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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, May 14, 2008, Vol. 9, No. 95

                            Headlines


A R G E N T I N A

ALTO PALERMO: Pays Second Interest Installment on US$120MM Notes
BANCO HIPOTECARIO: Earnings Drop to ARS26.6 Mil in First Quarter
BANCO PATAGONIA: Net Profit Increases to ARS55.2MM in 1st Qtr.
CREACIONES MI: Trustee to File Individual Reports on July 15
CUVERA AGROPECUARIA: Trustee Verifies Claims Until July 1

FIAT SPA: Agnelli Group Denies Planned Fiat Auto Spin-Off
GRAN TIERRA: Turnarounds With US$4.7 Mil. Net Income in 1Q 2008
MOCCIARO SRL: Proofs of Claim Verification Deadline Is Aug. 15
SUCESORES DE JUAN: Proofs of Claim Verification Is Until June 2
SUPERAR SRL: Proofs of Claim Verification Deadline Is June 6

MAGALCUER SA: Trustee Verifies Proofs of Claim Until Aug. 28
TELECOM ARGENTINA: Eyes US$530 Million Investment in 2008
TONGAS SA: Proofs of Claim Verification Deadline Is July 16


B A H A M A S

ULTRAPETROL BAHAMAS: First Qtr. Net Income Rose to US$17.3 Mil.


B A R B A D O S

BIOVAIL CORP: S&P Puts 'BB' Corp. Credit Under Neg. CreditWatch


B E R M U D A

ARCH CAPITAL: To Further Repurchase Up to US$500MM Common Shares
FOSTER WHEELER: Finnish Unit Bags Contract from NSE Biofuels
NEW WORLD: Proofs of Claim Filing Deadline Is May 28
NEW WORLD: Sets Final Shareholders Meeting for June 17
SEA CONTAINERS: Court Delays Decision on Document Disclosure

SEA CONTAINERS: Wants to Supplement Non-Insider Retention Plan
WARNER CHILCOTT: FDA Approves New Drug Application for Taclonex


B O L I V I A

COEUR D'ALENE: Reports US$4.7 Mil. Net Income in First Quarter


B R A Z I L

BANCO SOFISA: Net Income Increases to BRL34.6 Million in 1Q 2008
BERTIN LTDA: S&P Affirms B+ Credit Rating & Removes From Watch
BRASIL TELECOM: Tele Norte Buying Preferred Stocks From Firm
CENTRAIS ELECTRICAS: S&P Raises Corporate Rating From B- to B
COMPANHIA DE ENERGIA: S&P Lifts Corp. Credit Rating to B From B-

DELPHI CORP: Seeks to Raise Loan by US$254MM Amid Market Support
DIAGNOSTICOS DA AMERICA: S&P Assigns BB- Long-Term Credit Rating
DIAGNOSTICOS DA AMERICA: Fitch Puts BB Foreign & Local ID Rtgs.
FRONTIER AIRLINES: Creditors Panel Taps Wilmer Cutler as Counsel
FRONTIER AIRLINES: Gets Court Nod to Hire Davis Polk as Counsel

FRONTIER AIRLINES: Can Employ Togut Segal as Conflicts Counsel
GERDAU AMERISTEEL: Books US$163MM Net Income in 1st Qtr. 2008
GERDAU SA: Reports BRL1.1BB Consolidated Net Profit in 1Q 2008
NORSKE SKOGINDUSTRIER: Shows Weak Results in First Quarter 2008
NORSKE SKOGINDUSTRIER: S&P's BB- Ratings Remains on Watch Neg.

RHODIA SA: March 31 Balance Sheet Upside Down by EUR284 Million
TAM SA: First Quarter 2008 Net Income Up 0.1% to BRL2.6 Million
TELE NORTE: Purchasing Preferred Stocks Issued by Brasil Telecom
UNIAO DE BANCOS: Net Income Up 27.5% to BRL741 Mil. in 1Q 2008


C A Y M A N  I S L A N D S

AMERICAN MARINE: Deadline for Proofs of Claim Filing Is May 14
AMERICAN MARINE: To Hold Final Shareholders Meeting on May 14
GREYHOUND INCOME: Proofs of Claim Filing Deadline Is May 14
LAFFERTY LTD: Proofs of Claim Filing Deadline Is Until May 14
ORIENTAL CAPITAL: Deadline for Proofs of Claim Filing Is May 14

PFA ASSURANCE: Proofs of Claim Filing Deadline Is Until May 14
SLOANE ROBINSON: Deadline for Proofs of Claim Filing Is May 14
TAHOMA INTERNATIONAL: Proofs of Claim Filing Deadline Is May 14
WESSEX HOLDINGS: Proofs of Claim Filing Deadline Is May 14
WESSEX HOLDINGS: Holds Final Shareholders Meeting on May 14


C H I L E

CODELCO: Won't Have to Hire 5,000 Outsourced Workers, Court Says
SCIENTIFIC GAMES: Earns US$19.9 Million in First Quarter 2008
SCIENTIFIC GAMES: Moody's Rates New US$850 Mln Facility at Ba1


C O L O M B I A

BANCOLOMBIA SA: Posts COP93.1 Bil. Net Income in April 2008
ECOPETROL: Petroleos de Venezuela Wants Partnership With Firm
GLOBAL CROSSING: Inks 54 Colombian Security Service Pacts in '07
GLOBAL CROSSING: Says New Orders Steady Despite Credit Crisis


D O M I N I C A N   R E P U B L I C

PRC LLC: Judge Glenn Approves Disclosure Statement
PRC LLC: Can Hire Epiq Systems as Voting and Tabulation Agent
PRC LLC: Wants to Employ Korn Ferry as Hiring Consultants


J A M A I C A

AIR JAMAICA: Union Wants Workers to Benefit From MOU 3
CASH PLUS: Kevin Bandoian to Present Status Report in Court
MAAX HOLDINGS: Extends Forbearance Period to June 12
NATIONAL COMMERCIAL: Olint Attorney Questions Account Closure


M E X I C O

CLEAR CHANNEL: Extends Offer Date for 7.65% Senior Notes
DURA AUTOMOTIVE: Ct. Rejects Confirmation Hearing Extension Plea
DURA AUTOMOTIVE: Johnson Electric Objects to Plan Confirmation
MEXORO MINERALS: Gets US$500,000 1st Payment From Paramount Gold
UNITED RENTALS: Moody's Affirms B1 Rating on Sr. Unsecured Debt

X-RITE INC: Moody's Junks Corporate Family Rating


P U E R T O  R I C O

DIRECTV HOLDINGS: Fitch Puts 'BB+' Rating on US$1 Bil. Term Loan
HOME INTERIORS: Section 341 Meeting of Creditors Set June 6


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Will Invest in Sidor, Hugo Chavez Says
PETROLEOS DE VENEZUELA: Curacao Plant To Resume Full Service
PETROLEOS DE VENEZUELA: Wants Partnership With Ecopetrol
PETROLEOS DE VENEZUELA: Says Oil Reserves Rise to 130B Barrels
PETROLEOS DE VENEZUELA: To Supply Cammesa With Fuel & Gas Oil


                         - - - - -


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

ALTO PALERMO: Pays Second Interest Installment on US$120MM Notes
----------------------------------------------------------------
Alto Palermo S.A. a.k.a. APSA on Monday started paying the
second installment of interests related to the US$120,000,000
Fixed Rate Series I Notes issued on May 11, 2007.

According to a disclosure with the U.S. Securities and Exchange
Commission, the payment agents are The Bank of New York and, in
Argentina, Banco Santander Rio S.A.

The interests, totaling US$4,725,000, will be paid to the people
at whose name the notes were registered on April 25, 2008, in
the registry held by the Register Agent, the company said.

Alto Palermo S.A. (a.k.a. APSA) operates and develops commercial
centers in Argentina.  It has six commercial centers located in
Capital Federal and Buenos Aires suburbs, where it has got the
43% of participation on the market and another three located in
the cities of Salta, Mendoza and Rosario.  It represents, in
all, 1,118 shops.  The shareholders of Alto Palermo are
Inversiones y Representaciones S.A. (61.5%) and Parque Arauco
(29.6%), with the rest of the shares trading in the stock market
of Buenos Aires and New York.

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
May 0, 2008, Fitch Ratings affirmed these ratings of Alto
Palermo S.A.:

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

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

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

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


BANCO HIPOTECARIO: Earnings Drop to ARS26.6 Mil in First Quarter
----------------------------------------------------------------
Banco Hipotecario SA's earnings decreased 65.6% to
ARS26.6 million in the first quarter OF 2008, compared to the
same quarter last year, as derivatives related to the bank's
stock price caused a ARS24.4 million loss.

Business News Americas relates that Banco Hipotecario's net
interest income declined 58.4% to ARS270 million in the first
quarter 2008, from the same period last year.  Charge-offs
increased 172% to ARS36.6 million.  Fee income rose to
ARS45.2 million.

According to BNamericas, Banco Hipotecario's loans increased
42.5% to ARS4.27 billion in March 2008, from March 2007.  Its
mortgage and consumer lending accounted for 85% of the
ARS4.27 billion in total loans.

Banco Hipotecario's assets totaled ARS10.7 billion as of
March 31, 2008, BNamericas states.

