TCRLA_Public/080502.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

               Friday, May 2, 2008, Vol. 9, No. 87

                            Headlines


A R G E N T I N A

ALITALIA SPA: Files Over EUR1-Billion Damages Suit vs SEA SpA
ALTO PALERMO: Fitch Holds Currency Issuer Default Ratings at B+
BRANDO HERMANOS: Files for Reorganization in Buenos Aires Court
MOLISER SAIC: Proofs of Claim Verification Is Until May 15
TELECOM ARGENTINA: Names Enrique Garrido as President

TRATO SA: Proofs of Claim Verification Deadline Is June 11


B A R B A D O S

CONEXANT SYSTEMS: Terminates Daniel Artusi as President and CEO
CONEXANT SYSTEMS: D. Scott Mercer Named as New CEO
CONEXANT SYSTEMS: Posts US$142 Million Net Loss in 2008 2Q
CONEXANT SYSTEMS: Sells Broadband Media Product Line to NXP


B E R M U D A

ASPEN INSURANCE: Earns US$81.2 Million in Quarter Ended March 31
ATHENA GUARANTEED: Proofs of Claim Filing Deadline Is May 14
ATHENA GUARANTEED: Sets Final Shareholders Meeting for May 30
CALLISTO ENTERPRISES: Proofs of Claim Filing Is Until May 21
CALLISTO ENTERPRISES: Sets Final Shareholders Meeting for June 4

GROVE MANAGEMENT: Proofs of Claim Filing Deadline Is May 30
MAN DYNAMIC: Proofs of Claim Filing Deadline Is May 14
MAN DYNAMIC: Sets Final Shareholders Meeting for May 30
SVP HOLDINGS: Moody's Cuts Probabilty of Default Rating to B2


B R A Z I L

BANCO DAYCOVAL: Posts BRL70.2MM Recurrent Net Income in 1Q 2008
BANCO ITAU: Says Consumer Credit Scores to Spark Credit Card War
BANCO NACIONAL: America Latina Seeks BRL700MM Loan From Bank
BANCO NACIONAL: To Complete Train Feasibility Studies by October
BANCO NACIONAL: Lends BRL1.7 Bil. to Power Sector in 1st Quarter

BRASKEM: Dissenters to Ipiranga Ratification Withdraws Shares
COMPANHIA PARANAENSE: Sales Volume Rises to 5% in 1Q 2008
GOL LINHAS: Posts BRL3.5 Mil. Consolidated Net Loss in 1Q 2008
DELPHI CORP: Closes Sale of Bearings Biz to Hephaestus' Unit
POLYPORE INT'L: Reports US$12.9 Mil. Net Income in First Quarter

TAM SA: Elects Two New Members to Board of Directors
USINAS SIDERURGICAS: Net Profit Rises to BRL646 Mil. in 1st Qtr.
* BRAZIL: Moody's Publishes Report on Reinsurance Market Opening


C A Y M A N  I S L A N D S

BANK RAKYAT: Reports IDR1.4 Trillion Net Profit in 1Q 2008
COLUMBIA HIGH: Proofs of Claim Filing Deadline Is May 6
COLUMBIA INTERNATIONAL: Proofs of Claim Filing Is Until May 6
COLUMBIA LARGE: Proofs of Claim Filing Deadline Is May 6
PANGLOSS LDC: Proofs of Claim Filing Is Until May 6

TEQUESTA CONVEXITY: Proofs of Claim Filing Deadline Is May 6


C H I L E

AES GENER: Net Profit Up 138% to CLP44 Bil. in 1st Qtr. 2008
BUCYRUS INTERNATIONAL: Board Okays Two-For-One Stock Split
GASATACAMA: Inks Agreement With Mining Firms to Avoid Bankruptcy


C O L O M B I A

CHIQUITA BRANDS: Colombian Lawsuit Will be Heard in US Court


D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Says Plants Not Responsible for Power Shortages


J A M A I C A

CASH PLUS: No Reason for Carlos Hill's Detainment, Defense Says
NATIONAL COMMERCIAL: Olint Gets Two-Week Injunction Against Bank


M E X I C O

ALERIS INTERNATIONAL: S&P Holds B+ Rating with Negative Outlook
CHRYSLER LLC: Financial Results Are Better Than Daimler's
CHRYSLER LLC: To Review Terms of CAW-Ford Tentative Agreement
CONSOLIDATED CONTAINER: S&P Holds 'B-' Rating & Revises Outlook
CORPORACION DURANGO: Poor Business Cues Fitch to Cut IDRs to B-


P E R U

DOE RUN PERU: La Oroya Plant Poisons Town, Report Says


P U E R T O  R I C O

DORAL FINANCIAL: B Riley Puts Sell Rating on Firm's Shares


U R U G U A Y

BANCO SURINVEST: Moody's Withdraws Ratings for Business Reasons


V E N E Z U E L A

AVINMERITOR INC: Earns US$20 Million in Second Quarter 2008
CA LA ELECTRICIDAD: S&P Puts BB- Rating on US$650 Mil Sr. Notes


                         - - - - -



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

ALITALIA SPA: Files Over EUR1-Billion Damages Suit vs SEA SpA
-------------------------------------------------------------
Alitalia S.p.A. is seeking more than EUR1 billion in damages
against SEA S.p.A. for breach of contract and serious damage to
reputation, Agence France-Presse reports.

Alitalia claims SEA breached plans to expand Milan's Malpensa
airport and improve transport infrastructure, AFP relates.  
Alitalia also claims that SEA's EUR1.2-billion suit against it
has damaged the national carrier's sale prospects.

Air France-KLM SA, said its binding offer for the Italian
government's 49.9% stake in Alitalia hinges on several
conditions, including "the identification of an applicable
solution to definitely remove the risk connected to the SEA
claim."  Air France had withdrawn its bid.

As reported in the TCR-Europe on Feb. 6, 2008, SEA filed a
EUR1.2 billion damages suit against Alitalia over the carrier's
decision to downscale its operations at Milan's Malpensa
airport.  SEA chairman Giuseppe Bonomi said Alitalia violated a
hub partnership agreement and contracts with SEA and its SEA
Handling unit.

Mr. Bononi noted that SEA designed and developed Malpensa as
Alitalia required in terms of infrastructures, facilities and
organization.  However, Mr. Bononi added, the investments are
rendered useless by Alitalia's downscale plan.  According to Mr.
Bononi, Alitalia's downscale plan will cut traffic at Malpensa
by 6 million passengers and will reduce the airport's results by
EUR70 million.

In March, SEA said will not withdraw the suit against Alitalia,
but may consider an out-of-court settlement.

                         About Alitalia

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

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

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


ALTO PALERMO: Fitch Holds Currency Issuer Default Ratings at B+
---------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Alto Palermo S.A.:

  -- Foreign currency issuer default rating at 'B+';

  -- Local currency issuer default rating at 'B+';

  -- US$120 million notes due in 2017 at 'B+/RR4';

  -- US$50 million argentine peso-linked notes due in 2012 at
     'B+/RR4';

  -- National scale ratings at 'AA-(arg)'

The rating outlook is stable.

Alto Palermo's credit ratings are supported by its strong
business position within the Argentine shopping center industry.  
The company operates ten shopping centers with a gross leaseable
space of 224,569 square meters.  Its presence is particularly
significant in Buenos Aires, where its market share is estimated
to be about 60%.  The high quality and strategic location of
Alto Palermo's shopping centers in Buenos Aires' highest income
areas, result in sales per square meter that exceed the market
average by about 80%.  The company's credit ratings further take
into consideration the high operating margins, occupancy rates
in excess of 97% and improving leasing conditions.

Balanced against these supportive factors are concerns about the
high correlation of shopping center tenant sales with the
performance of the local economy and the currency mismatch
between its dollar-denominated debt (approximately 68% of total
debt) and peso-denominated cash flow.  The ratings further take
into consideration Alto Palermo's growing dividends payments,
which represents one of the main sources of funds of its main
shareholder, Inversiones y Representaciones S.A.

For the last 12 months ended Dec. 31, 2007, Alto Palermo
generated US$80 million of EBITDA, an increase from US$73
million during the 12 months ended June 30, 2007.  Although the
company's consolidated debt level increased during 2007 to
US$190 million from US$80 million, it maintains a moderate
amount of leverage, which is appropriate given the high risk of
operating in Argentina.  The company's total debt-to-EBITDA
ratio was 2.4 times during 2007 and is expected to decline to
below 2.0 over the next 2-3 years, due to the company's growing
cash generation and the contribution of its new projects.  In
relation to the amount of assets, Alto Palermo's undepreciated
property book value was estimated to be US$540 million.  This
results in a loan-to-value ratio (LTV) of around 35%.  On a
market value basis, these ratios would be even lower.  Liquidity
is manageable.  The company's debt is comprised of a US$50
million of notes due 2012 and US$120 million of bonds due 2017.  
These bonds were issued by the company during May 2007 and are
being used to finance the development of two new shopping malls
(Saavedra and Neuquen).

The main activities of Alto Palermo are the development or
acquisition of shopping centers and their subsequent management.  
The company's main shareholders are Inversiones y
Representaciones (62.5%) and the Chilean company, Parque Arauco
(29.6%).  Inversiones y Representaciones is a leading real
estate company in Argentina.  In addition to owning the majority
of Alto Palermo, the company also develops office rental
property, residential real estate and hotels.  As of Dec. 31,
2007, it also owned a 67% of Alto Palermo's convertible notes,
which are due in 2014.  If the holders of the convertible notes
(Inversiones y Representaciones and Parque Arauco) were to
exercise their option, Inversiones y Representaciones' stake on
Alto Palermo would grow to 65.5%.  Given the company's current
stock price, Fitch anticipates these notes will be converted
into shares.

Alto Palermo S.A. (aka APSA) operates and develops commercial
centers in Argentina.  It has six commercial centers located in
Capital Federal and Buenos Aires suburbs, where it has got the
43% of participation on the market and another three located in
the cities of Salta, Mendoza and Rosario.  It represents, in
all, 1,118 shops.  The shareholders of Alto Palermo are
Inversiones y Representaciones S.A. (61,5%) and Parque Arauco
(29,6%), with the rest of the shares trading in the stock market
of Buenos Aires and New York.


BRANDO HERMANOS: Files for Reorganization in Buenos Aires Court
---------------------------------------------------------------
Brando Hermanos S.A. has requested for reorganization approval
after failing to pay its liabilities.

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

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


MOLISER SAIC: Proofs of Claim Verification Is Until May 15
----------------------------------------------------------
Luis Ramon Fernandez, the court-appointed trustee for Moliser
S.A.I.C.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until May 15, 2008.

Mr. Fernandez will present the validated claims in court as
individual reports on July 1, 2008.  The National Commercial
Court of First Instance in Rosario, Santa Fe, will determine if
the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Moliser 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 Moliser's accounting
and banking records will be submitted in court on Sept. 1, 2008.

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

The debtor can be reached at:

           Moliser S.A.I.C.
           Hipolito Irigoyen 1569, Rosario
           Santa Fe, Argentina

The trustee can be reached at:

           Luis Ramon Fernandez
           Bv. Orono 1217
           Santa Fe, Argentina


TELECOM ARGENTINA: Names Enrique Garrido as President
-----------------------------------------------------
Argentine news daily La Nacion reports that Telecom Argentina SA
has appointed Enrique Garrido as its new company president.

According to La Nacion, Mr. Garrido will replace Carlos Felices.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2008, Mr. Felices resigned saying he could no longer
tolerate the "improper instructions" coming from major
shareholder Telecom Italia.  The Argentine government created a
two-person board at Telecom Argentina to check whether Spanish
firm Telefonica's purchase of a stake in Telecom Italia affects
competition and whether the acquisition would lead to Telefonica
having undue influence on the decisions of Telecom Argentina,
which Telecom Italia controls.

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

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

                         *     *     *

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


TRATO SA: Proofs of Claim Verification Deadline Is June 11
----------------------------------------------------------
Hector Eduardo Palma, the court-appointed trustee for Trato
S.A.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until June 11, 2008.

