motors Corporation, and Ford Motor Company.  He
became the first American president of Toyota's largest plant
outside Japan, Toyota Motor Manufacturing, Kentucky, in
2001.  He was named chairman of TMMK in 2006 and retired in
2007.  Prior to this, in 2003, he was the first American
manufacturing executive appointed by Toyota Motor Corporation to
be a managing officer of TMC, as well as Executive Vice
President of Toyota Motor Engineering & Manufacturing North
America, Inc.  Prior to serving in these roles, Convis spent 16
years at New United Motor Manufacturing, Inc., a joint venture
between GM and Toyota.  Previously, he spent more than 20 years
in various roles with GM and Ford Motor Company.

Mr. Convis earned a bachelors degree in mathematics with a minor
in physics from Michigan State University.  He will continue to
serve as a member of Dana's board.  He is also a board member of
Cooper-Standard Automotive Inc. and Compass Automotive Group,
Inc.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/     
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana has facilities in
China in the Asia-Pacific, Argentina in the Latin-American
regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or      
215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2008, Standard & Poor's Ratings Services assigned its
'BB-' corporate credit rating to Toledo, Ohio-based Dana Holding
Corp. following the company's emergence from Chapter 11 on
Feb. 1, 2008.  The outlook is negative.
           
At the same time, Standard & Poor's assigned Dana's US$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
     
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


INKWIL SA: Trustee to File Individual Reports on July 14
--------------------------------------------------------
Marcelo Carlos Rodriguez, the court-appointed trustee for Inkwil
SA's bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance in Buenos Aires on July 14, 2008.

Mr. Rodriguez will be verifying creditors' proofs of claim until
May 29, 2008.  He will present in court a general report
containing an audit of Inkwil's accounting and banking records
on Sept. 9, 2008.

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

The debtor can be reached at:

           Inkwil SA
           Avenida Cordoba 1886
           Buenos Aires, Argentina

The trustee can be reached at:

           Marcelo Carlos Rodriguez
           Cerrito 146
           Buenos Aires, Argentina


LIDER COMBUSTIBLES: Proofs of Claim Verification is Until May 8
---------------------------------------------------------------
Nestor Eduardo Amut, the court-appointed trustee for Lider
Combustibles S.A.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until May 8, 2008.

Mr. Amut will present the validated claims in court as
individual reports on June 19, 2008.  The National Commercial
Court of First Instance in San Jorge, Santa Fe, 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 Lider Combustibles 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 Lider Combustibles'
accounting and banking records will be submitted in court on
Aug. 18, 2008.

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

The trustee can be reached at:

           Nestor Eduardo Amut
           Corrientes 1419, San Jorge
           Santa Fe, Argentina


REDLEY ARGENTINA: Proofs of Claim Verification is Until May 12
--------------------------------------------------------------
Tito Jorge Gargalione, the court-appointed trustee for Redley
Argentina S.A.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until May 12, 2008.

Mr. Gargalione will present the validated claims in court as
individual reports on June 24, 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 Redley Argentina 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 Redley Argentina's
accounting and banking records will be submitted in court on
Aug. 20, 2008.

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

The debtor can be reached at:

           Redley Argentina S.A.
           Cullen 5399
           Buenos Aires, Argentina

The trustee can be reached at:

           Tito Jorge Gargalione
           Medrano 833
           Buenos Aires, Argentina


SUBTIL SA: Trustee to File Individual Reports on July 23
--------------------------------------------------------
Angel Miragaya, the court-appointed trustee for Subtil SA's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance in Buenos Aires on July 23, 2008.

Ms. Miragaya will be verifying creditors' proofs of claim until
June 9, 2008.  She will present in court a general report
containing an audit of Subtil's accounting and banking records
on Sept. 17, 2008.

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

The debtor can be reached at:

           Subtil SA
           Rivadavia 5748
           Buenos Aires, Argentina

The trustee can be reached at:

           Angel Miragaya
           Lavalle 1718
           Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Eyes 1MM Broadband Clients This Year
-------------------------------------------------------------
Argentine news daily La Nacion reports that Telefonica de
Argentina SA expects to reach one million broadband customers by
year-end.

Business News Americas relates that Telefonica de Argentina has
890,000 broadband clients.

Rival operator Telecom Argentina has some 783,000 broadband
customers and Grupo Clarin, through its Internet providers
Fibertel and Flash, has 700,000, La Nacion states.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2008, Fitch Ratings upgraded its local currency issuer
default rating on Telefonica de Argentina to 'BB' from 'BB-'.
The ratings agency also affirmed its 'B+' foreign currency
issuer default rating on the telecom firm.

Telefonica de Argentina's foreign currency rating is rated B2 by
Moody's Latin America with a positive outlook.



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

HERCULES INC: Earns US$32.4 Million in Quarter Ended March 31
-------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended
March 31, 2008 of US$32.4 million, or US$0.29 per diluted share,
as compared to US$80.3 million, or US$0.70 per diluted share,
for the first quarter of 2007.  The first quarter of 2007
included approximately US$0.41 per diluted share from the
resolution of IRS audit items for the years 1993-2003.

Net income from ongoing operations for the first quarter of 2008
was US$38.9 million, or US$0.35 per diluted share, an increase
of 13% per diluted share compared to US$35.7 million, or US$0.31
per diluted share, in the first quarter of 2007.

Net sales in the first quarter of 2008 were US$558.3 million, an
increase of 11% from the same period last year.  Volume and
pricing increased by 7% and 1%, respectively.  Rates of exchange
increased sales by 5% during the quarter, while mix was 2%
unfavorable.

Net sales in the first quarter of 2008 increased in all major
regions of the world versus the prior year.  Sales increased 6%
in North America, 25% in Latin America, 15% in Europe (3%
excluding the impact of the Euro), and 15% in Asia Pacific.

Reported profit from operations in the first quarter of 2008 was
US$67.4 million, a decrease of 4% compared with US$70.2 million
for the same period in 2007.  Profit from ongoing operations in
the first quarter of 2008 was US$74.6 million, an increase of 3%
compared with US$72.2 million in the first quarter of 2007.

Cash flow from operations for the quarter ended March 31, 2008
was US$29.7 million as compared to US$25.8 million for the same
period last year.

"The first quarter results continue to demonstrate both the
strength of our global businesses and of our Company," said
Craig A. Rogerson, President and Chief Executive Officer.  "We
delivered another quarter of strong sales growth, solid earnings
and cash flow against the backdrop of a challenging U.S. economy
and elevated and escalating raw material costs."

Interest and debt expense was US$16.7 million in the first
quarter of 2008, down US$0.5 million or 3% compared with the
first quarter of 2007, reflecting lower outstanding debt
balances and improved debt mix, partially offset by losses on
cross currency interest rate swaps.

Total debt was US$807.6 million at March 31, 2008, an increase
of US$11.6 million from year-end 2007.  Cash and cash
equivalents were US$99.1 million at March 31, 2008, as compared
to US$116.5 million at year-end 2007.

Capital spending was US$22.1 million in the first quarter as
compared to US$24.2 million in the same period last year.  Cash
outflows for severance, restructuring and other exit costs were
US$6.1 million in the quarter.

The company purchased 1.3 million shares of common stock at a
cost of US$23.3 million during the first quarter of this year.  
The company has now purchased 4.1 million shares for US$77.7
million under its US$200 million authorization.

                Segment Results – Ongoing Basis

In the Aqualon Group, net sales increased 17% while profit from
ongoing operations was flat in the first quarter as compared
with the first quarter of 2007.  All business units had
increased sales in the first quarter as compared to the prior
year.  In the aggregate, the sales increase was driven by 14%
higher volume, including 2% from the 2007 specialty surfactants
acquisition, 1% higher prices and 5% favorable rates of
exchange, partially offset by 3% unfavorable product mix.

Coatings and construction sales increased 19% in the first
quarter of 2008 as compared to the same period of last year, due
to 15% higher volume, 1% increased pricing and 7% favorable
rates of exchange, partially offset by 4% negative mix. Sales
into the coatings markets were up 19% in the first quarter of
2008 as compared to the same period of last year.  Strong volume
growth in China, the Middle East, South America and Eastern
Europe, offset a soft North American market.  Construction
market sales increased 19% as compared to the first quarter of
last year. Strong growth was achieved in Asia, the Middle East
and Eastern Europe, whereas other regions were lower.  Pricing
improvements were achieved in both the coatings and construction
markets.

Regulated industry sales increased 14% in the first quarter of
2008 as compared to the same period of last year, primarily due
to 5% higher volume, 3% improved product mix, 2% increased
pricing and 4% favorable rates of exchange.  Sales were higher
in all segments. Sales increased in the pharmaceutical, personal
care and food markets by 29%, 14% and 6%, respectively, as
compared to the first quarter of last year.  Growth was achieved
in all major regions of the world.

Energy and specialties sales increased 15% in the first quarter
of 2008 as compared to the same period of last year.  The
increase was due to 19% higher volumes, 1% higher prices, and 3%
favorable rates of exchange, partially offset by 8% unfavorable
product mix.  Energy sales increased 12% and specialties
increased 18%, as compared to the prior year.  Sales of both
energy and specialty businesses grew in most major regions of
the world. Price increases were achieved across all product
families.

Profit from ongoing operations was flat, primarily as a result
of the higher volume and the associated contribution margin,
increased selling prices, lower pension expenses and favorable
rates of exchange, offset by higher raw material, transportation
and utility costs and planned and unplanned shutdowns.  Margins
were adversely impacted as price increases did not fully offset
higher raw material, freight and utility costs, and by the
previously announced incident at our methylcellulose joint
venture in China and a planned maintenance shutdown at the
company's Doel, Belgium MC plant.

"Aqualon’s strong top line growth reflects our global scale and
presence as well as continued growth in fast growing markets
including China, the Middle East and Latin America," said Mr.
Rogerson.  "Aqualon’s global diversity enabled us to offset
weaker demand in some of our North American markets."

In the Paper Technologies and Ventures Group, net sales in the
first quarter increased 7% and profit from ongoing operations
increased 7% compared with the same quarter in 2007.

Paper Technologies sales increased 2% due to 6% favorable rates
of exchange, partially offset by 1% lower prices, and 3%
unfavorable product mix. Volume in the aggregate was flat. Sales
in fast growing markets were up 16% compared to the prior year.  
Modest price increases were achieved in North America while
pricing was lower in both Europe and Asia.  Sales of new
products continued to drive growth in overall sales and
profitability.

Ventures sales increased 23% primarily due to 7% higher volume,
7% higher prices, 4% improved product mix, and 5% favorable
rates of exchange.  Sales increased in all Ventures business
units. Significant growth was achieved in both building products
and synthetic lubricants.  Pricing was favorable in most Venture
businesses.

The increase in profit from ongoing operations reflects
favorable rates of exchange, higher volume and improved selling
prices in Ventures, and lower pension costs, partially offset by
higher raw material and utility costs, and increased SG&A costs.

"The Venture businesses continue to deliver improved results,
while many of our global Paper Technology markets are growing
more modestly," commented Mr. Rogerson. "Sales of higher margin
new products continue to support margins overall."

                          Outlook

"We remain optimistic about revenue, earnings and cash flow
growth in 2008," said Mr. Rogerson. "We expect significant raw
material, freight and utility cost headwinds, but expect
announced and additional price increases to partially offset
these costs.  Despite these challenges, we expect profitability
to improve through higher utilization of our recent capacity
expansions and the impact of our new product introductions.  We
continue to pursue acquisition opportunities to expand our
product offerings and accelerate value creation for our
shareholders."

Wilmington, Delaware-based Hercules Inc. -- http://www.herc.com
-- (NYSE:HPC) manufactures and markets chemical specialties
globally for making a variety of products for home, office and
industrial markets.   Outside the United States, the company has
subsidiaries in Argentina, Bahamas, Belgium, Brazil, Hong Kong,
India, Indonesia and France.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 14, 2008, Standard & Poor's Ratings Services raised its
ratings on Hercules Inc., including the corporate credit rating
to 'BB+' from 'BB'.  S&P said the outlook is stable.



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CONTINENTAL AIRLINES: S&P Changes Outlook to Negative on Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its rating
outlook on Continental Airlines Inc. (B/Negative/B-3) to
negative from stable.  S&P also placed its ratings on selected
enhanced equipment trust certificates that are secured by
regional jets on CreditWatch with negative implications.
      
"The negative outlook is based on the earnings and cash flow
impact of rapidly increasing fuel prices and a weak U.S.
economy," said Standard & Poor's credit analyst Philip Baggaley.  
"While Continental continues to report better operating results
than its peer 'legacy carriers,' including a relatively modest
US$80 million first-quarter 2008 net loss, there is a clear risk
of deterioration in its financial profile due to the very
difficult airline industry outlook," the analyst continued.
     
The CreditWatch listing of selected enhanced equipment trust
certificates reflects concerns that collateral values of 50-seat
regional jets, which are less fuel-efficient on a per-seat basis
than most other planes, will come under pressure because of
continued high fuel prices.  Neither the outlook change nor the
CreditWatch listing are related to the impact of the recently
announced merger agreement between Delta Air Lines Inc. and
Northwest Airlines Corp., although S&P does believe that
Continental may enter into a merger of its own in response.  In
that event, S&P would place its ratings on Continental on
CreditWatch.
     
The 'B' long-term corporate credit rating on Houston-based
Continental reflects its participation in the high-risk airline
industry and a heavy debt and lease burden, but also better-
than-average operating performance among its peer large U.S.
hub-and-spoke airlines.  S&P expects Continental, like other
U.S. airlines, to report materially worse earnings and cash flow
in 2008 than last year (when the company reported an impressive
US$566 million of pretax earnings), because of much higher fuel
prices and a weak U.S. economy.  The company's first-quarter
loss, while likely to be the best result among peer legacy
carriers, showed the impact of higher fuel prices (US$433
million higher, including the indirect impact through payments
to regional partner airlines).

Continental, the fourth-largest U.S. airline, serves markets
mainly in the southern and eastern U.S. from hubs at Houston;
Newark, New Jersey; and Cleveland, Ohio.  International routes
serve the central Pacific, selected Asian destinations, Latin
America, and Europe.  Continental's route system is more
balanced among these various markets than those of other large
U.S. airlines, reducing risk somewhat.

Although Continental currently has adequate liquidity and will
likely report narrower losses than similar U.S. airlines, worse-
than-expected fuel prices and economic weakness could erode the
company's financial profile and cause a downgrade.  If
Continental is able to weather the downturn and industry
conditions improve, S&P could revise the outlook to stable.  If
Continental announces a merger agreement, S&P will place its
ratings on the company, excepting 'AAA' rated aircraft-backed
debt insured by bond insurers, on CreditWatch.  The CreditWatch
implications would depend on particulars of the announced
transaction.
     
Our CreditWatch review of selected enhanced equipment trust
certificates secured by regional jets will focus on
Continental's expected need to maintain control of these planes
in any future bankruptcy and on expected market values of the
planes in view of much higher fuel prices.

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/     
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 2,900 daily departures throughout Belize, Mexico, Europe
and Asia, serving 144 domestic and 139 international
destinations.  More than 500 additional points are served via
SkyTeam alliance airlines.  With more than 45,000 employees,
Continental has hubs serving New York, Houston, Cleveland and
Guam, and together with Continental Express, carries
approximately 69 million passengers per year.



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CENTRAL EUROPEAN: Buys Compania de Radio Assets for RON47.2 Mil.
----------------------------------------------------------------
Central European Media Enterprises Ltd. has acquired the assets
of Compania de Radio Pro s.r.l. which owns the two leading radio
channels in Romania:

  -- Pro FM, a pop music channel reaching an average all day
     audience share of about 7% in the 15-35 year old national
     demographic.

  -- Info Pro, a national infotainment channel launched in 2004.

Total consideration was RON47.2 million (approximately US$20.6
million).  Compania de Radio Pro is a member of the Media Pro
group of companies, in which Central European Media has an 8.7%
economic interest and Chief Operating Officer Adrian Sarbu,
holds the remaining interest.  The purchase price was set based
on an independent valuation.

Pro FM delivered revenues of EUR3.3 million (US$5.2 million) in
2007 with an EBITDA margin of 42%.  The Info Pro channel is
still in a startup stage and delivered revenues in 2007 of
EUR0.6 million (US$0.9 million) and an EBITDA loss of EUR1
million (US$1.6 million).  The close collaboration of the
Compania de Radio Pro channels with MTV Romania creates an
opportunity for the company to enhance its exposure to the youth
demographic and capitalize on potential cross-promotional
synergiesand economies of scale.  The acquisition will also
increase the company's ability to offer bundled advertising
services to customers across the entire Pro TV group.

Central European Media Chief Executive Officer, Michael Garin
commented: "We are thrilled to be able to acquire the profitable
Radio Pro channels to further develop our expansion into the
youth market in Romania.  The combination of MTV Romania, our
leading web sites and the Radio Pro channels will further
enhance our multichannel strategy and allow us to offer a
broader range of audience to our advertisers."

