TCRLA_Public/080428.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, April 28, 2008, Vol. 9, No. 83

                            Headlines


A R G E N T I N A

DANA CORP: Seeks Dismissal of Asbestos Claimants Appeal re Plan
DANA CORP: UAW Supports US$2.5MM Success Fee to Potoc and Co.
DE PABLO: Trustee to File Individual Reports on Sept. 10
EDIFICADORA BONSIGNORE: Claims Verification is Until June 23
ELYTIC SACEI: Proofs of Claim Verification Deadline is June 6

FARMACIA NUEVA: Proofs of Claim Verification is Until June 17
FORD MOTOR: Argues Conversion of Blue Water's Case to Chapter 7
FORD MOTOR: Earns US$100 Million in First Quarter of 2008
FORD MOTOR: Jaguar & Land Rover Buyer Gets Antitrust Approval
HERMANOS CAMPAGNA: Proofs of Claim Verification is Until June 23

LIFE INSURANCE SA: Trustee to File Individual Reports on Aug. 15
SANIDAD SIGLO: Proofs of Claim Verification is Until June 6


B A R B A D O S

CABLE & WIRELESS: Unit Spending BBD10 Million to Boost Service


B E R M U D A

ARCH CAPITAL: Reports US$195.9 Mln. Net Income in 2008 1st Qtr.
COSAN LTD: Unit to Buy Esso Brasileira for US$826 Mil. Plus Debt
COSAN LIMITED: S&P Puts BB Long-Term Corporate Credit Rating
FOSTER WHEELER: Moody's Upgrades Unit's Corporate Rating to Ba2
HARBOUR ENTERPRISES: Final Shareholders Meeting is on May 29

HARBOUR ENTERPRISES: Proofs of Claim Filing is Until May 7
JPMP GLOBAL: Proofs of Claim Filing Deadline is May 7
JPMP GLOBAL: Sets Final Shareholders Meeting for May 29


B R A Z I L

ATARI INC: Special Committee Hires Duff & Phelps as Fin. Advisor
BANCO BRADESCO: Discloses Termination of Shareholders' Pact
BANCO DO BRASIL: Will Issue American Depository Receipts by June
BANCO ITAU: Unit Will Increase Stake in Banco Portugues
BANCO NACIONAL: To Help Police Probe on Alleged Funds Diversion

BANCO PINE: Council Okays Foreign Investors to Hold 49% of Bank
BRASKEM SA: Will Sell US$900 Mln. Bonds on Int'l Capital Markets
COSAN SA: To Buy Exxon's Filling Station in Brazil for US$826MM
COSAN SA: S&P Puts BB Long-Term Credit Rating on Negative Watch
EMI GROUP: Restructuring Continues Despite Contractual Hurdles

GERDAU SA: CCA Acquisition Has Strategic Potential, Analyst Says
PERDIGAO SA: Jose Antonio Fay to Replace Nildemar Secches as CEO
PERDIGAO SA: Net Income Down 18.7% to BRL51MM in First Qtr. 2008


C A Y M A N  I S L A N D S

BPI DIRECTORS: Proofs of Claim Filing is Until May 1
DIGICEL GROUP: Launches Text Directory Inquiry Service in Cayman
KAKUSAN LTD: Proofs of Claim Filing Deadline is May 1
SHINSEI FUNDING: Proofs of Claim Filing Deadline is May 1
SHINSEI FUNDING CAYMAN 4 : Proofs of Claim Filing is Until May 1

THE CL BRAZIL: Sets Final Shareholders Meeting for May 1


C H I L E

AES GENER: Regulators to Vote on Environmental Study for Plant


C O L O M B I A

AMPEX CORP: Dec. 31 Balance Sheet Upside Down by US$107.135 Mil.


E C U A D O R

* ECUADOR: Moody's Publishes 2008 Credit Analysis Report


J A M A I C A

CASH PLUS: Defense Attorney to Seek Bail for Bertram Hill


M E X I C O

AXTEL SAB: Books MXN109.8MM Comprehensive Loss in 1Q 2008
BLUE WATER: Case Conversion Not Beneficial to Creditors
CEMEX SAB: Lorenzo Zambrano Vows to Defend Worker's Interests
CEMEX SAB: Shareholders Okay Capital Stock Increase
DIOMED HOLDINGS: Committee Wants Goulston & Storrs as Counsel

DIOMED HOLDINGS: Seeks OK to Hire Choate Hall as Local Counsel
DIOMED HOLDINGS: Various Patent Suits Cost US$11.82MM in 5 Years
EMPRESAS ICA: Teams Up With Alstom & CICSA for Construction Deal


P E R U

BANCO DE CREDITO: Will Use Teradata's Services


X X X X X X

* BOND PRICING: For the Week April 21 - April 25, 2008


                         - - - - -


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

DANA CORP: Seeks Dismissal of Asbestos Claimants Appeal re Plan
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask the U.S. District Court
for the Southern District of New York to dismiss the
consolidated appeals of the Ad Hoc Committee of Asbestos
Personal Injury Claimants and Jose Angel Valdez on the ground
that the Appeals are equitably moot because the Third Amended
Joint Plan of Reorganization has been substantially consummated.

Corinne Ball, Esq. at Jones Day LLP, in New York, relates that
since the Plan became effective in Jan. 31, 2008, the
Reorganized Debtors have take numerous irreversible steps to
implement the Plan, including:

   -- creation a new holding company, New Dana Holdco, which
      received a new preferred stock equity investment of
      US$790,000,000 from 24 different new equity investors;

   -- repayment of the DIP Loan and Borrowing under the
      US$1,350,000,000, Exit Facility;

   -- transfer of operating assets to New Dana Holdco and
      distribution of cash and common stock to creditors;

   -- termination of retiree benefits and funding of voluntary
      employment beneficiary association trust; and

   -- assignment of collective bargaining agreements to New Dana
      Holdco, freezing of pension plans, and assumption and
      rejection of executory contracts.  

“These steps, along with the myriad of other transactions
implementing the Plan have resulted in its substantial
consummation.  As a result of the failure of Asbestos Claimants
to obtain a stay of the Confirmation Order . . . it is no longer
possible . . . for this or any other court to undo the
Restructuring Transactions that are the subject of these
appeals,” Ms. Ball argues.

According to Ms. Ball, if the District Court overturns the
Confirmation Order and belatedly revokes the Plan, all parties-
in-interest must be returned to the status quo that existed just
prior to the Effective Date.  With the reinstatement of the
status quo -- which would require, among other things,
disgorgement by creditors of all cash and stock distributions
made by the Reorganized Debtors -- is impossible, she argues.  

“Seeking to undo these transactions is impossible and grossly
inequitable,” Ms. Ball further argues.  Furthermore, the parties
funding the Reorganized Debtors' Exit Facility cannot be
returned to the status quo.

Ms. Ball notes that the Asbestos Claimants have failed to show
clear error in the Confirmation Order's factual findings or
legal error in its conclusions of law.  She adds that the
Asbestos Claimants made no attempt either to seek a stay of the
Confirmation Order or to expedite their appeals.

Ms. Ball tells the Court that the Asbestos Claims were not
impaired by the Plan.  The record shows, and the Bankruptcy
Court found, that Asbestos Claims were left unimpaired by the
Plan, and because the Asbestos Claims are unimpaired, the
Bankruptcy Court properly held that the "best interests of
creditors" test did not apply to Class 3 Asbestos Claims.

Ms. Ball further argues that the Asbestos Claimants' attempt to
equate the restructuring transactions with that of the creation
of a trust under Section 524(g) of the Bankruptcy Code
misrepresents the effect of the Plan.  She points out that none
of the hallmarks of a Section 524(g) plan are present in the
Plan or exhibited by Reorganized Dana.

                  Asbestos Claimants Talk Back

Counsel to the Asbestos Committee, Douglas Tabachnik, Esq. at
Law Offices of Douglas T. Tabachnik, in Freehold, New Jersey,
argues that the Reorganized Debtors mischaracterize the law of
"equitable mootness" to avoid the fatal flaws in their Plan.

According to Mr. Tabachnik, the Reorganized Debtors mistakenly
contend that "substantial consummation" of the Plan somehow
equates to "equitably moot" as a grounds for dismissal of the
Appeals.

"This is simply a misstatement of the law," Mr. Tabachnik says.  
"Courts have repeatedly held that 'substantial consummation' is
not a magic incantation that automatically results in an appeal
being dismissed.  Because effective relief remains available,
the Asbestos Committee's failure to obtain a stay pending this
appeal does not render the appeal moot," he adds.

Mr. Tabachnik maintains that the Asbestos Claimants merely ask
that the Court modify the Confirmation Order in a very
straightforward way without undoing a single Restructuring
Transaction.  He says the Court can simply interlineate a new
clause into the Confirmation Order making clear that the Class 3
asbestos personal injury claimants are not being left without
recourse against the assets that were shuttled out of the
Debtors.  He adds that the relief sought by the Appellants would
not affect the financing obtained by the Debtors.

The Asbestos Claimants assert that the Reorganized Debtors
woefully mischaracterize their arguments with respect to Section
524(g).  Mr. Tabachnik says the Appellants have never argued
that Debtors must invoke Section 524(g) to effectively
reorganize.  Rather, he says, Appellants argue that Reorganized
Debtors' chosen Plan structure requires them to comply with
Section 525(g).

The Asbestos Claimants maintain that the Plan does not provide
identical treatment to all asbestos personal injury claims.  The
mere fact that the thousands of claims secretly settled on the
eve of confirmation are secured by an escrow fund establishes
the unequal treatment that the Bankruptcy Code forbids, Mr.
Tabachnik says.

                         About Dana Corp.

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 is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

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 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.


DANA CORP: UAW Supports US$2.5MM Success Fee to Potoc and Co.
-------------------------------------------------------------
The International Union, United Automobile, Aerospace, and
Agricultural Implement Workers of America, AFL-CIO, commonly
known as the UAW, supports the request of United Steel, Paper,
and Forestry, Rubber, Manufacturing, Energy, Allied Industrial
and Service Workers International Union for payment of a
US$2,500,000 success fee to its financial advisor, Potok and
Co., Inc.

"The UAW and the USW worked closely together with the Debtors to
restructure the Debtors' operations, to secure equity financing,
and to put together a plan of reorganization that permitted the
Debtors to emerge from bankruptcy and operate as a viable
enterprise post-emergence," Niraj R. Ganatra, associate general
counsel for the International Union of UAW, said.  Mr. Ganatra
adds that Potok was essential to those efforts.

Mr. Ganatra relates that because of the extraordinary efforts of
the Unions and Potok, and other key constituencies, the Debtors
were able to reorganize before the crisis in the capital markets
took hold.  "Potok is entitled to a success fee of US$2.5
million, for its  substantial contribution in the Debtors'
emergence from Chapter 11," Mr. Ganatra maintained.

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 is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

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 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.


DE PABLO: Trustee to File Individual Reports on Sept. 10
--------------------------------------------------------
Marcelo Fabian Francisco, the court-appointed trustee for De
Pablo SA's bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on Sept. 10, 2008.

Mr. Francisco will be verifying creditors' proofs of claim until
June 30, 2008.  He will present in court a general report
containing an audit of De Pablo's accounting and banking records
on Oct. 23, 2008.

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

The debtor can be reached at:

           De Pablo SA
           Teniente General Juan Domingo Peron 1409
           Buenos Aires, Argentina

The trustee can be reached at:

           Marcelo Fabian Francisco
           Uruguay 328
           Buenos Aires, Argentina


EDIFICADORA BONSIGNORE: Claims Verification is Until June 23
------------------------------------------------------------
Flora Pazos, the court-appointed trustee for Edificadora
Bonsignore SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until June 23, 2008.

Ms. Pazos will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, 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 Edificadora Bonsignore 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 Edificadora
Bonsignore's accounting and banking records will be submitted in
court.

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

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

The debtor can be reached at:

           Edificadora Bonsignore SRL
           Gandara 3087
           Buenos Aires, Argentina

The trustee can be reached at:

           Flora Pazos
           Montevideo 527
           Buenos Aires, Argentina


ELYTIC SACEI: Proofs of Claim Verification Deadline is June 6
-------------------------------------------------------------
Juan Giannazzo, the court-appointed trustee for Elytic SACEI's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 6, 2008.

Mr. Giannazzo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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 Elytic 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 Elytic's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Elytic SACEI
           Presidente Roque Saenz Pena 1119
           Buenos Aires, Argentina

The trustee can be reached at:

           Juan Giannazzo
           Avenida de Mayo 1370
           Buenos Aires, Argentina


FARMACIA NUEVA: Proofs of Claim Verification is Until June 17
-------------------------------------------------------------
Salvador Lamarchina, the court-appointed trustee for Farmacia
Nueva Selecta S.C.S.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until June 17, 2008.

