TCRLA_Public/080513.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 13, 2008, Vol. 9, No. 94

                            Headlines


A R G E N T I N A

ABN AMRO: Moody's Puts Ba1/Caa1 Foreign & Local Deposit Ratings
BANCO MACRO: To Extend Share Buyback Program for Another 30 Days
DANA CORP: Ad Hoc Panel Wants Court Nod on US$3.5 Mil. Legal Fee  
DANA CORP: Appaloosa Wants Court Okay on Legal Fees Payment
DESTINO SUR: Proofs of Claim Verification Deadline Is Aug. 12

EMPRESA DISTRIBUIDORA: Books ARS19MM Net Income in 1st Qtr. 2008
EXXOL SA: Proofs of Claim Verification Deadline Is Aug. 22
FARMACEUTICA INTERNACIONAL: Claims Verification Ends on June 24
GEOTEG SA: Trustee Verifies Proofs of Claim Until Aug. 22
LA CASONA: Proofs of Claim Verification Deadline Is June 13

* ARGENTINA: Moody's B3 Rating Reflects B Rank Fiscal Weakness


B E R M U D A

FOSTER WHEELER: Reports Additional Details on Global Power Group
SECURITY CAPITAL: Moody's Continues Review Over Net Loss Release
WARNER CHILCOTT: Earns US$33.7 Mil. in Quarter Ended March 31


B O L I V I A

COEUR D'ALENE: Gets Environmental Assessment for Kensington Mine


B R A Z I L

ATARI INC: To Seek Review of Nasdaq's Move to Delist Securities
ATARI INC: Gets US$20 Million Loan from Infogrames Entertainment
BANCO BRADESCO: Insurance Unit Sells Shares in Aurea Seguradora
BANCO DO BRASIL: To Launch Futures Hedge Loans for Agribusiness
BANCO NACIONAL: Will Sell Companhia Brasiliana Stake, AES Says

BANCO PINE: Net Profit Increased to BRL41.2MM in First Quarter
CENTRAIS ELETRICAS: Inks US$430MM Loan Pact for Candiota Unit
COMPANHIA ENERGETICA: Net Profit Rises to BRL490MM in 1Q 2008
COMPANHIA ENERGETICA: Won't Sell Power From Jirau in Advance
DELPHI CORP: March 31 Balance Sheet Upside-Down by US$14 Billion

GERDAU AMERISTEEL: To Hold Annual Shareholders Meeting on May 16
GENERAL MOTORS: US$200MM Aid to Axle Sparks Criticism From UAW
JAPAN AIRLINES: FY2007 Fourth Qtr. Net Loss Down to JPY3.527BB
SAPPI PAPIER: Moody's Places Ratings on Review, May Downgrade
SPECTRUM BRANDS: March 30 Balance Sheet Upside-Down by US$232.9M

TAM SA: Holds 72.4% International Market Share in April 2008


C A Y M A N  I S L A N D S

AHFP PANTERA: To Hold Final Shareholders Meeting on May 15
AHFP SYMPHONY: Sets Final Shareholders Meeting for May 15
AHFP TRIATTO: To Hold Final Shareholders Meeting on May 15
AMAPROP MASTER: Will Hold Final Shareholders Meeting on May 15
AMARANTH HELIX: Sets Final Shareholders Meeting for May 15

AMARETE LIMITED: Will Hold Final Shareholders Meeting on May 15
AMULET LTD: Sets Final Shareholders Meeting for May 15
ATLAS CPO: Will Hold Final Shareholders Meeting on May 15
BRYN MAWR: To Hold Final Shareholders Meeting on May 15
CEA 97A LTD: Sets Final Shareholders Meeting for May 15

EOC CORP I: To Hold Final Shareholders Meeting on May 15
GANNET V: Sets Final Shareholders Meeting for May 15
ISOTOPE LTD:: Will Hold Final Shareholders Meeting on May 15
KBW SMALL: To Hold Final Shareholders Meeting on May 15
LEIF INVESTMENTS: Sets Final Shareholders Meeting for May 15

PARMALAT SPA: Citigroup Won't Enter Into Settlement Talks
PINE TREE: Will Hold Final Shareholders Meeting on May 15
SAPIC-98 REFERENCE: Sets Final Shareholders Meeting for May 15
VERTEX CAPITAL: Will Hold Final Shareholders Meeting on May 15


C H I L E

AES GENER: Submits Study for Nueva Zaldivar Substation


C O L O M B I A

GENERAL MOTORS: Teams Up With Isuzu to Expand Colombia Bus Sales


C O S T A  R I C A

SIRVA INC: Discloses New Directors After Plan Confirmation
SIRVA INC: DIP Deal Amendment Allows Share Sale to Picot, Irving
SIRVA INC: Files Motion to Extend Removal Period to Sept. 5


D O M I N I C A N   R E P U B L I C

AES CORP: 1st Qtr. Profit Mainly Due to LatAm Generation Biz
AES CORP: Says Banco Nacional to Sell Companhia Brasiliana Stake


E L  S A L V A D O R

AES CORP: Acquires Landfill Gas Project in El Salvador


G U A T E M A L A


IMAX CORP: Moody's Changes Outlook to Pos. on Improved Liquidity
MILLICOM INTERNATIONAL: Proposes New Members of Board Directors  


J A M A I C A

AIR JAMAICA: Ministry Intervenes in Firm's Conflict With Workers
DYOLL INSURANCE: Liquidators File Lawsuit Against Parent
DYOLL GROUP: Unit's Liquidators File Lawsuit Against Firm


M E X I C O

AMERICAN AXLE: UAW Chief Balks at GM's US$200 Mil. Aid to Axle
BLOCKBUSTER INC: Obtains Authority to Review Circuit City Books
COREL CORP: Appoints Kris Hagerman as Interim Chief Executive
SHARPER IMAGE: Court Approves Financing Agreement With AICCO
SHARPER IMAGE: Stay Lifted to Let American Express End Promo

SHARPER IMAGE: Bid to Restrict Equity Trades Hearing Set May 14
VISTA GOLD: Evaluates Land Permit of Paredones Amarillos Project
X-RITE INC: Posts US$16.8 Million Net Loss in 2008 First Quarter


P E R U

GRAN TIERRA: To Restate Financial Statements in 10-K Form Filing


V E N E Z U E L A


PETROLEOS DE VENEZEULA: To Form JV With China Nat'l Petroleum
PETROLEOS DE VENEZUELA: Inks Joint Venture Pact With Enarsa
PETROLEOS DE VENEZUELA: Will Offer New Type of Crude Blend


* Fitch Expects Continued Market Growth in Brazil's Road Sector
* Large Companies With Insolvent Balance Sheet


                         - - - - -


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

ABN AMRO: Moody's Puts Ba1/Caa1 Foreign & Local Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to ABN
Amro Bank N.V. (Argentina).  These are long- and short-term
local-currency deposit ratings of Ba1 and Not Prime, and long-
and short-term foreign-currency deposit ratings of Caa1 and Not
Prime, respectively.  Moody's also assigned the bank national
scale ratings of Aaa.ar for local currency and Ba1.ar for
foreign currency deposits.  The local-currency deposit ratings
have a stable outlook, and those for foreign-currency deposits
have a positive one, in line with the outlook on the foreign
currency Caa1 country ceiling for Argentina.

Moody's noted that the ratings are constrained by Argentina's
local- and foreign-currency country ceilings for bank deposits.  
As a branch of ABN Amro Bank N.V. of the Netherlands (rated by
Moody's at Aa2/ P-1), ABN Amro Bank N.V. (Argentina) is not
assigned a bank financial strength rating.  Moody's Ba1 rating
for long-term local currency deposits of the branch in Argentina
reflects the risk of the head office, but it is constrained by
the country ceiling.

The rating agency also points out that ABN Amro Bank N.V.
(Argentina)'s extensive track record of operations in the
Argentine financial market, where it has had a presence since
1914, reinforces management's knowledge of the local
environment, its product development and distribution
capabilities.  The Argentine branch also benefits from the
head office's financial and management support, including its
risk management and controls infrastructure.

These ratings were assigned to ABN Amro Argentine Branch:

  -- Global long-term local-currency deposit rating: Ba1, stable
     outlook

  -- Short-term local-currency deposit rating: Not Prime

  -- National scale rating for local-currency deposits: Aaa.ar

  -- Global long-term foreign-currency deposit rating: Caa1,
     positive outlook

  -- Short-term foreign-currency deposit rating: Not Prime

  -- National scale rating for foreign currency deposits: Ba1.ar

Netherland-based ABN Amro Bank N.V. (Euronext: AAB, NYSE: ABN)
is a consortium of three European banks: Royal Bank of Scotland
Group, Fortis and Banco Santander and has operations in about 63
countries around the world.  ABN Amro Argentina is a subsidiary
of the bank.  ABN Amro Argentina had total assets of
ARS1.03 billion (approximately US$323 million) and equity of
ARS77 million (US$24 million).


BANCO MACRO: To Extend Share Buyback Program for Another 30 Days
----------------------------------------------------------------
Banco Macro S.A.'s Finance and Investor Relations Manager Jorge
Scarinci said in a conference call that the bank will extend for
another 30 days the share repurchase program it launched in
January 2008.

Business News Americas relates that Banco Macro said on
Jan. 9, 2008, that it would repurchase up to ARS210 million of
its own shares.  As of May 8, Banco Macro bought 164,189 shares
at ARS6.997 each for a total of ARS1.15 million.

According to Mr. Scarinci, the share buyback program expired on
May 9, 2008.  The program includes the purchase of 30 million
common shares, or three million American Depository Receipts
equivalent to 4.4% of outstanding shares, at up to ARS7.50 each,
BNamericas states.

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.


DANA CORP: Ad Hoc Panel Wants Court Nod on US$3.5 Mil. Legal Fee  
----------------------------------------------------------------
The Ad Hoc Committee of Dana Corp. noteholders asks the U.S.
Bankruptcy Court for the Southern District of New York to allow
as administrative expenses the US$3,568,768 in professional fees
and expenses of its counsel, Stroock & Stroock & Lavan LLP, for
services rendered from March 3, 2006, through Feb. 29, 2008,
pursuant to Section 503(b) of the Bankruptcy Code.

The Ad Hoc Committee has been a guiding presence from start to
finish, acting as the voice for creditors holding in excess of
US$1.4 billion of claims, representing more than two-thirds of
the total allowed claims in the general unsecured class,
Kristopher M. Hansen, Esq., at Stroock & Stroock & Lavan LLP, in
New York, says.

Absent the Ad Hoc Committee's efforts to build consensus and
facilitate the progress of the Debtors' Chapter 11 Cases, the
Debtors' reorganization would have faced significant delays and
might have been jeopardized altogether, Mr. Hansen avers.

The Reorganized Debtors support the application of the Ad Hoc
Committee for payment of US$3,568,768 in fees and expenses to
Stroock & Stroock, comprising:

   -- US$3,431,673 in fees incurred,

   -- US$112,094 in expenses incurred, and

   -- US$25,000 in fees and expenses to be incurred in
      connection with the preparation and prosecution of the
      Application.

Corinne Ball, Esq., at Jones Day, in New York, says the Ad Hoc
Committee has made substantial contributions to the Debtors'
estate and should be reimbursed of fees and costs, citing that:

     * Certain of the Ad Hoc Committee members made an actual
       and substantial cash contribution of a significant
       portion of the US$540,000,000 invested for the purchase
       of New Series B Preferred Stock, without which the
       Debtors would have been unable to emerge from Chapter 11.

     * The Ad Hoc Committee served as a potential additional
       source of financing for the Debtors.

     * The Ad Hoc Committee took an active role in facilitating
       and negotiating the Plan by being actively involved in
       negotiations with the Debtors, the Official Committee of
       Unsecured Creditors and Centerbridge Capital Partners
       L.P. regarding the contents of the Disclosure Statement
       and the Plan; and participated in the drafting of the
       Disclosure Statement and Plan.

Ms. Ball points out the contributions made by the Ad Hoc
Committee were unique and were generally not duplicative of the
efforts of any other Court-appointed official committee,
including the Creditors Committee.

The Debtors ask the Court to cap all fees and expenses related
to the application and its prosecution at US$25,000.

                         About Dana Corp.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/        
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than
60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

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

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

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

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

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

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

                          *     *     *

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


DANA CORP: Appaloosa Wants Court Okay on Legal Fees Payment
-----------------------------------------------------------
Dana Corp. equity holder Appaloosa Management, L.P., seeks
allowance of an administrative expense claim aggregating
US$2,507,657, for professional fees and expenses incurred by its
counsel, White & Case LLP, and US$454,017 in expert fees and
expenses incurred by Blackstone Advisory Services, L.P., its
financial advisor.

J. Christopher Shore, Esq., at White & Case, LLP, in New York,
says the application seeks recovery of the actual reasonable
fees and expenses incurred by Appaloosa in making a substantial
contribution in Dana Corp. and its debtor-affiliates' Chapter 11
cases.  

Mr. Shore says payment of the fees and expenses will compensate
Appaloosa for its critical role in bringing about what were
unquestionably material enhancements to the plan investment
agreement, which ultimately became the cornerstone of the
Debtors' now-confirmed Plan of Reorganization.  He contends that
without Appaloosa's willingness to incur the material costs of
retaining attorneys and financial advisors who challenged the
material shortcomings of the sequential proposals made by
Centerbridge Capital Partners L.P., the creditors of the Debtors
would have received significantly less in the Chapter 11 cases.  

                            Objections

(1) U.S. Trustee
                
Diana G. Adams, the United States Trustee for Region 2, says
Appaloosa has not met its burden of proof or persuasion for
receipt of a "substantial contribution" award.  "Appaloosa is,
in essence, a losing bidder in an equity investment of the
Debtors who stands in sharp contrast to Centerbridge," she says.  
After an openly protracted involvement, Appaloosa did not end up
entering into an investment agreement with the Debtors, which
the Debtors eventually entered into with Centerbridge.

The U.S. Trustee adds that Appaloosa, which pursued membership
on the Official Committee of Equity Security Holders only to
resign six months later and then unsuccessfully pursue an
investment opportunity in the Reorganized Debtors, has not
overcome the presumption that it acted for its own interest.

Furthermore, even if the Court were to find that Appaloosa has
made a substantial contribution, Appaloosa cannot be reimbursed
for the financial advisory fees and expenses incurred by
Blackstone Advisory Services, L.P., its financial advisors, as
there is no statutory basis under Sections 503(b)(3)(D) and
(b)(4) of the Bankruptcy Code, which expressly limit their
benefits to only "attorneys and accountants," Ms. Adams avers.  

(2) Ad Hoc Committee

The Ad Hoc Committee of Noteholders opposes assertions by
Appaloosa that it has made a substantial contribution to the
Debtors' bankruptcy cases because:

     * Appaloosa's actions did not result in a direct monetary
       benefit to the Debtors' estate;

     * Appaloosa's actions did not cause the significant
       improvements to the Centerbridge Investment, which it
       claims to have been a response to its proposals; and

     * Appaloosa's actions did not result in an increased
       recovery for unsecured creditors.

The Ad Hoc Committee further asserts that Appaloosa is not
entitled to a substantial contribution award for acting in its
own interest as an unsuccessful bidder.  Courts have
consistently held that a prospective bidder, by definition, acts
in its own economic interest and any incidental benefit to the
estate resulting from its bids does not rise to the level of a
"substantial contribution" within the meaning of Section 503(b),
the Ad Hoc Committee notes.

                         About Dana Corp.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/        
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

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

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

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

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

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

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

                          *     *     *

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


DESTINO SUR: Proofs of Claim Verification Deadline Is Aug. 12
-------------------------------------------------------------
The court-appointed trustee for Destino Sur S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
Aug. 12, 2008.

The trustee will present the validated claims in court as
individual reports on Sept. 23, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Destino Sur 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 Destino Sur's
accounting and banking records will be submitted in court on
Nov. 5, 2008.

The trustee is also in charge of administering Destino Sur's
assets under court supervision and will take part in their
disposal to the extent established by law.


EMPRESA DISTRIBUIDORA: Books ARS19MM Net Income in 1st Qtr. 2008
----------------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte S.A. reported its
results for the three month period ended March 31, 2008 (first
quarter of 2008).  All figures are stated in Argentine Pesos and
have been prepared in accordance with Argentine GAAP.  Solely
for the convenience of the reader, peso amounts as of and for
the period ended March 31, 2008, have been translated into U.S.
dollars at the buying rate for U.S. dollars quoted by Banco de
la Nacion Argentina on March 31, 2008, of ARS3.168.

                 First Quarter 2008 Highlights

Net Sales decreased 27.5% to ARS455.7 million in the three
months ended March 31, 2008 from ARS628.4 million in the three
month ended March 31, 2007.  Excluding the effect of the full
recognition of the retroactive VAD increase in 2007
(ARS218.6 million), the company's net sales increased 11.2% from
ARS409.8 million in the first quarter of 2007, to ARS455.7
million in the first quarter of 2008.  This increase is mainly
due to the application of the 9.63% Cost Monitoring Mechanism
(CMM) adjustments to its VAD starting in the second half of
2007, the recording of only two months of sales following the
February 2007 VAD increase in the first quarter of 2007 --
compared to three months registered in the first quarter of 2008
-- and an increase in the volume of energy sold.

The impact of the 9.63% CMM adjustment in net sales for the
three month period ended March 31, 2008, amounted to
ARS19.7 million.  This increase is being collected through the
PUREE funds.

Volume of Energy Sold, increased by 4.4% to 4,589 GWh in the
three months ended March 31, 2008 from 4,395 GWh in the three
months ended March 31, 2007.  The increase in volume is
attributable to a 2.7% increase in the average GWh consumption
per customer and a 1.7% increase in the number of customers.

Gross Margin decreased 41.8% to ARS240.8 million in the three
months ended March 31, 2008 from ARS414 million in the three
months ended March 31, 2007.  This decrease is exclusively due
to the recording in the first quarter of 2007 of the full amount
of the retroactive portion of the VAD increase (including CMM)
for the period from Nov. 1, 2005 to Jan. 31, 2007.  The
retroactive portion of this VAD increase resulted in a positive
impact of ARS218.6 million in the first quarter of 2007.  
Excluding the effect of the retroactive VAD adjustment, gross
margin increased 23.2% from ARS195.4 million in the three months
ended March 31, 2007 to ARS240.8 million in the three months
ended March 31, 2008.

Net Operating Income decreased from ARS268.4 million in the
three months ended March 31, 2007, to ARS64.2 million in the
three months ended March 31, 2008, mainly due to the recording
in the year ended Dec. 31, 2007 of the retroactive portion of
the VAD increase (including CMM).

Net Operating Income (Excluding Retroactive) increased from
ARS49.8 million in the three months ended March 31, 2007, to
ARS64.2 million in the three months ended March 31, 2008

Net Income reached ARS19 million in the three months ended
March 31, 2008, compared to ARS106.8 million in the three months
ended March 31, 2007.  As described above, net income decreased
mainly as a consequence of the recording in 2007 of the full
amount of the retroactive portion of the VAD increase charged to
the company's non-residential customers (including all CMM
adjustments).

               Absorption of Accumulated Deficit

The Ordinary and Extraordinary Shareholders' Meeting held on
April 14, 2008 decided to absorb the accumulated deficit
existing as of Dec. 31, 2007 for ARS88.6 million.  Taking into
account the order of preference established by the regulations
of the National Securities Commission, the company absorbed the
accumulated deficit with the Additional paid-in capital, which
as of Dec. 31, 2007 amounted to ARS106.9 million.

Based in Buenos Aires, Argentina, Empresa Distribuidora y
Comercializadora Norte S.A. aka Edenor is the largest
electricity distribution company in Argentina in terms of number
of customers and volume of energy sold.  The company commenced
operations in 1992, as a result of the privatization of the
previously state-owned SEGBA.  At that time, it was granted a
95-year concession to distribute electricity on an exclusive
basis in its concession area, the greater Buenos Aires
metropolitan area and northern portion of the City of Buenos
Aires.  EASA, which is controlled by Dolphin Energia S.A., is
Edenor's holding company.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Standard and Poor's Argentina assigned its 'B'
Rating on US$220 Million Bond issued by Empresa Distribuidora y
Comercializadora Norte S.A with annual fixed interest rate of
10.5% Notes due 2017.  S&P said the outlook is positive.


EXXOL SA: Proofs of Claim Verification Deadline Is Aug. 22
----------------------------------------------------------
Ramon Fernandez, the court-appointed trustee for Exxol SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 22, 2008.