Mr. Sarbu, added:  "Media Pro has been building the Radio Pro
business since 1993 and established radio brands that can now
successfully support the growth of CME's new channel, MTV
Romania.  We also look to expand our multi-channel strategy
through radio into other CME territories in the future.  With an
established channel like Pro FM operating at a similar EBITDA
margin to CME's most successful TV channels, we view this form
of media as a strong addition to our current business model."

                  About Central European Media

Based in Bermuda, Central European Media Enterprises Ltd.,  is a
TV broadcasting company with leading networks in six Central and
Eastern European countries.  Launched in 1994, the company and
its partners now operate 16 channels in six countries, including
TV Nova, Nova Cinema and Galaxie Sport in the Czech Republic;
PRO TV, PRO Cinema, Pro International, Sport.ro, MTV and Acasa
in Romania; Nova TV in Croatia, TV Markiza in the Slovak
Republic; POP TV and Kanal A in Slovenia; and Studio 1+1, Kino
and Citi in Ukraine.  For the year ended Dec. 31, 2007, the
company generated segment revenues of US$840 million and segment
EBITDA of US$320 million.  Central European Media is traded
on the NASDAQ and the Prague Stock Exchange under the ticker
symbol "CETV".
                    
                      *     *     *

As reported in the Troubled Company Reporter-Europe on March 5,
2008, Moody's Investors Service upgraded the corporate family
rating of Central European Media Enterprises Ltd to Ba2 from
Ba3.  Concurrently, the ratings on the company's senior
unsecured notes were also upgraded to Ba2 from Ba3.  Moody's
outlook for all ratings is stable.


YRC WORLDWIDE: Enters into Credit Agreement Amendment
-----------------------------------------------------
YRC Worldwide Inc. disclosed in a regulatory filing that on
April 18, 2008, with certain of its foreign subsidiaries,
entered into Amendment No. 1 to the Credit Agreement, dated as
of Aug. 17, 2007, among the company, the foreign subsidiaries
and the lenders and agents party.

The Credit Agreement, as amended, continues to provide the
Company with a US$950 million senior revolving credit facility,
including sublimits available for borrowings under certain
foreign currencies, and a US$150 million senior term loan.

The Credit Agreement Amendment:

     -- increases, until such time as the company receives a
        rating of BBB- or better from Standard & Poor’s and Ba1
        or better from Moody’s, in each case with a stable
        outlook (the “Fall Away Event”), the company’s Total
        Leverage Ratio (as defined in the Credit Facility) from
        3.0x to (i) 3.75x for each of the fiscal quarters ended
        March 31, June 30 and Sept. 30, 2008 and (ii) 3.5x for
        each fiscal quarter thereafter; this was a proactive
        amendment however, as the company’s Total Leverage Ratio
        for the fiscal quarter ended March 31, 2008 was below
        3.0x;

     -- increases the interest rates and fees applicable to the
        revolving credit facility and term loan as set forth in
        the definition of “Applicable Rate” in Section 1.01 of
        the Credit Facility; effective with this amendment, the
        interest rate on amounts outstanding under the revolving
        credit facility and term loan is LIBOR plus 100 basis
        points and LIBOR plus 125 basis points, respectively,
        and the facility fee for the revolving credit facility
        is 25 basis points; the company expects interest expense
        to increase US$1.5–4.0 million annually with this
        amendment;

     -- requires the company and its domestic subsidiaries to
        pledge the following collateral (i) receivables not
        secured by the ABS facility or the company’s captive
        insurance companies, (ii) intercompany notes not secured
        by the ABS facility, (iii) fee-owned real estate parcels
        that have an estimated internal market value of
        US$2.5 million or greater, (iv) 100% of the stock of all
        domestic subsidiaries of the Company and (v) 65% of the
        stock of first-tier foreign subsidiaries of the company
        other than the company’s captive insurance companies;

     -- requires the Company and its subsidiaries to pledge
        additional assets, including rolling stock and the
        remaining real estate if the Total Leverage Ratio
        exceeds 3.5x at the end of any Test Period (as defined
        in the Credit Facility) or if the company receives a
        rating of BB- or worse from Standard & Poor’s and Ba3 or
        worse from Moody’s prior to the Fall Away Event;

     -- requires each domestic subsidiary of the company except
        for YRRFC to guarantee the credit facility; and

     -- modifies certain negative covenants (and in certain
        instances introduces new negative covenants) related to
        permitted liens, permitted acquisitions, permitted asset
        sales (and certain related mandatory prepayments from
        the proceeds thereof) and restricted payments.

Upon the occurrence of the Fall Away Event:

   (i) security interests in pledged collateral will be
       released;

  (ii) all negative covenant provisions (including the company’s
       Total Leverage Ratio) and the mandatory prepayment
       provision will revert to pre-Credit Agreement Amendment
       levels and concepts; and

(iii) only material domestic subsidiaries and subsidiaries of
       the Company that guarantee certain other indebtedness of
       the Company or its subsidiaries will remain as
       guarantors.

The holders of USF Bonds and Roadway Bonds, each as defined in
the Credit Facility, will receive an equal and ratable lien
(pursuant to the terms of the respective bond indentures) in
certain assets that are pledged under the Credit Facility.

Pursuant to Section 1008 of the USF Bond indenture, holders of
USF Bonds are entitled to an equal and ratable lien with respect
to stock of the “significant” subsidiaries of YRC Regional
Transportation and any intercompany debt among Regional and its
“significant” subsidiaries.

Currently, the “significant” subsidiaries are USF Holland, USF
Reddaway and YRC Logistics Services.  Pursuant to Section
4.06(a) of the Roadway Bond indenture, holders of Roadway Bonds
are entitled to an equal and ratable lien with respect to stock
of subsidiaries of Roadway LLC, intercompany debt among Roadway
and its subsidiaries and certain property owned by Roadway and
its subsidiaries, including certain real estate and rolling
stock.

A full-text copy of Amendment No. 1, dated as of April 18, 2008,
to the Credit Agreement, dated as of August 17, 2007, among the
Company, the Canadian Borrower, the UK Borrower, the financial
institutions party thereto and JPMorgan Chase Bank, National
Association, as Administrative Agent, may be viewed for free at:

               http://ResearchArchives.com/t/s?2af0

YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is  
the holding company for a portfolio of successful brands
including Yellow Transportation, Roadway, Reimer Express, YRC
Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen
Moore.  The enterprise provides global transportation services,
transportation management solutions and logistics management.
The portfolio of brands represents a comprehensive array of
services for the shipment of industrial, commercial and retail
goods domestically and internationally.  Headquartered in
Overland Park, Kansas, YRC Worldwide employs approximately
60,000 people.

The company has subsidiaries in Bermuda, the United Kingdom,
Netherlands, Singapore, Hong Kong and Mexico.


YRC WORLDWIDE: Renews Asset-backed Securitization Facility
----------------------------------------------------------
YRC Worldwide Inc. disclosed in a regulatory filing that on
April 18, 2008, it renewed its asset-backed securitization
facility.

The renewed facility will expire on April 16, 2009.

The renewed facility:

     (i) reduces the financing limit available under the ABS
         facility from US$700 million to US$600 million,

    (ii) reduces the letters of credit sublimit from
         US$325 million to US$125 million,

   (iii) modifies the Total Leverage Ratio consistent with the
         Credit Agreement Amendment recently entered,

    (iv) increases the loss and discount reserve requirements
         and

     (v) increases the administrative fee (calculated based on
         financing limit) and program fee (calculated based on
         utilization) to 50 basis points and 75 basis points,
         respectively.

The interest rate under the ABS facility for conduits continues
to be a variable rate based on A1/P1 rated commercial paper
(weighted average interest rate of 3.35% at March 31, 2008),
plus the program fee.  The interest rate for Wachovia Bank,
National Association is one-month LIBOR, plus 100 basis points,
as Wachovia will no longer use a conduit to purchase receivables
under the ABS facility.  The Company expects interest expense to
increase up to US$4.0 million annually with this renewal.

The ABS facility utilizes the accounts receivables of these
subsidiaries of the company:

     -- Yellow Transportation, Inc.;
     -- Roadway Express, Inc.;
     -- USF Holland Inc.; and
     -- SF Reddaway Inc.

Yellow Roadway Receivables Funding Corporation, a special
purpose entity and wholly owned subsidiary of the Company,
operates the ABS facility.  Under the terms of the renewed ABS
facility, the Originators may transfer trade receivables to
YRRFC, which is designed to isolate the receivables for
bankruptcy purposes.  A third-party conduit or committed
purchaser must purchase from YRRFC an undivided ownership
interest in those receivables.  The percentage ownership
interest in receivables that the conduits or committed
purchasers purchase may increase or decrease over time,
depending on the characteristics of the receivables, including
delinquency rates and debtor concentrations.

In connection with the renewal of the ABS facility, the Company
unconditionally guaranteed to YRRFC the full and punctual
payment and performance of each of the Originators obligations
under the ABS facility.  YRRFC has pledged its right, title and
interest in the guarantee to the Administrative Agent, for the
benefit of the purchasers, under the Third Amended and Restated
Receivables Purchase Agreement.

A full-text copy of the Third Amended and Restated Receivables
Purchase Agreement may be viewed for free at:

               http://ResearchArchives.com/t/s?2af1

YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is  
the holding company for a portfolio of successful brands
including Yellow Transportation, Roadway, Reimer Express, YRC
Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen
Moore.  The enterprise provides global transportation services,
transportation management solutions and logistics management.
The portfolio of brands represents a comprehensive array of
services for the shipment of industrial, commercial and retail
goods domestically and internationally.  Headquartered in
Overland Park, Kansas, YRC Worldwide employs approximately
60,000 people.

The company has subsidiaries in Bermuda, the United Kingdom,
Netherlands, Singapore, Hong Kong and Mexico.


YRC WORLDWIDE: Fitch Holds Ratings on Amended & Restated Loans
--------------------------------------------------------------
Following the announcement that YRC Worldwide Inc. (NASDAQ:
YRCW) has amended and restated its credit facility agreement,
Fitch Ratings has taken these rating actions on YRCW and its
Roadway LLC and YRC Regional Transportation, Inc. subsidiaries:

YRC Worldwide Inc.

   -- Issuer Default Rating (IDR) affirmed at 'BB+';
   -- Credit facilities affirmed at 'BB+';
   -- Senior unsecured downgraded to 'BB' from 'BB+'.

Roadway LLC

   -- IDR affirmed at 'BB+';
   -- Senior notes downgraded to 'BB' from 'BB+'.

YRC Regional Transportation, Inc.

   -- IDR affirmed at 'BB+';
   -- Senior notes downgraded to 'BB' from 'BB+'.

Fitch's ratings apply to approximately US$1 billion in
consolidated debt and a US$950 million revolving credit
facility.  The Rating Outlook for YRCW is Negative.

The most significant revisions to YRCW's credit facility are a
change in the facility's leverage covenant and a pledge of
collateral to secure the facility.  The leverage covenant, which
is based on the ratio of balance sheet debt to 12 months EBITDA,
has been raised to 3.75 times (x) for the first three quarters
of 2008.  The ratio will then decline to 3.5x in the fourth
quarter of 2008 through the facility's maturity in 2012.  The
prior leverage covenant was 3.0x for the duration of the
agreement.  In the event of certain credit ratings upgrades, the
collateral securing the credit facility will be released, the
leverage ratio covenant will decline to 3.0x and certain other
provisions in the credit facility will revert back to their pre-
amended status.

In return for the loosened covenant, YRCW has agreed to secure
the facility with a combination of hard assets (primarily real
estate), a portion of various subsidiaries' accounts receivable
not already pledged as collateral under YRCW's asset backed
securitization (ABS) facility agreement, 100% of the capital
stock of YRCW's U.S. subsidiaries, 65% of the stock of certain
first-tier foreign subsidiaries and a security interest in
certain intercompany notes.  According to the indenture covering
the outstanding US$225 million in Roadway notes due in December,
the Roadway notes will also be secured by certain Roadway
collateral pledged to the credit facility, including certain
Roadway properties.  In addition, the capital stock of the YRC
Regional Transportation subsidiaries that has been pledged as
collateral for the credit facility will also be shared as
collateral with the two series of outstanding YRC Regional
Transportation notes.

In addition to the revisions to its credit facility, YRCW has
also accelerated the renewal of its ABS facility.  The facility
had been scheduled to mature next month.  The ABS facility,
which is essentially a receivables sales program, is a key
component of the company's liquidity, and YRCW regularly uses it
for cash borrowings, as well as to back letters of credit.  The
limit on the renewed facility has been reduced to US$600 million
from US$700 million, however, to account for the actual level of
receivables generally available to support the program.

The loosening of the leverage covenant significantly reduces the
likelihood of a near-term default on the credit facility.  
Although YRCW has been slowly reducing its debt load over the
past several years, a very weak industry demand environment has
driven a sharp decline in YRCW's EBITDA over the past 12 months.  
Full-year EBITDA declined to US$489 million in 2007 from US$837
million in 2006, raising the company's year-end EBITDA leverage
to 2.5x from 1.5x. With the sharp decline in EBITDA, concern had
been growing recently that YRCW's EBITDA leverage would come
uncomfortably close to, or might exceed, the prior covenant
level of 3.0x by mid-2008. The addition of 75 basis points to
the covenant in the first three quarters of this year is
expected to provide sufficient headroom to avoid a covenant-
triggered default in the near term.  However, the covenant
level's decline to 3.5x in the fourth quarter and beyond could
be a concern if industry conditions continue to worsen
throughout the year.

The downgrade of the senior unsecured ratings reflects the
addition of collateral to secure the credit facility, which has
put the holders of the company's existing unsecured notes in a
junior position in YRCW's capital structure.  In addition,
although the Roadway and YRC Regional Transportation notes are
now secured by some collateral, Fitch believes the collateral
coverage of these notes is relatively low, effectively putting
holders of these notes in a position similar to that of the
unsecured holders.  As a result, Fitch has downgraded the
secured Roadway and YRC Regional Transportation notes, as well.

The Negative Rating Outlook reflects the near-term challenges
that YRCW continues to face with the slowing of the U.S.
economy.  Although industry shipment levels appear to be
stabilizing somewhat, they are stabilizing at weakened levels,
and there are no indications yet of a significant improvement in
demand in the near term.  Should a persistently weak industry
environment drive further declines in YRCW's financial
performance, Fitch may downgrade the ratings further.



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BANCO DO BRASIL: Eyes 10% Growth in Remittances from Japan
----------------------------------------------------------
Banco do Brasil SA expects a 10% increase in remittances from
its Brazilian clients living in Japan this year.

Business News Americas relates that Banco do Brasil has seven
branches in Japan and partnerships with:

          -- Sumitomo Bank,
          -- Seven Bank, and
          -- the Japanese postal service.

Banco do Brasil told BNamericas that its surveys indicate that
Japan-based customers send about 48% of their salaries to Brazil
on average.

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

                           *     *     *

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


BANCO DO BRASIL: Gov't Okays Bank's Staff Increase
--------------------------------------------------
The Brazilian State news daily reports that Banco do Brasil SA
has secured approval from the Brazilian government to increase
its workers to up to 91,000.

Business News Americas relates that the decision includes Banco
do Brasil's 13 units.

Published reports in Brazil say that Banco do Brasil has up to
83,000 workers and it is now set to begin hiring about 8,000 new
staff for its expansion.

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

                           *     *     *

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


EMBRATEL PARTICIPACOES: Earns BRL281 Million in First Quarter
-------------------------------------------------------------
Embratel Participacoes SA's net profit increased 113% to
BRL281 million in the first quarter 2008, compared to
BRL132 million in the same quarter last year.

Business News Americas relates that Embratel Participacoes' net
revenues rose 11.2% to BRL2.35 billion in the first quarter
2008, from BRL2.11 billion in the first quarter 2007.

According to BNamericas, Embratel Participacoes' long distance
voice revenues account for 52.3% of its total revenues in the
first quarter 2008, compared to 55.3% in the same period last
year.

BNamericas notes that Embratel Participacoes' revenues from
national long distance calls increased 6.3% in the first quarter
2008, from the first quarter 2007, and revenues from
international calls dropped 4.4%.

The report says that about 123,000 lines of 64 kilobits per
second were added for data transmission in the first quarter
2008.  Embratel Participacoes' data services revenues rose 9.9%
in the first quarter this year compared to the same quarter last
year due to initiatives aimed at corporate and residential
customers.

BNamericas states that Embratel Participacoes' Ebitda rose 17.5%
to BRL629 million in the first quarter 2008, compared to BRL535
million in the same quarter last year.  The Ebitda margin was
26.7% in the first quarter this year, compared to 25.3% in the
first quarter last year.

Embratel Participacoes' capex was BRL291 million in the first
quarter 2008 -- 57% were invested in access, infrastructure and
local services, 19.6% in network infrastructure, 13.7% in data
services and Internet, 6.3% in the firm's satellite unit Star
One, and 3.4% in other areas, BNamericas states.