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

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

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

The trustee can be reached at:

           Salvador Lamarchina
           Esmeralda 847
           Buenos Aires, Argentina


FORD MOTOR: Argues Conversion of Blue Water's Case to Chapter 7
---------------------------------------------------------------
Ford Motor Company, one of Blue Water Automotive Systems, Inc.'s
key customers, asserted that conversion of the Chapter 11 cases
to Chapter 7 is not in the best interest of creditors and the
estates.

"As several courts have emphasized, short term operating losses
are not unusual during the first few months of a Chapter 11 case
and they certainly do not provide a basis for the drastic remedy
of conversion.  The Debtor's rehabilitation is not a hopeless
and unrealistic prospect as it will have positive EBITDA of
US$11 million in 2008," asserted Ford's counsel, Timothy A.
Fusco, Esq., at Miller, Canfield, Paddock and Stone, PLC, in
Detroit, Michigan.

As reported in the Troubled Company Reporter on March 31, 2008,
the committee representing unsecured creditors of Blue Water
asked the U.S. Bankruptcy Court for the Eastern District of
Michigan, Southern Division to covert Blue Water's bankruptcy
proceedings to cases under Chapter 7 of the Bankruptcy Code.

The committee's case conversion motion was based on its  
apprehensions that the Debtors would only incur more debts if
they continue operations, further diminishing recovery by
creditors.

Ford, however, pointed to testimony by John DiDonato, the
Debtors' financial advisor, and managing director at Huron
Consulting Services, LLC.  Mr. DiDonato said Blue Water is
expected to have 2008 EBITDA of US$11,000,000, which could reach
as high as US$16,000,000.  Mr. DiDonato, according to Ford,
ascribed Blue Water's current problems to its decision to accept
substantial new business from Ford that involves launch of new
product lines.  These launches required substantial working
capital to complete and the Debtor, for a variety of reasons,
did not have sufficient borrowing capacity with its prepetition
lender CIT Group/Business Credit, Inc., to accomplish the
launches.

Ford said it has agreed postpetition to fund the capital and
tooling expenditures and relieve Blue Water of the need to
finance these expenses.  The Ford business that will flow from
these launches is profitable and could lead to even greater
EBITDA for 2008, says Mr. Fusco.

Ford also noted that Mr. DiDonato was adamant that the Debtors
would be sold as a going concern.  The Debtors' investment
banker, Miller Buckfire & Co., LLC, received letters of intent
from at least seven qualified purchasers of the Debtors'
assets and business.  It is almost axiomatic that the purchase
price for the Debtors' assets sold as a going concern will
greatly exceed their value on a liquidation basis, Mr. Fusco
noted.  "Continuation of the Debtor's business in chapter 11 is,
for a number of reasons, a necessary condition to a successful
sale."

Mr. Fusco also pointed out that the accommodation agreements
entered into with Ford, General Motors Corporation, and
Chrysler, LLC, provide that conversion of the Debtors'
bankruptcy cases to Chapter 7 constitutes an event of the
default under the agreements.  He noted that this event would
result to:

   -- the DIP Financing becoming due and owing; and

   -- the termination of Ford's, Chrysler's and GM's obligations
      not to resource component parts.

Mr. Fusco warned that a conversion would be extremely risky for
the Debtors because any decision by Ford, Chrysler or GM to
resource component parts (i) could end any possibility of
rehabilitation for Blue Water, and (ii) would reduce the value
of Blue Water when it is sold.

He added that even in the unlikely event that component parts
are not resourced, the Debtors would have to obtain new
postpetition financing upon an Event of Default.  The Creditors
Committee, he pointed out, has preferred no evidence to suggest
that a Chapter 7 operating trustee would be able to obtain
postpetition financing on different terms than did Blue Water
under the Citizens Bank DIP Financing.

The Creditors Committee, according to Ford, has not satisfied
its burden under Section 1112(b) of the Bankruptcy Code of
proving, by a preponderance of the evidence, that there exists
cause to convert the bankruptcy cases to Chapter 7.

                  About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operation in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction.  In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies.  KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Judy O'Neill, Esq., and Frank DiCastri, Esq., at
Foley & Lardner, LLP, serves as the Debtors' bankruptcy
counsel.  Administar Services Group LLC acts as the Debtors'
claims, noticing, and balloting agent.  Blue Water's bankruptcy
petition lists assets and liabilities each in the range of
US$100 million to US$500 million.  The hearing on the Debtors'
disclosure statement and plan is set for Aug. 5, 2008.  (Blue
Water Automotive Bankruptcy News, Issue No. 12, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000)

                       About Ford Motor

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

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

                          *     *     *

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

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

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


FORD MOTOR: Earns US$100 Million in First Quarter of 2008
---------------------------------------------------------
Ford Motor Company reported net income of US$100 million for the
first quarter of 2008, a turnaround from the US$282 million net
loss in the first quarter of 2007.

The 2008 operating data, however, excluded Jaguar Land Rover
because it is held for sale.  Jaguar Land Rover and Aston Martin
data were included in the 2007 data, except where otherwise
noted.

Ford’s first quarter pre-tax operating profit from continuing
operations, excluding special items, was US$736 million, up
US$669 million from a year ago.  On an after-tax basis, Ford’s
first quarter operating profit from continuing operations,
excluding special items, was US$525 million, compared with a
loss of US$172 million in the same period a year ago.

Ford’s first quarter revenue, excluding special items, was
US$39.4 billion, down from US$43 billion a year ago.  Adjusted
to exclude Jaguar Land Rover and Aston Martin from 2007 results,
revenue would have been up slightly, with favorable exchange
about offset by lower volume and net pricing.

Special items reduced pre-tax results by US$416 million in the
first quarter. These primarily reflected charges associated with
personnel actions, dealer reduction actions and the
restructuring of its investment in Ballard.

Automotive gross cash, which includes cash and cash equivalents,
net marketable securities and loaned securities, was
US$28.7 billion at March 31, 2008, a decrease of US$5.9 billion
from 2007 year-end levels.  The decrease was consistent with our
plan and primarily reflects implementation of the initial part
of its VEBA agreement with the UAW.

"The results of this quarter are encouraging, particularly our
outstanding performance in Europe and South America," Ford
President and CEO Alan Mulally said.  "In the past several
years, we have substantially restructured these businesses.  We
believe this is an indication that our efforts to leverage
Ford’s global assets across the world will bear fruit.  Going
forward, we remain committed to our key business objectives,
including our goal of reaching North America and overall
Automotive profitability in 2009 despite the challenging
economic conditions."

For the first quarter of 2008, Ford’s worldwide Automotive
sector reported a pre-tax profit of US$669 million, compared
with a pre-tax loss of US$226 million during the same period a
year ago.  The improvement was more than explained by favorable
cost performance of US$1.7 billion in the quarter, partially
offset by unfavorable changes in volume and mix (US$700
million), and currency exchange (US$200 million).  The cost
performance included favorable net product costs, manufacturing
costs, spending-related costs and expenses for warranty and
retiree health care.  

Worldwide Automotive revenue for the first quarter of 2008 was
US$35 billion, down from US$38.6 billion a year ago.  Total
company vehicle wholesales in the first quarter were 1,531,000,
compared with 1,650,000 units a year ago, down because of the
exclusion of Jaguar Land Rover and Aston Martin volume in 2008
and lower wholesales in other regions.

a) North America

For the first quarter, North America Automotive operations
reported a pre-tax loss of US$45 million, compared with a loss
of US$613 million a year ago.  The improvement reflected cost
reductions of US$1.2 billion, including lower structural and
product costs.  These improvements were partly offset by
unfavorable volume and mix, and net pricing.  First quarter
revenue was US$17.1 billion, down from US$18.5 billion a year
ago.

b) South America

For the first quarter, Ford’s South America operations posted a
pre-tax profit of US$257 million, up from US$113 million a year
ago.  The improvement reflected higher net pricing and volume
and mix, partially offset by increased costs, which included
higher commodity costs.  First quarter revenue increased to
US$1.8 billion, up from US$1.3 billion a year ago.

c) Ford Europe

For the first quarter, Ford Europe pre-tax profits were
US$739 million, up from US$219 million a year ago.  The
improvement was primarily explained by favorable cost
performance and net pricing, partially offset by unfavorable
changes in currency.  First quarter revenue was US$10.2 billion,
an improvement from US$8.6 billion a year ago.

d) Volvo

For the first quarter, Volvo reported a pre-tax loss of
US$151 million, compared with a profit of US$94 million a year
ago.  The decline was mainly due to unfavorable volume and mix,
and changes in currency exchange rates, partially offset by cost
reductions.  First quarter revenue was US$4.2 billion, compared
with US$4.6 billion a year ago.

e) Asia Pacific Africa

For the first quarter, Asia Pacific Africa reported a pre-tax
profit of US$1 million, compared with a pre-tax loss of US$26
million a year ago.  The improvement primarily reflected
favorable cost performance and higher profits in China,
partially offset by unfavorable exchange and product mix,
primarily in Australia.  First quarter revenue was US$1.7
billion, compared with US$1.8 billion in 2006.

f) Mazda

Ford earned US$49 million from its investment in Mazda and
associated operations in the first quarter, compared with
US$21 million a year ago.

g) Other Automotive

Other Automotive, which consists of interest and financing-
related costs, accounted for a first quarter pre-tax loss of
US$181 million. This included net interest expense of US$472
million and favorable fair market value adjustments of US$291
million, primarily related to the impact of changes in exchange
rates on intercompany loans.

                   Financial Services Sector

For the first quarter, the Financial Services sector earned a
pre-tax profit of US$67 million, compared with a pre-tax profit
of US$293 million a year ago.

Ford Motor Credit Company reported net income of US$24 million
in the first quarter of 2008, down US$169 million from earnings
of US$193 million a year earlier.  On a pre-tax basis, Ford
Motor Credit earned US$36 million in the first quarter, compared
with US$293 million a year ago.  The decrease in earnings
primarily reflected higher provision for credit losses, higher
depreciation expense for leased vehicles, and higher net losses
related to market valuation adjustments from derivatives.  These
were offset partially by lower expenses primarily related to the
non-recurrence of costs associated with Ford Motor Credit's
North American business restructuring initiative and higher
financing margin.

                            2008 Outlook

"The remainder of 2008 will be a challenge but we are cautiously
optimistic despite the external challenges," Mr. Mulally said.  
"Our plan is working. Our initial quality is now among the best
in the business, the restructuring in North America is taking
hold and we will continue to take actions to stay on our plan.
Our product pipeline is full.  We look forward to launching the
new Ford Flex, Ford F-150 and the Lincoln MKS in North America,
and the new Ford Kuga and Ford Fiesta in Europe, with the Fiesta
coming soon thereafter to China and other markets around the
world."

                         About Ford Motor

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

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

                          *     *     *

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

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

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


FORD MOTOR: Jaguar & Land Rover Buyer Gets Antitrust Approval
-------------------------------------------------------------
U.S. antitrust authorities have cleared Tata Motors Ltd.'s
purchase of Jaguar and Land Rover from Ford Motor Co., Reuters
reports.

According to the U.S. Federal Trade Commission, antitrust
authorities have completed their review of the US$2.3 billion
deal between Tata and Ford without taking any action to block
it, Reuters relates.

As reported in the Troubled Company Reporter on March 27, 2008,
Ford entered into a definitive agreement to sell its Jaguar and
Land Rover operations to Tata Motors for US$2.3 billion.  The
transaction is the culmination of Ford's decision last August
to explore strategic options for the Jaguar and Land Rover
businesses, as the company accelerates its focus on its core
Ford brand and "One Ford" global transformation.  At closing,
Ford will then contribute up to US$600 million to the Jaguar and
Land Rover pension plans.  Bloomberg News reports that Ford is
selling its luxury brands to Tata for half the price.  Bloomberg
says Ford acquired Jaguar and Land Rover in separate
transactions for more than US$2 billion each.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business   
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                         About Ford Motor

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

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

                          *     *     *

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

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

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


HERMANOS CAMPAGNA: Proofs of Claim Verification is Until June 23
----------------------------------------------------------------
Ernesto Daniel Haltman, the court-appointed trustee for Hermanos
Campagna SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until June 23, 2008.

Mr. Haltman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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 Hermanos Campagna 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 Hermanos Campagna's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Hermanos Campagna SRL
           Andonaegui 2838
           Buenos Aires, Argentina

The trustee can be reached at:

           Ernesto Daniel Haltman
           Parana 774
           Buenos Aires, Argentina


LIFE INSURANCE SA: Trustee to File Individual Reports on Aug. 15
----------------------------------------------------------------
Mariela Fernanda Agesta, the court-appointed trustee for Life
Insurance SA's bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on Aug. 15, 2008.

Ms. Agesta will be verifying creditors' proofs of claim until
June 19, 2008.  She will submit to court a general report
containing an audit of Life Insurance's accounting and banking
records on Sept. 26, 2008.

