TCRLA_Public/080506.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

            Tuesday, May 6, 2008, Vol. 9, No. 89

                            Headlines


A R G E N T I N A

BANCO MACRO: Will Release First Quarter 2008 Earnings on May 8
CHRYSLER LLC: Seeks to Sell Two Michigan Axle Plants for US$400M
EVOLUCION TEXTIL: Trustee to File Individual Reports Tomorrow
FARMACIA DE LA IMPRENTA: Claims Verification Deadline Is May 19
KAVUESA SA: Proofs of Claim Verification Deadline Is July 23

MAYA-QUINTANA: Trustee to File Individual Reports Tomorrow
OR MAZAL: Trustee Verifies Proofs of Claim Until May 29
QUEBECOR WORLD: Names R. Benson as Chief Restructuring Officer
REDES URBANAS.COM: Trustee to File General Report Tomorrow
REPES SA: Trustee to File Individual Reports in Court Tomorrow

SHAMA SA: Trustee to Present General Report in Court Tomorrow
UP GRADE: Proofs of Claim Verification Is Until July 2


B E R M U D A

BRUNSWICK COMPANY: Sets Shareholders Meeting for May 28
HEDGE HOLDINGS: Proofs of Claim Filing Deadline Is May 16
HEDGE HOLDINGS: Sets Final Shareholders Meeting for June 6
IPOC INTERNATIONAL: BVI Court Confiscates Over US$45MM From Firm
INTELSAT LTD: Commences Change of Control Offers

MAN AHL: Proofs of Claim Filing Deadline Is May 16
MAN AHL: Sets Final Shareholders Meeting for June 6
TYCO INT'L: Inks US$73.3 Mil. Settlement Pact With New Jersey


B O L I V I A

ASHMORE ENERGY: Bolivian Gov't to Take Control of Firm's Unit


B R A Z I L

BLOUNT INT'L: March 31 Balance Sheet Upside-Down by US$43.8 Mil.
COMPANHIA SIDERURGICA: Tata Wants Firm's Nacionale Minerios
JAPAN AIRLINES: Cuts FY2007 Operating Revenue Forecast by 0.4%
JAPAN AIR: To Sell 49.4% Stake in Credit-Card Unit to Mitsubishi
GENERAL MOTORS: Total April 2008 Sales Decrease 16 Percent

KRATON POLYMERS: Hikes NorthAm and LatAm Product Prices
NORTEL NETWORKS: Net Loss Widens to US$138MM in 2008 First Qtr.
SUL AMERICA: Concludes Subsidiary's Delisting From BOVESPA
SUN MICROSYSTEMS: To Cut 2,500 Jobs to Save US$220MM in Costs
TAM SA: Shareholders Agree on Appropriation of 2007 Income

UNIAO DE BANCOS: Completes US$200 Million Future Securitization
UNIAO DE BANCOS: Fitch Affirms Individual Rating at 'C'


C A Y M A N  I S L A N D S

APPLEGARTH INVESTMENTS: Proofs of Claim Filing Deadline Is May 8
EASTERN PROMISE: Deadline for Proofs of Claims Filing Is May 8
MELLON YIELD: Proofs of Claim Filing Deadline Is May 8
ORBANI FUND: Deadline for Proofs of Claim Filing Is May 8
PARMALAT SPA: Settles U.S. Shareholders' Class Action

SATELLITE SP: Proofs of Claim Filing Is Until May 8


C H I L E

CORPORACION NACIONAL: El Tiniente Mine Shutdown May Last Today


C O L O M B I A

AMPEX CORPORATION: Shareholder Wants Equity Committee Appointed
ECOPETROL SA: Halts Operations at Cano Pipeline Due to Attack


C O S T A  R I C A

COVANTA ENERGY: S&P Alters Outlook to Pos., Holds 'BB-' Rating
SIRVA INC: Court Extends Receivables Sale Agreement Expiry Date


J A M A I C A

NATIONAL WATER: Fails to Supply Potable Water


M E X I C O

EMPRESAS ICA: To Face La Peninsular in Metro System Auction
LEAR CORP: Annual Stockholders Meeting to be Held Thursday
LEAR CORPORATION: Earns US$78.2 Million for Q1 Ended March 29
LIBBEY INC: Loses US$3.5 Million in First Quarter Ended March 31
NWT URANIUM: Releases Drill Result of Picachos Project in Mexico

VISTEON CORP: March 31 Balance Sheet Upside-Down by US$136 Mil.


P U E R T O  R I C O

CHILDREN'S TRUST: Fitch Puts 'BB' Rating on US$56,875,888 Bonds
HEALTHSOUTH CORP: Buying Rehabilitation Hospital of South Jersey


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Eyes 3.45MM Barrels of Daily Oil Output
REVLON INC: March 31 Balance Sheet Upside-Down by US$1.1 Billion


V I R G I N  I S L A N D S

NVIDIA CORP: Court Rejects Trustee's Claim for US$100 Million


X X X X X X

* Large Companies With Insolvent Balance Sheet


                         - - - - -


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

BANCO MACRO: Will Release First Quarter 2008 Earnings on May 8
--------------------------------------------------------------
Banco Macro S.A. issued a webcast alert for its First Quarter
2008 Earnings Conference Call.

    Date:  May 9, 2008
    Time:  11:00 am Eastern Time/
           12:00 pm Buenos Aires Time

Presenting for Banco Macro:

    Jorge Pablo Brito, Board Member
    Guillermo Goldberg, Deputy General Manager
    Jorge Scarinci, Finance Manager and Investor Relations

To participate:

    Tel. Numbers: (877) 718-5092 (U.S. Participants)
                  (719) 325-4803 (outside U.S.)

    Conference ID: Banco Macro

Banco Macro will report its First Quarter 2008 Earnings on
May 8, 2008, after the market close.

Headquartered in Buenos Aires, Argentina, Banco Macro (NYSE:
BMA; Buenos Aires: BMA) -- http://www.macro.com.ar/-- had     
consolidated assets of ARS11.6 billion (US$3.7 billion) and
consolidated deposits of ARS6 billion (US$2 million) as of
June 2007.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Fitch Ratings affirmed Banco Macro SA's Foreign
and local currency long-term Issuer Default Ratings at 'B+',
Foreign and local currency short-term IDRs at 'B', and
Individual at 'D'.  Fitch said the rating outlook is stable.


CHRYSLER LLC: Seeks to Sell Two Michigan Axle Plants for US$400M
----------------------------------------------------------------
Chrysler LLC offered to sell two axle facilities in Michigan for
US$400 million, and approached private equity firms and axle
suppliers Dana Holding Corp. and American Axle and Manufacturing
Holdings Inc., The Wall Street Journal reports citing unnamed
sources.

WSJ relates that Chrysler is selling its unfinished Maryville
plant and the Detroit Axle.  However, no buyers have come
forward.

Chrysler did not comment on the matter.

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.


EVOLUCION TEXTIL: Trustee to File Individual Reports Tomorrow
-------------------------------------------------------------
Jorge Alberto Vazquez, the court-appointed trustee for Evolucion
Textil S.R.L.'s reorganization proceeding, will present the
validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
May 7, 2008.  

Mr. Vazquez verified creditors' proofs of claim until
March 20, 2008.  He will submit to court a general report
containing an audit of Evolucion Textil's accounting and banking
records on June 19, 2008.

The debtor can be reached at:

        Evolucion Textil S.R.L.
        Yerbal 3150/52
        Buenos Aires, Argentina

The trustee can be reached at:

        Jorge Alberto Vazquez
        Bartolome Mitre 2593
        Buenos Aires, Argentina


FARMACIA DE LA IMPRENTA: Claims Verification Deadline Is May 19
---------------------------------------------------------------
Rodolfo Venegas, the court-appointed trustee for Farmacia de la
Imprenta SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until May 19, 2008.

Mr. Venegas will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Farmacia de la Imprenta
and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Farmacia de la
Imprenta's accounting and banking records will be submitted in
court.

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

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

The debtor can be reached at:

           Farmacia de la Imprenta SRL
           Migueletes 986
           Buenos Aires, Argentina

The trustee can be reached at:

           Rodolfo Venegas
           Avenida Corrientes 880
           Buenos Aires, Argentina


KAVUESA SA: Proofs of Claim Verification Deadline Is July 23
------------------------------------------------------------
Juan Roque Treppo, the court-appointed trustee for Kavuesa SA's
bankruptcy proceeding, will be verifying creditors'
proofs of claim until July 23, 2008.

Mr. Treppo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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 Kavuesa 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 Kavuesa's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Kavuesa SA
           Vicente Lopez 2233
           Buenos Aires, Argentina

The trustee can be reached at:

           Juan Roque Treppo
           Sarmiento 1183
           Buenos Aires, Argentina


MAYA-QUINTANA: Trustee to File Individual Reports Tomorrow
----------------------------------------------------------
Lidia Roxana Martin, the court-appointed trustee for Maya-
Quintana S.A.'s reorganization proceeding, will present in the
National Commercial Court of First Instance in Buenos Aires the
validated claims as individual reports on May 7, 2008.  

Ms. Martin verified creditors' proofs of claim until
March 28, 2008.  She will submit to court a general report
containing an audit of Galvani's accounting and banking records
on June 19, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Dec. 5, 2008.

The debtor can be reached at:

        Maya-Quintana S.A.
        Coronel Pagola 4170/4172
        Buenos Aires, Argentina

The trustee can be reached at:

        Lidia Roxana Martin
        Avenida Cordoba 1352
        Buenos Aires, Argentina


OR MAZAL: Trustee Verifies Proofs of Claim Until May 29
-------------------------------------------------------
Cesar Stock, the court-appointed trustee for Or Mazal SA's  
reorganization proceeding, will be verifying creditors' proofs  
of claim until May 29, 2008.

Mr. Stock will present the validated claims in court as  
individual reports.  The National Commercial Court of First  
Instance No. 10 in Buenos Aires, with the assistance of Clerk  
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Or Mazal 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 Or Mazal's accounting  
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan  
during the assembly on May 29, 2009.

The debtor can be reached at:

        Or Mazal SA
        Catamarca 221
        Buenos Aires, Argentina

The trustee can be reached at:

        Cesar Stock
        Corrientes 4149
        Buenos Aires, Argentina


QUEBECOR WORLD: Names R. Benson as Chief Restructuring Officer
--------------------------------------------------------------
Quebecor World Inc. appointed Randy Benson, Chief Restructuring
Officer of the Company.  Mr. Benson will report to the
Restructuring Committee of the Board of Directors.

"We are very pleased to have someone of Randy's experience and
capabilities joining Quebecor World at this time," said Jacques
Mallette, President and CEO, Quebecor World.  "Randy brings
valuable experience in working with other companies going
through a financial restructuring process.  He will work closely
with our senior management team and the Creditors' Committees,
as we develop our restructuring plan with a view of quickly
emerging from creditor protection as a strong company in our
industry."

Mr. Benson most recently served as Chief Restructuring Officer
for Hollinger Inc and prior to that held the same position at
Ivaco Inc.  Mr. Benson was Senior Vice-President and Chief
Financial Officer at Call-Net Enterprises-Sprint Canada Inc. and
before that he served as a division president at Parmalat Canada
and as Executive Vice-President and Chief Financial Officer of
Beatrice Foods Inc.  He is the principal of R.C. Benson
Consulting Inc., a management consulting company focused on
providing strategic analysis, chief executive management, and
financial and operational restructuring expertise.

                       About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/   
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

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

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

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

The Debtors' CCAA stay has been extended to May 12, 2008.  The
Debtors have until Sept. 30, 2008, to exclusively file a
reorganization plan.

(Quebecor World Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000)


REDES URBANAS.COM: Trustee to File General Report Tomorrow
----------------------------------------------------------
Mario Leizerow, the court-appointed trustee for Redes
Urbanas.com S.R.L.'s bankruptcy proceeding, will submit to the
National Commercial Court of First Instance in Buenos Aires a
general report containing an audit of the firm's accounting and
banking records on May 7, 2008.

Mr. Leizerow verified creditors' proofs of claim until
Feb. 11, 2008.  He presented the validated claims in court as
individual reports on March 24, 2008.  

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

The debtor can be reached at:

         Redes Urbanas.Com S.R.L.
         Avenida Cabildo 2327
         Buenos Aires, Argentina

The trustee can be reached at:

         Mario Leizerow
         Bouchard 644
         Buenos Aires, Argentina


REPES SA: Trustee to File Individual Reports in Court Tomorrow
--------------------------------------------------------------
Jose Luis Cicocciopo, the court-appointed trustee for Repes
S.A.'s bankruptcy proceeding, will present the validated claims
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on May 7, 2008.  