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

                         *     *     *

Embratel Participacoes is rated by Moody's:

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


FERRO CORP: Revises First-Quarter 2008 Estimates
------------------------------------------------
Ferro Corporation said that earnings per share for the 2008
first quarter are now expected to be in the range of 16 to 18
cents, including approximately 10 cents per share in special
charges, or 26 to 28 cents excluding special charges.  As
reported by Thomson First Call, analysts expect first-quarter
earnings of 20 cents per share, excluding special charges.

Previously, the company had estimated that earnings for the
quarter would be in the range of 12 to 17 cents per share,
including 5 cents of special charges.  The Company now expects
net sales for the first quarter to be approximately US$600
million, exceeding its previous estimates of sales between
US$550 million and US$575 million.

The increased sales are due to better than expected sales
volume, product pricing actions and favorable changes in foreign
exchange rates.  The improved earnings outlook is primarily the
result of better than forecasted results from the Company’s
Inorganic Specialties Group and lower than anticipated selling,
general and administrative expenses.

The company’s revised first-quarter earnings estimate includes
pretax costs of approximately US$3.3 million related to a
previously announced manufacturing interruption at its
Bridgeport, New Jersey manufacturing location in December 2007.  
The manufacturing issues at the site have been corrected and are
not expected to impact future financial results.

“It is encouraging to announce improved performance estimates in
the midst of difficult macroeconomic conditions,” said Ferro
Chairman, President and Chief Executive Officer James F. Kirsch.
“The people of Ferro have been working hard to restructure our
business, reduce costs and manage the extraordinary volatility
in raw material costs.  We have built a strong foundation for
sustainable improvement in the business, and it is beginning to
translate into improved results for our shareholders.  We will
continue on the path we have established to complete our
restructuring programs and improve our business operations
across the entire company.”

Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a  
supplier of technology-based performance materials for
manufacturers.  Ferro materials enhance the performance of
products in a variety of end markets, including electronics,
solar energy, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  Headquartered in Cleveland, Ohio, the
company has approximately 6,300 employees globally and reported
2007 sales of US$2.2 billion.

The company has subsidiaries in Argentina, Australia, France,
Germany, Brazil, China, Spain , Hong Kong and Korea, among
others.

Ferro Corp. carries Moody's corporate family rating of B1 with a
positive outlook.  This ratings was assigne don May 2007.


HEXCEL CORP: Earns US$23.2 Million in First Quarter of 2008
-----------------------------------------------------------
Hexcel Corporation results for the first quarter of 2008.  Net
sales from continuing operations during the quarter were
US$344.5 million, 21.9% higher than the US$282.6 million
reported for the first quarter of 2007.  Operating income for
the first quarter was US$36.4 million, compared to US$29.9
million for the same quarter last year.  The 2008 operating
income included US$2.7 million of pension settlement expense
associated with the termination of Hexcel’s U.S. defined benefit
pension plan.

Net income from continuing operations for the first quarter of
2008 was US$23.2 million, or US$0.24 per diluted share, compared
to US$14.8 million or US$0.15 per diluted share in 2007.  
Adjusted net income from continuing operations for the first
quarter of 2008 was US$0.23 per share, which excludes the one-
time items of the termination of Hexcel’s U.S. defined pension
plan and the US$2.5 million reversal of valuation allowances
against U.S. deferred tax assets.

              Chief Executive Officer Comments

Mr. Berges commented, “This was a strong start for 2008 and
continues the momentum from the second half of 2007.  Sales and
adjusted operating income for the quarter were again at record
levels, and we’re well on our way to hitting our full year
guidance as our adjusted diluted earnings per share (excluding
the one-time items) for the quarter was a solid US$0.23, as
compared to US$0.15 last year.”

“Sales for commercial aerospace were up sharply across the
board, a total of 29.6% in constant currency over the first
quarter of 2007; limiting our ability to serve other industrial
markets for the third quarter in a row.  We are accelerating our
plans for adding capacity to support what we now see as the
continued strong demand. We are now making first fiber on our
new Spanish line, and have begun to qualify product from our new
German and French prepreg plants.  We expect each of them to
cover their incremental costs in the second half of this year.
The new China prepreg plant for wind energy and our next carbon
fiber line are expected to begin production by October.  We are
now targeting the remaining tranche of our previously announced
carbon fiber and precursor capacity to come on line in the
second half of next year versus the original 2010 target.”

“We are in discussions with all of our customers who serve the
B787 to understand their demand plans for the coming quarters.  
While it’s too early to comment on the impact of the delay to
our sales, we have updated our estimated sales content per B787
to now be in the US$1.3 – US$1.6 million range, up from prior
estimates of US$1.0 - US$1.3 million. A380 sales continued their
steady recovery though they are still below the levels in the
first half of 2006. Despite the recent negative news about U.S.
airline profitability and the economy in general, Airbus and
Boeing continue to expand their huge backlog with reported first
quarter orders exceeding deliveries by 2.5 times.”

“We are reaffirming all of our guidance targets including
operating margins of 12 – 12.5% even though sales inflated by
current exchange rates could depress the ratio and the B787
schedule impact is likely to reduce our near term outlook for
that program.  We now expect our full year earnings to be at the
high end of the US$0.90-US$0.95 range.”

                           Markets

Commercial Aerospace

Commercial aerospace sales of US$191.9 million grew 33.3% (29.6%
in constant currency) for the quarter over first quarter 2007.
Sales to Airbus and its subcontractors grew over 35% in the
quarter and were about equal to the total sales from Boeing and
its subcontractors.

Sales to “other aerospace” which includes a wide range of
aircraft producers as a group were up over 25% for the fifth
consecutive quarter as both regional jets and turboprop build
rates have been strong.

Industrial

Industrial sales of US$78.3 million for the first quarter of
2008 had trends generally consistent with those of the second
half of 2007 with sales other than wind energy down from the
prior year due to soft winter recreation sales and capacity
constraints.  On a constant currency basis, industrial sales
were down 4.9% for the quarter compared to first quarter 2007,
but essentially flat sequentially.

Wind energy revenue had strong double digit growth both
sequentially and year over year as new prepreg capacity is now
coming on line in our Austrian operations.  The company now
expects wind to be more than 50% of our industrial segment sales
for the year.

Space & Defense

Space & Defense sales of US$74.3 million for the quarter were
10.9% higher compared to the first quarter of 2007 in constant
currency.  In the aggregate, this market performed as expected
with continued strength in global rotorcraft sales which now
account for almost half of this segment.

Exchange rate impacts

With the average dollar to the Euro rate about 14% weaker in the
first quarter of 2008 as compared to 2007, the impact of
exchange rates on this quarter’s results are significant.  There
are several impacts to Hexcel; our European aerospace sales are
primarily denominated in dollars, but have a significant portion
of their costs in Euros and GBP; more than one-third of our
total sales are denominated in Euros and GBP, so the weakening
dollar causes these sales (and their related costs and profits)
to translate higher; and we have overhead costs, capital
expenditures, working capital accounts, etc. denominated in
Euros and GBPs that all translate into higher balances as the
dollar weakens.  The company's guidance included a net-after-
hedging reduction of operating income in 2008 by over US$5
million as compared to 2007.

But should the dollar continue to weaken as it has this quarter,
every 5% move of the dollar results in an increase in annualized
sales of approximately US$25 million and operating income
decrease of about US$1 million.

These impacts, of course, reduce the company's gross margin and
operating income percentages.  The difference in exchange rates
lowered this quarter’s total company gross margin by about 150
basis points and operating income by over 100 basis points as
compared to last year.

Operations

Gross margin decreased to 23.3% for the quarter compared to
25.3% for the first quarter of 2007.  The benefits of higher
volume were offset by the impact of exchange rates and about
US$3 million of incremental costs and start-up activities
associated with the new facilities in Spain, France, Germany and
China.

All of the above expansion costs and almost all of the exchange
exposure is in our Composite Materials segment who provide
materials to wind energy and to our European commercial
aerospace customers.  This segment’s adjusted operating income
of 15.6% would have been over 17% on a constant dollar basis and
about 18% excluding the new plant costs.  While we have little
control over currency swings, the company says it expects the
incremental costs of all but the China plant to be at least
break-even at the operating level for the second half of 2008.

Adjusted operating income for our Engineered Products segment
increased to 12.0% as compared to 8.8% in 2007.  Last year’s
results were impacted by the start-up and research and
technology costs associated with the development and
qualification of our new HexMC(R) products.

Tax

The tax provision was US$9.6 million for the first quarter of
2008 which included a US$2.5 million benefit from the reversal
of valuation allowances against U.S. deferred tax assets.  
Excluding this benefit, the effective tax rate for the quarter
was 38.5%.  The company continues to review strategies to
improve our tax efficiency.

Cash

Total debt, net of cash as of March 31, 2008 was US$345.3
million, an increase of US$57.5 million during the quarter.

Approximately US$35 million of the increase was in accounts
receivable as a result of the higher sales.  Other uses of cash
during the first quarter included the final cash contributions
to the U.S. defined pension plan and annual cash incentive
awards, as well as other working capital needs arising from
sales growth.

Capital spending for the quarter was US$43.9 million compared to
US$15.6 in the first quarter of 2007, primarily due to the
accelerated progress being made on our fiber expansion plans.  
High first quarter capital spending, as well as additions to
inventory for growing sales contributed to the increase in
accounts payable.

The company completed the termination of the U.S. defined
benefit pension plan, which resulted in a US$2.7 million charge
during the quarter and US$6.4 million in cash contributions to
the plan.  In total, the charges for the termination were
US$12.1 million with cash contributions to the plan of just
under US$10 million.  The anticipated savings is approximately
US$2 million per year in pension costs.

Hexcel will host a conference call at 10:00 A.M. ET, tomorrow,
April 22, 2008 to discuss the first quarter results and respond
to questions. The telephone number for the conference call is
(913) 312-0693 and the confirmation code is 9942911. The call
will be simultaneously hosted on Hexcel’s web site at
www.hexcel.com/investors/index.html. Replays of the call will be
available on the web site for approximately three days.


Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
composites company.  The company develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications such as wind turbine blades.  The company has
subsidiaries in Austria, the United Kingdom, Spain, Hong Kong,
Japan and Brazil.

                        *     *     *

Hexcel carries Moody's Ba3 corporate family rating with a stable
outlook.  This rating was placed on April 2007.


HEXCEL CORP: Annual Stockholders Meeting Scheduled on May 8
-----------------------------------------------------------
Hexcel Corporation's Annual Meeting of Stockholders will be held
on May 8, 2008 at 10:30 a.m.

The meeting will be at the Community Room, Two Stamford Plaza,
281 Tresser Boulevard in Stamford, Connecticut.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
composites company.  The company develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications such as wind turbine blades.  The company has
subsidiaries in Austria, the United Kingdom, Spain, Hong Kong,
Japan and Brazil.

                        *     *     *

Hexcel carries Moody's Ba3 corporate family rating with a stable
outlook.  This rating was placed on April 2007.


IWT TESORO: Unable to File Form 10-K Due to Bankruptcy
------------------------------------------------------
IWT Tesoro Corp. made a good faith effort to file its annual
report, however, due to the bankruptcy and its change of
independent accounting firms, it has not been able to file its
Form 10-K within the required time frame.  The company does
intend to use its reasonable best efforts file a Form 10K for
the year ended 2007.

I.W.T. Tesoro Corporation, fka Ponca Acquisition Company, --
http://www.iwttesoro.com/-- is headquartered in New York City.
The company and its subsidiaries distribute building materials,
specifically hard floor and wall coverings.  They are
wholesalers and do not sell directly to any end user.  Their
products consist of ceramic, porcelain and natural stone floor,
wall and decorative tile.  They import a majority of these
products from suppliers and manufacturers in Europe, South
America (Brazil), and the Near and Far East.  Their markets
include the United States and Canada.  They also offer private
label programs for branded retail sales customers, buying
groups, large homebuilders and home center store chains.

The Debtor and its debtor-affiliates, International Wholesale
Tile, Inc. and American Gres, Inc., filed for Chapter 11
bankruptcy protection on Sept. 6, 2007 (Bankr. S.D. NY Lead Case
No. 07-12841).  John K. Sherwood, Esq., at Lowenstein Sandler
P.C., represents the Official Committee of Unsecured Creditors.
As of June 30, 2007, the Debtors had total assets of
US$39,798,579 and total debts of US$47,940,983.

On Jan. 23, 2008, the Bankruptcy Court approved the sale of
substantially all of the assets of the Debtors.


JAPAN AIRLINES: In Discussions With MUFG on JALCard Sale
--------------------------------------------------------
Japan Airlines International Co., Ltd. is to sell a 49% stake in
wholly owned credit card unit JALCard Inc. to Mitsubishi UFJ
Financial Group Inc., informed sources revealed to Jiji Press.

Jiji Press' sources say that JAL has eliminated other possible
candidates for the deal and that the two parties are in talks
over the price of the unit's shares, estimated at around
JPY50 billion.

According to the sources, JAL and MUFG are expected to finalize
a deal as early as May after working out the details of the
business tie-up.

JAL, states Jiji Press, will consider alliances with MUFG mostly
in card businesses, including the launch of credit cards that
serve as cash cards in addition to cards adopting JAL's mileage
point service.

Jiji Press notes that JALCard has about two million card
holders, a relatively small number for a Japanese credit card
business.  But its core members are wealthy entrepreneurs and
businesspeople, and the annual average value of transaction
among all members is JPY900,00 far higher than the industry
average.

                     About Japan Airlines

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

                        *     *     *

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

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

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


UAL CORP: Worse Earnings Prompt S&P to Revise Outlook to Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
UAL Corp. and its United Air Lines Inc. subsidiary (both rated
B/Negative/--) to negative from stable.
      
"The outlook change is based on expected materially worse
earnings and cash flow generation in 2008, consistent with
industry trends, due to very high fuel prices and a weak U.S.
economy," said Standard & Poor's credit analyst Philip Baggaley.  
"Manageable debt maturities and relatively low capital
expenditures continue to support liquidity, but fuel price
volatility and the risk of a protracted economic downturn
indicate the potential for a downgrade over the next 12 months,"
the analyst continued.  United also faces a potential bank
covenant compliance problem, depending on earnings levels and
actions the company may take in response.  The outlook change
does not relate to potential effects of the proposed merger of
Delta Air Lines Inc. and Northwest Airlines Corp., though S&P do
expect UAL to redouble its efforts to find a merger partner in
response.
     
The corporate credit rating on UAL reflects United's
participation in the price-competitive, cyclical, and capital-
intensive airline industry; high fuel costs, which may prove
increasingly difficult to recover through fare hikes in a
softening U.S. economy, and a highly leveraged financial
profile.  These weaknesses are mitigated by United's extensive
and well-positioned route system and by reductions in labor
costs and financial obligations achieved in bankruptcy
reorganization.  Chicago-based United is the second-largest U.S.
airline, with strong positions in the Midwest and western U.S.
and on trans-Pacific routes and a solid position on trans-
Atlantic routes.
     
S&P expect UAL to report a sizable 2008 loss, compared with 2007
pretax earnings of US$695 million, because of much higher fuel
costs and a weak U.S. economy. Although United is expected to
post solid revenue gains in the first quarter, with passenger
revenue per available seat mile up in the high-single-digit-
percent area, S&P expect these improvements to wane as the year
goes on United is one of the leading carriers of business
traffic, which will be squeezed by corporate layoffs and cost-
cutting.  Its international operations, a greater proportion of
total flying following shrinkage of the domestic system in and
since bankruptcy, should hold up better, but will likely weaken
later this year.  The company is planning further domestic
capacity reductions and stepped-up cost-cutting, but the scale
of expected fuel price increases will far offset these efforts.
     
S&P expect UAL, like other U.S. airlines, to report much worse
earnings and cash flow in 2008, though its cash flow plus
unrestricted cash and short-term investments should enable it to
meet manageable debt maturities and capital expenditures.  S&P
could lower the rating if external pressures cause materially
worse-than-expected losses, reducing cash flow protection.  If
UAL enters into a merger agreement, S&P would very likely place
ratings on CreditWatch.  The CreditWatch implications would
depend on particulars of the proposed transaction.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Eugene R. Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.


XERIUM TECH: Ernst & Young Expresses Going Concern Doubt
--------------------------------------------------------
Ernst & Young LLP raised substantial doubt on the ability of
Xerium Technologies, Inc., to continue as a going concern after
it audited the company's financial statements for the year ended
Dec. 31, 2007.  

The auditing firm stated that the company will likely have
future debt covenant violations under its existing loan
agreements.  Failing to meet financial covenants constitutes an
event of default, upon which the company's lenders could
accelerate the debt causing it to become payable and due.

Management related that while the company was in compliance with
the financial covenants under its senior credit facility at
Dec. 31, 2007, and expects that it would generate cash flow from
operations sufficient to service the debt under the senior
credit facility prior to the stated maturity of the debt if
there is not otherwise an event of default under the debt, the
company anticipates to be in financial covenant non-compliance
for the period ended March 31, 2008.

The company posted a net loss of US$150,212,000 on total sales
of US$615,426,000 for the year ended Dec. 31, 2007, as compared
with a net income of US$31,288,000 on total sales of
US$601,439,000 in the prior year.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$891,441,000 in total assets and US$892,493,000 in
total liabilities, resulting in US$1,052,000 stockholders'
deficit.  