Headquartered in Buenos Aires, Argentina, Banco Hipotecario SA
-- http://www.hipotecario.com.ar-- is an Argentinean commercial  
bank and specialty mortgage provider.  Banco Hipotecario'
business lines include credit lines for consumers, short-term
financing for exporting companies, factoring services, deposit
accounts, purchase and sale of foreign currency, custodial
services, safe deposit box rentals, payroll bank accounts,
securities brokerage services and sales of insurance through
authorized agents and companies.  The bank launched this new
series of products and services as an alternative to its
mortgage loans business, which as a result of the economic
crisis, came to a temporary halt in 2002.  In late 2003, and in
the light of the favorable trends shown by economic variables,
Banco Hipotecario started to offer new housing mortgage loans.  
The bank's subsidiaries consist of BHN Sociedad de Inversion
Sociedad Anonima.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Standard & Poor's Ratings Services revised its
outlook on Banco Hipotecario to negative from stable.  The long-
term counterparty credit rating is still 'B+', the same as the
sovereign ratings.

In November 2007, Moody's Investors Service assigned a 'Ba1'
global local currency deposit rating to Banco Hipotecario.


BANCO PATAGONIA: Net Profit Increases to ARS55.2MM in 1st Qtr.
--------------------------------------------------------------
Banco Patagonia SA's net profit increased 24% to ARS55.2 million
in the first quarter of 2008, compared to the first quarter
2007.

Banco Patagonia's Investor Relations Manager Laura Varela said
in a conference call that the increase in the first quarter 2008
net profit is due to higher revenues, stronger fee income, and
the appreciation of government-backed assets.

According to BNamericas, Banco Patagonia's loans to the private
sector rose 51% to ARS3.17 billion in the 12 months ending March
2008, compared to the previous period.  Banco Patagonia's non-
performing loan portfolio improved to 2.1% from 3.4%.  The
bank's exposure to the public sector declined by 28.8% to
ARS621 million in March 2008, compared to March 2007.

Banco Patagonia told BNamericas that its private sector deposits
increased 26.1% to ARS4.49 billion in the 12 months ended March
2008, from the previous period.

According to BNamericas, Banco Patagonia will pay
ARS66.5 million in cash dividends to its shareholders from
May 16, 2008.

Banco Patagonia had ARS7.50 billion in assets in the first
quarter 2008, compared to the same period last year, BNamericas
states.

Banco Patagonia SA specializes in public offerings of
securitizations.  It became Argentina's fifth largest locally
owned private bank through its purchase of Lloyds TSB Argentina
in late 2004.  The bank operates through 139 branches and has
202 ATM machines.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Standard & Poor's Ratings Services revised its
outlook on Banco Patagonia S.A. to negative from stable.  The
long-term counterparty credit ratings on the bank is still 'B+',
the same as the sovereign ratings.

In November 2007, Moody's Investors Service assigned a 'Ba1'
global local currency deposit rating to Banco Patagonia SA.  
Moody's also assigned a 'Caa1' long-term foreign currency
deposit rating on the bank.


CREACIONES MI: Trustee to File Individual Reports on July 15
------------------------------------------------------------
Mabel Herrera, the court-appointed trustee for Creaciones Mi
S.A.'s bankruptcy proceeding, will file the validated claims in
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on July 15, 2008.

Ms. Herrera will be verifying creditors' proofs of claim until
June 2, 2008.  He will submit to court a general report
containing an audit of Creaciones Mi's accounting and banking
records on Sept. 9, 2008.

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

The trustee can be reached at:

           Mabel Herrera
           Rodriguez Pena 694
           Buenos Aires, Argentina


CUVERA AGROPECUARIA: Trustee Verifies Claims Until July 1
---------------------------------------------------------
Alfredo Yanny, the court-appointed trustee for Cuvera
Agropecuaria SA's reorganization proceeding, will be verifying
creditors' proofs of claim until July 1, 2008.

Mr. Yanny will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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 Cuvera Agropecuaria 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 Cuvera Agropecuaria'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 Aug. 18, 2009.

The debtor can be reached at:

           Cuvera Agropecuaria SA
           Ciudad de la Paz 306
           Buenos Aires, Argentina

The trustee can be reached at:

           Alfredo Yanny
           Viamonte 1446
           Buenos Aires, Argentina


FIAT SPA: Agnelli Group Denies Planned Fiat Auto Spin-Off
---------------------------------------------------------
The Agnelli family has given no mandate to sell Fiat S.p.A.'s
Fiat Auto S.p.A. unit, Reuters reports citing Il Sore 24 Ore's
interview of IFIL Chairman Gianluigi Gabetti.

Mr. Gabetti denied market speculations that Fiat will separate
its car business because it negatively affects the group,
Reuters reports.

Fiat CEO Sergio Marchionne had denied a Fiat Auto spin-off in
March, saying it was "purely hypothetical," Reuters relates.  
Mr. Marchionne added that the unit would only be separated if
the business were permanently undervalued.

IFIL, which holds a 30.45% stake in Fiat, is an investment
holding owned by the Agnelli Group.

                        About Fiat S.p.A.

Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters.  Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil and
Argentina, among others.

                          *     *     *

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


GRAN TIERRA: Turnarounds With US$4.7 Mil. Net Income in 1Q 2008
---------------------------------------------------------------
Gran Tierra Energy Inc. has released financial and operating
results for the quarter ended March 31, 2008.

Total revenue for the three months ended March 31, 2008, was
US$20.8 million as compared to US$4.5 million for the same
period in 2007.  Net income for the three months ended March 31,
2008 increased to US$4.7 million as compared to a loss of US$6.7
million in the same period of 2007.

The results for the first quarter of 2008 reflect the growing
production from the recent oil discoveries in Colombia and a
higher West Texas Intermediate price, partially offset by higher
overall operating expenses, depletion, depreciation and
accretion, general and administrative expenses and income taxes
resulting from the company's increased level of activities.  The
results for the first quarter of 2007 were impacted by non-cash
expenses of US$4.1 million for liquidated damages.

At the end of the first quarter of 2008, the company reported
cash and equivalents of US$26 million as compared to US$18.2
million at Dec. 31, 2007.  Working capital increased to US$14.5
million as compared to US$8.1 million at Dec. 31, 2007.  
Shareholders' equity increased from US$76.8 million at Dec. 31,
2007 to US$87.3 million at March 31, 2008, and the company
reported no outstanding long-term debt as of March 31, 2008.

Average oil sales for the three months ended March 31, 2008, net
of royalties, increased 148% to 2,842 barrels of oil per day
from 1,157 oil barrels per day in the same period of 2007.  
Production for the quarter averaged 3,065 oil barrels per day,
but sales were reduced by periods of temporary transportation
capacity restrictions in both Argentina and Colombia.  The
average price received per barrel of oil increased 95% to
US$80.21 per barrel for the three months ended March 31, 2008
from US$41.06 per barrel in the same period of 2007.

At year end 2007, the company reported a 100% increase in net
after royalty proved reserves to 6.4 million barrels of oil as
compared to year-end 2006.  Net probable reserves increased to
5,000,000 million barrels of oil and net possible reserves
increased to 5.1 million barrels of oil, both after royalty, as
reported at year-end 2007.  The year end 2007 externally audited
oil reserves do not include the impact of the positive results
from two recently completed and tested wells in the Costayaco
oil field discovery in Colombia, and an additional well that is
currently drilling in the field.  The company expects to
undertake an independent mid-year reserve audit at June 30,
2008, to include these and other wells that may be completed by
that time.

                       Operations Update:

Drilling of the Costayaco-4 well in the Costayaco oil field in
Colombia is continuing and is expected to be finished in late
May.  Testing operations are expected to follow in June.
Preparations have begun for the drilling of Costayaco-5.  The
Costayaco field is located in the Chaza Block in the Putumayo
Basin, where the company has a 50% interest and is the operator,
with Solana Resources holding the remaining 50% interest.

A workover rig is being mobilized to re-enter and test Palmera-1
in the Azar Block, also in the Putumayo Basin.  Palmera-1 was an
exploration well drilled in 1996 that had potential oil pay
indicated on logs but was never tested. Testing operations are
expected to be completed in June.  Gran Tierra Energy is
operator of the Azar Block and has a 40% working interest.

Exploration drilling operations have been initiated in the Rio
Magdalena Block in the Middle Magdalena Basin in central
Colombia.  Popa-2 started drilling on May 8 and is expected to
finish drilling in late June.  This well will be drilled near a
non-commercial oil discovery made by Gran Tierra Energy in 2006
at Popa-1, which tested approximately 160 oil barrels per day.  
Gran Tierra Energy is the operator of the Rio Magdalena Block
and has a 100% working interest. Under the terms of a recently
completed farmin agreement, Omega Energy Colombia will earn a
60% share of Gran Tierra Energy's interest.  In the event of a
commercial discovery, Ecopetrol S.A. has a right to back in for
a 30% working interest, to be split proportionally between Gran
Tierra Energy and Omega Energy Colombia.

In Argentina, a rig contract has been signed for the drilling of
the Proa-1 exploration well in the Surubi Block, where Gran
Tierra Energy has a 100% working interest and is the operator.  
Proa-1 is expected to spud in mid-June and finish drilling in
mid-August.