Mr. Cicocciopo verified creditors' proofs of claim until
March 19, 2008.  He will submit a general report containing an
audit of Repes' accounting and banking records on June 18, 2008.

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

The trustee can be reached at:

         Jose Luis Cicocciopo
         Vidal 3375
         Buenos Aires, Argentina


SHAMA SA: Trustee to Present General Report in Court Tomorrow
-------------------------------------------------------------
Osvaldo Norberto Siciliano, the court-appointed trustee for
Shama S.A.'s bankruptcy proceeding, submit to the National
Commercial Court of First Instance in Buenos Aires a general
report containing an audit of the company's accounting and
banking records on May 7, 2008.

Mr. Siciliano verified creditors' proofs of claim until
Feb. 11, 2008.  He presented the validated claims in court as
individual reports on March 24, 2008.  

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

The trustee can be reached at:

         Osvaldo Norberto Siciliano
         Hipolito Yrigoyen 1349
         Buenos Aires, Argentina


UP GRADE: Proofs of Claim Verification Is Until July 2
------------------------------------------------------
Irma Susana Aguilera, the court-appointed trustee for Up Grade
SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until July 2, 2008.

Ms. Aguilera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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 Up Grade 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 Up Grade's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Up Grade SRL
           Maipu 325
           Buenos Aires, Argentina

The trustee can be reached at:

           Irma Susana Aguilera
           Presidente Luis Saenz Pena 1690
           Buenos Aires, Argentina



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

BRUNSWICK COMPANY: Sets Shareholders Meeting for May 28
-------------------------------------------------------
Brunswick Company Limited will hold a shareholders meeting on
May 28, 2008, at 9:30 a.m. at Conyers Dill & Pearman, 2nd Floor,
Richmond House, Par-la-Ville Road, Hamilton, Bermuda.

Registration will start at 9.15 a.m.  Shareholders who have not
received personal notice may contact Denise Shaw at 295 1422
ext. 3176 to obtain a copy of the package sent to all registered
shareholders.

The liquidator can be reached at:

          Denise Shaw
          Registrar of Companies Office
          Government Administration Building
          Parliament Street, Hamilton
          Bermuda
          Phone: 279 5316
          E-mail: denise.shaw@conyersdillandpearman.com


HEDGE HOLDINGS: Proofs of Claim Filing Deadline Is May 16
---------------------------------------------------------
Hedge Holdings Ltd.'s creditors are given until May 16, 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.

Hedge Holdings' shareholders agreed on April 30, 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


HEDGE HOLDINGS: Sets Final Shareholders Meeting for June 6
----------------------------------------------------------
Hedge Holdings Ltd. will hold its final general meeting on
June 6, 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.

Hedge Holdings' shareholders agreed on April 30, 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


IPOC INTERNATIONAL: BVI Court Confiscates Over US$45MM From Firm
----------------------------------------------------------------
Caribbean Net News reports that Justice Indra Hariprashad-
Charles of the Eastern Caribbean Supreme Court in Road Town,
British Virgin Islands, has ordered the confiscation of over
US$45 million from IPOC International Growth Fund Ltd.

Caribbean Net relates that authorities in British Virgin Islands
and Bermuda conducted a probe for 17 months on allegations that
between 2004 and 2005, the IPOC International lied about the
source of US$40 million "which had been lodged with the court as
part of a separate, civil matter."  A Memorandum of
Understanding was signed on the IPOC International probe between
the British Virgin Islands and Bermudan jurisdictions in July
2007.  On April 30, 2008, IPOC International pleaded guilty to
providing false information and perverting the course of
justice.  These IPOC International subsidiaries, which are based
in British Virgin Islands, also pleaded guilty:

          -- International Business Companies Lapal Limited,
          -- Albany Invest Limited, and
          -- Mercury Import Limited.

Caribbean Net notes that Justice Hariprashad-Charles imposed
US$300,000 in fines on the three subsidiaries.  The court also
ordered the three defendants to pay a total of US$2.2 million in
costs.

According to Caribbean Net, lead prosecutor Hodge Malek said
before the court that Bermudan and British Virgin Islands
governments spent a total of US$2.3 million in investigating the
IPOC fraud case and that the evidence in the case totaled over
half a million pages of documents.  "I would like to thank the
Virgin Islandsí Commissioner of Police -Reynell Frazer for
putting so much of his valuable resources into the investigation
of this case, and for following through to its fruition," Mr.
Malek added.

The British Virgin Islandsí Public Prosecutions Director
Terrence Williams told Caribbean Net that the prosecution of the
fraud case shows the Territoryís commitment to protect the
integrity of the criminal justice system.  "Our successful
prosecution of the IPOC case also demonstrates the fact that the
BVI [British Virgin Islands] strictly regulates the corporate
entities which operate in our jurisdiction.  It shows that we
will not allow BVI corporate vehicles to be used improperly,"
Mr. Williams added.

The Bermudan Finance Ministry has asked the Supreme Court to
wind up IPOC International, a case which has yet to be
concluded, The Royal Gazette states.

As reported in the Troubled Company Reporter on Feb. 15, 2007,
the finance minister pushed for the liquidation of IPOC
International and eight of its affiliates after auditing their
finances.  The Bermuda Supreme Court is considering the
liquidation of IPOC International Growth Fund Ltd. based on the
recommendations of the Registrar of Companies at the direction
of Finance Minister Paula Cox.  

Headquartered in Bermuda, IPOC International Growth Fund Ltd.
was founded in 2000.  Its primary objective is to identify
emerging business trends and capitalize on international growth
opportunities.


INTELSAT LTD: Commences Change of Control Offers
------------------------------------------------
Intelsat Ltd.'s indirect wholly-owned subsidiary Intelsat
Jackson Holdings, Ltd. is offering to purchase for cash any and
all of its outstanding 9-1/4% Senior Notes due 2016 and 11-1/4%
Senior Notes due 2016, in each case at a price of 101% of the
principal amount of such Notes.  Intelsat Jackson is also
offering to prepay the loans outstanding under its
US$1.0 billion Senior Unsecured Credit Agreement, dated as of
Feb. 2, 2007, at a price of 101% of the principal amount
thereof.

Intelsat Jackson is required by the terms of the respective
indentures governing the Notes and by the terms of the Senior
Unsecured Credit Agreement to make these offers as a result of
the previously announced acquisition of Intelsat Holdings, Ltd.,
the indirect parent of Intelsat Ltd., by Intelsat Global
Subsidiary, Ltd. (formerly known as Serafina Acquisition
Limited), a direct wholly-owned subsidiary of Intelsat Global,
Ltd. (formerly known as Serafina Holdings Limited), an entity
formed by funds advised by BC Partners Holdings Limited, Silver
Lake Partners and certain other equity investors.  The
Acquisition constitutes a change of control under each of the
indentures governing the Notes and under the Senior Unsecured
Credit Agreement.

The terms of the change of control offer with respect to the
Notes are described in a Notice of Change of Control and Offer
to Purchase, dated May 2, 2008, and the Letters of Transmittal
related thereto, which will be distributed to holders of the
Notes in accordance with the terms of the indentures.  The
terms of the change of control offer with respect to the loans
outstanding under the Senior Unsecured Credit Agreement are
described in a Notice of Occurrence of Change of Control and
Offer to Prepay, dated May 2, 2008, which will be sent to the
administrative agent under the Senior Unsecured Credit
Agreement in accordance with the terms thereof.

The change of control offer with respect to the Notes will
expire at 5:00 p.m., New York City time, on June 26, 2008 and
the change of control offer with respect to the Senior Unsecured
Credit Agreement will expire at 12:00 noon, New York City time,
on June 30, 2008.  Each of the change of control offers will
have a settlement date of July 1, 2008.  Holders whose
Notes are accepted for payment and lenders that elect to have
their loans under the Senior Unsecured Credit Agreement prepaid
pursuant to the offers will also receive accrued and unpaid
interest to the Settlement Date.

Intelsat Jackson has retained Wells Fargo Bank, National
Association to act as Depositary in connection with the change
of control offer for the Notes.  Bank of America, N.A. is the
administrative agent under the Senior Unsecured Credit
Agreement.

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira.  The company has a
sales office in Brazil.

Intelsat, Ltd.'s December 31 balance sheet showed total assets
of US$12,053,332, total liabilities of US$12,775,716 and
stockholders' deficit of US$722,384.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on Bermuda-based Intelsat Ltd. to 'B'
from 'B+' and removed the ratings from CreditWatch.  S&P said
the outlook is stable.


MAN AHL: Proofs of Claim Filing Deadline Is May 16
--------------------------------------------------
Man AHL Capital Markets Trading Ltd.'s creditors are given until
May 16, 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 AHL's shareholders agreed on April 30, 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 AHL: Sets Final Shareholders Meeting for June 6
---------------------------------------------------
Man AHL Capital Markets Trading Ltd. will hold its final general
meeting on June 6, 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 AHL's shareholders agreed on April 30, 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


TYCO INT'L: Inks US$73.3 Mil. Settlement Pact With New Jersey
-------------------------------------------------------------
Tyco International Ltd. has settled its state charges of
securities fraud by paying US$73.3 million to New Jersey's
Division of Investment, Insurance Journal reports, citing the
state Attorney General's office as saying.

The report states that Tyco was involved in a 2002 civil suit in
which the state's pension fund suffered major losses due to
fraud, including insider trading at Tyco, accounting
improprieties, and then-Tyco executives withholding millions of
dollars in personal loans they acquired from the company.

Based in Pembroke, Bermuda, Tyco International Ltd. (NYSE: TYC)
-- http://www.tyco.com/-- provides security, fire protection   
and detection, valves and controls, and other industrial
products and services to customers in four business segments:
Electronics, Fire & Security, Healthcare, and Engineered
Products & Services.  With 2007 revenue of US$18 billion, Tyco
employs approximately 118,000 people worldwide.  In Latin
America, Tyco has presence in Argentina, Brazil, Chile, Costa
Rica, Ecuador, Honduras, and the Bahamas.

Effective June 29, 2007, Tyco International Ltd. completed the
spin-offs of Covidien and Tyco Electronics, formerly its
Healthcare and Electronics businesses, respectively, into
separate, publicly traded companies in the form of a
distribution to Tyco shareholders.

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 21, 2007,
in its annual report for the year ended Sept. 28, 2007, Tyco
said that on Nov. 8, 2007, The Bank of New York delivered to the
company a notice of events of default.  The notice claims that
the actions taken by the company in connection with its
separation into three public entities constitute events of
default under certain indentures.



=============
B O L I V I A
=============

ASHMORE ENERGY: Bolivian Gov't to Take Control of Firm's Unit
-------------------------------------------------------------
The Bolivian government will take control of Ashmore Energy
International Ltd.'s Transredes SA, A.M. Costa Rica reports,
citing Bolivia's President Evo Morales.

A.M. Costa Rica relates that President Morales announced that
the state is taking control of Bolivia's main telecommunications
company Entel and four foreign-owned energy firms.  Other
foreign energy firms that the president said the government will
take over include:

          -- British Petroleum's Chaco,
          -- Repsol YPF SA's Andina, and
          -- German-Peruvian firm CLHB.

President Morales ordered the nationalization of the hydrocarbon
sector in Bolivia and forced oil and gas firms to negotiate new
contracts that gave the state-run Yacimientos Petroliferos
Fiscales Bolivianos a majority share of the revenues the
companies generated.  The president aimed to redistribute
Bolivia's oil and gas wealth, which is centered in the nation's
east, A.M. Costa Rica states.

                        About Transredes

Headquartered in Santa Cruz, Bolivia, Transredes SA specializes
in the distribution of natural gas and liquid hydrocarbons
(crude petroleum, liquefied petroleum gas, surplus refinery
products and condensates).  It owns and operates approximately
3,000 kilometers of gas pipelines and 2,700 kilometers of
liquids pipelines.  It provides operations and maintenance
services to Gas TransBoliviano SA and GasOriente Boliviano Ltda.  
The company operates mainly in Bolivia, Brazil, Chile and
Argentina.  

                      About Ashmore Energy

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2007, Fitch Ratings affirmed Ashmore Energy
International Ltd.'s 'BB' issuer default rating.  Fitch also
affirmed the 'BB' rating on the firm's US$1 billion term loan
and US$500 million revolving credit facility.  Fitch said the
rating outlook is stable.