Mr. Fernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Exxol 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 Exxol's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Exxol SA
           Juan Ramirez de Velazco 813
           Buenos Aires, Argentina

The trustee can be reached at:

           Ramon Fernandez
           Vedia 1624
           Buenos Aires, Argentina


FARMACEUTICA INTERNACIONAL: Claims Verification Ends on June 24
---------------------------------------------------------------
The court-appointed trustee for Farmaceutica Internacional de
Flores S.R.L.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until June 24, 2008.

The trustee will present the validated claims in court as
individual reports on Aug. 20, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Farmaceutica Internacional 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 Farmaceutica
Internacional's accounting and banking records will be submitted
in court on Oct. 1, 2008.

The trustee is also in charge of administering Farmaceutica
Internacional's assets under court supervision and will take
part in their disposal to the extent established by law.


GEOTEG SA: Trustee Verifies Proofs of Claim Until Aug. 22
---------------------------------------------------------
Monica Rajo, the court-appointed trustee for Geoteg SA's
reorganization proceeding, will be verifying creditors' proofs
of claim until Aug. 22, 2008.

Ms. Rajo will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Geoteg 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 Geoteg's
accounting and banking records will be submitted in court.

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

Creditors will vote to ratify the completed settlement plan  
during the assembly on May 27, 2009.

The debtor can be reached at:

           Geoteg SA
           Tucuman 540
           Buenos Aires, Argentina

The trustee can be reached at:

           Monica Rajo
           Viamonte 2359
           Buenos Aires, Argentina


LA CASONA: Proofs of Claim Verification Deadline Is June 13
-----------------------------------------------------------
Gustavo Fiszman, the court-appointed trustee for La Casona de
Maria SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until June 13, 2008.

Mr. Fiszman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by La Casona 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 La Casona's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

           La Casona de Maria SRL
           Jeronimo Salguero 3066
           Buenos Aires, Argentina

The trustee can be reached at:

           Gustavo Fiszman
           Emilio Mitre 435
           Buenos Aires, Argentina


* ARGENTINA: Moody's B3 Rating Reflects B Rank Fiscal Weakness
--------------------------------------------------------------
Despite growing economic and policy concerns in recent months,
Argentina's ratings remain well positioned in the lower half of
the 'B' category, according to Moody's Investors Service.

"A combination of rising inflation, internal conflicts and
government policies certainly raise concerns about the economy's
medium-term prospects, but these developments do not warrant a
rating downgrade," said Moody's lead analyst for Argentina, Vice
President Gabriel Torres.

Mr. Torres said the country's B3 local- and foreign-currency
bond ratings, among the lowest of the 110 countries rated by
Moody's, fully incorporate such risks.  Moody's views countries
in the B category as susceptible to high default risk -- even
from just a single, major shock -- because of substantial
political, economic, or fiscal weaknesses.

"Argentina clearly belongs in this category," Mr. Torres added.  
"A rating above the low- to mid-range of the B category would be
inconsistent with Argentina's combination of debt metrics and
policy stance."

Mr. Torres said a downgrade would only be required if the
government defaulted or if there were an imminent risk of it
doing so, and neither is currently likely.  "The ratings carry a
positive outlook, signaling that we believe that the current
ratings could rise marginally from their very low levels because
of the dramatic improvement in most debt metrics in recent
years."

Mr. Torres explained that Argentina's ratings are the same as
those of Bolivia, Ecuador, and Paraguay -- much poorer countries
with social and ethnic divisions that in certain instances are
severe.

"Argentina's wealthier economy provides a greater ability to
withstand shocks, and the positive rating outlook reflects our
view that further improvements in Argentina's creditworthiness
could warrant a rating higher than these other countries," noted
Mr. Torres.  "But Argentina also has a long history of policy
disarray, which is a major ratings constraint, and concerns
about recent developments, particularly high and rising
inflation, have once again brought the issue of policy
credibility to the fore."

Official figures gauge Argentina's current annualized inflation
rate at close to 9%, but Moody's agrees with the widespread
consensus outside the government that the actual annualized
inflation rate is closer to 25%.

"Compounding the concern about inflation itself is the
government's response.  Price controls that have been adopted
have only created supply problems.  And the lower reported
inflation generates significant savings for the government by
reducing interest payments on its inflation-indexed bonds,
raising questions about the country's willingness to pay -- a
major ratings concern given the country's repeated history of
defaults," Mr. Torres concluded.



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FOSTER WHEELER: Reports Additional Details on Global Power Group
----------------------------------------------------------------
Foster Wheeler Ltd. Has provided additional context for its view
of the North American solid-fuel boiler market.

In its earnings release of May 7, 2008, the company stated that
it was beginning to see instances of delays in certain of its
Global Power Group's (GPG) North American projects that it views
as prospects.

The company noted the following:

    * The delays the company noted in its earnings release refer
      to two CFB (circulating fluidized bed) boiler projects,
      one of which the company expected to book in its second
      fiscal quarter of 2008 and the other the company expected
      to book in its fourth fiscal quarter of 2008.

    * Capitalizing on the strength of the global markets for
      solid-fuel boilers and leveraging its global reach, GPG
      has identified three prospects, one of which it believes
      it has a high probability to win and if won, would replace
      the delayed project originally expected to be booked in
      the second fiscal quarter of 2008.

    * The company believes there is no basis to conclude at this
      time that the delayed projects described above will
      materially impact GPG's business in fiscal 2008 or 2009.

    * The solid-fuel new boiler market in North America
      accounted for less than 5% of the company's consolidated
      EBITDA in each of fiscal 2007 and the first quarter of
      fiscal 2008.

    * Despite the delays in the two North American CFB projects,
      the company believes that economic growth in China, India,
      Vietnam, Indonesia, Philippines, Russia, South Africa,
      Turkey and parts of South America and the Middle East will
      continue to drive strong boiler demand.

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 28, 2008, Moody's Investors Service upgraded Foster
Wheeler LLC's corporate family rating to Ba2 from Ba3, and
raised its probability of default Rating to Ba2 from Ba3.  The
outlook continues to be positive.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to positive from stable.  At the
same time, S&P affirmed its 'BB' corporate credit rating on the
company.  The company reported total debt of approximately
US$150 million at Sept. 30, 2007.


SECURITY CAPITAL: Moody's Continues Review Over Net Loss Release
----------------------------------------------------------------
Moody's Investors Service has continued to review the ratings of
Security Capital Assurance Ltd and its subsidiaries, including
the A3 insurance financial strength ratings of XL Capital
Assurance Inc. and XL Financial Assurance Ltd., for possible
downgrade following the release of Secutiry Capital's first
quarter 2008 earnings.

During the quarter, the company recorded a GAAP net loss of
US$97 million, which included unrealized mark to market losses
on credit derivatives of approximately US$187 million.  Loss
reserve activity during the quarter included US$38 million in
provisions for recent vintage second lien RMBS transactions.  
Security Capital did not record new credit impairment charges on
its ABS CDO portfolio during the quarter, but did accrue
US$22 million in charges to account for the accretion of the
present value of credit impairments taken to date.

Moody's stated that Security Capital's incurred losses in its
direct RMBS portfolio remain slightly below the rating agency's
prior expected-case loss estimate, while incurred losses in the
ABS CDO portfolio exceed Moody's prior expected-case loss
estimates.  In Moody's view, there remains significant
volatility in the company's mortgage-related risk exposures,
which makes estimating the losses that will ultimately develop
from this portfolio over time challenging.  Moody's will
continue to evaluate Security Capital's mortgage-related
exposures in the context of actual performance as well as its
developing view of the depth of the housing market's decline.  
In the event that Moody's ongoing evaluation of United States
mortgage market dynamics leads the rating agency's to revise
upward the stress case assumptions used to evaluate the
company's capitalization, the insurance financial strength
ratings of XL Capital Assurance Inc. and XL Financial Assurance
Ltd. would likely be downgraded.

In addition to its mortgage-related exposures, Security Capital
also has material exposure to bonds issued by Jefferson County
Alabama Sewer System, which is currently experiencing
significant financial stress.  While the company is working with
Jefferson County and its advisors to potentially restructure the
county's debt, it is possible that losses could result from this
exposure during 2008, placing additional pressure on its capital
adequacy position.

As calculated by Moody's, Security Capital's claims-paying
resources approximated US$3.5 billion at first quarter 2008.  
Given the lack of new business production at the company, which
totaled just US$461 million in net par written during the
quarter, Moody's expects a meaningful amount of portfolio
amortization to occur during 2008.

Finally, Moody's stated that its continuing review of Security
Capital's ratings would focus on the company's capital adequacy
in light of its significant mortgage-related exposures and other
stressed credits, including Jefferson County Alabama, the
company's significantly constrained financial flexibility, as
well as developments regarding the company's restructuring
plans, which have been slow to progress.  Moody's further notes
that any upward revision in Moody's projected cumulative loss
assumptions for subprime RMBS could have a significant impact
on the company's estimated stress case losses due to the
leverage inherent in its ABS CDO exposures.  Moody's said its
review of Security Capital's ratings would likely be concluded
within the next 30 days.

Based in Hamilton, Bermuda, Security Capital Assurance Ltd.
(NYSE: SCA) -- http://www.scafg.com-- is a holding company  
whose primary operating subsidiaries, XL Capital Assurance Inc.
and XL Financial Assurance Ltd, provide credit enhancement and
protection products to the public finance and structured finance
markets throughout the United States and internationally.  For
the three months ended March 31, 2008, Security Capital reported
a net loss available to common shareholders of US$97 million.


WARNER CHILCOTT: Earns US$33.7 Mil. in Quarter Ended March 31
-------------------------------------------------------------
Warner Chilcott Limited released its results for the quarter
ended March 31, 2008.  Revenue in the quarter ended March 31,
2008, totaled US$229.5 million, an increase of 5.1%, over the
prior year quarter.  The primary drivers of the increase in
revenue were the net sales of the company's promoted products
LOESTRIN 24 FE, DORYX, TACLONEX and FEMCON FE, which together
contributed US$34.4 million of revenue growth for the quarter
ended March 31, 2008, compared to the prior year quarter.  The
growth delivered by these products was offset primarily by a
significant decline in ESTROSTEP FE revenue due to generic
competition.

The company reported net income of US$33.7 million in the
quarter ended March 31, 2008, compared with a net loss of
US$4.5 million in the prior year quarter.  Cash net income in
the quarter ended March 31, 2008 was US$82.9 million, an
increase of US$31.9 million, compared to US$51 million in the
prior year quarter.

                            Revenue

Revenue in the quarter ended March 31, 2008 was
US$229.5 million, an increase of US$11.1 million, or 5.1%, over
the prior year quarter.  The primary drivers of the increase in
revenue were the net sales of Warner Chilcott's promoted
products LOESTRIN 24 FE, DORYX, TACLONEX and FEMCON FE, which
together contributed US$34.4 million of revenue growth for the
quarter ended March 31, 2008, compared to the same quarter last
year.

Changes in the net sales of the company's products are a
function of a number of factors including changes in: market
demand, gross selling prices, sales-related deductions from
gross sales to arrive at net sales and the levels of inventories
of the products held by its customers.  Warner Chilcott uses IMS
estimates of filled prescriptions for its products as a proxy
for market demand.

Sales of Warner Chilcott's oral contraceptive products decreased
US$0.9 million, or 1.5%, in the quarter ended March 31, 2008,
compared with the prior year quarter.  LOESTRIN 24 FE generated
revenues of US$46.9 million in the quarter ended
March 31, 2008, an increase of 36.2% compared with US$34.4
million in the prior year quarter.  The increase in LOESTRIN 24
FE net sales was primarily due to an increase in filled
prescriptions of 53.3% over the prior year quarter and, to a
lesser extent, higher average selling prices.  The impact of
such increases was partially offset by a contraction of pipeline
inventories of LOESTRIN 24 FE relative to the first quarter of
last year.  The company introduced and began commercial sales of
FEMCON FE in the second half of 2006, but did not initiate
promotional efforts in support of the product until April 2007.  
The product generated revenues of US$10.8 million in the quarter
ended March 31, 2008 compared to US$5 million in the prior year
quarter.  The increase in FEMCON FE net sales was primarily due
to an increase in filled prescriptions of 122.3% over the prior
year quarter and, to a lesser extent, higher average selling
prices.  ESTROSTEP FE net sales decreased US$17.3 million, or
78.7%, in the quarter ended March 31, 2008, compared to the same
quarter last year.  The decrease in ESTROSTEP FE net sales was
primarily due to a 78.5% decline in filled prescriptions in the
first quarter as a result of the introduction of generic
versions of ESTROSTEP FE in the fourth quarter of 2007,
including the company's authorized generic Tilia(TM) FE.  Its
revenue from sales of Tilia(TM) FE partially offset the revenue
decline in ESTROSTEP FE.

Sales of Warner Chilcott's dermatology products increased
US$7.4 million, or 7.5%, in the quarter ended March 31, 2008,
compared to the prior year quarter.  Sales of DORYX increased
US$8.4 million, or 31.4%, in the quarter ended March 31, 2008,
primarily due to higher average selling prices compared to the
prior year quarter and, to a lesser extent, a 2.6% increase in
filled prescriptions and an expansion of pipeline inventories of
DORYX relative to the prior year quarter.  Sales of TACLONEX
increased US$7.7 million, or 26.4%, to US$36.9 million in the
quarter ended March 31, 2008, compared to US$29.2 million in the
prior year quarter.  Sales of TACLONEX, increased primarily due
to a 16.5% increase in filled prescriptions in the quarter ended
March 31, 2008, compared to the prior year quarter.  Sales of
DOVONEX decreased by US$8.7 million, or 20.9%, in the quarter
ended March 31, 2008, compared with the prior year quarter.  The
decline was due to a decrease in filled prescriptions of 22.2%
and a contraction of pipeline inventories, offset partially by
higher selling prices, compared with the prior year quarter.

Sales of Warner Chilcott's hormone therapy products increased
US$5.2 million, or 14.6%, in the quarter ended
March 31, 2008, compared with the prior year quarter.  Sales of
ESTRACE CREAM increased US$3.5 million, or 22.5%, in the quarter
ended March 31, 2008 compared to the prior year quarter
primarily due to higher average selling prices.  Filled
prescriptions for ESTRACE CREAM were flat in the quarter ended
March 31, 2008, compared with the prior year quarter. Sales of
FEMHRT increased US$2.8 million, or 21.3%, in the quarter ended
March 31, 2008, compared to the prior year quarter due to higher
average selling prices and an expansion of pipeline inventories,
offset partially by an 11.9% decrease in filled prescriptions.

                     Cost of Sales (Excluding
                 Amortization of Intangible Assets)

Cost of sales decreased US$2.8 million, or 5.6%, in the quarter
ended March 31, 2008, compared with the prior year quarter.  The
quarter ended March 31, 2007 included a US$3.6 million expense
relating to the write-off of inventories of certain DOVONEX
products which were not sold due to a shift in the company's
marketing strategies relating to DOVONEX. Excluding this expense
in the quarter ended March 31, 2007, cost of sales increased
US$0.8 million, or 1.7%, compared to the prior year quarter.
Warner Chilcott's gross profit margin, as a percentage of total
revenue, excluding the expense related to certain DOVONEX
products in the quarter ended March 31, 2007, increased to 79.2%
in the current year quarter from 78.5% in the prior year
quarter.  Its gross profit margins, as a percentage of total
revenue, fluctuate due to a number of factors, primarily the mix
of products sold.

         Selling, General and Administrative Expenses

SG&A expenses for the quarter ended March 31, 2008, were
US$55.2 million, a decrease of US$22.7 million, or 29.1%, from
US$77.9 million in the prior year quarter.  Advertising and
promotion expenses for the quarter ended March 31, 2008,
decreased US$14.1 million, or 44.9%, compared with the prior
year quarter primarily due to a US$7.3 million decrease in
direct-to-consumer advertising and an overall decrease in
promotional spending. Selling and distribution expenses for the
quarter ended March 31, 2008, increased US$1.9 million, or 8.6%,
over the prior year quarter primarily due to the expansion of
the company's field sales forces in the first half of 2007 to
support the initiation of promotional activities for FEMCON FE.  
General, administrative and other (G&A) expenses in the quarter
ended March 31, 2008, decreased US$10.5 million, or 42.2%, over
the prior year quarter.  The decrease in G&A is primarily due to
a reduction in legal expenses of US$9.8 million in the quarter
ended March 31, 2008, as compared to the prior year quarter.  
The quarter ended March 31, 2007, included a US$7.5 million
expense related to the settlement of a class action lawsuit in
connection with the company's OVCON 35 litigation.

                    Research and Development

Warner Chilcott's investment in R&D for the quarter ended
March 31, 2008, was US$12.2 million, an increase of US$4.8
million, or 63.9%, compared with the prior year quarter.  The
increase in R&D activities was mainly due to costs incurred for
clinical studies relating to two oral contraceptives as well as
new projects which were initiated towards the end of 2007.  The
company completed the enrollment of the clinical study for a new
low-dose oral contraceptive in July 2007 and completed the
enrollment for another clinical study for a second new oral
contraceptive in December 2007.  Its product development
activities are mainly focused on improvements to the existing
products, new and enhanced dosage forms and new products
delivering compounds which have been previously shown to be safe
and effective.

                     Net Interest Expense

Net interest expense for the quarter ended March 31, 2008, was
US$24 million, a decrease of US$6.9 million, or 22.4%, from
US$30.9 million in the prior year quarter.  Included in net
interest expense in the quarter ended March 31, 2007, was
US$1.3 million relating to the write-off of deferred loan costs
associated with the optional prepayment of US$60 million of the
company's senior secured credit facility.  Warner Chilcott did
not make any optional prepayments of debt during the quarter
ended March 31, 2008.  The decrease in net interest expense in
the 2008 period was primarily the result of cumulative
reductions in outstanding debt during 2007 which reduced the
average debt balance outstanding from US$1,550.8 million in the
quarter ended March 31, 2007 to US$1,200.2 million in the
quarter ended March 31, 2008.  The cumulative reduction in the
average debt level is the result of optional prepayments made
using cash flows from operations and cash on hand, net of
investing activities.

                           Income Taxes

Warner Chilcott's effective tax rate for the quarter ended
March 31, 2008, was 10.7%.  In February 2008, the company's
United States operating entities entered into an Advanced
Pricing Agreement with the Internal Revenue Service covering the
calendar years 2006 through 2010.  The Advanced Pricing
Agreement is an agreement with the IRS that specifies the agreed
upon terms under which the company's U.S. entities are
compensated for services provided on behalf of its non-U.S.
entities.  The Advanced Pricing Agreement provides the company
with greater certainty with respect to the mix of its pre-tax
income in the various tax jurisdictions in which it operates.

                 Net Income and Cash Net Income

For the quarter ended March 31, 2008, reported net income was
US$33.7 million and cash net income was US$82.9 million based on
250.6 million diluted Class A common shares outstanding.  In
calculating cash net income, Warner Chilcott add back the after-
tax impact of the amortization of intangible assets and the
amortization and write-off of deferred financing costs.  These
items are tax-effected at the estimated marginal rates
attributable to them.  In the quarter ended March 31, 2008, the
marginal tax rate associated with the amortization of intangible
assets was 8.9% and the marginal tax rate for amortization and
write-off of deferred financing costs was 16.5%.

            Liquidity, Balance Sheet and Cash Flows

As of March 31, 2008, Warner Chilcott's cash and cash
equivalents totaled US$16.2 million and its total debt
outstanding was US$1,198.2 million.  There were no borrowings
outstanding under the revolving portion of its senior secured
credit facility.  Warner Chilcott used US$2.7 million of cash
from operating activities in the quarter ended March 31, 2008,
compared with US$58 million of cash provided by operating
activities in the prior year quarter, a decrease of
US$60.7 million.  During the quarter ended March 31, 2008, the
company made payments in respect of income taxes totaling
US$69.3 million as compared to US$0.2 million in the prior year
quarter.  

The payments made during the quarter ended March 31, 2008 were
made primarily based upon:

   (1) estimates of the amounts payable in connection with the
       anticipated final settlement of U.S. federal tax audits
       for prior periods,

   (2) estimates of U.S. federal income taxes for the 2007 and
       2008 tax years and

   (3) amended income tax returns for the 2006 tax year
       resulting from the Advanced Pricing Agreement signed with
       the IRS.

               2008 Financial Guidance Update

Based on the first quarter results and current outlook for the
remainder of 2008, the company is updating its full year 2008
financial guidance.  For 2008, the company continues to
anticipate revenue to be in the range of US$935 to
US$945 million.