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$286,338,000 in total current
assets available to pay US$768,020,000 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at: http://ResearchArchives.com/t/s?2a8c

                   About Xerium Technologies

Based on Youngsville, North Carolina, Xerium Technologies Inc.
(NYSE: XRM) -- http://www.xerium.com/-- manufactures and  
supplies consumable products used primarily in the production of
paper: clothing and roll covers.  With 35 manufacturing
facilities in 15 countries, including Austria, Brazil and Japan,
Xerium Technologies has approximately 3,900 employees.



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

AMKOR TECHNOLOGY: Eric Larson Named EVP Product Management Group
----------------------------------------------------------------
Amkor Technology, Inc. said that Eric Larson has joined the
company as Executive Vice President Product Management Group,
effective April 14, 2008.  Larson, 52, will report to Ken Joyce,
Amkor’s Chief Operating Officer, and will have overall
management responsibility for Amkor’s Product Business Units,
including Wirebond Products, Wafer-Level Processing and Flip-
Chip Products, Test Services, R&D, Emerging Technologies and
Corporate Development.

Larson brings more than 24 years of semiconductor and technology
sector leadership experience to his new role.  Larson started
his career at Hewlett Packard where he worked for 17 years in a
number of senior management positions including General Manager
of the Integrated Circuits Business Division and General Manager
of the Mobile Business Operation.  He also served 7 years in
senior management positions at Amkor from 1996 to 2003,
including as President of our Wafer Fabrication business and
Executive Vice President of Corporate Development.  Larson is
re-joining Amkor after having served in executive management
positions with several start-up ventures.

“We are pleased to have Eric join Amkor’s executive management
team,” said James Kim, Amkor’s Chairman and Chief Executive
Officer.  “Having worked closely with Eric in the past, I have
first hand knowledge of his strong work ethic and team building
skills. I have great confidence in Eric’s ability to lead our
product business units in delivering innovative and cost
effective packaging and test solutions to our customers.”

“I am delighted to welcome an executive of Eric’s caliber to
Amkor,” said Ken Joyce.  “Eric brings extensive semiconductor
industry knowledge, business acumen and leadership skills to our
existing team of talented and experienced product business unit
managers.”

                         About Amkor

Headquartered in Chandler, Arizona, Amkor Technology, Inc.
(Nasdaq: AMKR) -- http://www.amkor.com/-- is a provider of  
semiconductor assembly and test services.  The company offers
semiconductor companies and electronics OEMs a complete set of
microelectronics design and manufacturing services.

Outside the United States, the company has wholly-owned
subsidiaries in Honk Kong, France, Japan, Singapore, the British
Cayman Islands and Netherlands.


AMKOR TECHNOLOGY: To Issue 1st Quarter 2008 Results on April 30
---------------------------------------------------------------
Amkor Technology, Inc. said that it will issue its financial
results for the first quarter of 2008 after the close of trading
on the NASDAQ Global Market on Wednesday, April 30, 2008.  At
5:00pm Eastern Time, Amkor management will host a conference
call to discuss the company’s financial results.

This call is being webcast by Thomson Financial and can be
accessed at Amkor’s Web site.  Interested parties may also
access the call by dialing 303-205-0033.

                         About Amkor

Headquartered in Chandler, Arizona, Amkor Technology, Inc.
(Nasdaq: AMKR) -- http://www.amkor.com/-- is a provider of  
semiconductor assembly and test services.  The company offers
semiconductor companies and electronics OEMs a complete set of
microelectronics design and manufacturing services.

Outside the United States, the company has wholly-owned
subsidiaries in Honk Kong, France, Japan, Singapore, the British
Cayman Islands and Netherlands.


AMKOR TECHNOLOGY: Moody's Holds Junk Rating on US$190 Mln Notes
---------------------------------------------------------------
Moody's Investors Service affirmed Amkor Technology, Inc.'s
corporate family (B2), long-term debt (B1 senior unsecured; Caa1
senior subordinated) and speculative-grade liquidity (SGL-2)
ratings and revised the outlook to positive.

The positive ratings outlook reflects Amkor's improved operating
and financial performance with continued free cash flow
generation against the backdrop of favorable industry
fundamentals.  It also reflects Moody's expectations that Amkor
will continue to demonstrate a stable to improving credit
profile as a result of better operating and financial
discipline.  Despite likely near-term consumer electronics end
market demand weakness, the positive outlook anticipates the
company will continue to benefit from a favorable business
environment for OSAT services, relatively stable pricing in
leading edge packaging solutions and continued demand for its
advanced products.

Ratings could experience upward pressure over the next 6-12
months if Amkor:

   (1) continues to sustain its track record of maintaining
       profitability and achieving anticipated financial and
       operating performance resulting in operating margins of
       12-15% over a semiconductor cycle;

  (ii) continues to sustain a fixed cost structure such that it
       is able to generate sufficient free cash flow allowing it
       to build/maintain cash reserves to comfortably service
       intermediate debt maturities through 2011;

(iii) repays debt prior to scheduled maturities; or

  (iv) is able to source or convert a sufficient amount of
       equity capital, such that debt to book capital is
       consistent with mid/high single-B rated technology peers.

Over the past two years, the company's improved operating
performance has led to EBITDA growth, margin expansion, and
solid free cash flow generation applied to debt reduction (to
US$1.76 billion at year end 2007 down from US$2.14 billion in
2005), resulting in improved credit protection measures.
Financial leverage, as measured by debt to EBITDA, was 2.8x as
of December 2007, which is comparable to B1-rated industry
peers, thus lending additional support to the positive outlook.  
In February 2008, Amkor retired US$88 million of senior notes,
further reducing leverage.

Liquidity remains good, with cash balances of US$410 million at
Dec. 31, 2007 plus access to an unused US$100 million secured
revolving credit facility maturing November 2009, for which
covenant compliance is expected over the next year.  Combined
with our expectations of stable to improving annual free cash
flow (US$368 million on a Moody's adjusted basis for the twelve
months ended Dec. 31, 2007) and improved financial flexibility,
Amkor is well positioned to maintain leverage near current
levels.  Given that Amkor is strongly positioned within the B2
rating category, the rating can tolerate temporary financial
leverage weakness as a result of possible fluctuations in EBITDA
over the next twelve months due to end market demand softness.

These ratings were affirmed and assessments revised:

   -- Corporate Family Rating -- B2;

   -- Probability of Default Rating -- B2;

   -- US$1,061 Million Senior Unsecured Notes with various
      maturities -- B1 (LGD-3, 44%);

   -- US$190 Million 2.5% Convertible Senior Subordinated Notes
      due 2011—Caa1 (LGD-6, 90%);

   -- Speculative Grade Liquidity Rating -- SGL-2.

The ratings outlook is positive.

Headquartered in Chandler, Arizona, Amkor Technology, Inc.
(Nasdaq: AMKR) -- http://www.amkor.com/-- is a provider of  
semiconductor assembly and test services.  The company offers
semiconductor companies and electronics OEMs a complete set of
microelectronics design and manufacturing services.

Outside the United States, the company has wholly-owned
subsidiaries in Honk Kong, France, Japan, Singapore, the British
Cayman Islands and Netherlands.


CRESCENT ARENA: Proofs of Claim Filing is Until April 30
--------------------------------------------------------
Crescent Arena Limited's creditors have until April 30, 2008, to
prove their claims to Linburgh Martin and Jeff Arkley, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Crescent Arena's shareholder decided on March 20, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


EMERALD MANAGEMENT: Sets Final Shareholders Meeting for April 30
----------------------------------------------------------------
Emerald Management Company will hold its final shareholders'
meeting on April 30, 2008, at 9:00 a.m. at Crusader
International Management (Cayman) Ltd., 5th Floor, Windward 3,
Regatta Office Park, Cayman Islands.

These matters will be taken during the meeting:

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

   2) giving explanation thereof.

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

The liquidator can be reached at:

                 Stuart Jessop
                 Crusader International Management (Cayman) Ltd.             
                 5th Floor, Windward 3
                 Regatta Office Park, Cayman Islands
                 Telephone: (345) 949 1599
                 Fax: (345) 949 0520


HEMERA INVESTMENTS: Proofs of Claim Filing Deadline is April 30
---------------------------------------------------------------
Hemera Investments N.V.'s creditors have until April 30, 2008,
to prove their claims to Kenneth M. Krys, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Hemera Investments' shareholder decided on March 28, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Kenneth M. Krys
                 Attn: Deon Myles
                 Krys & Associates Cayman Ltd
                 P.O. Box 31237, Governors Square
                 Building 6, 2nd Floor, 23 Lime Tree Bay Avenue
                 Grand Cayman KY1-1205, Cayman Islands
                 Telephone: 345-945-4700
                 Fax: 345-946-6728


NORANDA HIGHLANDS: Proofs of Claim Filing is Until April 30
-----------------------------------------------------------
Noranda Highlands, Inc.'s creditors have until April 30, 2008,
to prove their claims to Linburgh Martin and John Sutlic, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Noranda Highlands's shareholder decided on Feb. 20, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


ORPHEUS DESSERTS: Proofs of Claim Filing Deadline is April 30
-------------------------------------------------------------
Orpheus Desserts Holding N.V.'s creditors have until
April 30, 2008, to prove their claims to Kenneth M. Krys, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Orpheus Desserts' shareholder decided on March 28, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Kenneth M. Krys
                 Attn: Deon Myles
                 Krys & Associates Cayman Ltd
                 P.O. Box 31237, Governors Square
                 Building 6, 2nd Floor, 23 Lime Tree Bay Avenue
                 Grand Cayman KY1-1205, Cayman Islands
                 Telephone: 345-945-4700
                 Fax: 345-946-6728


PARMALAT SPA: Cannot Seek Damages vs Banks, Says Milan Court
------------------------------------------------------------
A judge in Milan, Italy, issued a ruling April 18, 2008,
excluding Parmalat S.p.A. as civil party in the market rigging
lawsuit against Citigroup Inc., UBS AG, Deutsche Bank AG, Morgan
Stanley and nine individuals, Bankruptcy Law360 reports.

As reported in the TCR-Europe, Milan prosecutors accused the
banks of disguising the terms of Parmalat bond sales and other
financing from investors, thus helping the dairy company conceal
its financial situation.  The trial commenced in January and
will resume in July.

Lawyers for the banks had rejected claims that the concerned
firms, as well as their current and former managers, withheld
information on Parmalat's true financial situation prior to its
collapse.

Parmalat, meanwhile, said the Milan ruling has no effect on its
ability to claim damages, since these will be its object in the
bankruptcy proceedings pending before a court in Parma, Italy.

                      About Parmalat

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

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

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

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

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

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


RON LIMITED: Proofs of Claim Filing is Until April 30
-----------------------------------------------------
Ron Limited's creditors have until April 30, 2008, to prove
their claims to Bronwynne R. Arch and Sylvia Lewis, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

                 Bronwynne R. Arch and Sylvia Lewis
                 P.O. Box 1109, Grand Cayman KY-1102
                 Cayman Islands
                 Telephone: 949-7755
                 Fax: 949-7634


RON LIMITED: Sets Final Shareholders Meeting for April 30
---------------------------------------------------------
Ron Limited will hold its final shareholders' meeting on
April 30, 2008, at 10:45 a.m. at HSBC Financial Services
(Cayman) Limited, P.O. Box 1109, George Town, Grand Cayman,
Cayman Islands.

These matters will be taken during the meeting:

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

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

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

The liquidators can be reached at:

                 Bronwynne R. Arch and Sylvia Lewis
                 P.O. Box 1109, Grand Cayman KY-1102
                 Cayman Islands
                 Telephone: 949-7755
                 Fax: 949-7634


SOLARIS CAPITAL: Proofs of Claim Filing Deadline is April 30
------------------------------------------------------------
Solaris Capital Advisors Spectra International Ltd.'s creditors
have until April 30, 2008, to prove their claims to dms
Corporate Services, Ltd., the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Solaris Capital's shareholder decided on Feb. 8, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 dms Corporate Services, Ltd.
                 Attn: Mourant Du Feu & Jeune
                 Ansbacher House, 20 Genesis Close
                 P.O. Box 1344, George Town
                 Grand Cayman KY1-1108, Cayman Islands
                 Telephone: (+1) 345 949 4123
                 Fax: (+1) 345 949 4647


SOUTHERN HEMISPHERE: Proofs of Claim Filing Deadline is April 30
----------------------------------------------------------------
Southern Hemisphere Investments Limited's creditors have until
April 30, 2008, to prove their claims to Peter
D. Anderson and Alan Milgate, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

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

The liquidators can be reached at:

                 Peter D. Anderson and Alan Milgate
                 P.O Box 897, Third Floor One Capital Place  
                 George Town, Grand Cayman KY1-1103
                 Cayman Islands
                 Telephone: (345) 949-7576
                 Fax: (345) 949-8295


T.F. CAPITAL: Proofs of Claim Filing is Until April 30
------------------------------------------------------
T.F. Capital Corporation's creditors have until April 30, 2008,
to prove their claims to Daniel Rewalt and Giles Le Sueur, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

T.F. Capital's shareholders agreed on March 17, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Daniel Rewalt and Giles Le Sueur
                 Maples Finance Limited
                 P.O. Box 1093, George Town
                 Grand Cayman, Cayman Islands



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

CODELCO: Workers Strike Prompts Shut Down of Three Copper Mines
---------------------------------------------------------------
Corporacion Nacional del Cobre has shut down three of its four
copper mines after a workers' strike that started on April 16,
turned violent, Matthew Craze of Bloomberg News reports.

The strike reportedly caused an employee at the El Teniente mine
to get hit by a metal object.  Operations will restart only
“when there is some level of security,” Codelco President Jose
Pablo Arellano states.

The closed mines are El Teniente, Andina, and Salvador, the
report says citing a Codelco e-mailed statement as source.  
Norte, the biggest mine, is operating normally, Bloomberg notes.

According to Mr. Craze, contract workers staged the strike to
ask for better wages.   The contract workers, represented by
their union Confederation of Copper Workers, initiated talks
with the Chilean government to air their requests.  

The workers may end the strike in exchange for a bonus of
CLP208,000 (around US$457) plus a proposal on education and
health benefits, Mr. Craze quotes Union Spokeswoman Dolores
Cautivo.

Andres Leal, a spokesman for the contractor union, told
Bloomberg that workers intend to keep disrupting production to
pressure the company to give in to their demands.  Codelco's
contract workers are sometimes paid about CLP250,000 pesos
(US$544) while salaried workers earn six times as much, Mr. Leal
pointed out.

Corporacion Nacional del Cobre -- Codelco -- explores, develops,
mines and processes copper in Chile.  The principal product of
the company is Grade A copper cathodes.  The Company, which is
owned by Chilean government, exports most of its production to
companies in Europe and Asia.



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

AMPEX CORP: Files 2007 Annual Report on Form 10-K with SEC
----------------------------------------------------------
Ampex Corp., on April 15, 2008, filed with the U.S. Securities
and Exchange Commission its Annual Report for the year ended
Dec. 31, 2007.

For the year ended Dec. 31, 2007, the company reported net
income of US$904,000 on revenues of US$41,476,000.  For the year
ended Dec. 31, 2006, the company reported a net loss of
US$3,948,000 on total revenues of US$35,921,000.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$26,467,000 and total liabilities of US$133,602,000
resulting in a stockholders' deficit of US$107,135,000.  This
was an increase from a stockholders' deficit of US$104,403,000.  
The balance sheet further showed a working capital deficit with
total current assets of US$25,578,000 and total current debts of
US$65,099,000.

                      Bankruptcy Filing

On March 30, the company and its U.S. subsidiaries filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code.

Prior to filing, the company says it negotiated with and
obtained the support of the majority of its secured creditors
and its largest unsecured creditor for the terms of a pre-
negotiated plan of reorganization, as evidenced by the plan
support agreement filed contemporaneously with the company's
voluntary petitions for relief under Chapter 11.

Concurrently with the filing of the petition, the company
filed a motion for approval of the disclosure statement with
respect to the Plan and related solicitation procedures.  The
company believes that it will emerge from Chapter 11 no later
than fall 2008.  During the Chapter 11 proceedings, the company
will continue to operate its business without interruption as a
debtor-in-possession.  All of the company's employees will be
retained, offices and manufacturing facilities will remain open
and all customer support and warranty programs will continue as
planned.

Upon emergence from Chapter 11, Hillside Capital Incorporated ,
the company's largest secured and unsecured creditor, will
provide new financing to the Company that will be used for
working capital purposes, to repay certain long term
obligations, including certain senior secured notes, and to fund
future pension obligations.  Ampex began to report in July 2007
that it might be forced to take this action in order to
facilitate an orderly financial restructuring.

                        Delisting Notice

The company said that on April 11, 2008 it received notice from
The Nasdaq Stock Market that, following the company's filing of
a voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code on March 30, 2008, the staff of Nasdaq's Listing
Qualifications Department has determined, using its
discretionary authority under Marketplace Rule 4300 and IM-4300,
that the Company's Class A Common Stock will be delisted from
Nasdaq unless the company requests an appeal of the
determination.