Mr. Palma will present the validated claims in court as
individual reports on Aug. 7, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Trato 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 Trato's accounting
and banking records will be submitted in court on
Sept. 18, 2008.

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

The trustee can be reached at:

           Hector Eduardo Palma
           Pte. Juan Peron 1479
           Buenos Aires, Argentina



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B A R B A D O S
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CONEXANT SYSTEMS: Terminates Daniel Artusi as President and CEO
---------------------------------------------------------------
Conexant Systems, Inc. said that on April 21, 2008, it executed
an agreement, which became effective on April 29, 2008, with
Daniel A. Artusi, pursuant to which Mr. Artusi’s service as
President and Chief Executive Officer of the company ceased
effective as of April 14, 2008 and Mr. Artusi became a non-
executive employee of the company, which position he held
through April 25, 2008.

Pursuant to the Artusi Agreement, the company elected to
terminate Mr. Artusi’s employment as President and Chief
Executive Officer with the company per section 8(b)(ii) of the
original employment agreement between Mr. Artusi and the Company
dated June 21, 2007.  Mr. Artusi will receive certain
compensation and benefits that Mr. Artusi is entitled to receive
pursuant to the 2007 Agreement as a result of his termination
"without cause" from the company.

Pursuant to his employment agreement, Mr. Artusi will receive a
lump sum separation payment in full and final settlement of
matters relating to his employment with the company of
US$2,716,438, which payment will be paid within 30 days of
April 25, 2008.  In addition, all of Mr. Artusi’s stock options
and shares of non-performance based restricted stock will vest
and all vested stock options may be exercised for two years from
the date of termination, after which time all of his stock
options will expire.

In addition, Mr. Artusi is restricted from competing with the
company or soliciting employees or customers of the Company,
which provisions will apply to Mr. Artusi until April 25, 2009.

                       About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a  
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.


CONEXANT SYSTEMS: D. Scott Mercer Named as New CEO
--------------------------------------------------
In a regulatory filing, Conexant Systems, Inc. said that that
board member D. Scott Mercer has been named chief executive
officer.  The company also said that Christian Scherp, senior
vice president of Worldwide Sales, has been promoted to
president, and that Sailesh Chittipeddi, senior vice president
of Global Operations, has been promoted to executive vice
president of Global Operations and chief technical officer.

Mercer and Scherp replace Daniel Artusi, who had been president
and chief executive officer.  Artusi will be leaving the company
to pursue outside opportunities.

“We are fortunate that an executive of Scott’s caliber and
experience has chosen to become Conexant’s next chief executive
officer,” said Dwight W. Decker, non-executive chairman of
Conexant’s board of directors.  “Scott has been a Conexant
director for the past five years, so he is intimately familiar
with the issues facing our company.  I am confident that he will
provide the strategic leadership Conexant requires to attain the
next level of performance.”

Mercer, 57, will continue as a company director.

“I want to thank Dwight and the Conexant board for giving me the
opportunity to lead the company,” Mercer said.  “Over the past
three quarters, the Conexant team has done a good job of
reducing costs and improving financial performance, and we must
continue to drive progress in these areas.  Our highest priority
right now is to determine the best way to deliver increased
value to customers and shareholders.  I am looking forward to
working with Christian, Sailesh, and the rest of the senior team
in the coming weeks to evaluate our market and financial
positions, and to establish a clear strategic direction for our
company.

“I would also like to thank Dan for his service, and wish him
the best in his future endeavors,” Mercer said.

Mercer serves on the boards of Palm, Inc., Polycom, Inc., SMART
Modular Technologies, Inc., and Adaptec, Inc., where he is
chairman. In 2005, Mercer was named interim chief executive
officer at Adaptec.  Before that, he spent a total of eight
years at Western Digital Corporation in positions that included
executive vice president, chief financial and administrative
officer, and senior vice president and advisor to the CEO. He
also spent a year at TeraLogic, Inc. as chief financial officer,
five years at Dell, Inc. in a variety of financial-management
positions, and seven years at LSI Logic Corporation, where he
was promoted to chief financial officer.  After graduating with
a bachelor’s degree in Accounting from the California
Polytechnic University at Pomona, Mercer spent seven years with
Price Waterhouse in San Jose, Calif.

In his new position as president, Scherp, 42, will report to
Mercer and be responsible for the activities and results of
Conexant’s three business units in addition to managing the
company’s global sales force.  Prior to joining Conexant in June
2005, Scherp spent eight years with Infineon Technologies North
America.  In his last position at Infineon, he served as vice
president and general manager of the company’s Wireless/Wireline
Communications Group.  He was also vice president of marketing
for the Wireline Communications Group, and vice president and
general manager of the Communications Group’s wide area
networking business.  Before Infineon was spun-off from Siemens
AG in 1997, Scherp spent six years in a variety of positions in
engineering, marketing and business planning at Siemens.  He
holds a master’s degree in electrical and electronics
engineering, and a master’s degree in business administration
from the Technical University of Munich, Germany.

Chittipeddi, 45, joined Conexant in June 2006 as senior vice
president of Global Operations.  In his new role, Chittipeddi
will report to Mercer and be responsible for Global Operations,
Quality, Worldwide Manufacturing Engineering, Design Platform
Engineering, and Purchasing.  Prior to joining Conexant,
Chittipeddi held several senior operations-related positions
with Agere Systems, Lucent Technologies, and AT&T
Microelectronics.  He also served as Lucent’s SEMATECH
representative, and was a member of the Technical Staff with
AT&T Bell Labs.  Chittipeddi holds a master’s degree in business
administration from the University of Texas at Austin, a
master’s degree and a doctorate in physics from Ohio State
University, and a master’s degree in physics from Northern
Illinois University.  He also holds 59 U.S. patents related to
semiconductor process, package, and design, and has authored
nearly 40 publications.

                       About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a  
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.


CONEXANT SYSTEMS: Posts US$142 Million Net Loss in 2008 2Q
----------------------------------------------------------
Conexant Systems, Inc. reported that financial results for the
second quarter of fiscal 2008 that exceeded the company’s
expectations entering the quarter.  

Revenues for the second quarter of fiscal 2008 were
US$174.0 million.  Core gross margins were 45.0% of revenues.  
Core operating expenses were US$72.3 million, and core operating
income was US$6.0 million.  Conexant’s core net loss was
US$3.3 million, or US$0.01 per diluted share.

On a GAAP basis, gross margins for the second quarter of fiscal
2008 were 45.4% of revenues.  GAAP operating expenses were
US$204.7 million.  GAAP operating loss was US$125.7 million and
GAAP net loss was US$142.0 million, or US$0.29 per share.  The
GAAP net loss in the quarter included an asset impairment charge
of US$121.7 million primarily related to the write-down of
goodwill associated with the Broadband Media Processing
business.

The company ended the quarter with US$164.1 million in cash and
cash equivalents.  Cash declined by approximately US$68.0
million, due in large measure to the company’s re-purchase of
US$53.6 million of its floating rate senior notes.

                    Business Perspective

“I am pleased to be a part of the Conexant team and enthusiastic
about our company’s long-term prospects,” said Scott Mercer, who
joined Conexant as chief executive officer on April 14, 2008.
“In the coming weeks and months, I will be focusing on our
overall strategy, and on improving our financial performance and
position.”

“For the second fiscal quarter, we exceeded our expectations
entering the quarter,” Mercer said.  “We anticipated revenues in
a range between $165 million and $170 million, and we delivered
$174 million.  Core gross margins came in at the high end of the
range we provided, and core operating expenses were
significantly lower than we expected, which reflects the teamÂ’s
commitment to reducing costs.”

                         Business Outlook

Conexant expects revenues for the third quarter of fiscal 2008
to be in a range between US$167 million and US$171 million,
which includes revenues from its Broadband Media Processing
product lines.

                         About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a  
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.


CONEXANT SYSTEMS: Sells Broadband Media Product Line to NXP
-----------------------------------------------------------
Conexant Systems, Inc. signed a definitive agreement to sell its
Broadband Media Processing product lines to NXP Semiconductors
in a transaction valued at up to US$145 million.  Conexant’s
Broadband Media Processing business provides solutions for
satellite, cable, terrestrial, and IPTV set-top box
applications.

Under the terms of the agreement, Conexant will receive
US$110 million in cash, and up to US$35 million in an “earn-out”
fee, contingent upon the achievement of certain milestones over
the next two years.  The transaction is subject to customary
closing conditions and regulatory approvals, and is expected to
close within the next 60 days.

“Over the years, the Conexant team has successfully developed
complex solutions for a variety of set-top box applications,”
said Scott Mercer, Conexant’s chief executive officer.  “NXP has
a long history in consumer electronics, and they possess the
scale, skill-sets, and resources required to maintain and expand
the positions we established.  I am convinced that the combined
team will attain an even higher level of success as they
continue to deliver innovative, cost-effective set-top box
solutions to customers worldwide.

“Divesting our Broadband Media Processing product lines also
represents a major step in our continuing effort to restructure
our company’s business model and cost structure,” Mercer said.  
“As we get closer to completing the transaction, we plan to
provide additional information on the financial performance we
expect from our continuing company.”

Approximately 700 Conexant employees at locations in the United
States, Europe, Israel, Asia-Pacific, and Japan will transfer to
NXP and join the company’s Home BusinessUnit when the
transaction closes.  At that time, Conexant’s ongoing businesses
will consist of Imaging and PC Media, and Broadband Access.  The
total available market addressed by these product lines is
greater than US$3 billion today and expected to grow over the
next three years.

                        About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a  
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.



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B E R M U D A
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ASPEN INSURANCE: Earns US$81.2 Million in Quarter Ended March 31
----------------------------------------------------------------
Aspen Insurance Holdings Limited reported that for the first
quarter of 2008, net income after tax was US$81.2 million versus
US$121.9 million for the first quarter of 2007.  The combined
ratio was 85.4%, compared to 79.4% in the same quarter last
year.  The annualized return on average equity was 12.8%, down
from 22.9% in the first quarter of 2007, and book value per
share increased 23.7% to US$29.22 when compared to the first
quarter of 2007.

Chris O’Kane, Chief Executive Officer said, “Book value per
share at the end of the first quarter was US$29.22, which is up
23.7% year-over-year and the eighth consecutive quarterly
increase in book value.  Underwriting results were strong with a
combined ratio of 85.4%, which is well within our plan.  As we
anticipated, we wrote less business this quarter because of
declines in rates.  We continue to maintain our underwriting
discipline. Cash flow from operating activities also remained
strong at US$163.5 million for the quarter, up 27%.  However,
net income and EPS were impacted by disappointing returns from
our investment in funds of hedge funds.”

                      Investment Performance

Net investment income declined from US$67.5 million in the first
quarter of 2007 to US$39.1 million in 2008 primarily due to the
performance of the company's funds of hedge funds which are
equity accounted for in our net income.  Net investment income
for the quarter also included a one-off negative accounting
adjustment of US$7.8 million relating to 2007.  The funds of
hedge funds investments have produced cumulative returns of more
than 15% since April 2006, when the company initiated investing
in them, and they remain an important component of Aspen’s
investment diversification strategy.

                          2008 Outlook

The Company expects that for the remainder of 2008 pricing will
continue to soften but total Gross Written Premium and Net
Earned Premium levels will remain within Aspen’s original
guidance.  On the investment side, market volatility and lower
interest rates are expected to impact returns. As a result, 2008
guidance on investment income is revised to US$250 million to
US$285 million, with fixed income and short-term investments
expected to contribute US$240 million to US$255 million and
funds of hedge funds expected to contribute US$10 million to
US$30 million.  Aspen expects to report an ROAE (return on
average equity) in the range of 13.0% to 16.0% for 2008,
assuming normal loss experience, reducing the top and bottom of
the range of our original guidance by 1 percentage point.

               About Aspen Insurance Holdings Ltd.

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) -- http://www.aspen.bm/-- provides
reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries
and offices in Bermuda, France, Ireland, the United States, the
United Kingdom, and Switzerland.