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

The debtor can be reached at:

           Life Insurance SA
           Tucuman 1668,
           Buenos Aires, Argentina

The trustee can be reached at:

           Mariel Fernanda Agesta
           Esmeralda 625
           Buenos Aires, Argentina


SANIDAD SIGLO: Proofs of Claim Verification is Until June 6
-----------------------------------------------------------
Jose Angel Tsanis, the court-appointed trustee for Sanidad Siglo
XXI S.R.L.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until June 6, 2008.

Mr. Tsanis will present the validated claims in court as
individual reports on Aug. 5, 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 Sanidad Siglo 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 Sanidad Siglo's
accounting and banking records will be submitted in court on
Sept. 16, 2008.

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

The debtor can be reached at:

           Sanidad Siglo XXI S.R.L.
           Tucuman 1539
           Buenos Aires, Argentina

The trustee can be reached at:

           Jose Angel Tsanis
           Tte. Juan Domingo Peron 1410
           Buenos Aires, Argentina



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

CABLE & WIRELESS: Unit Spending BBD10 Million to Boost Service
-------------------------------------------------------------
The Barbados Advocate reports that Cable & Wireless PLC's
Barbadian unit is spending BBD10 million to improve its fixed
line and broadband service infrastructure.

Cable & Wireless Barbados has invested over BBD$200,000 helping
the government offer broadband Internet service to communities
across the nation, The Advocate says, citing Cable & Wireless
Barbados' President Donald Austin.

Mr. Austin told Business News America that Barbados has Internet
penetration of 55% and broadband penetration of up to 37%.

BNamericas notes that Cable & Wireless Barbados' Regulatory
Affairs Manager Claire Downes-Haynes said the firm will be
providing free personal computers and Internet access in public
libraries under its Connect Barbados program.  The reopening of
the library would let the firm further spread the services it is
offering.

Ms. Downes-Haynes told The Advocate that whenever the main
Public Library reopened, the firm would be offering free
Internet access there as part of Connect Barbados.

According to The Advocate, Mr. Austin said that over the past
few months, Cable & Wireless Barbados' technical team had
upgraded its networks in the BBD10 million operation through the
Multi-Service Access Nodes project.

Cable & Wireless Barbados identified some community centers that
lacked Internet access and the firm would be offering the
deployment of its services to them, The Advocate notes, citing
Chief Community Development Officer Sandra Greenidge.
The center at Drax Hall will be shared with members from the
community and surrounding areas and with the students from
Parkinson School, Ms. Greenidge told The Advocate.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.  
The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.

                        *     *     *

As of Feb. 12, 2008, Cable & Wireless Plc carried a Ba3 long-
term corporate family rating, a B1 senior unsecured debt rating
and a Ba3 probability of default rating from Moody's Investors
Service, which said the outlook is stable.

The company also carries a BB- long-term local and foreign
issuer credit ratings from Standard & Poor's Ratings Services,
which said the outlook is stable.  S&P rates its short-term
local and foreign issuer credit at B.



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

ARCH CAPITAL: Reports US$195.9 Mln. Net Income in 2008 1st Qtr.
---------------------------------------------------------------
Arch Capital Group Ltd. earned US$195.9 million on net revenues
of US$849.2 million for the three months ended March 31, 2008,
compared to net income of US$205 million on net revenues of
US$859.8 million for the same period in 2007.

At March 31, 2008, the company’s capital of US$4.3 billion
consisted of US$300 million of senior notes, representing 7.0%
of the total; US$325 million of preferred shares, representing
7.6% of the total; and common shareholders’ equity of
US$3.68 billion, representing the balance.

                       About Arch Capital

Headquartered in Bermuda, Arch Capital Group Ltd. (NASDAQ: ACGL)
-- http://www.archcapgroup.bm-- is a public limited liability
company, which provides insurance and reinsurance on a worldwide
basis through operations in Bermuda, the United States, Europe
and Canada.  It provides a range of property and casualty
insurance and reinsurance lines, and focus on writing specialty
lines of insurance and reinsurance.  Arch Capital classifies its
business into two underwriting segments: reinsurance and
insurance.  The company's reinsurance operations are conducted
on a worldwide basis through its reinsurance subsidiaries, Arch
Reinsurance Ltd. and Arch Reinsurance Company.  The company's
insurance operations in Bermuda are conducted through Arch
Insurance (Bermuda), a division of Arch Re Bermuda, which has an
office in Hamilton, Bermuda.


                           *     *     *

In December 2006, A.M. Best assigned these ratings on to Arch
Capital's debts:

    -- "bb+" from "bb" on US$200 million 8% non-cumulative
       Series A preferred shares; and

    -- "bb+" from "bb" on US$125 million 7.875% non-cumulative
       Series B preferred shares.


COSAN LTD: Unit to Buy Esso Brasileira for US$826 Mil. Plus Debt
----------------------------------------------------------------
Cosan Ltd's main operating subsidiary in Brazil, Cosan S.A.
Industria e Comercio, agrees to purchase Esso Brasileira de
Petroleo Ltda., Exxon Mobil Corp.'s chain of service stations in
Brazil, for US$826 million, various reports say.  

In addition to the US$826 million payment, the unit will assume
US$163 million in debt and US$35 million in net related-party
receivables as of the end of 2007, Business News Americas states
citing a company statement.

According to a press release, Cosan S.A. intends to fund the
acquisition under a structure that optimizes its capital
structure.  Hence, the subsidiary plans to use the
US$310 million in additional proceeds received from its minority
shareholders who participated in the capital increase made by
the private share subscription it concluded in January 2008, and
to finance the remaining balance possibly through debt.  By
doing so, the proceeds from Cosan Ltd’s IPO would be preserved
for the development of its ethanol, sugar and energy cogen
businesses, the release adds.

The deal came on the heels of rising sales of fuel ethanol, even
overtaking sales of gasoline.  For the first time in Brazil,
ethanol fuel sales have overtaken those of gasoline,
the Financial Times notes adding that almost 90% of all new cars
sold in Brazil have engines that can run on both ethanol or
gasoline or a combination of both.  FT further notes that
between 2003 and 2007, ethanol sales in Brazil rose at an annual
rate of more than 29%.

Bloomberg News says the transaction will make Cosan Ltd the
fifth largest fuel distributor in Brazil with 7.2% market share.  
With the purchase, the company will have 1,500 gasoline stations
in 20 Brazilian states, a lubricants plant in Rio de Janeiro,
and a majority stake in a lubricants terminal in Duque de
Caxias, Tales Azzoni writes for the Associated Press.

"The acquisition will also provide Cosan with a 'natural hedge'
against ethanol price volatility that is caused by seasonal
factors," Cosan CFO Paulo Diniz points out in a web cast.  "With
more stable margins, we will be able to seek opportunities to
purchase more ethanol plants."

The fuels distribution sector in Brazil has been going through
intense consolidation, Cosan observes and, citing Sindicom data
for 2007, points out that five largest players account for
approximately 76% of the market.   The fragmentation within
ethanol producers, the reduced number of large distributors
buying ethanol, and the access to consumers through the service
stations network are key drivers that make the present
transaction strategic to the company, the company asserts.

The company believes it will have reached a new business level
with the purchase, broadening the scope of its operations and
becoming the first renewable energy player in the world to
operate from the planting of sugar cane to the distribution of
fuels in the retail and wholesale markets.

Cosan reportedly is not planning to spin off Esso divisions.

Reports say that Petroleo Brasileiro SA also offered a bid for
Esso Brasileira.  "I don't know if our bid was the highest.  We
don't think it was because in such a big transaction, ExxonMobil
looks at different angles, not just money," BNAmerica cites Mr.
Diniz as saying.  One factor that could have influenced
ExxonMobil was Esso's workforce, which Cosan S.A. needs, he
added.

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


                            *     *     *

As reported by the Troubled Company Reporter-Latin America on
Apr. 15, 2008, Standard & Poor's Ratings Services assigned its
'BB' long-term corporate credit rating to sugar-cane processor
Cosan Ltd.  The outlook is stable.

"The ratings on Cosan ultimately reflect the risks associated
with its main operating subsidiary Cosan S.A. in Brazil.  As
such, the ratings reflect inherent risks in its operating
company commodity-oriented business, which depends on highly
volatile and protected sugar and ethanol market conditions
worldwide, resulting in volatile EBITDAH margins.  The ratings
also consider substantial working capital needed to finance the
sugar cane crop and a still-aggressive financial risk policy
associated with Cosan's growth plans, which could potentially
weaken its credit metrics in the medium term," said S&P's credit
analyst Vivian Zietemann.



COSAN LIMITED: S&P Puts BB Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on Cosan S.A. Industria e Comercio, as
well as its 'BB' rating on the company's outstanding debt
issues, which amount to US$950 million, on CreditWatch with
negative implications.  At the same time, S&P placed its 'BB'
long-term corporate credit rating on Bermudas-based sugar-cane
processor Cosan Ltd. on CreditWatch with negative implications.
     
The CreditWatch placement follows Cosan S.A.'s announcement that
it has entered into a share-purchase agreement with ExxonMobil
International Holdings B.V., to purchase all of the share
capital of ExxonMobil's affiliates that own 100% of the
outstanding equity interests of Esso Brasileira de Petroleo
Ltda. that market and distribute fuels and produce and market
lubricants and specialties.  The agreement is binding and
indefeasible, but subject to certain customary conditions for
transactions of this nature.  It will be concluded after a
specific transition period determined by Cosan S.A. and Esso
Brasileira.
      
"We have already incorporated in the ratings that both companies
would maintain intense acquisition activity in the sugar-cane
business in Brazil and abroad by using their strong cash
reserves.  However, the CreditWatch indicates that we could
lower our ratings on Cosan S.A. and Cosan Ltd. by one notch
depending on the ultimate strategy used to finance this
acquisition and the resulting financial profile of the new
entity.  We also see some potential integration risk associated
with the acquisition," said S&P's credit analyst Vivian
Zietemann.
     
The fuel distribution business should provide the companies with
comparatively lower margins that could result in weaker cash-
flow protection measures, as the company has already commented
that it intends to finance part of the acquisition price with
new debt.  On the other hand, S&P could affirm the ratings on
both entities if Cosan S.A. demonstrates its ability to improve
its credit metrics consistently, based on increasing cash flows
from Esso Brasileira and synergies for the combined entity.
     
S&P believes the acquisition enhances Cosan S.A.'s and Cosan
Ltd.'s business profiles by further improving their market
intelligence, logistics, and operating integration in the
promising ethanol market.  After the transaction, Cosan Ltd.
will be one of the largest integrated ethanol companies
worldwide.
     
The resolution of the CreditWatch listings depends on the
closing of the transaction and on further clarity on the funding
for the transaction.

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


FOSTER WHEELER: Moody's Upgrades Unit's Corporate Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded Foster Wheeler LLC's
corporate family rating to Ba2 from Ba3, and raised its senior
secured rating to Baa2 from Baa3.  The outlook continues to be
positive.  

The rating action reflects the significant and ongoing
improvements in Foster Wheeler's operating results and financial
profile driven by strong end market demand in both its business
segments and the company's ability to obtain and profitably
execute key projects at rapidly escalating levels of scale.  
This success has resulted in a marked strengthening of the
company's credit profile warranting an upgrade to the Ba2 rating
level.  The positive outlook signals Moody's belief that the
company's ratings stand to be further enhanced should the
company demonstrate a continued commitment to its conservative
capital structure and reduced variability in top line revenues
and operating earnings, which historically have been
sigificiant.  

The rating also considers Foster Wheeler LLC's ongoing asbestos
litigation issues and the potential for the company to direct
its growing cash balances to acquisition acitivity, introducing
integration risk into future results.  These constraints are
offset by a strong market position, favorable end market demand
and prospects for continued organic growth, along with current
levels of profitability and cash flow generation that are
consistent with a higher rating.

Upgrades:

   -- Probability of Default Rating, Upgraded to Ba2 from Ba3

   -- Corporate Family Rating, Upgraded to Ba2 from Ba3

   -- Senior Secured Bank Credit Facility, Upgraded to Baa2,
      LGD1, 4% from Baa3, LGD1, 3%

Foster Wheeler LLC, a wholly owned subsidiary of Foster Wheeler
Ltd.  Consolidated revenues were US$5.1 billion in 2007.

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


HARBOUR ENTERPRISES: Final Shareholders Meeting is on May 29
------------------------------------------------------------
Harbour Enterprises (Bermuda) Limited will hold its final
shareholders meeting on May 29, 2008, at 9:30 a.m. at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Harbour Enterprises' shareholders agreed on April 21, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Robin J. Mayor
                 Messrs. Conyers Dill & Pearman
                 Clarendon House, 2 Church Street
                 Hamilton, HM 11, Bermuda


HARBOUR ENTERPRISES: Proofs of Claim Filing is Until May 7
----------------------------------------------------------
Harbour Enterprises (Bermuda) Limited's creditors have until
May 7, 2008, to prove their claims to Robin J. Mayor, 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.