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

BLOUNT INT'L: March 31 Balance Sheet Upside-Down by US$43.8 Mil.
----------------------------------------------------------------
Blount International Inc. has disclosed financial results
for first quarter ended March 31, 2008.

At March 31, 2008, the company's consolidated balance sheet
showed US$407.5 million in total assets and US$451.3 million in
total liabilities, resulting in a US$43.8 million total
stockholders' deficit.

The company reported net income of US$6.8 million in the first
quarter of 2008, compared with net income of US$4.7 million in
the same period of 2007.  The increase in net income is a result
of the improved year over year operating income and lower net
interest expense due to a reduction in debt levels and lower
borrowing rates.  Company debt at the end of the first quarter
was US$296.7 million, a decrease of US$70.8 million from last
year's first quarter.

The company's sales in the first quarter were US$133.2 million,
compared to US$118.3 million in 2007, a 12.6% increase.  The
Outdoor Products segment sales increased by 13.9% from last
year's first quarter.  Operating income increased in this year's
first quarter to US$16.7 million from US$16.2 million last year.  
In the first quarter, operating income was adversely impacted by
approximately US$2.7 million from changes in foreign currency
exchange rates as compared to last year.

Commenting on the first quarter results, James S. Osterman,
chairman and chief executive officer, stated: "In the first
quarter, we continued to see robust demand for saw chain
products.  The stronger euro, volume gains in developing markets
and various marketing programs contributed to our increase in
sales.  A solid order backlog is encouraging for continued top
line growth for the balance of the year; however, foreign
currency and raw material cost trends will continue to put
pressure on our operating margins for the remainder of 2008."

                    About Blount International

Blount International Inc. (NYSE: BLT) -- http://www.blount.com/
--  is an international company operating one principal business
segment, the Outdoor Products segment.  Blount manufactures its
products in the United States, Canada, China, and Brazil, and
sells them in more than 100 countries.

The Outdoor Products segment manufactures and markets cutting
chain, guide bars, sprockets and accessories for chainsaw use,
concrete-cutting equipment and accessories and lawnmower blades.
This segment also markets branded parts and accessories for the
lawn and garden equipment market.  The segment's products are
sold to original equipment manufacturers for use on new
chainsaws and yard care equipment, and to the retail replacement
market through distributors, dealers and mass merchants.


COMPANHIA SIDERURGICA: Tata Wants Firm's Nacionale Minerios
-----------------------------------------------------------
Business Standard Ltd. reports that Companhia Siderurgica SA's
iron ore unit Nacionale Minerios SA a.k.a. Namisa is attracting
Tata Steel Ltd.

Business Standard relates Companhia Siderurgica has disclosed
that it is considering the potential sale of a portion or all
its shares in Namisa, whose iron ore sales/exports "are to the
tune of 14 million tons and the plan is to take it to 40 million
tons by 2012."  The firm has access to railway transport and
port to sell or export its production.

A Tata Steel spokesperson told Business Standard, "Tata Steel
has several opportunities before it and it will evaluate each of
these for their strategic fit with our growth plans before
deciding on any course of future action vis-a-vis the
opportunities."

Business Standard relates that Tata Steel's Managing Director B.
Muthuraman had said earlier this year that the firm is seeking
opportunities in Brazil for sourcing raw material.  According to
Business Standard, industry sources are positive that with the
surge in raw material prices, lots of offers would be presented
for Namisa.  A source told Business Standard, "Some of the
global mining and steel companies are expected to bid for it.  
Indian steel companies are also likely to throw their hats into
the ring."

As reported in the Troubled Company Reporter-Latin America on
April 24, 2008, Companhia Siderurgica hired Goldman Sachs as
financial advisor for the potential sale of its stake in
Nacional Minerios.  

                        About Tata Steel

Tata Steel Limited is an integrated steel company in India.  Its
operations predominantly relate to manufacture of steel and
ferro alloys and minerals business.  Other business segments
comprises of tubes, bearings, refractories, pigments, port
operations, municipal services and investment activities.  Tubes
division produces three categories of tubes: commercial tubes
used in plumbing, irrigation and process industry; precision
tubes, which cater to the boiler and automotive sectors, and
structural tubes supplied to the infrastructure sector.  

                     About Nacional Minerios

Nacional Minerios SA owns ore mines in Minas Gerais, Brazil,
with intermittent access to railway and maritime transport.

                     About Companhia Nacional

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets, tin
mill products and tinplate.  The company also runs its own iron
ore, manganese, limestone and dolomite mines and has strategic
investments in railroad companies and power supply projects.
The group also operates in Brazil, Portugal and the U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Standard & Poor's Ratings Services revised its
outlook on Brazil-based steel maker Companhia Siderurgica
Nacional and related entity National Steel S.A. to positive from
stable.  At the same time, Standard & Poor's affirmed its 'BB'
corporate credit rating on CSN and its 'B+' rating on NatSteel.


JAPAN AIRLINES: Cuts FY2007 Operating Revenue Forecast by 0.4%
--------------------------------------------------------------
JAL Group revised its consolidated financial forecast for
FY2007, the year ended March 31, 2008, reflecting the trends of
recent performance.

The revised forecast supersedes the Groupís last forecast
announced on November 6, 2007 when the airline issued its
financial results for the half-year results for financial year
2007 (the period from April 1, 2007 to September 30, 2007).

Compared to the previous forecast, JAL Groupís revised forecast
for FY2007 operating revenue is now estimated at 2,230.0 billion
yen, down 8.0 billion yen or 0.4%. Operating costs are estimated
at 2140.4 billion yen, down by 49.5 billion yen or 2.3%.
Ordinary income is now estimated at 90.0 billion yen, up 42.0
billion yen or 87.5%; ordinary income at 69.0 billion yen up
25.0 billion yen or 56.8%; and net income at 16.0 billion yen,
up 9.0 billion yen or 128.6%.

If a company registered in Japan at anytime expects net income
to change by more than 30% - either up or down - from previously
announced forecasts it must notify the Tokyo Stock Exchange.

The JAL Group is currently in the process of making final
calculations for FY2007 and these will announced on May 9, 2008.

The JAL Group is focusing its energy and resources on the
creation of a business foundation capable of stable growth and
profit generation in any environment.

As a result of the effectiveness of Ďpremium strategiesí aimed
at attracting business and top-tier travelers through product
and service enhancement and development, international business
passenger demand has been robust. Even though domestic passenger
demand is slightly lower than expected, the JAL Groupís revised
forecast for operating revenue is almost the same as its
previous forecast announced in November last year.

Due to the effectiveness of group-wide cost reform implemented
during FY2007 with the objective of increasing profitability and
tackling, for example, increases in the cost of jet fuel, the
JAL Group now forecasts that operating cost reductions will be
greater than previously expected.

To reflect this, both operating and ordinary income forecasts
have been revised upwards.

To remove risks in business operations, we have posted the
extraordinary losses outlined below, but net income for FY2007
is still expected to exceed previously announced estimates as a
result of the forecast increase in ordinary income.

Main Extraordinary Losses:

   a. Temporary depreciation costs of 7,068 million yen will be
      posted for FY2007, as the expected lifetime of spare parts
      for some aircraft models has been adjusted.

   b. A reserve fund of 6,193 million yen has been set aside for
      an ongoing investigation by the European Commission into
      alleged violations of the anti-trust law regarding
      international air cargo operations involving major global
      airlines.  The reserve is the best estimate of future
      possible losses related to this investigation, based on
      currently available information.  There is the possibility
      of a fluctuation in this estimate.

This is additional to the extraordinary loss resulting from JAL
International (JALI) entering into a plea agreement with the US
Department of Justice forviolations of the antitrust law in
which the company agreed to plead guilty concerning certain
alleged violations of the antitrust laws in the U.S./trans-
Pacific international air cargo business and to pay a fine of
US$110 million.

                     About Japan Airlines

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its whollyowned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

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


JAPAN AIR: To Sell 49.4% Stake in Credit-Card Unit to Mitsubishi
----------------------------------------------------------------
Chris Cooper of Bloomberg News reports that Japan Airlines Corp.
will sell a 49.4 percent stake in its credit- card unit to
Mitsubishi UFJ Financial Group Inc.

According to the report, the airline will book a JPY42 billion
($401 million) gain from the sale.

The transaction, Bloomberg relates, is part of Japan Air's plan
to restructure its balance sheet.

The carrier lately sold JPY151.5 billion of preferred shares to
financial institutions to raise funds and is buying new planes
to reduce fuel costs, Bloomberg says.

In addition, Bloomberg says Japan Air plans to cut labor costs
by JPY10 billion this year and cut debt by 15 percent this
fiscal year to JPY1.32 trillion, from JPY1.55 trillion at the
end of March.

                      About Japan Airlines

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its whollyowned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

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


GENERAL MOTORS: Total April 2008 Sales Decrease 16 Percent
----------------------------------------------------------
General Motors Corp. dealers in the United States delivered
260,922 vehicles in April.  Retail car and crossover sales were
up more than 9%.  A sharp sales increase in fuel efficient cars
and crossovers could not make up for soft truck demand and a
sharp decline in fleet deliveries impacted by the American Axle
& Manufacturing Holdings Inc. strike.  On a non-adjusted basis,
retail sales were down 11.5% and total sales for the month were
down 16%.

On an adjusted basis, total sales declined 22.7%.

Dealer inventories were at their lowest level since September
2005 with about 824,000 vehicles in stock, down about 206,000
vehicles compared to last April, and down more than 84,000
vehicles compared with December 2007.

"Consumer preference is shifting and we're shifting with it as
evidenced by our strong car and crossover sales," Mark LaNeve,
vice president, GM North America Vehicle Sales, Service and
Marketing, said.  "Our new products such as the Chevrolet
Malibu, Cadillac CTS and Buick Enclave were hot throughout the
month.  Throughout the industry, truck sales have been soft.
We've been able to match the current economic slowdown with
historically low total inventories, and as we look for ways to
increase car and crossover production, we are improving our
competitive position for the economic recovery."

Chevrolet Malibu total sales were up 29% with retail sales up
147%, Aveo sales were up 14% total and 13% retail, and Cobalt
sales were up 16% total and 17% retail.  Pontiac Vibe total
sales were up 36% and retail sales were up 39% compared with
April 2007.  Saturn Aura was up 19% total and 16% retail, and
the Astra had its  fourth consecutive month of increasing sales
with more than 900 vehicles sold.  In the luxury car segment,
the award-winning Cadillac CTS saw total sales increase 8% with
a strong retail increase of 12%.

GM's popular crossover Buick Enclave, GMC Acadia and Saturn
Outlook together accounted for nearly 13,000 retail vehicle
sales in the month, an increase of 7% compared with the same
month last year.  There were more than 6,600 Acadia, 4,000
Enclave and 2,300 Outlook retail sales.  The Saturn Vue had a
total sales increase of about 600 vehicles compared with April
2007.

"Our sales performance in mid-cars and crossovers shows the
power of new products to attract consumers -- even in a tough
market," Mr. LaNeve added.  "So as the mix shifts from trucks to
cars, we're ready in our dealers' showrooms with vehicles that
provide industry-leading value, great fuel economy and the best
warranty coverage of any full-line automaker."

                      Certified Used Vehicles

April 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 44,479
vehicles, up nearly 7% from April 2007 results.  Year-to-date
sales are 168,087 vehicles, down 7% from the same period last
year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted April sales of 38,861 vehicles, up 6% from last
April.  Cadillac Certified Pre-Owned Vehicles sold 3,565
vehicles, up 27%.  Saturn Certified Pre-Owned Vehicles sold
1,159 vehicles, down 21%.  Saab Certified Pre-Owned Vehicles
sold 727 vehicles, up 14%, and HUMMER Certified Pre-Owned
Vehicles sold 167 vehicles, up 109%.

"Our certified sales momentum continued in April, as GM
Certified Used Vehicles sales grew for the fourth consecutive
month, a 6 percent increase over last April's results," Mr.
LaNeve said.  "The Cadillac, Saab and HUMMER Certified Pre-Owned
Vehicles programs also generated robust increases as consumers
take advantage of the great value and peace-of-mind assurances
that come with the purchase of certified GM vehicles."