In Peru, the company is 99% complete with the acquisition of
approximately 20,000 linear kilometers of new high definition
airborne gravity and magnetic data over the entire area of
Blocks 122 and 128.  This data will be used to define
exploration leads over which 2-D seismic data will be acquired
in the Second Exploration Period of each block.  Block 122
encompasses approximately 1.2 million acres and Block 128
encompasses approximately 2.2 million acres of land.  Gran
Tierra Energy is operator and holds a 100% working interest in
both exploration blocks.

Commenting on the results, Gran Tierra Energy Inc. President and
Chief Executive Officer, Dana Coffield stated, "The first
quarter of 2008 was another outstanding period of growth in
production, revenue, and profitability.  The combination of a
higher West Texas Intermediate and a 53% decrease in our
operating costs per barrel to US$9.77, have been extremely
beneficial to Gran Tierra Energy, and have helped to validate
our long term business model.  We will continue to execute our
development drilling program through this year to grow
production, in addition to advancing our exploration programs in
Colombia, Peru and Argentina."

Mr. Coffield concluded, "Gran Tierra Energy's recent listings on
the Toronto Stock Exchange and the American Stock Exchange have
been very well received and have helped to expand our
shareholder base considerably.  The listings complement our
ongoing operational and financial successes."

                        In Related News:

On May 9, 2008, the company announced that it planned to restate
financial statements relating to its accounting for certain Cash
Flow Statement items pertaining to the 2006 and 2007 period.  
The company filed a Form 10-K/A to amend its annual report on
Form 10-K for the year ended Dec. 31, 2007.  The company
discovered a  isclassification 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 has 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.

                     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.


MOCCIARO SRL: Proofs of Claim Verification Deadline Is Aug. 15
--------------------------------------------------------------
The court-appointed trustee for Mocciaro S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
Aug. 15, 2008.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Trenque Lauquen, 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 Mocciaro 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 Mocciaro's accounting
and banking records will be submitted in court.

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

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


SUCESORES DE JUAN: Proofs of Claim Verification Is Until June 2
---------------------------------------------------------------
The court-appointed trustee for Sucesores de Juan Pegoraro y
Hnos. S.R.L.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until June 2, 2008.

The trustee will present the validated claims in court as
individual reports on Aug. 27, 2008.  The National Commercial
Court of First Instance in Mar del Plata, 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 Sucesores de Juan 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 Sucesores de Juan's
accounting and banking records will be submitted in court on
Oct. 29, 2008.

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


SUPERAR SRL: Proofs of Claim Verification Deadline Is June 6
------------------------------------------------------------
The court-appointed trustee for Superar S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
June 6, 2008.

The trustee will present the validated claims in court as
individual reports on Aug. 5, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Superar 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 Superar's accounting
and banking records will be submitted in court on
Sept. 19, 2008.

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

The debtor can be reached at:

         Superar SRL
         Avenida Corrientes 2312
         Buenos Aires, Argentina


MAGALCUER SA: Trustee Verifies Proofs of Claim Until Aug. 28
------------------------------------------------------------
Lopez Santiso, Alanis y Asoc. -- the court-appointed trustee for
Magalcuer SA's reorganization proceeding -- will be verifying
creditors' proofs of claim until Aug. 28, 2008.

Lopez Santiso 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. 42, 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 Magalcuer 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 Magalcuer'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 Aug. 18, 2009.

The debtor can be reached at:

           Magalcuer SA
           Sanchez 2054
           Buenos Aires, Argentina

The trustee can be reached at:

           Lopez Santiso, Alanis y Asoc.
           Florida 234
           Buenos Aires, Argentina


TELECOM ARGENTINA: Eyes US$530 Million Investment in 2008
---------------------------------------------------------
Telecom Argentina SA's Fixed Telephony Unit Marketing Manger
Marcelo Ozino Caligaris told Business News Americas that the
firm expects investment to total US$530 million this year.

About 51% of the capex will go to mobile telephony, BNamericas
says, citing Mr. Caligaris.  Some 49% of the capex will be
allocated to fixed telephony services, Mr. Caligaris added.  

Mr. Caligaris told BNamericas that Telecom Argentina expects to
see higher average revenue per unit in the fixed segment in 2008
due to the offering of new value-added services.  Telecom
Argentina's fixed telephony base increased 3% in 2007, from
2006, Mr. Caligaris added.

Telecom Argentina invested ARS1.44 billion in its different
business segments in 2007, BNamericas notes.

According to BNamericas, Telecom Argentina is trying to expand
its fixed segment by launching several value-added services
including fixed SMS and videocall.  The firm will continue
increasing the number of Aladino phones that allow customers to
use this value-added service offering.  Aladino wireless digital
phones have these features:

          -- games,
          -- MP3, and
          -- SMS.

Mr. Caligaris told BNamericas that Aladino phones have been
widely adopted by small and medium-sized firms.  

Telecom Argentina will conduct internal tests for the possible
launch of Internet protocol television services, BNamericas
says, citing Mr. Caligaris.  Argentine regulations don't allow
telecoms operators to offer broadcasting services.  Mr.
Caligaris told BNamericas that Telecom Argentina is also
considering launching WiMax technology to offer services in
rural areas and closed communities.

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

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

                         *     *     *

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


TONGAS SA: Proofs of Claim Verification Deadline Is July 16
-----------------------------------------------------------
Hector Grisolia, the court-appointed trustee for Tongas SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until July 16, 2008.

Mr. Grisolia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, 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 Tongas 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 Tongas' accounting
and banking records will be submitted in court.

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

Mr. Grisolia 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.

The debtor can be reached at:

           Tongas SA
           Emilio Mitre 457
           Buenos Aires, Argentina

The trustee can be reached at:

           Hector Grisolia
           Salguero 2555
           Buenos Aires, Argentina



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

ULTRAPETROL BAHAMAS: First Qtr. Net Income Rose to US$17.3 Mil.
---------------------------------------------------------------
Ultrapetrol (Bahamas) Limited earned of US$17.3 million for the
three months ended March 31, 2008, compared with net income of
US$2.0 million for the same period in 2007.

Felipe Menendez, Ultrapetrol's President and Chief Executive
Officer, said, "During the first quarter of 2008, we experienced
strong demand in all of our main lines of business.  In our
Ocean Business, we generated record revenue and EBITDA, driven
by the operation of an additional Capesize vessel and the
renewals of time charters covering two of our three Capesize OBO
vessels.  In our River Business, loaded volumes increased 14%,
as compared to the first quarter of 2007, and in our Offshore
Supply Business, we operated a total of five ships as opposed to
four in the first quarter 2007.  We believe the Company is well
positioned to take advantage of the strong fundamentals in the
offshore sector that are driving the market today. During the
quarter, we also continued to implement our growth strategy in
all three of our core businesses.  We added one chemical and
product carrier under a three-year bareboat charter to our South
American product carrier fleet.  We also advanced the
construction of our new barge building yard, during a time in
which we added barges and pushboats to our River fleet.  The
steel cutting for our new PSVs being built in India has begun,
and we have made the initial payments for our new construction
of PSVs in China.  We are excited about these initiatives and
believe that as they further develop, we will consolidate our
growth on a diversified basis as we seek to take advantage of
the positive long-term fundamentals in our core businesses."

                 Overview Of Financial Results

First quarter 2008 revenues of US$67.4 million were 48% higher
than first quarter 2007 revenues of US$45.4 million.

The company's first quarter 2008 net income includes a non-cash
net gain on mark-to-market FFAs hedges of US$6.3 million and
does not include a cash loss of US$5.4 million arising from
settlements of FFAs hedges made during the quarter which was
already accounted for as of Dec. 31, 2007.  First quarter 2008
results also include a deferred income tax charge of
US$0.2 million from unrealized foreign currency exchange rate
gains on U.S. Dollar-denominated debt of one of our Brazilian
subsidiaries in the Offshore Supply Business.  The adjusted net
income for the first quarter 2008, excluding the effect of both
items mentioned here above is US$5.8 million, as compared with
US$2.8 million (after adjusting net income for a similar
US$0.8 million deferred income tax charge in Brazil) in the
first quarter 2007.

Ultrapetrol's Chief Financial Officer Mr. Len Hoskinson said:
"Our results this quarter reflect the strong performance of all
our main business units and in particular our Ocean Business,
which combines the strong time charter market rates for our
expanded fleet with the long-term stability provided by our FFA
positions.  We expect these drivers in our Ocean Business to
continue to serve the Company well for the remainder of 2008.
Regarding the accounting for our FFAs, as of the second quarter
of 2008 (provided our FFA future positions continue to qualify
as cash flow hedges), we no longer expect to record in our
income statement non-cash losses resulting from the mark-to-
market of our FFA transactions."

                    Share Repurchase Program

On March 17, 2008, the company announced that its board had
approved a share repurchase program that may cover purchases of
up to US$50.0 million of its common stock up to Sept. 30, 2008.
On March 19, the company started repurchasing its shares under
this program, and as of March 31, 2008 it had acquired 638,971
of its shares at an average cost of US$9.60 per share for a
total cost of US$6.1 million.  This program does not require the
company to purchase a specific number of shares, and it may be
suspended or reinstated at any time at the Company's discretion
and without notice.  The shares purchased under this program are
held as treasury stock and are recorded by the company as
authorized but unissued shares in its books.