Total SG&A expenses are now expected to be in the range of
US$223 to US$232 million, a decrease of US$5 million from the
original guidance given in January 2008.  This reflects a
decrease in estimated advertising and promotional expenses.

In addition, the company now anticipates that its income tax
provision in 2008 will be in the range of 5.5% to 6.5% of
earnings before taxes and book amortization (EBTA).  The
guidance includes the company's latest estimate of pretax income
by tax jurisdiction, as well as the impact of the company's
recently signed Advanced Pricing Agreement with the IRS.

Based on the revised guidance, GAAP net income is expected to be
in the range of US$129 to US$142 million.  Cash net income,
which adds back the after tax impact of book amortization of
intangible assets and the amortization and write off of deferred
financing costs, is expected to be in the range of US$326 to
US$339 million.  Using 251 million Class A common shares, the
company expects cash net income per share to be in the range of
US$1.30 to US$1.35 for the full year 2008.

                   About Warnet Chilcott Ltd.

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a  
host of pharmaceutical makers.  Women's health care products,
including hormone therapies (femhrt and Estrace Cream) and
contraceptives (Estrostep, Loestrin, and OvCon), are the
company's largest segment.  Other products include dermatology
treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  United States subsidiary Warner Chilcott Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2008, Standard & Poor's Ratings Services revised its
outlook on specialty drug manufacturer Warner Chilcott Corp.,
Warner Chilcott Limited's subsidiary, to positive from stable.
The ratings, including B+ corporate credit rating, were
affirmed.  "The outlook revision on the company reflects its
solid operational track record and improving financial profile
over the past two years," said S&P's credit analyst Arthur Wong.



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COEUR D'ALENE: Gets Environmental Assessment for Kensington Mine
----------------------------------------------------------------
Coeur d'Alene Mines Corporation said that the U.S. Forest
Service has evaluated public and agency comments submitted on
the Draft Supplemental Information Report for the Kensington
Gold Mine in Alaska.  Based on the responses and agency input,
the Forest Service has announced that an Environmental
Assessment (EA) is the preferred level of review, which could
allow for a conclusion of permitting for an alternative tailings
facility later this year.  Construction of the mine and mill is
essentially completed except for the tailings facility.

"We appreciate the timely review of the Modified Plan of
Operations by the Forest Service.  The EA process will provide a
well-defined and timely permitting pathway for the paste
tailings plan," said Dennis E. Wheeler, Chairman, President and
Chief Executive Officer of Coeur.  "Coeur is now confident the
environmental review process can be completed in 2008, allowing
Kensington to be brought into production in 2009."

The draft Supplemental Information Report (SIR) prepared by the
Forest Service supported the technical soundness of the paste
tailings plan.  The site selected for constructing the paste
tailings facility in the Modified Plan of Operation is the same
site as was studied for locating the dry tailings facility
earlier, but is smaller and involves less area disturbance.  It
also requires less energy than the dry tailings facility.  A
Supplemental Environmental Impact Statement was prepared for a
dry tailings facility at the same site in 1997.

In a separate press release issued last week, the Southeast
Alaska Conservation Council indicated their support for the
paste tailings plan as a preferred alternative over the dry
tailings facility.  Coeur and SEACC collaborated in developing
the new plan.  The plan, supported by over 900 studies, includes
an environmental monitoring component and extensive reclamation
requirements.

Kensington is a major gold project located about 45 miles
northwest of Juneau with an estimated annual production profile
of approximately 140,000 ounces of gold.  Construction of all
surface facilities, except for the tailings facility, is
essentially completed. In addition, the almost 3-mile horizontal
access tunnel has been constructed.  The tunnel connects the
Jualin mine site, where the plant and mill are located, and the
Kensington ore body. Proven and probable reserves measure
approximately 1.4 million ounces of gold.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                         *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.



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ATARI INC: To Seek Review of Nasdaq's Move to Delist Securities
---------------------------------------------------------------
Atari Inc. plans to request a review from the Nasdaq Listing and
Hearing Review Council, which could alter or dismiss the Nasdaq
Listing Qualifications Panel's determination to delist Atari
Inc.'s securities from the Nasdaq Global Market and to suspend
trading of Atari Inc.'s shares effective May 9, 2008.

On May 7, 2008, Atari Inc. received a letter from The Nasdaq
Stock Market stating the Panel's action on Atari Inc.'s
securities.

The request for review will not delay the suspension of trading.  
Atari Inc. expects to be quoted on the Pink Sheets, an
electronic quotation service maintained by Pink Sheets LLC.  

The Pink Sheets allow continued trading of securities of
delisted companies.  Atari Inc. expects its common stock to be
traded on the Pink Sheets under the symbol "ATAR" or "ATAR.PK".  
Atari Inc.'s common stock may also be quoted on the OTC Bulletin
Board(R), a regulated quotation service for over-the-counter
securities, provided one or more market makers apply to quote
Atari Inc.'s securities.

On Dec. 21, 2007, the Nasdaq Listing Qualifications Department
notified Atari Inc. that, pursuant to Nasdaq Marketplace Rule
4450(e)(1), unless the market value of Atari Inc.'s publicly
held shares maintained an aggregate market value of US$15
million or more for a minimum of 10 consecutive business days
prior to March 20, 2008, Atari Inc.'s securities would be
subject to delisting.

The value of Atari Inc.'s publicly held shares did not reach
that level within the required period, and on March 24, 2008,
the Nasdaq Listing notified Atari Inc. that the Nasdaq Staff had
determined that Atari Inc.'s securities were subject to
delisting unless Atari Inc. requested a hearing before a Nasdaq
Listing Qualifications Panel.

Atari Inc. requested a hearing on March 27, 2008, which stayed
the delisting process until the hearing was held and the
hearings panel delivered a decision.  The hearing was held on
May 1, 2008.

The Nasdaq hearings panel thereafter ruled to proceed with the
delisting process and, effective May 9, 2008, Atari Inc.'s
common stock will no longer trade on The Nasdaq Global Market.

Atari Inc. plans to request that the Nasdaq Listing and Hearing
Review Council review the Nasdaq hearings panel decision.

Atari Inc. relates that its delisting from The Nasdaq Stock
Market will not affect the pending merger transaction with its
majority shareholder Infogrames Entertainment S.A.  Infogrames
holds approximately 51.4% of Atari Inc.'s common shares.

                         About Atari Inc.

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

Atari Inc.'s consolidated balance sheet at Dec. 31, 2007, showed
US$43.5 million in total assets and US$60.3 million in total
liabilities, resulting in a US$16.8 million total stockholders'
deficit.

                       Going Concern Doubt

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

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


ATARI INC: Gets US$20 Million Loan from Infogrames Entertainment
----------------------------------------------------------------
Atari Inc. and Infogrames Entertainment, S.A., entered into a
credit agreement, under which IESA committed to provide up to
US$20 million in loan availability at an interest rate equal to
the applicable LIBOR rate plus 7% per year, subject to the terms
and conditions of the IESA Credit Agreement, in connection with
both parties' proposed US$11 billion merger agreement reported
in the Troubled Company Reporter-Latin America on May 7, 2008.

Atari will use borrowings under the New Financing Facility to
fund its operational cash requirements during the period between
the date of the Merger Agreement and the closing of the merger.  
The obligations under the New Financing Facility are secured by
liens on substantially all of our present and future assets,
including accounts receivable, inventory, general intangibles,
fixtures, and equipment.

Atari has agreed that it will make monthly prepayments on
amounts borrowed under the New Financing Facility of its excess
cash.  Atari will not be able to reborrow any loan amounts paid
back under the New Financing Facility other than loan amounts
prepaid from excess cash.  Also, the Company is required to
deliver to IESA a budget, which is subject to approval by IESA
in its commercially reasonable discretion, and which shall be
supplemented from time to time.

A full-text copy of the IESA Credit Agreement is available for
free at http://ResearchArchives.com/t/s?2bb6

                     Intercreditor Agreement

Under an intercreditor agreement among IESA, BlueBay High Yield
Investments (Luxembourg) S.A.R.L. and Atari, IESA has agreed
that for so long as obligations under the Existing Credit
Facility are not discharged, it will:

   (i) not seek to exercise any rights or remedies with respect
       to the shared collateral for a period of 270 days
       (provided that, in any event, IESA may not exercise such
       rights or remedies while BlueBay is exercising its rights
       and remedies as to the collateral),

  (ii) not take action to hinder the exercise of remedies under
       the BlueBay Credit Facility, and

(iii) waive any rights as a junior lien creditor to object to
       the manner in which BlueBay may enforce or collect
       obligations under the BlueBay Credit Facility.

A full-text copy of the Intercreditor Agreement is available for
free at http://ResearchArchives.com/t/s?2bb7

               Waiver, Consent and Fourth Amendment

The company is party to a credit agreement, dated as of Nov. 3,
2006, and amended on Oct. 23, 2007, further amended on Nov. 6,
2007, and further amended on Dec. 4, 2007, with its lenders,
relating to an asset-based secured credit facility consisting of
a revolving line of credit in an amount up to US$14 million.

In order to permit the signing of the merger agreement and the
establishment of the new financing facility with IESA, the
company entered into a waiver, consent and fourth amendment to
the existing credit facility under which, among other things:

   (i) BlueBay agreed to waive the company's non-compliance with
       certain representations and covenants under the credit
       agreement,

  (ii) BlueBay agreed to consent to the company's entering into
       the new credit facility with IESA,

(iii) BlueBay agreed to consent to the Company's entering into
       the Merger Agreement with IESA, and

  (iv) BlueBay and the company agreed to certain amendments to
       the existing credit facility with respect to the
       intercreditor agreement referenced above regarding the
       parties' respective security interests in the company's
       assets, the company's operational covenants and events of
       default.

A full-text copy of the Waiver, Consent and Fourth Amendment to
credit Agreement is available for free at
http://ResearchArchives.com/t/s?2bb8

                         About Atari Inc.

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

Atari Inc.'s consolidated balance sheet at Dec. 31, 2007, showed
US$43.5 million in total assets and US$60.3 million in total
liabilities, resulting in a US$16.8 million total stockholders'
deficit.

                       Going Concern Doubt

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

TCR reported on March 28, 2008, that Atari Inc. received a Staff
Determination Letter from the Nasdaq Listing Qualifications
Department stating that Atari Inc. has not gained compliance
with the requirements of Nasdaq Marketplace Rule 4450(b)(3), and
that its securities are therefore subject to delisting from The
Nasdaq Global Market.

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


BANCO BRADESCO: Insurance Unit Sells Shares in Aurea Seguradora
---------------------------------------------------------------
Brazilian financial daily Valor Economico reports that Banco
Bradesco SA's insurance division Bradesco Seguros has sold its
shares in surety bond and domestic credit insurer Aurea
Seguradora de Credito e Garantias and export credit insurer
Seguradora Brasileira de Credito A Exportacao.

Bradesco Seguros' Chief Financial Officer Samuel Monteiro
commented to Business News Americas, "We're going to dedicate
ourselves to our core business."

BNamericas relates that Banco Bradesco sold its 27.5% stake in
Aurea Seguradora to international insurance firm Ciac, which
assumed control of Aurea Seguradora in February 2008 after
buying out insurance services provider Delphos, CEEK
Investments, and two other shareholders.

French insurer Coface purchased Banco Bradesco's 12% stake in
Seguradora Brasileira, along with shares of local insurers
Unibanco AIG, SulAmerica, and Minas Brasil, to take control of
75% of the company.  Banco do Brasil and national development
bank BNDES control 25% of Seguradora Brasileira, BNamericas
states.

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

                             *     *     *

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


BANCO DO BRASIL: To Launch Futures Hedge Loans for Agribusiness
---------------------------------------------------------------
Banco do Brasil SA's Agribusiness Director Jose Carlos Vaz said
the bank will launch futures hedge loans for agribusinesses in
July 2008 to lessen risks from changes in commodity prices.

Mr. Vaz told Business News Americas that Banco do Brasil would
initially offer the new line of credit to soy, coffee, and beef
producers as those are the markets with the most liquidity.  
Banco do Brasil will eventually extend futures hedge loans for
agribusinesses as much as it did with loans tied to crop
insurance.  "Nowadays all soy and maize farming financed by BB
[Banco do Brasil] are linked to crop insurance," Mr. Vaz added.

BNamericas relates that Brazil's agricultural sector underwent a
crisis from 2005 to 2007.  These led to severe losses:

          -- bad weather,
          -- lower commodity prices, and
          -- a rising Brazilian Real against the US dollar.

BNamericas notes that Banco do Brasil rolled over agricultural
loans during the crisis.  Mr. Vaz told BNamericas that the
recovery in commodity prices would compensate for higher
production costs during the 2008-09 harvest.  It would also
boost revenues for most soy, maize, wheat, and cotton producers,
he added.

The report says that the high level of debt among agribusinesses
in Mato Grosso and Goias and continuing bad weather in Rio
Grande do Sul will likely lead Banco do Brasil to roll over more
loans in those states in 2008.  Banco do Brasil's Credit
Director Luiz Gustavo Braz Lage told BNamericas that the bank
has rolled over some BRL15.1 billion, or 28.8% of agribusiness
loans.  Banco do Brasil's agribusiness loans increased 20.8% to
BRL56.5 billion in March 2008, compared to March 2007,
BNamericas states.

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

                           *     *     *

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


BANCO NACIONAL: Will Sell Companhia Brasiliana Stake, AES Says
--------------------------------------------------------------
AES Corp.'s Chief Operating Officer and Executive President
Andres Gluski said in a Web cast that the firm expects Banco
Nacional de Desenvolvimento Economico e Social SA to sell its
49.99% stake in power holding firm Companhia Brasiliana de
Energia SA in the second or third quarter.

Market Watch relates that Companhia Brasiliana is a holding
company jointly owned by Banco Nacional and AES. Banco
Nacional's equity arm BNDES Participacoes aka BNDESPar holds a
49.99% stake and AES holds a 50.01% majority stake in Companhia
Brasiliana.  BNDESPar plans to sell shares of three companies
under Companhia Brasiliana, including Brazil's largest electric
power distributor Eletropaulo Metropolitana Eletricidade de Sao
Paulo SA, AES Tiete, and AES Elpa.

As reported in the Troubled Company Reporter-Latin America on
March 20, 2008, AES Corp. is considering the purchase of Banco
Nacional's 49.99% stake in Companhia Brasiliana.

BNamericas states that AES has the right to the remaining stake
under a 1998 deal to privatize Companhia Brasiliana.

"We are very interested in exercising our first refusal right,
and in order to do so we have local financing in place and
interest from local partners as well," Mr. Gluski told
BNamericas.

Brazilian firms like Cemig and CPFL Energia have also expressed
interests in purchasing the 49.99% stake, BNamericas states.

                         About AES Corp.


The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia and the Caribbean. The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996. Currently, AES
has two distribution companies in Ukraine, which serve
1.2 million customers and generation plants in the Czech
Republic and Hungary. AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004. The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador and Panama.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka. Fuels include
coal, diesel, hydro, gas and oil. AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                      About Banco Nacional

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


                        *     *     *

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


BANCO PINE: Net Profit Increased to BRL41.2MM in First Quarter
--------------------------------------------------------------
Banco Pine SA's net profit increased 92.7% to BRL41.2 million in
the first quarter 2008, compared to the first quarter 2007,
Business News Americas reports.

BNamericas relates that Banco Pine's operating income grew 55.8%
to BRL60.1 million in this year's first quarter, from last
year's first quarter.  The bank's return on equity declined to
22.0% from 27.5%.  Its shareholders' equity increased 15.8% to
BRL815 million.

According to BNamericas, higher lending in the first quarter
2008 allowed Banco Pine to boost net interest income by 66.8% to
BRL148 million, compared to the same period last year.  Its
service fee income rose 170% to BRL5.22 million.

BNamericas notes that Banco Pine's non-performing loan ratio of
loans overdue by over 15 days was 0.90% as of March 2008,
compared to 0.80% in March 2007.  Banco Pine's assets rose 81.2%
to BRL5.91 billion in the first quarter 2008, compared to the
first quarter 2007.

Banco Pine SA's Chief Executive Officer Noberto Nogueira
Pinheiro Junior told journalists that the bank will increase
total lending by 40% in 2008, compared to 2007.

Banco Pine's loans to businesses will increase over 50%  in
2008, from 2007, and loans to individuals below 35%, the
reporters say, citing Mr. Pinheiro Junior.  

BNamericas relates that Emilio Carazzai, former Banco Pine chief
executive officer, said in January 2008 during the presentation
of the year-end results for 2007 that the bank wanted to
increase lending at least 60% this year.  Mr. Carazzai is now a
board member at the bank.

BNamericas notes that Banco Pine increased its loan book by
98.2% to BRL4.64 billion at the end of the first quarter in
2008, compared to the first quarter 2007.  The bank's commercial
loans increased 122% to BRL3.07 billion in the first quarter
2008, from the first quarter 2007.  Its loans to mid-sized
companies rose 133% to BRL2.33 billion and loans to large
companies grew 92.1% to BRL737 million.  Corporate loans
represented 66% of Banco Pine's portfolio in the first quarter
2008, compared to 59% in the same period last year.  Mid-sized
companies with yearly revenues above BRL30 million accounted for
50% of borrowers.  Banco Pine's loans to individuals, entirely
payroll and retirement loans, increased 64.4% to
BRL1.57 billion.

Mr. Pinheiro Junior told BNamericas that Banco Pine's new loans
declined 16% to BRL253 million in the first quarter 2008,
compared to the first quarter 2007.  The decrease is due to new
regulations on loans to pensioners in federal social security
system Instituto Nacional de la Seguridad Social, which limit
monthly repayments to 20% of monthly benefits.  INSS pensioners
accounted for 16% of new payroll loans in the first quarter
2008, compared to 38% in the same period in 2007, with the
remainder coming from city, state, and military workers, Mr.
Pinheiro Junior added.

Banco Pine will launch a credit card for INSS pensioners in the
second quarter 2008, according to BNamericas.

The report says that Banco Pine increased financing by 72.8% to
BRL3.83 billion in March 2008, compared to March 2007.  Deposits
rose 104% to BRL2.10 billion.  Banco Pine's trade finance
increased 119% to BRL211 million.  Funds from securities grew
43.5% to BRL311 million.

"Funding costs went up but we were well in line with the rest of
the financial sector," Mr. Pinheiro told BNamericas.

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

                             *     *     *

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


CENTRAIS ELETRICAS: Inks US$430MM Loan Pact for Candiota Unit
-------------------------------------------------------------
Centrais Eletricas Brasileiras SA's subsidiary Companhia de
Geracao Termica de Energia Eletrica reported that its parent
firm has signed a US$430 million loan deal with China
Development Bank and France's BNP Paribas for the construction
of the 350-megawatt Candiota coal-fired plant's third unit.

CGTEE told Business News Americas that the unit will be launched
in December 2009.  The unit will begin production in January
2010, CGTEE added.  BNamericas relates that CGTEE will run the
plant, which is in Rio Grande do Sul.

"We will deliver the power sold in the auction in January 2010.  
The construction is going well and with the bank support, we
will respect our commitment," CGTEE President Sereno Chaise told
BNamericas.

Centrais Eletricas Brasileiras SA aka Eletrobras operates in the
electric power sector in Brazil.  The objective of Eletrobras is
to perform activities involving studies, projects, construction
and operation of electric power plants, transmission and
distribution lines as well as underlying trade operations
arising therefrom. Eletrobras is tasked with the preparation of
studies and with drawing up construction projects for
hydroelectric generation, transmission lines and substations to
supply Brazil. It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked to the generation,
transmission and distribution of electric power.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, Standard & Poor's Ratings Services raised its
long-term foreign currency counterparty credit rating on
Centrais Eletricas Brasileiras S.A. aka Eletrobras to 'BB+' from
'BB'. S&P said that outlook is positive.


COMPANHIA ENERGETICA: Net Profit Rises to BRL490MM in 1Q 2008
-------------------------------------------------------------
Companhia Energetica de Minas Gerais's net profit increased 20%
to BRL490 million in the first quarter 2008, compared to
BRL407 million in first quarter 2007.

Business News Americas relates that Companhia Energetica's net
revenue rose 20% to BRL2.75 billion in the first quarter 2008,
from the first quarter 2007.  Its operating profit increased 25%
to BRL807 million and EBITDA grew 22% to BRL1.08 billion.

Companhia Energetica's Chief Financial Officer Luiz Fernando
Rolla said in a Web cast, "This is the fourth quarter in a row
where we posted EBITDA above BRL1 billion."  The increase was
due to discipline in investment decisions and a steady
improvement in operating efficiency and power trading policies,
Mr. Rolla told BNamericas.