Harbour Enterprises' shareholders agreed on April 21, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Robin J. Mayor
                 Messrs. Conyers Dill & Pearman
                 Clarendon House, 2 Church Street
                 Hamilton, HM 11, Bermuda


JPMP GLOBAL: Proofs of Claim Filing Deadline is May 7
-----------------------------------------------------
JPMP Global Tire Holdings Ltd's creditors have until
May 7, 2008, to prove their claims to Robin J. Mayor, 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.

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

The liquidator can be reached at:

                 Robin J. Mayor
                 Messrs. Conyers Dill & Pearman
                 Clarendon House, 2 Church Street
                 Hamilton, HM 11, Bermuda


JPMP GLOBAL: Sets Final Shareholders Meeting for May 29
-------------------------------------------------------
JPMP Global Tire Holdings Ltd. will hold its final
shareholders meeting on May 29, 2008, at 9:30 a.m. at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

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

The liquidator can be reached at:

                 Robin J. Mayor
                 Messrs. Conyers Dill & Pearman
                 Clarendon House, 2 Church Street
                 Hamilton, HM 11, Bermuda



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

ATARI INC: Special Committee Hires Duff & Phelps as Fin. Advisor
----------------------------------------------------------------
The special committee of Atari Inc.'s board of directors has
retained Duff & Phelps LLC as its financial advisor to assist it
in evaluating the proposal by Infogrames Entertainment S.A. to
acquire all of the outstanding common stock of Atari Inc.

On March 6, 2008, Atari Inc. received a letter from IESA, its
majority shareholder, regarding IESA's non-binding expression of
intent to acquire the outstanding common stock of Atari Inc. not
owned by IESA and its affiliates for a per share cash amount of
US$1.68.

The special committee also informed IESA that it would not be in
a position to respond to the offer by the date of
March 11, 2008, as requested by IESA in its letter containing
the proposal.  The special committee intends, together with its
advisors, to thoroughly evaluate IESA's proposal before
providing any response.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) --
http://www.atari.com/-- publishes and distributes interactive    
entertainment software in the U.S.  The company's 1,000+
published titles distributed by the company include hard-core,
genre-defining franchises such as Test Drive(R); and mass-market
and children's franchises such Dragon Ball Z(R).  Atari Inc. is
a majority-owned subsidiary of France- based Infogrames
Entertainment SA, an interactive games publisher in Europe.  
Atari has offices in Brazil, the United Kingdom and Japan.

As reported in the Troubled Company Reporter on Feb. 20, 2008,
Atari Inc.'s consolidated balance sheet at Dec. 31, 2007, showed
US$43.5 million in total assets and US$60.3 million in total
liabilities, resulting in a US$16.8 million total stockholders'
deficit.

                       Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.

As reported in the Troubled Company Reporter-Latin America on
March 31, 2008, Atari Inc. received a Staff Determination Letter
from the Nasdaq Listing Qualifications Department stating that
Atari Inc. has not gained compliance with the requirements of
Nasdaq Marketplace Rule 4450(b)(3), and that its securities are
therefore subject to delisting from The Nasdaq Global Market.

On Dec. 21, 2007, the Nasdaq Listing Qualifications Department
notified Atari Inc. that, pursuant to Nasdaq Marketplace Rule
4450(e)(1), unless the market value of Atari Inc.'s publicly
held shares, which is calculated by reference to Atari Inc.'s
total shares outstanding, less any shares held by officers,
directors or beneficial owners of 10% or more, maintains an
aggregate market value of US$15 million or more for a minimum of
10 consecutive business days prior to March 20, 2008, Atari
Inc.'s securities would be subject to delisting.

As disclosed on March 21, 2008, the forbearance period granted
by BlueBay High Yield Investments (Luxembourg) S.A.R.L., the
lender under Atari's senior secured credit facility, has expired
and Atari is currently in discussions with BlueBay with respect
to, among other things, an extension of the forbearance period.


BANCO BRADESCO: Discloses Termination of Shareholders' Pact
-----------------------------------------------------------
Banco Bradesco S.A. has informed its shareholders and the market
in general of the termination of the Shareholders’ Agreement,
entered into on June 9, 2003, between:

a. its controlling shareholders -- Cidade de Deus-Companhia
    Comercial de Participacoes and Fundacao Bradesco [Cidade de
    Deus and Fundacao]; and

b. Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), based in
    Bilbao (Spain).

The termination was due to the exercise by BBVA of the Sale
Option of all common shares linked to the Agreement which it
used to hold, representing 5% of Bradesco’s common shares.  Said
interest was sold on April 11, 2008 to NCF Participacoes S.A., a
company controlled by Cidade de Deus and Fundacao, for
BRL$2.289 billion.  On April 11, 2008, NCF sold 1.5% of
Bradesco’s common shares to Banco Espirito Santo, S.A., from
Portugal, for BRL685 million.

                      About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                             *     *     *

On Nov. 12, 2007, Moody's Investors Service assigned a Ba2
foreign currency deposit rating to Banco Bradesco.


BANCO DO BRASIL: Will Issue American Depository Receipts by June
----------------------------------------------------------------
Banco do Brasil SA's Chief Financial Officer Aldo Luiz Mendes
told Brazilian news agency Agencia Estado that the bank will
likely issue American Depository Receipts on the New York Stock
Exchange by June 2008.

Business News Americas relates that Banco do Brasil needs a
presidential decree before it can list American Depository
Receipts and join private sector banks Banco Bradesco, Banco
Itau, and Unibanco in New York.

Mr. Mendes told Agencia Estado that Banco do Brasil will first
issue level 1 American Depository Receipts as regulations
required.  They will likely be upgraded to level two or three by
the second half of next year.

Banco do Brasil will raise its "free float" on Sao Paulo stock
exchange Bovespa to 25% by the second half of 2009, from the
current free float of 21.7%, BNamericas adds.

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 ITAU: Unit Will Increase Stake in Banco Portugues
-------------------------------------------------------
Portuguese daily Diario Economico reports that Banco Itau
Holding Financeira SA's Itau Europe will increase its stake in
Banco Portugues de Investimentos to 20% from 18.8%.

Business News Americas relates that the Portuguese central bank
previously authorized Itau Europe to purchase up to 20% of Banco
Portugues.  Itau Europe is Banco Portugues' second largest
shareholder, following La Caixa which has 25.0%.

Itau Europe runs remittance partnerships with Banco Portugues
and La Caixa, BNamericas states.

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--    
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA(Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.  The
bank has offices in Miami, New York, Hongkong, Lisbon,
Luxembourg, Bahamas, the Cayman Islands, Chile and Uruguay.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2007, Fitch changed the outlook of Banco Itau Holding
Financiera S.A.'s 'BB+' foreign currency IDR rating to positive
from stable.


BANCO NACIONAL: To Help Police Probe on Alleged Funds Diversion
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social will help
the Brazilian federal police in investigating the alleged
diversion of funds.

Published reports in Brazil say that the police arrested on
Thursday nine people for allegedly participating in a criminal
organization involved in prostitution, human trafficking in and
outside Brazil, and diverting funds from Banco Nacional.

Business News Americas relates that Banco Nacional board member
and attorney Ricardo Tosto was one of those arrested.  Mr. Tosto
represents union Forca Sindical on the Banco Nacional board.

According to reports, Forca Sindical allegedly redirected Banco
Nacional loans to city governments and private businesses,
including a loan for BRL130 million to a city in Sao Paulo and
BRL220 million to a retail firm, among others.

Forca Sindical allegedly got hold of up to 5% of Banco Nacional
loans to municipalities in Brazil, BNamericas says, citing the
police.

The police reportedly included in their probe fraud involving
Banco Nacional loans after taping a conversation where Mr. Tosto
told a prostitute about the scam.

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

                           *     *     *

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


BANCO PINE: Council Okays Foreign Investors to Hold 49% of Bank
---------------------------------------------------------------
The Brazilian central bank reported that the national monetary
council has voted to let foreign investors hold up to 49% of
total capital in Banco Pine SA.

Business News Americas reports that the proposal will be
submitted to Brazilian President Luiz Inacio Lula da Silva for
approval.

Headquartered in Sao Paulo, Banco Pine SA was established in
1997 by the brothers Nelson and Noberto Pinheiro after the sale
in 1996 of their participation in another family institution.  A
comprehensive corporate and operational restructuring was
implemented and in the first half of 2005 Noberto Pinheiro
became the bank's majority shareholder.  In April 2007, Banco
Pine went public by placing non-voting preferred shares at the
Bovespa Level 1 on the New Brazilian Stock Market.  These shares
enjoy a tag-along privilege, giving minority shareholders 100%
of the value of the block of controlling shares in the event of
the sale of the institution.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2008, Fitch Ratings affirmed Banco Pine S.A.'s 'B+'
long-term foreign and local currency issuer default rating.  It
also affirmed the bank's 'B' short-term foreign and local
currency issuer default rating.  Fitch said the outlook remaines
positive.


BRASKEM SA: Will Sell US$900 Mln. Bonds on Int'l Capital Markets
----------------------------------------------------------------
Brazilian reporters say that Braskem SA will sell US$900 million
worth of bonds on the international capital markets.

Braskem's Chief Executive Officer Jose Carlos Grubisich told
Business News Americas that the bonds will be backed by export
receivables.  Braskem believes there is enough liquidity in the
market to issue the bonds.

Mr. Grubisich commented to Reuters, "There has been an increase
in borrowing costs, but nothing that would make us change our
plans."

Braskem is still finalizing the operation with the relevant
financial institutions.  The bonds will have varying maturity
dates, Reuters states.

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

                           *     *    *

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


COSAN SA: To Buy Exxon's Filling Station in Brazil for US$826MM
---------------------------------------------------------------
Cosan S.A. Industria e Comercio has signed pursuant a share
purchase agreement to buy Esso Brasileira de Petroleo Ltda.,
Exxon Mobil Corp.'s chain of service stations in Brazil, for
US$826 million, various reports say.  

In addition to the US$826 million payment, Cosan S.A. will
assume US$163 million in debt and US$35 million in net related-
party receivables as of the end of 2007, Business News Americas
states citing a company statement.

According to a company press release, Cosan S.A. intends to fund
the acquisition under a structure that optimizes its capital
structure.  Hence, Cosan plans to use the US$310 million in
additional proceeds received from its minority shareholders who
participated in the capital increase made by the private share
subscription it concluded in January 2008, and to finance the
remaining balance possibly through debt.  

The deal came on the heels of rising sales of fuel ethanol, even
overtaking sales of gasoline.  For the first time in Brazil,
ethanol fuel sales have overtaken those of gasoline,
the Financial Times notes adding that almost 90% of all new cars
sold in Brazil have engines that can run on both ethanol or
gasoline or a combination of both.  FT further notes that
between 2003 and 2007, ethanol sales in Brazil rose at an annual
rate of more than 29%.

Bloomberg News says the transaction will make Cosan S.A. the
fifth largest fuel distributor in Brazil with 7.2% market share.  
With the purchase, Cosan will have 1,500 gasoline stations in 20
Brazilian states, a lubricants plant in Rio de Janeiro, and a
majority stake in a lubricants terminal in Duque de Caxias,
Tales Azzoni writes for the Associated Press.

"The acquisition will also provide Cosan with a 'natural hedge'
against ethanol price volatility that is caused by seasonal
factors," Cosan CFO Paulo Diniz points out in a web cast.  "With
more stable margins, we will be able to seek opportunities to
purchase more ethanol plants."

The fuels distribution sector in Brazil has been going through
intense consolidation, Cosan observes and, citing Sindicom data
for 2007, notes  that five largest players account for
approximately 76% of the market.   The fragmentation within
ethanol producers, the reduced number of large distributors
buying ethanol, and the access to consumers through the service
stations network are key drivers that make the present
transaction strategic to the company, Cosan asserts.

The company believes it will have reached a new business level
with the purchase, broadening the scope of its operations and
becoming the first renewable energy player in the world to
operate from the planting of sugar cane to the distribution of
fuels in the retail and wholesale markets.

Cosan reportedly is not planning to spin off Esso divisions.

Reports say that Petroleo Brasileiro SA also offered a bid for
Esso Brasileira.  "I don't know if our bid was the highest.  We
don't think it was because in such a big transaction, ExxonMobil
looks at different angles, not just money," BNAmerica cites Mr.
Diniz as saying.  One factor that could have influenced
ExxonMobil was Esso's workforce, which Cosan S.A. needs, he
added.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio produces sugar and ethanol.  The Company cultivates
harvests and processes sugarcane, the main raw material for
sugar and ethanol manufacturing.  With 17 manufacturing units
and two port terminals in the city of Santos, Cosan says it is
currently the largest individual group in the world in terms of
sugarcane byproducts manufacturing.  With capacity to grind more
than 40 million tonnes of sugarcane, the group represents 12% of
overall production in the mid-southern region of the country.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2008, Standard & Poor's Ratings Services affirmed its
global scale 'BB' local and foreign currency corporate credit
rating on Brazil-based sugar-cane mill Cosan S.A. Industria e
Comercio.  At the same time, S&P affirmed the 'BB' ratings on
the company's US$450 million perpetual bonds and US$400 million
senior unsecured notes due 2017.  S&P said that outlook is
stable.