                           *     *     *

Aspen Insurance Holdings Limited still carries Moody's Investors
Services 'Ba1' Preferred Stock rating with a stable outlook
assigned on Dec. 21, 2005.


ATHENA GUARANTEED: Proofs of Claim Filing Deadline Is May 14
------------------------------------------------------------
Athena Guaranteed Trading Company (U.S.) Limited's creditors are
given until May 14, 2008, to prove their claims to Beverly
Mathias, 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.

Athena Guaranteed's shareholders agreed on April 29, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

      Beverly Mathias
      c/o Argonaut Limited
      Argonaut House, 5 Park Road
      Hamilton HM O9, Bermuda


ATHENA GUARANTEED: Sets Final Shareholders Meeting for May 30
-------------------------------------------------------------
Athena Guaranteed Trading Company (U.S.) Limited will hold its
final general meeting on May 30, 2008, at 9:30 a.m. at Argonaut
Limited, Argonaut House, 5 Park Road, Hamilton HM O9, 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.

Athena Guaranteed's shareholders agreed on April 29, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

      Beverly Mathias
      c/o Argonaut Limited
      Argonaut House, 5 Park Road
      Hamilton HM O9, Bermuda


CALLISTO ENTERPRISES: Proofs of Claim Filing Is Until May 21
------------------------------------------------------------
Callisto Enterprises Ltd.'s creditors are given until
May 21, 2008, to prove their claims to Heidi Daniels-Roque, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Callisto Enterprises' shareholders agreed on April 28, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


CALLISTO ENTERPRISES: Sets Final Shareholders Meeting for June 4
----------------------------------------------------------------
Callisto Enterprises Ltd. will hold its final general meeting on
June 4, 2008, at 10:00 a.m. at Sofia House, 1st Floor, 48 Church
Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Callisto Enterprises' shareholders agreed on April 28, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


GROVE MANAGEMENT: Proofs of Claim Filing Deadline Is May 30
-----------------------------------------------------------
Grove Management Limited's creditors are given until
May 30, 2008, to prove their claims to Carolynn D. Hiron, 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.

Grove Management's shareholder decided on April 30, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

      Carolynn D. Hiron
      Olympia Capital (Bermuda) Limited
      Williams House, 20 Reid Street
      Hamilton, Bermuda


MAN DYNAMIC: Proofs of Claim Filing Deadline Is May 14
------------------------------------------------------
Man Dynamic Ltd.'s creditors are given until May 14, 2008, to
prove their claims to Beverly Mathias, 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.

Man Dynamic's shareholders agreed on April 29, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

      Beverly Mathias
      c/o Argonaut Limited
      Argonaut House, 5 Park Road
      Hamilton HM O9, Bermuda


MAN DYNAMIC: Sets Final Shareholders Meeting for May 30
-------------------------------------------------------
Man Dynamic Ltd. will hold its final general meeting on
May 30, 2008, at 9:30 a.m. at Argonaut Limited, Argonaut House,
5 Park Road, Hamilton HM O9, 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.

Man Dynamic's shareholders agreed on April 29, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

      Beverly Mathias
      c/o Argonaut Limited
      Argonaut House, 5 Park Road
      Hamilton HM O9, Bermuda


SVP HOLDINGS: Moody's Cuts Probabilty of Default Rating to B2
-------------------------------------------------------------
Moody's Investors Service has revised its rating outlook for SVP
Holdings Ltd. to negative from stable, and lowered the company's
probability of default rating to B2 from B1, to reflect concern
that the company will face a period of limited cushion in its
financial covenants due to the potential impact of softer
discretionary consumer spending on near term growth plans.  The
B1 corporate family rating and Ba3 senior secured credit
facilities were affirmed.

"Our expectation is that continued soft consumer spending could
likely limit the prospects for revenue and profitability growth
over the remainder of the year and, when combined with the
contractual revision of bank covenant levels and timing of new
product launches, may leave the company with limited cushion
under its financial covenants," said Moody's analyst, Mike
Zuccaro.

As a result of these risks, the PDR was downgraded to B2 from B1
to reflect the increased risk of default over the next twelve
months.

Given the company's high financial leverage (adjusted
debt/EBITDA approaching 5.5 times, calculated using Moody's
standard analytic adjustments), any negative variance under
operating or financial expectations, unexpected uses of
cash, or covenant violations could trigger a downgrade of the
ratings.

The affirmation of the B1 CFR reflects SVP's leading market
position in the global consumer sewing machine market,
geographic diversity, breadth of distribution and product
offering.  The rating is constrained by the company's small
scale relative to other global consumer durable manufacturers,
narrow product focus, and high financial leverage.

Rating lowered:

   -- Probability of Default Rating to B2 from B1

Thse ratings were affirmed:

  -- Corporate Family Rating at B1
  -- First lien revolving credit facility at Ba3 (LGD2, 23%)
  -- First-lien A Term Loan at Ba3 (LGD2, 23%)
  -- First-lien B Term Loan at Ba3 (LGD2, 23%)

Headquartered in Hamilton, Bermuda, SVP Holdings Ltd. is the
world's largest manufacturer, marketer and distributor of
consumer sewing machines.  Products are sold under the Singer,
Husqvarna, Viking and Pfaff brands in 188 countries.



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

BANCO DAYCOVAL: Posts BRL70.2MM Recurrent Net Income in 1Q 2008
---------------------------------------------------------------
Banco Daycoval S.A. reported its results for the first quarter
of 2008.

                         Highlights:

Recurrent Net Income amounted to BRL70.2 million in first
quarter 2008, for growth of 51% year-over-year and 15.7% in the
quarter.  ROAE was 19.4% p.a. in first quarter 2008, rising 2.3
percentage points compared with fourth quarter 2007;

Income from operation was BRL98.3 million, for growth of 42.5%
year-over-year and 18.2% in the quarter, reflecting significant
efficiency gains;

Personnel and Administrative Expenses (excluding commissions)
remained stable compared with fourth quarter 2007, demonstrating
the Bank's efforts to control costs;

The Loan Portfolio reached BRL3.9 billion, for growth of 105.5%
year-over-year and 11.6% in the quarter.  Retail products
(payroll and auto loans) were the main driver of this growth,
reaching 33.8% of the total portfolio;

Loan Loss Provisions corresponded to 2.5% of the non-
consolidated loan portfolio at end-March, thus maintaining loan
portfolio quality.  Provisioning in the quarter rose only BRL2.4
million, far less than the proportionally amount by which the
loan portfolio expanded;

Approval of the Share Buyback Program authorizing Banco Daycoval
to repurchase up to 10% of free float in a significant
opportunity to capture value, given the current market price of
its stock.

Headquartered in Sao Paulo, Brazil, Banco Daycoval started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small- and medium-sized companies,
backed by receivables.  It also operates with consignment
lending for payroll deduction and consumer financing.  Since
June 2007, the bank has had 29% of its shares traded at Bovespa
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
Nov. 27, 2007, Fitch Ratings placed Banco Daycoval S.A.'s Long-
term foreign currency issuer default rating at 'BB-' and Long-
term local currency issuer default rating at 'BB-' with a stable
outlook.


BANCO ITAU: Says Consumer Credit Scores to Spark Credit Card War
----------------------------------------------------------------
Banco Itau Holding Financeira SA's Card Division Marketing Chief
Fernando Chacon told the press that the introduction of consumer
credit scores in Brazil will start a war for credit card clients
among banks, finance companies, and retailers.

Mr. Chacon commented to Business News Americas, "We don't have
positive credit history reports here in Brazil but once we do,
war will be declared.  Retailers will stand to lose a little.  
The market will become more competitive, which will make more
room for bigger players."

BNamericas relates that many retailers "beat banks to the punch"
and began providing credit to clients when the Brazilian
government brought "hyperinflation" under control in the 1990s.   
To fund future growth, retailers started collaborating with
banks, which at that point wanted a bigger part of direct
consumer credit.  Mr. Chacon told BNamericas that retailers
moving into consumer loans "didn't do it out of kindness" and
that many stores included interest charges in the price of
products.

The battle to attract card holders "would go beyond a price war
to more aggressive marketing techniques.  A price war has its
limits but with a consumer's spending history, direct marketing
can become more efficient," BNamericas says, citing Mr. Chacon.

Mr. Chacon told BNamericas that once banks can identify good
borrowers, credit limits will increase for many consumers.

Banks would aggressively try to attract good borrowers after the
use of credit scores is established, offering lower interest
rates and higher credit limits, BNamericas says, citing Ibope
Inteligencia analyst Artur Gimenes.  

Mr. Gimenes told BNamericas that "there's certain reluctance
among banks to give loans to consumers without knowing their
credit history" and that retailers often use different criteria
and grant credit to low-income earners or higher-risk consumers.

Credit sales volume in Brazil would increase 21.3% to
BRL223 billion this year, compared to last year, as the number
of cards in circulation grows 14.6% to 106 million by year-end,
BNamericas states, citing Banco Itau.

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: America Latina Seeks BRL700MM Loan From Bank
------------------------------------------------------------
Brazilian railroad operator America Latina Logistica SA's Chief
Executive Officer Bernardo Vieira Hees told Agencia Estado that
the firm is negotiating a BRL700 million loan from Banco
Nacional de Desenvolvimento Economico e Social to fund the
construction of 260-kilometer rail lines between Alto do
Araguaia and Rondonopolis, Mato Grosso.

America Latina is looking for an investment partner for the
project, Mr. Hees told Agencia Estado.

Business News Americas relates that Brazilian Transport Minister
Alfredo Nascimento extended on April 30 the concession contract
of Ferrovia Norte do Brasil, which is controlled by America
Latina, to allow construction of the railway.

Minister Nascimento commented to BNamericas, "This stretch is in
conditions to be carried out because it has a project ready and
the concession already exists.  It just needed some adjustments
to extend the contract."

The construction will begin int the second half of 2008 and will
be completed by the end of 2010, BNamericas notes.

                       About America Latina

Headquartered in Parana, Brazil, America Latina Logistica S.A.
is a Brazilian holding company that operates railway lines in
both Argentina and Brazil and provides transportation services
such as logistics, intermodal transport, port operations,
movement and storage of merchandise, administration of storage
facilities and general storage.  It is also involved in lease of
railroad equipment to third parties, and offers road transport
services in Brazil through America Latina Logistica Intermodal
S.A.

                       About Banco Nacional

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

                           *     *     *

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


BANCO NACIONAL: To Complete Train Feasibility Studies by October
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social will
complete the technical and economic feasibility studies for the  
US$9 billion Sao Paulo-Rio de Janeiro high speed train project
by October, Brazilian news service Agencia Estado reports,
citing Transport Minister Alfredo Nascimento.

Minister Nascimento told Business News Americas, "When we
receive [the concluded study], we hope to announce the bidding
process for the first half of 2009."

Brazil's Presidential Chief of Staff Dilma Rousseff is seeking
partners for the project in Japan and South Korea.  He has
confirmed that a Japanese consortium is keen on participating in
the bidding for the project, BNamericas states.

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

                           *     *     *

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


BANCO NACIONAL: Lends BRL1.7 Bil. to Power Sector in 1st Quarter
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's President
Luciano Coutinho told reporters that the bank disbursed
BRL1.7 billion to the power sector first quarter 2008, about
498% greater than the same period in 2007.

Mr. Coutinho commented to Business News Americas, "Loans to
power projects were very big and capital intensive.  In the
first quarter, we had some loans that were due to be granted in
the last quarter of 2007."

A Banco Nacional spokesperson told BNamericas that loan
approvals for the power sector totaled BRL1.11 billion in the
first quarter 2008.

Loans to the power sector will continue to increase due to the
federal growth acceleration program, designed to accelerate
strategic projects, and due to overall economic expansion,
BNamericas states, citing Mr. Coutinho.

Meanwhile, Banco Nacional said it increased new loans to the
infrastructure sector by 65% to 27.7 billion in the 12 months
ended March 2008 -- 40% of all financing in the period --
compared to the previous period.

BNamericas notes that Banco Nacional's loan approvals for
infrastructure rose 61% to BRL43.8 billion in the 12 months
ended March 2008, from the previous period.