BNamericas notes that Companhia Energetica's power sales
declined to 13.8 terrawatt-hours in the first quarter 2008,
compared to 14.2 terrawatt-hours in last year's first quarter.  
Companhia Energetica's sales decreased mainly due to a mild
summer in Rio de Janeiro, where the firm owns the controlling
stake in distributor Light Servicos.  Companhia Energetica's
power sales would have been stable excluding figures from Light
Servicos.

According to BNamericas, Companhia Energetica invested BRL97
million in this year's first quarter.  Of the investment, about
BRL60 million went to distribution and some BRL30 million was
allocated to generation.

BNamericas notes that Companhia Energetica's yearly investment
forecast is BRL1.56 billion.  Companhia Energetica said, "Low
investment figures in the quarter were due to our process of
hiring new power projects."

"Our investment program will be met, as we will invest the rest
of the money in the remainder of the year," Mr. Rolla told
BNamericas.

Companhia Energetica de Minas Gerais aka Cemig --
http://www.cemig.com.br/-- is one of the largest and most
important electric energy utilities in Brazil due to its
strategic location, its technical expertise and its market.
Cemig's concession area extends throughout nearly 96.7% of the
State of Minas Gerais, Brazil.  Cemig owns and operates 52 power
plants, of which six are in partnership with private
enterprises, relying on a predominantly hydroelectric energy
matrix.  Electric energy is produced to supply more than 17
million people living in the state's 774 municipalities.  In
addition to those 52 plants, another three are currently under
construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                          *     *     *

As reported on March 8, 2007, Moody's Investors Service assigned
corporate family ratings of Ba2 on its global scale and Aa3.br
on its Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


COMPANHIA ENERGETICA: Won't Sell Power From Jirau in Advance
------------------------------------------------------------
Companhia Energetica de Minas Gerais's Chief Financial Officer
Luiz Fernando Rolla said in a Web cast that the firm won't sell
power from the 3.3-gigawatt Jirau hydro to free market customers  
in advance.

Business News Americas relates that Brazilian power regulator
Aneel will start the auction for the construction and operation
of Jirau on the Madeira river on May 19, 2008.  France's Suez SA
and its partners planned to sell in advance power from Jirau.

Mr. Rolla commented to BNamericas, "Each competing group has its
strategy and Suez's strategy is probably to sell a stake of
Jirau's installed capacity beforehand.  However, our strategy is
a little different."

Companhia Energetica de Minas Gerais aka Cemig --
http://www.cemig.com.br/-- is one of the largest and most
important electric energy utilities in Brazil due to its
strategic location, its technical expertise and its market.
Cemig's concession area extends throughout nearly 96.7% of the
State of Minas Gerais, Brazil.  Cemig owns and operates 52 power
plants, of which six are in partnership with private
enterprises, relying on a predominantly hydroelectric energy
matrix.  Electric energy is produced to supply more than 17
million people living in the state's 774 municipalities.  In
addition to those 52 plants, another three are currently under
construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                          *     *     *

As reported on March 8, 2007, Moody's Investors Service assigned
corporate family ratings of Ba2 on its global scale and Aa3.br
on its Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


DELPHI CORP: March 31 Balance Sheet Upside-Down by US$14 Billion
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates reported first quarter
2008 financial results ended March 31, 2008.  At March 31, 2008,
the company's balance sheet showed total assets of
US$14.2 billion, and total liabilities of US$28.1 billion,
resulting in a US$14.0 billion stockholders' deficit.  The
company reported revenues of  US$5.3 billion, and a net loss of
US$589 million.

               First Quarter Financial Results

     * Global Revenue: Revenue of US$5.3 billion, down from
       US$5.7 billion in Q1 2007.

     * Non-GM Revenue: Non-GM revenue for the quarter was
       US$3.6 billion, up from US$3.5 billion in Q1 2007,
       primarily attributable to the favorable impact of foreign
       currency exchange rates.  Excluding the impact of foreign
       currency exchange rates, non-GM revenue decreased 4%.  
       Non-GM business represented 69 percent of Q1 revenues,
       compared to year-ago levels of 62 percent, primarily due
       to decreases in GM North America volume of 18 percent,
       which includes the impact related to a work stoppage at a
       Tier 1 supplier to GM, and contractual price reductions.

     * Cash Flow: Cash flow used in operating activities was
       US$290 million, as compared to US$414 million used in
       operating activities for Q1 2007.  Cash used in
       operations was improved in Q1 2008 compared to Q1 2007
       due to a net reduction in U.S. employee workforce
       transition program payments of US$146 million.

     * Net Loss: Net loss of US$589 million, or US$1.04 per
       share compared to Q1 2007 net loss of US$533 million, or
       US$0.95 per share.  Included in the Q1 2008 net loss is
       US$79 million of reorganization expenses for previously
       capitalized Equity Purchase and Commitment Agreement fees
       expensed as a result of the EPCA termination.  
       Additionally, Delphi's financial results were further
       impacted by increased workforce transition program
       charges of approximately US$42 million.

     * Liquidity: With the extension and refinancing of the DIP
       Credit Facility and availability of advances from GM,
       Delphi believes it will continue to have adequate access
       to liquidity throughout 2008.  As of March 31, 2008,
       Delphi had liquidity of US$1.8 billion, comprised of
       cash, cash equivalents and available liquidity under the
       prior DIP credit facility.

                    Pension Funding Matters

Delphi reaffirmed its commitment to funding and freezing at
emergence its U.S. Hourly and Salaried Pension Plans.  Delphi
expects to be able to meet its pension funding strategy through
a combination of cash contributions and transfers of certain
unfunded pension liabilities to a plan sponsored by GM, without
the benefit of the previously issued pension funding waivers.  
Accordingly, Delphi has not applied to the IRS or PBGC to extend
such waivers.  "The relatively favorable funded position of the
Delphi plans as of the Oct. 1, 2007 valuation date triggered a
technical ERISA contribution limit that determines the required
emergence contribution for the current plan year," John Sheehan,
Delphi vice president and chief restructuring officer, said.  
"Achieving this limit means we no longer need the waivers to
efficiently effect the transfer of certain liabilities to GM,"
he said.  "We appreciate the constructive support of the IRS and
PBGC that we have received throughout our Chapter 11 proceedings
and look forward to the continued support of these agencies as
Delphi seeks to meet its commitment to fund its pension plans at
emergence," added Mr. Sheehan.

             DIP Facility Refinancing and Extension

Delphi also disclosed the refinancing and extension of the terms
of its Debtor-In-Possession Credit Facility to Dec. 31, 2008.
Based on positive DIP lender participation and subject to
approval by the U.S. Bankruptcy Court for the Southern District
of New York, Delphi will increase the requested capacity of its
DIP Credit Facility from the previously announced US$4.1 billion
to US$4.35 billion, providing the company with US$250 million in
additional liquidity.  In addition, Delphi stated that GM has
agreed to advance amounts anticipated to be paid to Delphi upon
the effectiveness of the GM settlement and restructuring
agreements.  These actions provide the company with sufficient
liquidity to support the ongoing implementation of Delphi's
transformation plan.

                     Delphi Corporation, et al.
                Unaudited Consolidated Balance Sheet
                        As of March 31, 2008
                           (In Millions)

ASSETS
Current assets:
   Cash and cash equivalents                           US$1,310
   Restricted cash                                          175
   Accounts receivable, net:
      General Motors and affiliates                       1,226
      Other third parties                                 2,991
   Inventories, net:
      Productive material                                 1,341
      Finished goods                                        503
   Other current assets                                     592
   Assets held for sale                                     655
                                                       --------
Total current assets                                      8,793
Long-term assets:
   Property, net                                          3,820
   Investments in affiliates                                387
   Goodwill                                                 406
   Other                                                    798
                                                       --------
Total long-term assets                                    5,411
                                                       --------
Total assets                                          US$14,204
                                                       ========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
   Current portion of long-term debt                   US$4,212
   Accounts payable                                       2,960
   Accrued liabilities                                    2,401
   Liabilities held for sale                                426
                                                       --------
Total current liabilities not subject to compromise       9,999
                                                       --------
Long-term liabilities not subject to compromise:
   Other long-term debt                                      62
   Employee benefit plan obligations and other              475
   Other                                                  1,201
Liabilities subject to compromise                        16,363
                                                       --------
Total liabilities                                        28,100
                                                       --------
Commitments and comtingencies                               164
Stockholders' deficit:
Total stockholders' deficit                             (14,060)
                                                       --------
Total liabilities and stockholders' deficit           US$14,204
                                                       ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                Three Months Ended March 31, 2008
                          (In Millions)

Net sales:
   General Motors and affiliates                       US$1,641
   Other customers                                        3,611
                                                       --------
Total net sales                                           5,252
Operating expenses:
   Cost of sales                                          4,897
   U.S. employee workforce transition program
      charges                                                36
   Depreciation and amortization                            222
   Selling, general and administrative                      364
                                                       --------
Total operating expenses                                  5,519
                                                       --------
Operating loss                                             (267)
   Interest expense (contractual interest
      expense was US$129 million and US$124 million,
      respectively)                                        (110)
   Other income, net                                         19
   Reorganization items, net                               (109)
   Income tax expense                                       (63)
   Minority interest, net of tax                            (11)
   Equity income, net of tax                                 11
                                                       --------
Loss from continuing operations before
discontinued operations, net of tax                        (530)
                                                       --------
Loss from discontinued operations, net of tax               (59)
                                                       --------
Net loss                                                (US$589)
                                                       ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                Three Months Ended March 31, 2008
                          (In Millions)


Cash flows from operating activities:
   Net cash used in operating activities                (US$290)
Cash flows from investing activities:
   Capital expenditures                                    (255)
   Proceeds from sale of property                            21
   Proceeds from sale of non-U.S. trade bank notes           62
   Proceeds from divestitures, net                           87
   Increse in restricted cash                                (2)
   Other, net                                                 3
   Discontinued operations                                  (70)
                                                       --------
Net cash used in investing activities                      (154)
                                                       --------
Cash flows from financing activities:
   Net borrowings under refinanced DIP facility             452
   Net borrowings under other debt arrangements             210
   Divident payments of consolidated affiliates              (7)
   Discontinued operations                                   11
                                                       --------
Net cash provided by financing activities                   666
                                                       --------
Effect of exchange rate fluctuations                         52
Decrease in cash and cash equivalents                       274
Cash and cash equivalents at beginning of period          1,036
                                                       --------
Cash and cash equivalents at end of period             US$1,310
                                                       ========


A full-text copy of Delphi's first quarter results is available
for free at http://ResearchArchives.com/t/s?2bc1

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 128; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


GERDAU AMERISTEEL: To Hold Annual Shareholders Meeting on May 16
----------------------------------------------------------------
Gerdau Ameristeel Corporation said it will hold its 2007 Annual
Meeting of Shareholders on May 16, 2008, at 9:30 a.m. ET at The
St. Andrew's Club and Conference Centre, 150 King Street West,
27th Floor, Toronto, Ontario.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a  
mini-mill steel producer in North America.  Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.  Gerdau Ameristeel is a unit of Brazilian firm
Gerdau SA.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 26, 2007,
Moody's Investors Service affirmed the ratings of Gerdau
Ameristeel Corporation including its 'Ba1' Corporate Family
Rating and Probability of Default Rating, as well as the US$405
million Senior Unsecured Regular Bond issued.  Moody's outlook
for all ratings is stable.  Moody's also affirmed Gerdau
Brazil's (fictitious entity representing the Brazilian
operations of Gerdau S.A. Comprising Gerdau Acominas S.A.,
Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and Gerdau
Comercial de Acos SA) Ba1 Global Local Currency Corporate Family
Rating.


GENERAL MOTORS: US$200MM Aid to Axle Sparks Criticism From UAW
--------------------------------------------------------------
United Auto Workers union president Ron Gettelfinger criticized
General Motors Corp.'s US$200 million aid to American Axle &
Manufacturing Holdings Inc., saying that instead of resolving
the labor dispute, GM's action will make the talks more
difficult, John D. Stoll of The Wall Street Journal, citing a
radio interview, reports.

As reported in the Troubled Company Reporter on May 9, 2008,
GM agreed to provide Axle with upfront financial support capped
at US$200 million to help fund employee buyouts, early
retirements and buydowns to facilitate a settlement of the work
stoppage.

WSJ relates that the UAW chief predicts that Axle will make firm
demands following GM's move.  The auto supplier now intends to
close a factory in Cheektowaga, New York.

Axle believes that the labor protest will be settled either if
the UAW eases off or GM intervenes, WSJ quotes people familiar
with the matter.

The TCR disclosed on April 24, 2008, that approximately 3,650
associates are represented by the UAW at five facilities in
Michigan and New York affected by the strike.  AAM and the UAW
are working to reach a new collective bargaining agreement for
the original U.S. locations.

Although AAM has made several economic proposals to the UAW with
"all-in" hourly wage and benefit packages that were considerably
higher than the market rate of AAM's UAW-represented competitors
in the U.S., the UAW has repeatedly rejected these economic
proposals.

                             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.  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.

                         About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on April 4, 2008,
Moody's Investors Service placed American Axle & Manufacturing
Holdings, Inc.'s Ba3 Corporate Family Rating under review for
downgrade.

                         About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                             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.  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.


JAPAN AIRLINES: FY2007 Fourth Qtr. Net Loss Down to JPY3.527BB
--------------------------------------------------------------
Japan Airlines Corporation released the consolidated financial
results of the JAL Group for FY2007, the fiscal year ended March
31, 2008.  The announcement includes the Group’s consolidated
financial targets for FY2008 the year ending March 31, 2009.

JAL Group reported a net income of JPY16.9 billion on total
operating revenue of JPY2,230.4 billion for the fiscal year
ended March 31, 2008.  This compares to a net loss of JPY16.2
billion on total operating revenue of JPY2,301.9 billion for
2006 fiscal year ended March 31, 2007.

The Group disclosed that the 3.1% decrease in  total operating
revenue was due to the removal of a number of consolidated
subsidiaries from the consolidated financial statement due to
the sales of shares.

Compared to FY2006, JAL Group net income increased by JPY33.1
billion, after extraordinary loss deductions resulting from
implementation of special early retirement programs, reserve
funds set aside for anti-trust law investigations by the U.S.
and the E.U. authorities, and temporary depreciation costs.

In terms of air transportation, the JAL Group’s core business,
revenue increased by JPY25.1 billion to a total of JPY1,826.7
billion.

International passenger demand was strong, bolstered by ‘premium
strategies’ initiated by JAL aimed at attracting business and
top-tier travelers through product and service enhancement and
development. International passenger revenue increased by
JPY29.4 billion to JPY754.3 billion: a 4.0% year-on-year
improvement.

Domestic passenger demand was stagnant primarily due to a
reduction in supply after the JAL Group carried out in FY2007
its biggest review of domestic passenger operations since 2002.  
Compared to FY2006, domestic passenger revenue went up by JPY1.7
billion to a total of JPY677.4 billion.

International cargo revenue was JPY188.2 billion, down JPY2.2
billion on the previous fiscal year.

The effectiveness of group-wide cost reduction measures
implemented throughout FY2007 aimed at increasing profitability
and tackling, for example, increases in the cost of jet fuel,
combined with the withdrawal of a number of subsidiaries from
the consolidated statement enabled the JAL Group to
significantly decrease total operating expenses.  During FY2007,
total operating costs went down by JPY138.5 billion to
JPY2,140.4 billion compared to the previous year.

As a result, operating income was JPY90 billion and ordinary
income was JPY69.8 billion, the highest since the integration of
JAL and JAS in 2002.  Operating income increased by JPY67
billion, and ordinary income increased by JPY49.2 billion from
the previous year.

                     Fourth Quarter Results     

For the fiscal fourth quarter ended March 31, 2008, JAL Group
incurred a net loss of JPY3.527 billion on operating revenue of
JPY529.218 billion compared to a net loss of JPY6.892 billion on
operating revenue of JPY567.758 billion for the same period in
the previous fiscal year.

                     Financial Indicators

For  the fiscal year ended March 31, 2008, JAL Group recorded  
JPY453.9 billion in stockholders’ equity on total assets of
JPY2,122.7 billion.

Due to an increase in cash and bills receivable, etc. from
capital increase through third party allocation of priority
shares, etc., total assets increased by JPY31.5 billion. Capital
to Asset Ratio improved significantly, increasing 21.4%. Debt
/Equity ratio dropped to 2.0.

Interest bearing debt significantly declined by JPY106.5 billion
from the previous year, due to the sale of non-core assets and
cash flow improvement.

                     Targets for FY2008

For  the fiscal year ending March 31, 2009 , JAL expects total
operating revenues of JPY2184.0 billion and net income of
JPY13.0 billion.

According to the Group, a reduction in operating income is
expected caused mainly due to the removal of the Pacific Fuel
Trading Corporation from the consolidated financial statement in
FY2008.

JAL said it will continue to reduce supply by downsizing the
fleet used on US routes.  Regardless of this, international
passenger unit price is expected to steadily increase due to
increased flight frequency on, for example, New York, Moscow and
Paris routes where business demand is strong, and continued
product and service enhancements as part of its ‘premium
strategy’.

Despite a reduction in supply due to fleet downsizing, stagnant
overall demand, and fierce competition with the Shinkansen and
new entrant carriers, JAL expects domestic passenger demand to
be strong and unit price to increase as a result of wider
introduction of such premium passenger targeted products as the
domestic first class, and the overall impact of its Corporate
Customer Center etc.

As business environment continues to be severe, JAL forecasts
operating income for the year ending March 31, 2009 to be JPY50
billion, JPY40 billion less than operating income in FY2007.

JAL Group does not expect to pay a dividend for the fiscal years
ended March 31, 2008 for the year ending March 31, 2009.

                      About Japan Airlines

Japan Airlines International Co. Ltd. -- http://www.jal.com/--  
provides scheduled and non-scheduled air transport services;
aircraft maintenance services; and other businesses relating to
air transport and aircraft maintenance.  As of March 31, 2008,
JAL has 46 offices in Japan and 57 overseas.  As of February 29,
2008, the carrier has a total of 16,058 employees. Japan
Airlines flies to the United States, Brazil and France.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 17, 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned 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 in the Troubled Company Reporter-Asia Pacific on
Mar. 4, 2008, Moody's Investors Service changed to positive from
stable the rating outlook for the Ba3 long-term debt rating and
issuer rating on Japan Airlines International Co., Ltd.  The
outlook change reflects Moody's view that JALI is likely to
improve its cash flow generation and strengthen its financial
profile over the intermediate term, despite stagnant airline
passenger demand and ongoing price hikes for aircraft fuel.

As reported in the Troubled Company Reporter-Asia Pacific 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.  The
outlook on the long-term corporate credit rating is negative.


SAPPI PAPIER: Moody's Places Ratings on Review, May Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the Ba1 corporate family rating of Sappi Ltd as well
as the Ba1 instrument ratings of Sappi Papier Holding GmbH, the
US$500m global bonds 2012 and US$250m global bonds 2032.

Although Sappi's reported group operating performance in the
first fiscal half of 2008 improved against the same period last
year, Sappi's core fine paper operations in Europe and North
America, accounting for more than 70% of sales, remain weak with
an operating margin of 3.5% (vs. 1.5% in H1 2007).  A number of
factors, foremost input cost inflation and continued weak
pricing, add pressure particularly in Europe.  The decision to
place the ratings under review for possible downgrade resulted
from a slower pace of improving metrics.  Moody's had expected
Sappi's metrics to be on a positive trajectory so that levels of
retained cash flow (RCF) to net debt would be notably above 20%,
RCF minus capital expenditures to debt would reach double digit
percentage levels and return on assets (EBITDA/average assets)
would be above 7% by mid 2008.

The review will focus on (i) the extent of positive contribution
of the nearly concluded Saiccor project, (ii) the sustainability
of profit improvements in the North American operations shown in
the first quarter of 2008 and (iii) the prospects for a major
recovery in its European operations.  Moody's will also assess
the strength of Sappi's liquidity profile against certain
potential cash calls.  Any rating movement will likely be
limited to one notch.

The last rating action was on April 17, 2007, when Moody's
changed the outlook to negative from stable.

Sappi Ltd. domiciled in Johannesburg, South Africa --
http://www.sappi.com/-- is a leading global producer of coated  
fine paper and dissolving pulp with consolidated group sales of
FYE 2007 (ending September) of USD 5.3 billion.  Sappi Papier
Holding GmbH is the holding company for Sappi's international
paper operations outside of South Africa and accounts for
approximately three quarters of sales and net operating assets
of the group.  The company has a sales office in Brazil.