Headquartered in Nassau, Bahamas, Ultrapetrol (Bahamas) Limited
(Nasdaq: ULTR) -- http://www.ultrapetrol.net/-- is a diverse   
international marine transportation company.  The company
operates in four segments: River, Ocean, Offshore Platform
Supply and Passenger and had 2007 revenues of US$221.7 million.  
It serves the shipping markets for grain, forest products,
minerals, crude oil, petroleum and refined petroleum products,
as well as the offshore oil platform supply market and the
leisure passenger cruise market, with its extensive and diverse
fleet of vessels.  These include river barges and pushboats,
platform supply vessels, tankers, oil-bulk-ore vessels and
passenger ships.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 15, 2008, Moody's Investors Service affirmed the B2
corporate family rating and the B2 rating on the US$180 million
9% guaranteed first mortgage notes due 2014 of Ultrapetrol
(Bahamas) Limited.  Moody's said the outlook remains stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 4, 2008, Standard & Poor's Ratings Services revised the
outlook on Ultrapetrol (Bahamas) Ltd. to positive from stable.
The 'B' long-term corporate credit rating was affirmed.



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

BIOVAIL CORP: S&P Puts 'BB' Corp. Credit Under Neg. CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit and 'BBB-' bank loan ratings on Mississauga,
Ontario-based Biovail Corp. on CreditWatch with negative
implications.  The '1' recovery rating on the bank loan is
unchanged.
     
"The Credit Watch placement reflects concerns that the new
strategic focus on developing specialty products targeted toward
central nervous system disorders and the rationalization of
Biovail's operations will involve a long time frame, significant
investments, and high execution risk," said Standard & Poor's
credit analyst Maude Tremblay.
     
Furthermore, the announced share repurchase program for up to
10% of Biovail's public float, representing as much as C$175
million, could weaken liquidity and constrain management's
ability to execute its strategy.
     
The company's drug franchise has faced numerous challenges in
the past year, namely increased generic competition for key
products, product approval delays, and limited new revenue
drivers from the product pipeline before 2010.  Furthermore,
novel formulations of existing drugs, the previous focus of
Biovail's research and development efforts, offer limited growth
potential given the increasing unwillingness of third-party
payors to reimburse products that offer primarily convenience
benefits.  Standard & Poor's believes the new strategic focus
could be positive in the long term; however, it will likely
negatively affect the company's medium-term credit metrics given
the significant investments in developing a portfolio of new
products in the face of declining revenues.
     
S&P will keep the ratings on Biovail on CreditWatch until S&P
obtain better visibility on the effect that the company's new
strategic focus and efficiency initiatives will have on its
operating performance and capital structure.  S&P will also seek
greater clarity regarding the company's financial policy in the
future.

Based in Ontario, Canada, Biovail Corporation
(NYSE:BVF)(TSX:BVF) -- http://www.biovail.com/-- is a specialty   
pharmaceutical company that applies advanced drug-delivery
technologies to improve the clinical effectiveness of medicines.  
The company is engaged in the formulation, clinical testing,
registration, manufacture and commercialization of
pharmaceutical products.  Its main therapeutic areas of focus
are central nervous system disorders, pain management and
cardiovascular disease.  The primary markets for its products
are the United States and Canada. Biovail has a portfolio of
drug-delivery technologies includes controlled release, enhanced
absorption, rapid absorption, taste masking, and oral
disintegration technologies, among others.

Biovail operates R&D, manufacturing and clinical research
facilities in the U.S., Canada, Barbados, Puerto Rico and
Ireland.  It markets its products directly in North American
through its marketing divisions Biovail Pharmaceuticals Inc. and
Biovail Pharmaceuticals Canada.



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

ARCH CAPITAL: To Further Repurchase Up to US$500MM Common Shares
----------------------------------------------------------------
Arch Capital Group Ltd.'s Board of Directors has authorized the
company to invest up to an additional US$500 million in the
company's common shares.

This authorization is in addition to the approximately
US$170 million remaining under the Board's previous US$1 billion
share repurchase authorization approved in February 2007.  
Repurchases under the new authorization may be effected from
time to time in open market or privately negotiated transactions
through February 2010.  The timing and amount of the repurchase
transactions under this authorization will depend on a variety
of factors, including market conditions and corporate and
regulatory considerations.

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


                           *     *     *

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

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

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


FOSTER WHEELER: Finnish Unit Bags Contract from NSE Biofuels
------------------------------------------------------------
Foster Wheeler Ltd.'s Finnish subsidiary Foster Wheeler Energia
Oy, part of its Global Power Group, has been awarded a contract
by NSE Biofuels Oy Ltd. for a circulating fluidized-bed biomass
gasifier to be located in Varkaus, Finland. NSE Biofuels Oy Ltd.
is a joint venture owned 50:50 by Stora Enso Oyj and Neste Oil
Corporation.

Foster Wheeler'sscope includes an oxygen/steam gasifier and gas
treatment equipment.  The plant utilizes Foster Wheeler's fuel-
flexible circulating fluidized-bed gasification technology to
convert a wide spectrum of biomass into a clean syngas to be
used in a gas to liquids (Fischer-Tropsch) process to produce
feedstock for renewable diesel from biomass/wood residue-based
gas.  The gasification and syngas cleaning system is part of
NSE's new-generation renewable diesel demonstration plant at
Stora Enso's Varkaus Mill in Finland.

Foster Wheeler has received a full notice to proceed on this
contract.  The terms of the award were not disclosed, and the
contract will be included in the company's bookings for the
second quarter of 2008.  The plant is expected to start up in
early 2009 and will be integrated into the energy infrastructure
of the Stora Enso Varkaus Mill.

Foster Wheeler and the JV partners have also agreed in principle
for further co-operation, aiming for delivery of a commercial-
scale production plant to be located at one of Stora Enso's
mills.

"This project is a major step forward in the development of
technologies to reduce CO2 emissions," said Tomas Harju-Jeanty,
president and chief executive officer of Foster Wheeler Energia
Oy.  "With our world-leading biomass gasifying technology, we
are excited to be a key player in this project led by Stora Enso
and Neste Oil which uses wood-based biomass for production of
biofuels, thereby reducing the use of fossil fuels in
transportation."

                         About Neste Oil

Neste Oil Corporation -- http://www.nesteoil.com/--is a  
refining and marketing company concentrating on clean, high-
quality traffic fuels.  The company pursues growth in both oil
refining and high-end renewable diesel production. Neste Oil
refineries are located in Porvoo and Naantali, and their
combined crude oil refining capacity is about 260,000 barrels a
day.  The company's net sales in 2007 were EUR 12,103 million
and it employs about 5,100 people.  Neste Oil's share is listed
on the Nordic Stock Exchange in Helsinki.

                        About Stora Enso

Stora Enso is an integrated paper, packaging and forest products
company producing newsprint, magazine paper, fine paper,
consumer board, industrial packaging and wood products.  Stora
Enso's sales totaled EUR 13.4 billion in 2007.  The Group has
some 38 000 employees in more than 40 countries on five
continents.  Stora Enso has an annual production capacity of
13.1 million tones of paper and board and 7.5 million cubic
meters of sawn wood products.  Stora Enso's shares are listed in
Helsinki and Stockholm.

                       About Foster Wheeler

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.


NEW WORLD: Proofs of Claim Filing Deadline Is May 28
----------------------------------------------------
New World (SAC) Reinsurance Ltd.'s creditors are given until
May 28, 2008, to prove their claims to Jennifer Y. Fraser, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

New World's shareholders agreed on May 7, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


NEW WORLD: Sets Final Shareholders Meeting for June 17
------------------------------------------------------
New World (SAC) Reinsurance Ltd. will hold its final
shareholders meeting on June 17, 2008, at 9:00 a.m. at Canon's
Court, 22 Victoria Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

New World's shareholders agreed on May 7, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


SEA CONTAINERS: Court Delays Decision on Document Disclosure
------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware reserved its decision on the request of
the Official Committee of Unsecured Creditors of Sea Containers
Services Ltd., to compel the Official Committee of Unsecured
Creditors of Sea Containers Ltd. to produce certain documents.

The SCSL Committee had asked the Court to compel the SCL
Committee to produce documents that have been withheld on the
basis of the common interest privileges between the SCL
Committee and the DIP lenders or the bondholders.

The Debtors previously asked the Court to approve the pension
scheme agreement between them and the trustees of the two main
Sea Containers Pension Schemes to agree on the amount of their
claims against the Sea Containers estate.

As a result of extensive negotiations that commenced prior to
the bankruptcy filing and have continued throughout these
Chapter 11 cases, the Debtors, their Official Committee of
Unsecured Creditors, and the Trustees agreed to the Settlement
under which the Schemes' claims against the Debtors are fully
resolved.

The SCSL Committee's Document Requests sought to obtain from the
SCL Committee various categories of documents directly relevant
to the issues raised by its objection to the Settlement,
including:

  -- documents relating to the SCL Committee's evaluation and
     analysis of the Pension Schemes' claims;

  -- documents concerning communications between the SCL
     Committee and the Debtors or their creditors about:

     * the Pension Schemes' claims;

     * the SCL Committee's contention that the Pension Schemes
       and the SCSL Committee violated the automatic stay; and

     * set-off rights between the Debtors; and

  -- documents relating to the grounds raised in the objection
     to the Pension Schemes' proofs of claim filed by the SCL
     Committee.