Banco Nacional's lending will continue to rise this year,
especially in the energy and inland transport sectors,
BNamericas reports.

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.


BRASKEM: Dissenters to Ipiranga Ratification Withdraws Shares
------------------------------------------------------------
Braskem S.A. has informed the U.S. Securities and Exchange
Commission that shareholders having 2,108,823 common shares and
209,088 class "B" preferred shares of the company formalized
their dissent to the ratification of the company's purchase of
control of the Ipiranga Group's petrochemical assets.

As reported by the the Troubled Company Reporter-Latin America
on Feb. 29, Braskem acquired 60% of Ipiranga's petrochemical
assets.  The transaction gives Braskem a direct interest of 60%
in Ipiranga Quimica, an indirect interest of 60% in Ipiranga
Petroquimica, and a direct and indirect interest of 62.7% in
Copesul.  

At an extraordinary shareholders meeting on March 16, the
transaction was ratified.

The shareholders that dissented in the ratification exercised
their right of withdrawal, through reimbursement of the amount
of the shares they held on March 11, 2008.  Reimbursement will
be made by the share equity value, according to the balance
sheet as of Dec. 31, 2007, corresponding to BRL13.50 per share,
totaling  BRL31,291,798.50.  The amount will be paid to the
dissenting shareholders on May 5, 2008, by credit of the full
amount with the depositary of the shares issued by Braskem,
Banco Itau S.A.

Braskem S.A. (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.


COMPANHIA PARANAENSE: Sales Volume Rises to 5% in 1Q 2008
---------------------------------------------------------
Companhia Paranaense de Energia SA's sales volume increased 5.0%
to 5.3 terrawatt hours in the first quarter 2008, compared to
5.0 terrawatt hours in the first quarter 2007.

Business News Americas relates that the 5.3 terrawatt hour sales
include sales to the regulated and unregulated markets. Sales to
the regulated market rose 6.4% to 4.8 terrawatt hours.

BNamericas notes that Companhia Paranaense's sales to
residential, industrial, commercial, and rural clients were
27.8%, 33.1%, 20.7% and 6.7% of the total respectively.

Companhia Paranaense told BNamericas that power sales to
industrial customers increased 8.3% to 1.60 terrawatt hours.
Sales to commercial and residential customers grew 5.6% to 1.00
terrawatt hours and 5.1% to 1.34 terrawatt hours, respectively,
rural sales rose 6.7% to 429 gigawatt hours.

Companhia Paranaense's sales to residential customers rose on
increased purchasing power in Parana and a recovery in
agricultural production, BNamericas states.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/ir-- (NYSE: ELP/LATIBEX:
XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes
electricity to more than 3 million customers in the state of
Parana and has a generating capacity of nearly 4,600 megawatts,
primarily from hydroelectric plants. COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed. In response, Copel is
re-evaluating its corporate structure. The government of Parana
controls about 59% of Copel.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale. Moody's also upgraded its
rating on the company's BRL500 million senior unsecured
guaranteed debentures due 2007 to Ba2 from Ba3 (Global Local
Currency) as well as its rating on the BRL400 million senior
secured Guaranteed debentures due 2009 to Ba1 from Ba2 (Global
Local Currency).  Moody's said the rating outlook is stable.
This rating action concludes the review process initiated on
July 26, 2006, and still hold to date.


GOL LINHAS: Posts BRL3.5 Mil. Consolidated Net Loss in 1Q 2008
--------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazilian airlines GOL Transportes Aereos S.A. and VRG Linhas
Aereas S.A., released financial results for the first quarter of
2008.

                          Highlights:

   -- Net income for the quarter, excluding VRG Linhas Aereas,
      was BRL200.1 million, representing a net income margin of
      15%.  Operating income in first quarter 2008, excluding
      VRG Linhas, was BRL201.2 million, representing an
      operating margin of 15.1% (a 3.1 point increase vs. first
      quarter 2007).

   -- Net revenues reached BRL1.6 billion, representing growth
      of 54.3% compared to the same period last year.  Ancillary
      revenues increased 63.5% over first quarter 2007 to
      BRL107.7 million.

   -- Consolidated operating costs per ASK (CASK) increased
      12.8% from 13.06 cents (BRL) in first quarter 2007 to
      14.73 cents (BRL) in first quarter 2008.  Non-fuel CASK
      increased 10.2% to 8.72 cents (BRL).

   -- Consolidated net loss for the quarter was BRL3.5 million.

   -- Cash, cash equivalents and short-term investments totaled
      BRL1 billion, a decrease of BRL390.8 million over first
      quarter of 2008.

   -- VRG Linhas' RPKs and ASKs in first quarter 2008 were 1,593
      million and 3,172 million, respectively; average load
      factor was 50.2%. Consolidated break-even load-factor was
      62.6%, up 1.2 percentage points over first quarter 2007.

   -- GOL Transportes Aereos SA's average market share of    
      domestic and international regular air transportation in
      first quarter 2008 was 38.3% and 10.7%, respectively.  VRG
      Linhas' average market share of domestic and international
      regular air transportation in first quarter 2008 was 3.9%
      and 19.4%, respectively.

   -- Consolidated passenger yields increased 10% to 21.93 cents
      (BRL).  RASK decreased 2.2% versus first quarter 2008 to
      14.53 cents (BRL.  Average fares were BRL241.2.

   -- GOL Transportes Aereos added 21 new daily flight
      frequencies and served 58 destinations.  VRG Linhas added
      53 new daily flight frequencies, serving 19 destinations.

   -- GOL Transportes Aereos and VRG Linhas Aereas announced
      changes to their flight networks increasing its presence
      in South American markets.

   -- In line with its fleet renewal plan, the company received
      one 737-800 NG and one 737-700NG and removed seven 737-
      300s from the operating fleet during the quarter.

   -- A net quarterly interest on shareholders' equity and
      dividend payment was approved on the amount of BRL36.4
      million.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL  
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.  
The company was founded in 2001.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch also affirmed the outstanding US$200
million perpetual bonds and US$200 million of senior notes due
2017 at 'BB+' as well as the company's 'AA-' (bra) national
scale rating.  Fitch said the rating outlook is stable.


DELPHI CORP: Closes Sale of Bearings Biz to Hephaestus' Unit
------------------------------------------------------------
Delphi Corp. completed the sale of substantially all the non-
cash assets primarily used in the North American Bearings
Business to Kyklos Bearing International, Inc., an indirect,
wholly owned subsidiary of Hephaestus Holdings, Inc.

As reported in the Troubled Company Reporter on Feb. 22, 2008,
Delphi entered into a purchase agreement with Kyklos, which
follows Kyklos being declared the successful bidder in an
auction conducted on Feb. 21, 2008, as part of a sale process
under Section 363 of the United States Bankruptcy Code.

In January 2008, Delphi Automotive Systems LLC and Delphi
Technologies, Inc., debtor-subsidiaries of Delphi Corp., planned
to sell their global bearings business to ND Acquisition Corp.,
or to another party submitting a higher and better offer for the
business.  ND Acquisition, a wholly owned subsidiary of private
equity investment firm Resilience Capital Partners LLC, agreed
to submit a stalking horse bid of US$44,200,000, subject to
adjustments, for the Bearings Business.

Kyklos acquired substantially all of the Bearings Business's
inventory, intellectual property, and machinery and equipment,
including the manufacturing and engineering facility located in
Sandusky, Ohio.  Kyklos has also hired substantially all of the
Bearings Business's employees and has assumed all of the
customer and supplier contracts.

"We are delighted with HHI's profitable growth under George
Thanopoulos's leadership and look forward to supporting the
company as it proceeds with its aggressive growth and industry
consolidation strategies," Michael G. Psaros, a Managing Partner
of KPS, said.  "HHI has now completed three successful
acquisitions since its creation by KPS in September 2005, and
the company has also achieved significant organic growth and
customer diversification.  HHI is well capitalized, with access
to significant additional capital, and we welcome inquiries from
potential sellers of forging businesses, assets or products
lines that contain large forging value content."

"I am thrilled with the success and rapid growth of HHI since
its creation," George Thanopoulos, Chief Executive Officer of
HHI, said.  "HHI was formed to consolidate the North American
forging industry and to expand into products and markets where
our forging and metalworking expertise result in immediate
synergy and value creation.  We are very excited to expand into
the wheel bearings business, and we look forward to becoming a
significant global competitor in the industry."

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

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

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

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


POLYPORE INT'L: Reports US$12.9 Mil. Net Income in First Quarter
----------------------------------------------------------------
Polypore International Inc. reported its financial results for
the first quarter of 2008.  For the three months ended March 31,
2007, the company earned of US$12.9 million on net revenues of
US$145.3 million compared to net income of US$2.1 million on net
revenues of US$129.0 million for the same period in 2007.

Commenting on the quarter, Robert B. Toth, President and Chief
Executive Officer, said, "We are pleased with the quarter and
the solid start to the year.  Our global presence, together with
the breadth of markets and applications we serve, contributed to
our good performance in the current economic environment."

                       Fiscal 2008 Guidance

For the year ending Jan. 3, 2009, the company expects to achieve
sales of US$580 million to US$605 million.  The company estimate
total capital expenditures of approximately US$52.0 million in
2008.  This remains unchanged from the company's increased
guidance issued on March 3, 2008 in conjunction with the
acquisition of Microporous.

Headquartered in Charlotte, North Carolina, Polypore
International Inc., develops, manufactures and markets
specialized polymer-based membranes used in separation and
filtration processes.  The company is managed under two business
segments.  The energy storage segment, which currently
represents approximately two-thirds of total revenues, produces
separators for lead-acid and lithium batteries.  The separations
media segment, which currently represents approximately one-
third of total revenues, produces membranes used in various
health care and industrial applications.  The company has
operations in Australia, Germany and Brazil.

                         *     *     *

In July 2007, Standard & Poor's Ratings Services revised its
outlook on Charlotte, N.C.-based Polypore International Inc. and
its subsidiary Polypore Inc. to positive from stable.  At the
same time, S&P affirmed its ratings on both companies, including
the 'B' corporate credit rating.


TAM SA: Elects Two New Members to Board of Directors
----------------------------------------------------
TAM SA held an Ordinary General Assembly at its headquarters in
Sao Paulo on April 30, to elect shareholder Marcos Adolfo Tadeu
Senamo Amaro and former General Electric (Brazil) Chief
Executive Officer, Alexandre Goncalves Silva, as new members of
the Board of Directors.  In addition to Alexandre Silva,
Adalberto de Moraes Schettert, Luiz Antonio Correa Nunes Viana
Oliveira, Pedro Parente and Waldemar Verdi Junior were re-
elected as independent board members.

Maria Claudia Oliveira Amaro remains as President of the Board,
and Mauricio Rolim Amaro as Vice President, positions that the
two have occupied since April of last year.  Noemy Almeida
Oliveira Amaro and Roger Ian Wright are vacating their seats on
the Board.  The other board members -- Luiz Antonio Correa Nunes
Viana Oliveira, Pedro Parente and Waldemar Verdi Junior -- were
re-elected by the Ordinary General Assembly.

With these changes, the controlling shareholders are reaffirming
to the market and to investors that they are actually part of
the business and they are working for the future of the company.  
The election of the independent members to sit on the Board also
demonstrates the commitment to high ethical standards and good
corporate governance practices, in addition to sustaining the
company's continual process of professionalization.

* Maria Claudia Oliveira Amaro Demenato: President, Member
                                           Since Sept. 18, 2003
   
* Mauricio Rolim Amaro: Vice President, Member Since Dec. 20,
                         2004

* Luiz Antonio Correa Nunes Viana Oliveira: Independent Board
                                     Member Since June  27, 2003
   
* Adalberto de Moraes Schettert: Independent Board Member Since
                                  Aug. 31, 2005
    
* Waldemar Verdi Junior: Independent Board Member Since Jan.
                          23, 2006
* Pedro Pullen Parente: Independent Board Member Since April
                         27, 2007

* Marcos Adolfo Tadeu Senamo Amaro: Board Member Since April
                                     30, 2008

* Alexandre Goncalves Silva: Independent Board Member Since
                              April 30, 2008
     

Beyond the changes in the Board of Directors, the Ordinary
General Assembly approved the financial statements for 2007, as
well as the allocation of the results.