SPECTRUM BRANDS: March 30 Balance Sheet Upside-Down by US$232.9M
----------------------------------------------------------------
Spectrum Brands Inc. announced last week its financial results
for its second fiscal quarter ended March 30, 2008.

At March 30, 2008, the company's consolidated balance sheet
showed
US$3.3 billion in total assets and US$3.5 million in total
liabilities, resulting in a US$232.9 million total stockholders'
deficit.

The company reported a net loss of US$111.7 million on net sales
of US$647.1 million for the quarter ended March 30, 2008.  This
compares with a net loss of US$237.5 million on net sales of
US$634.5 million during the second quarter of fiscal 2007.

Spectrum Brands' net sales in the current quarter represented a
2.0% increase from the prior year, after excluding the Canadian
division of the Home and Garden business, which the company sold
in November 2007.  The company said that the increase primarily
reflects strong double digit growth in the company's personal
care and companion pet supply product lines.

Favorable foreign currency contributed US$27.0 million, or 4.0%
to net sales.  Partially offsetting the positive trends were
lower sales in consumer batteries and men's electric shaving and
grooming in North America.  Additionally, the company said that
its Home & Garden division saw a later than normal start to its
peak selling season this year, delaying some expected revenues
into the third quarter.

                         Adjusted EBITDA

Adjusted EBITDA, a non-GAAP measurement, was US$66.2 million as
compared with US$54.0 million in the second quarter of the prior
year, a 23.0% improvement.  For the latest twelve months,
adjusted EBITDA is US$296.3 million and has increased 26.0%
compared to one year ago.

"This marks the fourth consecutive quarter of double digit
growth in adjusted EBITDA.  This level of performance reflects
the very strong focus and commitment our team has to drive
profitable growth in this business," said Kent Hussey, chief
executive officer.  "I'm pleased with the progress we're making.  
Despite a sluggish U.S. economy, continuing tight inventory
controls at retailers and rising input costs, our teams have
worked hard to make the necessary changes to improve the
efficiency and profitability of this business."

                  Gross Profit and Gross Margin

Gross profit and gross margin for the quarter were US$234.6
million and 36.3%, respectively, versus US$223.8 million and
35.3% for the same period last year.  Within cost of sales, the
company incurred restructuring and related charges of
approximately US$200,000 this quarter related to headcount
reductions taken as part of its 2007 global realignment and
US$6.7 million in the second quarter of 2007. Also, within cost
of sales this quarter was US$4.7 million in depreciation related
to the Home & Garden segment that was not present last year.

                        Operating Expenses

The current quarter's operating expenses were US$222.9 million
as compared with US$420.3 million in operating expenses in the
same quarter last year.  Included in this year's operating
expenses were US$15.8 million of additional depreciation and
amortization, US$13.2 million for a non-cash intangibles
impairment related to trade names in the Home & Garden segment
and US$5.2 million in restructuring and related charges.  In the
second quarter of fiscal 2007, operating expenses included a
non-cash charge of
US$214.0 million for a goodwill impairment and US$11.2 million
in restructuring and related charges.

                         Operating Income

Spectrum generated second quarter operating income and operating
margin of US$11.7 million and 1.8%, respectively, versus an
operating loss of US$196.5 million in the same period last year.

                         Interest Expense

Interest expense was US$58.3 million compared to US$85.2 million
in the same period last year.  2007 interest expense included a
prepayment premium of US$11.6 million associated with the
refinancing of the company's senior credit facility and the
write-off of debt issuance costs of US$24.6 million, accounting
for the variance from this quarter's interest expense.

                   Income Tax Expense/Benefit

Tax expense recorded during the quarter was US$66.3 million
versus a tax benefit of US$45.9 million in the same period last
year.  The tax expense in the current quarter included a US$51.9
million expense related to increasing the company's valuation
allowance against the net deferred tax asset of its Home &
Garden segment necessitated as a result of the reclassification
of the segment from discontinued operations to continuing
operations.  

In addition, similar to the first quarter of 2008, the company
recorded an expense in the quarter to increase its valuation
allowance against its U.S. federal net deferred tax asset of its
remaining business segments to reserve for the possibility that
the deferred tax assets will not be realized.

                     Senior Credit Facilities

During the second quarter of fiscal 2007, the company refinanced
its outstanding senior credit facilities with new senior secured
credit facilities pursuant to a new senior credit agreement
consisting of a US$1.0 billion Term B Loan facility, a
US$200.0 million Term B II Loan facility, a EUR262.0 million
Term Loan facility, and a US$50.0 million synthetic letter of
credit facility.  

On Sept. 28, 2007, as provided for in the senior credit
agreement, the company entered into a US$225.0 million Asset
Based Revolving Loan Facility pursuant to a new credit
agreement.  The ABL facility replaced the U.S. Dollar Term B II
Loan, which was simultaneously prepaid using cash on hand
generated from the company's operations and available cash from
prior borrowings under its senior credit agreement in connection
with the above-referenced refinancing.  

As a result of the prepayment of the U.S. Dollar Term B II Loan,
under the terms of the ABL credit agreement and borrowings under
the ABL facility during the first half of fiscal 2008, as of
March 30, 2008, the company had aggregate borrowing availability
of approximately US$37.0 million, net of lender reserves of
US$32.0 million and outstanding letters of credit of US$3.0
million, under the ABL facility.

During the six month period ended March 30, 2008, the company  
prepaid US$19.0 million of term loan indebtedness under its
senior credit agreement with borrowings under the ABL facility
and net proceeds from the sale of the Canadian division of the
Home and Garden Business.

At March 30, 2008, the aggregate amount outstanding under the
senior credit facilities totaled a U.S. Dollar equivalent of
US$1.6 billion, including principal amounts of US$984.0 million
under the U.S. Dollar Term B Loan, EUR258.0 million under the
Euro Facility and US$153.0 million under the ABL Facility,
including
US$3.0 million in letters of credit.  

                    Senior Subordinated Notes

At March 30, 2008, the company had outstanding principal of
US$700.0 million under the 7 3/8% Senior Subordinated Notes due
2015, outstanding principal of US$3.0 million under the 8 1/2%
Senior Subordinated Notes due 2013, and outstanding principal of
US$347.0 million under the Variable Rate Toggle Senior
Subordinated Notes due 2013.  

As of March 30, 2008, the company was in compliance with all
covenants under the Senior Subordinated Notes and the respective
indentures.  The company, however, is subject to certain
restrictions under the terms of the respective indentures
because, due to significant restructuring charges and reduced
business performance, it does not currently satisfy the Fixed
Charge Coverage Ratio test of 2:1 under each of the indentures.  

Until the test is satisfied, the company and certain of its
subsidiaries are limited in its ability to make significant
acquisitions or incur significant additional senior credit
facility debt beyond the Senior Credit Facilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 30, 2008, are available
for free at http://researcharchives.com/t/s?2bac

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of  
consumer batteries, lawn and garden care products, specialty pet
supplies, shaving and grooming products, household insect
control products, personal care products and portable lighting.

The company's European unit, Rayovac Europe GmbH, is
headquartered in Sulzbach, Germany.  Outside the United States,
the company also has manufacturing facilities in Brazil,
Columbia and China.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 16, 2008, Standard & Poor's Ratings Services revised its
outlook on Atlanta, Georgia-based Spectrum Brands Inc. to
developing from negative.  At the same time, Standard & Poor's
affirmed all of its ratings on Spectrum Brands, including the
company's 'CCC+' corporate credit rating.


TAM SA: Holds 72.4% International Market Share in April 2008
------------------------------------------------------------
TAM SA reported operating data for April 2008, as disclosed by
the Brazilian National Civil Aviation Agency.

According to the National Civil Aviation Agency, in the
international market, TAM registered 24.8% growth in RPK and
19.9% in ASK, compared to April 2007.  The company attained
market share of 72.4%, representing 2.9 p.p. growth year on
year.  TAM attained 73.8% load factor, 7.5 p.p. higher than the
market average of 66.4%.

In the domestic market, TAM registered 0.2% reduction in RPK
(demand) compared to the same period last year, and 14.3%
increase in domestic ASK (supply).  In April, market demand
increased 3.8% and market supply increased 18.3%.  TAM
registered domestic market share (RPK) of 47.1%, a 1.9 p.p.
decrease compared to the same period in 2007.  TAM's domestic
load factor was 66.5%, 0.6 p.p. higher than the market average
of 65.9%.

The domestic scheduled RASK in April 2008 increased compared to
the April 2007.

Operating data                April 2008   April 2007   Var. %
  -------------------------------------------------------------
Domestic Market
     ASK (millions) - Supply     2,827        2,472      14.30%
     RPK (millions) - Demand     1,880        1,884      -0.20%
     Load Factor                66.50%        76.20%   -9.7 p.p.
     Market share               47.10%        49.00%   -1.9 p.p.

  International Market
     ASK (millions) - Supply     1,626         1,356     19.90%
     RPK (millions) - Demand     1,200           962     24.80%
     Load Factor                73.80%        70.90%    2.9 p.p.
     Market share               72.40%        69.50%    2.9 p.p.

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based airline
TAM S.A.  S&P said the outlook is stable.

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's rating outlook is stable.



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

AHFP PANTERA: To Hold Final Shareholders Meeting on May 15
----------------------------------------------------------
AHFP Pantera will hold its final shareholders meeting on
May 15, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process; and
               2) giving explanation thereof.

AHFP Pantera's shareholders agreed on Feb. 13, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Bobby Toor and Dwight Dube
                 Maples Finance Limited
                 P.O. Box 1093GT, Grand Cayman,
                 Cayman Islands


AHFP SYMPHONY: Sets Final Shareholders Meeting for May 15
---------------------------------------------------------
AHFP Symphony will hold its final shareholders meeting on
May 15, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process; and
               2) giving explanation thereof.

AHFP Symphony's shareholders agreed on Feb. 13, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Bobby Toor and Dwight Dube
                 Maples Finance Limited
                 P.O. Box 1093GT, Grand Cayman,
                 Cayman Islands


AHFP TRIATTO: To Hold Final Shareholders Meeting on May 15
----------------------=-----------------------------------
AHFP Triatto will hold its final shareholders meeting on
May 15, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process; and
               2) giving explanation thereof.

AHFP Triatto's shareholders agreed on Feb. 13, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Bobby Toor and Dwight Dube
                 Maples Finance Limited
                 P.O. Box 1093GT, Grand Cayman,
                 Cayman Islands


AMAPROP MASTER: Will Hold Final Shareholders Meeting on May 15
--------------------------------------------------------------
Amaprop Master Ltd. will hold its final shareholders meeting on
May 15, 2008, at 3:00 p.m. at the company's registered office.

These matters will be taken up during the meeting:

               1) confirm, ratify and approve the conduct of
                  the liquidation by the liquidators, K.
                  Beighton and K.D. Blake;
            
               2) approve the quantum of the liquidators'
                  remuneration, that being fixed by the time
                  properly spent by the liquidators and their
                  staff;
                
               3) accounting of the wind-up process; and

               4) authorizing the liquidator of the company
                  to retain the records of the company for a
                  period of five years from the dissolution
                  of the company, after which they may be
                  destroyed.
  
Amaprop Master's shareholder agreed on March 25, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 K. Beighton and K.D. Blake
                 Attn: Bekilizwe Dube                 
                 P.O. Box 493, Grand Cayman,
                 Cayman Islands
                 Telephone: 345-949-4800, 345-945-4464
                 Fax: 345-949-7164


AMARANTH HELIX: Sets Final Shareholders Meeting for May 15
----------------------------------------------------------
Amaranth Helix Ltd. will hold its final shareholders meeting on
May 15, 2008, at 3:05 p.m. at the company's registered office.

These matters will be taken up during the meeting:

               1) confirm, ratify and approve the conduct of
                  the liquidation by the liquidators, K.
                  Beighton and K.D. Blake;
            
               2) approve the quantum of the liquidators'
                  remuneration, that being fixed by the time
                  properly spent by the liquidators and their
                  staff;
                
               3) accounting of the wind-up process; and

               4) authorizing the liquidator of the company
                  to retain the records of the company for a
                  period of five years from the dissolution
                  of the company, after which they may be
                  destroyed.
  
Amaranth Helix's shareholder agreed on March 25, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 K. Beighton and K.D. Blake
                 Attn: Bekilizwe Dube                 
                 P.O. Box 493, Grand Cayman,
                 Cayman Islands
                 Telephone: 345-949-4800, 345-945-4464
                 Fax: 345-949-7164


AMARETE LIMITED: Will Hold Final Shareholders Meeting on May 15
---------------------------------------------------------------
Amarete Ltd. will hold its final shareholders meeting on
May 15, 2008, at 3:10 p.m. at the company's registered office.

These matters will be taken up during the meeting:

               1) confirm, ratify and approve the conduct of
                  the liquidation by the liquidators, K.
                  Beighton and K.D. Blake;
            
               2) approve the quantum of the liquidators'
                  remuneration, that being fixed by the time
                  properly spent by the liquidators and their
                  staff;  
                
               3) accounting of the wind-up process; and

               4) authorizing the liquidator of the company
                  to retain the records of the company for a
                  period of five years from the dissolution
                  of the company, after which they may be
                  destroyed.
  
Amarete Ltd.'s shareholder agreed on March 25, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 K. Beighton and K.D. Blake
                 Attn: Bekilizwe Dube                 
                 P.O. Box 493, Grand Cayman,
                 Cayman Islands
                 Telephone: 345-949-4800, 345-945-4464
                 Fax: 345-949-7164


AMULET LTD: Sets Final Shareholders Meeting for May 15
------------------------------------------------------
Amulet Ltd. will hold its final shareholders meeting on
May 15, 2008, at 3:20 p.m. at the company's registered office.

These matters will be taken up during the meeting:

               1) confirm, ratify and approve the conduct of
                  the liquidation by the liquidators, K.
                  Beighton and K.D. Blake;
            
               2) approve the quantum of the liquidators'
                  remuneration, that being fixed by the time
                  properly spent by the liquidators and their
                  staff;  
                
               3) accounting of the wind-up process; and

               4) authorizing the liquidator of the company
                  to retain the records of the company for a
                  period of five years from the dissolution
                  of the company, after which they may be
                  destroyed.
  
Amulet Ltd.'s shareholder agreed on March 25, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                 K. Beighton and K.D. Blake
                 Attn: Bekilizwe Dube                 
                 P.O. Box 493, Grand Cayman,
                 Cayman Islands
                 Telephone: 345-949-4800, 345-945-4464
                 Fax: 345-949-7164
  

ATLAS CPO: Will Hold Final Shareholders Meeting on May 15
---------------------------------------------------------
Atlas CPO Series III Ltd. will hold its final shareholders
meeting on May 15, 2008.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process; and
               2) giving explanation thereof.

Atlas CPO's shareholder agreed on Feb. 14, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Joshua Grant and Sarah Kennedy
                 c/o Maples Finance Limited
                 P.O. Box 1093GT, Grand Cayman,
                 Cayman Islands


BRYN MAWR: To Hold Final Shareholders Meeting on May 15
-------------------------------------------------------
Bryn Mawr CLO Ltd. will hold its final shareholders meeting on
May 15, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process; and
               2) giving explanation thereof.

Bryn Mawr's shareholders agreed on Feb. 7, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                 George Bashforth and Emile Small
                 c/o Maples Finance Limited
                 P.O. Box 1093GT, Grand Cayman,
                 Cayman Islands


CEA 97A LTD: Sets Final Shareholders Meeting for May 15
-------------------------------------------------------
CEA 97A Ltd. will hold its final shareholders meeting on
May 15, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process; and
               2) giving explanation thereof.

CEA 97A Ltd.'s shareholders agreed on Jan. 31, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Bobby Toor
                 c/o Maples Finance Limited
                 P.O. Box 1093GT, Grand Cayman,
                 Cayman Islands

               
EOC CORP I: To Hold Final Shareholders Meeting on May 15
--------------------------------------------------------
EOC Corp. I will hold its final shareholders meeting on
May 15, 2008, at 7 North Willow Street, Suite 8A, Montclair, New
Jersey 07042, USA.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process; and
               2) giving explanation thereof.

EOC Corp. I's shareholder agreed on April 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Robert E. Bigelow III
                 c/o Blue River Asset Management LLC
                 7 North Willow Street, Suite 8A,
                 Montclair, New Jersey 07042, USA


GANNET V: Sets Final Shareholders Meeting for May 15
----------------------------------------------------
Gannet V Funding Corp. will hold its final shareholders meeting
on May 15, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process; and
               2) giving explanation thereof.

Gannet V's shareholders agreed on Feb. 11, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                  Bobby Toor and Steven O'Connor
                  c/o Maples Finance Limited
                  P.O. Box 1093GT, Grand Cayman,
                  Cayman Islands


ISOTOPE LTD:: Will Hold Final Shareholders Meeting on May 15
------------------------------------------------------------
Isotope Ltd. will hold its final shareholders meeting on
May 15, 2008, at 3:15 p.m. at the company's registered office.

These matters will be taken up during the meeting:

               1) confirm, ratify and approve the conduct of
                  the liquidation by the liquidators, K.
                  Beighton and K.D. Blake;
            
               2) approve the quantum of the liquidators'
                  remuneration, that being fixed by the time
                  properly spent by the liquidators and their
                  staff;  
                
               3) accounting of the wind-up process; and

               4) authorizing the liquidator of the company
                  to retain the records of the company for a
                  period of five years from the dissolution
                  of the company, after which they may be
                  destroyed.
  
Isotope Ltd.'s shareholder agreed on March 25, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 K. Beighton and K.D. Blake
                 Attn: Bekilizwe Dube                 
                 P.O. Box 493, Grand Cayman,
                 Cayman Islands
                 Telephone: 345-949-4800, 345-945-4464
                 Fax: 345-949-7164


KBW SMALL: To Hold Final Shareholders Meeting on May 15
-------------------------------------------------------
KBW Small Cap Financial Services Master Fund Ltd. will hold its
final shareholders meeting on May 15, 2008, at the offices of
Maples Finance Limited, Boundary Hall, Cricket Square, George
Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

           1) accounting of the wind-up process; and
           2) giving explanation thereof.

KBW Small Cap's shareholders agreed on Feb. 22, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Jan Neveril and Bobby Toor
                 c/o Maples Finance Limited,
                 P.O. Box 1093GT, Grand Cayman,
                 Cayman Islands


LEIF INVESTMENTS: Sets Final Shareholders Meeting for May 15
------------------------------------------------------------
Leif Investments Ltd. will hold its final shareholders meeting
on May 15, 2008.

These matters will be taken up during the meeting:

           1) accounting of the wind-up process; and
           2) giving explanation thereof.

Leif Investments' shareholder agreed on Feb. 13, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Joshua Grant and Giles Kerley
                 c/o Maples Finance Limited,
                 P.O. Box 1093GT, Grand Cayman,
                 Cayman Islands


PARMALAT SPA: Citigroup Won't Enter Into Settlement Talks
---------------------------------------------------------
Citigroup Inc. is not holding talks with Parmalat S.p.A. to
settle its U.S. civil case or with Italian investigators for
plea-bargain agreements, Thomson Financial News reports, citing
sources close to the bank.

According to Thomson Financial News, analysts have speculated
that Parmalat and Citigroup could reach a settlement during a
civil trial in New Jersey.

Citigroup is facing a US$2.2 billion in damages in New Jersey
and has counter-sued Parmalat for US$699 million.  Citigroup
executives, meanwhile, are facing criminal charges in Milan and
Parma, Italy.

The bank has been denying the charges.

                          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.


PINE TREE: Will Hold Final Shareholders Meeting on May 15
---------------------------------------------------------
Pine Tree Capital Ltd. will hold its final shareholders meeting
on May 15, 2008, at 10:00 p.m. at the company's registered
office.

These matters will be taken up during the meeting:

           1) accounting of the wind-up process, and

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

Pine Tree's shareholder agreed on April 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Lawrence Edwards
                 Attn: Jodi Smith
                 P.O. Box 258, Grand Cayman,
                 Cayman Islands
                 Telephone: (345) 914 8694
                 Fax: (345) 949 4590


SAPIC-98 REFERENCE: Sets Final Shareholders Meeting for May 15
--------------------------------------------------------------
Sapic-98 Reference Fund (48) Ltd. will hold its final
shareholders meeting on May 15, 2008, at 10:00 a.m. at the
offices of Rawlinson & Hunter, One Capital Place, George Town,
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

           1) accounting of the wind-up process, and

           2) hearing any explanation that may be given by the
              liquidators.