COSAN SA: S&P Puts BB Long-Term Credit Rating on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on Cosan S.A. Industria e Comercio, as
well as its 'BB' rating on the company's outstanding debt
issues, which amount to US$950 million, on CreditWatch with
negative implications.  At the same time, S&P placed its 'BB'
long-term corporate credit rating on Bermudas-based sugar-cane
processor Cosan Ltd. on CreditWatch with negative implications.
     
The CreditWatch placement follows Cosan S.A.'s announcement that
it has entered into a share-purchase agreement with ExxonMobil
International Holdings B.V., to purchase all of the share
capital of ExxonMobil's affiliates that own 100% of the
outstanding equity interests of Esso Brasileira de Petroleo
Ltda. that market and distribute fuels and produce and market
lubricants and specialties.  The agreement is binding and
indefeasible, but subject to certain customary conditions for
transactions of this nature.  It will be concluded after a
specific transition period determined by Cosan S.A. and Esso
Brasileira.
      
"We have already incorporated in the ratings that both companies
would maintain intense acquisition activity in the sugar-cane
business in Brazil and abroad by using their strong cash
reserves.  However, the CreditWatch indicates that we could
lower our ratings on Cosan S.A. and Cosan Ltd. by one notch
depending on the ultimate strategy used to finance this
acquisition and the resulting financial profile of the new
entity.  We also see some potential integration risk associated
with the acquisition," said S&P's credit analyst Vivian
Zietemann.
     
The fuel distribution business should provide the companies with
comparatively lower margins that could result in weaker cash-
flow protection measures, as the company has already commented
that it intends to finance part of the acquisition price with
new debt.  On the other hand, S&P could affirm the ratings on
both entities if Cosan S.A. demonstrates its ability to improve
its credit metrics consistently, based on increasing cash flows
from Esso Brasileira and synergies for the combined entity.
     
S&P believes the acquisition enhances Cosan S.A.'s and Cosan
Ltd.'s business profiles by further improving their market
intelligence, logistics, and operating integration in the
promising ethanol market.  After the transaction, Cosan Ltd.
will be one of the largest integrated ethanol companies
worldwide.
     
The resolution of the CreditWatch listings depends on the
closing of the transaction and on further clarity on the funding
for the transaction.

Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e
Comercio is Cosan Limited's principal operating subsidiary.  The
company operates in three segments: sugar, ethanol, and other
products and services.


EMI GROUP: Restructuring Continues Despite Contractual Hurdles
--------------------------------------------------------------
EMI Group Plc reiterated that its planned restructuring is on
track despite contractual obstacles on implementing it, Reuters
reports.

Reuters' sources said some challenges appeared and slowed down
EMI's restructuring plan.  The issues include:

    * "key man" clauses in contracts that allow artists to leave
      EMI if a label president or A&R executive who signed the
      act leaves or is fired;

    * clauses in executive contracts that allow top employees to
      leave if their responsibilities change or the company
      comes under new ownership or management; and

    * meeting deadlines by certain sectors of the company.

An EMI executive confirmed to Reuters that the overall
restructuring is slow "because some people are missing their
deadlines.

The sources commented to Reuters that Terra Firma, which
acquired EMI in August 2007 for GBP2.4 billion, may not have
realized the extent to which the "key man" contracts exist
within the label.

Reuters' sources added that a number top EMI executives want to
leave, claiming breach of contract due to impending changes in
title or responsibilities.  The sources said EMI is fighting
executives in instances where it believes it is in the right.

As reported in the Troubled Company Reporter on Jan. 22, 2008,
Terra Firma had unveiled a restructuring plan for EMI.  The plan
entails:

    * positioning EMI's labels to ensure they will be
      completely focused on A&R and maximizing the potential of
      all their artists;

    * developing a new partnership with artists, based on
      transparency and trust, and helping all artists monetise
      the value of their work by opening new income streams such
      as enhanced digital services and corporate sponsorship
      arrangements;

    * bringing together all the group's key support activities
      including sales, marketing manufacturing and distribution
      into a single division with a unified global leadership;
      and

    * the elimination of significant duplications within the
      group to simplify processes and reduce waste.

The changes, which will be implemented over the next six months,
will enable the group to invest more in its A&R operations both
to identify and sign promising new artists and to maximize the
potential of its existing roster.

                        About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

                       About EMI Group plc

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent    
music company, operating directly in 50 countries, with
licensees in a further 20 and employs around 5,500 people.  The
group has operations in Brazil and China among others.  In
August 2007 EMI was acquired by private equity firm Terra Firma.

At March 31, 2007, EMI Group's consolidated balance sheet
revealed GBP1.5 billion in total assets, GBP2.65 billion in
total liabilities resulting to GBP1.15 billion in shareholders'
deficit.


GERDAU SA: CCA Acquisition Has Strategic Potential, Analyst Says
----------------------------------------------------------------
Gerdau SA's US$180 million purchase of a 30% stake in
Corporacion Centroamericana del Acero has "tremendous strategic
potential," Brazilian bank BRG Capital analyst Raphael
Nascimento told Business News Americas.

As reported in the Troubled Company Reporter-Latin America on
April 24, 2008, Gerdau teamed up with CCA.  According to Gerdau,
it will own a 30% stake and invest some US$180 million in CCA.

The most important part of Gerdau's purchase of the stake is
"CCA's importance in terms of distribution assets in Central
America."

Mr. Nascimento commented to BNamericas, "CCA is actually a small
family-owned company but offers great potential and should
guarantee a solid introduction of Gerdau in Central America."

CCA's facilities account for up to 3% of Gerdau's total assets,
BNamericas says, citing Mr. Nascimento.

The analyst told BNamericas that the CCA stake purchase will
"avert the entrance of more competitors into the region.  With
the CCA deal, the company now has a strong presence in a fast
growing market in terms of per capita consumption" and could
increase its share at CCA.  The price Gerdau paid for the stake
"seems reasonable considering the fact that it has strategic
value."

According to BNamericas, the transaction includes:

          -- a steel mill in Guatemala,

          -- four rolling mills in Guatemala and Honduras,
             and

          -- sales offices and distribution units in Central
             America.

                            About CCA

CCA is a steel corporation in Central America.  It has a steel
plant in Guatemala, four rolling units in Guatemala and Honduras
and commercial offices in Guatemala, Honduras, and El Salvador.  
The corporation also has distribution units in Guatemala,
Belize, El Salvador, Honduras, and Nicaragua.  CCA has installed
capacity of 500,000 tons per year of steel and 690,000 tons per
year of rolled products and also holds a minority share in
Honduran company Intrefica.

                           About Gerdau

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

                            *     *     *

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


PERDIGAO SA: Jose Antonio Fay to Replace Nildemar Secches as CEO
----------------------------------------------------------------
Perdigao S.A.'s Chairperson Nildemar Secches said on April 24,
that Jose Antonio Fay, the company's current director-general
for the Perdigao Business Unit, is to replace him in the post of
Chief Executive Officer beginning Oct. 30.  Mr. Secches will
stay on as chairperson of the board of directors, a position he
has been holding for the past year.  Mr. Fay's name has been
submitted to the members of the board, who have approved the
appointment.

The succession process, announced in April last year, is one of
the most important stages in the company's corporate governance
policy and has been undertaken by Mr. Secches with objectivity
and transparency.  His replacement as CEO is also designed to
segregate functions.  It is worth remembering that Mr. Secches
has been holding the two positions on an interim basis.

The appointment of an executive from within the company has
various positive aspects.  In addition to his familiarity with
the corporate culture and administrative structure, Mr. Fay is
already playing a hands-on role in the preparation of Perdigao's
strategic plan through 2015.  Starting October, he will assume
leadership in this process.

After the new CEO assumes his post, Mr. Secches, as chairperson
of the Board, will make an effective contribution to strategic
decisions on the back of his accumulated experience as CEO of
Perdigao, the affinity he enjoys with the other directors, and
his detailed knowledge of the sector in which the company
operates.

"Succession does not mean a change in direction.  Perdigao will
maintain its policy of global expansion.  The new CEO has the
mission of stimulating the company through even more innovative
initiatives, thereby ensuring a premium performance.  The
company's successful track record over the past decade is due to
the long-term strategic plan, which will continue to be key to
my successor's management of the business.  We have every
confidence in his competence, professional reputation and
ethics," Mr. Secches noted.

Until Oct. 30, Mr. Fay will continue to be responsible as
director-general for the Perdigao Business Unit, at which time
the other changes planned for the Board of Executive Directors
will also be effected simultaneously with the investiture of the
new chief executive officer.

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

                         *     *     *

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


PERDIGAO SA: Net Income Down 18.7% to BRL51MM in First Qtr. 2008
----------------------------------------------------------------
Perdigao S.A. ended the first quarter of 2008 with gross sales
of BRL2.85 billion, 59.5% greater than for the same period last
year, and an overall growth of 64.5% in volumes of meat, dairy
products and other processed products.  According to the
company, the results reflect the good performance in both
domestic and export markets with the strengthening of the
company's sales bases both in Brazil and overseas following the
mergers of the Eleva and Plusfood businesses.

Domestic market sales amounted to BRL1.74 billion, an increase
of 68.8% against the same period in 2007, meats rising by 31% in
sales volume and dairy products by 197%.  The Elege brand
leadership in UHT milk and the diversified Batavo brand
portfolio were critical to the company's performance in the
dairy product business.

Exports reported revenues of BRL1.1 billion, 46.7% more than the
first quarter of 2007, reflecting growth rates in key markets,
notably the Middle East and Far East.  Total sales volume in
export markets was 31.9% up for meats and 16.3% for other
processed products such as pastas, pizzas and margarines.

Perdigao posted a gross profit of BRL536.4 million,
corresponding to an increase of 30.5%.  However, in spite of the
good sales performance, gross margin was off by 520 basis points
due to cost pressures from the principal raw materials
(particularly corn, soybean meal and milk), as well as other
inputs, which increased selling costs by 73%.

                              1Q08         1Q07       % Change
   -----------------------------------------------------------
   Gross Sales               2,846.7     1,784.7       59.5
   Domestic Market           1,742.7     1,032.3       68.8
   Exports                   1,104.0       752.4       46.7
   Net Sales                 2,461.7     1,523.1       61.6
   Gross Profits               536.4       411.1       30.5
   EBIT                         91.0        94.7       (3.9)
   Net Income                   51.0        62.7      (18.7)
   EBITDA                      186.4       168.3       10.7
   Capex                     1,862.8       125.0
   Earnings per share R$*       0.25         0.38     (34.2)
    
* Consolidated Earnings per Share (in BRL), excluding treasury
shares.

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

                         *     *     *

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



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

BPI DIRECTORS: Proofs of Claim Filing is Until May 1
----------------------------------------------------
BPI Directors, Ltd.'s creditors have until May 1, 2008, to prove
their claims to Antonio Miguel Pina Alves Luna Vaz and Carlos
Ferreira Marques Pitarma, 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.

BPI Directors' shareholders agreed on March 14, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Antonio Miguel Pina Alves Luna Vaz
                 Carlos Ferreira Marques Pitarma
                 Rue Etiene Dumont, 1-1the
                 Geneve, Switzerland

Contact for inquiries:
  
                 Kim Charaman
                 Close Brothers (Cayman) Limited
                 Fourth Floor, Harbour Place
                 P.O. Box 1034, Grand Cayman KY1-1102
                 Cayman Islands
                 Telephone: (345) 949 8455
                 Fax: (345) 949 8499


DIGICEL GROUP: Launches Text Directory Inquiry Service in Cayman
----------------------------------------------------------------
Digicel Group has launched text directory inquiry service Ecay
(3229) in the Cayman Islands, Cayman Net News report.

According to Cayman Net News, Ecay is powered by
http://www.ecayonline.com

It lets Digicel subscribers find any business telephone number
or address in Cayman by sending a text from a mobile phone,
Blackberry or personal digital assistant.   The client can type
the name of the firm into a text message and send it to ECAY
(3229), and receive a text with the desired phone number.  

Ecay lets users search for phone numbers and addresses by
business category by typing the kind of business and sending it
to ECAY (3229).  The users will receive the names, addresses,
and telephone numbers of two relevant firms, Cayman Net states.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings Service assigned 'CCC+/RR5' rating
on Digicel Group Ltd.'s proposed US$1.4 billion senior
subordinated notes due 2015.  