In April, GM North America produced 242,000 vehicles (128,000
cars and 114,000 trucks).  This is down 93,000 vehicles or 28
percent compared to April 2007 when the region produced 335,000
vehicles (120,000 cars and 215,000 trucks).  (Production totals
include joint venture production of 22,000 vehicles in April
2008 and 16,000 vehicles in April 2007.)

Approximately 130,000 units of production have been lost in
April due to the American Axle work stoppage.  Since the dispute
began in late February, approximately 230,000 units of
production have been lost.  GMNA has revised its forecast for
2008 second-quarter production to 950,000 vehicles, down 130,000
units from the prior forecast to reflect April production
losses.  Due to the current American Axle work stoppage, there
is considerable uncertainty with regard to the second quarter
production forecast.

On April 30, 2008, GM's annual total vehicle sales forecast for
the industry was revised to an expected mid-to-high 15 million
vehicle SAAR.  The previous forecast provided in January of this
year was in the low-16 million unit range.  The revision
reflects actual industry sales rates for the first four months
of 2008 and the current assessment of the recovery of the U.S.
economy.

                             About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Standard & Poor's Ratings Services said that its
'B' long-term and 'B-3' short-term corporate credit ratings on
General Motors Corp. remain on CreditWatch with negative
implications, where they were placed March 17, 2008.  The
CreditWatch update follows downgrades of 49%-owned subsidiaries
GMAC LLC (B/Negative/C) and Residential Capital LLC (CCC+/Watch
Neg/C).  The rating actions on Residential Capital LLC and GMAC
were triggered by the resignation of the only independent
directors at Residential Capital LLC.


KRATON POLYMERS: Hikes NorthAm and LatAm Product Prices
-------------------------------------------------------
Kraton Polymers LLC will continue to experience unprecedented
cost increases derived from raw material, energy and packaging
costs.

As a result of these aggressive cost drivers, effective
June 1, 2008, the company is releasing a general price increase
of US$330/MT, or 15 cents per pound, in North America and South
America, for the company's SBS and O/E SBS polymers and
compounds.

As a result of these same cost drivers, effective June 1, 2008,
the company is also announcing a general price increase of
US$220/MT, or 10 cents per pound, in North America and South
America, for its SIS polymers and compounds.

The company said that it appreciate its customersí continued
business and understanding as Kraton continues to manage these
difficult economic challenges.  The company will continue to
strive to be the innovation leader, providing polymer solutions
and value-added services that enable its customers to
differentiate and succeed in their markets.

Based in Houston, Texas, Kraton Polymers LLC --
http://www.kraton.com/-- produces styrenic block copolymers.
SBCs are highly-engineered thermoplastic elastomers, which
enhance the performance of numerous products by delivering a
variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.  Its production
facilities are located in the United States, Germany, France,
The Netherlands, Brazil, and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2008,  Moody's Investors Service lowered the ratings of
Kraton Polymers LLC (corporate family rating now B2 from B1,
Probability of Default Rating now lowered to B2 from B1, Senior
Secured Bank Credit Facility now lowered to B1 from Ba3 and
Senior Unsecured Subordinated Bond/Debenture now lowered to Caa1
from B3) and placed the ratings under review for possible
further downgrade following the fourth quarter earnings
announcement that reflected weaker than expected performance.


NORTEL NETWORKS: Net Loss Widens to US$138MM in 2008 First Qtr.
---------------------------------------------------------------
Nortel Networks Corporation reported its results for first
quarter ended March 31, 2008, which demonstrated continued
progress against the company's turnaround strategy.

The company reported a net loss in the first quarter of 2008 of
US$138 million compared to net loss of US$103 million in the
first quarter of 2007 and net loss of US$844 million in the
fourth quarter of 2007.

The net loss US$138 million included:

   -- special charges of US$88 million for restructurings;

   -- a loss of US$19 million due to changes in foreign exchange
      rates;

   -- a charge of US$12 million related to a patent lawsuit
      settlement; and

   -- a gain of US$16 million from mark-to-market gains on
      interest rate swaps.

The net loss in the first quarter of 2007 of US$103 million
included a shareholder litigation gain of US$54 million
reflecting a mark-to-market adjustment of the share portion of
the class action settlement and special charges of US$80 million
for restructuring.

The net loss in the fourth quarter of 2007 of US$844 million
included a reduction of the deferred tax asset of
US$1,043 million, special charges of US$38 million for
restructurings, a gain of US$23 million on the sale of assets, a
gain of US$40 million due to favourable effects of changes in
foreign exchange rates and a gain due to a market value
adjustment of US$15 million on an interest rate swap.

"Nortel had a strong first quarter, driven by the completion of
a contract in our LG-Nortel joint venture and continued
improvements in gross and operating margins, Mike Zafirovski,
Nortel president and chief executive officer, said.  "Nortel's
operating margin, a critical measure of our plan's traction,
expanded for the seventh consecutive quarter year over year,
recording a 512 bps improvement to 4.7%."

"We except to achieve our full year guidance and we continue to
make solid progress against the strategy to turn around the
company," Mr. Zafirovski added.  "Our relentless focus on
execution and our determination to deliver value to customers is
strengthening the foundation upon which to build our performance
over the balance of 2008 and beyond."

Cash balance at the end of the first quarter of 2008 was
US$3.2 billion, down from US$3.5 billion at the end of the
fourth quarter of 2007.  The decrease in cash was driven by a
cash outflow from operating activities of US$260 million, cash
used in investing activities of US$44 million and cash used in
financing activities of US$14 million.

The cash outflow from operating activities of US$260 million
included a net loss of US$138 million and outflows of
US$264 million related to:

   -- the payment of 2007 bonuses and fourth quarter sales  
      compensation;

   -- US$121 million related to pension funding;

   -- US$51 million cash payments related to its restructuring
      plans.

The cash outflow was partially offset by net cash inflows of
US$99 million of working capital and non-cash additions
including US$82 million of amortization and depreciation and
US$78 million of minority interest related to profitability of
the LG-Nortel joint venture.

At March 31, 2008, the company's balance sheet showed total
assets of US$16.2 billion, total liabilities of US$13.6 billion
and total shareholders' deficit of about US$2.6 billion.

                   About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information
they need, when they need it.  Nortel does business in more than
150 countries around the world.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                          *     *     *

Nortel Networks Corp. still carries Moody's Investors Service's
'B3' Senior Unsecured Debt rating which was placed on March 22,
2007.


SUL AMERICA: Concludes Subsidiary's Delisting From BOVESPA
----------------------------------------------------------
The public tender offer for the delisting of Sul America
Companhia Nacional de Seguros, a subsidiary of Sul America
S.A. (BOVESPA: SULA11), was concluded on the Sao Paulo Stock
Exchange (BOVESPA).  As a result, the holding company, Sul
America SA will consolidate an even larger share of its
subsidiaries' results, meeting the strategic objectives of its
shareholders.  The offeror acquired around 32 million shares,
increasing its stake in the subsidiary by 1.6% to 98.6% of its
total capital.

The shares were acquired for BRL1.02 per share, corresponding to
a total amount of approximately BRL33 million.  Around 90% of
the shareholders adhered to the offer.  As a result of the
successful conclusion of the operation, the Securities and
Exchange Commission of Brazil (CVM) will authorize the
cancellation of the subsidiary's registration as a publicly-held
company within the next few days.

For Sul America, the delisting of Sul America Companhia Nacional
de Seguros is in the interests of its shareholders since it
concentrates market liquidity in the shares of Sul America SA,
the holding company that went public in October 2007 and which
effectively controls all of Sul America's operations in the
insurance, pension and asset management markets.

Sul America had consolidated premiums of BRL7 billion in 2007.  
Sul America S.A., the group's holding company, recorded net
income of BRL321 million in the same year, an increase of 109%
compared to 2006.

Headquartered in Rio de Janeiro, Brazil, Sul America SA --
http://www.sulamerica.com.br/-- is a multiline insurance  
company.  It provides a range of insurance coverage to
companies, individuals and governmental entities.  The company
offers investment funds, health, life and property insurance.  
Sul America also provides asset and healthcare management
services.  It owns Saepar Servicos e Participacoes SA.  The
company holds shares in other companies, such as Sul America
Companhia Nacional de Seguros and Sul America Companhia de
Seguro Saude.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit and senior unsecured debt ratings
on Sul America S.A. to 'B+' from 'B'.  At the same time, S&P
raised the counterparty credit rating on Sul America's main
operating insurance entity, Sul America Companhia Nacional de
Seguros, to 'BB' from 'BB-'.  S&P's outlook on both entities is
positive.


SUN MICROSYSTEMS: To Cut 2,500 Jobs to Save US$220MM in Costs
-------------------------------------------------------------
Sun Microsystems Inc. will reduce its workforce by around 1,500
to 2,500 people in the current quarter, Christopher Lawton of
The  Wall Street Journal reports.

The company relates that it needs to slash costs as the U.S.
economy is pretty weak and they are facing delays in orders from
customers.

Sun adds that they would be taking a charge of US$130.0 million
to US$220.0 million in its fiscal fourth quarter to account for
the cuts.

Sun shares rose 67 cents, or 4.3%, to US$16.33 at 4 p.m. in
Nasdaq Stock Market composite trading, before the formal
statement, WSJ notes.  WSJ adds that shares fell 11.2% to $14.50
in after-hours trading.

                 Third Quarter Financial Results

Sun Microsystems reported net loss for the third quarter ended
March 30, 2008, on a Generally Accepted Accounting procedures or
GAAP basis of US$34.0 million as compared with net income of
US$67.0 million for the third quarter of fiscal 2007.

In the third quarter of fiscal 2008, the company recorded a
US$52 million dollar tax provision, as compared to a tax benefit
of US$3 million in the third quarter of fiscal 2007.  Net loss
for the third quarter included charges related to the
acquisition of MySQL.

Cash generated from operations for the third quarter of fiscal
2008 was US$329.0 million, and the cash and marketable debt
securities balance at the end of the quarter was US$3.8 billion.
During the third quarter, Sun continued to leverage its cash
position, spending US$300.0 million to repurchase 17.5 million
shares of its common stock.  There is US$500.0 million remaining
of the US$3.0 billion share repurchase program disclosed in the
company's fiscal fourth quarter of 2007.

At March 30, 2008, the company's balance sheet showed total
assets of US$14.2 billion, total liabilities of about US$8.5
billion and total shareholders' equity of US$5.7 billion.

                     About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: JAVA) -- http://sun.com/-- provides network computing    
infrastructure product and service solutions worldwide.  Sun
Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                          *     *     *

Moody's Investors Service placed Sun Microsystems Inc.'s
corporate family and unsecured debt rating at 'Ba1' in September
2005.  The ratings still hold to date with a stable outlook.


TAM SA: Shareholders Agree on Appropriation of 2007 Income
----------------------------------------------------------
TAM SA's stockholders, at their April 30 annual meeting, agreed
by absolute majority the appropriation of the company's net
income in 2007 as proposed by management.

According to a filing with the U.S. Securities and Exchange
Commission, the company booked a net income of  BRL128,896,243
for the fiscal year ended Dec. 31, 2007.  As agreed by the
shareholders, the net income will be appropriated in this
manner:

a) Distribution of interest on own capital in the total
   amount of BRL31,529,056, corresponding to BRL0.20958988 per
   share, net of withholding income tax, except for those
   stockholders verified to be exempt, with the gross amount
   corresponding to R$37,093,007, or R$0.24657673 per share.
   Payment of interest on own capital will be made to those    
   stockholders registered as such as of March 31, 2008, and the
   company shares will be traded ex-rights as from, and
   including, April 1, 2008.  Interest on own capital will be
   paid on April 15, with no additional remuneration, and to be
   deducted from minimum mandatory dividends for fiscal year
   2007;

b) Distribution of complementary dividends in addition to
   interest on own capital, charged to the retained earnings
   account and revenue reserves, in the total amount of
   BRL35,000,000, corresponding to BRL0.23266304 per share, for
   those stockholders registered as from March 31, 2008, with
   the company shares being traded ex-dividends as from, and
   including, April 1, 2008.  The approved complementary
   dividends will be paid on April 15, with no additional
   remuneration; and

c) Set aside BRL89,513,525 to the revenue retention reserve, to
   be primarily appropriated, in accordance with the approved
   capital budget, to capital expenditures and use as working
   capital and setting up of a legal reserve in the amount of
   BRL6,444,812.

During the April 30 meeting, the shareholders also approved,   
with no qualifications, the the management report, financial
statements and independent auditors report for the fiscal year
ended Dec. 31, 2007.