Sapic-98 Reference's shareholder agreed on April 3, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Peter D. Anderson
                 P.O. Box 897, One Capital Place
                 George Town, Grand Cayman,
                 Cayman Islands
                 Telephone: (345) 949-7576
                 Fax: (345) 949-8295


VERTEX CAPITAL: Will Hold Final Shareholders Meeting on May 15
--------------------------------------------------------------
Vertex Capital Ltd. will hold its final shareholders meeting on
May 15, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

These matters will be taken up during the meeting:

           1) accounting of the wind-up process; and
           2) giving explanation thereof.

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

The liquidators can be reached at:

               Chris Marett and Emile Small
               c/o Maples Finance Limited
               P.O. Box 1093GT, Grand Cayman,
               Cayman Islands



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

AES GENER: Submits Study for Nueva Zaldivar Substation
------------------------------------------------------
AES Gener SA has submitted to the Chilean environmental
regulator Conama an environmental impact analysis to expand the
Nueva Zaldivar substation.

Business News Americas relates that AES Gener proposes an
investment of US$9 million for the expansion of the substation.  
The project would help AES Gener inject power from its 520-
megawatt coal-fired Angamos thermo plant into northern Chile's
Sistema Interconectado del Norte Grande grid.  AES Gener is yet
constructing Angamos.

According to AES Gener, the expansion project for the substation
would let the firm better supply mines in the region including
Escondida, Zaldivar, Gaby, Lomas Bayas, and SQM Salar.

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


                        *     *     *

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



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

GENERAL MOTORS: Teams Up With Isuzu to Expand Colombia Bus Sales
----------------------------------------------------------------
General Motors Corporation and Isuzu Motors Limited has reported
their new joint venture, GM-Isuzu Camiones Andinos de Colombia
Ltda.  The purpose of which is to strengthen their strategic
partnership and expand their truck and bus sales in Colombia.

The joint venture builds on the long-standing partnership that
GM and Isuzu have enjoyed in the region by establishing a
company that is dedicated to the marketing, sales, service and
after-sales of commercial vehicles.  The new partnership is the
successful result of a 2007 agreement that studied the
potential of a JV and will focus on strengthening the leadership
that GM and Isuzu have built in this segment.

"This agreement demonstrates our commitment to commercial
vehicles and will serve to strengthen the leadership of
Chevrolet buses and trucks that are Isuzu sourced for the Andean
region.  It will also continue to enhance the solid and close
relationships we have with our clients," said Pablo Ross,
President and Managing Director of GM Andean Region.

Yoshinori Ida, Chief Executive Officer of Isuzu Motors Limited
said, "With this groundbreaking joint venture in Colombia, which
recently began operations, GM and Isuzu have all the strengths
needed to increase the truck and bus business in the region and
enhance customer satisfaction.  Our objective will be to
capture the number one position in all segments where we
operate, offer the highest customer satisfaction, and become the
industry standard."

This partnership is another example of how the global advantages
of two companies can combine to the benefit of both; Isuzu as a
leader in commercial vehicle technology development that has
global knowledge in the transportation sector; and GM with its
extensive experience and resources in the Andean region,
including dealerships, high quality standards, after sales and
service, and the leadership of the Chevrolet brand.

Maureen Kempston Darkes, President of GM Latin America, Africa
and Middle East and GM Group Vice President said, "We are
honored to celebrate another strategic partnership between GM
and Isuzu.  This agreement further demonstrates our continued
commitment to each other and marks another milestone in our
history of global cooperation."

With this agreement, GM and Isuzu will aggressively promote
sales and increase the market share of N-Series and F-Series
commercial vehicles that are developed by Isuzu in Japan,
manufactured by GM Colmotores and sold in the Andean Region.  
The vehicles will be sold under the Chevrolet brand and will
feature a "Technologia Isuzu" sub-brand.

                        About Isuzu Motors

Isuzu Motors Limited -- http://www.isuzu.co.jp/-- is a leader  
in transportation, commercial vehicles and diesel engines. Its
main products include heavy, medium and light-duty trucks;
buses; passenger vehicle engines; and industrial-use diesel
engines.  The company was established in 1937 and its head
office is located in Tokyo, Japan.

                            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
May 7, 2008, Standard & Poor's Ratings Services said 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 update
follows the announcement by Residential Capital LLC (CC/Watch
Neg/C) that it is launching an exchange offer for unsecured
bonds, which S&P interpret to be a distressed debt exchange.
(Residential Capital is a unit of 49%-owned unit GMAC LLC
[B/Negative/C].



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

SIRVA INC: Discloses New Directors After Plan Confirmation
----------------------------------------------------------
Sirva Inc. and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the Southern District of New York a revised
disclosure pursuant to Section 1129(a)(5) of the Bankruptcy
Code, in connection with the appointment of the Reorganized
Debtors' Executive Directors and Officers.

As reported by the Troubled Company Reporter on May 8, 2008, the
Honorable James M. Peck approved the Debtors' pre-packaged
Chapter 11 Plan of Reorganization, clearing the way for SIRVA
and its subsidiaries to emerge from Chapter 11 in short order.

According to the Debtors, after confirmation of their First
Amended Plan Prepackaged Joint Plan of Reorganization, each of
the Reorganized Debtors will have the same incumbent board of
directors and managers, as well as the same officers, as in
effect.  

On the next business day following the Effective Date of the
Plan, the existing board of directors of SIRVA, Inc., SIRVA
Worldwide, Inc., and North America Van Lines, Inc., will be
removed and replaced with:

   (a) Kevin I. Dowd, chairman and managing principal of
       Berkeley Square Advisors;

   (b) Douglas C. Laux, chief financial officer of Remy
       International;

   (c) Frances M. Scricco, president of Avaya Global Services
       and Avaya, Inc.;

   (d) Jeffrey A. Sell, former managing director of J.P. Morgan
       Chase;

   (e) Mark Sotir, managing director of Equity Group
       Investments;

   (f) Anthony DiSimone, managing partner of Aurora Resurgence
       Management Partners LLC; and

   (g) Robert W. Tieken, president and chief executive officer
       of SIRVA, Inc., SIRVA Worldwide, Inc., and North America
       Van Lines, Inc.

Moreover, the Reorganized Debtors will have nine individuals to
serve as officers of SIRVA, Inc., SIRVA Worldwide, Inc., and
North America Van Lines, Inc., after the confirmation of the
Plan:

   (a) Robert W. Tieken, president and chief executive officer;

   (b) James J. Bresingham, senior vice-president and chief
       executive officer;

   (c) Timothy Callahan, senior vice-president for global sales;

   (d) Douglas V. Gathany, treasurer, and senior vice-president
       for investor relations;

   (e) Rene C. Gibson, senior vice-president for human
       resources;

   (f) Michael B. MacMahon, president of Global Relocation
       Services;

   (g) Daniel F. Mullin, chief accounting officer;

   (h) Eryk J. Spytek, senior vice-president, general counsel,
       and secretary; and

   (i) Michael T. Wolfe, president of Moving Services North
       America.

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.  When the Debtors filed for
bankruptcy, it reported total assets of US$924,457,299 and total
debts of US$1,232,566,813 for the quarter ended Sept. 30, 2007.  
The Court confirmed the Debtor's First Amended Prepackaged Plan
on May 7, 2008.

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


SIRVA INC: DIP Deal Amendment Allows Share Sale to Picot, Irving
----------------------------------------------------------------
Eryk J. Spytek, senior vice-president, general counsel and
secretary of SIRVA, Inc., disclosed in a regulatory filing with
the Securities and Exchange Commission dated March 27, 2008,
that
Sirva and its debtor-affiliates; JPMorgan Chase Bank, N.A., as
the administrative agent; J.P. Morgan Securities Inc., as sole
lead arranger and sole bookrunner; and a syndicate of financial
institutions, entered into a first amendment of the Credit and
Guarantee Agreement dated February 6, 2008.

As reported by the Troubled Company Reporter on March 5, 2008,
the  U.S. Bankruptcy Court for the Southern District of New York
approved, on a final basis, the debtor-in-possession credit
facility of the Debtors, allowing them to obtain up to
US$150,000,000 of postpetition financing, to provide for the
Debtors' working capital, and for other general corporate
purposes.

The Amendment, dated March 21, 2008, amended certain terms and
conditions of the DIP Agreement by and among the Debtors,
JPMorgan Chase, J.P. Morgan Securities, and the DIP Lenders.

Among other matters, the Amendment permits the Debtors to
consummate the agreement to sell 100 shares of SIRVA Group
Holdings Limited and 14,000,000 shares of SIRVA Ireland Limited,
pursuant to a share purchase agreement, with Picot Limited and
Irving Holdings Limited, dated March 2, 2008.

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.  When the Debtors filed for
bankruptcy, it reported total assets of US$924,457,299 and total
debts of US$1,232,566,813 for the quarter ended Sept. 30, 2007.  
The Court confirmed the Debtor's First Amended Prepackaged Plan
on May 7, 2008.

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


SIRVA INC: Files Motion to Extend Removal Period to Sept. 5
-----------------------------------------------------------
Pursuant to Rule 9006(b) of the Federal Rules of Bankruptcy
Procedure, SIRVA, Inc., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to extend
the period within which they may remove actions pending on the
Petition Date, to and including September 5, 2008.

Rule 9027 of the Federal Rules of Bankruptcy Procedure sets
forth the time periods for the filing of notices to remove
claims or causes of action.  Specifically, it provides that with
respect to pending claims or causes of action as of the Petition
Date, a notice of removal may be filed only within:

   (a) 90 days after the order for relief in the case,

   (b) 30 days after entry of an order terminating a stay under
       Section 362 of the Bankruptcy Code, or

   (c) 30 days after a trustee qualifies in the Chapter 11 case,
       but not later than 180 days after the order for relief.

Rule 9006 permits the court to extend the period provided by
Rule 9027, provided that a request for extension is made before
the applicable deadline.

Marc Kieselstein, P.C., at Kirkland and Ellis LLP, in Chicago,
Illinois, tells Judge James M. Peck that the Debtors are
currently involved in more than 130 civil actions.  The Debtors
have been focused on the confirmation of their Prepackaged Plan
since the Petition Date, and have not yet completed their review
and analysis of the Actions, to ascertain which Actions should
be removed.

The Debtors anticipate that the Court will confirm the Amended
Plan, and they will emerge from bankruptcy shortly.  However,
since confirmation has not occurred yet, the Debtors seek an
extension of the time to remove the Civil Actions.

Mr. Kieselstein assures the Court that the Debtors' adversaries
will not be prejudiced by the extension, and those parties may
seek to have their Action remanded.

The Court will convene a hearing on May 20, 2008, at 10:00 a.m.,
to consider the Debtors' request.

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.  When the Debtors filed for
bankruptcy, it reported total assets of US$924,457,299 and total
debts of US$1,232,566,813 for the quarter ended Sept. 30, 2007.  
The Court confirmed the Debtor's First Amended Prepackaged Plan
on May 7, 2008.

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



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

AES CORP: 1st Qtr. Profit Mainly Due to LatAm Generation Biz
------------------------------------------------------------
AES Corp. told Dominican Today that its first-quarter profit
this year is mainly driven by strength in its Latin American
power generation business and higher prices across all regions.

According to Dominican Today, AES said it earned US$233 million
in the first quarter 2008, compared to a loss of US$461 million
in the same period last year.  "Adjusted to exclude one-time
items," AES earned 39 cents per share.  Its revenue rose 33% to
US$4.1 billion, from US$3.09 billion.

Sales were driven by by higher prices across all regions,
Dominican Today notes, citing AES.

AES told Dominican Today that results were due to the improved
performance of its Latin American and European generation units
and benefits from the weak dollar.  However, a one-time customer
credit charge and higher spending offset these factors, AES
added.

A poll by Thomson Financial indicates that analysts were
expecting a profit of 27 cents per share on revenue of
US$3.34 billion from AES, Dominican Today states.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.  The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador and Panama.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka.  Fuels include
coal, diesel, hydro, gas and oil.  AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                            *     *     *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.  The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation is in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as set forth in the credit agreements.  As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007.  There are no outstanding borrowings
under the senior unsecured facility.


AES CORP: Says Banco Nacional to Sell Companhia Brasiliana Stake
----------------------------------------------------------------
AES Corp. Chief Operating Officer and Executive President Andres
Gluski said in a Web cast that the firm expects Banco Nacional
de Desenvolvimento Economico e Social SA to sell its 49.99%
stake in power holding firm Companhia Brasiliana de Energia SA
in the second quarter or in the third quarter.

Market Watch relates that Companhia Brasiliana is a holding
company jointly owned by Banco Nacional and AES.  Banco
Nacional's equity arm BNDES Participacoes aka BNDESPar holds a
49.99% stake and AES holds a 50.01% majority stake in Companhia
Brasiliana.  BNDESPar plans to sell shares of three companies
under Companhia Brasiliana, including Brazil's largest electric
power distributor Eletropaulo Metropolitana Eletricidade de Sao
Paulo SA, AES Tiete, and AES Elpa.

As reported in the Troubled Company Reporter-Latin America on
March 20, 2008, AES Corp. is considering the purchase of Banco
Nacional's 49.99% stake in Companhia Brasiliana.

BNamericas states that AES has the right to the remaining stake
under a 1998 deal to privatize Companhia Brasiliana.

"We are very interested in exercising our first refusal right,
and in order to do so we have local financing in place and
interest from local partners as well," Mr. Gluski told
BNamericas.

Brazilian firms like Cemig and CPFL Energia have also expressed
interests in purchasing the 49.99% stake, BNamericas states.

                     About Banco Nacional

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

                        About AES Corp.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia and the Caribbean. The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.


AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996. Currently, AES
has two distribution companies in Ukraine, which serve
1.2 million customers and generation plants in the Czech
Republic and Hungary. AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004. The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador and Panama.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka. Fuels include
coal, diesel, hydro, gas and oil. AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                          *     *     *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1. The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation is in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as set forth in the credit agreements. As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007. There are no outstanding borrowings
under the senior unsecured facility.



====================
E L  S A L V A D O R
====================

AES CORP: Acquires Landfill Gas Project in El Salvador
------------------------------------------------------
The AES Corporation has acquired a landfill gas to renewable
energy project in Nejapa, El Salvador that is projected to
generate an average of 400,000 Certified Emissions Reductions
annually over the next 20 years.

"The purchase of the Nejapa Landfill Project further
demonstrates AES's global commitment to reducing greenhouse
gases," said Bill Lyons, President, AES Climate Solutions.  
"This transaction, one of the first acquisitions involving a
Clean Development Mechanism project since the start of the Kyoto
process, will help reduce emissions while providing power to the
growing El Salvador market.  This is the first of many
opportunities we see for AES to invest in a broad range of
projects and technologies that reduce harmful greenhouse gas
emissions."

AES Nejapa Gas, Ltda., an indirect, wholly-owned subsidiary of
AES, will own and operate the gas gathering system at the Nejapa
Landfill site.  The company also will install and operate energy
generation equipment to provide up to 25 MW of renewable energy
from the capture and combustion of methane, a potent greenhouse
gas with a global warming potential 21 times greater than carbon
dioxide.

"Through investments in projects like Nejapa, which converts
waste to energy, AES is working to provide citizens of El
Salvador with a secure supply of energy today and well into the
future," said Fernando Pujals, President, AES El Salvador.  "We
will continue to seek investments aimed at improving the quality
of life for our customers and the communities we serve."

AES started its Climate Solutions business in 2005 and is
building a portfolio of projects to lower greenhouse gas
emissions by over 34 million tonnes each year by the end of
2012.  The company's current global pipeline includes projects
that could produce up to 19 million CERs annually from renewable
energy generation, reduction of greenhouse gas emissions from
third party sources - primarily methane - and energy efficiency
initiatives.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.  The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador and Panama.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka.  Fuels include
coal, diesel, hydro, gas and oil.  AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                            *     *     *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.  The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation is in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as set forth in the credit agreements.  As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007.  There are no outstanding borrowings
under the senior unsecured facility.



=================
G U A T E M A L A
=================

IMAX CORP: Moody's Changes Outlook to Pos. on Improved Liquidity
----------------------------------------------------------------
Moody's Investors Service changed the ratings outlook for IMAX
Corporation to positive from stable based on its improved
liquidity position.  IMAX announced an approximately $18 million
private placement of common stock and an amendment to its credit
facility, which enhances covenant flexibility, extends the
maturity and potentially increases availability.  Proceeds from
these transactions will help IMAX to manage the substantial
upfront capital investments related to its joint venture
agreements.

Moody's also affirmed the Caa1 corporate family and the Caa1
probability of default ratings for IMAX as well as the Caa2
rating on its senior unsecured bonds.

IMAX Corporation

  -- Outlook, Changed To Positive from Stable
  -- Corporate Family Rating, Affirmed at Caa1
  -- Probability of Default Rating, Affirmed at Caa1
  -- Senior Unsecured Bonds, Affirmed at Caa2, LGD 4, 60%

The Caa1 corporate family rating reflects high financial risk
and the lack of visibility regarding IMAX's long term cash flow
prospects, as well as execution risk related to the strategic
transition to increased use of joint ventures and the rollout of
the new digital system.  A highly enforceable backlog of signed
contracts, recent positive business indicators (including
increased system signings and film slate announcements), and the
value of the IMAX brand support the ratings.

Headquartered in Ontario, Canada, IMAX Corporation (Nasdaq:
IMAX)(TSX: IMX) -- http://www.imax.com/-- is a digital    
entertainment and technology company.  As of Dec. 31, 2007,
there were 299 IMAX theatres operating in 39 countries.  The
company's groundbreaking IMAX DMR digital remastering technology
allows it to digitally transform virtually any conventional
motion picture into the unparalleled image and sound quality.  
The company has a subsidiary in Netherlands, IMAX (Netherlands)
B.V., and also in Japan, IMAX Japan Inc.  The company has
locations in Guatemala, India and Italy.


MILLICOM INTERNATIONAL: Proposes New Members of Board Directors  
---------------------------------------------------------------
Millicom International Cellular's Nomination Committee proposes
to re-elect Kent Atkinson, Mia Brunell Livfors, Donna Cordner,
Daniel Johannesson, and Michel Massart as Non-Executive
Directors, and to elect Allen Sangines-Krause and Marten Pieters
as new Non-Executive Directors of the Company.  The Committee
also proposes to re-elect Mr. Johannesson as Non-Executive
Chairman of the Board of Directors.

Mr. Pieters was CEO of MSI, which became Celtel, from 2003
through its acquisition by MTC in early 2007.  During this time,
he was a driving force in Celtel's development as one of the
leading pan-African telecommunications operators, serving some
20 million customers in 14 countries.  Previously, from 1989 to
2003, Mr. Pieters worked at KPN where, from 2000, he was a
member of the executive management board of KPN Telecom with
specific responsibility for KPN's Business Solutions Division.  
Prior to this he was EVP, KPN International Operations, covering
Central and Eastern Europe, Asia and the US.  Before this
he was Managing Director of two Telecoms districts, having
joined KPN as Secretary to the Board of Management.  Before
starting his career in telecommunications, Mr Pieters worked for
11 years at Royal Smilde Foods as Director of Finance and
Strategic Planning and eventually as CEO in the Netherlands.  He
has a Law degree from Groningen University, The Netherlands.

Mr. Sangines-Krause worked for Goldman Sachs between 1993 and
2007, working in a variety of senior positions from COO for
Latin America based in Mexico City and New York and most
recently as Managing Director out of London.  Prior to joining
Goldman Sachs, Mr Sangines-Krause was with Casa de Bolsa
Inverlat, in Mexico, and before that he was a Founding Partner
of Fidem, S.C., a Mexican investment bank, which was acquired by
Casa de Bolsa Inverlat in 1991.  Mr. Sangines-Krause currently
sits on the Board of Investment AB Kinnevik and is Chairman of
Rasaland, a real estate investment fund.  He is a member of the
Council of the Graduate School of Arts and Sciences of Harvard
University.  He has a Ph.D. in Economics from Harvard University
and an undergraduate degree in Economics from Instituto
Tecnologico Autonomo de Mexico.  While at Harvard, he was
economic advisor to the Bolivian President for three years,
focused on successfully reducing hyperinflation from some
20,000% to single digit levels.