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

The company's international operations include direct flights to
17 destinations: New York and Miami (USA), Paris (France),
London (England), Milan (Italy), Frankfurt (Germany), Madrid
(Spain), Buenos Aires and Cordoba (Argentina), Santiago (Chile),
Caracas (Venezuela), Montevideo and Punta del Este (Uruguay),
AsunciOn and Ciudad del Este (Paraguay), and Santa Cruz de la
Sierra and Cochabamba (Bolivia)

                        *     *     *

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


USINAS SIDERURGICAS: Net Profit Rises to BRL646 Mil. in 1st Qtr.
----------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais S.A.'s net profit increased
1% to BRL646 million in the first quarter 2008, compared to the
first quarter 2007, Business News Americas reports.

BNamericas relates that Usinas Siderurgicas' EBITDA rose 6% to
BRL1.3 billion in the first quarter 2008, compared to the same
period last year.  Its net revenues grew 7% to BRL3.6 billion,
and "physical sales" declined 3% to 1.9 million tons.

Usinas Siderurgicas' first quarter 2008 performance was well
above expectations, BNamericas says, citing Banco Brascan
analyst Rodrigo Ferraz.

Banco Brascan said in a research note that sales volume was hurt
due to restorations in some of Usinas Siderurgica's furnaces at
its Cosipa unit.  Restoration is expected to be completed in
May.  Usinas Siderurgicas plans to increase productivity.  "We
believe Usiminas will increase its production.  For the
remainder of 2008 we should see positive repercussions for the
company," Banco Brascan said in its report.

SLW Corretora analyst Kelly Trantin commented to BNamericas, "I
see a very positive outlook for Usiminas [Usinas Siderurgicas]."

Usinas Siderurgicas' revenues will tend to increase due to a
strong Brazilian consumer market especially in automobiles, auto
parts, appliances, industrial equipment, and construction,
BNamericas says, citing Mr. Trantin.  Another positive factor
was Usinas Siderurgicas' acquisition of J Mendes in 2007, as it
lessens the firm's dependence on other mining companies for iron
ore.  About 40% of Usinas Siderurgicas' iron ore supply will
come from J Mendes mines next year and the firm should be self-
sufficient by 2012, Mr. Trentin added.

Mr. Trentin commented to BNamericas, "Usiminas will gain a lot
in terms of competitiveness and margins."

Usinas Siderurgicas prefers to concentrate its efforts on
Brazil's internal market rather than the export market,
BNamericas states, citing Mr. Trentin.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA -- http://www.usiminas.com.br-- is among the   
world's 20 largest steel manufacturing complexes, with a
production capacity of approximately 10 million tons of steel.  
Usiminas System companies produces galvanized and non-coated
flat steel products for the automotive, small and large diameter
pipe, civil construction, hydro-electronic, rerolling,
agriculture, and road machinery industries.  Brazil consumes 80%
of its products and the company's largest export markets are the
US and Latin America.  The company also sells in China and
Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Moody's Investors Service assigned a Ba1 local
currency rating and an Aa1.br rating on its Brazilian national
scale to the BRL500 million non-guaranteed subordinated
debentures due 2013 to be issued by Usinas Siderurgicas de Minas
Gerais S.A. (aka Usiminas).  Net proceeds from the debentures
issuance will be used to partially fund the company's capex
program.  Moody's said the rating outlook is stable.


* BRAZIL: Moody's Publishes Report on Reinsurance Market Opening
----------------------------------------------------------------
Moody's Investors Service published a report about the opening
of the Brazilian reinsurance market, effective April 17, 2008.  
The report was authored by Moody's insurance analyst in Brazil,
Rodolfo Nobrega, and comments on the expectations and
implications of the new structure on the Brazilian insurance
market.

The recent opening of Brazil's reinsurance market is "overall a
positive development that will improve the efficiency of the
sector" Moody's concludes.  The rating agency says that this
much anticipated market transformation will boost industry
efficiency "through a combination of risk-adjusted pricing and
more efficient reinsurance purchasing decisions by ceding
insurers, as well as through the likely consolidation among
Brazil's many licensed insurers in the coming years --
particularly among smaller companies in the general insurance
sector."

According to Mr. Nobrega:  "This should lead to significant
changes in the way the local players operate and enhance market
competition, which will ultimately benefit the end-consumers.
Not necessarily because prices will fall, but largely because
insurance companies will be able to better meet customers'
needs, with more flexible, tailor-made products."  Mr. Nobrega
also notes that the credit risk of the insurance companies --
supported by their reinsurance coverage arrangements -- will
increasingly become an essential consideration in the decision-
making process of prospective policyholders.

The report points out that insurers will likely diversify
operations into other lines of business and create new products,
supported by the reinsurers' expertise and financial strength.  
"The transition process, however, may be difficult for some
insurers," the rating agency cautions, "because greater market
efficiency will likely marginalize insurers lacking competitive
advantages."

Also contributing to the growth of the insurance market, the
rating agency emphasizes, are two particularly significant
macro-factors: the country's economic development with a growing
infrastructure program, backed by the federal government, and
the cross-border expansion of Brazilian companies, which may
result in the utilization of alternative risk financing, such as
captives.

Moody's expects that the opening of the Brazilian reinsurance
market will considerably alter the configuration and behavior of
the local insurance market, particularly for large commercial
and specialty insurers.  The traditional use of tariff-based
pricing applied by IRB-Brasil Re -- the former monopolistic
reinsurer and market regulator -- will be replaced by
experience-adjusted underwriting.

Moody's points out that IRB-Brasil Re has responded to the
market changes by undergoing significant structural and cultural
changes to better compete in this new era.  "Despite the
expectation of intense competition from experienced, global
reinsurers," adds Mr. Nobrega, "IRB-Brasil should be able to
capitalize on the opportunities provided by the open reinsurance
structure."

The report is titled "Opening of the Brazilian Reinsurance
Market -- A New Beginning."



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

BANK RAKYAT: Reports IDR1.4 Trillion Net Profit in 1Q 2008
----------------------------------------------------------
PT Bank Rakyat Indonesia Tbk BBRI.JK reported a net profit of
IDR1.4 trillion in the first quarter of 2008, compared with
IDR1.2 trillion in the same period in 2007.

Bank Rakyat's net interest income for the first quarter 2008 was
IDR4.6 trillion, compared with IDR3.9 trillion in the same
period in 2007.

The bank also disclosed that:

   * loans reached IDR118.4 trillion or grew at 30.06% year-on-
     year, driven by micro and small commercial segments;

   * deposits was at IDR159.6 trillion or grew at 30.96% year-
     on-year, still maintaining Low Cost Funds at preferable
     level;

   * fee based income grew year-on-year 55.01% supported by
     large number of accounts; and

   * extending asset growth for 31.74% year-on-year to be
     allocated in the productive assets.

A full-text copy of Bank Rakyat's first quarter 2008 financial
results is available for free at:

     http://bankrupt.com/misc/bankrakyat_1Q2008.pdf

According to Nury Sybli and Harry Suhartono of Reuters, analysts
expect Bank Rakyat to post a net profit of IDR6.2 trillion in
2008, up from IDR4.84 trillion in 2007.

                           About RBI

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise  
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

     * Long-term foreign Issuer Default rating 'BB-',
     * Short-term rating 'B',
     * National Long-term rating 'AA+(idn)',
     * Individual 'C/D', and
     * Support '4'.


COLUMBIA HIGH: Proofs of Claim Filing Deadline Is May 6
-------------------------------------------------------
Columbia High Income Fund (Offshore)'s creditors have until
May 6, 2008, to prove their claims to David A.K. Walker and
Lawrence Edwards, 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.

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

The liquidators can be reached at:

             David A.K. Walker and Lawrence Edwards
             Attn: Skye Quinn
             PwC Corporate Finance & Recovery (Cayman) Limited
             P.O. Box 258, George Town
             Grand Cayman KY1-1104, Cayman Islands
             Telephone: (345) 914 8678
             Fax: (345) 945 4237


COLUMBIA INTERNATIONAL: Proofs of Claim Filing Is Until May 6
-------------------------------------------------------------
Columbia International Value Fund (Offshore)'s creditors have
until May 6, 2008, to prove their claims to David A.K. Walker
and Lawrence Edwards, 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.

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

The liquidators can be reached at:

             David A.K. Walker and Lawrence Edwards
             Attn: Skye Quinn
             PwC Corporate Finance & Recovery (Cayman) Limited
             P.O. Box 258, George Town
             Grand Cayman KY1-1104, Cayman Islands
             Telephone: (345) 914 8678
             Fax: (345) 945 4237


COLUMBIA LARGE: Proofs of Claim Filing Deadline Is May 6
--------------------------------------------------------
Columbia Large Cap Core Fund (Offshore)'s creditors have until
May 6, 2008, to prove their claims to David A.K. Walker and
Lawrence Edwards, 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.

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

The liquidators can be reached at:

             David A.K. Walker and Lawrence Edwards
             Attn: Skye Quinn
             PwC Corporate Finance & Recovery (Cayman) Limited
             P.O. Box 258, George Town
             Grand Cayman KY1-1104, Cayman Islands
             Telephone: (345) 914 8678
             Fax: (345) 945 4237


PANGLOSS LDC: Proofs of Claim Filing Is Until May 6
---------------------------------------------------
Pangloss LDC's creditors have until May 6, 2008, to prove their
claims to James Robert Toynton and Guernsey and Hugh Dickson,
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.

Pangloss' shareholder decided on March 31, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

            James Robert Toynton
            Anson Court, La Route des Camps
            St. Martin, Cayman Islands
       
            Guernsey and Hugh Dickson
            Grant Thornton Specialist Services (Cayman) Limited            
            P.O. Box 1370, George Town
            Commerce House, 2nd Floor
            7 Dr. Roy’s Drive, Grand Cayman KY1-1108
            Cayman Islands

Contact for inquiries:

            Peter Bigwood
            P.O. Box 1370, George Town
            Grand Cayman KY1-1108, Cayman Islands
            Telephone: (345) 815 8242
            Fax: (345) 949 7120


TEQUESTA CONVEXITY: Proofs of Claim Filing Deadline Is May 6
------------------------------------------------------------
Tequesta Convexity Fund Ltd.'s creditors have until May 6, 2008,
to prove their claims to Lawrence Edwards and David Walker, 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.

Tequesta Convexity's shareholder decided on March 25, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            Lawrence Edwards and David Walker
            Attn: Skye Quinn
            PwC Corporate Finance & Recovery (Cayman) Limited
            P.O. Box 258, 5th Floor Strathvale House
            90 North Church Street, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 914 8678
            Fax: (345) 949 4237



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

AES GENER: Net Profit Up 138% to CLP44 Bil. in 1st Qtr. 2008
------------------------------------------------------------
AES Gener SA's net profit increased to 138% to CLP44.0 billion
in the first quarter 2008, compared to CLP18.5 billion in the
first quarter 2007.

The growth in net profit is due to increased operating income
and improved non-operating results, Business News Americas
relates, citing AES Gener.

According to AES Gener, its operating revenue grew 67% to
CLP57.0 billion in the first quarter 2008, from CLP34.1 billion
in the same period last year, due to a 29% hike in generated
power and increased node and spot prices.

BNamericas notes that "positive effects were partially offset"
by an increase in fuel costs and lower operating income in
Colombia due to drier hydrological conditions."

AES Gener's EBITDA increased 47% to CLP69.0 billion in the first
quarter 2008, from CLP46.9 billion in the same period in 2007,
BNamericas states.

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.


BUCYRUS INTERNATIONAL: Board Okays Two-For-One Stock Split
----------------------------------------------------------
Bucyrus International Inc.'s Board of Directors has approved a
two-for-one split of Bucyrus' common stock in the form of a 100%
stock dividend.  The stock split will be effective May 27, 2008
for stockholders of record on May 13, 2008.