David B. Stratton, Esq., at Pepper Hamilton LLP, in Wilmington,
Delaware, said the SCL Committee has not produced, and does
not intend to produce, a privilege log for the documents
withheld based on the common interest privileges it asserted.  
Although the parties did agree that privilege logs need not be
produced for documents withheld based on the attorney-client
privilege or attorney-work product doctrine, reflecting
communications between the committees and their members and
advisors, no agreement was reached with respect to documents
withheld based on a common interest privilege, he continues.

                  Dispute on Common Interests

Mr. Stratton argued that the SCL Committee's assertion that it
has a "common interest" privilege with respect to all
communications between the SCL Committee and two groups of
creditors, the DIP Lenders, and a group of unsecured bondholders
represented by Kramer Levin Naftalis & Frankel LLP, is not
supported by law.

Mr. Stratton told Judge Carey that there is no common interest
between the DIP Lenders and the SCL Committee.  He asserted that
the interests of the DIP Lenders, by virtue of their position,
differ significantly from, and potentially conflict with, the
interests of unsecured creditors.  He notes that it was this
divergence in interest that led the U.S. Trustee to remove
certain noteholders, who became DIP Lenders, from the original
SCL Committee.  Hence, he pointed out, the SCL Committee cannot
withhold communications with the DIP Lenders under the guise of
a "common interest" privilege.

Although the SCL Committee and the Bondholders may share a
common commercial interest, that interest alone is insufficient
to give rise to a common interest privilege, Mr. Stratton
argued.  He contends that the SCL Committee cannot demonstrate
that it shares a common legal interest with the Bondholders in
opposing the Debtors' request to approve the settlement
regarding the pension claims.

As a result of the expansive privileges asserted by the SCL
Committee, its entire document production consists of seven
documents, a number of which are duplicates, totaling eleven
pages in the aggregate, Mr. Stratton told the Court.  He noted
that the SCSL Committee, the Sea Containers 1983 Pension Scheme
and the Sea Containers 1990 Pension Scheme have produced more
than 20,000 pages of documents in response to the SCL
Committee's discovery requests.

                Court Wants Privilege Log Produced

Judge Carey directed the SCL Committee to produce to the SCSL
Committee a privilege log identifying all documents that:

   -- were created prior to the filing of the Debtors' request
      for the approval of their settlement agreement with the
      Trustees of the Pension Schemes to settle the Pension
      Claims;

   -- have been withheld on the basis of a common interest
      privilege; and

   -- evidence communications between the SCL Committee and the
      DIP Lenders or the unsecured bondholders represented by
      Kramer Levin Naftalis & Frankel LLP regarding the Pension
      Claims, the question of violation of the automatic stay,
      or the Debtors' Settlement Request.

The Court said that upon review of the privilege log, the SCSL
Committee may seek further relief as necessary with respect to
its request to compel.  The Court has noted that the rights of
objecting parties as to the SCSL Committee's request are
reserved.

With regards the joint request of the SCSL Committee and the
Pension Scheme Trustees for a protective order limiting the
scope of discovery sought by the SCL Committee concerning the
equalization reserve component of the Pension Settlement, Judge
Carey granted the request except the portion limiting the scope
of scheduled depositions.

The Court has directed the Pension Schemes to produce to the SCL
Committee their financial statements for the years 1994 to 1997.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants to Supplement Non-Insider Retention Plan
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
supplement their existing non-insider retention plan with
respect to certain employees.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that the Debtors and Towers
Perrin -- the Debtors' compensation consultants -- structured a
narrowly focused retention plan that identified certain non-
insider, critical employees without whom the Debtors believed
they may suffer breakdowns in operating and reporting functions,
which will destroy value for the bankruptcy estates.  

Mr. Brady informs the Court that retention payments were paid in
three separate installments.  The first installment was paid on
Oct. 15, 2007.  An additional one-third installment was paid
on Jan. 15, 2008.  The final one third will be paid at the end
of April 2008.

While the last payment pursuant to the Retention Plan will be
made shortly, due to the unanticipated length of the Debtors'
bankruptcy cases, Mr. Brady relates that the Debtors have
determined they still need to employ seven of the eligible
employees.

Accordingly, the Debtors seek the Court's permission to amend
the Retention Plan with respect to the seven eligible employees.

Under the Amended Retention Plan, the Debtors will make two
additional payments, on July 15, 2008, and October 15, 2008, to
the seven eligible employees.  The total cost of the Amended
Retention Plan will not exceed GBP184,000 or US$364,320.

Mr. Brady tells the Court that the seven eligible employees are
experienced and talented employees who are intimately familiar
with the Debtors' business but, at the same time, have other
employment options that must be weighed against continued
employment with the Debtors.  Furthermore, it would be difficult
and expensive for the Debtors to attract and hire qualified
replacements if the seven eligible employees left.  The Debtors
submit that the cost of the Amended Retention Plan, far outweigh
the costs resulting from deterioration of the value of the
Debtors' estates from loss of the seven eligible employees and
the time and expense of recruiting and hiring a replacement
personnel.

The Debtors further ask the Court to place the Amended Retention
Plan under seal, and not be available to anyone other than the
Court, the U.S. Trustee, and the counsel to the Committees.  

Mr. Brady relates that if the confidential information contained
in the Amended Retention Plan is exposed, the Debtors'
competitors may use it to lure the seven eligible employees away
from the Debtors' business by offering enhanced compensation and
bonuses.  "This, in turn, would cause a significant disruption
in the Debtors' operations and may jeopardize the efforts to
confirm and implement a reorganization plan," Mr. Brady
concludes.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


WARNER CHILCOTT: FDA Approves New Drug Application for Taclonex
---------------------------------------------------------------
The United States Food and Drug Administration has approved the
New Drug Application for Taclonex Scalp (calcipotriene 0.005%
and betamethasone dipropionate 0.064%) Topical Suspension.  LEO
Pharma submitted the NDA for Taclonex Scalp(R) to the FDA in
July 2007.  Taclonex Scalp(R) is a topical suspension containing
a combination of calcipotriene 0.005% and betamethasone
dipropionate 0.064% for the treatment of moderate to severe
psoriasis vulgaris of the scalp in adults.  Taclonex Scalp(R) is
called Xamiol(R) outside the United States.

"Taclonex Scalp(R) represents an exciting addition to our
Taclonex(R) and Dovonex(R) franchise, expanding the treatment
options for psoriasis patients in the U.S.," said Warner
Chilcott Ltd. Chief Executive Officer, Roger Boissonneault.

Warner Chilcott is LEO Pharma's exclusive licensee of
Taclonex(R) and Dovonex(R) products in the United States.  
Warner Chilcott expects to launch Taclonex Scalp(R) in the
second half of 2008.  As a result of the FDA approval of
Taclonex Scalp(R), Warner Chilcott will pay a milestone payment
of US$40 million to LEO Pharma in June 2008.  Warner Chilcott
will record the milestone payment as an intangible asset on its
balance sheet and will amortize it over the useful life of the
product.

Psoriasis is a chronic, inflammatory skin disease for which
there is no cure.  In plaque psoriasis (psoriasis vulgaris), the
most common type, patches of skin called "lesions" become
inflamed and are covered by silvery white scales.  A non-
contagious disorder, psoriasis can occur on any part of the
body, and can significantly alter a sufferer's life both
physically and mentally, including the ability to work, play and
interact with others.  Scalp psoriasis is very common.  In fact,
at least half of all people who have psoriasis have it on their
scalp.  As with psoriasis elsewhere on the body, skin cells grow
too quickly on the scalp and cause red lesions covered with
scales to appear.  As many as 7.5 million Americans have been
diagnosed with psoriasis.

                       About LEO Pharma

LEO Pharma is a research-based pharmaceutical company with
headquarters in Denmark and 100% owned by the LEO Foundation.
LEO Pharma is a global leading company within topical
dermatology and parenteral treatment of thromboembolic disorders
and employing about 3,000 people in more than 40 countries.

                     About Warner Chilcott

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.




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

COEUR D'ALENE: Reports US$4.7 Mil. Net Income in First Quarter
--------------------------------------------------------------
Coeur d'Alene Mines Corporation has recorded first quarter
revenues of US$57.3 million and net income of US$4.7 million,
which includes US$5.8 million of pre-development costs at its
Palmarejo project in Mexico.  These costs will begin to be
capitalized in the second quarter once the Company completes its
final feasibility study.

Dennis E. Wheeler, Coeur's Chairman, President and Chief
Executive Officer, commented, "The first phase of Coeur's
leading growth profile is now set to be delivered once
production begins at San Bartolome.  This new mine, the largest
pure silver operation in the world, is expected to produce six
million ounces of silver during the remainder of the year,
boosting Coeur's overall production for 2008 by nearly 40% and
more than doubling the Company's operating cash flow this year."

"At the Palmarejo silver/gold project in Mexico, Coeur's next
project to come online, construction activities remain on-track
for a first quarter 2009 startup.  With expected annual silver
production of over 10 million ounces and gold production of
115,000 ounces at negative cash costs, this new mine will
lead to even greater production and cash flow increases,"
continued Mr. Wheeler.

"Finally, we have submitted permit applications with the
agencies in Alaska which would allow for construction of an
alternative tailings facility at Kensington beginning next
spring, resulting in gold production late next year.  Kensington
will add an additional 140,000 ounces of gold production
annually to Coeur's growing production and cash flow profile."