Millicom Chairman, Mr. Johannesson, commented: "I am delighted
to propose Mr Sangines- Krause and Mr Pieters to the Board of
Directors of Millicom.  Mr. Sangines-Krause has significant
investment banking experience in both Central and South America
and Europe, having spent many years living and working
throughout Latin America, which continues to be an extremely
important region for Millicom's development.  He already has a
thorough understanding of the strategic direction of Millicom
from his non-executive director role at Investment AB Kinnevik.  
Mr. Pieters has tremendous experience from the
telecommunications sector, having worked at both KPN in Europe
and most recently as CEO of Celtel in Africa.  Africa remains an
important focus area for Millicom's future growth.  I have no
doubt that both proposed Directors' expertise will be
instrumental to Millicom in the future."

                   About Millicom International

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                            *     *     *

As reported in the Troubled Company Reporter-Europe on
Nov. 16, 2007, Moody's Investors Service upgraded ratings of
Millicom International Cellular S.A.  The corporate family
rating was upgraded to Ba2 from Ba3 and the rating on the
existing senior notes was upgraded to B1 from B2.  Moody's said
the outlook on the ratings is stable.



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

AIR JAMAICA: Ministry Intervenes in Firm's Conflict With Workers
----------------------------------------------------------------
The Jamaica Gleaner reports that Jamaica's Labor and Social
Security Minister Pearnel Charles will hold a series of meetings
with representatives of Air Jamaica's unionized workers.

According to The Gleaner, the workers have been protesting the
government's decision not to grant them a wage raise.  Don
Wehby, the minister responsible for Air Jamaica, sent a letter
to the trade unions representing the workers last Friday,
informing them that the government couldn't entertain requests
for wage increases due to the airline's “dire financial state”.

Radio Jamaica relates that over 2,000 workers reportedly joined
the strike.

At least two flights were canceled and several delayed by hours
due to the strike, The Gleaner says, citing Air Jamaica's
Chairperson Shirley Williams.

National Workers' Union President Vincent Morrison told The
Gleaner, "We are very disappointed as the cost of living in the
past month has increased and the workers of Air Jamaica who have
been waiting since 2006, have not had an adjustment to their
wages."

"It's unfortunate that we have reached here, but I believe that
the blame must be laid squarely at the feet of the Minister with
the portfolio," National Workers' Vice President Granville
Valentine commented to The Gleaner.  

According to Radio Jamaica, the Bustamante Industrial Trade
Union will call a workers meeting this week.  The meeting is for
the discussion of the implications of Minister Wehby's
statement, the union's president General Kavon Gayle said.

Kavan Gayle -- president of the Bustamante Industrial Trade
Union, which represents three bargaining units at Air Jamaica --
commented to The Gleaner, "We are hoping that there can be some
change of mind in terms of the approach that the government has
taken."

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in
1994.  The Jamaican government does not plan to own Air Jamaica
permanently.

                          *    *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.

On July 21, 2006, Standard & Poor's Rating Services assigned a
"B" long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, based on the government's
unconditional guarantee of both principal and interest payments.


DYOLL INSURANCE: Liquidators File Lawsuit Against Parent
--------------------------------------------------------
The Jamaica Gleaner reports that the Dyoll Insurance Company's
liquidators are seeking J$388 million in damages against Dyoll
Group Ltd.

The Gleaner relates that regulator Financial Services Commission
stripped away Dyoll Insurance from Dyoll Group in 2005.  Dyoll
Insurance's liquidators sued Dyoll Group, accusing the group of
overcharging fees.

Donovan Jackson -- Dyoll Group's legal representative and a
partner in the law firm Nunes, Scholfield and Deleon --
commented to The Gleaner, "We believe that the claim is
substantially defendable."  Dyoll Group warned shareholders that
it would render itself insolvent if the case went against them,
The Gleaner notes.

The Gleaner says that Dyoll Group "has access to US$1.3 million,
the remainder of a US$2 million award in a case against Drax
Hall Estate," a 550-acre housing estate in St.Ann.  Dyoll Group
already collected US$700,000 of the award.

According to The Gleaner, Dyoll Group Chairperson Damien King
and Mr. Jackson advised shareholders that several investors are
interested in buying the "judgment debt."  No deals had been
closed.  "We are confident that the debt will be realized as it
is secured against saleable property of significant value," Mr.
King commented to The Gleaner.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in March 7, 2005, to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
leveled on the company as a result of the hurricane Ivan.
Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.


DYOLL GROUP: Unit's Liquidators File Lawsuit Against Firm
---------------------------------------------------------
The Jamaica Gleaner reports that the Dyoll Insurance Company's
liquidators are seeking J$388 million in damages against Dyoll
Group Ltd.

The Gleaner relates that the Financial Services Commission
stripped away Dyoll Insurance from Dyoll Group in 2005.  Dyoll
Insurance's liquidators sued Dyoll Group, accusing the group of
overcharging fees.

Donovan Jackson -- Dyoll Group's legal representative and a
partner in the law firm Nunes, Scholfield & Deleon -- commented
to The Gleaner, "We believe that the claim is substantially
defendable."  Dyoll Group warned shareholders that it would
render itself insolvent if the case went against them, The
Gleaner notes.

The Gleaner says that Dyoll Group "has access to US$1.3 million,
the remainder of a US$2 million award in a case against Drax
Hall Estate," a 550-acre housing estate in St.Ann.  Dyoll Group
already collected US$700,000 of the award.

According to The Gleaner, Dyoll Group Chairperson Damien King
and Mr. Jackson advised shareholders that several investors are
interested in buying the "judgment debt."  No deals had been
closed.  "We are confident that the debt will be realized as it
is secured against saleable property of significant value," Mr.
King commented to The Gleaner.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in March 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
leveled on the company as a result of the hurricane Ivan.  
Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.




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

AMERICAN AXLE: UAW Chief Balks at GM's US$200 Mil. Aid to Axle
--------------------------------------------------------------
United Auto Workers union president Ron Gettelfinger criticized
General Motors Corp.'s US$200 million aid to American Axle &
Manufacturing Holdings Inc., saying that instead of resolving
the labor dispute, GM's action will make the talks more
difficult, John D. Stoll of The Wall Street Journal, citing a
radio interview, reports.

As reported in the Troubled Company Reporter-Latin America on
May 12, 2008, GM agreed to provide Axle with upfront financial
support capped at US$200 million to help fund employee buyouts,
early retirements and buydowns to facilitate a settlement of the
work stoppage.

WSJ relates that the UAW chief predicts that Axle will make firm
demands following GM's move.  The auto supplier now intends to
close a factory in Cheektowaga, New York.

Axle believes that the labor protest will be settled either if
the UAW eases off or GM intervenes, WSJ quotes people familiar
with the matter.

The TCR disclosed on April 24, 2008, that approximately 3,650
associates are represented by the UAW at five facilities in
Michigan and New York affected by the strike.  AAM and the UAW
are working to reach a new collective bargaining agreement for
the original U.S. locations.

Although AAM has made several economic proposals to the UAW with
"all-in" hourly wage and benefit packages that were considerably
higher than the market rate of AAM's UAW-represented competitors
in the U.S., the UAW has repeatedly rejected these economic
proposals.

                             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.  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.

                         About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drive train systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2008, Moody's Investors Service placed American Axle &
Manufacturing Holdings, Inc.'s Ba3 Corporate Family Rating under
review for downgrade.


BLOCKBUSTER INC: Obtains Authority to Review Circuit City Books
---------------------------------------------------------------
Circuit City Stores Inc. has let Blockbuster Inc. review its
records in connection with the video-rental chain's bid to buy
the consumer electronics retailer, various reports say.

Circuit City also received a letter from Blockbuster indicating
that the company's largest shareholder, Carl Icahn, is willing
to buy Circuit City if Blockbuster can't get financing or secure
necessary shareholder approval, several reports add.

According to the reports, Circuit City Stores hired Goldman
Sachs & Co. to explore strategic alternatives, which may include
a sale of the company.  The Wall Street Journal states that
Circuit City's board of directors has not determined to pursue
the sale option.

WSJ quotes Philip J. Schoonover, chairman, president and chief
executive officer of Circuit City as saying: "The decision to
allow Blockbuster and Carl Icahn to conduct due diligence should
not be taken as an indication that the board has completed its
review of the Blockbuster proposal, that the board has taken a
position on the company's value or that it has settled upon a
particular strategic course of action."

WSJ says that recent trading of Circuit City shares suggests
investors are skeptical that a deal would happen.  Circuit City
stock has been trading at less than the offer of US$6 to US$8 a
share, and, despite a 5.9% gain on May 9, it was at US$5.07 in 4
p.m. New York Stock Exchange composite trading, WSJ notes.

Even inside Blockbuster, there is some skepticism that a deal
will materialize, WSJ states citing people familiar with the
situation.  Blockbuster's bid is based on a multitude of
assumptions, and it isn't clear what the company will find when
it starts delving into Circuit City's numbers, WSJ indicates.  

WSJ relates that questions also remain about how well
Blockbuster could execute a merger.

               About Circuit City Stores Inc.

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- is a specialty    
retailer of consumer electronics, home office products,
entertainment software and related services.  The company has
two segments: domestic and international.  

                     About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a leading global        
provider of in-home movie and game entertainment, with over
7,800 stores throughout the Americas, Europe, Asia and
Australia.  The company maintains operations in Brazil, Mexico,
Denmark, Italy, Taiwan, and Australia.

At Jan. 6, 2008, the company's total debt, including capital
lease obligations was US$757.8 million compared with US$984.2
million in Dec. 31, 2006.

                          *     *     *

In December 2007, Fitch Ratings affirmed Blockbuster Inc.'s
long-term Issuer Default Rating at 'CCC' and the senior
subordinated notes at 'CC/RR6'.  The rating outlook is stable.  


COREL CORP: Appoints Kris Hagerman as Interim Chief Executive
-------------------------------------------------------------
Kris Hagerman, formerly Group President of Symantec's Data
Center Management Group, has been appointed as Corel
Corporation's interim Chief Executive Officer, effective
May 8, 2008.  Mr. Hagerman's appointment follows Corel's
announcement on April 21, 2008, that current CEO David Dobson
will be leaving the company in order to accept a senior
executive position at a Fortune 500 company.

During the transition period, Mr. Dobson will remain a Director
on Corel's Board and assist in evaluating the strategic
alternatives available to the Company, including the previously
announced proposal by Vector Capital.

An experienced industry executive, Mr. Hagerman most recently
served as a Senior Advisor at Vector Capital.  Prior to that,
Hagerman was Group President of Symantec's Data Center
Management group, which generated US$1.7 billion in revenue or
approximately 30% of Symantec's 2007 revenue.  Prior to
Symantec, Mr. Hagerman held senior positions with Veritas
Software Corporation, including Executive Vice President and
General Manager of the Storage and Server Management Group.  
Prior to Veritas, Mr. Hagerman was founder and CEO of two
consumer Internet companies, and also served in positions at
Silicon Graphics and McKinsey & Company, Inc.

"We are very pleased to have a proven executive like Kris
Hagerman join Corel," Alex Slusky, Chairman of Corel's Board of
Directors and Managing Partner of Vector Capital, said.  "[Mr.
Hagerman's] deep experience and successful track record in
software are a great fit for Corel.  The Board is confident he
will provide strong leadership for the company while we conduct
a search for a permanent chief executive."

"Corel is truly one of the world's leaders in consumer
software," Mr. Hagerman said.  "I look forward to working with
Corel's management team and employees to continue the company's
successful trajectory through this transition period."

Corel Corp. (NASDAQ: CREL)(TSX: CRE) -- http://www.corel.com/--     
is a developer of graphics,  productivity and digital media  
software with more than 100 million users worldwide.  The  
company's product portfolio includes some of CorelDRAW(R)
Graphics Suite, Corel(R) Paint Shop Pro(R) Photo, Corel(R)
Painter(TM), Corel DESIGNER(R), Corel(R) WordPerfect(R) Office,
WinZip)R), WinDVD(R) and iGrafx(R).

Corel's products are sold in more than 75 countries through a  
network of international resellers, retailers, original
equipment manufacturers, online providers and Corel's global
websites.  The company's headquarters are located in Ottawa,
Canada with major offices in the United States, United Kingdom,
Germany, China, Taiwan, Brazil, Mexico and Japan.

At Feb. 29, 2008, the company's balance sheet showed total
assets of US$255.9 million and total debts of US$273.6 million,
resulting in a US$17.7 million total stockholders' deficit.


SHARPER IMAGE: Court Approves Financing Agreement With AICCO
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
a Premium Finance Agreement that Sharper Image Corp. entered
with AICCO, Inc. to fund its workers compensation program.

Under the laws of the various states in which it operates,
Sharper Image is required to maintain workers' compensation
coverage for its employees for claims arising from or related to
their employment.

To comply with the requirement, the Debtor maintained a Workers'
Compensation Program with Chubb/Federal Insurance Company from
April 1, 2007 through March 31, 2008.  Thereafter, the Debtor
renewed its Workers' Compensation Program with Chubb on April 1,
2008.  The new insurance policy with Chubb will expire on
March 31, 2009.  The premium due under the New Policy is
US$724,897, and the amount is due in full by May 15, 2008.

In light of the amount of the premium relative to the Debtor's
current budget and availability under its postpetition financing
facility, the Debtor believes that it would be advisable to
conserve its liquidity and finance the payment of the Premium
under a financing agreement with AICCO, Inc.

After arm's-length negotiations in which both parties discussed
the terms of the financing of the Premium, the Debtor and AICCO
determined to enter into a Premium Finance Agreement, disclosure
statement, and security agreement, pursuant to which AICCO has
agreed to finance a portion of the Premium payable by the Debtor
pursuant to the New Policy on a secured basis.  Furthermore, the
Debtor will finance US$471,250 under the Financing Agreement.

Pursuant to terms of the Financing Agreement, the Debtor is
required to:

     (i) make a cash down payment of US$253,646,

    (ii) pay interest on borrowings at an annual percentage rate
         of 5.25%,

   (iii) starting on May 1, 2008, repay the amount borrowed in
         seven equal monthly installments, each for US$68,504,
         and

    (iv) pay AICCO a total finance charge of US$8,238.

Steven K. Kortanek, Esq., at Womble Carlyle Sandridge & Rice,
PLLC, in Wilmington, Delaware, related that under the Financing
Agreement, the Debtor will grant AICCO a security interest in
all unearned or returned premiums and other amounts which may
become due to the Debtor in connection with the New Policy.  

The Debtor is unable to finance the payment of the Premium on an
unsecured basis, and AICCO is unwilling to provide financing
other than on a secured basis, Mr. Kortanek explained.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  When the
Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  (Sharper
Image
Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SHARPER IMAGE: Stay Lifted to Let American Express End Promo
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted a
request by American Express Travel Related Services Company,
Inc.,  to lift the automatic stay to allow it to terminate its
Rewards Participant Agreement with Sharper Image Corporation.   

William J. Burnett, Esq., at Flaster/Greenberg P.C., in
Wilmington, Delaware, related that on January 1, 2001, the
Debtor and American Express entered into the Reward Participant
Agreement wherein:

     (i) American Express will promote Rewards provided by the
         Debtor to all its Cardmembers, which Rewards include
         US$25 Gift/Rewards and US$50 Gift/Rewards for the
         Debtor;

    (ii) the Debtor is required to disclose any material
         restrictions on the ability of the Cardmembers to use
         or redeem the Rewards; and

   (iii) the Debtor cannot impose restrictions on the Rewards
         that were not originally set in the Agreement.   

Mr. Burnett explained that in the Debtor's request to Honor
Prepetition Customer Programs, the Debtor made clear that it
will not honor the Reward Participant Agreement including the
Gift Cards provided to American Express under the Agreement.  On
a Court-approved Supplemental Motion, the Debtor was granted
authorization to honor the Gift Certificates provided that a
customer purchases goods that are worth at least 200% of the
amount of the Gift Certificate.  

Mr. Burnett arguedthat the Debtor's imposition of a new
restriction, that is strictly forbidden, constitutes a material
breach of the Reward Participant Agreement and precluded the
ability of the American Express customers to redeem the
designated Rewards.

According to Mr. Burnett, American Express believes that the
Debtor's actions are imposing new burdens on American Express
customers, which in turn will likely tarnish the positive
goodwill of American Express brand associated with its customers
participating in the  Program and the overall value of the
Rewards.  

"American Express will face significant pressures as its
customers seek reimbursement for Gift Cards that are worth less
than they bargained for," Mr. Burnett disclosed.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  When the
Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  (Sharper
Image Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SHARPER IMAGE: Bid to Restrict Equity Trades Hearing Set May 14
---------------------------------------------------------------
Sharper Image Corp. seeks the authority of the U.S. District
Court for the District of Delaware to (i) establish procedures
to protect the potential value of its net operating tax loss
carryforward amounts, and (ii) notify all holders of its stock
and claims via a notice.

The Debtor estimates that it has NOLs in excess of
US$200,000,000.  In addition, the Debtor has substantial tax
basis in its assets that exceeds the implied value of its assets
based on its current market capitalization.

Steven K. Kortanek, Esq., at Womble Carlyle Sandridge & Rice,
PLLC, in Wilmington, Delaware, relates that the Debtor's NOLs
may be valuable assets of its estate because the Internal
Revenue Code of 1986, as amended, generally permits corporations
to carry forward NOLs to offset future income.  Depending on
future operating results and potential asset dispositions, and
absent any intervening limitations prior to the effective date
of a Plan, the NOLs may reduce the Debtor's future U.S. federal
income tax liability, Mr. Kortanek adds.

Mr. Kortanek states that the ability of Sharper Image to use its
NOLs for future tax deductions as attributable to its
substantial tax basis is subject to certain statutory
limitations.  Section 382 of the Tax Code limits a corporation's
use of its NOLs and certain other tax attributes to offset
future income after that corporation has undergone a change of
ownership.

"A section 382 change of ownership prior to the effective date
of a Plan would effectively eliminate Sharper Image's ability to
use its NOLs and certain other tax attributes, thereby resulting
in a significant loss of value," Mr. Kortanek said.  Section
382, however, significantly relaxes the restrictions on the use
of NOLs and certain other tax attributes when a change of
ownership occurs pursuant to a confirmed Plan.

To preserve the potential value of the estate's NOLs, the Court
approved, on an interim basis, certain restrictions and
notification requirements which will apply to the trading of the
Debtor's stock.  The restrictions and notification requirements
include:

   (a) any person or entity who owns at least 4.75% of the
       Debtor's Stock will serve on the Debtor and its attorneys
       a notice containing the ownership information, on or
       before the date that is the later of (i) 20 days after          
       the entry of a Court-order, or (ii) 20 days after that
       person or entity becomes the owner of 4.75% or more of
       the Debtor's Stock.

   (b) pursuant to Sections 105(a) and 362 of the Bankruptcy
       Code, these persons and entities are stayed, prohibited,
       and enjoined:

       * in the case of a person or entity who does not own any
         of the Debtor's Stock, or who owns less than 4.75%,
         from purchasing, acquiring, or otherwise obtaining
         ownership of an amount of the Debtor's stock which,
         when added to that person's or entity's total ownership
         of the stock, would equal or exceed 4.75% of the
         Debtor's stock; and

       * in the case of a person or entity who owns at least
         4.75% of the Debtor's stock, from purchasing,
         acquiring, or otherwise obtaining ownership of any
         additional shares of the Debtor's stock.

   (c) under Sections 105(a) and 362 of the Bankruptcy Code,
       each and any Substantial Equityholder as of April 17,
       2008, is stayed, prohibited, and enjoined, from selling
       or otherwise making any disposition of any shares of the
       Debtor's stock except as herein provided:

       * at least 15 calendar days prior to the proposed date of
         any disposition of any stock by a Substantial
         Equityholder, the Substantial Equityholder must file
         with the Court and serve on the Debtor's and its
         counsel a notice of intent to dispose of the stock.

       * the Debtor will have 15 calendar days after the filing
         of an Equity Disposition Notice to file with the Court,
         and serve on a Proposed Equity Transferor, an objection
         to any proposed disposition of the Debtor's stock.        

The Court also gave interim approval of certain restrictions and
notification requirements, which will apply to the trading of
claims against the Debtor.  The restrictions and notification
requirements include:

   (a) any person or entity who currently is or becomes a        
       substantial claimholder will file with the Court, and
       serve on the Debtor and its attorneys a notice of the
       status within 15 calendar days of the later of (i) the
       entry of the Court-order, and (ii) the date on which the
       person or entity becomes a Substantial Claimholder.  A  
       Substantial Claimholder is a person or entity that
       beneficially owns an aggregate principal amount of claims
       against the Debtor, or any entity controlled by a person
       or entity through which the person or entity beneficially
       owns claims against Sharper Image, equal to or exceeding
       US$3,000,000.