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                         *     *     *

In February 2007, Moody's Investors Service affirmed Caa2 senior
unsecured rating to Digicel Group Limited's US$1.4 billion
senior unsecured notes offering.


KAKUSAN LTD: Proofs of Claim Filing Deadline is May 1
-----------------------------------------------------
Kakusan Ltd.'s creditors have until May 1, 2008, to prove their
claims to Giles Kerley and Carlos Farjallah, 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.

Kakusan's shareholders agreed on March 12, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


SHINSEI FUNDING: Proofs of Claim Filing Deadline is May 1
---------------------------------------------------------
Shinsei Funding Cayman 3's creditors have until May 1, 2008, to
prove their claims to Martin Couch and Giles Kerley, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Shinsei Funding's shareholders agreed on March 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:

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


SHINSEI FUNDING CAYMAN 4 : Proofs of Claim Filing is Until May 1
----------------------------------------------------------------
Shinsei Funding Cayman 4's creditors have until May 1, 2008, to
prove their claims to Martin Couch and Giles Kerley, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Shinsei Funding's shareholders agreed on March 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:

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


THE CL BRAZIL: Sets Final Shareholders Meeting for May 1
--------------------------------------------------------
The CL Brazil Investment Fund Ltd., will hold its final
shareholders' meeting on May 1, 2008, at 10:00 a.m. at Ogier,
Attorneys, Queensgate House, South Church Street, 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 liquidators 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.

The CL Brazil's shareholders agreed on March 14, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Ogier
                 Attn: Sophie Gray
                 Queensgate House
                 South Church Street, Grand Cayman
                 Cayman Islands
                 Telephone: (345) 949 9876
                 Fax: (345) 949 1986



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

AES GENER: Regulators to Vote on Environmental Study for Plant
--------------------------------------------------------------
An AES Gener SA spokesperson told Business News Americas that
the firm expects environmental regulators to hold a new vote on
the environmental impact study for its 270-megawatt Campiche
plant.

BNamericas relates that the US$520 million coal-fired plant was
designed to generate power for Chile's central grid.  It will be
built in region V with a desulfurizing plant, anti-particulate
filters, and low nitrogen oxide-emitting burners to limit the
plant's effect on the local environment.  AES Gener presented
the study for the coal-fired plant to the regulators in
August 2007.  


According to published reports in Chile, a vote set for April 21
was delayed due to opposition in the Puchuncava municipality.

The spokesperson commented to BNamericas, "The regulator sets
the schedule for any voting.  While the vote was to have taken
place on April 21, it was not delayed because of a request by
Puchuncava municipality."

AES Gener will hold a meeting with local authorities to clarify
any doubts about the the Camiche plant, BNamericas states,
citing the spokesperson.

AES Gener SA is the second-largest electricity generation group
in Chile in terms of generating capacity (20% market share) with
an installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                           *     *     *

To date, AES Gener carries Moody's Investors Service's Ba2 long-
term foreign bank deposit rating with a stable outlook.  The
firm also carries Standard & Poor's Ratings Services' BB+ long-
term foreign issuer credit rating with a positive outlook.



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

AMPEX CORP: Dec. 31 Balance Sheet Upside Down by US$107.135 Mil.
----------------------------------------------------------------
Ampex Corporation reported a balance sheet data with total
assets of US$26.467 million, total liabilities of US$133.602
million resulting to a total stockholders' deficit of US$107.135
million, as of Dec. 31, 2007.

The company reported a net income of US$0.9 million for the
fiscal year ended Dec. 31, 2007 compared to US$3.9 million net
loss in 2007.

Total revenues generated by Ampex reached US$41.4 million for
fiscal 2007 from US$35.9 million in 2006.

For the year, Ampex reported income from continuing operations
of US$1.0 million on revenues of US$41.5 million in fiscal 2007
compared to a loss from continuing operations of US$3.8 million
on revenues of US$35.9 million in fiscal 2006.
   
Licensing revenue in 2007 totaled US$12.4 million of which
US$1.9 million related to negotiated settlements covering a
prepayment of royalty obligations through 2011.  The Licensing
segment reported operating income of US$9.1 million in fiscal
2007.   The Licensing segment reported operating income of
US$0.2 million in fiscal 2006.  In the fourth quarter of 2007,
the Licensing segment reported revenues of US$2.6 million and
operating income of US$1.4 million.  In the fourth quarter of
2006, the Licensing segment reported revenues of US$3.4 million
and operating income of US$1.1 million.
   
The Recorders segment reported operating income of
US$5.0 million in fiscal 2007 on revenues from the sale of
products and services totaling US$29.0 million.  The Recorders
segment reported operating income of US$3.4 million in fiscal
2006 on revenues of US$25.1 million.  The disk- and solid state
memory-based products accounted for 90% of system sales in 2007
up from 72% in fiscal 2006.  In the fourth quarter of 2007, the
Recorders segment reported revenues from the sale of products
and services totaling US$8.9 million, operating costs of US$6.7
million and an operating profit of US$2.2 million.  In the
fourth quarter of 2006, the Recorders segment reported revenues
from the sale of products and services totaling US$7.9 million,
operating costs of US$6.5 million and an operating profit of
US$1.4 million.
   
Non-recurring, non-operating income totaling US$0.1 million was
realized in 2007, down from US$3.4 million in 2006.
   
Interest expense increased to US$4.3 million in 2007 from
US$3.0 million in 2006 due to higher debt balances.  In 2007,
the company incurred reorganizationcosts of US$0.6 million in
connection with the restructuring of its liabilities.
   
The 2007 form 10-K filed with the Securities and Exchange
Commission on April 15, 2008 included an audit opinion on the
company's financial statements that contained a going concern
uncertainty explanatory paragraph due to the company's recent
filing of a voluntary petition for relief under chapter 11 of
the U.S. Bankruptcy Code.  

A full text of the company's form 10-K filing with the
Securities and Exchange Commission can be accessed free of
charge at:

     http://ResearchArchives.com/t/s?2b0e

                     About Ampex Corporation

Headquartered in Redwood City, California, Ampex Corp. --
http://www.ampex.com-- designs and manufactures data storage    
products used in defense application to gather images and other
date from aircrafts, satellites and submarines.

The company and six of its affiliates filed for Chapter 11
protection on March 30, 2008 (Bankr. S.D.N.Y. Lead Case No.08-
11094).  Matthew Allen Feldman, Esq., and Rachel C. Strickland,
Esq., at Willkie Farr & Gallagher LLP, represent the Debtors in
their restructuring efforts.

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.

When the Debtors filed for protection against their creditors,
they listed total assets of US$26,467,000 and total debts of
US$133,602,000.



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

* ECUADOR: Moody's Publishes 2008 Credit Analysis Report
--------------------------------------------------------
In its annual report on Ecuador, Moody's Investors Service says
the government's B3 government bond rating balances a relatively
low debt burden against several structural weaknesses, including
unstable institutions, intensified discretion over expenditures
and increased exposure to the oil cycle.  The rating was
recently upgraded from Caa2 due to improved liquidity in light
of the windfall accumulation in recent years, a notable decline
in debt levels and receding concerns about Ecuador's willingness
to pay.

"Given the likelihood of continued high levels of liquidity
stemming from the oil cycle, Ecuador is unlikely to face a
situation where it would be forced to choose between fulfilling
an ambitious social agenda and meeting its debt obligations,"
said Moody's Vice President, Senior Analyst Alessandra Alecci,
author of the report.  The combination of nominal GDP
revaluation and fiscal surpluses has reduced debt levels by half
compared to before the onset of the 1999 crisis.

Moody's added that the recently approved proposal to completely
eliminate oil savings funds and incorporate all oil revenues
into the budget is expected to leave the government in a very
comfortable funding position for at least the next year or two.  
However, the reform raises some important concerns for credit
worthiness in the longer term.  First, it significantly
increases the government's discretion over expenditures, an
issue that is particularly sensitive given Ecuador's weak
institutions.  Second, the lack of a "rainy day" fund further
exposes Ecuador to the commodity cycle, particularly considering
the structural impediments to an increase in oil output.

"The central government non-oil deficit is budgeted to soar to
11.6% of GDP in 2008, three times the level in 2007," said Ms.
Alecci.  The administration argues that the country's immense
infrastructure deficiencies are a drain on public finances.  As
such, the returns to large state-funded investments would be far
greater than those on cash savings.  However, given concerns
about capacity constraints and lack of technical expertise, the
risk of significant fiscal slippage or inefficient use of public
funds rises, posing potential problems for a fiscal adjustment
if needed, particularly given adverse global conditions.

The ongoing political overhaul is generating a considerable
amount of uncertainty.  Plans to significantly increase the
government's participation in the country's productive capacity
have already translated in lower levels of domestic investment
over the past few quarters.  And an increasingly complex , and
at times hostile, environment for private companies in Ecuador's
oil sector could intensify the decline in energy-related
foreign-direct investment and hinder a reversal in Ecuador's
stagnant oil output.

A worst-case scenario for growth is one where oil-GDP continues
to decline -- as has been the case since 2005 -- and non-oil
GDP, which has been providing the impetus behind overall GDP
growth over the past two or three years, enters into negative
territory, beleaguered by lack of business confidence and low
productivity.  This scenario, possibly compounded by a potential
easing of the oil cycle in line with softer global demand, could
complicate debt dynamics and exacerbate Ecuador's historically
volatile political environment.  While Moody's does not foresee
this scenario materializing this year, it is a possibility for
2009.

Moody's report, "Ecuador: 2008 Credit Analysis," is a yearly
update to the markets and is not a rating action.



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

CASH PLUS: Defense Attorney to Seek Bail for Bertram Hill
---------------------------------------------------------
Cash Plus Limited official Bertram Hill's legal representative
Hugh Thomson will apply for bail on behalf of his client this
week, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on
April 21, 2008, the Half way Tree Criminal Court denied requests
for bail by the defense attorneys for Cash Plus' President
Carlos Hill and his brother Bertram.  Carlos Hill was charged
with fraud after police officers raided his house in response to
complaints from investors who accused Cash Plus of fraud.  
Specifically, investors complained that cheques received from
the firm bounced.  Mr. Hill's brother Bertram and Cash Plus'
Chief Financial Officer Peter Wilson also face fraud charges.  
The Hill brothers and Mr. Wilson were charged with five counts
of fraudulent conversion and one count of conspiracy.  
Prosecutors objected to bail after declaring that Cash Plus
doesn't have money in Jamaica to repay investors.  They asked
the court to keep the Hill brothers and Mr. Wilson in custody.

Radio Jamaica relates that Carlos Hill's lawyers already filed
affidavits for their client's release in the High Court last
week.  The Cash Plus officials are detained until May 14, 2008,
Radio Jamaica adds.

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

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



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

AXTEL SAB: Books MXN109.8MM Comprehensive Loss in 1Q 2008
---------------------------------------------------------
Axtel, S.A.B. de C.V. reported its unaudited first quarter
results ended March 31, 2008.

                          Highlights:

   -- Axtel's share buy-back program for up to MXN440 million
      was approved at the company's Annual Shareholder's
      meeting.

   -- In February 2008, the company became part of the IPC Index
      formed by the 35 most active stocks of the Mexican Stock
      Exchange.  The increased liquidity of the Axtel's stock
      continued in the first quarter, reaching the 17th position
      within the most active stocks in the Mexican Stock
      Exchange.
      
   -- During the first quarter, Axtel was certified as a
      Socially Responsible Company, an award given by the
      Mexican Center for Philanthropy (CEMEFI).  This
      distinction acknowledges performance in areas such as
      environmental protection, corporate ethics, community
      support and quality of life inside the company.

                      Sources of Revenues

Local services:

Local service revenues contributed with 45% of total revenues
during the first quarter, compared with 43% in the first quarter
of 2007, totaling MXN1,291.2 million for the three-month period
ending on March 31, 2008, representing a 1% increase compared to
the same quarter in 2007.  During the quarter, monthly rents and
cellular revenues increased 6% and 1%, respectively, offset by
reduced measured service revenues as a result of seasonality --
Easter Week holiday during year 2007 occurred in the second
quarter.  For the twelve-month period ended March 31, 2008,
revenues from local services totaled MXN5,349.1 million, an
annual increase of MXN739.1 million, or 16%, from MXN4,610.1
million recorded in the same period in 2007.  Monthly rents,
measured service and value-added services revenues represented
63% of local revenues during the twelve-month period ended
March 31, 2008.

Long distance services:

Long distance service revenues totaled MXN332 million in the
quarter ending March 31, 2008, compared to MXN402.7 million in
the same quarter in 2007.  During this period, the long-distance
revenues per minute increased 9%, partially compensating the
reduction in traffic volume resulting in a 18% reduction in
revenues quarter-over-quarter.  For the twelve month period
ended March 31, 2008, long distance services grew to MXN1,461.5
million from MXN872.9 million registered in the same period in
2007, an increase of MXN588.6 million or 67%.