Headquartered in Sao Paulo, Brazil, TAM SA --
http://www.tam.com.br/-- provides scheduled air transportation  
services.  It operates through subsidiaries TAM Linhas Aereas SA
and TAM Mercosur SA on both domestic and international markets.
The Company offers flights throughout Brazil and operates
scheduled passenger and cargo air transport routes to 48 cities,
in addition to 26 domestic destinations that it serves through
regional alliances with other airlines.

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.


UNIAO DE BANCOS: Completes US$200 Million Future Securitization
---------------------------------------------------------------
Uniao de Bancos Brasileiros SA has completed a US$200 million,
seven-year future securitization on the international market.

According to Uniao de Bancos, the resources drawn will be backed
by notes issued under its receivables securitization program and
its diversified payment rights division.  Business News Americas
relates that the future flow of receivables comes chiefly from
foreign trade and payment order transactions.

The securitization's  joint arrangers are SMBC Securities and
WestLB, BNamericas states.  

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

                          *     *     *

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


UNIAO DE BANCOS: Fitch Affirms Individual Rating at 'C'
-------------------------------------------------------
Fitch Ratings has affirmed Uniao de Bancos Brasileiros
(Unibanco) S.A.'s ratings as:

  -- Long-term foreign currency issuer default rating at
     'BBB-'; stable outlook;

  -- Short-term foreign currency issuer default rating at 'F3';

  -- Long-term local currency issuer default rating at 'BBB-',
     stable outlook;

  -- Short-term local currency issuer default rating at 'F3';

  -- Individual rating at 'C';

  -- National Long-term rating at 'AA+(bra)', stable outlook;

  -- National Short-term rating at 'F1+(bra)';

  -- Support rating at '3';

  -- Support Rating Floor at 'BB-'.

The Individual and National Ratings of Uniao de Bancos reflect
its good franchise, growing and recurring well-diversified
earnings and a sound management team.  These attributes support
the bank's Foreign Currency IDR at the sovereign ceiling and its
Local Currency IDRs above the sovereign rating.  Consistent
performance, balance sheet strength and management capacity
during the turbulent cycles of the local economy are factors
that also contribute to the bank's ratings.

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



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

APPLEGARTH INVESTMENTS: Proofs of Claim Filing Deadline Is May 8
----------------------------------------------------------------
Applegarth Investments Limited's creditors have until
May 8, 2008, to prove their claims to RTB Secretaries Limited,
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.

Applegarth Investments' shareholder decided on April 8, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

              RTB Secretaries Limited of Palm Grove House
              P.O. Box 438, Road Town,
              Tortola, British Virgin Islands

                             or

              c/o Rothschild Trust Cayman Limited
              P.O. Box 10129, 5th Floor Citrus Grove
              George Town, Grand Cayman, Cayman Islands
              Telephone: (345) 946 7033
              Fax: (345) 946 7043


EASTERN PROMISE: Deadline for Proofs of Claims Filing Is May 8
--------------------------------------------------------------
Eastern Promise Limited's creditors have until May 8, 2008, to
prove their claims to Maples and Calder, 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.

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

The liquidators can be reached at:

              Maples and Calder
              c/o Maples and Calder, Attorneys-at-law,
              P.O. Box 309GT, Ugland House,
              South Church Street, George Town,
              Grand Cayman, Cayman Islands


MELLON YIELD: Proofs of Claim Filing Deadline Is May 8
------------------------------------------------------
Mellon Yield Curve Arbitrage Fund, Ltd.'s creditors have until
May 8, 2008, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

              John Cullinane and Derrie Boggess
              Joint Voluntary Liquidators
              c/o Walkers SPV Limited
              Walker House, 87 Mary Street,
              George Town, Grand Cayman, Cayman Islands


ORBANI FUND: Deadline for Proofs of Claim Filing Is May 8
---------------------------------------------------------
Orbani Fund's creditors have until May 8, 2008, to prove their
claims to John Cullinane and Derrie Boggess, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

              John Cullinane and Derrie Boggess
              Joint Voluntary Liquidators
              c/o Walkers SPV Limited
              Walker House, 87 Mary Street,
              George Town, Grand Cayman, Cayman Islands


PARMALAT SPA: Settles U.S. Shareholders' Class Action
-----------------------------------------------------
Parmalat S.p.A. has reached an agreement to settle the
securities class action against it in the United States Southern
District Court of New York.

Parmalat will issue 10.5 million shares of stock in full
satisfaction of any and all claim asserted against it in the
class action, worldwide.

Parmalat will also incur up to EUR1 million of the cost of
notifying the class members of the settlement.

Parmalat believes that this settlement is in the best interests
of its shareholders to avoid the distraction and expense of
further litigation, and diminishes uncertainty in the value of
its stock.

The settlement is subject to the approval of the court.

                       About Parmalat

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court granted
Parmalat permanent injunction.


SATELLITE SP: Proofs of Claim Filing Is Until May 8
---------------------------------------------------
Satellite SP Investments, Ltd.'s creditors have until
May 8, 2008, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

              John Cullinane and Derrie Boggess
              Joint Voluntary Liquidators
              c/o Walkers SPV Limited
              Walker House, 87 Mary Street,
              George Town, Grand Cayman, Cayman Islands



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

CORPORACION NACIONAL: El Tiniente Mine Shutdown May Last Today
--------------------------------------------------------------
Corporacion Nacional del Cobre a.k.a. Codelco has closed its El
Teniente mine after the attack of striking contract workers to
buses carrying company workers, Heather Walsh of Bloomberg News
reports.

Pablo Reyes, union leader for mine employees, told Bloomberg in
an interview that the shutdown may last until May 6.

Bloomberg relates that since April 16 strike, where workers
demand bonuses and benefits, the company's production has been
halted.  As a result, the company has incurred almost
US$100 million on supply services as of April 29, and
contributed to a 26% gain in copper prices this year in New
York, the report states.

Citing Union Spokeswoman Dolores Cautivo in a telephone
interview, Bloomberg says that the Confederation of Copper
Workers, which organized the strike, has been searching for a
government proposal to resume to work and end the protests.

According to the report, Codelco hired the contractors for
construction, maintenance, cleaning industrial sites and running
restaurants and providing other services.  About 30,000
contractor employees work at Codelco's mines, while the company
has 17,000 workers.  Codelco's mining workers did not
participate in the strike.

El Teniente produced almost a quarter of Codelco's copper in
2007, Bloomberg notes.  Aside from El Teniente, Andina and
Salvador plant was also shut down, but Andina has resumed its
operations this weekend, the report states.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2008, the workers might end the strike in exchange for
a bonus of CLP208,000 (around US$457) plus a proposal on
education and health benefits.

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



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

AMPEX CORPORATION: Shareholder Wants Equity Committee Appointed
---------------------------------------------------------------
ValueVest High Concentration Master Fund Ltd., equity security
holder and party-in-interest of Ampex Corporation and its
debtor-affiliates, ask the U.S. Bankruptcy Court for the
Southern District of New York to immediately appoint an Official
Committee of Equity Holders to represent and prosecute the
interest of shareholders and recover certain of their equity
stake in the Debtors.

ValueVest argues that the Debtors are not insolvent and there
is a substantial likelihood of a meaningful distribution to
equity.

The Debtors have at least 393 shareholders with Class A common
stock outstanding as of March 25, 2008, wherein ValueVest holds
13.4% shares of the Debtors' Class A common stock.

A hearing was scheduled May 1, 2008 to consider approval of
ValueVest request.

                         About Ampex

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

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

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


ECOPETROL SA: Halts Operations at Cano Pipeline Due to Attack
-------------------------------------------------------------
An Ecopetrol SA official told Dow Jones Newswires that the firm
has stopped pumping oil through its Cano Limon-Covena pipeline
due to an attack from an unidentified group.

Dow Jones relates that the 770-kilometer pipeline was bombed in
the area close to the Venezuelan border, spilling some 4,000
barrels of crude in the Tibu River.  Ecopetrol employees are
working to clean the spill.

Ecopetrol's spokesperson Angelica Moreno said that the company
is making sure the area is safe to fix the pipeline and that the
firm would be resuming pumping oil at the pipeline.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity, according to the
company's Web site.  In 2005 it produced about 60 percent of
Colombia 's daily output.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A. 's foreign
and local currency issuer default ratings at 'BB+' and 'BBB-',
respectively.



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

COVANTA ENERGY: S&P Alters Outlook to Pos., Holds 'BB-' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Covanta Energy Corp. to positive from stable to reflect the
company's improving credit metrics, continued focus on its key
business, and S&P's expectation that the company will be able to
fund costs associated with its growth strategy in a credit
neutral manner.  At the same time, Standard & Poor's affirmed
its ratings on the company, including the 'BB-' corporate credit
rating.  Covanta had about $2.3 billion total debt as at
Dec. 31, 2007, of which $1.3 billion was project debt.
   
The credit rating on Covanta continues to reflect its reliance
on residual distributions from project investments and its
limited financial flexibility as it pursues its growth strategy
given the capital-intensive nature of its business.  Although
Covanta generates significant cash flow from its operating
subsidiaries, it also has significant ongoing maintenance-
capital requirement.  Furthermore, the company intends to grow
its business through acquisitions, expansion of existing
projects, or investments in greenfield energy-from-waste
development.

Headquartered in Fairfield, New Jersey, Covanta Energy
Corporation -- http://www.covantaenergy.com/-- is a publicly   
traded holding company whose subsidiaries develop, own or
operate power generation facilities and water and wastewater
facilities in the United States and abroad.  Covanta has
operations in the Philippines, China, Costa Rica, India, and
Bangladesh.


SIRVA INC: Court Extends Receivables Sale Agreement Expiry Date
---------------------------------------------------------------
At the behest of Sirva Inc. and its debtor-affiliates, the U.S.
Bankruptcy Court for the Southern District of New York extended
the termination date of the Debtors' Receivables Sale Agreement,
from April 30, 2008, to May 14, 2008.

SIRVA Relocation Credit, LLC have maintained a receivables
purchase program with LaSalle Bank National Association, as
agent for certain purchasers participating in the program.

Specifically, the Purchasers are LaSalle Bank; General Electric
Capital Corporation; Wells Fargo Bank; and Citizens Bank.

As of December 22, 2006, the Debtors that sell Receivables,
their related collections, and the proceeds of the Program are
SIRVA Relocation LLC, Executive Relocation Corporation, and
SIRVA Global Relocation, Inc -- the Originators.

The Originators sell the Receivables on a daily basis to SRC
pursuant to a Purchase Agreement.  Under the Purchase Agreement
and a Receivables Sale Agreement, the Servicers agree to service
the Receivables, for which they are paid a fee.

Prior to the Petition Date, the Guarantors, the Originators,
SRC, LaSalle Bank, and the Purchasers engaged in extensive
arm's-length negotiations to continue the Program, subject to
certain amendments.

The Amendments were negotiated to provide the Purchasers
assurance that the Program would continue to be treated in
accordance with the parties' intent -- as a true sale
transaction -- and to provide protection from the uncertainty of
a chapter 11 case.

The Amendments include a condition that the Debtors' the Plan of
Reorganization must become effective by April 30, 2008, or a
Termination Date will occur under the Receivables Sale
Agreement, and the Program will terminate unless the Purchasers
will waive the Termination Date.

           Court Extends Termination Date to May 14

Marc Kieselstein, P.C., at Kirkland & Ellis LLP, in Chicago
Illinois, related that before April 11, 2008, the Debtors
received numerous objections to their Prepackaged Joint Plan of
Reorganization.

According to Mr. Kieselstein, the Debtors have decided to modify
the Court-approved first amendment of the Receivables Sale Order
Agreement, as well as the related fee letter, in order to give
all parties sufficient time to conduct the information hearing,
and for the Court to abjudicate the confirmability of the Plan.

The Second Amendment extends the Termination Date to May 14,
2008, in exchange for a US$70,000 fee.

Mr. Kieselstein said that the Receivables Purchase Program
provides the Debtors with a critical and substantial source of
ongoing operating liquidity of up to US$131,000,000, and its
continuation after the April 30 termination date is integral to
the Debtors' operations.

"Consequently, without the authority to continue participating
in the Program after the current termination date . . . the
Debtors and their estates would suffer immediate and irreparable
harm," Mr. Kieselstein added.