The Board of Directors also declared a quarterly dividend of
US$0.025 per share on Bucyrus common stock.  The quarterly
dividend is payable on May 27, 2008 to stockholders of record on
May 13, 2008.  The quarterly dividend will be paid on a post-
stock split basis.

"Bucyrus has consistently delivered excellent results, both
financially and operationally.  Today's stock split announcement
reflects the Board of Directors' recognition of our strong stock
price performance over the past year," said Timothy W. Sullivan,
Bucyrus' chief executive officer and president.  The two-for-one
stock split is Bucyrus' second stock split in the past two
years.  The previous stock split was a three-for-two split of
the common stock effective March 29, 2006.

Bucyrus stockholders also approved today an amendment to the
Bucyrus Amended and Restated Certificate of Incorporation
increasing the number of authorized shares of common stock from
75 million to 200 million.

                   About Bucyrus International

Headquartered in South Milwaukee, Wisconsin, Bucyrus
International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/--    
is a global manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  In 2006, it
had sales of USUS$738 million.  The company has operations in
Brazil, Chile, China, Poland, the United Kingdom, Australia,
India, Germany and Peru, among others.

                         *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at 'Ba3' in April 2007.  The rating
still holds to date with a stable outlook.


GASATACAMA: Inks Agreement With Mining Firms to Avoid Bankruptcy
----------------------------------------------------------------
Business News Americas reports that GasAtacama has signed a
contract with Corporacion Nacional del Cobre aka Codelco and
private mining firms, BHP Billiton, Collahuasi, El Abra,
Zaldivar, Mantos Blancos, El Tesoro, Lomas Bayas, Meridian,
Quebrada and Sociedad Quimca y Minera de Chile S.A. to partially
cover the cost of importing expensive diesel in an attempt to
avoid going bankrupt.

As previously reported in the Troubled Company Reporter-Latin
America on April 15, 2008, GasAtacama could go bankrupt despite
efforts to keep it financially afloat. The Endesa Chile and
Southern Cross-controlled company had said that it reached a
US$600 million preliminary agreement with resource group BHP
Billiton, Chile's copper company Codelco, and copper miner
Collahuasi to "avoid a financial meltdown."

BNamericas disclosed that GasAtacama failed to pass on increased
fuel costs to clients.  BNamericas notes that GasAtacama's
generation costs increased from US$12 per megawatt-hour to
US$180 per megawatt-hour since 2004 when Argentina started to
restrict natural gas shipments to Chile.

BNamericas says that as part of the agreement, GasAtacama will
provide up to 600 megawatts of continuous capacity "by burning
imported diesel when natural gas is unavailable while the mining
clients will cover 71%, or US$650 million, of GasAtacama's
projected US$900 million deficit for 2008-11, with each client's
contribution to be determined by its "proportional power usage."

GasAtacama officials told BNamericas that GasAtacama's
preliminary deal with BHP Billiton, Codelco, and Collahuasi
would only work if at least 84% of unregulated power demand on
the northern grid was accounted for in the deal.  BNamericas
says that Codelco, BHP Billiton, Collahuasi, El Abra, Zaldivar,
Mantos Blancos, El Tesoro, Lomas Bayas, Meridian, Quebrada, and
Sociedad Quimca account for 84.5% of unregulated demand on the
northern grid.

The deal with the mining firms will bring stability to the grid
until liquefied natural gas imports and new coal capacity come
online, BNamericas notes, citing Chilean Energy Minister Marcelo
Tokman.  "It wasn't an easy agreement to reach. The easiest
thing for each of the companies to do would have been to
freeload, staying out of the agreement while hoping a deal would
be reached with the other clients," Mr. Tokman adds.

GasAtacama told BNamericas that coal capacity isn't enough to
support the grid.

The demand on the grid is 1.8 gigawatt and coal-based thermo
capacity stands at 900 megawatts. About 1.4 gigawatts of
"natural gas or diesel capacity will be needed on the grid to
avoid rationing through 2011," BNamericas states.

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



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

CHIQUITA BRANDS: Colombian Lawsuit Will be Heard in US Court
------------------------------------------------------------
The United Press International reports that a U.S. judicial
panel has ordered that terrorism allegations against Chiquita
Brands International Inc. in Colombia be heard in a U.S. court.

According to the UPI, U.S. District Judge Kenneth Marra in West
Palm Beach, Florida, will handle the lawsuits.

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

The UPI relates that Chiquita Brands also pleaded guilty to
paying terrorist group Autodefensas Unidas de Colombia
US$1.7 million to protect its banana-growing operation.

The panel found Florida to be a more appropriate venue for the
cases as opposed to Washington, The Palm Beach Post notes.

"The district is closer to Colombia, where many of the events
that bear on this litigation took place," the UPI states, citing
the panel.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and   
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama.

                          *    *    *

In November 2006, Moody's Investors Service downgraded its
ratings for Chiquita Brands LLC., as well as for its parent
Chiquita Brands International Inc.  Moody's said the outlook on
all ratings is stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.



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

AES DOMINICANA: Says Plants Not Responsible for Power Shortages
---------------------------------------------------------------
AES Dominicana told Dominican Today that its generating plants
AES Andres and ITABO I and II aren't responsible for any
shortages that the National Interconnected Electrical System
sustained.

The plants continue producing over 500 megawatts of power,
Dominican Today says, citing AES Dominicana.

Dominican Today relates that AES Dominicana’s combined cycle
plant at AES Andres uses natural gas and supplies 280 megawatts,
the ITABO I units generate 125 megawatts, and ITABO II produces
some 112 megawatts.

"AES reiterates its commitment to Dominican society by providing
the nation with clean and safe energy at competitive prices and
maintaining a coherent and sustainable Social Responsibility
with all its stakeholders," AES Dominicana said.

AES Dominicana is an energy group operating in the Dominican
Republic, which manages two of AES Corp.'s wholly owned
generation assets, Andres and Dominican Power.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304-megawatt
combined cycle generation facility with duel fuel capability
(gas and diesel) but with natural gas supplied through the
liquefied natural gas import facility serving as the primary
fuel while DPP is a 236-megawatt power plant comprising two
simple-cycle combustion turbines that can burn both natural gas
and fuel oil Number 2.  Both plants together have PPA contracts
with EDE-Este for 260 megawatts that increase over time, but
Andres is currently servicing all contracts given its greater
efficiency.  Andres LNG terminal includes a large tanker berth
and jetty, an LNG refueling pier, and a one million barrel
(160,000 cubic meters) LNG storage tank, as well as
regasification and handling facilities for both LNG and diesel.

                        *     *     *

Fitch Ratings assigned a B- Long-term rating on AES Dominicana's
US$16 million senior unsecured notes.  On Feb. 27, 2007, Fitch
assigned a B- Long-term issuer default rating on the company.
Fitch said the outlook is stable.



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

CASH PLUS: No Reason for Carlos Hill's Detainment, Defense Says
---------------------------------------------------------------
Defense lawyers of Cash Plus Ltd.'s President Carlos Hill argued
before the Supreme Court that there is no solid reason for the
authorities to keep Mr. Hill and his brother Bertram in custody,
Radio Jamaica reports.

Radio Jamaica relates that the lawyers dismissed claims that
Mr. Hill and his brother are "flight risks."

The defense will continue submissions before the Supreme Court
as they press to have Mr. Hill released on bail.  The bail
hearing for Mr. Hill and his brother started Wednesday morning
but government prosecutors asked for an adjournment by late
afternoon, saying they needed time to respond to submissions of
the defense, Radio Jamaica states.

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

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


NATIONAL COMMERCIAL: Olint Gets Two-Week Injunction Against Bank
----------------------------------------------------------------
Radio Jamaica reports that Appeal Court Judge Karl Harrison has
granted Olint Limited a two-week injunction blocking the
National Commercial Bank Jamaica Ltd. from closing its accounts.

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Justice Harrison reserved judgment on April 30
for the case on whether the National Commercial be allowed to
close Olint's account after hearing the arguments from the two
parties.  The High Court Judge Roy Jones refused to grant an
extension of an injunction that blocks the National Commercial
from closing Olint's accounts.  Justice Jones had previously
extended the injunction alternative investment scheme Olint
secured to block the National Commercial from closing its
accounts.  The Supreme Court extended the injunction until
Feb. 15.  Olint had taken out the injunction on Jan. 11, 2008,
when the National Commercial had planned to close Olint's
accounts, alleging that the company was unregulated and was
operating in breach of the Securities Act.

Radio Jamaica relates that Olint claimed it needed the
protection of the injunction until its appeal against the
National Commercial is heard.

The ruling is a relief for investors, Radio Jamaica says, citing
Olint's legal representative Georgia Gibson-Henlin.

Ms. Gibson-Henlin commented to Radio Jamaica, "It gives us an
opportunity to fully ventilate the issue that we feel needs to
be argued before and the Court of Appeal which in our opinion
are the interests of depositors and the impact of the actions of
the bank on depositors generally and the financial system in
Jamaica and not just about alternative investment schemes which
is how the matter has been proceeding."

The National Commercial's attorney David Garcia told Radio
Jamaica that he is disappointed with the court ruling.

Mr. Garcia assured RJR News that the National Commercial is
determined to close Olint's accounts and that the bank is glad
that the second round of the case is now set for May 12.

Mr. Garcia commented to Radio Jamaica, "We think that the issues
urgently need to be considered by the Court of Appeal in light
of the risk that NCB [National Commercial] considers itself to
be under and we will outline those risk to the Court of Appeal."

The risks include "regulatory risk associated with operating an
account for a customer who has failed to provide the necessary
information as required by law and the risks also presented with
the National Commercial's corresponding banking relationships
with banks overseas," Radio Jamaica states, citing Mr. Garcia.

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

                        *     *     *

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

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



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

ALERIS INTERNATIONAL: S&P Holds B+ Rating with Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Aleris International Inc., including its 'B+' corporate credit
rating.

At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on April 17,
2008.  The outlook is negative.

Pro forma consolidated debt, including debt-like obligations and
reflecting the November 2007 sale of U.S. Zinc, was about
US$2.7 billion at Dec. 31, 2007.

"The affirmation and CreditWatch removal reflects our
expectation that operating performance will improve as 2008
progresses because of the combination of productivity
improvements and increased volumes in the second half," said
Standard & Poor's credit analyst Maurice Austin.  "In addition,
we expect the company's favorable liquidity position to be
adequate to support Aleris through the ongoing end-market
downturn. Still, credit measures remain very weak for the
current rating and provide little cushion against further
deterioration.  A prolonged period of weakness in the
transportation and construction markets could significantly
constrain the company's ability to generate cash and to lower
its debt burden."

Beachwood, Ohio-based Aleris manufactures aluminum sheet for
distributors and the transportation, construction, and consumer
durables end-user markets.

"We could lower the ratings if the company's operating
performance does not improve and if Aleris doesn't reduce its
debt to maintain the ratio of debt to EBITDA below 5.5x for the
current rating," Mr. Austin said.  We are less likely to revise
the outlook to stable this year. Such an action would depend
on an improvement in profitability in conjunction with positive
market trends."

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

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE:ARS) -- http://www.aleris.com/-- manufactures rolled     
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  

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


CHRYSLER LLC: Financial Results Are Better Than Daimler's
---------------------------------------------------------
Since the acquisition of Chrysler LLC by affiliates of Cerberus
Capital Management, LP, on Aug. 3, 2007, the company has enjoyed
positive operating earnings, Chrysler said in a news statement.

Chrysler related that Daimler AG reports Chrysler Holding LLC's
results on a one quarter lag based on International Financial
Reporting Standards, rather than U.S. GAAP which is utilized by
the company.  Due to that lag, the results disclosed by Daimler
on April 29 primarily relate to the fourth quarter of 2007.  The
results for Chrysler Holding LLC include both the automotive and
financial services operations.