Mr. Wheeler added, "Each of our existing operations delivered
strong performances during the first quarter, which we believe
is a direct reflection of the high-quality general managers and
operational professionals that have joined Coeur over the past
year.  With the exception of Rochester, where mining activities
ended as planned last August and the mine entered its residual
leaching phase, every operation delivered higher silver
production this quarter compared to a year ago. Companywide, our
cash costs declined 43% this quarter from last year's first
quarter."

"In particular, I'm pleased to report that Cerro Bayo's
operating performance showed measurable improvement during the
first quarter.  With production already resumed after a brief
shutdown to upgrade our electrical systems, we expect further
operating improvements at Cerro Bayo, especially in the second
half of the year."

"Silver and gold prices remain strong and we continue to be
bullish on the outlook for the metal.  According to World Silver
Survey 2008, released last week by the Silver Institute and GFMS
Limited, industrial demand increased 7% in 2007 and reached a
record 54% of total global silver fabrication demand in 2007.  
At the same time, overall supply declined 2%. Investor demand
continues to be a key component to the continued strength of
silver prices."  Mr. Wheeler added.

                     Balance Sheet & Capital
                      Investment Highlights

At March 31, 2008, the company had US$298.7 million of cash,
cash equivalents and short-term investments.  The company's
working capital (current assets less current liabilities) at
March 31, 2008 increased by US$148.1 million to approximately
US$300.5 million compared to US$152.4 million at Dec. 31, 2007.

The increase in working capital was primarily a result of the
issuance in March 2008 of US$230 million 3 1/4% Convertible
Senior Notes due March 2028.  These notes were structured to be
as advantageous as possible to shareholders.  The company is
obligated to repay the principal amount in cash.  Any excess of
the conversion obligation above the notes' principal amount may
be settled with cash, shares of the company's common stock, or a
combination thereof, at the company's election.  As a result of
these terms, the number of new shares of common stock to be
issued in the future has been significantly minimized.

                       Overview of Assets

San Bartolome:

As of March 31, 2008, the company has invested US$146.8 million
to construct the mine and processing facilities.  During
construction, over 2,100 highly-skilled workers were employed
through the company's Bolivian subsidiary, Empresa Minera
Manquiri, and its contractors, most of whom are Bolivians.  
These workers reached nearly five million man hours without a
lost time accident, a truly remarkable achievement given the
size and scope of this state-of-the-art facility.

Coeur is proud of the strong community, government and economic
relationships that have been developed with the people and
organizations of Potosi and Bolivia, such as the Bolivian State
Mining Company (COMIBAL), and the local
mining cooperatives, which lease the mining concessions for San
Bartolome to Coeur.  The company has become part of the
community by helping to re-establish cultural institutions,
supporting concerts and art contests for the local artisans, and
funding civic beautification projects.

As a producing mine, San Bartolome is the fifth largest primary
silver mine in the world and the world's largest pure silver
mine.  It will employ approximately 250 workers, providing high-
paying job opportunities to the residents of Potosi for many
years to come.

   -- Silver production during the remainder of 2008 at San
      Bartolome is expected to be approximately 6.0 million
      ounces.

   -- Operating cash costs once the plant reaches full-scale
      operations are expected to be US$4.10 per ounce of silver
      (excluding royalties and production taxes of US$2.03 per
      ounce).

   -- The company anticipates full-year 2009 production to be
      approximately nine million ounces of silver.

   -- San Bartolome currently has 153.0 million ounces of silver
      mineral reserves and 34.5 million ounces of additional
      indicated mineral resource, which is expected to support
      an estimated mine life of 14 years.

Palmarejo:

   -- Production is expected to commence during the first
      quarter of 2009 with average annual silver production of
      approximately 10.4 million ounces and annual gold
      production of approximately 115,000 ounces.  Cash costs
      are expected to be negative after applying the gold by-
      product credit.

   -- More than 140 operating personnel are on site, along with
      nearly 450 construction workers.

   -- Crews have now advanced nearly 300 meters on the
      underground decline.

   -- Pre-stripping activities to accommodate open pit
      production continue at a daily rate of 20,000 tons

   -- Excavation work for the main camp site has been completed
      and construction has now begun.  The 358 room camp is
      expected to be completed in October.

   -- US$15.3 million of capital expenditures were incurred and
      US$5.8 million of pre-development expenses were recorded
      during the first quarter, with an additional
      US$209.7 million expected to be spent during the remainder
      of the year.

   -- The final feasibility study for Palmarejo, including third
      party review, is nearing completion, which will establish
      the mine's first proven and probable mineral reserves.

   -- The first phase of the US$8 million 2008 exploration
      program at Palmarejo has returned positive results during
      the first quarter at the Guadalupe area.

Kensington:

   -- The U.S. Forest Service has evaluated public and agency
      comments, and recently 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.

   -- Conservation groups have indicated that the new tailings
      option is preferable.

   -- Surface facilities are substantially completed except for
      the tailings facility.

   -- Permitting of this alternative tailings facility is
      targeted for later this year which would allow for
      construction to take place next year, leading to potential
      production in late 2009.

   -- Kensington is expected to produce 140,000 ounces of gold
      per year and has an initial mine life of ten years based
      on current proven and probable gold mineral reserves of
      1.4 million ounces.

                     Overview Of Operations

Cerro Bayo:

   -- Performance at Cerro Bayo has improved significantly.  The
      execution of the recovery plan initiated late last year
      has led to improvements in both production and costs.  The
      recovery plan is targeting a number of critical areas
      including planning, grade control, mine productivity and
      organizational efficiency.

   -- Cerro Bayo's silver production increased 23% during the
      first quarter to 434,030 ounces, compared to the first
      quarter of 2007.  This increase was primarily due to a
      56.6% increase in tons mined.  First quarter gold
      production increased 7.4% to 10,129 ounces over the first
      quarter of 2007.

   -- Cash costs during the first quarter were US$1.25 per ounce
      of silver compared to cash costs in the fourth quarter of
      2007 of US$7.75 per ounce of silver.

   -- Mine operations were temporarily suspended in April to
      upgrade electrical systems as part of the recovery plan.
      Production has now resumed ahead of schedule.

   -- Coeur expects full-year 2008 production of over 2.1
      million ounces of silver and over 30,000 ounces of gold.

Martha:

   -- The new 240 tonne per day processing facility at Mina
      Martha was commissioned in the first quarter.  The mill
      has the capacity to accommodate annual silver production
      of approximately three million ounces of silver.

   -- The inauguration ceremony for the new mill was held on
      March 18.  The President of Argentina, Cristina Fernandez
      de Kirchner, attended the ceremony along with other local
      dignitaries and officials.

   -- During the first quarter, Martha produced 650,636 ounces
      of silver compared to 623,098 ounces during the first
      quarter of 2007.

   -- Cash costs during the first quarter were US$6.67 per ounce
      of silver versus US$6.11 per ounce during the first
      quarter of 2007.  This increase is due to higher tons
      mined and reflects lower efficiency related to the start-
      up of the new mill facility.

   -- The company is projecting full-year 2008 production to
      exceed 3.3 million ounces of silver.

Rochester:

   -- Rochester, which continues in its residual leaching phase
      at very low costs, produced 680,510 ounces of silver and
      5,850 ounces of gold during the first quarter at a cash
      cost of negative (US$1.26) per ounce of silver (including
      gold by-product credits).

   -- The mine provided US$12.4 million of cash flow during
      first quarter due to the low costs of processing-only
      operations.

   -- In 2008, Coeur expects Rochester to produce approximately
      1.9 million ounces of silver and 20,000 ounces of gold.

Broken Hill:

   -- Broken Hill produced 386,481 ounces of silver during the
      first quarter, a 28% increase over last year's first
      quarter production.  This increase is primarily due to a
      66% increase in tons mined.

   -- First quarter cash costs were US$3.72 per ounce of silver
      compared to US$3.16 per ounce during last year's first
      quarter.  This increase is mostly due to higher smelting
      and refining costs.

   -- The company expects 2008 production from Broken Hill of
      approximately 1.6 million ounces.

   -- Coeur has now recouped nearly 100% of its initial
      investment in Broken Hill made only 2 1/2 years ago, with
      silver production expected to continue to be received by
      Coeur for another eight years.

Endeavor:

   -- During the first quarter, Endeavor produced 228,499 ounces
      of silver for Coeur, a 43% increase compared to last
      year's first quarter.  This increase in production is
      primarily due to an 81% increase in the silver ore grade.

   -- Cash costs during the first quarter were US$2.35 per ounce
      of silver compared to US$3.19 per ounce during the first
      quarter of 2007.  This decline in cash costs is primarily
      due to higher grades and lower smelting and refining
      costs.

   -- Coeur expects 2008 production from Endeavor of
      approximately 806,000 ounces of silver.

   -- In April 2008, Coeur made the second and final payment of
      US$26.2 million to CBH Resources related to the
      acquisition of the silver at its Endeavor Mine, which was
      contingent on CBH achieving certain production and
      operating thresholds that have now been met.

   -- Including the payment mentioned above, Coeur has now
      recouped approximately 30.9% of its total investment, yet
      has only received approximately 8% of the total payable
      silver ounces it is entitled to receive under the terms of
      the silver sale agreement entered into in June 2005.

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.