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

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

(Sirva Inc. Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)



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

NATIONAL WATER: Fails to Supply Potable Water
---------------------------------------------
Gareth Manning at the Jamaica Gleaner reports that the National
Water Commission of Jamaica has admitted that it can't supply  
potable water to the rest of Jamaica.

The terrain of the island makes it technically difficult and
expensive to supply water to all communities, The Gleaner notes,
citing The Commission.  

The Commission's Corporate and Strategic Planning Vice President
Vernon Barrett explained to The Gleaner that some communities
were too remotely situated for The Commission to reach and
developers and settlers often fail to properly assess the
feasibility of water supply before constructing houses.  "What
you have to ensure is that people will not have to walk long
distances to get water, but they must be able to access it at a
reasonable distance from their home and in some areas.  Trucking
will continue to be a need," Mr. Barrett added.

The Rural Water Supply Company has the responsibility of
reaching remote communities, The Gleaner says, citing Mr.
Barrett.

The Commission told The Gleaner that it will extend its coverage
over the next five to seven years to 85%, from the current 71%.

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

                          *     *     *

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

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



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

EMPRESAS ICA: To Face La Peninsular in Metro System Auction
-----------------------------------------------------------
News daily El Semanario reports that Empresas ICA, S.A.B de
C.V., will have to bid against La Peninsular Compania
Constructora, S.A. de C.V., for the expansion of Mexico City's
metro system.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2008, Empresas ICA created a consortium with the
Mexican unit of French heavy equipment manufacturer Alstom and
Mexican construction firm Carso Infraestructura y Construccion
to bid for the project.  

Business News Americas relates that Empresas ICA will also have
to compete against other local firms and companies from Spain,
France, Germany, and China.  La Peninsular teamed up with
Spain's Fomento de Construcciones y Contratas, which will lead
the partnership.  A third consortium composed of Spain's OHL and
Acciona Construcciones, local firms Gami Ingeniera e
Instalaciones, Impulsora de Desarrollo Integral, and Tradeco
Infraestructura was disqualified for failing to meet the
prerequisites in the project's bidding rules.

According to BNamericas, the MXN13 billion project involves the  
construction of line 12 of the suburban train.  The new line
will link Iztapalapa and Tlahuac districts.

El Universal notes that the date set for the start of
construction works for the metro system was moved to July 3 from
June 10.  BNamericas adds that the the transport and
communications ministry delayed the start of the construction
due to the project's complexity.  The ministry first pushed the
deadline for presenting technical offers to April 30 from
April 4, and then rescheduled the submission of economic
proposals to May 19 from April 21.  The contract will be awarded
on June 5.

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

                             *     *     *

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


LEAR CORP: Annual Stockholders Meeting to be Held Thursday
----------------------------------------------------------
Lear Corp. Chief Executive Officer Robert E. Rossiter said that
the company will hold its 2008 Annual Meeting of Stockholders on
May 8, 2008, at 10:00 a.m. (Eastern Time).  The meeting will be
held at Lear Corporationís Corporate Headquarters at 21557
Telegraph Road in Southfield, Michigan.

At the annual meetings, stockholders will be asked to:

      1. elect three directors;

      2. ratify the appointment of Ernst & Young LLP as the
         companyís independent registered public accounting firm
         for 2008;

      3. consider one stockholder proposal, if presented at the
         meeting; and

      4. conduct any other business properly brought before the
         meeting or any adjournments or postponements thereof.

Only stockholders of record at the close of business on
March 14, 2008 will be allowed to vote.

                    About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems,  
electrical distribution systems and related electronic products.  
The company has around 91,000 employees at 215 facilities in 35
countries.  Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 24, 2008, Standard & Poor's Ratings Services placed the
ratings on Lear Corp. on CreditWatch with negative implications.  
The company carries B+ Long-Term Foreign and Local Issuer Credit
ratings from S&P.

As of March 4, 2008, Lear Corp. carries B2 Corporate Family,
Bank Loan Debt and Probability-of-Default ratings, and B3 Senio
Unsecured Debt rating from Moody's Investors Service, which said
the outlook is stable.


LEAR CORPORATION: Earns US$78.2 Million for Q1 Ended March 29
-------------------------------------------------------------
Lear Corp. posted US$78.2 million in consolidated net profit on
US$3.86 billion in consolidated net revenues for the first
quarter ended March 29, 2008, compared with US$49.9 million in
consolidated net profit on US$4.41 billion in consolidated net
revenues for the first quarter ended March 29, 2008.

The decline in net sales for the quarter reflects the
divestiture of the Interior business and lower industry
production in North America, due in part to the impact of a
strike at a major supplier, offset in part by favorable foreign
exchange and new business.

In the seating segment, net sales increased slightly driven by
favorable foreign exchange and the benefit of new business,
offset by lower industry production in North America.  Operating
margins improved slightly, reflecting favorable cost performance
and increased savings from restructuring actions, as well as the
timing of commercial settlements, largely offset by lower
industry production in North America.

In the electrical and electronic segment, net sales increased
slightly driven by favorable foreign exchange, partially offset
by lower industry production in North America.  Operating
margins improved, reflecting favorable operating performance,
including savings from restructuring actions and the net impact
of legal and commercial claims, partially offset by lower
industry production in North America.

In the first quarter of 2008, free cash flow was negative
US$31.4 million, compared with negative US$32.1 million in the
first quarter of 2007.

During the quarter, the Company implemented a global operating
structure for its two business units, naming Lou Salvatore,
President - Global Seating Systems, and Ray Scott, President -
Global Electrical and Electronic Systems.  This new structure is
consistent with the global strategies of the Company's major
customers, allows Lear to take full advantage of its global
scale, leverages Lear's worldwide engineering and product
development resources and enables Lear to access the lowest cost
manufacturing and sourcing available.

Lear continued to grow its sales outside of North America and
expand its low-cost footprint in Asia, including a new foam
plant in Wuhu, China and a new seat trim facility in Hai Phong,
Vietnam.  

"Although we are facing significant challenges in North America,
Lear's underlying operating fundamentals remain strong," said
Bob Rossiter, Lear Chairman, Chief Executive Officer and
President. "The Lear team remains very focused on delivering
outstanding quality and customer service to our customers.  At
the same time, we are putting in place a global operating
structure for our business units and taking aggressive actions
to improve our longer-term competitiveness."

                     Full-Year 2008 Outlook

Lear expects 2008 net sales of approximately US$15.5 billion,
compared with prior guidance of US$15.0 billion.  The increase
reflects the positive impact of foreign exchange, mainly the
strong Euro, partially offset by lower industry production in
North America.  Lear's 2008 earnings outlook remains unchanged,
reflecting favorable operating performance and foreign exchange,
offset by lower industry production in North America and
increasing commodity costs.

Lear anticipates 2008 income before interest, other expense,
income taxes, restructuring costs and other special items of
US$660 to US$700 million.  Restructuring costs in 2008 are
estimated to be about US$100 million.

Interest expense for 2008 is estimated between US$185 million
and US$195 million.  Pretax income before restructuring costs
and other special items is estimated in the range of US$430
million to US$470 million.  Tax expense is expected to be
approximately US$135 million, depending on the mix of earnings
by country.  

Capital spending in 2008 is estimated between US$255 million to
US$275 million.  Depreciation and amortization expense is
estimated at about US$300 million. Free cash flow is expected to
be solidly positive, at about US$250 million, for the year.

Key assumptions underlying Lear's financial outlook include
expectations for industry vehicle production of approximately
14.1 million units in North America compared with a prior
forecast of 14.4 million units.  In Europe, our forecast for
industry production is 20.2 million units.  Lear expects
production for the Domestic Three to be down about 10% in North
America, compared with a prior forecast of a 9% decline.  In
addition, we are assuming an exchange rate of US$1.52/Euro,
compared with a prior forecast of US$1.45/Euro.

As of Mach 29, 2008, Lear's unaudited consolidated balance sheet
showed US$8.28 billion in total assets and US$7.03 billion in
total liabilities, resulting in US$1.25 billion in shareholders'
equity.

                    About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems,  
electrical distribution systems and related electronic products.  
The company has around 91,000 employees at 215 facilities in 35
countries.  Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 24, 2008, Standard & Poor's Ratings Services placed the
ratings on Lear Corp. on CreditWatch with negative implications.  
The company carries B+ Long-Term Foreign and Local Issuer Credit
ratings from S&P.

As of March 4, 2008, Lear Corp. carries B2 Corporate Family,
Bank Loan Debt and Probability-of-Default ratings, and B3 Senio
Unsecured Debt rating from Moody's Investors Service, which said
the outlook is stable.


LIBBEY INC: Loses US$3.5 Million in First Quarter Ended March 31
----------------------------------------------------------------
Libbey Inc. disclosed that sales increased 4.3% to
US$187.3 million in the first quarter of 2008 from
US$179.5 million in the prior year first quarter.  The company
reported a net loss of US$3.5 million for the first quarter
ended March 31, 2008, compared to a net loss of US$1.8 million
in the prior year quarter.

                      First Quarter Results

For the quarter-ended March 31, 2008, sales increased 4.3% to
US$187.3 million from US$179.5 million in the year-ago quarter.  
North American Glass sales increased 2.2% to US$127.5 million.  
The increase in sales was attributable to continued solid
increases of over 18% in shipments to retail glassware customers
in the United States and Canada and strong sales performance in
Mexico.  These increases were partially offset by lower
shipments to United States foodservice customers, which were off
over 12%.  North American Other sales decreased 3.1% as
shipments to Syracuse China customers were down approximately
12%, partially offset by an increase of 3% in sales of World
Tableware products. International sales increased 22.2% as the
result of increased sales to customers of Libbey China, Royal
Leerdam and Crisal.  A majority of the increased sales is
attributable to Libbey China and a favorable currency impact on
European sales.  International sales increased approximately 8%,
excluding the currency impact.

The company reported income from operations of US$9.5 million
during the quarter, compared to income from operations of
US$10.4 million in the year-ago quarter.  Factors contributing
to the decrease in income from operations were an unfavorable
mix of sales, as a result of lower foodservice sales, a
US$1.4 million increase in natural gas expenses and a
US$2.1 million increase in depreciation partially offset by a
reduction of US$1.2 million in selling, general and
administrative expenses.

Earnings before interest and taxes (EBIT) were US$10.2 million,
compared to US$12.2 million in the year-ago quarter.  EBIT was
US$7.1 million for North American Glass, compared to
US$10.9 million in the first quarter if 2007, as a result of the
unfavorable sales mix and higher natural gas expenses.  North
American Other reported EBIT for the first quarter of 2008 of
US$3.8 million, which was flat compared to the first quarter of
2007.  The first quarter 2007 results included a US$1.1 million
one-time gain on the sale of excess land in Syracuse, New York.  
Excluding the gain on the sale of land recorded in 2007, the
increase in EBIT in 2008 is attributable to higher income from
operations at World Tableware, Syracuse China and Traex.  The
International segment reported an EBIT loss of US$0.7 million,
which was a US$1.8 million improvement in EBIT as compared to
the year-ago quarter.  The improvement in EBIT was primarily
related to Libbey China being in full operation, higher
international sales and improved margins partially offset by
higher natural gas costs in Europe.

Libbey reported that earnings before interest, taxes,
depreciation and amortization (EBITDA) was US$21.5 million in
the first quarter of 2008, compared to EBITDA of US$21.4 million
in the year-ago quarter.

As a result of higher debt, primarily driven by the payment-in-
kind notes, interest expense increased US$1.6 million compared
to the year-ago period.

The effective tax rate increased to 49.8% for the quarter,
compared to 47.5% in the year-ago quarter.  Libbey reported its
net loss was US$3.5 million compared to a net loss of
US$1.8 million in the first quarter of 2007.

                  Working Capital and Liquidity

As of March 31, 2008, working capital, defined as inventories
and accounts receivable less accounts payable, increased by
US$23.4 million from US$213.8 million to US$237.2 million,
compared to Dec. 31, 2007, due to seasonal working capital
needs.

Free cash flow was a use of US$37.5 million as compared to a use
of US$7.8 million in the first quarter of 2007.  The primary
contributors were a US$19.6 million payment to Vitro S.A. made
in the current year related to the purchase of Crisa in 2006 and
increased working capital of US$10.8 million at Libbey China,
where production did not begin until late in the first quarter
of 2007.

Libbey reported that it had available capacity of
US$82.3 million under its Asset Based Loan credit facility as of
March 31, 2008.  This compares to availability of
US$89.7 million at Dec. 31, 2007.