   (b) except to the extent necessary to respond to a Proposed
       Claims Acquisition Transaction, or to the extent that the
       information contained is already public, the Debtor will
       keep all notices strictly confidential and will not
       disclose the identity of any person filing the notice to
       any other person or entity.  However, the Debtor may
       disclose the identity of any person to its attorney and
       professional financial advisors and the attorneys and
       professional financial advisors to the Statutory
       Creditors Committee, each of whom will keep all notices
       strictly confidential.

   (c) except as otherwise provided in the Court-approved
       restrictions and notification requirements, at least 15
       calendar days prior to the proposed date of any transfer
       of claims that would result in an increase in the amount
       of aggregate principal claims beneficially owned by a
       Substantial Claimholder or would result in a person or
       entity becoming a Substantial Claimholder, the person,
       entity, or Substantial Claimholder must file with the
       Court and serve on the Debtor and its attorneys a notice
       of intent to purchase, acquire or otherwise accumulate a
       claim.

   (d) the Debtor will have 15 calendar days after the filing of
       a Claims Acquisition Notice to file with the Court, and
       serve on a Proposed Claims Transferee an objection to any
       proposed transfer of claims.

Until further Court-order to the contrary, any acquisitions,
dispositions, or trading in violation of the restrictions will
be null and void ab initio as an act in violation of the
automatic stay.

Any person or entity acquiring or disposing of stocks or claims
against the Debtor in violation of the restrictions will be
subject to sanctions as the Court may consider appropriate.

The Debtor will take reasonable efforts to publish on the
Bloomberg newswire service a notice informing potential
purchasers that claims are subject to the provisions of the
Interim Order and that holders of claims could be required to
sell or otherwise transfer them.

The Debtor will serve notice of the entry of the Interim Order
to (i) the United States Trustee for the District of Delaware,
(ii) the attorneys for the Statutory Creditors Committee, (iii)
the attorneys of Wells Fargo Retail Finance, LLC, as prepetition
and postpetition secured lender to the Debtor, (iv) all other
parties in interest entitled to notice in the Chapter 11 case,
(v) any transfer agents for the Debtor's stocks, and (vi)
parties who file notices of transfers of claims under Bankruptcy
Rule 3001(c)(i) to the extent the parties have not previously
been served with the interim procedures notice, provided that
the Interim Procedures Notice will be sent to the parties at the
end of the month.

The Debtor will post the Interim Procedures Notice on the Web
site of Kurtzman Carson Consultants, LLC.  Moreover, the Debtor
will submit a notice of the entry of the Interim Order for
publication on the Bloomberg newswire service and arrange for
publication of the notice in national editions of The Wall
Street Journal and The New York Times.

The Court will convene a final hearing on May 14, 2008, to
consider final approval of the request.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  When the
Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  (Sharper
Image Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


VISTA GOLD: Evaluates Land Permit of Paredones Amarillos Project
----------------------------------------------------------------
Vista Gold Corp.'s advisors and counsel in Mexico have confirmed
their view that the Change of Land Use Permit for the Paredones
Amarillos Project remains valid.  Vista Gold is currently
evaluating the options for validation of the permit, which
include initiating legal or administrative action seeking the
annulment of the opinion rendered by the La Paz office of the
Mexican Environmental and Natural Resource Service.

Management has held meetings with senior government officials in
Baja California Sur in the last week and will be meeting with
senior government officials in Mexico City in the coming weeks
to confirm the status of the permit.  The company's management
believes that any related issues will be resolved without any
significant delay to the expected timing for completion of the
definitive (bankable) feasibility study or the proposed
timetable for the development of the Paredones Amarillos
Project, but will provide further information as soon as it is
in a position to do so.

Vista Gold Corp. (Amex: VGZ; TSX), based in Littleton, Colorado,
evaluates and acquires gold projects with defined gold
resources.  Additional exploration and technical studies are
undertaken to maximize the value of the projects for eventual
development.  The corporation's holdings include the Maverick
Springs, Mountain View, Hasbrouck, Three Hills, Wildcat projects
and Hycroft mine, all in Nevada, the Long Valley project in
California, the Yellow Pine project in Idaho, the Paredones
Amarillos and Guadalupe de los Reyes projects in Mexico, the
Amayapampa project in Bolivia, and the Awak Mas deposit in
Indonesia.

                          *     *     *

As reported in the Troubled Company Reporter on April 1, 2004,
Vista Gold's independent auditors expressed doubt about the
company's ability to continue as a going concern after reviewing
its financial statements for the year ending Dec. 31, 2003.

Vista Gold reported US$14.2 million net loss in the year ended
Dec. 31, 2007, US$2.2 million net loss for the three-month
period ended Sept. 30, 2007, and US$3.23 million net loss for
three-month period ended June 30, 2007.


X-RITE INC: Posts US$16.8 Million Net Loss in 2008 First Quarter
----------------------------------------------------------------
X-Rite Incorporated reported Tuesday its financial results for
the first quarter ended March 29, 2008.

For the first quarter, the company reported an operating loss of
US$2.0 million and a net loss of US$16.8 million.  In
comparison, the company reported operating income of US$5.0
million and net income of US$7.8 million in the first quarter
last year.

Net sales totaled US$65.9 million, compared to net sales of
US$57.7 million during the first quarter of 2007.

Net sales decreased 2.5% from the first quarter of 2007, on a
pro forma combined basis with the results of Pantone included in
both years.  The 2.5% decrease was comprised of a 3.2% decrease
within the core color segment and a 0.9% increase within the
color standards segment (Pantone).  Adjusting for the positive
impact of foreign currency fluctuations, the sales decrease was
6.8% on the same pro forma combined basis.  The company acquired
Pantone on Oct. 24, 2007.

Total interest expense including amortization of deferred
financing costs and derivative expense related to the company's
interest rate swaps, was US$12.0 million and explains most of
the difference between the operating loss and the net loss for
the quarter.  Interest expense was US$4.6 million during the
first quarter of 2007.

Operating expenses were US$37.3 million during the first quarter
of 2008, versus US$30.8 million in 2007.  The increase in
operating expenses primarily reflects added costs as a result of
the acquisition of Pantone in October 2007.

EBITDA, a non-GAAP metric, was US$18.9 million (25.0% of sales)
in the fourth quarter of 2007, the company's seasonally highest
performance quarter, and US$13.2 million (20.0% of sales) in the
first quarter of 2008.  Trailing four quarters EBITDA is one of
the four key financial covenants in the company's credit
agreements.  The company satisfied this financial covenant in
the first quarter with trailing four quarters EBITDA of US$60.9
million.

The company failed to achieve the trailing twelve month first
lien leverage ratio in the first quarter.  

Cash decreased from US$20.3 million at 2007 year-end to
US$18.4 million at the end of the first quarter.  The borrowings
with the first and second lien lenders increased US$9.8 million
during the quarter and were US$399.5 million at the end of the
first quarter.  

"Our sales rates began to soften just as we entered 2008 and led
to our April 3 press release stating that our sales would be
down in the first quarter of 2008 on a pro forma combined basis
versus the first quarter of 2007," stated Thomas J. Vacchiano,
Jr., chief executive officer of X-Rite.  "Ultimately, our final
first quarter 2008 sales results were down 2.5% at US$65.9
million.  We are optimistic about the sales potential for new
products this year but remain cautious about our 2008 revenue
outlook, given the various integration dynamics we are dealing
with and a difficult economic climate."

"We recognize that the financing structure of the Pantone
acquisition, on top of the previous Amazys acquisition, along
with a slow down of our business in a challenging global
economic environment, has resulted in a challenging level of
leverage on the balance sheet," stated Lynn J. Lyall, chief
financial officer. "The solution will be rooted in continuing to
improve on our historically strong business performance which
generates substantial profitability and cash flow, while at the
same time making smart decisions about our debt leverage and
associated capital structure."

Lynn Lyall stated, "In response to our lender covenant defaults
and business needs looking forward, the company has engaged RBC
Capital Markets as its financial advisor.  They are assisting us
with exploring options to address the financial leverage on the
company's balance sheet.  It is in the interest of all
stakeholders that the company is able to pursue its operating
plan and strategy to achieve its business goals."

                      Acquisition of Pantone

On Oct. 24, 2007, the company completed its acquisition of
Pantone for a purchase price of US$174.4 million.  Pantone is a
provider of  color communication and specification standards in
the creative design industries.

The transaction was funded with cash, financed through new
borrowings.  Total cash acquired with the Pantone purchase was
US$700,000.

                          Balance Sheet

At March 29, 2008, the company's consolidated balance sheet
showed US$645.6 million in total assets, US$482.0 million in
total liabilities, and US$163.6 million in total stockholders'
equity.

The company's consolidated balance sheet at March 29, 2008, also
showed strained liquidity with US$144.3 million in total current
assets available to pay US$468.0 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 29, 2008, are available
for free at http://researcharchives.com/t/s?2bb1

                        About X-Rite Inc.

Headquartered in Grand Rapids, Mich., X-Rite (Nasdaq: XRIT) --
http://www.xrite.com/-- is the world's largest provider of  
color-measurement solutions, offering hardware, software, color
standards and services for the verification and communication of
color data.  The company serves a range of industries, including
imaging and media, industrial color and appearance, retail color
matching, and medical.  X-Rite serves customers in more than 100
countries from its offices in Europe, Asia and the Americas.

The X-Rite Latin America sales team provides assistance to
customers in Mexico, Central and South America, and the
Caribbean.  X-Rite's sales team works together with highly
qualified local vendors and distributors to ensure the best
possible personalized customer assistance, offering a wide and
unparalleled array of products, support and repair services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit rating, on X-Rite
Inc. on CreditWatch with negative implications following the
company's announcement that it was not in compliance with
certain covenants in its secured credit facilities.

Troubled Company Reporter related on April 2, 2008, that Moody's
Investors Service lowered X-Rite Inc.'s corporate family rating
to B2 from B1.  Moody's also lowered the rating on the company's
first lien senior secured credit facilities to B1 from Ba3 and
the rating on the second lien term loan to Caa1 from B3.  All
ratings were placed under review for possible downgrade.




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

GRAN TIERRA: To Restate Financial Statements in 10-K Form Filing
----------------------------------------------------------------
Gran Tierra Energy Inc. will restate the company's financial
statements for previously reported quarters ended
March 31, 2007, June 30, 2007, and Sept. 30, 2007, and the years
ended Dec. 31, 2007 and 2006.  The company discovered a
misclassification of accounts payable and accrued liabilities
resulting in a misstatement of cash flows from operating
activities, with a corresponding offset to cash flows from
investing activities.  The restatement will have no effect on
the previously reported net change in cash and cash equivalents
and no impact on previously reported consolidated balance sheets
or consolidated statements of operations and accumulated
deficit.  The company
will file an amendment to its annual report on Form 10-K for the
year ended Dec. 31, 2007, to reflect the restatement.

In the course of preparing its interim financial statements for
its quarterly report on Form 10-Q to be filed with the
Securities and Exchange Commission for the quarter ended
March 31, 2008, the company discovered the misclassification in
its 2007 interim financial statements for the previously
reported quarters ended March 31, 2007, June 30, 2007, and
Sept. 30, 2007, and annual financial statements for the years
ended Dec. 31, 2007 and 2006.  The company is in the process of
completing its assessment of this matter.

As a result, management and the audit committee have concluded
that the company's previously-filed financial statements for the
corresponding periods should not be relied upon.  The company
plans to file its Form 10-K/A containing its restated 2007 and
2006 financial statements, and reflecting the corrections to the
financial statements for the interim periods in 2007, on
May 12, 2008.

                     About Gran Tierra Energy

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

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

                       Successive Net Losses

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

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



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

PETROLEOS DE VENEZEULA: To Form JV With China Nat'l Petroleum
-------------------------------------------------------------
Petroleos de Venezuela SA and China National Petroleum Corp.
will form a joint venture to develop an area known as Junin 4 in
Venezuela's Orinoco belt, and build a refinery in China's
Guandong province.

The agreement was signed on Friday by Zhou Jiping, CNPC vice
president, and Venezuelan Energy and Oil Minister Rafael
Ramirez, who is also PDVSA president, China Knowledge relates.

The venture will pump oil from the Junin 4 block to supply the
Zhuhai refinery that the two state-owned firms will set up,
Steven Bodzin of Bloomberg News says.  CNPC reportedly has
quantified reserves in the Junin 4 block, which area covers 678
km2.

Various reports say the Zhuhai refinery will have a capacity to
process 400,000 barrels of crude daily.  PDVSA's Eulogio del
Pino told Bloomberg that Venezuela would be able to supply all
of the refinery's needs by 2013, the year it is expected to
start operations.  According to Business News Americas, China
and Venezuela have already agreed to start financial and
feasibility studies for the Zhuhai project.

China Knowledge, citing unnamed sources, says the joint venture
is worth around US$2 billion.

The CNPC tie-up is part Venezuela's strategy to market its heavy
crude in China, BNamericas states.  According to Bloomberg,
CNPC's move is part of China's plans to secure long-term energy
supply deals around the world to satisfy its increasing needs.

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.

                       *     *     *

In March 2007, Standard & Poor's Ratings Services assigned its
'BB-' senior unsecured long-term credit rating to Petroleos de
Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes
due 2027, and US$1 billion notes due 2037.

Also in March 2007, Fitch Ratings gave a BB- rating to PdVSA's
Senior Unsecured debt.  

On Feb. 7, 2007, Moody's Investors Service affirmed the
company's B1 global local currency rating.


PETROLEOS DE VENEZUELA: Inks Joint Venture Pact With Enarsa
-----------------------------------------------------------
Petroleos de Venezuela SA has signed an accord with Energia
Argentina Sociedad Anonima a.k.a. Enarsa to form a joint venture
for the construction and operation of Venezuela's first
liquefied natural gas liquefaction facility.

Business News Americas relates that the liquefaction facility
will be constructed at the Gran Mariscal de Ayacucho industrial
facility in Guiria, Sucre.  It will liquefy 4.7 million tons per
year.  Petroleos de Venezuela will own a 60% stake in the
liquefied natural gas joint venture, Enarsa will hold a 10%
stake, and "third parties" will have a 30% stake.  

An industry source told BNamericas that a "potential third-party
partner" should be viewed with caution.  "Remember, PDVSA
[Petroleos de Venezuela] has a 100% stake in the Deltana-1
block, and we're still checking to verify the information about
block 2," the source added.

BNamericas notes that U.S.-based multinational firm Chevron
Corp. holds a 60% stake in Deltana's block 2.  Petroleos de
Venezuela can purchase an increased share in the block once
"commerciality" is declared.  Chevron also owns a 100% interest
in Deltana's block 3.

According to Petroleos de Venezuela, a gas pipeline will be
built to provide the facility with natural gas produced from
block 2 of the Deltana platform offshore Venezuela.  BNamericas
relates that Petroleos de Venezuela and Enarsa want to ship the
gas to Argentina, which has faced increasing natural gas
shortages.  

Petroleos de Venezuela's Exploration and Production Vice
President Luis Vierma said in January 2007 that Chevron was keen
on developing Venezuela's first liquefied natural gas train.

According to Chevron, a conceptual offshore development plan was
completed on block 2 last year.  The block includes the Loran
natural gas field.  Block 3 and Loran could provide a supply
source for Venezuela's first liquefied natural gas train.

Petroleos de Venezuela and Enarsa already launched a round for
the construction of regasification facilities in Bahia Blanca,
Argentina, BNamericas notes.

BNamericas states that some analysts are skeptical about
Argentina's plans to re-gasify liquefied natural gas and
Venezuela's plans to produce the fuel.  However, Eurasia Group
analyst Daniel Kerner commented to BNamericas, "Obviously, PDVSA
and Enarsa have made a lot of promises for projects that haven't
materialized.  I don't think Venezuela has the expertise or
capabilities actually to go ahead with the plan.  It seems to me
the Argentine government is also going to become less and less
capable of engaging with this prospect as its fiscal situation
becomes further compromised."

BNamericas says that Venezuela has a large domestic natural gas
deficit; It is currently importing gas from Colombia.

IDP analyst David Voght told BNamericas that liquefied natural
gas is "a real possibility for Venezuela.  The country's
offshore reserves can more than support a first LNG train.  
PDVSA seems to have concluded that half of planned natural gas
production from the reserves-rich North Paria offshore area will
be earmarked for export along with production from the
Plataforma Deltana offshore area."

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.

                       *     *     *

In March 2007, Standard & Poor's Ratings Services assigned its
'BB-' senior unsecured long-term credit rating to Petroleos de
Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes
due 2027, and US$1 billion notes due 2037.

Also in March 2007, Fitch Ratings gave a BB- rating to PdVSA's
Senior Unsecured debt.  

On Feb. 7, 2007, Moody's Investors Service affirmed the
company's B1 global local currency rating.


PETROLEOS DE VENEZUELA: Will Offer New Type of Crude Blend
----------------------------------------------------------
Petroleos de Venezuela SA board member Eulogio Del Pino told Dow
Jones Newswires  that the firm will offer a new type of crude
blend with various quality levels.

According to Dow Jones, Mr. Del Pino commented on the sidelines
of a regional oil conference, "What we want to do is create a
new Orinoco blend of Venezuelan crude with different quality
levels."

Dow Jones relates that Mr. Del Pino called the new type of crude
the Orinoco blend.  However, he said no final decision has been
made on the name or the different API gravity levels to be
offered.

Del Pino told Dow Jones that blending upgraded crude with
lighter types of oil would allow Venezuela “a greater level of
production flexibility” when the Organization of Petroleum
Exporting Countries decides to reduce production.  "In the case
of an OPEC cut, then we would simply mix the (excess) crude into
higher quality products," Mr. Del Pino added.

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.

                       *     *     *

In March 2007, Standard & Poor's Ratings Services assigned its
'BB-' senior unsecured long-term credit rating to Petroleos de
Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes
due 2027, and US$1 billion notes due 2037.

Also in March 2007, Fitch Ratings gave a BB- rating to PdVSA's
Senior Unsecured debt.  

On Feb. 7, 2007, Moody's Investors Service affirmed the
company's B1 global local currency rating.



* Fitch Expects Continued Market Growth in Brazil's Road Sector
---------------------------------------------------------------
Fitch Ratings expects continued market growth in Brazil's toll
road sector, along with strong competition for new auctions, new
players entering the market and potentially reduced
profitability for new projects, according to a Fitch special
report, entitled "Brazil's Toll Roads Concessions: A New Cycle
of Opportunities in a More Stable Economic Environment".

"The expected expansion in the Brazilian economy suggests more
significant growth in vehicle traffic, which should attract new
players to market and improve the credit profile of the
companies that participated in the first phase of toll road
concession programs," according toFitch Latin America Corporates
Group Director, Mauro Storino.

In Fitch's view, sector growth is based on four key points:

  -- Reduced risks due to stable regulatory rules and increasing
     credibility of the legal framework governing concession
     contracts;

  -- Forecasted expansion in the Brazilian economy;

  -- Availability of credit providing maturities more suitable
     for long-lived toll road assets;

  -- Support from the federal and state level governments for
     expansion and rehabilitation of the road network through
     the concession program.

These factors are likely to enable projects in Brazil to attract
international operators and investors, while allowing existing
participants to consolidate their position and generate cost
efficiencies.

Fitch expects that greater competition in the sector may result
in significantly lower profitability rates for the new
concessions, compared with projects auctioned in the past.  
Reduced profitability could pressure their cash flow and
increase risk, resulting in lower ratings for recent
concessions, compared to mature concessions.  Nevertheless,
Fitch believes that development in the sector should be
sustainable over the medium and long terms.


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

                                      Total
                                   Shareholders    Total
                                      Equity      Assets
  Company               Ticker        (US$MM)     (US$MM)
  -------               ------    ------------   -------
Arthur Lange             ARLA3       (20.87)        34.65
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       (52.94)        93.89
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       (15.02)       137.09
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       (67.90)        27.89
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      (347.19)       522.28
Telebras SA              TELB3      (163.58)       229.94
Telebras-CM RCPT         TELE31     (163.58)       229.94
Telebras SA              TLBRON     (163.58)       229.94
TECTOY                   TOYB3        (6.58)        36.02
TEC TOY SA-PREF          TOYB5        (6.58)        36.02
TEC TOY SA-PF B          TOYB6        (6.58)        36.02
TECTOY SA                TOYBON       (6.58)        36.02
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


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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
240/629-3300.


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