Data & Network:

Revenues from data and network revenues amounted to MXN618.9
million for the three-month period ended March 31, 2008,
compared to MXN619.5 million in the same period in 2007, a
marginal decrease of MXN0.6 million.  Dedicated Internet and
VPNs represented 89% of data & network revenues during the
quarter.  For the twelve month period ended March 31, 2008, data
and network services revenues totaled MXN2,513.2 million from
MXN1,018 million registered in the same period in 2007, an
increase of MXN1,495.2 million.

International traffic:

In the first quarter of 2008, International traffic revenues
declined MXN54.4 million or 19% versus the same quarter of the
previous year. Reduced tariffs explain this variation.  For the
twelve month period ended March 31, 2008, international traffic
revenues totaled MXN1,155.8 million from MXN727.2 million
registered in the same period in 2007, an increase of MXN428.6
million or 59%.

Other services:

Revenue from other services represented 13% or MXN366.6 million
of total revenues in the first quarter of 2008, compared to
MXN411.5 million registered in the same period in 2007.  The
decline is mainly explained by fewer activation fees caused by
the seasonality as well as reduced equipment sales compared with
the same quarter of 2007.  For the twelve month period ended
March 31, 2008, other services revenues totaled MXN1,552.9
million from MXN1,046.7 million registered in the same period in
2007, an increase of MXN506.2 million.

                          Consumption

Local Calls:

Local calls totaled 593.7 million in the three-month period
ended March 31, 2008, a decrease of 6.5 million, or -1%, from
600.1 million recorded in the same period in 2007.  The
seasonality effect explains this marginal reduction.  For the
twelve month period ended March 31, 2008, local calls increased
to 2,459.5 million from 2,116.9 million registered in the same
period in 2007, an increase of 342.6 million calls or 16%.

Cellular (Calling Party Pays):

Minutes of use of calls completed to a cellular line amounted to
298.1 million in the three-month period ended March 31, 2008,
compared to 252 million in the same period in 2007, an 18%
improvement equivalent to 46.1 million minutes.  For the twelve
month period ended March 31, 2008, cellular minutes grew 286.8
million, or 33%, from 858 million registered in the twelve-month
period ended March 31, 2007, to 1,144.8 million in the same
period in 2008.

Long distance:

Outgoing long distance minutes amounted to 411.1 million for the
three-month period ended March 31, 2008, from 542.6 million in
the same period in 2007, a 131.5 million minute reduction.  The
reduction in the quarter reflects the company's strategy of
canceling high-volume zero-margin traffic combined with the
effect of fewer business days in the first quarter of 2008
compared to the same period in 2007.  Domestic long distance
minutes represented 95% of total traffic during the quarter. For
the twelve month period ended March 31, 2008, outgoing long
distance minutes amounted to 1,778.5 million, compared to
1,114.6 million registered in the same period in 2007, an
increase of 663.9 million minutes, or 60%.

                        Operating Data

Lines in Service:

As of March 31, 2008, lines in service totaled 965.4 thousand,
an increase of 150.1 thousand from the same date in 2007.  
During the first quarter of 2008, net additional lines totaled
33.1 thousand.  As of March 31, 2008, residential lines
represented 67% of total lines in service.

Line equivalents (E0 equivalents):

As of March 31, 2008, line equivalents totaled 441.7 thousand,
an increase of 21.9 thousand from the same date in 2007.

Internet subscribers:

As of March 31, 2008, Internet subscribers totaled 111.2
thousand, an increase of 4%, from 107.2 thousand recorded
on the same date in 2007.  Broadband subscribers represented 73%
or 81.1 thousand subscribers.

             Cost of Revenues and Operating Expenses

Cost of Revenues:

For the three-month period ended March 31, 2008, the cost of
revenues declined MXN143.1 million, compared with the same
period of year 2007, primarily due to MXN119.2 million and
MXN15.2 million decreases in long distance and fixed-to-mobile
interconnection costs, respectively.  For the twelve month
period ended March 31, 2008, the cost of revenues reached
MXN4,361.7 million, an increase of MXN1,554.8 million in
comparison with the same period in year 2007.

Gross Profit:

Gross profit is defined as revenues minus cost of revenues.  For
the first quarter of 2008, the gross profit accounted for
MXN1,865.4 million, a marginal decrease of MXN15.1 million or
-1%, compared with the same period in year 2007.  The gross
profit margin increase from 62.6% to 65.5% year-over-year is
mostly due to improved long distance and cellular margins.  For
the twelve month period ended March 31, 2008, the gross profit
totaled MXN7,670.8 million, compared to MXN5,468 million
recorded in the same period of year 2007, a gain of MXN2,202.8
million or 40%.

Operating expenses:

For the first quarter of year 2008, operating expenses totaled
MXN911.9 million compared to MXN945.8 million for the same
period in year 2007.  Despite the incremental expenses
associated with the company's 2007 geographic expansion and its
18% line growth achieved quarter on quarter, operating expenses
declined 4% reflecting the synergies achieved from the
successful integration of Avantel.  For the twelve month period
ended March 31, 2008, operating expenses totaled MXN3,567.5
million, coming from MXN2,731.6 million in the same period in
2007, an increase of MXN835.8 million. Personnel represented 49%
of total operating expenses during the twelve month period ended
March 31, 2008, versus 46% in the year-earlier period.

                        Adjusted EBITDA

The Adjusted EBITDA totaled MXN953.6 million for the three-month
period ended March 31, 2008, compared to MXN934.7 million for
the same period in 2007, an increase of 2%.  As a percentage of
total revenues, adjusted EBITDA represented 33.5% in the first
quarter of 2008 versus 31.1% in the year-earlier quarter.  For
the twelve-month period ended March 31, 2008, adjusted EBITDA
amounted to MXN4,103.4 million, compared to MXN2,736.3 million
in the same period in year 2007, a positive variation of
MXN1,367 million, or 50%.

                  Depreciation and Amortization

Depreciation and amortization totaled MXN701.9 million in the
three-month period ended March 31, 2008, compared to MXN719.3
million for the same period in year 2007, a decrease of MXN17.4
million or -2%, due to estimated values applied on some tangible
and intangibles assets of Avantel during the first quarter of
2007.  Depreciation and amortization for the twelve-month period
ended March 31, 2008, reached MXN2,673.3 million, from
MXN1,912.2 million in the same period in year 2007, an increase
of MXN761.1 million, or 40%.

                     Operating Income (loss)

Operating income totaled MXN251.7 million in the three-month
period ended March 31, 2008, compared to an operating income of
MXN215.4 million registered in the same period in year 2007, an
increase of MXN36.3 million or 17%.  For the twelve month period
ended March 31, 2008, the operating income reached MXN1,430.1
million when compared to the result registered in the same
period of year 2007 of MXN824.2 million, MXN605.9 million or 74%
above.

                 Comprehensive Financial Loss

The comprehensive financial loss was MXN109.8 million for the
three-month period ended March 31, 2008, compared to a loss of
MXN233.4 million for the same period in 2007.  A net interest
expense decrease of MXN20.5 million due to reduced indebtedness
and a foreign-exchange gain of MXN88.4 million compared to a
loss of 114.3 million in the year-earlier quarter due to the
appreciation of the peso, explain the majority of the CFR
decrease.  For the twelve-month period ended March 31, 2008, the
reduced loss is mainly explained by a larger net interest
expense offset by a foreign-exchange gain and a MXN121.4 million
larger monetary position gain.

                             Debt

The MXN765.7 million reduction of debt versus year-earlier date
is mostly explained by the amortization of principal under
diverse lease obligations, the prepayment of short-term loans
and a more favorable exchange rate on March 31, 2008, compared
to the same date in 2007.

                      Capital Investments

Continuing with its planned growth strategy for 2008 and
preparing the ground for the new cities' launches in the
upcoming months, the company invested MXN813.1 million in
network and infrastructure during the first quarter of 2008,
compared to MXN528.9 million in the year-earlier quarter.  The
majority of Axtel's capital investments are devoted to access or
last-mile assets.

                          About Axtel

Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. (BMV:
AXTELCPO; OTC: AXTLY) was formerly known as Axtel SA DE CV.  The
company's principal activity is providing local and long-
distance domestic and international telephony, data and Internet
services, virtual private networks and value added services.  
Services include different access technologies such as fixed
wireless telephony, point-to-point and point-to-multi point
radio links, and copper and fiber optic connections.  Basic
services are divided into 5 categories such as voice, conference
call, data, Internet and bundles.  It offers basic
telecommunications infrastructure in Mexico through an
intelligent network that provides extensive coverage to all
markets.  It currently operates in Mexico City, Monterrey,
Guadalajara, Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, La Laguna,
Veracruz and Chihuahua.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Moody's Investors Service upgraded Axtel, S.A.B.
de C.V.'s corporate family rating to Ba2 from Ba3 based on the
rapid improvement of the company's credit metrics to levels
prior to the acquisition of Avantel as well as expected
improvements in free cash flow generation.  Moody's says the
outlook is now stable.


BLUE WATER: Case Conversion Not Beneficial to Creditors
-------------------------------------------------------
Ford Motor Company, one of Blue Water Automotive Systems, Inc.'s
key customers, asserted that conversion of the Chapter 11 cases
to Chapter 7 is not in the best interest of creditors and the
estates.

"As several courts have emphasized, short term operating losses
are not unusual during the first few months of a Chapter 11 case
and they certainly do not provide a basis for the drastic remedy
of conversion.  The Debtor's rehabilitation is not a hopeless
and unrealistic prospect as it will have positive EBITDA of
US$11 million in 2008," asserted Ford's counsel, Timothy A.
Fusco, Esq., at Miller, Canfield, Paddock and Stone, PLC, in
Detroit, Michigan.

As reported in the Troubled Company Reporter on March 31, 2008,
the committee representing unsecured creditors of Blue Water
asked the U.S. Bankruptcy Court for the Eastern District of
Michigan, Southern Division to covert Blue Water's bankruptcy
proceedings to cases under Chapter 7 of the Bankruptcy Code.

The committee's case conversion motion was based on its  
apprehensions that the Debtors would only incur more debts if
they continue operations, further diminishing recovery by
creditors.

Ford, however, pointed to testimony by John DiDonato, the
Debtors' financial advisor, and managing director at Huron
Consulting Services, LLC.  Mr. DiDonato said Blue Water is
expected to have 2008 EBITDA of US$11,000,000, which could reach
as high as US$16,000,000.  Mr. DiDonato, according to Ford,
ascribed Blue Water's current problems to its decision to accept
substantial new business from Ford that involves launch of new
product lines.  These launches required substantial working
capital to complete and the Debtor, for a variety of reasons,
did not have sufficient borrowing capacity with its prepetition
lender CIT Group/Business Credit, Inc., to accomplish the
launches.

Ford said it has agreed postpetition to fund the capital and
tooling expenditures and relieve Blue Water of the need to
finance these expenses.  The Ford business that will flow from
these launches is profitable and could lead to even greater
EBITDA for 2008, says Mr. Fusco.

Ford also noted that Mr. DiDonato was adamant that the Debtors
would be sold as a going concern.  The Debtors' investment
banker, Miller Buckfire & Co., LLC, received letters of intent
from at least seven qualified purchasers of the Debtors'
assets and business.  It is almost axiomatic that the purchase
price for the Debtors' assets sold as a going concern will
greatly exceed their value on a liquidation basis, Mr. Fusco
noted.  "Continuation of the Debtor's business in chapter 11 is,
for a number of reasons, a necessary condition to a successful
sale."

Mr. Fusco also pointed out that the accommodation agreements
entered into with Ford, General Motors Corporation, and
Chrysler, LLC, provide that conversion of the Debtors'
bankruptcy cases to Chapter 7 constitutes an event of the
default under the agreements.  He noted that this event would
result to:

   -- the DIP Financing becoming due and owing; and

   -- the termination of Ford's, Chrysler's and GM's obligations
      not to resource component parts.

Mr. Fusco warned that a conversion would be extremely risky for
the Debtors because any decision by Ford, Chrysler or GM to
resource component parts (i) could end any possibility of
rehabilitation for Blue Water, and (ii) would reduce the value
of Blue Water when it is sold.

He added that even in the unlikely event that component parts
are not resourced, the Debtors would have to obtain new
postpetition financing upon an Event of Default.  The Creditors
Committee, he pointed out, has preferred no evidence to suggest
that a Chapter 7 operating trustee would be able to obtain
postpetition financing on different terms than did Blue Water
under the Citizens Bank DIP Financing.

The Creditors Committee, according to Ford, has not satisfied
its burden under Section 1112(b) of the Bankruptcy Code of
proving, by a preponderance of the evidence, that there exists
cause to convert the bankruptcy cases to Chapter 7.