There are significant differences between IFRS and U.S. GAAP
accounting standards.  Major differences include the effects of
the acquisition of Chrysler Holding LLC by Cerberus, including
recent restructuring actions by Chrysler LLC and the accounting
for pension costs under the 2007 UAW contract.  Accordingly, the
2007 financial results of Chrysler LLC under U.S. GAAP are
substantially better than the IFRS-based financial results
utilized by Daimler.

The Wall Street Journal's Neal E. Boudette said Tuesday that
Daimler has cut by nearly two-thirds the book value of its 19.9%
stake in Chrysler.  Mr. Boudette said the move is a sign the
former U.S. unit continues to weigh on Daimler.  

Cerberus acquired an 80.1% stake in Chrysler in August.  At that
time, Mr. Boudette related, Daimler assigned its remaining stake
a value of EUR1.4 billion or US$2.19 billion.  At the end of
2007, Daimler lowered that to EUR916 million to reflect the
impact of losses Chrysler ran up after the deal.

According to Mr. Boudette, Chrysler's Chief Executive Robert
Nardelli said recently Chrysler will not be profitable in 2008.  
In March, Mr. Nardelli acknowledged the U.S. automaker isn't yet
generating positive cash flow, Mr. Boudette added.

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

                          *     *     *

In December 2007, Standard & Poor's Ratings Services revised its
recovery rating on Chrysler's US$2 billion senior secured
second-lien term loan due 2014.  The issue-level rating on this
debt remains unchanged at 'B', and the recovery rating was
revised to '3', indicating an expectation for 50% to 70%
recovery in the event of a payment default, from '4'.

Both the issue-level and recovery ratings on Chrysler's
US$7 billion first-lien term loan due 2013 remain unchanged.  
The issue-level rating on this debt is 'BB-' with a recovery
rating of '1', indicating an expectation for 90% to 100%
recovery in the event of a payment default.


CHRYSLER LLC: To Review Terms of CAW-Ford Tentative Agreement
-------------------------------------------------------------
Chrysler LLC will review the terms of a tentative agreement
between the Canadian Auto Workers union and Ford Motor Company
of Canada Ltd. to gain a better understanding of the economics
put forth in the Master Economics Offer.

Chrysler views the bargaining process with the CAW to be
confidential in nature, between the company and CAW, therefore
it refrains from discussing or negotiating details in the media.  

As reported in the Troubled Company Reporter on April 29, 2008,
following early background negotiations, Ford Canada and CAW
reached an agreement on a Master Economics Offer that will now
become the centerpiece of all-out collective bargaining aimed at
reaching a tentative agreement between the two sides later this
week.  For a full tentative agreement to be reached, agreement
also must now be attained on all local agreements, such as
skilled trades, health and safety.  That tentative agreement
must then be ratified by CAW members at all Canadian locations.  
The current collective agreement expires at midnight Sept. 16.  
The Master Economics Offer was endorsed unanimously by members
of the CAW-Ford Master and local bargaining committees at a
special meeting in Toronto on Monday.

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

Cerberus acquired an 80.1% interest in Chrysler in August 2007.  
Chrysler Holding LLC, a unit of Daimler AG, holds the remaining
19.9% stake.

                          *     *     *

In December 2007, Standard & Poor's Ratings Services revised its
recovery rating on Chrysler's US$2 billion senior secured
second-lien term loan due 2014.  The issue-level rating on this
debt remains unchanged at 'B', and the recovery rating was
revised to '3', indicating an expectation for 50% to 70%
recovery in the event of a payment default, from '4'.

Both the issue-level and recovery ratings on Chrysler's
US$7 billion first-lien term loan due 2013 remain unchanged.  
The issue-level rating on this debt is 'BB-' with a recovery
rating of '1', indicating an expectation for 90% to 100%
recovery in the event of a payment default.


CONSOLIDATED CONTAINER: S&P Holds 'B-' Rating & Revises Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Consolidated Container Co. LLC to stable from positive.  At the
same time, S&P affirmed its ratings on the company, including
the 'B-' long-term corporate credit rating.
     
"The outlook revision reflects the company's weaker-than-
expected earnings performance and higher-than-expected debt
leverage, both of which reduce the likelihood of an upgrade over
the near term," said Standard & Poor's credit analyst Liley
Mehta.
     
S&P expect the company's operating results in 2008 to remain
pressured by weaker demand in dairy, beverage, and food
categories as consumer spending is squeezed by higher energy
costs, higher food prices, and, to a certain extent, home-
mortgage-related costs.
     
The ratings on Consolidated Container and its wholly owned
subsidiary Consolidated Container Capital Inc. reflect its
highly leveraged financial profile, which overshadows its weak
business risk profile in the relatively stable beverage and
consumer product packaging markets.
     
Headquartered in Atlanta, Georgia, Consolidated Container
Company LLC -- http://www.cccllc.com/-- develops, manufactures   
and markets rigid plastic containers for many of the largest
branded consumer products and beverage companies in the world.  
The company has a network of 55 strategically located
manufacturing facilities and a research, development and
engineering center located in Atlanta, Georgia.  In addition,
the company has three international manufacturing facilities in
Canada and Mexico.  The company sells containers to the dairy,
water, juice & other beverage, household chemicals & personal
care, agricultural & industrial, food and automotive sectors.
The company's container product line ranges in size from two-
ounce to six-gallon containers and consists of single and multi-
layer containers made from a variety of plastic resins,
including high-density polyethylene, polycarbonate,
polypropylene, and polyethylene terephthalate.


CORPORACION DURANGO: Poor Business Cues Fitch to Cut IDRs to B-
---------------------------------------------------------------
Fitch Ratings has downgraded these credit ratings of Corporacion
Durango S.A. de C.V.:

  -- Foreign Currency Issuer Default Rating to 'B-' from 'B';
  -- Local Currency IDR to 'B-' from 'B';
  -- Notes due in 2017 to 'B/RR3' from 'B+/RR3'.

All of the above ratings have been placed on Rating Watch
Negative.

The downgrades reflect the deterioration of the company's
business and financial profile during the latest 12 months ended
March 31, 2008.  The Rating Watch Negative indicates that the
rating could be downgraded further in the near term if the
company's cash flow does not recover.  Durango generated US$83
million of EBITDA during the LTM ended March 31, 2008, a decline
from $128 million of EBITDA during the LTM ended March 31, 2007.  
The company's EBITDA fell sharply to US$13 million for the
quarter ended March 31, 2008, from US$21 million during the
fourth quarter of 2007.

Durango is facing financial pressure due to rising input costs
for old corrugated containers, a key raw material; OCC prices
have escalated during the past 12 months due to the aggressive
purchases of OCC in the U.S. by the Chinese.  Durango has also
been hurt by rising energy costs.  The increase in these two
costs, plus other factors, have led to a rise in the company's
per-ton unit cost to US$583 for the quarter ended March 31, 2008
from US$506 during the same quarter in 2007.  Price increases
have not offset these costs increases, as Durango's prices have
risen on average by only US$29 per ton during this time period.

As of March 31, 2008, Durango had US$56 million of cash and
marketable securities and US$538 million of total debt.  The
company's debt consists of US$14 million of short-term debt and
US$524 million of long-term debt.  Of the company's long-term
debt, US$508 million is due in October 2017.  Managing liquidity
will become a crucial issue for the company during the next 12
months if prices do not increase sharply or costs decline.  
Durango's cash position was reduced in April 2008 when the
company made interest payments of approximately US$27 million.  
To preserve cash, Durango has extended its trade accounts
payable to US$122 million as of March 31, 2008 from
US$101 million as of Dec. 31, 2007.

An issue rating of 'RR3' is consistent with an anticipated
recovery in the event of default of between 51% and 70%.

Corporacion Durango, S.A. de C.V. (BMV: CODUSA), the largest
papermaker in Mexico, previously announced that the First
Federal District Court in Durango, Mexico, has approved the
company's plan of reorganization and declared the termination of
its "Concurso Mercantil" proceeding.



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

DOE RUN PERU: La Oroya Plant Poisons Town, Report Says
------------------------------------------------------
Fumes from Doe Run Peru S.R.L.'s La Oroya smelting plant, in a
valley in the central Peruvian Andes, have been poisoning the
air of La Oroya town causing abnormal blood lead levels in
children and lung cancer, among others, Andres Schipani writes
for the Financial Times.

According to the FT report, Doe Run Peru's smelter releases
fumes with high concentration of arsenic, lead, and cadmium,
which fumes get trapped in the valley endangering the about
30,000 people in La Oroya.

“La Oroya is in a very grave situation of public health,” the
Financial Times quotes Hugo Villa, a local neurologist, as
saying.  “And the smelter is the source of this and the company
and the [Peruvian] state are doing very little to resolve it.”

Doe Run Peru, however, asserts that the town is suffering from
“historic pollution” as the company only inherited a situation
that was brought in by the previous owners, the report states.  
According to FT, the smelter was opened in 1922 when it was run
by the Cerro de Pasco mining empire; Doe Run bought it in 1997
from state-owned company Centromin.

Doe Run Peru told FT that it has already invested some
US$50 million to help upgrade the smelter and reduce
contamination.  Doe Run has also cleaned up the waters of the
Mantaro river in the valley and is currently building three
sulphuric acid plants that will reduce the lead and arsenic
emissions, the company adds.  A recent company survey reportedly
showed lower lead emissions compared to last year.

The Blacksmith Institute, an organization supporting pollution-
related environmental projects, ranked La Oroya among the 10
most polluted places in the world and number six in 2007, FT
points out.

Doe Run Peru S.R.L., an indirect Peruvian subsidiary of The Doe
Run Company, operates a smelter in La Oroya, Peru, one of the
largest polymetallic processing facilities in the world,
producing an extensive product mix of non-ferrous and precious
metals, including silver, copper, zinc, lead and gold.  Doe Run
Peru also has a copper mining and milling operation in Cobriza,
Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.



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

DORAL FINANCIAL: B Riley Puts Sell Rating on Firm's Shares
----------------------------------------------------------
Research and investment banking firm B Riley & Co. has assigned
a "sell" recommendation on Doral Financial Corp.'s shares,
Business News Americas reports.

According to BNamericas, B Riley placed the target price for
Doral Financial's shares at US$15 per share.

BNamericas notes that Doral Financial is just emerging from a
three-year period of accounting problems, Securities and
Exchange Commission probes, shareholder lawsuits, and the
replacement of its management team.

B Riley said in its report, "Though the company retains some of
its core mortgage origination franchise, we consider the company
to be similar in some ways to a new bank.  While we are
optimistic about management plans for Doral, significant
difficulties lie ahead and we believe the stock valuation is
overly generous at this point."

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Doral Financial Corp. to
'B+' from 'B' and removed it from CreditWatch Positive, where it
had been placed July 20, 2007.  S&P said the outlook is stable.



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

BANCO SURINVEST: Moody's Withdraws Ratings for Business Reasons
---------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco Surinvest S.A. for business reasons.

Banco Surinvest S.A. held UYU2.3 billion in assets and US$553
million in equity as of Dec. 31, 2007.  The bank has no rated
foreign currency debt outstanding.

These ratings were withdrawn:

   -- Bank financial strength rating of E+ with a stable outlook

   -- Long term local currency deposit rating of B3, with a
      positive outlook

   -- Short term local currency deposit rating of Not Prime

   -- Long term foreign currency deposit rating of B3, with a
      positive outlook

   -- Short term foreign currency deposit rating of Not Prime

   -- Local currency national scale deposit rating of Baa3.uy

   -- Foreign currency national scale deposit rating of Baa3.uy

Headquartered in Montevideo, Uruguay, Banco Surinvest S.A. --
http://www.surinvest.com.uy-- was established in 1981 and began  
its activities in Montevideo, like Banking House, positioning
itself quickly in the market like an institution that combines
an ample knowledge of the regional financial markets with the
endorsement of a prestigious group of institutional
shareholders.



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

AVINMERITOR INC: Earns US$20 Million in Second Quarter 2008
-----------------------------------------------------------
ArvinMeritor Inc. reported financial results for its second
quarter ended March 31, 2008.

         Highlights for Second-Quarter Fiscal Year 2008

    -- Sales of US$1.8 billion - approximately US$150 million
       higher than the same period last year primarily due to
       the effects of changes in foreign currency.