Nasdaq's determination was based upon the Company's Chapter 11
filing, associated public interest concerns raised by it,
concerns regarding the residual equity interests of the
Company's existing Common Stockholders and its ability to
sustain compliance with all of Nasdaq's continued listing
requirements.

Unless Ampex appeals Nasdaq's determination, trading in its
Common Stock will be suspended at the opening of business on
April 21, 2008, and a Form 25-NSE will be filed with the
Commission, which will remove the Company's Common Stock from
listing and registration on Nasdaq.  Ampex intends to appeal
Nasdaq's determination by requesting an oral hearing before a
Nasdaq Listing Qualifications Panel.  The Company's hearing
request will stay the suspension of its Common Stock and the
filing of the Form 25-NSE pending the Panel's decision, although
there can be no assurance that the Panel will ultimately grant
the Company's appeal.

A full-text copy of the company's annual report for the year
ended Dec. 31, 2007 may be viewed for free at:

              http://ResearchArchives.com/t/s?2adf

                          About Ampex

Headquartered in Redwood City, California, Ampex Corp. --  
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual  
information technology.  The company has two business segments:
Recorders segment and Licensing segment.  The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products.  The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.

On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100).  Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represents the Debtors in their restructuring efforts.  The
Debtors have also retained Conway Mackenzie & Dunleavy as their  
financial advisors.  In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
US$9,770,089 and total debts of US$$82,488,054.

The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.  
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity.  As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.


AMPEX CORP: Discloses Terms of Chapter 11 Reorganization Plan
-------------------------------------------------------------
Ampex Corporation and its debtor-affiliates delivered a
Disclosure Statement dated March 31, 2008, explaining their
Joint Chapter 11 Plan of Reorganization with the United States
Bankruptcy Court for the Southern District of New York.

                          Plan Overview

The Plan intends to provide for the restructuring of the
Debtors' liabilities designed to maximize recovery to all
stakeholders and to enhance the financial viability of the
reorganized debtors.

Generally, the Plan provides for a balance sheet restructuring
which swaps the Debtors' current debt including, but not limited
to, debt evidenced by the senior secured notes and the Hillside
Notes for cash, new notes and equity, as applicable.

Other secured and unsecured creditors will receive cash or
equity as applicable.  All of the Debtors' existing common stock
will have no value and will be canceled.

Upon emergence, at least 80% of the reorganized Debtors' new
common stock will be owned by Hillside Capital Incorporated and
its affiliates.  The new common stock will not be registered and
will not trade on any public exchange.

Holders of existing common stock that do not object to
confirmation of the Plan will be eligible to receive
distribution rights entitling such holder to receive certain
future payments, if the net proceeds of future monetization of
the Debtors' patents that are not currently revenue bearing
produce proceeds sufficient to meet certain obligations and
funding needs of reorganized Ampex.

The resulting debt structure of the Reorganized Debtors will
substantially deleverage the company and provide additional
needed liquidity.

                          Indebtedness

As of March 30, 2008, the Debtors had approximately US$59.6
million of outstanding notes issued by the Debtors.  
Approximately US$6.9 million of such amount represents amounts
due under an indenture dated as of Feb. 28, 2002.  Pursuant to
the indenture,  the Debtors issued those certain 12% senior
secured notes due 2008, which are secured by liens on the
Debtors' future royalty receipts.

Approximately US$52.7 million of the Debtors' outstanding
indebtedness is represented by the Hillside notes that have been
issued in connection with Hillside's satisfaction of required
contribution obligations under the pension plans.

As of Dec. 31, 2007, the media pension plan and the Ampex
pension plan were underfunded by US$13.5 million and US$44.2
million, respectively.

                        Treatment of Claims

Under the Plan, these creditors are expected to get 100%
recovery include:

   -- administrative expense claims;
   -- fee claims;
   -- priority tax claims;
   -- priority non-tax claims;
   -- other secured claims; and
   -- trade unsecured claims.

Senior Secured Note Claims and Other Unsecured Claims will be
entitled to receive their pro rata share of their respective
claims.

Each holder of Hillside Secured Claims, totaling US$11 million,
will expect to receive in full of its secured claim.

All equity interests will be canceled.  Interests in these
classes are impaired and deemed to have rejected the plan
include:

   -- existing common stock;
   -- existing securities laws claims; and
   -- other existing interest.

A full-text copy of Disclosure Statement is available for free
at http://ResearchArchives.com/t/s?2a69  

A full-text copy of Joint Chapter 11 Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?2a6a  

                          About Ampex

Headquartered in Redwood City, California, Ampex Corp. --  
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual  
information technology.  The company has two business segments:
Recorders segment and Licensing segment.  The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products.  The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.

On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100).  Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represents the Debtors in their restructuring efforts.  The
Debtors have also retained Conway Mackenzie & Dunleavy as their  
financial advisors.  In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
US$9,770,089 and total debts of US$$82,488,054.

The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.  
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity.  As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.


SOLUTIA INC: Court OKs Payment of US$197 Mil. to Professionals
--------------------------------------------------------------
Bloomberg News reports that Judge Prudence C. Beatty of the U.S.
Bankruptcy Court for the Southern District of New York has
allowed Solutia, Inc., to pay about US$197,000,000 to lawyers
and other retained professionals, including US$57,091,080 to
Kirkland & Ellis LLP, despite objections by the Office of the
U.S. Trustee to some of the fees.

Diana G. Adams, the United States Trustee for Region 2, noted
that the the professionals seek a total of US$185,216,656 in
fees and US$11,701,151 in expenses -- for an aggregate of
US$196,917,807.  While the professionals have touted their
success in obtaining confirmation of Solutia's reorganization
plan, "success" does not entitle professionals to a blank check,
The U.S. Trustee said.

Greg M. Zipes, Esq., trial attorney for the Office of the U.S.
Trustee, said that payments to some of the retained
professionals should be reduced due to conflicts of interest,
questionable strategies, and expensive meals sought for
reimbursement.

"I'm not prepared to dock the fee applications for these
issues," Judge Beatty told Mr. Zipes at the hearing, that "a lot
of what I see is penny-ante moralism.  People getting moral
about technical issues."

According to Bloomberg, the Court did not rule on a request from
Rothschild Inc. for final allowance of its fees and expenses.  
Rothschild, Solutia's financial advisors, requested allowance of
US$10,500,000 in fees and US$721,486 in expenses for services
rendered from Dec. 17, 2003, to Feb. 28, 2009.

     U.S. Trustee's Objections to 7 Firms' Fees & Expenses

The U.S. Trustee pointed out that under the Debtors' Fifth
Amended Joint Plan of Reorganization, the retirees and unsecured
creditors have received or will receive a partial distribution,
and not all in cash.  The retirees' future distributions depend
in part on the financial health of the Debtors.  The
professionals, on the other hand, which will be paid in full and
in cash, have sought nearly US$200,000,000.

Mr. Zipes noted that in certain instances, the professionals
have generously staffed uncontested hearings with attorneys and
"pursued questionable strategies in light of this Court's
directions."

Because of conflicts, certain professionals could not litigate
against the exit financing commitment parties, but nonetheless
these professionals billed the bankruptcy estate in connection
with this very litigation, Mr. Zipes contends.  The
professionals also sought reimbursement for expensive meals,
hotels (such as at the Ritz-Carlton) and car services, he added.

The U.S. Trustee objected to portions of fees and expenses
sought by seven firms.

The U.S. Trustee says she has no specific objections to the
request for payment and allowance of fees and expenses of
professionals from 17 firms.

Several professionals say fees wer not excessive, including
Gibson, Dunn & Crutcher LLP, Jefferies, Akin Gump Strauss Hauer
& Feld LLP, Houlihan, Pillsbury Winthrop Shaw Pittman LLP,
Kirkland & Ellis, and Rothschild.

                        About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 124;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 5, 2008, Standard & Poor's Ratings Services raised its
corporate credit rating on Solutia Inc. to 'B+' from 'D',
following the company's emergence from bankruptcy on Feb. 28,
2008, and the implementation of its financing plan.  S&P said
the outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Court Approves Settlement Pact with Air Liquide
------------------------------------------------------------
A dispute arose between Solutia Inc., and Air Liquide Large
Industries U.S. LP regarding the amount Solutia owes for
nitrogen delivered by Air Liquide.

To settle the matter, Judge Prudence C. Beatty of the U.S.
Bankruptcy Court for the Southern District of New York approved
the stipulation between the Debtors and Air Liquide.

The agreement provides that:

     * Air Liquide has preserved its right to an administrative
       claim as to the Billing Dispute by timely filing its
       Motion.

     * Due to the pendency of Air Liquide's action against
       Solutia in the 165th Judicial District Court, Harris
       County Texas, and the absence of any core issues in the
       Billing Dispute requiring involvement of the Bankruptcy
       Court, the amount, if any, of Air Liquide's
       administrative claim will be determined in the Texas
       State Court Action.

     * Air Liquide will have an allowed administrative claim as
       to the Billing Dispute in an amount equal to the
       disposition ultimately entered in the Texas State Court
       Action.

As reported in the Troubled Company Reporter on April 14, 2008,
Air Liquide asks the Court for the allowance and immediate
payment of its US$1,059,228 administrative claim against the
Debtors.

                        About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 124;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 5, 2008, Standard & Poor's Ratings Services raised its
corporate credit rating on Solutia Inc. to 'B+' from 'D',
following the company's emergence from bankruptcy on Feb. 28,
2008, and the implementation of its financing plan.  S&P said
the outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: EOI Eyes Acquisition of Queeny Plant for US$1 Mil.
---------------------------------------------------------------
Environmental Operations Inc., is set to acquire Solutia Inc.'s   
Queeny Plant on St. Louis' industrial riverfront for
US$1,000,000.

EOI has been in talks with Solutia Inc., for two years about
acquiring the 33-acre site, according to the St. Louis Business
Journal.

EOI plans to transform the site into a "green" office and
industrial campus totaling an estimated US$50,000,000 in
development, the Business Journal reported.

Solutia shut down operations at Queeny Plant in 2005 after
operating it as a chemical manufacturing facility for 104 years.  
The equipment were auctioned off in 2006 and the property has
sat vacant for more than two years, the Business Journal said.

"Every developer looked at this as highly discounted property
because of the clean-up.  We're more comfortable with the risk
because environmental cleanup is what we do," Stacy Hastie,
chief executive of EOI, said.

Mr. Hastie will spend as much as US$5,000,000 on demolition,
remediation and site preparation work on the property.  The
project will transform the property from an "environmental
liability into property ready for a vibrant mixed-use
development," he said.

The site could accommodate four buildings totaling 500,000
square feet of space, Mr. Hastie noted.  Construction is set to
begin in May and buildings open to tenants in 2009, the Business
Journal reported.

Green Street Properties has been contracted to develop the
property.  Phil Husle and Mike Clark will lead the project.  
Green Street develops brownfield sites throughout St. Louis for
companies and tenants looking for environmentally friendly
office or industrial space.

                        About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 124;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 5, 2008, Standard & Poor's Ratings Services raised its
corporate credit rating on Solutia Inc. to 'B+' from 'D',
following the company's emergence from bankruptcy on Feb. 28,
2008, and the implementation of its financing plan.  S&P said
the outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.



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

SIRVA INC: Committee Allowed to Hire BDO as Accountant & Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the application of the Official Committee of Unsecured
Creditors of Sirva Inc. and its debtor-affiliates to retain BDO
Seidman, LLP as its accountant and financial advisor, nunc pro
tunc to the Debtors' bankruptcy filing.

According to the Committee, BDO has extensive familiarity with
the accounting practices in insolvency matters in the Bankruptcy
Courts in the Southern District of New York, as well as in other
jurisdictions.  The Committee will employ BDO to ensure that its
interests are adequately represented in an efficient and
effective manner.

BDO's professional services will include:

   (a) analysis of the Debtors' prepetition and postpetition
       financial operations, as necessary;

   (b) analysis of the Debtors' business plans, cash flow
       projections, selling and general administrative
       structure, among others, in order to advise the Committee
       on the reorganization process;

   (c) analysis of the financial ramifications of any proposed
       transactions by the Debtors;

   (d) claims analysis;

   (e) verification of material assets and liabilities and their
       values, as necessary;

   (f) assistance to the Committee in its review of the Debtors'
       monthly statements of operations;

   (g) assistance in the evaluation of the Debtors' cash flow
       and other projections;

   (h) scrutiny of postpetition cash disbursements on an on-
       going basis;

   (i) analysis of transactions with insiders, related
       companies, or the Debtors' financing institutions;

   (j) analysis of the Debtors' real property interests;

   (k) attendance of meetings and conferences with creditors;

   (l) preparation of reports; and

   (m) other necessary services.

BDO will work closely with Pachulski Stang Ziehl & Jones, the
Committee's proposed counsel, and Trenwith Securities LLC, the
Committee's proposed investment banker.

BDO will be paid on an hourly basis, and will be reimbursed of
actual, necessary expenses and other charges incurred.  BDO's
standard hourly rates are:

     Position                          Hourly Rate
     --------                          -----------
     Partners                        US$400 - US$850
     Directors and Senior Managers   US$300 - US$600
     Managers                        US$225 - US$375
     Seniors                         US$175 - US$275
     Staff                           US$125 - US$200

William K. Lenhart, a partner at BDO, assures the Court that his
firm does not hold any interest adverse to the Debtors, their
estates, their creditors, and the Committee.  BDO is a
"disinterested person" as that term is applied in Section
101(14) of the Bankruptcy Code.

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

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.  The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.

(Sirva Inc. Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)  


SIRVA INC: Panel Allowed to Retain Pachulski Stang as Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved an application of the Official Committee of Unsecured
Creditors of Sirva Inc. and its debtor-affiliates for authority
to retain Pachulski Stang Ziehl & Jones as its counsel, nunc pro
tunc to the Debtors' bankruptcy filing.

The Committee had told Judge James M. Peck that it sought to
retain Pachulski because of the firm's extensive experience and
knowledge in the field of debtors' and creditors' rights and
business reorganizations under Chapter 11.

According to the Committee, Pachulski has indicated a
willingness to act as the Committee's counsel, and will seek
compensation from the Debtors' estates at its regular hourly
rates.

The professional services Pachulski will render to the Committee
include, but are not limited, to:

   -- providing legal advice and assistance to the Committee in
      connection with the Debtors' Chapter 11 cases;

   -- reviewing and analyzing all applications, motions, and
      orders filed with the Court by the Debtors or third
      parties, advising the Committee as to their propriety, and
      taking appropriate action;

   -- preparing necessary applications, motions, answers,
      orders, and other legal papers on the Committee's behalf;

   -- assisting and advising the Committee in analyzing the
      Debtors' assets and liabilities, and investigating the
      extent and validity of liens asserted by any party, and
      participating in and reviewing any proposed asset sales
      and dispositions, as well as financing arrangements;

   -- assisting, advising, and representing the Committee in
      investigating matters relevant to the Debtors' Chapter 11
      cases; and

   -- performing all legal services for the Committee which may
      be necessary and proper.

Pachulski will be paid on an hourly basis, and will be
reimbursed of actual, necessary expenses and other charges
incurred.  The principal attorneys and paralegals presently
designated to represent the Committee and their standard hourly
rates are:

     Professional                   Rate
     ------------                   ----
     Laura Davis Jones            US$775
     Robert J. Feinstein             775
     Brad R. Goshall                 725
     Alan K. Kornfeld                625
     Curtis A. Hehn                  445
     Gillian N. Brown                415
     Ilan D. Scharf                  395
     Karina K. Yee                   195

Laura Davis Jones, Esq., a partner at Pachulski Stang, assures
the Court that her firm does not hold any interest adverse to
the Debtors, their estates, their creditors, and the Committee.  
Pachulski is a "disinterested person" as that term is applied in
Section 101(14) of the Bankruptcy Code.

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

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.  The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.

(Sirva Inc. Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)


SIRVA INC: Committee Allowed to Hire TRN as Investment Banker
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved an application of the Official Committee of Unsecured
Creditors of Sirva Inc. and its debtor-affiliates for authority
to retain Trenwith Securities, LLC, as its investment banker,
nunc pro tunc to the Debtors' bankruptcy filing.

According to the Committee, TRN has extensive familiarity with
investment banking, valuation, and corporate finance in
insolvency matters.  The Committee adds that TRN has indicated a
willingness to act as investment banker on the Committee's
behalf.

As investment banker, TRN will:

   (a) analyze the Debtors' business, operations, and financial
       position in light of potential transactions related to
       the sale of securities or assets;

   (b) evaluate proposals from potential investors or purchasers
       of securities or assets;

   (c) advise the Committee on strategy and tactics for
       discussion and negotiations relating to valuation of
       securities, assets, and other transactions;

   (d) recommend and analyze the "highest and best" alternatives
       for the Committee; and

   (e) support the Committee in other matters it may request.