                       About Ford Motor

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

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

                  About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operation in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction.  In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies.  KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Judy O'Neill, Esq., and Frank DiCastri, Esq., at
Foley & Lardner, LLP, serves as the Debtors' bankruptcy
counsel.  Administar Services Group LLC acts as the Debtors'
claims, noticing, and balloting agent.  Blue Water's bankruptcy
petition lists assets and liabilities each in the range of
US$100 million to US$500 million.  The hearing on the Debtors'
disclosure statement and plan is set for Aug. 5, 2008.  (Blue
Water Automotive Bankruptcy News, Issue No. 12, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000)


CEMEX SAB: Lorenzo Zambrano Vows to Defend Worker's Interests
-------------------------------------------------------------
CEMEX S.A.B. de C.V.'s CEO Lorenzo Zambrano has pledged to
defend the interests of its workers and investors amidst
Venezuelan President Hugo Chavez's rule of nationalizing the
firm, El Universal reports.

Mr. Zambrano, during a press conference, said: "We will be
vigilant of the interests of employees and investors," the
report adds.

Following Mr. Chavez's declaration, the company's managing
directors and other cement makers met with Venezuelan government
representatives.  The officials stressed out that the decision
was based on the government's views of the sector as strategic.

Report shows that the Venezuelan government purported to control
60% of the corporate stake, according to Mr. Zambrano.

Headquartered in Mexico, CEMEX S.A.B. de C.V. --
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.


CEMEX SAB: Shareholders Okay Capital Stock Increase
---------------------------------------------------
CEMEX S.A.B. de C.V.'s shareholders approved at their Annual
Shareholders Meeting held today to increase the capital stock of
CEMEX in its variable portion by capitalizing retained earnings.  

The capital increase represents US$0.0835 per CPO at the U.S.
dollar/Mexican peso exchange rate determined by the Banco de
México for transactions on May 29, 2008.  CEMEX's Board of
Directors will determine the subscription price at a Board
Meeting scheduled for May 29, 2008, taking into account the
weighted-average price of all CEMEX CPO transactions on
May 29, 2008, reflected in the Bolsa Mexicana de Valores
(Mexican Stock Exchange), minus a 20% discount.  Once the
subscription price is determined, the Board will fix the number
of CPOs to be distributed to the shareholders based upon their
present holdings.

CPO holders who do not wish to receive the CPO stock dividend
can elect to receive a cash payment of US$0.0835 per CPO in lieu
of the CPO stock dividend, in pesos at the US dollar / Mexican
peso exchange rate determined by the Banco de Mexico for
transactions on May 29, 2008.  Because the CPO stock dividend
will reflect a 20% discount from market, CPO holders who elect
the cash dividend may receive substantially less in value than
those CPO holders who receive the stock dividend.

The last date to acquire CPOs or ADSs with coupon rights is on
May 5, 2008.

Holders of record of CPOs on May 8, 2008 (the record date) will
be entitled to receive the CPO stock dividend or they can elect
to receive cash in lieu of the stock dividend.  ADS holders will
be entitled to receive only a stock dividend; however, CEMEX
intends to instruct the ADS Depositary to extend to ADS holders
the opportunity to sell all or a portion of the additional stock
they will receive as a result of the stock dividend into the
market and to receive the net cash proceeds from such sales.

Holders of ADSs can convert into CPOs and CPO holders can
convert into ADSs by May 5, 2008 in order to select the desired
alternative.

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: Committee Wants Goulston & Storrs as Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Diomed Holdings
Inc. and Diomed Inc. asked the authority of the U.S. Bankruptcy
Court for the District of Massachusetts to engage Goulston &
Storrs P.C. as its counsel, effective as of March 24, 2008.

The firm, among others, will advise the Committee with respect
to its rights and responsibilities under the Bankruptcy Code and
perform other necessary legal services in the case.

Goulston & Storrs' rates for attorneys range from $245 to $860
per hour and rates for paralegals range from $145 to $330 per
hour.

The proposed counsel to the Committee are Douglas B. Rosner,
Esq., and Vanessa V. Peck, Esq.

The Committee, which was formed by the U.S. Trustee on
March 24, 2008, asserted that its chosen counsel are in good
standing and does not have any adverse interest in the case.

The firm can be reached at:

             Goulston & Storrs P.C.
             400 Atlantic Avenue
             Boston, MA 02110
             Tel: (617) 482-1776
             Fax: (617) 574-4112

                       About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.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.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.

The company and its 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 LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  The company's schedules show total
assets of US$19,936,479 and total liabilities of US$14,743,485.

The American Stock Exchange delisting of Diomed's stock is
effective on April 28, 2008, unless postponed by the Securities
and Exchange Commission.


DIOMED HOLDINGS: Seeks OK to Hire Choate Hall as Local Counsel
--------------------------------------------------------------
Diomed Holdings Inc. and Diomed Inc. sought permission from the
U.S. Bankruptcy Court for the District of Massachusetts to
employ Choate Hall & Stewart LLP as its local counsel.

The firm is expected to, among others, advise the Debtors with
respect to their powers and duties as debtors-in-possession in
the continued management and operation of their businesses.

Hourly rates of the firm range from US$285 to US$575 for
attorneys and US$155 for paralegals.  The Debtor paid US$40,000
retainer to Choate on March 13, 2008.

The firm can be reached at:

             Douglas R. Gooding, Esq.
                (DGooding@choate.com)
             Lisa E. Herrington, Esq.
                (LHerrington@choate.com)
             Choate Hall & Stewart LLP
             Two International Place
             Boston, MA 02110
             Tel: (617) 248-5000
             Fax: (617) 248-4000

The Debtors told the Court that Choate's services will
complement and not duplicate the services of its proposed
general counsel, McGuireWoods LLP.

                       About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.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.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.

The company and its 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 LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  The company's schedules show total
assets of US$19,936,479 and total liabilities of US$14,743,485.

The American Stock Exchange delisting of Diomed's stock is
effective on April 28, 2008, unless postponed by the Securities
and Exchange Commission.


DIOMED HOLDINGS: Various Patent Suits Cost US$11.82MM in 5 Years
----------------------------------------------------------------
In a document filed by Diomed Holdings Inc. and Diomed Inc. with
the U.S. Bankruptcy Court for the District of Massachusetts, the
Debtors revealed that in the past five years, Diomed Inc. spent
about US$11.82 million in prosecuting and defending patent
litigation.  Proprietary rights are at the core of the company's
business.  Currently, Diomed Inc. holds judgments totaling about
US$14.70 million against competitors for damages arising from
infringement of the company's EVLT(R) patent, which awards are
subject to appeal and was set for hearing on April 10, 2008, in
Washington, D.C.

Also, Diomed Inc. said it is a plaintiff in three other patent
infringement suits against three additional competitors.  The
company is currently a defendant in a patent infringement
lawsuit filed by another competitor.  Diomed Inc. asserted
counterclaims in that lawsuit to which it is a defendant.

                       About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.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.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.

The company and its 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 LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  The company's schedules show total
assets of US$19,936,479 and total liabilities of US$14,743,485.

The American Stock Exchange delisting of Diomed's stock is
effective on April 28, 2008, unless postponed by the Securities
and Exchange Commission.


EMPRESAS ICA: Teams Up With Alstom & CICSA for Construction Deal
----------------------------------------------------------------
Empresas ICA S.A.B de C.V. has signed an agreement with Alstom
Mexicana S.A. and Carso Infraestructura y Construccion (CICSA)
to form a consortium, lead by ICA to bid on the contracts for
the construction of Line 12 of Mexico City’s Metro rapid transit
system.

Alstom will be oriented toward the electromechanical works,
while CICSA and ICA will be responsible for the civil
engineering works.  The consortium’s proposal will be submitted
to the Secretary of Works and Services of Mexico’s Federal
District on April 30, 2008.

Empresas ICA -- http://www.ica.com.mx/-- the largest
engineering, construction, and procurement company in Mexico,
was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.
Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Empresas ICA S.A.B.
de C.V.  S&P said the outlook is stable.



=======
P E R U
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BANCO DE CREDITO: Will Use Teradata's Services
----------------------------------------------
Banco de Credito del Peru has signed an agreement with Teradata
Corp. to replace its current data warehouse with a powerful
Teradata enterprise data warehouse (EDW), a Teradata Financial
Services Logical Data Model (FS-LDM), and the Teradata EDW
Roadmap.

Banco de Credito has been developing its business intelligence
strategy and data warehousing environment using an "in-house"
data model.  However, changes in the business environment and
continuous pressure have compelled Banco de Credito to find a
solution based on a structured data model for the financial
services industry which has been successfully implemented by
other financial institutions.  Specifically, Banco de Credito
sought a solution to better meet their customers' needs,
providing Banco de Credito with a better and faster decision-
making process and the pro-active approach that the market
requires.  For that reason Banco de Credito selected Teradata as
a strategic partner for its long-term process, which is focused
on achieving a competitive market advantage.

The Banco de Credito enterprise data warehouse will be
implemented with the Teradata FS-LDM as a foundation for the
management of business information, aligned with Banco de
Credito's new business intelligence strategy, and based on the
Teradata EDW roadmap -- a planning tool that incorporates global
financial services industry best practices into the Banco de
Credito system.

"In the current financial industry the key is to have deep
visibility into the detailed behavior of our customers, because
their needs are increasingly complex.  With every customer
interaction, we have an opportunity to offer a service or
product that is relevant and important to the individual or
company we serve," Banco de Credito's Chief Information Officer
Ricardo Bustamante said.  "Detailed and relevant data based on
current and on-line information across all divisions of the bank
are crucial to our mission of serving every customer."

"Having BCP as a Teradata client is really a great honor, given
their prestige and leadership in Peru and worldwide," said  
Teradata's Chilean and Peruvian Manager Leonardo Gonzalez
Barcelo.  "The contract that we have signed allows us to work
with BCP [Banco de Credito] in a world-class business
intelligence program comparable to Teradata's collaboration with
other major financial services institutions worldwide.  We are
certain that with Teradata, the new business intelligence
strategy defined by BCP will be successful.  With insight into
detailed data, BCP and its employees will be empowered to better
serve customers, increase profitability, and make better and
faster decisions at all levels within the institution."

                        About Teradata

Teradata Corporation (NYSE: TDC) is the world's largest company
solely focused on raising intelligence through data warehousing
and enterprise analytics.  Teradata is in more than 60
countries.

                    About Banco de Credito


Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.

In October 2007, Moody's Investors Service said that Banco de
Credito del Peru's Ba3 foreign currency deposit rating is
constrained by the Peruvian coutnry ceiling for deposits.



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

* BOND PRICING: For the Week April 21 - April 25, 2008
------------------------------------------------------

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

   ARGENTINA
   ---------
Argnt-Bocon PR11         2.000     12/3/10     ARS      59.84
Argnt-Bocon PR13         2.000     3/15/24     ARS      57.58
Arg Boden                2.000     9/30/08     ARS      15.02
Argent-EURDIS            7.820    12/31/33     EUR      69.86
Argent-USDIS             8.280    12/31/33     USD      68.75
Argent-Par               0.630    12/31/38     ARS      36.84

   BRAZIL
   ------
CESP                     9.750     1/15/15     BRL      63.73

   CAYMAN ISLANDS
   --------------
Shinsei Fin Caym         6.418     1/29/49     USD      68.50
Shinsei Finance          7.160     7/29/49     USD      66.68
Vontobel Cayman          5.000     3/12/10     CHF      68.40
Vontobel Cayman          7.250     6/27/08     CHF      73.60
Vontobel Cayman          7.650     8/22/08     CHF      74.80
Vontobel Cayman          8.000    10/24/08     CHF      54.00
Vontobel Cayman          8.250     4/25/08     CHF      67.80
Vontobel Cayman          8.250     7/28/08     CHF      45.60
Vontobel Cayman          9.100    10/31/08     CHF      65.60
Vontobel Cayman         10.000    10/24/08     CHF      53.60
Vontobel Cayman         10.400      7/8/08     CHF      54.40
Vontobel Cayman         10.800     9/26/08     CHF      55.80
Vontobel Cayman         10.900     9/26/08     CHF      54.20
Vontobel Cayman         11.000     6/20/08     CHF      43.60
Vontobel Cayman         11.500     6/27/08     EUR      62.00
Vontobel Cayman         11.500     7/22/08     CHF      67.40
Vontobel Cayman         17.500      6/5/09     CHF      67.00
Vontobel Cayman         20.000     1/23/09     EUR      69.60

   JAMAICA
   -------
Jamaica Govt LRS         7.500     10/6/12     JMD      71.97
Jamaica Govt LRS        12.750     6/29/22     JMD      73.89
Jamaica Govt LRS        12.850     5/31/22     JMD      74.49

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

   VENEZUELA
   ---------
Petroleos de Ven         5.250     4/12/17     USD      68.36
Petroleos de Ven         5.375     4/12/27     USD      59.31
Petroleos de Ven         5.500     4/12/37     USD      58.17
Venezuela                7.000     3/31/38     USD      70.67


                            ***********


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 E. Tecarro, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.

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

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