    -- Net income was US$20 million, or US$0.28 per diluted
       share, compared to a net loss of US$94 million, or
       US$1.34 per diluted share in the second quarter of fiscal
       year 2007.

    -- Income from continuing operations, before special items,
       was US$27 million, or US$0.37 per diluted share, compared
       to US$12 million, or US$0.17 per diluted share one year
       ago.

    -- Cash flow from operations, net of capital expenditures,
       was US$134 million compared to an outflow of
       US$71 million in the same period last year.

    -- Commercial Vehicle Systems EBITDA margins increased by
       1.5 percentage points, before special items, in the
       second quarter of fiscal year 2008 compared to the same
       period last year, despite lower commercial vehicle
       volumes in North America.

    -- Performance Plus initiatives were implemented during the
       second quarter that will result in savings of
       US$32 million on an annual run-rate basis.  The company
       continues to expect Performance Plus cost reductions of
       US$75 million this year net of known risks; growth
       opportunities previously announced will provide
       incremental profit opportunities.


"In spite of the downturn in the North American commercial
vehicle market that has lasted longer than we anticipated, and
volume declines in the light vehicle market in North America, we
delivered strong results this quarter," said Chairman, CEO and
President Chip McClure.  "Initiatives driven through Performance
Plus, including lean improvements in our global manufacturing
operations, are helping us put in place a solid foundation for
continued earnings growth."

       Results for the Second-Quarter Fiscal Year 2008

In the second quarter of fiscal year 2008, ArvinMeritor posted
sales from continuing operations of US$1.8 billion, up from the
same period last year.  Excluding the impact of foreign currency
translation, sales were approximately flat due to a continued
weak economy in North America, offset by strong sales growth in
South America, Europe and Asia.

EBITDA, before special items, was US$104 million, up US$27
million from the same period last year.  This increase is
primarily due to improved pricing and commodity cost recovery
actions; cost reductions in direct material, overhead, labor and
burden; increased throughput in the company's European
facilities resulting from improved operational performance;
stronger volumes in South America and higher sales of off-
highway products in China and U. S. military products - all
partially offset by lower vehicle volumes in North America and
sharply rising commodity prices.

On a GAAP basis, the company's income from continuing operations
was US$24 million or US$0.33 per diluted share, compared to a
loss from continuing operations of US$13 million or US$0.19 per
diluted share in the same period last year.

Income from continuing operations, before special items, was
US$27 million, or US$0.37 per diluted share, compared to US$12
million, or US$0.17 per diluted share, a year ago.  The only
special item for the quarter was a US$3 million after-tax charge
associated with the company's previously announced restructuring
program, compared to special items totaling US$25 million after-
tax in the same quarter of last year.

Free cash flow (cash flow from operations net of capital
expenditures) was US$134 million in the second quarter.  
Excluding non-recourse sales of receivables, free cash flow was
US$52 million this quarter compared to an outflow of US$88
million one year ago.  Free cash flow included US$28 million in
proceeds from the termination of interest rate swaps, but did
not include US$28 million received in connection with the final
purchase price adjustment from the sale of our Emissions
Technologies business.

                  Update on Performance Plus

As previously announced, ArvinMeritor expects cost reductions
driven by its Performance Plus transformation program to
generate US$150 million in net savings by 2009, with US$75
million occurring by the end of fiscal year 2008.

The company originally defined three areas of Performance Plus
as cost reduction targets: Direct Material Optimization,
Manufacturing and Overhead.  In the second quarter, achievements
in each of these areas contributed to the company's cost
reduction targets including:

    -- In-sourced manufacturing for certain CVS products to
       result in annual savings of US$7 million.

    -- Continued performance improvements resulting from
       implementation of the ArvinMeritor Production System.

    -- Selected a single source provider for North American
       industrial labor and global professional and clerical
       labor resulting in annual savings of US$4 million.

Performance Plus also included initiatives to enhance the
company's profitable growth.  These growth actions were
implemented this quarter:

    -- Awarded a long-term, multi-million dollar, supply
       agreement to provide remanufactured transmissions and
       axle carriers to Navistar Parts.

    -- Launched remanufactured transmissions in the Plainfield,
       Ind., aftermarket facility.

    -- Entered into a multi-year agreement with Tata Consultancy
       Services in India to enhance Light Vehicle Systems (LVS)
       engineering capabilities including product development
       and support in Asia Pacific.

    -- Re-established the company's off-highway original
       equipment and aftermarket components business in North
       America, South America, Europe and Africa.

    -- Awarded new business in conjunction with 2,200 new MRAP
       orders since January 2008.

    -- Booked new business with an Asian manufacturer to supply
       more than two million additional window regulator motors
       in China beginning in mid-2008.

    -- Announced new products designed specifically for the
       Asian market including the New Asian Latch product range
       of modular door latch designs, and a new sliding door
       latch system.

               Manufacturing Footprint Improvements

In addition, several actions were implemented in the second
quarter of fiscal year 2008 to improve the company's global
manufacturing footprint.

    -- Building three new light vehicle manufacturing plants in
       Asia Pacific to support increased business in the region.

    -- Began production at the LVS facility in Salonta, Romania,
       to supply window regulators, cables, latches and
       actuators directly to Dacia – as well as for export to
       Western European customers.

    -- On track for July 2008 completion of the company's new
       commercial vehicle Monterrey, Mexico facility; also
       upgrading the company's Asheville, N.C. axle facility to
       include a new carrier assembly line for the NG14X - the
       next generation line haul axle to be launched in
       February 2009.

               Mitigating Rising Steel Prices

The commodity markets are currently experiencing unprecedented
volatility.  Scrap steel, iron ore, and coking coal prices have
simultaneously risen faster and higher than levels seen in the
past.  One of the world's largest steel producers has recently
announced a US$250 per short ton surcharge on contract sales of
sheet steel.

    Other factors contributing to the volatility include:

    -- Weak dollar resulting in a decline in imported steel
    -- Global consolidation in the steel industry
    -- Fuel and energy costs
    -- Global demand

The combined impact of these factors has created a situation
more significant to the global transportation industry than the
effect of steel price increases encountered in 2004.

While ArvinMeritor continues to drive lean improvement actions
throughout the company's global operations, and strives to
implement Performance Plus initiatives to gain additional
efficiencies, it will not be possible to mitigate increases of
this proportion through existing cost reduction programs alone.  
The company has steel cost recovery programs with most major
OEMs, and will aggressively pursue additional recovery actions
to address these extraordinary costs.

                       Outlook

The company's calendar year 2008 forecast for light vehicle
sales is 15.2 million vehicles in North America, down from the
previous forecast.  The company's forecast for Western Europe is
17.1 million vehicles, unchanged from the prior forecast.

ArvinMeritor's fiscal year 2008 forecast for North American
Class 8 truck production is in the range of 200,000 to 220,000
units.  The company's fiscal year 2008 forecast for heavy and
medium truck volumes in Western Europe is 565,000 to 575,000.  
On a calendar year basis, the company anticipates North America
Class 8 truck production to be in the range of 220,000 to
240,000 units; and heavy and medium truck volumes in Western
Europe to be in the range of 580,000 to 590,000.

The company now expects sales from continuing operations in
fiscal year 2008 in the range of US$7.1 billion to US$7.3
billion, up US$200 million from the previous guidance primarily
due to foreign exchange movements and continued growth outside
the U.S.

The outlook for full-year EBITDA from continuing operations,
before special items, is expected to be in the range of US$390
million to US$410 million for the fiscal year.  ArvinMeritor
reaffirms its forecast for diluted earnings per share from
continuing operations, before special items, to be in the range
of US$1.40 to US$1.60.  This guidance is based on the assumption
of 1.4 percent U.S. GDP growth, and excludes gains or losses on
divestitures and restructuring costs.  Arv reaffirms its
forecast for free cash flow to be in the range of negative US$75
million to negative US$125 million.

"Commodity prices are spiking in a dramatic fashion," said
McClure.  "These increases, combined with resulting higher
energy costs, require us to take additional recovery actions to
mitigate future impact.  For fiscal year 2008, we remain focused
on our strategy to deliver results and are confident we will
achieve our full-year guidance."

                       About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 18,000 people at more
than 120 manufacturing facilities in 24 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                         *     *     *

ArvinMeritor’s Conv. Sr. Unsec. Notes and Sr. Unsec. Notes is
rated by DBRS as BB(low)Neg.


CA LA ELECTRICIDAD: S&P Puts BB- Rating on US$650 Mil Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-' rating
to C.A. La Electricidad De Caracas' US$650 million senior
unsecured notes due 2018.  S&P also assigned its 'BB-' local
currency corporate credit rating to the company.  At the same
time, S&P affirmed its 'BB-' foreign currency corporate credit
rating and its 'BB-' senior unsecured debt rating on
Electricidad de Caracas Finance B.V.'s (EDC Finance) notes due
2014.  The outlook is stable.
     
C.A. La Electricidad used the proceeds to fund EDC Finance's
repurchase of 94.94% of its US$260 million notes due 2014 for
capital expenditures and for corporate purposes.  This issuance
allowed the company to eliminate all of the restrictive
covenants contained in the indenture of the US$260 million
notes.
      
"The rating on EDC reflects its operating and financial
prospects under Petroleos de Venezuela S.A.'s (PDVSA; BB-
/Stable/--) ownership, as the ratings on EDC are aligned with
those on PDVSA.  The ratings also consider the uncertainties
regarding the financial and operating effect on EDC after
Corporacion Electrica Nacional (CEN) is established in 2010,
which could lead to a more aggressive financial profile and a
weaker business profile," said S&P's credit analyst Marcela
Duenas.  However, S&P expects support from the Venezuelan
government to continue to be a significant credit factor for the
company.  In July 2007, the government issued a decree (No.
5,330), which calls for the establishment of a state-owned
entity that will operate in the electric sector, and that
includes generating, transmitting, distributing, and selling
electric power and energy in 2010.  C.A. La Electricidad and all
the electric utilities in Venezuela must, within a three-year
period, merge into one legal entity.  Under this decree,
Petroleos de Venezuela's shares in C.A. La Electricidad are
required to be transferred to Corporacion Electrica Nacional on
or before May 2, 2010.
     
These factors are partially offset by C.A. La Electricidad's
central role in meeting the government's political and economic
objectives.  Although the company does not benefit from a formal
guarantee from Petroleos de Venezuela or the government, it has
a de facto franchise to distribute electricity in the Caracas
metropolitan area.  Therefore, there is strong economic
incentive from the government and from Petroleos de Venezuela to
support C.A. La Electricidad.  The ratings on the company are
also supported by the strong operations in its service area,
which are the most efficient operations among electric utilities
in Venezuela.  Its ratings also reflect the integration and
synergy among its distribution, generation, and
commercialization operations.  Finally, the ratings consider the
high debt-service coverage ratios for its current rating
category and C.A. La Electricidad's access to Petroleos de
Venezuela's rights to hold US$2 billion abroad to serve its
foreign currency financial obligations.
     
Notwithstanding the uncertainties regarding the financial and
operating effects of the merger between C.A. La Electricidad and
Corporacion Electrica Nacional, the stable outlook reflects a
weakening of the company's key financial ratios, the overall
efficiency of the system, and its inability to raise tariffs.  
The implicit support from the Venezuelan government will
continue to be a major rating factor for the issuer.  S&P could
lower the ratings if the company's financial profile
deteriorates considerably when C.A. La Electricidad merges with
Corporacion Electrica Nacional, or if S&P lowers the sovereign
rating on Venezuela.

Headquartered in Caracas, Venezuela, CA La Electricidad De
Caracas is a subsidiary of AES Corporation and is engaged in
providing electricity services.  The company operates in
Caracas, Guarenas, Guatire in Miranda State and San Felipe in
Yaracuy State.  As of May 11, 2007, CA La Electricidad de
Caracas is a subsidiary of Petroleos de Venezuela, S.A.




                            ***********


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.

This material is copyrighted and any commercial use, resale or
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           * * * End of Transmission * * *