                       Outlook for 2008

Chairperson and chief executive officer, John F. Meier said, "We
are pleased with the strength of our total sales performance.  
We experienced healthy increases in U.S. and Canadian retail
glassware, Crisa and Libbey China shipments during the quarter.  
We reported solid EBITDA performance in spite of softness in the
U.S. foodservice market and higher natural gas costs.  We expect
second quarter sales to be in the range of US$215 million to
US$220 million, and EBITDA to be between US$30 million and
US$32 million in the second quarter of 2008."

Mr. Meier added, "As the result of a solid first quarter,
finishing on the high side of our EBITDA guidance, and given the
strong retail and International sales performance offsetting the
softness in the U.S. foodservice channel of distribution, we are
confirming our guidance for 2008 EBITDA to be in an expected
range of US$113 million to US$123 million."

                        About Libbey Inc.

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/--
operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, as well as in Mexico, China,
Portugal and the Netherlands.  Its Crisa subsidiary, located in
Monterrey, Mexico, is the leading producer of glass tableware in
Mexico and Latin America.  Its Royal Leerdam subsidiary, located
in Leerdam, Netherlands, is among the world leaders in producing
and selling glass stemware to retail, foodservice and industrial
clients.  Its Crisal subsidiary, located in Portugal, provides
an expanded presence in Europe.  Its Syracuse China subsidiary
designs, manufactures and distributes an extensive line of high-
quality ceramic dinnerware, principally for foodservice
establishments in the United States.  Its World Tableware
subsidiary imports and sells a full-line of metal flatware and
holloware and an assortment of ceramic dinnerware and other
tabletop items principally for foodservice establishments in the
United States.  Its Traex subsidiary, located in Wisconsin,
designs, manufactures and distributes an extensive line of
plastic items for the foodservice industry.  In 2006, Libbey
Inc.'s net sales totaled US$689.5 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2006, In connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products
sector, the rating agency confirmed its B2 Corporate Family
Rating for Libbey Glass Inc., and its B2 rating on the company's
US$306 million senior secured notes due 2011.  Additionally,
Moody's assigned an LGD3 rating to the notes, suggesting
noteholders will experience a 49% loss in the event of a
default.


NWT URANIUM: Releases Drill Result of Picachos Project in Mexico
----------------------------------------------------------------
NWT Uranium Corp. reported its results from the 2007 drill
program conducted on its polymetallic Picachos Project in
Mexico.  Highlights include a 154.5-foot (47.1-meter) intercept
of 83 grams per tonne silver and 0.84% combined zinc-lead, which
starts at surface.  The richest silver intercept returned 509
grams per tonne silver and 0.56% zinc-lead over 9.8 feet (3.0
meters).  Significant gold and zinc-lead results included a 4.9-
foot (1.52-meter) interval of 6.2 grams per tonne gold, 348
grams per tonne silver and 19.9% zinc-lead.  The mineralized
zone has been evaluated to a minimum strike length of 1,640 feet
(500 meters).

"We are very encouraged by these drill results, which confirm
the bulk mining potential at Los Cochis," said NWT Uranium
President and Chief Executive Officer, Marek J. Kreczmer.  "The
Picachos project is in the Sierra Madre Occidental Ignimbrite
Belt, which is one of the largest silicic volcanic fields on
Earth, and is traditionally known for high-grade epithermal gold
and silver deposits such as Tayoltita and Rosario.  We look
forward to additional drilling to confirm the Los Cochis orebody
shape and test its extensions, as well as explore other three
main mineralized zones of the Picachos property."

                            Results

A total of 21 reverse circulation (RC) holes, representing
10,254 feet (3,125 meters), were drilled in November 2007.  Of
the 21 holes drilled, 18 targeted the main silver soil
geochemical anomaly on seven lines spaced 328 feet (100 meters)
apart, with most holes dipping to the southwest.  Of particular
note, Holes COCH3, 6, 13 and 20 were drilled from the same
location in four different directions as a preliminary shape
investigation of the orebody. Additionally, two holes tested an
IP anomaly located 820 feet (250 meters) east of the main zone
while one hole (COCH15) tested a gold soil anomaly.

The intercepts reported are RC mineralized intercepts.  True
width of the orebody is not estimable at this stage.  The
targets drilled at Los Cochis tested old workings and high
silver geochemistry on surface, identified through an extensive
soil geochemical survey conducted in 2005.  Specifically, rock
chip-channel and grab samples returned individual values of up
to 145 ounces per ton (4,975 grams per tonne) silver, 0.25 oz/t
(8.61 grams per tonne) gold, 53% zinc as well as 50% lead, as
detailed in a press release dated Oct. 31, 2007.

The drilling intercepted mostly andesitic volcanosedimentary
rocks, with some andesitic flow and dykes, and quartz feldspar
porphyritic dykes.  Mineralization occurs in propylitic altered
andesitic rocks, and consists of galena, pyrite, sphalerite,
tetrahedrite and chalcopyrite.

NWT Uranium has an option to earn a 70% interest in Picachos
from Yamana Gold as announced in a press release dated
July 12, 2006.

                    Quality Control/Assurance

Sampling was supervised by Michelle Robinson, MASc., P.Eng., who
is a qualified person as defined by National Instrument 43-101
and a consultant to NWT Uranium.  Ms. Robinson has supervised
the preparation of this press release.

Dry and wet RC drilling samples were routinely collected on
five-foot intervals and reduced using cyclone and Jonas
splitter.  Samples were transported to Acme Analytical
Laboratories in Guadalajara for preparation and pulps were
sent to Acme's Vancouver office for assay (ICP-MS).  Samples
containing more than 0.3 grams per tonne gold, 50 grams per
tonne silver or more than 1% base metals were re-analyzed using
a 30-gram fire assay for gold-silver, and high-grade multi-
element ICP methods.  Blind standard pulps were inserted into
the sample stream roughly every 25 samples to check for within-
batch analytical precision.

As previously announced in December 2007 press release, 2,050
total samples were collected through the drill program. Drilling
was conducted by Layne de Mexico SA.

A total of 88 drilling samples were selected from both
mineralized and non-mineralized intercepts from the back-up
splits in camp, and sent to SGS Minerals Services in Durango,
Mexico, for gold and silver analysis.  Of the 88 samples, only
two report significant differences between Acme and SGS.

                        Abour NWT Uranium

NWT Uranium Corporation, (TSXV: NWT; OTCBB: NWURF) --
http://www.nwturanium.com/-- formerly Northwestern Mineral      
Ventures Inc. is engaged in acquiring, exploring and developing
uranium bearing mineral properties located in Canada and Niger.  
The company's properties are at the exploratory stage and thus
non-producing.  Its exploration activities consist in
exploration and drilling of its properties to further assess the
mineral potential and to develop more detailed exploration
programs.  The company has a portfolio of properties around the
world, including a 38.5% stake in Niger Uranium Ltd.; a binding
Letter of Intent to acquire up to 65% interest in the North Rae
Uranium Project in the Ungava Bay region in northern Quebec,
Canada; an option to acquire up to 65% interest in the Daniel
Lake Uranium Project; and an option to earn up to 75% ownership
of the Waterbury Project.

On Jan. 9, 2007, the company finalized the North Rae Option
Agreement with Azimut Exploration Inc., a mineral exploration
company using cutting-edge targeting methodologies to discover
major ore deposits.

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2007,
Azimut Exploration Inc. has delivered a notice of default to NWT
Uranium Corporation regarding a number of NWT's specific
obligations that have not been complied with pursuant to the
terms of the North Rae and Daniel Lake property option
agreements.   Azimut holds 100% of the North Rae and Daniel Lake
properties, and NWT holds an option to earn an initial 50%
interest therein over a 5-year period and a second option to
earn an additional 15% interest.  NWT Uranium is the operator on
both properties.


VISTEON CORP: March 31 Balance Sheet Upside-Down by US$136 Mil.
---------------------------------------------------------------
Visteon Corporation's balance sheet at March 31, 2008, showed
total assets of US$7.2 billion and total liabilities of
US$7.3 billion resulting in a total shareholders' deficit of
about US$136 million.

The company reported net loss of US$105 million, including a
US$40 million loss associated with the sale of North American
aftermarket facilities and a US$21 million asset impairment.  

For the first quarter 2007, Visteon reported a net loss of
US$153 million which included a US$40 million of asset
impairments.

The company related that divestitures and plant closures
decreased
product sales by US$340 million; favorable currency of
US$181 million and higher Asian sales were partial offsets.  
Services revenue was US$121 million, a decrease of US$9 million
from the same period in 2007.

Visteon reduced its net loss by US$48 million to US$105 million
for first quarter 2008.  

Cash used by operating activities for first quarter 2008 was
US$126 million, a US$5 million improvement over the US$131
million in first quarter 2007.  First quarter 2008 cash from
operations was negatively impacted on a year-over-year basis by
a number of
factors including cash restructuring costs, pension, OPEB and
recoverable tax assets.

Capital expenditures for first quarter 2008 were US$74 million,
US$10 million higher than the same period a year ago, reflecting
investments to support future business.  Free cash flow, for
first quarter of 2008 was negative US$200 million, compared with
negative US$195 million in the same period of 2007.

As of March 31, 2008, the company's consolidated cash balances
totaled US$1.6 billion.  

                  Restructuring and Divestitures

During the first quarter, Visteon addressed a number of
facilities as part of its restructuring initiatives.  Visteon
sold its non-core North American-based aftermarket underhood and
remanufacturing operations which included two facilities in
Mexico and one in Tennessee.  The businesses generated
approximately US$130 million of sales in 2007 and had a negative
gross margin of approximately US$16 million.

In February 2008, Visteon closed its interiors facility in
Bellignat, France, resulting in the separation of approximately
300 employees.  A majority of the production at this facility
was consolidated into other manufacturing facilities.  
Additionally, Visteon remains on track to exit its Bedford,
Indiana, and Concordia, Missouri, facilities later this year.

During the first quarter of this year Visteon recorded
US$46 million of restructuring charges.  These charges were
related to three facilities in continental Europe, which are
being addressed as part of the company's three-year plan, and
related cost-reduction actions associated with the company's
drive to reduce overhead costs, through the reduction of general
administrative and engineering related expenses.

In January Visteon expected to generate cumulative savings of
approximately US$215 million over the next three years as part
of the overhead cost reduction initiative.  To date
approximately 250 salaried employees have been separated from
the company in conjunction with this initiative, and Visteon
remains on track to generate the expected savings.

Visteon continues to address its operations in the United
Kingdom.  Visteon has a non-binding memorandum of understanding
with Linamar  Corporation for the sale of its Swansea, Wales,
facility.   Although the transaction has yet to be finalized and
negotiations continue, Visteon has been able to mitigate the
losses associated with the facility through agreements reached
with customers supplied by the Swansea facility.

                    About Visteon Corporation

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier  
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.  
The company has Latin America offices in Argentina, Brazil and
Mexico.  The company has facilities in 26
countries and employs approximately 43,000 people.

                          *     *     *

Moody's Investor Service placed Visteon Corp.'s long-term
corporate family and probability of default ratings at 'B3' in
November 2006.  The ratings still hold to date with a negative
outlook.



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

CHILDREN'S TRUST: Fitch Puts 'BB' Rating on US$56,875,888 Bonds
---------------------------------------------------------------
Fitch rates Children's Trust, tobacco settlement asset-backed
bonds, series 2008 bonds (Commonwealth of Puerto Rico)
as:

  -- US$139,003,082.40 series 2008A turbo capital appreciation
     bonds 'BBB-' due May 15, 2057; and

  -- US$56,875,888.00 series 2008B turbo capital appreciation
     bonds 'BB' due May 15, 2057.

The Children's Trust has funded ASPIRA, an agency founded 45
years ago in New York City by a Puerto Rican social worker
Antonia Pantoja.  It has 1,100 staff members and operates in
seven U.S. states and in Puerto Rico.


HEALTHSOUTH CORP: Buying Rehabilitation Hospital of South Jersey
----------------------------------------------------------------
HealthSouth Corp. entered into a definitive agreement, through
one of its wholly owned subsidiaries, to purchase The
Rehabilitation Hospital of South Jersey, a 34-bed inpatient
rehabilitation hospital in Vineland, New Jersey, from The
Mediplex/Cumberland Rehabilitation Limited Partnership.