TRN will be paid on an hourly basis, and will be reimbursed of
actual, necessary expenses and other charges incurred.  Its
standard hourly rates are:

     Position                         Hourly Rate
     --------                         -----------
     Managing Directors             US$600 - US$675
     Principals                     US$300 - US$600
     Vice-Presidents                US$225 - US$375
     Associates                     US$175 - US$275
     Staff                          US$125 - US$200

Jeffrey R. Manning, a managing director at TRN, assures the
Court that his firm does not hold any interest adverse to the
Debtors, their estates, their creditors, and the Committee.  TRN
is a "disinterested person" as that term is applied in Section
101(14) of the Bankruptcy Code.

                      About SIRVA Inc.

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

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.  (Sirva Inc. Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Services Inc.
http://bankrupt.com/newsstand/or 215/945-7000)



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

BANCO BHD: Int'l Finance Corp. to Invest in Bank's Parent
---------------------------------------------------------
The International Finance Corp. will invest in Banco BHD SA's
parent Centro Financiero BHD, supporting the company’s strategy
to make available integrated financial products, including loans
for small and medium enterprises, microfinance, remittances, and
insurance, which have a significant impact in the economy and
job creation.

The IFC’s US$33 million investment for a 9% equity stake will
also help the company become a model financial service provider
in the region.

Centro Financiero President Luis Molina Achecar said, "We are
pleased to welcome IFC as a shareholder in Centro Fiananciero
BHD.  This investment signals IFC’s support for our company and
strengthens a relationship that began in 2003."

The IFC's Global Financial Markets Director for Latin America
and Africa, James P. Scriven, stated, "IFC is working in the
Dominican Republic to promote best practices, and increase
access to finance for low- and middle-income groups.  
Strengthening our relationship with Centro Financiero BHD, a
diversified and well-managed financial services company, will
help us meet these objectives."

The IFC’s strategy in the Dominican Republic focuses on
supporting projects that generate growth and improve the
country's competitiveness.  The IFC’s relationship with BHD
began in 2003, when it provided a US$20 million quasi-equity
financing to Banco BHD, the company’s largest subsidiary, to
enhance the bank’s capital structure and help expand its long-
term lending to middle market.

                        About The IFC

The IFC, a member of the World Bank Group, fosters sustainable
economic growth in developing countries by financing private
sector investment, mobilizing private capital in local and
international financial markets, and providing advisory and risk
mitigation services to businesses and governments.  The IFC’s
vision is that people should have the opportunity to escape
poverty and improve their lives.  In fiscal year 2007, the IFC
committed US$8.2 billion and mobilized an additional
US$3.9 billion through syndications and structured finance for
299 investments in 69 developing countries.  The IFC also
provided advisory services in 97 countries.

                 About Centro Financiero BHD

Centro Financiero BHD is a financial services holding company
that owns 12 companies that provide such services as wholesale
banking, SME lending, insurance, pension fund administration,
remittances, and asset management.

                       About Banco BHD

Banco BHD SA is a privately owned commercial bank in the
Dominican Republic and part of the BHD Group.  Having operated
for over 30 years, it is a financial institution focused on
serving individuals and corporations of the Dominican Republic.  
Banco BHD deals in multiple currencies and has an international
department that handles large money transfers.  In 1998 it
acquired the insurance provider Compania de Seguros Palic and
has an alliance with Spanish Banco Sabadell.  The company has 60
branches located in the Dominican Republic, New York and the
Cayman Islands.

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Fitch Ratings affirmed its B long-term foreign
and local currency issuer default rating on Banco BHD SA.  Fitch
said the outlook for the issuer default rating is positive.


BANCO INTERCONTINENTAL: Court Upholds Verdict on Bank Officials
---------------------------------------------------------------
Judges Ignacio Camacho, Nancy Joaquin, and Wendy Martinez of the
Appellate Court’s 3rd Penal Chamber of the Dominican Republic
have upheld the 10-year prison sentence against former Banco
Intercontinental officials Ramon Baez Figueroa, Marcos Baez
Cocco and Luis Alvarez Renta, in the bank's fraud case,
Dominican Today reports.

Dominican Today relates that the trial on the appeal began on
Feb. 18, 2008.  The prosecution appealed the sentences against
the Banco Intercontinental officials and also appealed Vivian
Lubrano del Castillo’s acquittal, seeking six years in prison.

The report says that after holding a hearing on the appeal, the
court rejected an appeal from the defense on a previous court
ruling and upholds the conviction against Messrs. Figueroa and
Cocco, who are found guilty of forgery, money laundering,
concealment of data and accounts.  

According to Dominican Today, the court fined the former Banco
Intercontinental officials "an amount equal to 100 minimum wages
to the Dominican State."

Dominican Today notes that the court also rejected a previous
ruling that acquitted Ms. del Castillo and sentenced her to five
years in prison with a DOP1.5 million fine.  Ms. del Castillo
was found guilty of conspiracy and breach of trust.

Mr. Figueroa’s legal representative told Dominican Today that
the court ruling is "plagued with patches and fill-ins, which
will have to be corrected in appeal before the Supreme Court."

The Dr1 Newsletter relates that the court ordered Banco
Intercontinental to pay DOP18 billion and surrender all assets
to the Banco Intercontinental Liquidation Committee.  The assets
are:

          -- La Intercontinental de Medios,
          -- RNN (Canal 27),
          -- Radio Supra,
          -- Radio Cielo,
          -- Radio Mil,
          -- Circuito Comercial,
          -- Isla Vision (channels 53 and 57),
          -- Aster Comunicaciones,
          -- Medcon SA,
          -- Telecentro,
          -- Aeronave Bell 206B12,
          -- Aeronave Augusta Spa 109 C,
          -- Reliance Watchman SA,
          -- Casa del Faro Numero 20,
          -- a Black Lexus model LX470, and
          -- a Hyundai Minivan H100.

Mr. Figueroa's lawyers told DR1 that they will file an appeal on
the ruling.

Dominican Today notes that the Banco Intercontinental
Liquidation Commission has asked the administrators of the
bank’s intervened firms to provide audits for their sale in a
public auction.

The Dominican Central Bank’s Fraud Division Chief Fidel Pichardo
Baba told Dominican Today that the companies are now under the
responsibility of the Money Laundering Office and will be handed
over to the Liquidation Commission.  They will be sold and
proceeds from the sale will be used as advance on the payment of
DOP18 billion, for which Messrs. Figueroa and Cocco were
convicted of embezzlement.

Mr. Figueroa's defense attorneys denied to Dominican Today
Central Bank legal adviser Fidel Pichardo Baba's warning the
authorities can legally intervene or seize newspaper and
publishing firm Listin Diario.

According to Dominican Today, Juarez and Vinicio Castillo
offered to defend Mr. Figueroa's Listin Diario from any
initiative or "assault under legal subterfuge" the Central Bank
would make.  The news agency notes that Listin Diario was
excluded from the Banco Intercontinental case.

Mr. Figueroa’s legal representatives told Dominican Today that
the Central Bank "desisted from filing the civil suit against
Listin Diario and the company Bear Park at the beginning of the
lower court’s proceedings.  The Defense council challenges the
Central Bank and its legal adviser to present the documents,
promissory notes and loan contracts which prove that the Editora
Listin Diario owes that institution more than DOP2 billion as
has been alleged."

Located in the Dominican Republic, Banco Intercontinental a.k.a.
Baninter collapsed in 2003 as a result of a massive fraud and a
resulting deficit of US$2.2 billion.  As a consequence, all of
its branches were closed.  The bank's current and savings
accounts holders were transferred to the bank's new owner --
Scotiabank.  The bankruptcy of Baninter was considered the
largest in world history, in relation to the Dominican
Republic's Gross Domestic Product.  The resulting deficit was
equal to 12% to 15% of the country's national GDP.  It costs
Dominican taxpayers DOP55 billion and resulted to the country's
worst economic crisis.



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

CASH PLUS: Receiver Says More Firms Connected to Scheme
-------------------------------------------------------
Kevin Bandoian, the court-appointed joint receiver-manager for
Cash Plus Limited, told The Jamaica Gleaner that he has found
200 firms affiliated with the investment scheme, more than what
the police had disclosed.

The Gleaner relates that the police disclosed after the arrest
of Cash Plus' President Carlos Hill that they had found records
showing that there were about 186 companies affiliated to Cash
Plus or to Mr. Hill.

The number of entities connected to Cash Plus continues to
increase daily and several of the firms have never traded since
their incorporation, or have minimal revenue-generating
activities and incomplete financial accounts, The Gleaner says,
citing Mr. Bandoian.

According to The Gleaner, the police said that they would be
seeking to confirm the existence of over US$4.6 billion hidden
across the globe.

Mr. Bandoian told The Gleaner that he couldn't provide any new
information to Cash Plus lenders at this time and that lenders,
creditors, and clients would have to wait for the court's
instructions and advice after he files his report on May 5.

The court has given Mr. Bandoian the authority to ask
authorities in Jamaica or any other jurisdiction to share
findings, The Gleaner relates.

The Gleaner states that Cash Plus lenders can ask information on
their individual accounts from:

          Cash Plus Ltd. (in receivership)
          P.O. Box 606, General Post Office
          Kingston, Jamaica
          E-mail: cpreceiver@cashplusltd.com

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

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


NATIONAL WATER: Demanding Payment of Outstanding Debts
------------------------------------------------------
Radio Jamaica reports that The National Water Commission of
Jamaica is demanding payment of outstanding debts in sections of
the Corporate Area and St. Catherine.

According to Radio Jamaica, The Commission said that since
January that revenue collection teams made several warnings to
the communities about the need to pay up or regularize illegal
accounts.  Some communities ignored the warnings, Radio Jamaica
says, citing The Commission's Corporate Public Relations Manager
Charles Buchanan.

Mr. Buchanan commented to Radio Jamaica, "It's a problem that we
have across the island, but it becomes more concentrated areas.  
We have had a number of meetings in these communities and
established some kind of schedule that said by a specified
deadline we expect a certain percentage of responses."

The Corporate Area's Seaview Gardens and St. Catherine's Windsor
Heights have a compliance rate of 50%, Radio Jamaica notes,
citing Mr. Buchanan.

Mr. Buchanan told Radio Jamaica that the compliance rate for
communities under the National Housing Trust Inner City Housing
Projects in Denham Town, Spanish Town Road, and Trench Town are
"mediocre."

Mr. Buchanan warned that The Commission will "be moving to
arrest the delinquency," Radio Jamaica states.

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

                          *     *     *

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

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



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

ATSI COMMS: January 31 Balance Sheet Upside-Down by US$250,000
--------------------------------------------------------------
ATSI Communications Inc.'s consolidated balance sheet at
Jan. 31, 2008, showed US$2,516,000 in total assets and
US$2,766,000 in total liabilities, resulting in a US$250,000
total stockholders' deficit.

The company reported net income of US$79,000 for the second
fiscal quarter ended Jan. 31, 2008, compared to net income of
US$38,000 for the same period in the previous year.

The company incurred US$178,000 in net non-cash expenses during
the quarter ended Jan. 31, 2008, compared with US$36,000, net of
a US$192,000 non-cash preferred dividend benefit during the
quarter ended Jan. 31, 2007.  Non-cash expenses incurred during
the period include depreciation, amortization, interest, stock
compensation and preferred dividends.

"Our second fiscal quarter was a record quarter for ATSI in
almost every metric we utilize to measure the performance of our
business," Arthur L. Smith, CEO of ATSI stated.  "We continued
expansion of our sales team during the 2nd quarter to drive
future growth while developing a proprietary billing and
operational support system to further facilitate a scalable
business model.  I commend our team for delivering on the
objective of improving gross profit while controlling expenses
that to date has resulted in exceeding the company's business
plan for fiscal year 2008."

                   About ATSI Communications

Headquartered in San Antonio, Texas, ATSI Communications Inc.
(OTC BB: ATSX) -- http://www.atsi.net/-- operates through two   
wholly owned subsidiaries, Digerati Networks Inc. and
Telefamilia Communications Inc.

Digerati is a VoIP carrier serving markets in Asia, Europe,
the Middle East, Latin America and Mexico.  Telefamilia provides
retail communication services to the Hispanic market in the
United States.

ATSI also owns a minority interest of a subsidiary in Mexico,
ATSI Comunicaciones S.A. de C.V., which operates under a 30-year
government issued telecommunications license.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on Oct. 22, 2007,
Malone & Bailey PC, in Houston, Texas, expressed substantial
doubt about ATSI Communications Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the years ended July 31, 2007, and
2006.  The auditing firm stated that ATSI has a working capital
deficit, has suffered recurring losses from operations and has a
stockholders' deficit.


CEMEX SAB: 2008 First Quarter Net Income Up 18% to US$470 Mil.
--------------------------------------------------------------
CEMEX S.A.B. de C.V. reported that consolidated net sales
increased 26% in the first quarter of 2008 to US$5.4 billion
versus the comparable period in 2007.

In the first quarter of 2008, majority net income increased 18%
to US$470 million from US$400 million in the first quarter of
2007.  The increase in majority net income is mostly explained
by the gain in financial instruments and other net gains and
despite the US$68 million drop in the monetary position gain due
to the change in Mexican financial reporting standards.

Hector Medina, Executive Vice President of Planning and Finance,
said: “The strength of our business model allowed CEMEX to
complement organic growth with contributions from acquisitions.  
The diversity of our asset portfolio and the greater synergies
identified in the Rinker integration helped CEMEX to overcome a
challenging environment.  Even in the face of the correction in
residential spending experienced in the United States, we
continue to reduce debt and improve efficiency.  We have a solid
financial foundation and remain focused on creating value for
our shareholders.”

                  Consolidated Corporate Results

Net debt at the end of the first quarter was US$18.8 billion,
representing a decrease of US$91 million during the quarter.  
The net-debt-to-EBITDA ratio reached 3.7 times for the first
quarter 2008 compared with 3.6 times in the fourth quarter of
2007.  Interest coverage reached 4.8 times during the quarter,
down from 8.8 times a year ago.

                Markets First Quarter Highlights

Net sales in our operations in Mexico increased 2% in the first
quarter of 2008 to US$915 million, compared with US$901 million
in the same period of 2007.

CEMEX’s operations in the United States reported net sales of
US$1.2 billion in the first quarter of 2008, up 43% from the
same period in 2007.  EBITDA decreased 8% to US$164 million,
from US$179 million in the first quarter of 2007.

In Spain, net sales for the quarter were US$517 million, up 1%
from the first quarter of 2007, while EBITDA increased 2% to
US$157 million.

Net sales in the Rest of Europe region increased 28% during the
first quarter of 2008 versus the comparable period in the
previous year, reaching US$991 million.

CEMEX’s operations in South/Central America and the Caribbean
reported net sales of US$544 million during the first quarter of
2008, representing an increase of 18% over the same period of
2007.  EBITDA increased 15% in the quarter to US$174 million
versus the same period in 2007.

First-quarter net sales in Africa and the Middle East were
US$217 million, up 26% from the same quarter in 2007.

Operations in Asia and Australia reported a 386% increase in net
sales, reaching US$475 million, versus the first quarter of
2007, and EBITDA was US$67 million, up 128% from the same period
in the previous year.  This increase was mainly due to the
integration of Rinker’s Australian operations.

Headquartered in Mexico, Cemex SA -- http://www.CEMEX.com/-- is
a growing global building solutions company that provides high
quality products and reliable service to customers and
communities in more than 50 countries throughout the world,
including Argentina, Colombia and Venezuela.  Commemorating its
100th anniversary in 2006, CEMEX has a rich history of improving
the well-being of those it serves through its efforts to pursue
innovative industry solutions and efficiency advancements and to
promote a sustainable future.

                          *     *     *

On May 30, 2005, Moody's Investors Service revised the
ratings outlook on Cemex S.A. de C.V.'s Ba1 ratings to positive
from stable.  Ratings affected include the company's Ba1 ratings
on approximately US$110 million in senior unsecured Euro notes
and its senior implied rating.


DIOMED HOLDINGS: Amex Delists Securities Effective April 28
-----------------------------------------------------------
The American Stock Exchange LLC disclosed its final
determination to remove the common stock of Diomed Holdings Inc.
from listing on the Exchange, and filed an application on Form
25 to strike the Securities from listing with the Securities and
Exchange Commission.  The delisting will become effective on
April 28, 2008 unless postponed by the SEC.
    
Pursuant to its rules, the Exchange provided notice to Diomed
Holdings Inc. of the decision to delist the Securities and an
opportunity to appeal the decision to a panel designated by the
Exchange's Board of Governors.

                    About Diomed Holdings Inc.

Headquartered in Andover, Massachussetts, Diomed Holdings Inc.
(AMEX: DIO) -- http://www.evlt.com/-- develops and  
commercializes minimal and micro-invasive medical procedures
that use its proprietary laser technologies and disposable
products.  Diomed's EVLT(R) laser vein ablation procedure is
used in varicose vein treatments.  Diomed also provides
photodynamic therapy for use in cancer treatments, and dental
and general surgical applications.  The company sell its
products through a direct sales force, and a network of
distributors in the EU, Latin America and Mexico, the UK, the
US, Japan, Australia, South Korea, the Peoples' Republic of
China, and Canada.