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

BANCO SOFISA: Net Income Increases to BRL34.6 Million in 1Q 2008
----------------------------------------------------------------
Banco Sofisa S.A. released its results for the first quarter of
2008.  Except where stated otherwise, all operating and
financial information contained in the release is presented in
Brazilian reais and on a consolidated basis, pursuant to
Brazilian Corporate Law.

                          Highlights:

   -- Net Earnings of BRL34.6 million in first quarter 2008,
      +236.3% against first quarter 2007 and stable in relation
      to fourth quarter 2007.

   -- Loan Portfolio of BRL2.8 billion, +7.2% in relation to
      fourth quarter 2007 and +119.2% versus first quarter 2007.

   -- Total Funding of BRL3.2 billion, +17.2% versus fourth
      quarter 2007 and +82.5% against first quarter 2007.

   -- Reduction of 13.9% in administrative expenses against
      fourth quarter 2007, reflecting strict cost controls.

   -- Favorable vote by the CMN for migration to Level 2
      Corporate Governance segment of the Bovespa.

   -- Full earnings release is available on the bank's web site
      at http://www.sofisa.com.br/ir


Established in 1961, Banco Sofisa SA --
http://www.sofisa.com.br/ir-- is headquartered in Sao Paulo,   
Brazil.  The bank offers commercial and retail banking products
primarily to small and medium-size companies.  As of June 2007,
the bank had total assets of approximately BRL3.44 billion
(US$1.79 billion) and equity of BRL821.5 million (US$427
million).

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2007, Moody's Investors Service assigned to Banco Sofisa
S.A., a bank financial strength rating of D+, long- and short-
term local-currency deposit ratings of Ba1 Not Prime, and long-
and short-term foreign currency deposit ratings of Ba2 Not
Prime, respectively.  Moody's outlook on all these ratings is
stable.


BERTIN LTDA: S&P Affirms B+ Credit Rating & Removes From Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+'
corporate credit rating on Bertin Ltda. and removed the ratings
from CreditWatch, where they were placed with negative
implications on Nov. 26, 2007.  At the same time, S&P affirmed
its 'B+' ratings on Bertin's outstanding bonds due in 2008 and
2016.  The company's outstanding, pro forma debt, considering
results from recently acquired dairy producer Vigor, as of Dec.
31, 2007, was about US$2.2 billion, while cash and market
securities totaled US$758 million.  The outlook on the corporate
credit rating is stable.
      
"The rating action reflects our view that Bertin's aggressive
growth strategy, strongly based on mergers & acquisitions (M&A)
activity, will receive support from the company's sound cash
reserves, especially after the strategic capital inflow from the
Brazilian Development Bank's (BNDESPar) investment arm, which
reinforced company's liquidity position," said S&P's credit
analyst Reginaldo Takara.  

The ratings also consider that the company will continue to post
higher-than-market average EBITDA margins this year and during
the next couple of years, in addition to adequate cash flow
generation.  The company's entrance into the branded consumer-
products market through its recent acquired dairy division and
its diversified business strategy in the cattle chain also
contributed to S&P's rating decision.
     
The stable outlook reflects S&P's expectations that the company
will be able to support temporary margin pressure, reflecting
higher raw-material costs and fiercer global market conditions.  
It also incorporates S&P's expectation that the company will
continue to report relatively high leverage by year-end 2008,
which Bertin's strong cash reserves will partly compensate.  

If S&P raises the ratings or revise the outlook to positive,
Bertin would have to reduce debt significantly, report a total
debt-to-EBITDA ratio below 3.5 and an FFO-to-total debt ratio
that is consistently higher than 15%, while sustaining higher
EBITDA margins compared with those of peers.  S&P could lower
the ratings or revise the outlook to negative if the company's
ability to deal with increasing costs and constrained price
scenarios result in EBITDA margins below 10%.  S&P could also
lower the ratings if the company adopts a more aggressive
financial risk profile, reflected by extensive leveraged
acquisitions or by overall debt increase to finance organic
growth and/or working capital needs.

Headquartered in Sao Paulo, Brazil, Bertin Ltda. --
http://www.bertin.com.br/-- is one of the largest beef
processing and leather exporting companies in Latin America.  
The company owns and operates other facilities to produce
cleaning products, personal protective equipment, dog toys, cans
and packaging materials using by-products of its
slaughterhouses.


BRASIL TELECOM: Tele Norte Buying Preferred Stocks From Firm
------------------------------------------------------------
Tele Norte Leste Participacoes SA will continue buying preferred
stocks issued by Brasil Telecom SA, either through direct trades
or through public tender offers.

Tele Norte told Business News Americas that in this way it will
be able to acquire one third of Brasil Telecom preferred shares
"that are freely circulating."  BNamericas notes that Tele Norte
already acquired 13.6 million preferred shares in parent company
Brasil Telecom  Participacoes SA, which is 5.92% of the total
existing stocks.  It also acquired 10.7 million preferred shares
of Brasil Telecom, which is 3.44% of the total.

Tele Norte's controller Telemar successfully concluded in April
2008 talks for the acquisition of 22.28% of Brasil Telecom
Participacoes for BRL5.86 billion.  

                      About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes SA -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                    About Brasil Telecom

Headquartered in Brasilia, Brasil Telecom S.A. --
http://www.brasiltelecom.com.br-- is an integrated    
telecommunications company operating in nine states in the
southern, mid-western and northern regions of Brazil.  In 2007,
the company reported consolidated net revenues of
BRL11.1 billion.

                        *     *     *

In April 2008, Moody's Investors Service continues to review
Brasil Telecom SA's Ba1 rating for possible upgrade after the
announced acquisition of Brasil Telecom Participacoes SA by Tele
Norte Leste Participacoes SA.


CENTRAIS ELECTRICAS: S&P Raises Corporate Rating From B- to B
-------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit ratings by one notch in the global scale on three
Brazilian electric power distribution companies:

   -- Centrais Eletricas Matogrossenses S.A. (to 'B' from 'B-'),  

   -- Centrais Eletricas do Para S.A. (to 'B' from 'B-'), and

   -- Companhia de Energia Electrica do Estado do Tocantins (to
      'B+' from 'B').

S&P also upgraded Centrais Eletricas do Para SA and Centrais
Eletricas Matogrossenses SA's jointly owned US$38 million
outstanding unsecured senior notes units to 'B' from 'B-'.
     
The rating actions mirror significant improvements in the
companies' financial risk profile, marked by the development in
the companies' financial flexibility and liquidity position.
     
The three companies have concentrated efforts in liability
management, mainly focusing on extending debt maturities.  The
companies have also benefited from capturing part of the
resources from the perpetual notes issued by the main
shareholder Rede Empresas de Energia S.A. (not rated).
     
The positive outlook for Centrais Eletricas Matogrossenses and
Companhia de Energia Electrica do Estado do Tocantins reflects
S&P's expectations that the companies' financial performances
will continue to evolve positively, even considering the second
cycle of the tariff revision process that was recently
established for the companies.  The companies' current liquidity
cushion provides additional comfort and the belief that they
will present credit metrics according to their ratings.  S&P may
upgrade the global scale corporate credit ratings for Companhia
de Energia Electrica do Estado do Tocantins and Centrais
Eletricas Matogrossenses by one notch, if the companies continue
to work on liability management in their quality and efficiency
indicators, thus resulting in improved financial profiles.
     
The stable outlook on Centrais Eletricas do Para reflects S&P's
expectation that the company can adequately manage its maturity
schedule, maintain its current credit fundamentals, and
gradually improve its cash flow protection measures.  S&P could
revise the outlook to positive if financial metrics are higher
than the rating agency's expectations.
     
"We could downgrade all of the company ratings if a more
aggressive financial policy, resulting from an imprudent debt
increase from a more aggressive dividend distribution,
potentially pressures ratings," said S&P's credit analyst
Juliana Gallo.

Centrais Eletricas do Para S.A. (aka Celpa) provides electricity
services in the State of Para, Brazil.  The company distributes
electric energy for an area of concession of approximately
1,247,703 square kilometers, enclosing 143 cities of the state.  
It provides electricity to approximately 4,913,087 residential,
industrial, and commercial customers.  The company was founded
in 1962 and is based in Coqueiro, Brazil. Centrais Eletricas do
Para operates as a subsidiary of REDE Empresas de Energia
Electrica SA.


COMPANHIA DE ENERGIA: S&P Lifts Corp. Credit Rating to B From B-
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit ratings by one notch in the global scale on three
Brazilian electric power distribution companies:

   -- Centrais Eletricas Matogrossenses S.A. (to 'B' from 'B-'),  

   -- Centrais Eletricas do Para S.A. (to 'B' from 'B-'), and

   -- Companhia de Energia Electrica do Estado do Tocantins (to
      'B+' from 'B').

S&P also upgraded Centrais Eletricas do Para SA and Centrais
Eletricas Matogrossenses SA's jointly owned US$38 million
outstanding unsecured senior notes units to 'B' from 'B-'.
     
The rating actions mirror significant improvements in the
companies' financial risk profile, marked by the development in
the companies' financial flexibility and liquidity position.
     
The three companies have concentrated efforts in liability
management, mainly focusing on extending debt maturities.  The
companies have also benefited from capturing part of the
resources from the perpetual notes issued by the main
shareholder Rede Empresas de Energia S.A. (not rated).
     