"We are very pleased to welcome The Rehabilitation Hospital of
South Jersey to HealthSouth's nationwide network of preeminent
rehabilitation hospitals," Jay Grinney, HealthSouth's president
and chief executive officer, said.  "The Rehabilitation Hospital
of South Jersey, under the outstanding leadership of Dr. Francis
Bonner, has provided exceptional care to patients in the South
Jersey area for many years and we look forward to continuing
this
tradition for many years to come."

The acquisition of The Rehabilitation Hospital of South Jersey
adds a third New Jersey rehabilitation hospital to HealthSouth's
northeast region.  HealthSouth currently operates HealthSouth
Rehabilitation Hospital of New Jersey in Toms River and Tinton
Falls Rehabilitation Hospital, a Joint Venture of HealthSouth
and Monmouth Medical Center, in Tinton Falls.

The closing of the transaction is subject to certain state and
federal regulatory approvals and is expected to take place late
in the second quarter or early in the third quarter of 2008.

Headquartered in Birmingham, Alabama, HealthSouth Corporation
(NYSE: HLS) -- http://www.healthsouth.com/-- provides inpatient   
rehabilitation services.  Operating in 26 states across the
country and in Puerto Rico, HealthSouth serves more than 250,000
patients annually through its network of inpatient
rehabilitation hospitals, long-term acute care hospitals,
outpatient rehabilitation satellites, and home health agencies.

HealthSouth Corporation's balance sheet showed total
shareholders' deficit of US$1.5 billion as of Dec. 31, 2007,
compared to a deficit of US$2.2 billion at March 31, 2007.

                         *      *      *

As reported on March 17, 2008, Moody's Investors Service
affirmed the B3 Corporate Family Rating of HealthSouth
Corporation.  Moody's also upgraded the rating on the company's
senior secured credit facility to Ba3 from B2 and affirmed the
rating on the company's senior unsecured notes at Caa1 in
accordance with the application of Moody's Loss Given Default
Methodology.  Moody's said the ratings outlook is stable.



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

PETROLEOS DE VENEZUELA: Eyes 3.45MM Barrels of Daily Oil Output
---------------------------------------------------------------
Petroleos de Venezuela SA's 2008 budget published in Venezuela's
official gazette says that the firm will produce 3.45 million
barrels of crude oil per day this year.

Reuters sources said that Petroleos de Venezuela's production is
below official figures.  Venezuela's total output is currently
at 2.5 million barrels per day but government figures go beyond
3.0 million barrels per day, the sources added.  Reuters notes
that the government denied the sources' statement, describing
their estimates as "politically motivated attacks."

Reuters relates that the production target this year is about
10% higher compared to last year's average production of 3.15
million barrels per day.  The planned production is 16% higher
to last year's goal of 2.97 million barrels per day.

"The US$56.6 billion budget projects condensates and liquids
production of 189,000 barrels per day," bringing the country's
total expected output to 3.64 million barrels per day, Reuters
states.

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

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

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 28, 2008, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Petroleos de
Venezuela S.A.  S&P said the outlook is stable.


REVLON INC: March 31 Balance Sheet Upside-Down by US$1.1 Billion
----------------------------------------------------------------
Revlon Inc. disclosed Thursday its earnings for the fiscal
quarter ended March 31, 2008.

At March 31, 2008, the company's consolidated balance sheet
showed US$882.6 million in total assets and US$2.0 billion in
total liabilities, resulting in a US$1.1 billion total
stockholders' deficit.

The company reported a net loss of US$2.5 million in the first
quarter of 2008, compared with a net loss of US$35.2 million in
the first quarter of 2007.

Operating income was US$32.5 million in the first quarter of
2008, versus operating income of US$3.0 million in the first
quarter of 2007.  Adjusted EBITDA in the first quarter of 2008
was US$58.1 million, compared to an Adjusted EBITDA of US$32.3
million in the same period last year.

Operating income, net loss and Adjusted EBITDA in the first
quarter of 2008 included a net gain of US$6.0 million related to
the sale of a non-core trademark.  Operating income, net loss
and Adjusted EBITDA in the first quarter of 2007 were also
reduced by US$4.3 million of restructuring charges, and included
a benefit of  US$4.4 million from the reduction of lease
liability related to the consolidation of office space in New
York.

The improvement in operating income, net loss and Adjusted
EBITDA in the first quarter of 2008 compared to the same period
last year, excluding the US$6.0 million net gain related to the
sale of a non-core trademark, was due mainly to lower selling,
general and administrative expenses, primarily due to the fact
that the first quarter of 2007 included significant brand
support expenses related to the launch of Revlon Colorist hair
color.

Revlon president and chief executive officer, David Kennedy,
said, "Our strong financial results for the first quarter of
2008 build upon our performance in 2007.  These results continue
to validate our strategy, and we remain focused on increasing
the value of our company by building the Revlon brand."

                    First Quarter 2008 Results

Net sales in the first quarter of 2008 decreased 2.5% to
US$320.4 million, compared to net sales of US$328.6 million in
the first quarter of 2007.  Excluding the favorable impact of
foreign currency fluctuations, net sales in the first quarter
decreased 5.5% versus year-ago.  Net sales in the first quarter
of 2007 benefited from initial shipments of beauty care
products, including the launches of Revlon Colorist hair color
and Mitchum Smart Solid anti-perspirant and deodorant.

In the United States, net sales in the first quarter of 2008
decreased 8.3% to US$177.2 million, compared to net sales of
US$193.3 million in the first quarter of last year.  

In the company's international operations, net sales in the
first quarter of 2008 increased 5.8% to US$143.2 million,
compared to net sales of US$135.3 million in the first quarter
of last year.

Excluding the favorable impact of foreign currency fluctuations,
net sales in the first quarter of 2008 decreased 1.5% compared
to the same period last year, reflecting higher net sales in the
Asia Pacific and Latin America regions, which were more than
offset by lower net sales in the Europe region.  In the first
quarter of 2007, net sales in the Europe region were positively
impacted by retail space gains related to the Revlon brand and
higher closeout sales.

             US$150 Million Two-Year Interest Rate Swap

In April 2008, the company entered into a US$150.0 million two-
year floating-to-fixed interest rate swap transaction related to
indebtedness under the company's bank term loan, intended to
reduce exposure to interest rate volatility.  Following the
execution of this swap and the US$150.0 million two-year
floating-to-fixed interest rate swap that the company entered
into in September 2007, approximately 60% of the company's total
long-term debt is at fixed interest rates and approximately 40%
is at floating interest rates.  

                             Outlook

In conclusion, Mr. Kennedy said, "We have delivered improved
margins and demonstrated our ability to control costs and
improve cash usage.  We have also demonstrated, with our 2008
new product launches, that we have reinvigorated our new product
development process.  We believe that strong new product
development will result in sustainable sales growth, which given
our margin structure, will be profitable.  Our plan, therefore,
is based on growing our sales and continued control of our
costs.  We believe these factors, along with other efficiencies,
will lead to further margin expansion.  All combined, we expect
to generate sustainable, profitable sales growth and positive
free cash flow."

                        About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE: REV) --
http://www.revlon.com/-- is a worldwide cosmetics, hair color,  
beauty tools, fragrances, skincare, anti-perspirants/deodorants
and personal care products company.  The company's brands, which
are sold worldwide, include Revlon(R), Almay(R), Mitchum(R),
Charlie(R), Bozzano(R), Gatineau(R) and Ultima II(R).  The
company's Latin American operations are located in Argentina,
Brazil, Chile, Mexico and Venezuela.



==========================
V I R G I N  I S L A N D S
==========================

NVIDIA CORP: Court Rejects Trustee's Claim for US$100 Million
-------------------------------------------------------------
NVIDIA Corporation said Friday that the United States Bankruptcy
Court for the Northern District of California issued its
Memorandum Decision After Trial in the 3dfx bankruptcy action.

In the Decision, the Court found in favor of NVIDIA on all
issues and rejected the Trustee's attempts to obtain damages
from NVIDIA in excess of US$100 million.  The Trustee's lawsuit
arose from NVIDIA's 2001 acquisition of certain assets of its
former competitor, 3dfx Interactive, Inc.  Specifically, the
Trustee claimed that NVIDIA did not pay fair value for the
assets it acquired in the transaction, thereby allegedly harming
3dfx's creditors.

"A trial was necessary to fully demonstrate that we conducted
ourselves appropriately in the acquisition and we are very
pleased with the Decision from the Court.  The Decision is
comprehensive, thorough, well-reasoned, and a complete rejection
of the Trustee's legal and factual arguments," said David
Shannon, NVIDIA's senior vice president and general counsel.

The Court expressly found that "the Trustee's valuation theory
-- every way it is articulated -- is simply not credible," and
concluded that "the creditors of 3dfx were not injured by the
Transaction."

"We will continue to fight this matter through any and all
appeals," said Mr. Shannon.

                           About NVIDIA

Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq:
NVDA) -- http://www.nvidia.com/-- is in the business of visual  
computing technologies and invented the GPU, a high-performance
processor which generates breathtaking, interactive graphics on
workstations, personal computers, game consoles, and mobile
devices.  NVIDIA serves the entertainment and consumer market
with its GeForce(R) products, the professional design and
visualization market with its Quadro(R) products, and the high-
performance computing market with its Tesla(TM) products.  
Outside the U.S., the company has subsidiaries  in these
countries; Canada, Cayman Islands, Singapore, Australia, the
United Kingdom, Germany, Hong Kong, Japan, Mauritius, India,  
China, British Virgin Islands, Finland and Netherlands.

                       *     *     *
       
The company carries Standard & Poor's Ratings Services BB-
corporate credit rating.



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

* Large Companies With Insolvent Balance Sheet
----------------------------------------------

                                      Total
                                   Shareholders    Total
                                      Equity      Assets
  Company               Ticker        (US$MM)     (US$MM)
  -------               ------    ------------   -------
Arthur Lange             ARLA3       (23.61)        52.76
Kuala                    ARTE3       (33.57)        11.86
Bombril                  BOBR3      (485.40)       428.68
Caf Brasilia             CAFE3      (909.16)        95.01
Chiarelli SA             CCHI3       (68.72)        42.15
Ceper-Inv                CEP          (7.77)       120.08
Ceper-B                  CEP/B        (7.77)       120.08
Telefonica Hldg          CITI     (1,481.31)       307.89
Telefonica Hldg          CITI5    (1,481.31)       307.89
SOC Comercial PL         COME       (751.50)       450.17
Marambaia                CTPC3        (1.38)        79.73
DTCOM-DIR To Co          DTCY3       (14.16)         9.24
Aco Altona               ESTR        (49.52)       113.90
Estrela SA               ESTR3       (62.09)       118.58
Bombril Holding          FPXE3    (1,064.31)        41.97
Fabrica Renaux           FTRX3        (5.55)       136.60
Cimob Partic SA          GAFP3       (63.56)        94.60
Gazola                   GAZ03       (43.13)        22.28
Haga                     HAGA3      (115.97)        18.29
Hercules                 HETA3      (240.65)        37.34
Doc Imbituba             IMB13       (20.49)       209.80
IMPSAT Fiber Networks    IMPTQ       (17.16)       535.01
Minupar                  MNPR3       (34.22)       158.48
Wetzel SA                MWET3       (17.32)       129.98
Nova America SA          NOVA3      (300.97)        41.80
Paranapamema SA          PMAM3       (35.74)     3,713.71
Paranapamema-PRF         PMAM4       (35.74)     3,713.71
Recrusul                 RCSL3       (59.33)        25.19
Telebras-CM RCPT         RCTB30     (163.58)       229.94
Rimet                    REEM3      (219.34)        93.47
Schlosser                SCL03       (81.35)        44.82
Tecel S Jose             SJ0S3       (13.24)        71.56
Sansuy                   SNSY3       (63.13)       235.18
Teka                     TEKA3      (331.28)       536.33
Telebras SA              TELB3      (163.58)       229.94
Telebras-CM RCPT         TELE31     (163.58)       229.94
Telebras SA              TLBRON     (163.58)       229.94
TECTOY                   TOYB3        (3.79)        38.65
TEC TOY SA-PREF          TOYB5        (3.79)        38.65
TEC TOY SA-PF B          TOYB6        (3.79)        38.65
TECTOY SA                TOYBON       (3.79)        38.65
Texteis Renaux           TXRX3      (103.01)        76.93
Varig SA                 VAGV3    (8,194.58)     2,169.10
FER C Atlant             VSPT3      (104.65)     1,975.79
Wiest                    WISA3      (140.97)        71.37


                            ***********


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

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

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