The company and its debtor-affiliate Diomed Inc. filed for
Chapter 11 protection on March 14, 2008 (Bankr. D. Mass. Case
Nos. 08-40750 and 08-40749).  Douglas R. Gooding, Esq., at
Choate, Hall & Stewart, in Boston, Massachusetts, represents the
Debtors.  When the Debtors filed for protection from their
creditors, they listed assets and debts between US$10 million
and US$50 million.


FIAT SPA: Targets In Line With Expectations Amid Poor Car Market
----------------------------------------------------------------
Sergio Marchionne, chief executive of Fiat SpA, said results for
the first quarter are completely in line with expectations
despite the poor state of the auto market, Reuters reports.

Mr. Marchionne, Reuters relates, confirmed the group's financial
targets for the year amid weaker sales.  The Italian car marker
aims a higher trading profit of up to EUR3.6 billion (US$5.7
billion).

"Obviously, the market is taking it that conditions are worse
than they were before," an analyst was quoted by the paper as
saying.

The company will hold a conference call on April 24, 2008, at
4:00 p.m. (CET) to discuss the results for the first quarter.

                           About Fiat

Turin, Italy-based Fiat SpA -- http://www.fiatgroup.com/--    
(BIT:F) is principally engaged in the design, manufacture and
sale of automobiles, trucks, wheel loaders, excavators,
telehandlers, tractors and combine harvesters.  Through its
subsidiaries, Fiat operates mainly in five business areas:
Automobiles, including sectors led by Maserati SpA, Ferrari SpA
and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and
Construction Equipment, which is led by Case New Holland Global
NV; Trucks and Commercial Vehicles, which is led by Iveco SpA;
Components and Production Systems, which includes the sectors
led by Magneti Marelli Holding SpA, Teksid SpA, Comau SpA and
Fiat Powertrain Technologies SpA, and Other Businesses, which
includes the sectors led by Fiat Services SpA, a publishing
house Editrice La Stampa SpA and an advertising agency
Publikompass SpA.

Outside Europe, the company has subsidiaries in the United
States, Japan, India, China, Mexico, Brazil and Argentina, among
others.

                        *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The company also carries B short-
term rating.  S&P said the outlook is stable.


FREESCALE SEMICON: SigmaTel's Stockholders Approve Merger Pact
--------------------------------------------------------------
SigmaTel, Inc.'s stockholders has voted to adopt the merger
agreement providing for the acquisition of the company by
Freescale Semiconductor, Inc.  Approximately 97% of stockholders
voting adopted the merger agreement.  The number of shares
voting to adopt the merger agreement represents approximately
54% of the total number of shares outstanding and entitled to
vote.

The proposed merger was announced on February 4, 2008, and is
expected to close by the end of April 2008, pending the
satisfaction or waiver of all the closing conditions set forth
in the merger agreement.  Under the terms of the merger
agreement, company stockholders will receive US$3.00 per share
in cash, without interest.

                           About SigmaTel

SigmaTel (Nasdaq: SGTL) --- http://www.freescale.com/--  
is a fabless semiconductor company that designs, develops, and
markets mixed-signal ICs for the consumer electronics market.  
The company’s target market segments include portable media
players, printers and digital televisions.  SigmaTel provides
complete, system-level solutions that include highly-integrated
ICs, customizable firmware and software, software development
tools and reference designs.  The company’s focus is on enabling
customers to rapidly introduce and offer electronic products
that are small, light-weight, power-efficient, reliable, and
cost-effective.

                   About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, the company has operations in Argentina, Brazil
and Mexico.  In Europe, the company has operations in Czech
Republic, France, Germany, Ireland, Italy, Romania, Turkey and
the United Kingdom.  Freescale is one of the world’s largest
semiconductor companies with 2007 sales of US$5.7 billion.

Freescale has subsidiaries in Germany (Freescale Halbleiter
Deutschland GmbH), Hong Kong (Freescale Semiconductor Hong Kong
Limited) and Singapore (Freescale Semiconductor Singapore Pte.
Ltd.).


FRONTIER AIRLINES: CEO Says Credit Card Companies Worried
---------------------------------------------------------
Sean Menke, the CEO of Frontier Airlines Holdings Inc. and its
debtor-affiliates, told The Associated Press in an interview
that credit card companies are in talks with other commercial
carriers out of worry for the airline industry's financial
downturns.

Mr. Menke expressed to the AP that the credit card companies
want to avoid being pursued for ticket refunds in case the
carriers halt operations.  The credit card companies are worried
about, among other things, the rising price of oil and the
general plunge in the U.S. economy, says the AP.

"I do know that airlines are being visited and they're being
visited for all the same reasons that we were visited," the AP
quotes Mr. Menke as saying.

Mr. Menke's comments on his observations came after Frontier
Airlines filed for bankruptcy protection with the U.S.
Bankruptcy Court for the Southern District of New York on
April 10, 2008.

As reported in the Troubled Company Reporter on Apr. 14, 2008,
Frontier is the third airline that went belly up this month
after ATA Airlines Inc. ceased operations and filed for Chapter
11 protection on April 2 and Skybus Airlines Inc. tumbled into
bankruptcy on April 5.

Mr. Menke disclosed that the decision came after an unexpected
attempt by its principal credit card processor to substantially
increase a "holdback" of customer receipts, which threatened to
severely impact Frontier's liquidity.

"Frontier has continued to perform relatively well in this
difficult environment, and contrary to the trend, we have not
seen a decrease in consumer demand, as demonstrated by our
record traffic and revenue in March," Mr. Menke added.  
"Unfortunately, our principal credit card processor, very
recently and unexpectedly informed us that, beginning on
April 11, it intended to start withholding significant proceeds
received from the sale of Frontier tickets."

"This change in established practices would have represented a
material change to our cash forecasts and business plan," said
Mr. Menke.  "Unchecked, it would have put severe restraints on
Frontier's liquidity and would have made it impossible for us to
continue normal operations."

"By filing for Chapter 11, we will now have the time and legal
protection necessary to obtain additional financing and enhance
our liquidity," Mr. Menke concluded.  "Fortunately, we believe
that we currently have adequate cash on hand to meet our
operating needs while we take steps to further strengthen our
company."

                     About Frontier Airlines

Based in Denver, Colorado, Frontier Airlines Holdings Inc.
(NASDAQ:FRNT) -- http://www.frontierairlines.com/-- is the  
parent company of Frontier Airlines.  Frontier Airlines is the
second-largest jet service carrier at Denver International
Airport, employing approximately 6,000 aviation professionals.  
Frontier Airline's mainline operation has 62 aircraft with one
of the youngest Airbus fleets in North America.

In conjunction with its regional jet fleet, operated by Republic
Airlines, and a fleet of ten Bombardier Q-400 aircraft operated
by Lynx Aviation, a subsidiary of Frontier Airlines Holdings
Inc., Frontier offers routes linking its Denver hub to 70
destinations, including 62 U.S. cities in 36 states spanning the
nation from coast to coast; six cities in Mexico; one in Canada
and one in Costa Rica.

The company and two of its affiliates filed for Chapter 11
protection on April 10, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
11297).  Hugh R. McCoullough, Esq., at Davis Polk & Wardwell,
represents the Debtors in their restructuring efforts.  Togul
Segal & Segal LLP acts as the Debtors' conflicts counsel.  The
Debtors chose Epiq Bankruptcy LLC as their claims, noticing, and
balloting agent.

The Debtors' consolidated financial condition as of Dec. 31,
2007 reflected total assets of US$1,126,748,000 and total debts
of US$933,176,000.


HIPOTECARIA SU: Moody's Puts Ba2 Rating to Class B Certificates
---------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has assigned ratings of Baa1
(Global Scale, Local Currency) and Aaa.mx (Mexican National
Scale) to the Class A1 certificates (BRHCCB08U) and Class A2
certificates (BRHCCB08-2U), and ratings of Ba2 (Global Scale,
Local Currency) and A2.mx (Mexican National Scale) to the Class
B certificates (BRHCCB08-3U) of Hipotecaria Su Casita, S.A. de
C.V., Sociedad Financiera de Objeto Limitado.  The certificates
were issued by HSBC Mexico, S.A., Institución de Banca Múltiple,
Grupo Financiero HSBC, División Fiduciaria, acting solely in its
capacity as trustee of the securitization trust.

Interest and principal to certificate holders will be primarily
payable with cash flow from a pool of social-interest mortgage
loans originated by Hipotecaria Su Casita and assigned to the
securitization trust, which was established under the laws of
Mexico.

The ratings are based upon these factors:

   -- The credit quality of the underlying mortgage pool, which
      is comprised of Unidades de Inversion (UDI)-denominated,
      fixed-rate, mortgage loans secured by low-income houses
      located in Mexico.  The securitized pool is comprised of
      6,524 mortgage loans for approximately UDI 483.6 million.
      The pool's weighted average current LTV is 74% and
      weighted average payment-to-income ratio is 18.5%.  As of
      the cut-off date of March 1, 2008, the pool included 4% of
      loans delinquent up to 30 days, and 2% of loans delinquent
      between 31 and 60 days.

   -- An initial overcollateralization of 1.9% of the pool
      balance.  The Series A1 and A2 certificates also benefit
      from the subordination of the Class B, representing 9% of
      the pool balance.

   -- The available excess spread, which is expected to offset
      losses and contribute to amortizing the Class A1 and A2
      notes until a target overcollateralization level of 3.8%
      of the performing collateral balance is reached and
      maintained.

   -- The mortgage insurance provided by Genworth Mortgage
      Insurance Corporation (Aa2, insurance financial strength)
      on 72% of the pool, and Sociedad Hipotecaria Federal
      (rated Aaa issuer rating -- domestic currency) on 21% of
      the pool.

   -- The minimum salary -- UDI swap agreement entered between
      the issuer and Sociedad Hipotecaria Federal.  Under the
      terms of this agreement, Sociedad Hipotecaria Federal will
      cover inflation exceeding the annual minimum wage increase
      in Mexico.

   -- The mortgage origination standards of Hipotecaria Su
      Casita and its capability in its role as servicer.  The
      company is rated SQ2 as primary servicer of Mexican low-
      income mortgage loans.

Rating Action:

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
        Financiero HSBC, Division Fiduciaria, acting solely as
        trustee.

   -- Class A1 certificates (BRHCCB08U) for UDI 209,300,000
      rated Aaa.mx (Mexican National Scale) and Baa1 (Global
      Scale, Local Currency).

   -- Class A2 certificates (BRHCCB08-2U) for UDI 221,564,000
      rated Aaa.mx (Mexican National Scale) and Baa1 (Global
      Scale, Local Currency).

   -- Class B certificates (BRHCCB08-3U) for UDI 43,521,000
      rated A2.mx (Mexican National Scale) and Ba2 (Global
      Scale, Local Currency).

Hipotecaria Su Casita, S.A. de C.V. (BMV: CASITA) is Mexico's
second largest specialized mortgage lending institution by
market share.  Its main function is to extend mortgage loans to
low-income individuals under the auspices of Sociedad
Hipotecaria Federal financing programs, and to provide
construction financing to developers of low-income housing.  It
controls approximately 18% of the mortgage market served by
Sofoles, based on total loan portfolio.  It has 107 offices in
Mexico.  Hipotecaria Su Casita was established in 1994.


WOLVERINE TUBE: Posts US$97 Mil. Net Loss in Year Ended Dec. 31
---------------------------------------------------------------
Wolverine Tube Inc. reported a net loss of US$97 million for the
year ended Dec. 31, 2007, compared to a net loss of
US$79.2 million for 2006.  Included in the 2007 results were
US$112.1 million of pre-tax restructuring and other charges.

The net loss for the fourth quarter of 2007 was US$106.4
million, as compared to a net loss of US$34.0 million in the
same period of 2006.  Included in the 2007 and 2006 results were
US$97.1 million and US$25.0 million in pre-tax charges, relating
primarily to restructuring, adjustment to deferred tax valuation
allowances, advisory fees and expenses.

Net sales for the fourth quarter of 2007 were US$273.7 million,
as compared to US$271.6 million for the fourth quarter of 2006.  
Total pounds shipped in the fourth quarter of 2007 were 58.2
million pounds compared to 61.2 million pounds shipped in the
fourth quarter of 2006.

Adjusted EBITDA was US$2.4 million for the fourth quarter of
2007 compared to US$385,000 for the quarter ended Dec. 31, 2006.

                      Full Year 2007 Results

Net sales in 2007 declined 7% to US$1.2 billion from US$1.3
billion in 2006, reflecting a 16% decrease in pounds shipped,
partially offset by a US$0.44 per pound increase in per unit
selling price.

Total pounds shipped in 2007 were 275.1 million pounds compared
to 326.5 million pounds in 2006.  Of the total pounds shipped,
approximately 217.6 million pounds and 277.7 million pounds were
manufactured by the company in 2007 and 2006, respectively.  The
balance of the pounds shipped by the company was attributable to
products sourced and resold to customers.  

The decrease in pounds shipped in 2007 was due primarily to the
falling demand for industrial tube used in the residential air
conditioning market, continued substitution of plastics in the
residential plumbing market and the closure of our Montreal
facility in late 2006.

Gross profit for 2007 was US$63.6 million as compared to
US$46.3 million in 2006, an improvement of US$17.3 million or
37%.  The improvement was due primarily to improved pricing and
a higher margin mix of products.  2007 EBITDA before
restructuring charges was US$45.0 million compared to US$37.7
million for 2006.

Harold Karp, president and chief operating officer, commented,
"2007 was a very pivotal year for Wolverine.  We concentrated on
restructuring the business and improving its competitiveness.  
We closed two factories and exited the domestic plumbing tube
business and are now focused on our value added, heat transfer
tubing products, fabricated products and joining technology
products in the global marketplace."

                    Refinancing and Liquidity

In February 2007, the company sold 50,000 shares of Series A
Convertible Preferred Stock, for US$50 million to The Alpine
Group Inc. and a fund managed by Plainfield Asset Management LLC
pursuant to a Preferred Stock Purchase Agreement.  On Oct. 25,
2007, the company completed a common stock rights offering in
which stockholders purchased 25.4 million shares of common
stock, resulting in net proceeds of US$27.5 million.

Additionally, under the terms of a call option described in the
Preferred Stock Purchase Agreement, Alpine purchased an
additional 4,620 shares of Series A Convertible Preferred Stock
on Jan. 25, 2008, for US$4.6 million.  During March 2008,
Plainfield refinanced US$38.3 million of the 7.375% Senior Notes
held by it by extending the maturity date to March 28, 2009,
with an increase in the interest rate to 10.5%, and Alpine
purchased US$10 million of Series B Convertible Preferred Stock
under terms substantially similar to the Series A Convertible
Preferred Stock.

In addition, during the first quarter of 2008, the Company
completed the following:

-- Extended its US$35 million secured revolving credit facility
    to April 28, 2009;

-- Extended its US$75 million receivables sales facility to
    Feb. 19, 2009;

-- Sold its Small Tube Products business for approximately
    US$28 million, including an estimated working capital
    adjustment;

-- Sold 30% of Wolverine Shanghai to the Wieland Group for
    US$9.6 million cash and US$2.0 of estimated additional
    intangible value.

David A. Owen, Wolverine's chief financial officer, stated, "The
capital invested by Plainfield and Alpine, existing cash sources
and credit facilities are adequate to address Wolverine's
operational and debt repayment requirements for 2008."

                   Operations and Market Update

Mr. Karp noted, "The global high performance chiller tube
markets were very strong in 2007, and Wolverine achieved record
shipments in these markets in 2007.  Wolverine's commercial
fabricated products shipments increased 22% in 2007 which is in
line with our strategy to partner more broadly with our large
OEM customers in support of their efforts to improve
efficiencies and reduce cost through outsourcing of their
fabricated products needs.

"Wolverine is well positioned to support this continued growth
through well established global sourcing capabilities and
through its focus on capacity and efficiency improvements at our
fabricated products manufacturing locations in Mexico, China,
Portugal and in the USA.

"The overall North American market for residential air
conditioning, heat pump and refrigeration products was down
approximately 10% in 2007; however, Wolverine's inner groove
tube shipments increased 6% in 2007 as a result of market share
increases with many of our major customers."

Mr. Karp further stated, "Wolverine's operational improvement
efforts throughout 2007 were focused on strengthening its
managerial and technical talent along with establishing a
continuous improvement culture.  Significant operational
progress was made in 2007 as our continuous improvement culture
has been established through a focused implementation of lean
manufacturing and six sigma initiatives, as well as new
technologies to reduce cost and improve quality performance.

These efforts combined with a sharpened focus on customer
satisfaction resulted in enhanced key customer relationships,
improved manufacturing efficiencies and strengthening the
operational base from which to grow the business."

                 Restructuring and Other Charges

Included in the 2007 results were total pre-tax restructuring,
impairment and other charges of US$112.1 million in 2007, of
which US$90.3 million was non-cash.  Comparable charges in 2006
were US$65.0 million, of which US$38.4 million was non-cash.

Steven S. Elbaum, chairman, stated, "The period following the
February 2007 investments by Alpine and Plainfield has been
focused on redefining the company's business strategy and
installing a new management team to implement that strategy
under an expanded Board of Directors.  Significant restructuring
activities, including the shutdown and/or sale of non-core
operations, are required to achieve a competitive and properly
aligned operating base.