The positive outlook for Centrais Eletricas Matogrossenses and
Companhia de Energia Electrica do Estado do Tocantins reflects
S&P's expectations that the companies' financial performances
will continue to evolve positively, even considering the second
cycle of the tariff revision process that was recently
established for the companies.  The companies' current liquidity
cushion provides additional comfort and the belief that they
will present credit metrics according to their ratings.  S&P may
upgrade the global scale corporate credit ratings for Companhia
de Energia Electrica do Estado do Tocantins and Centrais
Eletricas Matogrossenses by one notch, if the companies continue
to work on liability management in their quality and efficiency
indicators, thus resulting in improved financial profiles.
     
The stable outlook on Centrais Eletricas do Para reflects S&P's
expectation that the company can adequately manage its maturity
schedule, maintain its current credit fundamentals, and
gradually improve its cash flow protection measures.  S&P could
revise the outlook to positive if financial metrics are higher
than the rating agency's expectations.
     
"We could downgrade all of the company ratings if a more
aggressive financial policy, resulting from an imprudent debt
increase from a more aggressive dividend distribution,
potentially pressures ratings," said S&P's credit analyst
Juliana Gallo.

Companhia de Energia Electrica do Estado do Tocantins SA is an
energy distribution company in the Brazilian state of Tocantin
connected to Centrais Eletricas Matogrossenses SA and Centrais
Eletricas do Para SA.


DELPHI CORP: Seeks to Raise Loan by US$254MM Amid Market Support
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to:

   (a) increase the size of the Tranche C term loan by
       approximately US$254 million,

   (b) complete any necessary related documentation and   
       transactions, and

   (c) pay related fees.

The Hon. Robert Drain on, April 30, 2008, authorized the Debtors
to enter into an amendment and restatement of the First Amended
and Restated DIP Credit Agreement.  Among other things, the
amendment extended the maturity of the DIP Facility to Dec. 31,
2008 and reconfigured the size of the first priority revolving
loan and the first priority term loan.

At the time of the April 30 hearing, the Debtors anticipated
that:

    -- the Tranche A of the DIP Facility would consist of a
       first priority revolving credit facility of up to
       US$1 billion;

    -- Tranche B would consist of a first priority term loan of
       up to US$600 million, and

    -- The principal amount of the second priority term loan of
       approximately US$2.5 billion under Tranche C would remain
       unchanged.

As the syndication effort proceeded, investor interest in
participating in the Debtors' DIP Facility proved to be
significantly stronger than previously expected, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, tells the Court.  "Indeed, interest in the
Debtors' DIP Facility was so high that it resulted in an
oversubscription for the Tranche A, Tranche B, and Tranche C
amounts that the Debtors anticipated borrowing."

As a result, the Debtors and the DIP Lenders, according to
Mr. Butler, were able to make use of the opportunity afforded by
the market support to make several improvements to the structure
of the Second DIP Extension:

   (i) The Debtors increased the amount of availability under
       the Tranche A revolving credit facility to US$1.1 billion
       and decreased the amount of the Tranche B term loan to
       US$500 million.  The Debtors anticipate the shift between
       the Tranche A and Tranche B borrowings will save several
       hundred thousand dollars in interest expense per month.  
       The amendments to Tranche A and Tranche B are
       substantially consistent with the terms of the form of
       Second Amended and Restated DIP Credit Agreement.  

  (ii) As a result of greater market interest, the Debtors were
       able to increase the principal amount of the Tranche C
       Loan by approximately US$254 million.

The Second Amended and Restated Credit Agreement, including the
revisions to Tranche A and Tranche B as well as the existing
Tranche C, became effective on May 9, 2008.  The increase in the
principal amount of the Tranche C Term Loan of approximately
US$254 million remains subject to the Court's approval and
therefore has not yet become effective.

Mr. Butler explains that upsizing the Tranche C term loan will
supply additional liquidity for the Debtors without negatively
affecting the pricing terms or other benefits of the financing
for which the Debtors sought approval from this Court in April
2008.  Although the upsizing will result in incrementally higher
interest expense (related solely to the contemplated additional
principal amount under the Tranche C term loan), the Debtors
believe that during this period of unprecedented financial
market volatility and uncertainty in the economy and the
automotive industry, the additional liquidity requested is of
substantial value to them.

As of May 9, 2008,the Debtors have borrowed US$2,496,000,000
under the Tranche C term loan.  Pending the Court's approval of
the loan increase, the Debtors anticipate borrowing an
additional amount equal to approximately US$254 million under
the Tranche C term loan on June 9, 2008.

The Debtors will be obligated to pay certain fees with respect
to the increase of the Tranche C loan.  Specifically, the
Debtors will be required to pay the lenders an upfront fee of 2%
of the additional US$254 million.  In addition, the
US$254 million will also accrue a "ticking fee" equal to 262.5
basis points from the May 9, 2008, effective date of the DIP
Facility through the funding date, on a daily basis.

                        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)


DIAGNOSTICOS DA AMERICA: S&P Assigns BB- Long-Term Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-' long-
term corporate credit rating to Diagnosticos da America S.A. and
to its senior-unsecured, 10-year term notes (approximately
US$250 million).  The company's wholly owned subsidiary, DASA
Finance Corp., will issue the notes under its full and
unconditional guarantee.  At the same time, S&P affirmed its
'brA' long-term national scale rating on the company and its
five-year BRL202.5 million debentures.  The outlook is stable.
      
"The ratings on DASA reflect the company's aggressive growth
strategy, both organically and through acquisitions, from which
we expect negative free operating cash flow, higher leverage in
the medium term, and continued integration challenges with the
acquired laboratories," said S&P's credit analyst Eduardo
Chehab.  Diagnosticos da America is also exposed to the still
competitive and fragmented diagnostics industry, with relatively
low entry barriers and some dependence on large health insurers.
     
These risk factors are somewhat offset by the company's growing
market leadership in Brazil in terms of number of units and
revenues, the quality of its clinical and imaging diagnostic
exams under a multibrand platform, and serving different
geographic regions and customer income levels.  The ratings also
reflect the favorable prospects for Brazil's diagnostic testing
services industry, the growing employment rates, and the
increased demand for medical exams.
     
The stable outlook reflects S&P's expectation that the company's
strong growth strategy will be successful because of
acquisitions, opening new units, and integrating acquired units.  
S&P believes that gains from larger scale and acquisitions will
help Diagnosticos da America improve its credit metrics (FFO-to-
total debt ratio to exceed 25% as of year-end 2009).  
     
S&P does not expect to upgrade the company during the medium
term because the rating agency believes Diagnosticos da America
will sustain its growth strategy, based on acquisitions, for at
least the next 2-3 years.  On the other hand, if the company's
debt position increases unexpectedly and/or if its liquidity
deteriorates, S&P could revise the outlook or lower the rating.

Headquartered in Sao Paulo, Brazil, Diagnosticos da America SA
-- http://www.diagnosticosdaamerica.com.br/-- provides such  
services as clinical analysis tests, diagnostic imaging tests
and diagnostic ophthalmology tests, as well as research services
directly or through contracted laboratories in Latin America.  
As of Dec. 31, 2007, the company had a number of operational
units, such as Delboni Auriemo, Lavoisier, Bronstein and Lamina,
among others, located in Sao Paulo, Rio de Janeiro, Prana,
Brasilia, Bahia, Ceara, Santa Catarina and Goias.


DIAGNOSTICOS DA AMERICA: Fitch Puts BB Foreign & Local ID Rtgs.
----------------------------------------------------------------
Fitch Ratings has assigned a foreign currency issuer default
rating of 'BB', local currency IDR of 'BB', and a national scale
rating of 'A+(bra)' to Diagnosticos da America S.A.  Fitch has
also assigned an expected rating of 'BB' to the proposed senior
unsecured notes of approximately US$250 million due in 2018 to
be issued by DASA Finance Corporation.  The notes are
irrevocably and unconditionally guaranteed by Diagnosticos da
America.  The rating outlook for corporate ratings is stable.

Diagnosticos da America's credit ratings are supported by the
company's leading position in the Brazilian medical diagnostics
industry.  The ratings of the company also take into
consideration the company's conservative management of its
credit profile historically, using a mix of debt and equity to
fund growth.  Further factored into the company's ratings are
its presence in many segments of the diagnostic health care
market -- private sector, lab-to-lab, public sector -- and the
diversification of its exposure to multiple counterparties for
payment receipt.  Fitch's favorable outlook for the medical
diagnostic industry is further factored into the company's
ratings.  Considerations that limit Diagnosticos da America's
ratings at the current level are the rapid consolidation of the
diagnostic industry, the need to manage reputation risk and the
potential for counterparty payment risk to increase during an
economic crisis.

The company's revenues grew to BRL859 million in 2007 from
BRL364 million in 2003.  Its growth was due to multiple
acquisitions and the opening of 60 patient service centers.  The
company funded this growth through a mix of debt and equity,
completing its initial public offering in 2004 and doing a
follow-on issue in 2006.  This balanced approached to growth has
enabled the company to maintain low levels of debt between 2003
and 2007.  Its average FFO Adjusted Leverage ratio was 1.1 times
during this time period, while its total debt/EBITDA ratio
averaged 1.8 and its net debt/EBITDA ratio averaged 0.8.

The outlook for the Brazilian private medical diagnostic
industry is favorable for a couple of reasons.  First,
increasing levels of GDP per capita and a declin