"These actions and the financial and accounting consequences are
complex given Wolverine's difficult history and its complicated
array of assets, businesses and obligations.  We expect
Wolverine's business model and reported results to be clearer
during the second half of 2008, and the company's focus and
progress will also be more clear and measurable."

                            Total Debt

At Dec. 31, 2007, the company had total debt of US$237 million,
consisting of short-term borrowings of US$90.9 million, and
long-term debt of US$146.0 million.

Total debt at Dec. 31, 2006, was US$240 million.

                    Cash and Cash Equivalents

For the 12 month period ending Dec. 31, 2007, the company had a
net increase in cash and cash equivalents of US$45.9 million
over the same period in 2006.  

The increase was primarily the result of cash provided by
financing activities of US$66.6 million, which includes the
US$45.2 million of net proceeds generated in February 2007 from
the sale of Series A Convertible Preferred Stock and the US$27.5
million of net proceeds received from the rights offering in
October 2007 offset partly by payments to revolving credit
facilities and other debt of US$3.8 million and dividends paid
of US$3.0 million.

The increase in cash provided by financing activities was
partially offset by net cash used for operating activities of
US$22.6 million and cash used for investing activities of
US$2.8 million.  The weakening U.S. dollar versus the Canadian
dollar and the euro increased cash and cash equivalents by
US$4.7 million.

Cash used for operations in 2007 was US$22.6 million which
included the repayment of advances under the company's
receivables sale facility in the amount of US$43.9 million.  In
2006, cash provided by operations of US$1.9 million included
advances taken under the company's receivables sale facility of
US$24.9 million.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2007, are available for
free at http://researcharchives.com/t/s?2ad7

                       About Wolverine Tube

Headquartered in Huntsville, Alabama, Wolverine Tube Inc.
(OTC BB: WLVT) -- http://www.wlv.com/-- is a manufacturer and  
distributor of copper and copper alloy tube, fabricated
products, and metal joining products.  The company currently
operates 8 facilities in the United States, Mexico, Canada,
China and Portugal.  The company also has a distribution
operation in The Netherlands.  The company's products enhance
performance and energy efficiency in many applications,
including: commercial and residential heating, ventilation and
air conditioning, refrigeration, home appliances, industrial
equipment, power generation, petrochemicals and chemical
processing.

                          *     *     *

In November 2007, Moody's Investors Service confirmed Wolverine
Tube's Caa2 corporate family rating, Caa2 probability of default
rating, and Caa3 senior unsecured rating (LGD4, 63%).  The
rating outlook was revised to negative from ratings under
review.



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

CHIQUITA BRANDS: Suits for Colombia Death Leave Firm Uncertain
--------------------------------------------------------------
Chiquita Brands International Inc. faces seven cases
seeking billions in potential damages for deaths caused by
Colombian terroritsts, leaving the future of the company
uncertain, Dan Monk writes for the Business Courier of
Cincinatti.

Chiquita Brands admitted in March 2007 that it paid Colombian
terrorist organizations.  The company explained that the
payments were made by a former unit due to threats to the safety
of its workers.  

As previously reported in the Troubled Company Reporter-Asia
Pacific, Colombian terrorist victims have filed in the U.S.
District Court in Manhattan an almost US$8-billion lawsuit
against Chiquita Brands for paying the terrorist group The
United Self-Defense Forces of Colombia.  The U.S. federal court
has ordered Chiquita Brands to pay  US$25 million in fines for
paying millions of dollars to Colombian terrorist groups from
1997 to 2004.  Colombian officials, however, are not happy with
the settlement asserting that the fine was small compared to
other cases.

The seventh lawsuit was that filed by families of five American
missionaries killed by Marxist rebels a decade ago, Bloomberg
News relates.  Four of the cases were filed on behalf of about
600 Colombian FARC guerilla group victims, seeking at least
US$11.8 billion in damages, Bloomberg adds.  Mr. Monk points out
that one of the seven cases is seeking US$10.6 billion worth in
damages.

The murders may lead to damages tailspin for Chiquita, according
to Erik Larson and Joshua Goodman of Bloomberg.

The company continues to deny responsibility for the deaths of
the terrorists' victims.  In a recent court filing, Chiquita
Brands' lawyers claims that the company had no knowledge of the
alleged murders.  The company's Spokesman, Ed Loyd assured
shareholders that the company will take actions against the
claims.

An article at the Los Angeles Times noted, “Maybe it's true that
Chiquita couldn't have done business in rebel territory without
negotiating with the rebels, but that was its choice.  And if
dealing with terrorists is a legitimate business expense, then
so is compensation for terrorists' victims...”

                     About Chiquita Brands

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE: CQB) -- http://www.chiquita.com/-- is a marketer  
and distributor of high-quality fresh and value-added food
products. The company markets its products under the Chiquita(R)
and Fresh Express(R) premium brands and other related
trademarks.  Chiquita employs approximately 24,000 people
operating in more than 70 countries worldwide.

Chiquita, with revenues of approximately US$4.7 billion for the
fiscal year ended Dec. 31, 2007, employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *    *

As reported in the Troubled Company Reporter on March 5, 2008,
Moody's Investors Service affirmed Chiquita Brands International
Inc.'s US$250 million 7.5% senior unsecured notes due 2014 at
Caa2 (LGD5), LGD % to 82% from 89%; and US$225 million 8.875%
senior unsecured notes due 2015 at Caa2 (LGD5), LGD % to 82%
from 89%.


STARTECH  ENV'L: Puerto Rican Firm To Install Plasma Converters
---------------------------------------------------------------
Startech Environmental Corp. said that the EnviroSafe Industrial
Services Corporation of San Juan, Puerto Rico, intends to
install three Plasma Converters Systems, purchased last year
from the company, in an existing, former pharmaceutical-
industry-facility also located in Puerto Rico.

Startech Environmental Corp. Vice President, Steve Landa said,
"The Converters being manufactured now will be used by
EnviroSafe to process various wastes including pharmaceutical-
industry waste with the resulting Plasma Converted Gas used to
make various Alternative Fuels.  It is important to note here
that in this first-of-its-kind facility, the Alternative Fuels
will be produced from waste as the feedstock and not from food-
crops."

Headquartered in Wilton, Connecticut, StarTech Environmental
Corporation (OTC BB: STHK.OB) -- http://startech.net/--is an  
environment and energy industry company engaged in the
production and sale of proprietary plasma processing equipment
known as the Plasma Converter System(TM).  The Plasma Converter
System safely and economically destroys wastes, no matter how
hazardous or lethal, and turns most into useful and valuable
products.  The company operates in Australia, and Panama.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Startech Environmental Corp. reported a net loss
of US$1,026,985 on revenue of US$191,976 for the second quarter
ended Apr. 30, 2007, compared with a net loss of US$4,620,815 on
revenue of US$111,464 for the same period ended Apr. 30, 2006.




===============
P A R A G U A Y
===============


* PARAGUAY: S&P Probes Presidential Election's Effect on Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services published a Credit FAQ that
examines the effect of former Bishop Fernando Lugo's victory in
the April 20, 2008, presidential election on the Republic of
Paraguay's (B/Stable/B sovereign credit ratings)
creditworthiness.  The article, entitled "Fernando Lugo's
Election Ends Six Decades of One-Party Rule in Paraguay, But
What Are The Consequences?" explains in detail S&P's view on the
major challenges the Lugo Administration will face, both at the
political and economic levels.
     
According to S&P's credit analyst Sebastian Briozzo,
consolidating political stability is Mr. Lugo's most important
priority.  "A peaceful electoral process was a good start, but
President-elect Lugo must manage the very high expectations of
the population at large while leading a heterogeneous alliance
with diverse interests," said Mr. Briozzo.  "He will also face a
strong opposition that, if well organized, could paralyze any
government agenda.  Despite the lack of a formal political
background, Mr. Lugo successfully led his extremely diverse
coalition through a challenging, competitive, and hostile
presidential election, and his leadership capabilities should
therefore not be underestimated," Mr. Briozzo added.
     
Mr. Briozzo explained that among the most sensitive issues on
the economic agenda are land reform and the renegotiation of the
terms of agreement with Brazil and Argentina regarding two
hydroelectric dams.  He also suggested that it is important to
wait until cabinet members are chosen and major aspects of the
government agenda established before forming a strong opinion on
the direction of economic policies.
      
"One downside risk involves problems in implementing the
government's agenda, which could put governability at risk,"
noted Mr. Briozzo.  "On the contrary, if the new administration
combines the continuation of greater economic
institutionalization initiated by the previous administration
with greater reform in the political and social arenas, there is
a chance that Paraguay's credit rating will finally begin to
reflect the strengths of the country's fiscal and financial
indicators instead of the weaknesses of its political
institutions," Mr. Briozzo concluded.



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

GRAN TIERRA: To Ring Opening Bell at American Stock Exchange
------------------------------------------------------------
Gran Tierra Energy Inc. will be ringing the opening bell of the
American Stock Exchange (AMEX) on April 24, 2008, formally
commemorating its April 8 listing on the Exchange.

"This is an exciting time for Gran Tierra Energy," commented  
Gran Tierra Energy Inc. Chief Executive Officer, Dana Coffield.  
"Our listing on the American Stock Exchange is a significant
achievement for our company resulting from the cumulative
efforts of virtually every individual in our organization.  I am
very proud of each and every one of our team members for helping
to transform Gran Tierra Energy into the company it is today.  
In addition to increasing the company's exposure to a broader
investing audience, we believe that our AMEX listing will help
to improve liquidity and provide us with greater flexibility as
we execute our plans to drive top and bottom line growth.  This
is a win for all parties associated with Gran Tierra Energy."

                   About Gran Tierra Energy

Headquartered in Calgary, Alberta, Canada, Gran Tierra Energy
Inc. (OTC BB: GTRE.OB) -- http://www.grantierra.com/-- is an  
international oil and gas exploration and production company,
incorporated and traded in the United States and operating in
South America.  The company holds interests in producing and
prospective properties in Argentina, Colombia and Peru.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$112.79 million, total long term liabilities of
US$36 million and total shareholders' equity of US$76.79
million.

                     Successive Net Losses

As reported in the Troubled Company Reporter on Jan. 4, 2008,
the company disclosed in the regulatory filing that it "has a
history of net losses."  The company said it expects to incur
substantial expenditures to further its capital investment
programs and the company's existing cash balance and cash flow
from operating activities may not be sufficient to satisfy its
current obligations and meet its capital investment commitments.

According to the company, its ability to continue as a going
concern is dependent upon obtaining the necessary financing to
acquire, explore and develop oil and natural gas interests and
generate profitable operations from its oil and natural gas
interests in the future.



=============
U R U G U A Y
=============

BANCO ITAU: Will Acquire AFAP UnionCapital
------------------------------------------
Banco Itau Uruguay S.A. has reached an accord to acquire private
pension fund manager AFAP UnionCapital in Uruguay, Business News
Americas reports, citing sources from AFAP UnionCapital.

Business News Americas relates that AFAP UnionCapital is owned
by:

          -- Bank of America unit Boston International Holdings,
          -- Citibank Oversea Investment Corporation, and
          -- Banco de Montevideo-Fondo de Recuperacion de  
             Patrimonio Bancario.

A Banco Itau manager told Uruguay's El Pais Digital that the
bank will purchase 100% of the shares in AFAP UnionCapital.

El Pais notes that Banco Itau's Deputy General Manager Carlos
Ham said the acquisition is a "bet on Uruguay," where the bank
wants to offer a complete range of financial services.

Uruguay's rules and good economic momentum were important
factors in the decision and that Banco Itau will keep the
current administration at AFAP UnionCapital as it has done a
very good job, El Pais says, citing Mr. Ham.

BNamericas relates that the deal needs the Uruguayan central
bank's approval.

Banco Itau Uruguay S.A. is a multi-product commercial bank, with
a branch network throughout the country.  As of June 2007 the
bank had UYU21.1 billion of assets and UYU1.9 billion of equity.

As of Jan. 4, 2008, Moody's said that Banco Itau Uruguay's B2
foreign currency deposit rating is constrained by Uruguay's
foreign currrency country ceiling for deposits.  Banco Itau
Uruguay's Aa2.uy local currency national scale deposit rating is
directly linked to the local currency deposit rating of Ba1.

As reported in the Troubled Company Reporter-Latin America on
Sept. 25, 2007, Moody's Investors Service upgraded to Ba1 from
Ba2 the long-term global local currency deposit ratings of Banco
Itau Uruguay S.A.



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

PETROLEOS DE VENEZUELA: To Face Exxon Mobil in Netherlands Court
----------------------------------------------------------------
Venezuela's Energy Minister Rafael Ramirez told EFE Ingles that
Venezuela will face Exxon Mobil Corp. this month in a court in
Netherlands to challenge a freeze imposed on the assets of
Petroleos de Venezuela SA.

EFE Ingles relates that Minister Ramirez said during the
International Energy Forum in Rome that Exxon Mobil "abused the
bilateral investment protection treaty between Venezuela and the
Netherlands when it asked the Dutch courts to intervene" in its
dispute with the Venezuelan government over nationalized
oilfields.

Minister Ramirez commented to EFE Ingles, "A lot of companies
register in the Netherlands like Dutch companies and they are
not."  The minister was referring to China National Petroleum
Corp. and Italy's Eni SpA oil.

"Exxon now appears to be Dutch also and that is obviously an
abuse and will be denounced," Minister Ramirez told EFE Ingles.

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

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

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: To Discuss Discrepancy in Output Figures
----------------------------------------------------------------
Dow Jones Newswires reports that the Venezuelan government will
discuss in May the discrepancy between Petroleos de Venezuela
SA's oil output figures and estimates from the Organization of
Petroleum Exporting Countries.

According to Dow Jones, Venezuelan Oil Minister Rafael Ramirez
said that Venezuela is proposing to OPEC that "other measures be
used to ascertain oil production."

The minister told reporters that "Venezuela has proposed that
another reference be sought."

Dow Jones notes that the Venezuelan government said that its
daily output is about 3.3 million barrels, but outside estimates
have placed Venezuela's actual production below official levels.

Venezuela was producing about 2.33 million barrels per day
"based on secondary sources," and the International Energy
Agency placed the nation's daily oil production at 2.44 million
barrels, published reports say, citing OPEC.

Minister Ramirez told Dow Jones that the Venezuelan government
is not in favor of using figures from "secondary sources" and
that such estimates came from sources connected to the
International Energy Agency, the energy watchdog of major
industrialized nations.  Minister Ramirez described the
International Energy Agency as a "political agency biased toward
oil consuming countries," Dow Jones says.  

Minister Ramirez also told Dow Jones that OPEC Secretary General
Abdalla Salem el-Badri was scheduled to visit Venezuela in May
and that the Venezuelan government will "take him to all our
terminals and present him with a summary of all the ships and
tankers that depart every day."

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

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

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Paying Interests to Investors on Time
-------------------------------------------------------------
Petroleos de Venezuela S.A. has performed in a responsible,
efficient and transparent manner in the financial field by
paying interests on the planned dates for bonds with maturity
dates of 2017, 2027, and 2037, the company stated in a media
release.

PDVSA bonds are fixed income investment instruments that pay
interests every six months.  PDVSA calculates interests in U.S.
dollars and gives them to the institutions having under custody
investors’ bonds in Venezuela and overseas.

Banks in Venezuela can directly pay interests to their clients
overseas or issue checks in dollars made payable to the
beneficiaries.

Another way banks can apply to pay interests to investors is to
buy dollars at the official exchange rate and hand in their
value in bolivars.  Venezuela’s exchange agencies can also open
investment bank accounts for investors that can hold products in
dollars or bolivars.  The latter is only possible in Venezuela.

PDVSA is now analyzing new payment possibilities to accumulate
or transfer bonds’ interests or capital payments to the client’s
preferred exchange agency or financial institution.  To
accomplish this, PDVSA is working with the National Securities
Commission, the Venezuelan Securities Fund, the Venezuelan
Association of Exchange Agencies, and the Caracas Stock Market.

In this way, PDVSA can evaluate new mechanisms that will make it
easier to collect bonds’ interests, which will expedite this
process and will benefit Venezuelans who invest and trust on the
financial soundness of the country’s main industry.

In addition, PDVSA is motivating Venezuelans to save by
investing in non-traditional financial instruments, thereby
benefiting small investors and promoting productive investment.

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

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

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Bolivian Gov't Seeks More Oil from Firm
---------------------------------------------------------------
Bolivia's Hydrocarbons and Energy Minister Carlos Villegas told
Business News Americas that the government is seeking an
additional 100,000 barrels of oil per month from Petroleos de
Venezuela SA to ensure supply.

State news agency Agencia Boliviana de Informacion relates that
Minister Villegas said Bolivia imports some 250,000 barrels of
oil per month from Venezuela and other providers as local output
doesn't cover demand.

Bolivia will increase production at the Cochabamba and Santa
Cruz plants to decrease fuel imports, BNamericas states, citing
Minister Villegas.

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

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

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

                        *     *     *

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


                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *