TCRLA_Public/080523.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, May 23, 2008, Vol. 9, No. 102

                            Headlines


A R G E N T I N A

ALITALIA SPA: Bruno Ermolli Forms EUR1.4-Billion Bidding Newco
ALITALIA SPA: Denies Having Salary Payment Difficulties
ALTO PALERMO: Posts ARS69MM Net Income in 9 Mos. Ended March 31
ARROW ELECTRONICS: Moody's Changes Debt Rating Outlook to Stable
BOCA RATON: Files for Reorganization in Court

CASA BELEN: Trustee to File Individual Reports on Aug. 20
NORTH TEL: Proofs of Claim Verification Deadline Is July 25
MARASCO Y SPEZIALE: Trustee Verifies Claims Until Aug. 13
NORTEL NETWORKS: Increases Notes Offering to US$675 Million
NORTEL NETWORKS: Moody's Rates Unit's US$500MM Note Issue at B3

SITECA SRL: Proofs of Claim Verification Deadline Is Aug. 28


B E R M U D A

ALTERNATIVE INSURANCE: Proofs of Claim Filing Deadline Is June 4
ALTERNATIVE INSURANCE: Final Shareholders Meeting Is on June 26
FOSTER WHEELER: To Receive Equipment & Tech From NATCO Group
GROVE MANAGEMENT: Final Shareholders Meeting Is on June 22
LA SALLE RE: Proofs of Claim Filing Deadline Is June 4

ZI TECHNOLOGY: Proofs of Claim Filing Deadline Is June 4
ZI TECHNOLOGY: Sets Final Shareholders Meeting for June 26


B O L I V I A

VISTA GOLD: Reports Land Permit Status of Paredones Amarillos


B R A Z I L

AMR CORP: Cuts Seat Capacity, Retires Planes Amid Economic Woes
ARVINMERITOR INC: LVS Unit Opens South American Center in Brazil
BANCO NACIONAL: Inks BRL1.58BB Deal to Expand Sao Paulo Subway
BRASKEM SA: S&P Puts BB+ Rating on US$400 Million Senior Notes
BRASKEM: Moody's Puts Ba1 Foreign Curr. Rating to US$400MM Notes

BRASKEM SA: Fitch Assigns BB+ Rating on Proposed US$400MM Notes
COMPANHIA BRASILEIRA: Moody's Lifts Step-Up Notes Rating to Ba1
FRESENIUS SE: Moody's Upgrades Corporate Rating From Ba2 to Ba1
MILACRON INC: Common Stock to Move to OTC Trading on May 27
SHARPER IMAGE: Court OKs Committee's Cooley Godward Employment

SPECTRUM BRANDS: Sells Pet Biz to Salton Inc. for US$692MM Cash
TAM SA: Moves First Quarter 2008 Results Presentation to June 11
ULTRAPAR PARTICIPACOES: S&P Shifts Outlook; Holds L-T BB+ Rating


C A Y M A N  I S L A N D S

AMPHORA FINE: Proofs of Claim Filing Deadline Is Until May 28
ANDROMEDA ENTERPRISES: Claims Filing Deadline Is Until May 28
CARD AND CREDIT: Deadline for Proofs of Claim Filing Is May 28
FLAGSTONE CBO: Proofs of Claim Filing Deadline Is May 28
G-SQUARE GLOBAL: Proofs of Claim Filing Deadline Is May 28

KITE LEASING: Deadline for Proofs of Claim Filing Is May 28
QUADRIGA ZEUS: Deadline for Proofs of Claim Filing Is May 28
SALT CREEK: Deadline for Proofs of Claim Filing Is May 28
WIMBLEDON A EURO: Claims Filing Deadline Is Until May 28


C H I L E

FRESH DEL MONTE: S&P Revises Stable Rating Outlook to Positive
SUN MICROSYSTEMS: Unit Eyes 20% Growth in Fiscal Year 2009


G R E N A D A

* GRENADA: S&P Affirms Sovereign Credit Ratings at B-/C


G U Y A N A

DELTA AIR: To Fly to Guyana Starting June 1


J A M A I C A

CASH PLUS: Investors Air Out Support for Carlos Hill
HILTON HOTELS: First Financial Acquires Unit for J$3.5 Billion
NATIONAL COMMERCIAL: Launches Online Application System


M E X I C O

ACCELLENT INC: Net Loss Down to US$7.7 Mln in 2008 First Quarter
AMSCAN HOLDINGS: Posts US$2.5 Mil. Net Loss in 2008 First Qtr.
ASARCO LLC: Grupo Mexico Wants Full Payment Plan Considered
BENITO JUAREZ MUNICIPALITY: Moody's Rates Bank Loans Ba1
BLUE WATER: Various Entities Object to Disclosure Statement

DESARROLLADORA HOMEX: Starts MXN179 Mil. Project in Saltillo
FRONTIER AIRLINES: Gets Union Ratification on Wage Concessions
MEXORO MINERALS: Issues 1st Assay Results of Cieneguita Project
SALTON INC: To Buy Spectrum Brands' Pet Biz for US$692MM Cash
TELTRONICS INC: March 31 Balance Sheet Upside-Down by US$4.7 Mln

X-RITE INC: Firm Not Headed for Bankruptcy, Interim CFO Assures


P U E R T O  R I C O

AVIS BUDGET: Taps Assured Guaranty as Insurer for US$250MM Notes
DORAL FINANCIAL: B Riley Eyes US$0.80/Share Losses in 2008
DORAL FINANCIAL: Raymond James Cuts Share Estimate for Firm
INTELSAT LTD: Launches Galaxy 18 Satellite


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Oil Reserve Growth Due to Fields


                         - - - - -


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

ALITALIA SPA: Bruno Ermolli Forms EUR1.4-Billion Bidding Newco
--------------------------------------------------------------
Bruno Ermolli, adviser to Prime Minister Silvio Berlusconi, has
set up a special bidding vehicle to bid for the Italian
government's 49.9% stake in Alitalia S.p.A, Reuters says citing
an unsourced Il Messaggero report.  

According to Il Messaggero, the newco is composed of several
Italian financial and industrial firms including AirOne S.p.A.  
The report adds that Intesa Sanpaolo S.p.A., Mediobanca S.p.A.
and Piaggio S.p.A. chairman and CEO Roberto Colaninno.

The report adds that Mr. Colaninno who might be offered the
chairmanship at Alitalia in exchange for a EUR200-million
investment at the newco.

Poste Italiane S.p.A. CEO Massimo Sarmi told Reuters that the
state-owned mail group might joined the newco if it gains
commercial benefits from the deal.  Poste operates cargo carrier
Mistral Air.

The newco may also include Air France-KLM SA and Deutsche
Lufthansa AG after it restores Alitalia financial coffers.

                           Too Early

Mr. Ermolli, meanwhile, was quoted as Reuters as saying that he
has submitted a full report on the newco.  

Mr. Ermolli, however, said it was still too early to talk about
numbers, referring to the newco's reported EUR1.4 billion
capitalization.

                         About Alitalia

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

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


ALITALIA SPA: Denies Having Salary Payment Difficulties
-------------------------------------------------------
Alitalia S.p.A. has denied a claim that it would face
difficulties in paying its employees, various reports say.

Antonello Soro, member of the Democratic Party in the Chamber of
Deputies, commented to Radiotelevisione Italiana that Alitalia
would struggle paying salaries in May and might not be able to
cover payments in June, Bloomberg News relates.

                          New Chairman

Meanwhile, union sources told Reuters that Prime Minister Silvio
Berlusconi may name a new chairman and chief execituve for
Alitalia this week.  Aristide Police currently sits as
Alitalia's chairman.  

According to Il Sole 24 Ore, nominees for the post includes
Pietro Ciucci, chairman of Italian highway regulator Anas.

                         About Alitalia

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

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


ALTO PALERMO: Posts ARS69MM Net Income in 9 Mos. Ended March 31
---------------------------------------------------------------
Alto Palermo S.A. reported a ARS69.4 million consolidated net
income for the nine-month period ended March 31, 2008, up 30.3%
from the ARS53.3 million income earned in the same period of the
previous fiscal year.

Total revenues as of March 31, 2008 amounted to
ARS468.4 million, i.e., 34.7% higher than the figure registered
a year earlier.  "This increase is mainly attributable to the
dynamics perceived in consumer spending which has fostered sales
in our shopping center and credit card segments," Alto Palermo
explained in a regulatory filing.

The company noted that gross profit for the period showed a
robust 31.9% increase, from ARS231.8 million in the nine months
ended March 31, 2007, to ARS305.8 million in the period ended as
of March 31, 2008.

Consolidated operating income for the period was a gain of
ARS148.6 million compared to ARS126.0 million for the same
period of the previous fiscal year, which constitutes a 17.9%
increase.   The EBITDA for the nine-month period totaled
ARS205.8 million which points to a 16.9% increase compared to
the EBITDA recorded a year earlier.

According to the company, the slower pace in the rate of growth
shown by operating income when compared to total income arises
from:

   (1) a higher incidence of the credit card segment in the
       business, which operates at lower margins;

   (2) the results of the subsidiary Tarshop S.A (80% owned by
       the company; issues credit card accounts that the company
       manages) during the period.

As to the company's Shopping Center segment, revenues performed
favorably, increasing by 27.6% compared to the same period a
year earlier.  The EBITDA for this segment has grown in line
with this increase and showed a slight improvement when compared
to revenues as it rose by 29.1% compared to the same nine-month
period in the previous fiscal year.

A copy of the company's financial statements for the nine months
ended March 31, 2008, is available for free at:

               http://ResearchArchives.com/t/s?2c63

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'.


ARROW ELECTRONICS: Moody's Changes Debt Rating Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed the company's existing senior
long-term debt ratings and changed the outlook to stable from
positive.

The following ratings were affirmed:

Senior Unsecured Notes with various maturities -- Baa3

Shelf registration for senior unsecured, subordinated, and
preferred stock -- (P)Baa3, (P)Ba1 and (P)Ba2, respectively

The outlook change to stable reflects weaker-than-expected
operating cash flows and credit protection measures that are
likely to remain below prior year levels in the softening macro-
environment.  It also reflects potentially higher-than-
anticipated debt levels to fund three recent acquisitions (i.e.,
Achieva Ltd., LOGIX, S.A. and ACI Electronics LLC) at a time
when operating cash flows are likely to contract.

Moody's is concerned that recent weakness in high-end server
sales in the company's enterprise computing segment will
continue for most of 2008, resulting in operating margin
contraction and reduced EBITDA levels for the full year, in
Moody's opinion.  The change in outlook considers the
possibility of further debt-funded acquisitions given the
company's penchant to grow through external means, which could
delay the pace of de-leveraging.  It also incorporates the
possibility of a delay in achieving synergies given the
increasing number of acquisitions to be integrated
simultaneously.

When Moody's changed the outlook to positive in March 2007, it
was anticipated that Arrow would "maintain focused on balance
sheet de-leveraging via free cash flow generation targeted
towards debt reduction and/or higher operating cash flow.  
"Specifically, it was expected that financial leverage, as
measured by debt to EBITDA (Moody's adjusted), would migrate
below 1.9x and operating margins (Moody's adjusted) would expand
above 4.2%.  As of the twelve month period ended March 2008, the
company's debt to EBITDA metric (Moody's adjusted) was 2.0x; and
Arrow's operating margin for the March 2008 quarter was 4.1%.

Arrow stated publicly that it expects continued weakness in
server sales and potential softness in its European components
business in the June quarter.  With business conditions expected
to remain subdued, Moody's believes Arrow's financial leverage
and operating margins could deteriorate from current levels,
though the stable outlook assumes that operating margins will
remain above 2.5%.

Despite operating margin contraction, Arrow has achieved
improved return on working capital and reduced working capital
as a percent of sales.

Arrow maintains a strong liquidity profile, supported by a solid
cash position, external funding commitments and strong free cash
flow generation.  As of March 2008, the company had US$392
million of cash and full access to US$1.4 billion of external
financing via an US$800 million bank credit facility and a
US$600 million accounts receivable securitization program.  Free
cash flow generation over the last twleve months was US$629
million.  Moody's anticipates Arrow should be able to cover its
capital expenditure, working capital and short-term debt
requirements over the next twelve months through internal cash
sources.

Moody's subscribers can find additional information in the Arrow
Credit Opinion published on www.moodys.com.

Headquartered in Melville, New York, Arrow Electronics Inc. --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.  Revenues and EBITDA
for the twelve months ended March 31, 2008 were US$16.5 billion
and US$824 million, respectively.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.


BOCA RATON: Files for Reorganization in Court
---------------------------------------------
Boca Raton Golf Club SA has requested for reorganization
approval after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 19 in Buenos Aires.  Clerk No. 38 assists the court
in this case.

The debtor can be reached at:

                 Boca Raton Golf Club SA
                 Tucuman 1538
                 Buenos Aires, Argentina


CASA BELEN: Trustee to File Individual Reports on Aug. 20
---------------------------------------------------------
Luis Di Cesare, the court-appointed trustee for Casa Belen SRL's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance in Buenos Aires on Aug. 20, 2008.

Mr. Di Cesare will be verifying creditors' proofs of claim until
June 26, 2008.  He will submit a general report containing an
audit of Casa Belen's accounting and banking records to court on
Oct. 20, 2008.

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

The debtor can be reached at:

           Casa Belen SRL
           General Fructuoso Rivera 6147
           Buenos Aires, Argentina

The trustee can be reached at:

           Luis Di Cesare
           Viamonte 1356
           Buenos Aires, Argentina


NORTH TEL: Proofs of Claim Verification Deadline Is July 25
-----------------------------------------------------------
Nestor Szwarcberg, the court-appointed trustee for North TEL
SA's bankruptcy proceeding, will be verifying creditors' proofs
of claim until July 25, 2008.

Mr. Szwarcberg will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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 North TEL 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 North TEL's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                    North TEL SA
                    Araoz 2873
                    Buenos Aires, Argentina

The trustee can be reached at:

                    Nestor Szwarcberg
                    Pinzon 1555
                    Buenos Aires, Argentina


MARASCO Y SPEZIALE: Trustee Verifies Claims Until Aug. 13
---------------------------------------------------------
The court-appointed trustee for Marasco y Speziale S.A.C.I.F. e
I.'s reorganization proceeding will be verifying creditors'
proofs of claim until Aug. 13, 2008.

The trustee will present the validated claims in court as  
individual reports on Sept. 24, 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 Marasco y Speziale 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 Marasco y Speziale's
accounting and banking records will be submitted in court on
Nov. 5, 2008.

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

The debtor can be reached at:

                     Marasco y Speziale S.A.C.I.F. e I.
                     Pasco 763/65
                     Buenos Aires, Argentina


NORTEL NETWORKS: Increases Notes Offering to US$675 Million
-----------------------------------------------------------
Nortel Networks Limited, the principal direct operating
subsidiary of Nortel Networks Corporation, disclosed an increase
in size and the pricing of the previously announced offering of
10.750% senior unsecured notes due 2016 in the United States to
qualified institutional buyers pursuant to Rule 144A under the
U.S. Securities Act of 1933, as amended, to persons outside of
the United States pursuant to Regulation S under the Securities
Act, and to accredited investors in Canada pursuant to
applicable private placement exemptions.

The Notes will be fully and unconditionally guaranteed by Nortel
Networks Corporation and initially guaranteed by NNC's indirect
subsidiary, Nortel Networks Inc.

The offering size was increased from US$500 million to
US$675 million.  The Notes will be issued at 99.00% as
additional notes under an existing indenture and will be part of
the same class as NNL's currently outstanding US$450,000,000
aggregate principal amount of 10.750% senior notes due 2016 that
were issued on July 5, 2006.   The placement of the Notes is
subject to customary closing conditions and is expected to close
on May 28, 2008.

NNL expects that the net proceeds from the sale of the Notes
will be approximately US$655 million, after deducting
commissions and other offering expenses.  Nortel plans to use
these net proceeds, together with available cash, to redeem at
par the US$675 million outstanding principal amount of NNC's
4.25% convertible senior notes due September 1, 2008.  NNC
intends to issue a redemption notice with respect to the 4.25%
convertible senior notes after the closing of the offering.

                       About Nortel Networks

Nortel Networks Corporation -- http://www.nortel.com/--  
(NYSE/TSX: NT) is a global supplier of networking solutions
serving both service provider and enterprise customers.  It
supplies end-to-end networking products and solutions that help
organizations enhance and simplify communications.  These
organizations range from small businesses to multi-national
corporations involved in all aspects of commercial and
industrial activity, and from federal, state and local
government agencies and the military to cable operators,
wireline and wireless telecommunications service providers, and
Internet service providers.  Nortel’s networking solutions
include hardware and software products and services.  It
designs, develops, engineers, markets, sells, supplies,
licenses, installs, services and supports these networking
solutions worldwide.  Nortel operates in four segments: Carrier
Networks, Enterprise Solutions, Metro Ethernet Networks and
Global Services.  Nortel Networks Limited is the company’s
principal operating subsidiary.

The company's executive offices is located in Toronto and has
subsidiaries in the United Kingdom, China, Australia, Argentina
and Brazil, among others.


NORTEL NETWORKS: Moody's Rates Unit's US$500MM Note Issue at B3
---------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Nortel
Networks Limited, US$500 million year senior unsecured "add-on"
note issue (reference security is the company's existing US$450
million 10.75% note issue due July 2016).

NLL is Nortel Network Corporation's  principal direct operating
subsidiary.  The note issue benefits from a system of guarantees
that causes it to be ranked equally with Nortel's existing
outstanding senior unsecured debts.  Since the proceeds will be
used to repay a portion of the US$675 million residual of an
existing convertible note issue due September, 2008, the
transaction is neutral to Nortel's credit profile.  With there
being no ratings' impact, the company's B3 corporate family
rating was affirmed along with ratings for existing debt
securities, albeit, changes in the company's liability structure
caused a very minor change to the related loss given default
assessments while also causing preferred stock of subsidiary
Nortel Networks Limited to be upgraded to Caa1 from Caa3.

The primary rating influence continues to stem from uncertainty
relating to the magnitude and long term sustainability of the
company's cash flow stream.  For much of the recent past, Nortel
has been involved in a protracted asset portfolio and
operational restructuring as it looks to solidify its position
in the very crowded telecommunications infrastructure market.
With reported gains continually being reinvested in new
initiatives and additional restructuring programs, it is unclear
whether the business model can be stabilized and what level of
cash flow will prevail if it does.  In the interim, the
company's sizeable cash position manages downside ratings risk
and allows the rating to be positioned at the B3 level while
also allowing the outlook to be stable.  This cash position also
allows liquidity to be assessed as good, and an SGL-2
speculative grade liquidity rating has been maintained.

Assignments:

    * Issuer: Nortel Networks Limited

   -- Senior Unsecured Regular Bond/Debenture, Assigned B3
     (LGD4, 66)

Upgrades:

    * Issuer: Nortel Networks Capital Corporation

   -- Senior Unsecured Regular Bond/Debenture, unchanged at B3
      with LGD assessment changed to LGD4, 66% from LGD4, 67%

    * Issuer: Nortel Networks Corporation

   -- Senior Unsecured Conv./Exch. Bond/Debenture, unchanged at
      B3 with LGD assessment changed to LGD4, 66% from LGD4, 67%

    * Issuer: Nortel Networks Limited

   -- Senior Secured Regular Bond/Debenture, unchanged at B3
      with LGD assessment changed to LGD4, 66% from LGD4, 67%

   -- Senior Unsecured Regular Bond/Debenture, unchanged at B3
      with LGD assessment changed to LGD4, 66% from LGD4, 67%

   -- Preferred Stock Preferred Stock, Upgraded to Caa1 from
      Caa3

The company's solid liquidity position is quite important to the
B3 CFR as it enhances near term default risk and facilitates use
of a B2 probability of default rate.  In the event of a default,
a 35% recovery (i.e. a 65% loss given default (LGD)) assumption
has been used.  With the CFR being an expression of expected
loss, and a function of the relationship between the PDR and the
LGD, the EL (i.e. the CFR) is assessed as B3.  Therefore, were
liquidity to deteriorate and, as a consequence, were near term
default risk to increase, the CFR would likely be downgraded.

Nortel Networks Corporation -- http://www.nortel.com/--  
(NYSE/TSX: NT) is a global supplier of networking solutions
serving both service provider and enterprise customers.  It
supplies end-to-end networking products and solutions that help
organizations enhance and simplify communications.  These
organizations range from small businesses to multi-national
corporations involved in all aspects of commercial and
industrial activity, and from federal, state and local
government agencies and the military to cable operators,
wireline and wireless telecommunications service providers, and
Internet service providers.  Nortel's networking solutions
include hardware and software products and services.  It
designs, develops, engineers, markets, sells, supplies,
licenses, installs, services and supports these networking
solutions worldwide.  Nortel operates in four segments: Carrier
Networks, Enterprise Solutions, Metro Ethernet Networks and
Global Services.  Nortel Networks Limited is the company’s
principal operating subsidiary.

The company's executive offices is located in Toronto and has
subsidiaries in the United Kingdom, China, Australia, Argentina
and Brazil, among others.


SITECA SRL: Proofs of Claim Verification Deadline Is Aug. 28
------------------------------------------------------------
The court-appointed trustee for Siteca S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
Aug. 28, 2008.

The trustee will present the validated claims in court as
individual reports on Oct. 9, 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 Obrar 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 Siteca's accounting
and banking records will be submitted in court on Nov. 20, 2008.

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

The debtor can be reached at:

           Siteca S.R.L.
           Avenida A Rolon 660, Boulogne
           Buenos Aires, Argentina
           Phone: (011) 4766-2446



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

ALTERNATIVE INSURANCE: Proofs of Claim Filing Deadline Is June 4
----------------------------------------------------------------
Alternative Insurance Company Limited's creditors are given
until June 4, 2008, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Alternative Insurance's shareholders agreed on May 19, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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



ALTERNATIVE INSURANCE: Final Shareholders Meeting Is on June 26
---------------------------------------------------------------
Alternative Insurance Company Limited will hold its final
shareholders meeting on June 26, 2008, at 9:30 a.m. at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Alternative Insurance's shareholders agreed on May 19, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


FOSTER WHEELER: To Receive Equipment & Tech From NATCO Group
------------------------------------------------------------
NATCO Group Inc. will provide equipment and technology to Foster
Wheeler Ltd. for the Saudi Aramco Manifa Arabian Heavy Crude
Programme, in the Kingdom of Saudi Arabia.  The development of
the Manifa oil field, located in the Persian Gulf, includes
construction and expansion of new processing infrastructure to
handle an additional 900,000 barrels per day of Arabian heavy
crude.  The project is planned for a 2011 completion.

NATCO will supply the world's fifth-largest crude oil field with
advanced dehydration & desalting technology including design and
fabrication of six trains treating a total of 900,000 bpd.  Each
train will be comprised of one TriVolt dehydrator and two
TriVolt desalter units for a total of 18 vessels.

NATCO has been supplying the TriVolt technology to Saudi Aramco
for over thirty years.  The equipment design includes
flexibility for future capacity increases by up to fifty percent
through a retrofit to NATCO's Dual Frequency(R) electrostatic
technology.

This contract, which was awarded in first quarter 2008, follows
NATCO's recent announcement regarding the joint venture with Al-
Rushaid Petroleum Investment Company for the NATCO Jubail
Fabrication Facility which is scheduled to be operational by
February 2009, and highlights the market opportunity for NATCO
technologies in the Saudi Arabian market.  All 18 NATCO vessels
for this project will be fabricated within the Kingdom of Saudi
Arabia.

                        About NATCO Group

NATCO Group Inc. is a leading provider of process equipment,
systems and services used in the production of oil and gas.  
NATCO has designed, manufactured and marketed production
equipment and services for over 80 years.  NATCO production
equipment is used onshore and offshore in most major oil and gas
producing regions of the world.

                       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.


GROVE MANAGEMENT: Final Shareholders Meeting Is on June 22
----------------------------------------------------------
Grove Management Limited will hold its final shareholders
meeting on June 22, 2008, at Williams House, 20 Reid 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.

Grove Management's shareholder decided to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.


LA SALLE RE: Proofs of Claim Filing Deadline Is June 4
------------------------------------------------------
La Salle Re Holdings Limited's creditors are given until
June 4, 2008, to prove their claims to Michael Morrison and John
Wardrop, the company's liquidators, or be excluded from
receiving any distribution or payment.

The liquidators can be reached at:

                Michael Morrison and John Wardrop
                c/o KPMG Advisory Limited
                Crown House, 4 Par-la-Ville Road
                Hamilton HM 08, Bermuda

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.

A first and final dividend will be declared.  Any creditor of La
Salle Re who hasn't filed a proof of debt must do so on or
before the deadline or be excluded from the dividend payment.  
Creditors who are uncertain whether they have already filed a
proof of debt or who have any questions regarding the procedure
must contact:

                James Bennett
                c/o KPMG Advisory Limited
                Crown House, 4 Par-la-Ville Road
                Hamilton HM 08, Bermuda
                E-mail: jamesbennett@kpmg.bm
                Phone: +1 441 294 2603


ZI TECHNOLOGY: Proofs of Claim Filing Deadline Is June 4
--------------------------------------------------------
Zi Technology Corporation Ltd.'s creditors are given until
June 4, 2008, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Zi Technology's shareholders agreed on May 16, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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



ZI TECHNOLOGY: Sets Final Shareholders Meeting for June 26
----------------------------------------------------------
Zi Technology Corporation Ltd. will hold its final shareholders
meeting on June 26, 2008, at 9:30 a.m. at Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Zi Technology's shareholders agreed on May 16, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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



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

VISTA GOLD: Reports Land Permit Status of Paredones Amarillos
-------------------------------------------------------------
Vista Gold Corp. reported the status of the Change of Land Use
Permit for the Paredones Amarillos Project in Baja California
Sur (BCS), Mexico.

During the past week, the company has held a number of meetings
with staff from the National Office for the Coordination of
Mines in the Department of Economy, Environmental and Natural
Resource Service (SEMARNAT) and the National Commission for
Natural Protected Areas, the Governor of Baja California Sur,
and various state officials.  Based on discussions with
government staff and officials at these meetings and advice from
Vista Gold's advisors, management is confident that the
outstanding issues relating to the status of the Change of Land
Use Permit will be resolved favorably over the next few months.  
Assuming favorable results from the definitive feasibility
study and completion of project financing, construction of the
Paredones Amarillos Project is currently planned to start before
the end of 2008, with first gold production planned to commence
before the end of 2009.

Vista Gold reported that in these meetings the Secretary of
SEMARNAT indicated that he supported the earlier opinion issued
by the Baja California Sur office of SEMARNAT that the Change of
Land Use Permit issued in 1997 had expired.  However, the
Secretary also indicated that he recognized the importance of
the Project and would commit his department to promptly process
an application for a new Change of Land Use Permit.  The
application requires a number of prerequisite steps which the
company is undertaking with the cooperation of the National
Office for the Coordination of Mines, and the payment of a fee
which Vista Gold intends to make.  The company's legal counsel
in Mexico remains of the view that the original permit is valid
and has advised Vista Gold to proceed with a judicial appeal of
the opinion issued by the Baja California Sur office of SEMARNAT
to preserve certain legal rights, but has also recommended that
a new application is likely to be the most
expeditious way to obtain the necessary approvals.

President and Chief Operating Officer, Fred Earnest attended the
meetings and commented, "It is evident to us that there is a lot
of goodwill and support for Vista and the development of the
Paredones Amarillos Project by the officials present at these
meetings.  We are particularly grateful for the support and
efforts made by the Governor of BCS to assist in arranging
the meetings and for the presence of the Governor at the meeting
with the Secretary of SEMARNAT."

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

                          *     *     *

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

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



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

AMR CORP: Cuts Seat Capacity, Retires Planes Amid Economic Woes
---------------------------------------------------------------
AMR Corporation, the parent company of American Airlines, Inc.,
disclosed significant reductions to its 2008 domestic flight
schedule, including a fourth quarter mainline domestic capacity
reduction of 11% to 12% from the previous year.  It also
outlined plans to retire at least 75 mainline and regional
aircraft and unveiled several revenue growth initiatives, as the
company responds to record fuel prices, growing concerns about
the economy and a difficult competitive environment.

"The airline industry as it is constituted was not built to
withstand oil prices at $125 a barrel, and certainly not when
record fuel expenses are coupled with a weak U.S. economy," AMR
Chairman and CEO Gerard Arpey said.  "Our company and industry
simply cannot afford to sit by hoping for industry and market
conditions to improve.  We must work to overcome our near-term
challenges and to secure our company's long-term future for the
benefit of our shareholders, customers and employees.  We must
find ways to cover the cost of providing our services so that we
can remain viable and have the resources to reinvest in our
company for the future.  Those goals are central to the actions
we are outlining."

                Additional 2008 Capacity Reductions

AMR said it will reduce American Airlines domestic capacity --
or available seat miles flown -- in the fourth quarter of 2008
by 11% to 12%, compared to the fourth quarter of 2007.  
According to its April 16 guidance, AMR previously expected
domestic mainline capacity in the fourth quarter to decline by
4.6% compared to the same period in 2007.

In addition, AMR regional affiliate capacity is expected to
decline by 10% to 11% in the fourth quarter compared to fourth
quarter 2007 levels.  Previously, regional affiliate capacity in
the fourth quarter was expected to increase by 2.0% from 2007
levels.

AMR continues to assess the impact of the capacity reductions on
specific routes and markets.

Arpey said the capacity reductions aim to significantly reduce
costs as well as create a more sustainable supply-and-demand
balance in the market. In recent years, Arpey added, the
industry has been hurt by some airlines growing faster than
conditions warranted, and that impact has worsened in light of
recent economic trends and soaring fuel prices.

As a result of significantly reduced flying, AMR expects to
retire 40 to 45 mainline aircraft from American's fleet, the
majority of which will consist of MD-80s but will also include
some Airbus A300 aircraft.  The capacity reductions will also
result in the retirement of 35 to 40 regional jets, as well as a
number of turbo-prop aircraft from AMR's regional affiliate
fleet.

The capacity changes will result in workforce reductions at both
American Airlines and American Eagle Airlines and could result
in facility closures or facility consolidation.  AMR is
assessing the scope and location-specific impact of any
workforce reductions resulting from the capacity reductions.  In
addition, AMR is assessing the impact of these capacity
reductions on its overall cost outlook.

                  Additional Revenue Initiatives

Beyond the company's ongoing cost-containment efforts, Mr. Arpey
noted that AMR has consistently sought revenue improvements
through fare increases and fuel surcharges.  Since AMR released
its first quarter 2008 financial results on April 16, American
has participated in or led 15 fare increases, 14 of which were
at least partially successful.

American introduced a US$15 fee for the first checked bag, given
the increasing costs of transporting checked baggage.  This fee,
which is effective for tickets purchased on or after June 15,
does not apply to: American's AAdvantage program members who
have achieved AAdvantage Gold, AAdvantage Platinum and
AAdvantage Executive Platinum level; those who have purchased
full-fare tickets in the Economy, Business and First Class
cabins; and those with international itineraries (except to and
from Canada and U.S. territories, such as Puerto Rico and the
U.S. Virgin Islands).

American also said that it has increased its fees for certain
other services, ranging from reservation service fees to pet and
oversized bag fees.  The increases mostly range from US$5 to
US$50 per service.  The company estimates that new and increased
fees announced this month will generate several hundred million
dollars in incremental annual revenue.

"While we understand that these fees affect customers, we also
believe that our pricing for the services we provide remains
extremely competitive in the industry and continues to offer our
customers ample choice and value," Mr. Arpey said.  "The bottom
line is that our revenues, which include ticket sales and fees,
must keep pace with our increasing costs."

As evidence of the crisis caused by soaring fuel prices, Mr.
Arpey cited the U.S. airline industry's first quarter 2008 pre-
tax loss of nearly US$2 billion excluding special items and the
fact that eight U.S. airlines have filed for bankruptcy
protection this year, including five that have ceased service.  
AMR paid US$665 million more for fuel in the first quarter than
it would have paid at prices from the year-ago period.  Its
first quarter fuel expense increased by 45% year over year,
while its total revenue increased by 5%.  The price of jet fuel
has increased by more than 10% since April 16, when AMR expected
its 2008 fuel bill would be well over US$6 billion higher than
in 2003.

However, Mr. Arpey also noted that AMR has made much progress in
recent years to better prepare it for the current uncertainty.  
At the end of the first quarter of 2008, the company's Total
Debt, which it defines as the aggregate of its long-term debt,
capital lease obligations, the principal amount of airport
facility tax-exempt bonds, and the present value of aircraft
operating lease obligations, was US$15.2 billion, down more than
25% from the end of 2002.  AMR's Net Debt, which it defines as
Total Debt less unrestricted cash and short-term investments,
was US$10.7 billion at the end of the first quarter of 2008,
down more than 40% from the end of 2002.  AMR also ended the
first quarter with US$4.9 billion in cash and short-term
investments, including a restricted balance of US$426 million.  
It had about US$2.7 billion in total cash and short-term
investments, including a restricted balance of US$783 million,
at the end of 2002.

"Clearly, we have a lot of hard work ahead of us given the
economic realities we face," Mr. Arpey said.  "But we have
battled through many challenges throughout our long history,
and, with the continued dedication of our leadership team and
our people, I believe we have the fortitude to continue to do
so."

                        About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger             
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.  
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2008, Standard & Poor's Ratings Services revised its
outlook on the long-term ratings on AMR Corp. (B/Negative/B-3)
and subsidiary American Airlines Inc. (B/Negative/--) to
negative from positive.  S&P also lowered its short-term rating
on AMR to 'B-3' from 'B-2' and affirmed all other ratings on AMR
and American.

In November 2007, following the announcement by AMR Corp. that
it intends to divest its American Eagle Holding Corp. subsidiary
in 2008, Fitch expects no near-term impact on the debt ratings
of AMR and its principal operating subsidiary, American Airlines
Inc.  Fitch affirmed both entities' Issuer Default Ratings at
'B-' on Nov. 13, 2007, while revising the Rating Outlook for AMR
to Positive.


ARVINMERITOR INC: LVS Unit Opens South American Center in Brazil
----------------------------------------------------------------
ArvinMeritor's Light Vehicle Systems (LVS) business group
announces the opening of a new Global Center of Excellence
located in Limeira, Sao Paulo, Brazil.  The state-of-the-art
37,000 square foot facility houses research and development for
Fumagalli(TM) brand steel wheels, with expanded engineering and
program management capabilities to support the LVS growth
strategy for body and chassis systems in South America.

"The Global Center of Excellence provides superior engineering
support which is a competitive advantage to our regional
customers in growing markets like the BRIC countries of Brazil,
Russia, India and China," said ArvinMeritor president of LVS,
Phil Martens.  "The center gives our South American customer
base access to LVS' full spectrum of advanced smart systems(TM)
technologies for improved vehicle safety, comfort and
performance."

As the primary regional resource for LVS South America, the
Global Center of Excellence includes engineering, program
management, sales, testing, validation, quality, sourcing,
logistics and finance.

The facility joins the company's existing network of technology
centers located in China, France, Germany, India, Japan, Mexico,
United Kingdom and the United States.  It supports local design
applications of chassis systems and components, roof systems,
door modules, window regulators and motors.

"ArvinMeritor is an industry leader with a 60-year history of
providing innovative, quality Fumagalli steel wheels in Brazil
and Mercosur," said ArvinMeritor vice president and general
manager for Wheels and LVS South America, Don Polk.  "The Center
of Excellence leverages our wheels innovation and expertise to
support our customers with our entire product portfolio of
systems solutions."

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 19,000 people at more
than 120 manufacturing facilities in 24 countries which includes
China, India, Japan, Singapore, Thailand, Australia, Venezuela,
Brazil, Argentina, Belgium, Czech Republic, France, Germany,
Hungary, Italy, Netherlands, Spain, Sweden, Switzerland, United
Kingdom, among others.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
May 8, 2008, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating and other ratings on ArvinMeritor
Inc., with negative outlook.  The affirmations followed
ArvinMeritor's announcement of its plan to spin off its light
vehicle systems business to shareholders.  S&P is concerned
about how profitability and cash flow will unfold before the
legal separation, given uncertainty about production among many
automotive and heavy-truck customers.

Fitch placed in May 2008, the company's ratings (Issuer Default
Rating 'B'; Senior Unsecured 'B/RR4'; and Bank Credit Facility
'BB/RR1') on Rating Watch Negative.


BANCO NACIONAL: Inks BRL1.58BB Deal to Expand Sao Paulo Subway
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social President
Luciano Coutinho and Sao Paulo governor, Jose Serra, signed on
May 20, a BRL1.58 billion financing contract for the expansion
of Line 2 (Green) of Sao Paulo subway.  During the
implementation of Line 2 expansion project, 3.6 thousand direct
and 5.4 thousand indirect jobs.  Luiz Inacio Lula da Silva
attended the event that took place in a ceremony that launched
the Growth Acceleration Program works in the shanty town of
Heliópolis.

Expansion will be to the southeast, from Alto do Ipiranga
station to Vila Prudente district.  The project covers the
implementation of a 4.3km line, three stations (Sacoma,
Tamanduatei and Vila Prudente), a parking lot and maintenance
area and purchase of 16 trains with six rail cars each.

The loan granted by BNDES to Sao Paulo state government
corresponds to 80% of BRL1.97 billion financeable items.  The
project, expected to be completed by 2010, is part of the
investments in the railway system of Secretaria de Estado dos
Transportes Metropolitanos de Sao Paulo (Sao Paulo Metropolitan
Transport State Office – STM) with maturity up to 2015.

When the project starts up, it will represent 290 thousand more
passengers a day in Line 2, not to mention the employment
opportunities it will deliver.  This way, its demand must
increase to around 530 thousand passengers a day.  The total
number of stations will jump from 11 to 14 and the number of
trains will jump from 11 to 27.

The construction of the railway stretch will allow the
interconnection between the southeast region of the city to
Paulista Avenue, enabling the users of that region to have
access to the subway and railway system of the metropolitan
region, especially the downtown and the cities of Santo Andre,
Sao Bernardo do Campo, Sao Caetano do Sul and Diadema, through
the integrated operation bus-subway and the integration subway-
train.  Line 2 of Sao Paulo subway is currently 10.7km long,
from Vila Madalena station to the recently open Alto do Ipiranga
station.  Vila Madalena - Clinicas and Ana Rosa - Alto do
Ipiranga stations were also constructed with BNDES funds.

Recognized by the international subway authorities as one of the
most efficient systems in the world, Sao Paulo subway currently
transports around 3 million passengers a day, considering the
transfers between lines.

The main highlights of the project financed by is the expansion
and consolidation of the subway system and public transport in
the largest metropolitan region of Brazil.  It will also solve
problems of bottlenecking in the city, bringing positive impacts
to the environment; generating carbon credits as a consequence
of decrease of CO2 emissions.  Additionally, Brazilian
manufacturers will enjoy an increase in the orders of
metropolitan train and pull and control systems.

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

                        *     *     *

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


BRASKEM SA: S&P Puts BB+ Rating on US$400 Million Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB+' senior
unsecured debt rating to the forthcoming approximately
US$400 million bond due 2018 to be issued by Braskem Finance
Ltd. and unconditionally guaranteed by Brazil-based
petrochemical company Braskem S.A. (BB+/Stable/--).
     
Braskem Finance Ltd. is a wholly owned subsidiary of Braskem.
Braskem will use the proceeds from the bond to prepay part of
the US$1.2 billion bridge loan raised in 2007 to acquire a
controlling stake in Ipiranga Group's petrochemical assets,
helping the company adjust its debt amortization schedule to its
cash generation.
     
The rating on the new issuance mirrors Braskem's credit profile,
which in turn reflects the company's exposure to volatile input
costs (mainly naphtha), and associated working capital swings;
sizable debt due to investments and acquisitions; reliance on
its home market for EBITDA; greater competition arising from the
consolidation of the sector; and the risks associated with the
company's internationalization plans.  These risks are partly
offset by Braskem's leading business and market position in the
Brazilian petrochemical industry; a fair financial profile, with
adequate liquidity and debt amortization schedule; economies of
scale; some geographic diversification; and increasing
technological expertise.
     
The outlook on Braskem is stable and reflects S&P's expectations
that the company will consistently improve financial ratios as
higher and more resilient cash flows will be used to pay down
acquisition debt gradually.  S&P expects Braskem to sustain
prudent financial policies and low debt maturity concentration,
mainly after extending the bridge loan used in the acquisition
process.  Braskem will increasingly benefit from higher
operating integration and stronger market position, which S&P
expects to result in consistently stronger profitability and
resilient cash flows.
     
A positive revision of the ratings would depend primarily on
gross debt reduction relative to midcycle cash flows.
Alternatively, the ratings or outlook could be revised
negatively if the company is not able to continue improving
credit measures or liquidity deteriorates significantly.  This
may be caused by feedstock volatility, working capital
pressures, or unfavorable market conditions.  Finally, changes
in the company's investment strategy causing higher cash
outflows than initially expected and leading to a more leveraged
capital structure could also place negative pressure on the
ratings.

Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer  
in Latin America, and is among the three largest Brazilian-owned
private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.  The company reported consolidated
net revenues of about US$10 billion in the trailing twelve
months through March 31, 2008.


BRASKEM: Moody's Puts Ba1 Foreign Curr. Rating to US$400MM Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency
rating to the approximately US$400 million unsubordinated
unsecured notes due 2018 to be issued by Braskem Finance Ltd.
(Cayman Islands) and guaranteed by Braskem S.A.  The rating
outlook is stable.

The rating of the notes incorporates Braskem's leading market
position in Brazil and Latin America, which translates into
moderate pricing power in selling its product to clients.  Also
important to the rating is the company's above industry average
operating margin that results from high capacity utilization
rates, long-term client relationships, product customization and
logistics-related and tariff-related barriers for thermoplastic
resin imports.  Moody's Ba1 foreign-currency rating for the
proposed notes takes into consideration the low level of secured
debt on a consolidated basis.  The notes rating is not
constrained by the Baa3 (stable outlook) sovereign ceiling.

While Braskem's prudent liquidity management is a credit
positive, its fairly high leverage for a commodity-based company
with most of its operations in Brazil is a constraining factor
for the rating.  A large portion of Braskem's indebtedness
derives from debt-funded acquisitions made in recent years
during the consolidation process of the Brazilian petrochemical
industry.  Additional debt to fund the acquisition of Ipiranga's
petrochemical assets further increased leverage as measured by
Total Adjusted Debt to EBITDA of 3.7 as of March 31, 2008 (or
3.1 on a net debt basis).  According to Moody's definition,
Total Adjusted Debt includes refinanced taxes, intercompany
debt, pension fund liabilities, discounted trade receivables,
and off-balance sheet trade receivables investment fund (FIDC).  
The rating also factors in the company's high exposure to
volatile naphtha prices, its low geographic and operational
diversification compared to international peers, and the event
risk associated with the company's internationalization process,
which includes investments in greenfield projects and
acquisitions in neighboring countries with higher sovereign risk
than Brazil.

The company's principal investment project consists of a 50/50
joint-venture with Petroquimica de Venezuela S.A. -- Pequiven
(not rated) for the construction of a 450,000 tons per year
polypropylene facility and of a 1.3 million tons natural gas
cracker integrated with a polyethylene plant, at an estimated
cost of some US$3.5 billion.  Moody's believes funding for the
projects will include 30% equity and 70% from project finance
without recourse to the sponsors.  The new plants, strategically
located to serve the Pacific Coast of Latin America, as well as
the North American and European markets, should benefit from the
large natural gas reserves in Venezuela and contribute to
diversify Braskem's feedstock.

The stable outlook reflects Moody's expectation that Braskem
will maintain its leading position in the Brazilian market and
will prudently manage its liquidity position and capital
structure, which would include reducing leverage in terms of
Total Adjusted Net Debt to EBITDA.  Also, the stable outlook
assumes that the green field projects in Venezuela will be
structured in a way to ring-fence Braskem from any obligations
other than the US$500 million equity contribution.

The rating or outlook could be upgraded if leverage decreases to
a level which Moody's considers to be more compatible with the
volatile nature of Braskem's cash flows, with Total Adjusted Net
Debt to EBITDA expected to remain below 2.0 even during years
when there is margin pressure.  An upgrade would also require
that Braskem improve its debt maturity profile while
simultaneously maintaining a minimum cash balance sufficient to
cover short-term debt obligations in addition to a committed
revolving credit facility in place in an amount that is
compatible with its working capital needs.  Finally, Braskem's
ability to maintain EBITDA margins above 15% during a down cycle
in the global industry would be positive for the ratings.

Negative pressure on the rating or outlook could result from
Retained Cash Flow to Total Adjusted Net Debt below 20% on a
sustainable basis.  Furthermore, the rating or outlook could be
negatively affected if Braskem assumes higher risks in the
Venezuelan projects than anticipated by Moody's or experiences a
significant deterioration in its liquidity profile.

Existing ratings for Braskem SA:

  -- Corporate Family Rating: Ba1 (Global Scale); Aa2.br
    (Brazilian National Scale)

  -- US$400 million Unsubordinated Unsecured Notes due 2018: Ba1
     foreign currency rating

  -- Outlook: stable

Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer  
in Latin America, and is among the three largest Brazilian-owned
private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.  The company reported consolidated
net revenues of about US$10 billion in the trailing twelve
months through March 31, 2008.


BRASKEM SA: Fitch Assigns BB+ Rating on Proposed US$400MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned a BB+ rating to the proposed issuance
of approximately US$400 million of notes due 2018 to be issued
by Braskem Finance Ltd., a wholly owned special purpose finance
company of Brazilian petrochemical company Braskem S.A.  The
notes will be unconditionally guaranteed by Braskem.  The
guarantee will rank pari passu with other unsecured and
unsubordinated obligations of Braskem.  The proceeds of this
issuance will be used to partially repay a bridge loan taken on
to fund the acquisition of the Ipiranga Group's petrochemical
assets.  Fitch has foreign currency and local currency Issuer
Default Ratings of 'BB+' and a national scale rating of AA(bra)
for Braskem.  The corporate Rating Outlook is Positive.

The ratings reflect Braskem's continued leadership position in
the Brazilian and Latin American petrochemicals sector.  
Braskem's ratings are also supported by the company's moderate
leverage, strong liquidity, adequate debt composition, financial
flexibility and solid but highly volatile operating cash flow.  
Integration of its first- and second-generation activities
provides the company with a competitive advantage within the
Brazilian industry, and has allowed Braskem to achieve
substantial synergies, lower costs and higher-than-average
EBITDA margins compared to similar local and international
peers.

Fitch expects that the costs of raw materials derived from oil
and natural gas prices will continue to be volatile in 2008.  
The passing on of naphtha costs and maintenance of current
spreads and operating margins will continue to be one of the
company's main challenges.  Meanwhile, important factors such as
the probable continued growth of the domestic economy, a
reasonable balance between the supply and demand for
petrochemical products, high utilization rates of production
capacity, and strong demand in the principal consumer sectors
that use plastics are expected to contribute to possible
increased naphtha prices being passed on to end-users.

Over the past 12 months, Braskem has consolidated its leadership
position in the Brazilian petrochemical industry, obtaining a
market share of over 50% in thermoplastic resins.  It also
strengthened its corporate structure and businesses following
the announcement of an agreement with Petroleo Brasileiro
(Petrobras FC IDR of BBB-; National scale of AAA'bra') to
exchange petrochemical assets for an increased shareholder
participation, which is expected to increase Petrobras' holdings
from 8% to 25% in Braskem's total capital.  The consolidation of
important petrochemical assets bolstered the company's cash
generation without incurring increased leverage contributing to
its credit ratios.  In 2007, the company generated EBITDA of
BRL3.2 billion versus BRL1.6 billion in fiscal 2006.  The EBITDA
margin rose from 14% to 17% due to Braskem's ability to pass on
costs.

The proposed investment program in Venezuela -- the construction
of new petrochemical plants -- could limit future capacity to
reduce debt.  Total investments are projected at US$3.5 billion,
to be divided equally between Braskem and Petroquimica de
Venezuela S.A (Pequiven) for the construction of a polypropylene
plant (450,000 tons) and a cracker (1.3 million tons) in
Venezuela.  The project will be 70% financed through project
finance and the remaining 30% from shareholder capital support
in equal proportions.  The expansion into a country with higher
sovereign risk profile than that of Brazil could present new
risks.

Braskem continues to have substantial liquidity, with BRL1,7
billion (US$971 million) in cash and marketable securities at
March 2008.  For the same period, Braskem's total debt was
BRL9.3 billion (US$5,3 billion), with total debt/EBITDA ratio,
3.2 and the net debt/EBITDA ratio, 2.6.

The positive outlook reflects an expectation that Braskem will
be capable of increasing its cash flow generation and capturing
relevant synergies, following the strategic acquisition of
petrochemical assets of the Ipiranga Group in March 2007. Over
the medium- to long term, the company's leverage should
decrease, reflecting an increase in EBITDA.  However, the
programmed investments and increase in oil prices may slow the
rate of this improvement.  Fitch believes that the rate at which
Braskem is able to reduce leverage will be fundamental to a
potential upgrade to investment grade.

Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer  
in Latin America, and is among the three largest Brazilian-owned
private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.  The company reported consolidated
net revenues of about US$10 billion in the trailing twelve
months through March 31, 2008.


COMPANHIA BRASILEIRA: Moody's Lifts Step-Up Notes Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba3 Companhia
Brasileira de Petroleo Ipiranga's step-up senior unsecured notes
due August 2008.  The rating outlook is stable.  This rating
action concludes the review process initiated on April 2, 2008.

The rating action reflects Moody's view that the company will
benefit from the ownership by Ultrapar Participacoes S.A. (rated
Baa3 / stable outlook) to improve its operating margins and cash
flow through more efficient cost control, more efficient working
capital management and synergies.  In addition, Moody's believes
that the credit strength of Ultrapar will have a positive impact
on Iparanga's financial management, with potential reduction in
funding costs, as demonstrated by the recent redemption of the
company's local market debentures.  Finally, the Ba1 notes
rating incorporates Moody's view that there is a high
probability of Ultrapar providing financial support to Iparanga.

The Ba1 rating of the company's notes considers its position
as the second largest fuel distribution company in Brazil and
strong brand recognition for its high quality products and
services.  The improved competitive environment combined with
the company's efforts to manage costs and efficient logistics
have supported a gradual increase in market share and the
maintenance of acceptable operating margins for a retail
company.  Iparanga's dependence on Petroleo Brasileiro SA
(Petrobras) for fuel supply, its volatile working capital needs,
and fierce competition in the fast growing ethanol market are
constraining factors.  Moody's anticipates that the company's
efforts to expand geographic coverage will cause higher capital
expenditures and thus pressure free cash flow in the near term.

Moody's view of strong implicit support from Ultrapar is based
on the centralization of the group's cash management at
Ultrapar, the fact that Iparanga is a wholly-owned subsidiary
of Ultrapar with substantial relevance to the group's cash flow
generation, and cross-default provisions in existing Ultrapar
loan agreements.

The stable outlook reflects Moody's belief that Iparanga will
maintain its market share in the Brazilian fuel distribution
market while managing to maintain acceptable operating margins.  
In addition, Moody's expects that the company will prudently
manage investments and dividends.

Since Moody's does not expect any dramatic improvement in
Iparanga's balance sheet structure, operating margins and cash
flow in the very near term, an upgrade of the existing notes due
August 2008 is unlikely.  Conversely, the rating could come
under downward pressure in the remote case of a sharp
deterioration of the company's liquidity position or of a
change in Moody's perception of implicit support from Ultrapar.

Based in Rio de Janeiro, Brazil, Companhia Brasileira de
Petroleo Ipiranga, is the second largest fuel distribution
company in Brazil and a part of Grupo Ipiranga, with 2007
estimated revenues in excess of BRL23 billion.  Iparanga is a
wholly owned subsidiary of Ultrapar Participacoes SA.


FRESENIUS SE: Moody's Upgrades Corporate Rating From Ba2 to Ba1
---------------------------------------------------------------                 
Moody's Investors Service upgraded the Corporate Family Rating
of Fresenius SE to Ba1 from Ba2 and the Senior Unsecured Notes
to Ba1 from Ba2.  The outlook was changed to stable from
positive.  Concurrently, Moody's has also upgraded the Corporate
Family Rating of Fresenius's subsidiary, Fresenius Medical Care
AG & Co.  KGaA to Ba1 from Ba2, the Senior Secured Credit
Facility to Baa3 from Ba1, the Senior Unsecured Notes to Ba2
from Ba3 and the Trust Preferreds to Ba3 from B1.  The outlook
was changed to stable from positive.

The previous rating action for these issuers was on 16 May 2007,
when Moody's affirmed the ratings for Fresenius and FME and
changed the outlooks to positive.

"The upgrades of the Corporate Family Ratings of Fresenius and
FME from Ba2 to Ba1 reflect the continued improvements in
operating performance evidenced by strengthening profitability
levels and cash flow generation driving a reduction in financial
leverage metrics of both companies more in line with the
requirements for the Ba1 rating category.  Moody's expects
further improvements in operating performances given both
companies' strategies to benefit from global growth potential
for healthcare services and medical equipment, considering
rising demand levels from the ageing population, penetration of
new markets and the expectation that adequate reimbursement
rates will be preserved" says Christian Hendker, Moody's lead
analyst for Fresenius and FME.

"The rating upgrades are based on an expectation that
improvements in financial leverage will be sustained at both
companies.  Currently, the ratings are constrained by the
likelihood that acquisitions and expansion capital expenditures
to support these growth strategies will continue to dilute cash
flow generation and leverage metrics, but today's rating actions
reflect management's commitment to operate within leverage
ranges which are commensurate for the Ba1 rating category over
the medium term" continues Mr. Hendker.  

Moody's further notes that Fresenius has a slightly stronger
business profile than FME comprising better geographic and
segmental cash flow diversity.  Both company's have similar
profiles of relatively moderate business risk, exacerbated,
however, by expansion strategies, which may be partially
financed by debt.

The upgrade for Fresenius SE to Ba1 was prompted by continuous
improvements in operating performance and financial leverage
which is now in line with the requirements for upward rating
pressure as outlined in Moody's last press release in May 2007,
notably an improvement in CFO to Debt towards the high teens
which is evidenced by CFO to Debt of 18.8% in FYE 2007, and a
reduction of Debt to EBITDA below 3.5x, evidenced by Debt to
EBITDA of 3.4x in fiscal year 2007.  Moody's expects these
metrics to be broadly sustained.

The stable rating outlook for Fresenius SE incorporates the
expectation that the company will continue to moderately improve
its operating performance and leverage going forward, in line
with the requirements for the Ba1 rating category, evidenced by
range of 2.75x to 3.5x based on Debt to EBITDA, and 15% to 20%
for CFO to Debt.

The upgrade for FME to Ba1 was prompted by improvements in
operating performance and a reduction of financial leverage, but
in particular considering the expectation that these will be
further enhanced towards the requirements of the Ba1 rating
category to support a solid positioning in the rating category
going forward. FME managed to improve its Debt to EBITDA
slightly below 3.5x, and generated a CFO to Debt of 17.7% which
is just in the high teens as outlined as requirements for
positive rating pressure in Moody's Press Release published in
May 2007.

The stable outlook incorporates Moody's expectation that FME
will continue to enhance its leverage more in line with the
requirements of the Ba1 rating category over the medium term,
evidenced by a sustained strengthening in Debt to EBITDA
comfortably below 3.5x and CFO to Debt moving towards 20%. While
the stable rating outlook incorporates Moody's view of the
stability of the dialysis market which supports FME's recurring
cash flow generation basis, the rating remains constrained by
the prospects for a continuation of acquisitions and expansion
capex.

Moody's notes that the rating levels for Fresenius' Ba1
Corporate Family Rating and the Ba1 Corporate Family Rating of
its key subsidiary FME are not directly linked.  However,
Fresenius' consolidated operating performance and financial
leverage are highly correlated to FME, given the full
consolidation of FME's financial results (Fresenius SE holds a
36% economic interest in FME, but as result of FME's legal
status as a KGaA, Fresenius has 100% management control of this
entity).  FME remains fully controlled and hence fully
consolidated by Fresenius SE as long as Fresenius owns more than
25% of FME.  Moody's notes that, although a change in the
consolidation method would affect the group's consolidated
operating performance and cash generation, it would also result
in a reduction in absolute debt levels.

Upgrades:

     -- Issuer: Fresenius SE

        Corporate Family Rating, Upgraded to Ba1 from Ba2
        Probability of Default Rating, Upgraded to Ba1 from Ba2

     -- Issuer: Fresenius Finance BV

        Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
        (LGD 3, 43%) from Ba2 (LGD 4, 51%)

     -- Issuer: Fresenius Medical Care AG & Co. KGaA

        Corporate Family Rating, Upgraded to Ba1 from Ba2
        Probability of Default Rating, Upgraded to Ba1 from Ba2
        Senior Secured Bank Credit Facility, Upgraded to Baa3
        (LGD  3, 31%) from Ba1 (LGD 2, 28%)

     -- Issuer: Fresenius Medical Care Capital Trust IV

       Preferred Stock, Upgraded to Ba3 (LGD 6, 97%) from B1
       (LGD 6, 92%)

     -- Issuer: Fresenius Medical Care Capital Trust V

        Preferred Stock, Upgraded to Ba3 (LGD 6, 97%) from B1
        (LGD 6, 92%)

     -- Issuer: FMC Finance III S.A.

        Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2  
        (LGD5, 79%) from Ba1 (LGD 5, 74%)

Outlook Actions:

    Issuer: Fresenius SE
            Outlook, Changed To Stable from Positive
    Issuer: Fresenius Finance BV
            Outlook, Changed To Stable from Positive
    Issuer: Fresenius Medical Care AG & Co. KGaA
            Outlook, Changed To Stable from Positive
    Issuer: Fresenius Medical Care Capital Trust IV
            Outlook, Changed To Stable from Positive
    Issuer: Fresenius Medical Care Capital Trust V
            Outlook, Changed To Stable from Positive
    Issuer: FMC Finance III S.A.
            Outlook, Changed To Stable from Positive

Fresenius SE is a global health care company with products and
services for dialysis (through Fresenius Medical Care);
healthcare services (Helios) and facilities management (Vamed);
and nutrition and infusion therapies (Fresenius Kabi).  For the
fiscal year ended on Dec. 31, 2007, Fresenius SE generated
consolidated sales of EUR11.4 billion.  The company has
operations in Brazil and Mexico.

Based in Bad Homburg, Germany, Fresenius Medical Care AG & Co.
KGaA is the world's leading provider of dialysis products and
services.  For the fiscal year ended 31 December 2007, Fresenius
Medical Care generated net revenues of US$9.7 billion.


MILACRON INC: Common Stock to Move to OTC Trading on May 27
-----------------------------------------------------------
Milacron Inc. reported that its common stock will be quoted on
over-the-counter markets beginning May 27.  The company expects
its stock to continue to be actively traded in one of the
premium tiers of the Pink Sheets and is taking appropriate steps
to be quoted on the OTC Bulletin Board as well.  The move from
the New York Stock Exchange to OTC markets is due to the
company's currently low market capitalization.

"As we emphasized at our annual meeting of shareholders earlier
this month, our focus is on building long-term shareholder
value," said Ronald D. Brown, Milacron chairman, president and
chief executive officer.  "We continue to improve our operating
results and dedicate resources to developing new products,
expanding in emerging growth markets and reducing our fixed cost
structure in North America and Western Europe. We fully expect
these investments to continue to build shareholder value in the
long run."

Headquartered in Cincinnati, Ohio, Milacron Inc. --
http://www.milacron.com/-- supplies plastics-processing
technologies and industrial fluids, with major manufacturing
facilities in North America, Europe and Asia.   First
incorporated in 1884, Milacron is also manufactures synthetic
water-based industrial fluids used in metalworking applications.  
The company has manufacturing facilities in Brazil.

The company's balance sheet showed total assets
of US$ 592.9 million and total liabilities of US$644 million,
resulting in a US$51.1 million stockholders' deficit.  Deficit,
at Dec. 31, 2006, was US$21.3 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Moody's Investors Service lowered the ratings of
Milacron Inc. Corporate Family, to Caa2 from Caa1; Probability
of Default, to Caa2 from Caa1; and senior secured notes, to Caa2
from Caa1.  The lowered ratings reflect the company's weak
credit metrics and ongoing cash flow pressures.


SHARPER IMAGE: Court OKs Committee's Cooley Godward Employment
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
an application by the Official Committee of Unsecured Creditors
in the bankruptcy case of The Sharper Image Corp. to retain
Cooley Godward Kronish LLP as its lead counsel, nunc pro tunc to
the Debtor's bankruptcy filing.

As reported by the Troubled Company Reporter on April 29, 2008,
Steven D. Sass, co-chairperson of the Creditors Committee,
related that the Creditors Committee selected Cooley Godward
because the attorneys in the bankruptcy group at the firm have
significant experience representing creditors' committees in
retail Chapter 11 cases throughout the country.

As the Creditors Committee's lead counsel, Cooley Godward will:

   (a) attend the meetings of the Creditors Committee;
   
   (b) review financial information furnished by the Debtor to
       the Creditors Committee;

   (c) negotiate the budget and the use of cash collateral;

   (d) review and investigate the liens of purported secured
       parties;

   (e) confer with the Debtor's management and counsel;

   (f) coordinate efforts to sell assets of the Debtor in a
       manner that maximizes the value for unsecured creditors;

   (g) review the Debtor's schedules, statement of affairs and
       business plan;

   (h) advise the Creditors Committee as to the ramifications
       regarding all of the Debtor's activities and motions
       before this Court;

   (i) file appropriate pleadings on behalf of the Creditors
       Committee;

   (j) review and analyze the Debtor's financial advisor's work
       product and reports to the Creditors Committee;

   (k) provide the Creditors Committee with legal advice in
       relation to the case;

   (l) prepare various applications and memoranda of law
       submitted to the Court for consideration and handle all
       other matters relating to the representation of the
       Creditors Committee that may arise;

   (m) assist the Creditors Committee in negotiations with the
       Debtor and other parties in interest on an exit strategy
       for this case; and

   (n) perform other legal services for the Creditors Committee
       as may be necessary or proper in this proceeding.

Seven Cooley Godward professionals are expected to have primary
responsibility for providing services to the Creditors
Committee:

   Professional                 Hourly Rates
   ------------                 ------------
   Lawrence C. Gottlieb            US$850
   Jay R. Indyke                   US$760
   Cathy R. Hershcopf              US$680
   Richard S. Kanowitz             US$680
   Brent Weisenberg                US$525
   Seth Van Aalten                 US$470
   Brian W. Byun                   US$335
    
The firm will be reimbursed for reasonable expenses incurred in
rendering services to the Creditors Committee.

Mr. Gottlieb, a partner at Cooley Godward, assured the Court
that his firm is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code.

                    About Sharper Image

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

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


SPECTRUM BRANDS: Sells Pet Biz to Salton Inc. for US$692MM Cash
---------------------------------------------------------------
Spectrum Brands signed a definitive agreement with Salton Inc.
and its subsidiary, Applica Pet Products LLC, for the sale of
its Global Pet Business for US$692.5 million in cash and an
aggregate principal amount of the company's subordinated debt
securities equal to US$222.5 million less an amount equal to
accrued and unpaid interest on such subordinated debt securities
since the dates of the last interest payments thereon, which,
depending on when the closing occurs, could be an amount of up
to approximately US$6.5 million.

Under and subject to the terms of the agreement, Salton will pay
the company US$692.5 million of the purchase price in cash and
will surrender a principal amount of the company's Variable Rate
Toggle Senior Subordinated Notes due 2013, also referred to as
PIK Notes, equal to US$98 million less an amount equal to
accrued and unpaid interest, and a principal amount of the
company's 7-3/8% Senior Subordinated Notes due 2015 equal to
US$124.5 million less an amount equal to accrued and unpaid
interest.

Additionally, the agreement between the parties provides that if
the adjusted EBITDA derived from the 2007 audited financial
statements of the Global Pet Business is more than US$3 million
less than US$92.9 million, the purchase price will be reduced by
a multiple of 10 times the incremental difference.  These
audited segment level results are required to be delivered to
Salton prior to the close of the sale.

The company does not believe, based on available information,
that any purchase price adjustment related to the audited
adjusted EBITDA will be required.  In addition, the purchase
price is subject to adjustment for changes in working capital
prior to closing and certain expenses incurred in connection
with the sale.

In the event of any purchase price increase as a result of such
adjustments, the proportion of the purchase price that is paid
in cash may be increased.  Funding for the transaction will be
provided by an equity investment to Salton provided by Harbinger
Capital Partners Master Fund I Ltd. and Harbinger Capital
Partners Special Situations Fund L.P., the controlling
stockholders of Salton.

Consistent with its communicated strategies, the company will
apply the net cash proceeds from the sale to pay down a portion
of its ABL facility and other senior bank facilities in
accordance with the company's debt agreements.

"The sale of our Global Pet Supply business for a full and fair
value is a critical step toward achieving one of our key
priorities, improving the overall capital structure of this
company," Kent Hussey, chief executive officer, said.  "We
estimate that this transaction will decrease our total leverage
ratio of approximately 8.5 as of March 30, 2008 to approximately
7.8 on a pro forma basis and will provide greater flexibility to
our remaining core businesses."

"Additonally, we estimate that this transaction will decrease
our senior leverage ratio from approximately 5.0 as of March 30,
2008, to approximately 4.0 on a pro forma basis," Mr. Hussey
said.  "The company also estimates that its annualized cash
interest expense will be reduced by approximately $70 million as
a result of this transaction."

Subject to approval of its senior lenders and certain regulatory
and other statutory notices and filings, the company expects the
transaction to close by the end of August 2008.

Sutherland acted as legal advisor to the company and Skadden
Arps Slate Meagher Flom LLP also provided certain legal advice
to the company in connection with the transaction.  Goldman,
Sachs & Co. is acting as the company's financial advisor.

                        About Salton Inc.

Headquartered in Lake Forest, Illinois, Salton Inc. (NYSE:SFP)
-- http://www.saltoninc.com/-- designs, markets and distributes    
branded, high-quality small appliances, home decor and personal
care products.  Its product mix includes a range of small
kitchen and home appliances, electronics for the home, time
products, lighting products, picture frames and personal care
and wellness products.

                  About Spectrum Brands

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

Outside the United States, the company also has manufacturing
facilities in Brazil, Columbia and China.

                          *     *     *

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


TAM SA: Moves First Quarter 2008 Results Presentation to June 11
----------------------------------------------------------------
TAM S.A. disclosed that the new date for presentation of results
for analysts and investors of first quarter 2008 on June 11,
2008, at the Hotel Renaissance.

     APIMEC - Sao Paulo
     -------------------
     Date: June 11, 2008
     Place: Hotel Renaissance
     Address: Alameda Santos no. 2.233
     City: Sao Paulo

     Time:
     -----
     8:30 a.m.: Coffee and reception
     9:00 a.m.: Presentation

For more information, contact:

     Tel. Number: (11) 3107-1571
     e-mail: apimecsp@apimecsp.com.br

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

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

                        *     *     *

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

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


ULTRAPAR PARTICIPACOES: S&P Shifts Outlook; Holds L-T BB+ Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB+' long-
term corporate credit rating and its 'brAA+' Brazil national
scale rating on Ultrapar Participacoes S.A.  At the same time,
S&P revised the outlook on both ratings to positive from stable.
     
The outlook change reflects improvements in Ultrapar's business
and financial profile resulting from the conclusion of the joint
acquisition of Ipiranga Group by Ultrapar, Braskem SA
(BB+/Stable/--), and Petroleo Brasileiro S.A. (Petrobras;BBB-
/Watch Pos/--).  "The conclusion of this transaction has
resulted in a broader business profile for Ultrapar, with a
relevant contribution from its acquired fuel distribution
business, which will likely support more resilient cash
generation in the future," said S&P's credit analyst Victor
Saulytis.
     
The outlook also reflects S&P's expectation that Ultrapar will
manage gross leverage in the next quarters, bringing credit
ratios to historical levels.  S&P expects Ultrapar to accomplish
this with a combination of stronger cash generation -- from the
fuel distribution business and cash payments made by Braskem and
Petrobras as part of the settlement of the Ipiranga Group
acquisition -- and consequent assets split-off.  S&P currently
does not incorporate any new potential acquisitions in its
ratings analysis or in the outlook change.
     
The positive outlook on the ratings assigned to Ultrapar
reflects S&P's expectations that the group will see more
resilient cash generation from a broader business model.  S&P
also believes the company will maintain its historically prudent
financial policy and that leverage ratios will return to low
historical levels, with the total debt-to-EBITDA ratio
converging to 2.0 coupled with limited, if any, net debt.  
Possible new acquisitions are not reflected in the rating.
     
The ratings could be raised if Ultrapar continues strengthening
its credit metrics as its business profile matures and the
company is able to sustain a conservative financial profile.  
The ratings or outlook could face negative pressure if Ultrapar
adopts a more aggressive acquisition strategy that would lead to
a structural change in its financial profile with a permanent,
more-leveraged capital structure.  In addition, a continuously
decreasing margin in the liquefied petroleum gas business
combined with difficulties in transferring higher production
costs in the petrochemical business could lead to less cash
generation and weaker credit metrics.  This, too, could put
negative pressure on the ratings.

Headquartered in Sao Paulo, Brazil, Ultrapar Participacoes S.A.
(NYSE: UGP) (BOVESPA: UGPA4) is a company with two main
operations: LPG distribution (through its fully-owned subsidiary
Ultragaz Participacoes Ltda.) and chemical production (through
its also fully-owned subsidiary Oxiteno S.A.).  A third smaller
but growing business is the transportation and storage of
chemicals and fuels, Ultracargo Operacoes Logisticas e
Participacoes Ltda., which completes Ultrapar's business
portfolio and reinforces the trend for further business
diversity in the long run.



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

AMPHORA FINE: Proofs of Claim Filing Deadline Is Until May 28
-------------------------------------------------------------
Amphora Fine Wine Fund Plc's creditors have until May 28, 2008,
to prove their claims to Philip Hilary Swatman, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Amphora Fine's shareholder decided on April 9, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Philip Hilary Swatman
               Cardinal House, George Road
               Kingston-Upon-Thames
               Surrey KT2 7NU, United Kingdom
               Telephone: (44) 020 8949 1360
               Fax: (44) 020 8336 9945


ANDROMEDA ENTERPRISES: Claims Filing Deadline Is Until May 28
-------------------------------------------------------------
Andromeda Enterprises Inc.'s creditors have until May 28, 2008,
to prove their claims to Stuart K. Sybersma and Ian A.N. Wight,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

Andromeda Enterprises' shareholder decided on April 28, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               Attn: Jessica Turnbull,
               Deloitte P.O. Box 1787GT,
               Grand Cayman, Cayman Islands
               Telephone: (345) 949 7500
               Fax: (345) 949 8258


CARD AND CREDIT: Deadline for Proofs of Claim Filing Is May 28
--------------------------------------------------------------
Card and Credit Settlement Organization Corp. Cayman's creditors
have until May 28, 2008, to prove their claims to Ellen J.
Christian, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Card and Credit's shareholders decided on April 14, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Ellen J. Christian
               c/o BNP Paribas Bank & Trust Cayman Limited
               3rd Floor Royal Bank House,
               Shedden Road, George Town,
               Grand Cayman, Cayman Islands
               Telephone: 345 945 9208
               Fax: 345 945 9210


FLAGSTONE CBO: Proofs of Claim Filing Deadline Is May 28
--------------------------------------------------------
Flagstone CBO 2001-1 Ltd.'s creditors have until May 28, 2008,
to prove their claims to Swiss Financial Services (Bahamas)
Ltd., the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Flagstone CBO's shareholder decided on April 17, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Griffin Management Limited
               c/o Caledonian Trust (Cayman) Limited
               Caledonian House, 69 Dr. Roy's Drive
               P.O. Box 1043, Grand Cayman,
               Cayman Islands

Contact for inquiries:

               Janeen Aljadir
               Telephone: (345) 914 -4943
               Fax: (345) 814-4859


G-SQUARE GLOBAL: Proofs of Claim Filing Deadline Is May 28
----------------------------------------------------------
G-Square Global Asset Class Strategy Fund (Offshore) Ltd.'s
creditors have until May 28, 2008, to prove their claims to DMS
Corporate Services Ltd., the company's liquidators, or be
excluded from receiving any distribution or payment.

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

G-Square Global's shareholder decided on April 28, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               DMS Corporate Services Ltd.
               2nd Floor 20 Genesis Close,
               Ansbacher House, P.O. Box 1344,
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Neil S. Ross
               Telephone: (345) 946 7665
               Fax: (345) 946 7666


KITE LEASING: Deadline for Proofs of Claim Filing Is May 28
-----------------------------------------------------------
Kite Leasing Ltd.'s creditors have until May 28, 2008, to prove
their claims to Swiss Financial Services (Bahamas)
Ltd., the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Flagstone CBO's shareholder decided on April 17, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Griffin Management Limited
               c/o Caledonian Trust (Cayman) Limited
               Caledonian House, 69 Dr. Roy's Drive
               P.O. Box 1043, Grand Cayman,
               Cayman Islands

Contact for inquiries:

               Janeen Aljadir
               Telephone: (345) 914 -4943
               Fax: (345) 814-4859


QUADRIGA ZEUS: Deadline for Proofs of Claim Filing Is May 28
------------------------------------------------------------
Quadriga Zeus Hedge Fund's creditors have until May 28, 2008, to
prove their claims to S.L.C. Whicker and K.D. Blake, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Quadriga Zeus' shareholder decided on February 15, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               S.L.C. Whicker and K.D. Blake
               c/o KPMG, P.O. Box 493,
               Grand Cayman, Cayman Islands
               Telephone: 345-949-4800
               Fax: 345-949-7164

Contact for inquiries:

               Camele Burke
               Telephone: 345-914-4325
               Fax: 345-949-7164


SALT CREEK: Deadline for Proofs of Claim Filing Is May 28
---------------------------------------------------------
Salt Creek LS CDO 2006's creditors have until May 28, 2008, to
prove their claims to Swiss Financial Services (Bahamas)
Ltd., the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Salt Creek's shareholder decided on April 17, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Griffin Management Limited
               c/o Caledonian Trust (Cayman) Limited
               Caledonian House, 69 Dr. Roy's Drive
               P.O. Box 1043, Grand Cayman,
               Cayman Islands

Contact for inquiries:

               Janeen Aljadir
               Telephone: (345) 914 -4943
               Fax: (345) 814-4859


WIMBLEDON A EURO: Claims Filing Deadline Is Until May 28
--------------------------------------------------------
Wimbledon A Euro Fund Ltd.'s creditors have until May 28, 2008,
to prove their claims to Swiss Financial Services (Bahamas)
Ltd., the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Wimbledon A Euro's shareholder decided on April 10, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Swiss Financial Services (Bahamas) Ltd.
               4th Floor One Montague Place,
               East Bay Street, P.O. Box EE-17758,
               Nassau, Bahamas

Contact for inquiries:

               Mourant du Feu & Jeune
               Attorneys-at-law
               c/o P.O. Box 1348
               Grand Cayman, Cayman Islands
               Telephone: (+1) 345 949 4123
               Fax: (+1) 345 949 4647



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

FRESH DEL MONTE: S&P Revises Stable Rating Outlook to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cayman
Islands-based Fresh Del Monte Produce Inc. to positive from
stable.  Existing ratings on the company, including the 'BB-'
corporate credit rating, were affirmed.  About US$197 million
total debt was outstanding at March 28, 2008.
      
"The outlook revision reflects the company's positive operating
momentum despite a challenging cost environment," said S&P's
credit analyst Alison Sullivan.  Fresh Del Monte has sustained
strong credit measures through EBITDA growth and debt repayment.  
For the 12 months ended March 28, 2008, lease- and pension-
adjusted funds from operations to debt was very strong at more
than 86%, compared with a little more than 8% in the prior-year
period and a three-year average of 38%.  Adjusted total debt to
EBITDA was about 1.2 for the 12 months ended March 28, 2008, an
improvement from 4.1 in the prior-year period and a three-year
average of 2.9.  An upgrade would be dependent upon sustained
improvement in operating performance and successful resolution
of the ongoing European Commission antitrust investigation.
     
The ratings on Fresh Del Monte reflect its participation in the
highly variable, commodity-oriented fresh fruit and vegetable
industry, which is affected by uncontrollable factors such as
global supply, world trade policies, political risk, currency
swings, weather, and disease.  Mitigating these concerns are the
company's leading positions in the production, marketing, and
distribution of fresh produce.
     
Fresh Del Monte is the No. 1 marketer of fresh pineapples
worldwide, and the No. 3 marketer of bananas worldwide.  
However, product concentration remains a rating concern, because
of the high sales and earnings concentration from bananas and
pineapples, respectively, and intense competition in those
markets.
     
S&P assumes Fresh Del Monte will maintain credit measures that
are stronger than its rating to compensate for inherent
volatility in the produce industry.  The rating could be
reviewed for an upgrade if operating performance remains stable,
financial policy remains prudent, and the company sustains a
rolling three-year average leverage of about 2.5, and rolling
three-year average funds from operations to total debt of 30%-
35%.  An upgrade would not be considered until the European
Commission investigation has been successfully resolved in a
manner in which credit measures would not weaken outside these
parameters.  The outlook could be revised to stable if there is
a sizable settlement or fine arising from this investigation,
and/or credit metrics deteriorate outside of these ranges.  One
such scenario could include a 150-basis-point EBITDA margin
decline and low- to mid-single-digit revenue growth coupled
with debt levels that exceed 2006 levels, which would result in
about 3.0 leverage and about 25% funds from operations to total
debt.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.


SUN MICROSYSTEMS: Unit Eyes 20% Growth in Fiscal Year 2009
----------------------------------------------------------
Braulio Aranda, country manager of Sun Microsystems Inc. unit
Sun Chile's Country, told Business News Americas that the firm
expects revenues to increase 20% in fiscal year 2009, beginning
in July 1, 2008, compared to the fiscal year 2008.

The growth in revenues is mostly driven by a stronger
concentration on the retail and mining industries, BNamericas
says, citing Mr. Aranda.

According to BNamericas, Sun Chile selected the retail and
mining industries as they show the highest growth in Chile and
the rest of Latin America.  Its presence in these segments is
not as high as it should be.  About 35% of sales in Chile come
from the telecommunications sector, 15% from the banking
industry, and 10% from the transport industry, Mr. Aranda added.

Mr. Aranda commented to BNamericas, "Even though Chile is a much
more mature market than others in Latin America, I believe there
is still room to grow because technology is always evolving and
clients are assigning a higher value to technology.  But
considering the lower cost of the technology, the problem is
that we need to sell much more in order to reach the same
revenue figures."

BNamericas relates that Sun Microsystems is "placing a special
focus on sales of its services over platforms" to limit the
effect of the lower cost of technology.  The firm is relying on
its current business partners Adexus, Provectis, Cientec, and
ACT.  Sun Chile wants to double its number of partners during
the fiscal year 2008.  The company is seeking for integrators
that have knowledge of business processes.  "We are looking for
partners with experience not only in technology, but also in the
clients business.  As long as we have partners with that know-
how, the value of our offering is much higher," Mr. Aranda
added.

Revenues in Sun Chile will grow 30% in the fiscal year 2008,
compared to the previous fiscal year, Mr. Aranda told
BNamericas.

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

                          *     *     *

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



=============
G R E N A D A
=============

* GRENADA: S&P Affirms Sovereign Credit Ratings at B-/C
-------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B-' long-
term and 'C' short-term sovereign credit ratings on Grenada.  
S&P also said that the outlook on Grenada remains stable.
      
"The ratings are supported by the robust economic growth
expected over the next several years and Grenada's membership in
the Eastern Caribbean Currency Union," said S&P's credit analyst
Olga Kalinina.  "The ratings remain constrained by the minimal
and uneven progress in reducing the large size of the government
debt because of lax fiscal discipline.  In addition, the weak
strategic planning and political will to address Grenada's
pressing fiscal and structural issues are a significant credit
weakness."
     
Grenada is recovering from Hurricane Ivan's 2004 devastation.
Reform momentum to restore fiscal sustainability has been uneven
since the 2005 debt restructuring.  The fiscal deficits averaged
7.2% of GDP in the past two years.  S&P conservatively projects
a central government fiscal deficit of 6.2% of GDP for 2008
(4.1% of GDP on general government level, including social
security surpluses) compared with the announced budget target of
4.6% of GDP, reflecting continous underperformance of grants and
pre-election spending pressures.
     
As a result of a worse-than-expected fiscal performance,
Grenada's progress in reducing the large government debt has
been minimal and uneven.  Government debt, the fourth-largest
among speculative-grade-rated countries, rose to 113% of GDP in
2006 from 107% just a year ago and came down to 108% in 2007.  
The expectation of the future declining debt trajectory -- to a
forecasted 96% by 2010 -- reflects both successful fiscal
consolidation efforts and a strong-performing economy.  Without
resolute fiscal consolidation, the positive momentum brought
about by the 2005 debt restructuring will be lost, and much-
needed domestic and foreign investment will be undermined.  In
fact, the disbursements under the International Monetary Fund's
Poverty Reduction and Growth Facility, though now being
reconsidered by the fund, have been on hold since 2006 because
of the lack of fiscal discipline.
     
Given the crucial importance of keeping debt dynamics under
control to avoid new arrears and future debt-default pressures,
S&P expects the authorities to adhere to fiscally responsible
policies and embark on a more resolute and proactive policy
stance.  This would support stronger business and investor
confidence that is so crucial for bolstering the country's
economic growth.
     
The rebound of the real economy is the bright side of Grenada's
credit story.  Though uneven, Grenada's real GDP growth has
averaged 4.3% during the past three years, since Hurricane Ivan
hit the island in 2004, and is forecasted at 3.5% in 2008.
     
The stable outlook balances out the risk of continuing fiscal
underperformance with a relatively favorable amortization
profile on Grenada's debt.  Downward rating pressure would stem
from the government's inability to keep deficits under control,
which would make resolute debt reduction difficult and, hence,
increase the risk of new debt renegotiations.



===========
G U Y A N A
===========

DELTA AIR: To Fly to Guyana Starting June 1
-------------------------------------------
Guyana's Tourism Minister Manniram Prashad confirmed that Delta
Airlines will have operations beginning June 1, Kevin Lindon of
Caribbean Net News reports.

According to Mr. Prashad, both visitors and Guyanese traveling
through the Cheddi Jagan International Airport in Guyana were
beginning to worry with the exit of North American Airlines from
the Guyanese market on May 19 and the arrival of the carrier was
timely.

The Airlines 757's first flight will leave John F Kennedy  
International airport at 1:00 a.m. and arrives at CJIA at
7:00.  Roraima Airways staff will manage the local operations,
the report says.

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline     
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.

                          *     *     *

In January 2008, Standard and Poor's said that media reports
that Delta Air Lines Inc. (B/Positive/--) entered into merger
talks with UAL Corp. (B/Stable/--) and Northwest Airlines Corp.
(B+/Stable/--) will have no effect on the ratings or outlook on
Delta, but that confirmed merger negotiations would result in
S&P's placing ratings of Delta and other airlines involved on
CreditWatch, most likely with developing or negative
implications.



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

CASH PLUS: Investors Air Out Support for Carlos Hill
----------------------------------------------------
The Jamaica Gleaner reports that Cash Plus Limited's investors
are holding a demonstration outside the Half-Way Tree Court in
support of the firm's chief, Carlos Hill.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2008, Mr. Hill, his brother Bertram, and the firm's
chief financial officer Peter Wilson, are on bail after being
charged of fraud.  They will return to court on July 17, 2008.

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

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


HILTON HOTELS: First Financial Acquires Unit for J$3.5 Billion
--------------------------------------------------------------
Cayman-based company First Financial Caribbean Corp. told Susan
Gordon at The Jamaica Gleaner that it has acquired Hilton Hotels
Corp.'s Kingston unit for an equivalent of J$3.5 billion.

According to The Gleaner, First Financial's owner Delroy Howell
said that the price the firm paid for Hilton Kingston was "in
the region of US$50 million".  That price is more than the
unconfirmed US$42 million that Cash Plus was reported to have
acquired the property for, before it collapsed.  First Financial
purchased Hilton Kingston from previous owners Ron Kelly and
Tobias Rowe, sealing the deal last Friday.  The deal was
arranged through RBTT Financial Holdings, Mr. Howell added.

Mr. Howell commented to The Gleaner, "I think it's a great
acquisition.  It's a great entry into the hospitality business."
Mr. Howell has become the new chairperson of Hilton Kingston's
board.

First Financial will expand Hilton Kingston's operations and
will renovate the structure, The Gleaner says, citing Mr.
Howell.  He commented, "We are looking at some other purposes
for the property, which I cannot say right now."  An additional
US$15 million could be spent on the hotel, Mr. Howell added.

Hilton Kingston will continue to operate under the Hilton brand,
The Gleaner states.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,       
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


NATIONAL COMMERCIAL: Launches Online Application System
-------------------------------------------------------
The National Commercial Bank Jamaica Ltd. told The Jamaica
Observer that it has launched an online application system for
personal credit card and loans.

As reported in the Troubled Company Reporter-Latin America on
March 12, 2008, the National Commercial planned to launch online
loan and credit-card applications this year.  The bank expected
that about 10% of its clients would use the service and that it
would lessen the time customers seeking credit currently spend
in a branch to complete such transactions.

The National Commercial told The Observer that the online
application system will be available at its Web site,
http://www.jncb.com/for existing and prospective clients.

The National Commercial's Consumer Banking and Customer
Relations Manager Sharon Williams commented to The Observer,
"Applying for loans or credit cards online is better for the
customer in many ways.  You are able to complete some of the
required paperwork on your own time and at your own convenience.  
You will also be able to get an initial response very quickly as
NCB's [National Commercial] system will assess the information
provided and be able to give a conditional decision within 15
minutes."

Successful online applicants must visit the branch of their
choice to validate their information and sign the required
documents, The Observer says, citing Ms. Williams.  "However,
the time spent in the branch is significantly reduced for online
applicants, as much of the initial application process would
have been already completed," Ms. Williams added.

The National Commercial told The Observer that information
supplied in the application process will be confidential and
encrypted to guarantee its safety.

Ms. Williams commented to The Observer, "We have seen where our
customers are increasingly embracing the use of our banking
services outside the branch.  Customers can use the ABM, point-
of-sale machines, the telephone and the Internet to access
information and perform many banking transactions.  With this
system, another NCB service that was available in a branch is
now easily accessible to our customers.  Our mission is to
remain relevant to the needs of our customers, in this way we
bring the banking to you.  We encourage you to apply for your
personal loans or credit cards online, where it is fast, easy
and convenient."

Applying for personal loans or credit cards online has
additional incentives, The Observer notes, citing Ms. Williams.  
"As a part of a special introductory offer, NCB will be waiving
the commitment fee for loans and the annual joining fee for the
first year on credit cards.  To access these benefits,
applicants must apply using the online application system before
Sept. 30, 2008.  This represents significant savings for online
applicants; a loan of J$1 million can attract a commitment fee
of approximately J$20,000," Ms. Williams added.

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

                        *     *     *

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

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



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

ACCELLENT INC: Net Loss Down to US$7.7 Mln in 2008 First Quarter
----------------------------------------------------------------
Accellent Inc. reported a net loss of US$7.7 million for the
first quarter ended March 31, 2008, compared with a net loss of
US$85.7 million in the corresponding period of 2007.  During the
first quarter of 2007 the company completed a goodwill
impairment test resulting in a goodwill impairment charge of
US$81.1 million, which amount is reflected in the net loss for
that quarter.

Adjusted EBITDA for the first quarter of 2008 was
US$25.1 million, or 19.5% of sales, compared to Adjusted EBITDA
of US$21.9 million, or 19.6% of sales, in the corresponding
period of 2007 and compared to Adjusted EBITDA of US$22.5
million, or 18.5% of sales, in the fourth quarter of 2007.

"The first quarter of 2008 marked our fifth consecutive quarter
of revenue growth" said Robert Kirby, president and chief
executive officer of Accellent.  "Our continued focus to
increase value for our customers helped drive this growth.  In
addition, we are benefiting from our efforts to reduce costs
throughout our organization."

Net sales increased 15.7% to US$129.0 million in the first
quarter of 2008 compared with US$111.5 million in the
corresponding period of 2007.  Sales improved sequentially for
the fifth consecutive quarter and increased 6.0% during the
first quarter compared to the fourth quarter of 2007.

Our principal sources of liquidity are our cash flows from
operations and borrowings under our Amended Credit Agreement,
which includes a US$75.0 million revolving credit facility and a
seven-year US$400.0 million term facility.  Additionally, we are
able to borrow up to US$100.0 million in additional term loans,
with the approval of participating lenders.

                 Liquidity and Capital Resources

The company's principal sources of liquidity are its cash flows
from operations and borrowings under its Amended Credit
Agreement,
which includes a US$75.0 million revolving credit facility and a
seven-year US$400.0 million term facility.  

At March 31, 2008, the company had US$6.9 million of letters of
credit outstanding and US$27.0 million of outstanding loans
under
its revolving credit facility, each of which reduced the amounts
available for future borrowings and resulting in US$41.1 million
available under the revolving credit facility.

At March 31, 2008, the company had total long-term debt,
excluding current maturities, of US$716.2 million as compared
with US$717.0 million at Dec. 31, 2007.

                          Balance Sheet

At March 31, 2008, the company's consolidated balance sheet
showed US$1.1 billion in total assets, US$827.5 million in total
liabilities, and US$304.7 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2c3f

                       About Accellent Inc.

Headquartered in Wilmington, Mass. Accellent Inc. --  
http://www.accellent.com/-- provides fully integrated  
outsourced manufacturing and engineering services to the medical
device industry in the cardiology, endoscopy, drug delivery,
neurology and orthopaedic markets.  The company has offices in
Mexico.

                          *     *    *

In December 2007, Moody's Investors Service downgraded Accellent
Inc.'s corporate family rating to Caa1 from B3 and assigned a
negative outlook.  At the same time, Moody's downgraded these
ratings: (i) secured revolver to B2 (LGD2, 29%) from B1 (LGD2,
29%); (ii) secured term loan to B2 (LGD2, 29%) from B1 (LGD2,
29%); (iii) sr. subordinated notes to Caa3 (LGD5, 83%) from Caa2
(LGD5, 83%); (iv) PDR to Caa1 from B3; and speculative grade
liquidity rating to SGL-4 from SGL-3.


AMSCAN HOLDINGS: Posts US$2.5 Mil. Net Loss in 2008 First Qtr.
--------------------------------------------------------------
Amscan Holdings Inc. reported a net loss of US$2.5 million, on
total revenues of US$330.4 million for the first quarter ended
March 31, 2008, compared with a net loss of US$4.4 million, on
total revenues of US$248.4 million in the same period last year.

                        Wholesale Segment

Net sales, at wholesale, for the quarter ended March 31, 2008,
of US$110.9 million were US$2.8 million or 2.6% higher than
sales for the quarter ended March 31, 2007.  

                           Retail Segment

Net retail sales for company-owned stores for the quarter ended
March 31, 2008, of US$214.1 million were US$78.7 million or
58.2% higher than net retail sales for the quarter ended
March 31, 2007, reflecting the additional sales of US$79.4
million of Factory Card & Party Outlet Corp. (FCPO) and Party
City Franchise Group LLC (PCFG).

                     Total Costs and Expenses
    
Total costs and expenses increased to US$321.6 million during
the three months ended March 31, 2008, compared with US$241.6
million in the same period last year.

Cost of sales increased to US$214.7 million, or 66.0% of net
sales, during the first three months of 2008, compared to
US$165.8 million, or 68.1% of net sales during the same three
months ended March 31, 2007.  

Selling expenses of US$10.7 million for the quarter-ended
March 31, 2008, were US$200,000 higher than for the quarter
ended March 31, 2007, principally due to increases in base
compensation and employee benefits.

Retail operating expenses for the quarter ended March 31, 2008,
totaled US$57.9 million, or US$23.1 million higher than in the
prior year quarter, principally due to the inclusion of PCFG and
FCPO operating expenses of US$22.8 million.
     
General and administrative expenses of US$31.5 million for the
quarter ended March 31, 2008, were US$7.4 million higher than
the
prior year quarter, primarily due to the inclusion of PCFG and
FCPO expenses of US$6.8 million.

                         Interest Expense

Interest expense of US$14.3 million for the three months ended
March 31, 2008, was US$200,000 higher than for the three months
ended March 31, 2007, reflecting higher average borrowings due
to the acquisitions made during the fourth quarter of 2007,
partially offset by lower Libo rates and lower margin rates
resulting from the company's May 2007 debt refinancing.

                           Other Income

Other income, net of US$486,000 for the three months ended
March 31, 2008, principally consists of the company's share of
income from an unconsolidated balloon distribution joint venture
located in Mexico.  This compares with other income of
US$138,000 during the same period last year.

                        Income Tax Benefit

Income tax benefit for the quarters ended March 31, 2008, and
2007, were US$1.9 million and US$2.7 million, respectively.  
These were based upon the estimated consolidated effective
income tax rates of 37.9% and 38.1% for the years ending
Dec. 31, 2008, and 2007, respectively.  The decrease in the 2008
effective income tax rate is primarily attributable to a lower
average state income tax rate.

                 Liquidity and Capital Resources

Required repayments on the company's term debt for the remainder
of the year will be US$2.8 million.  At March 31, 2008, the
company had US$50.3 million of availability remaining on its
primary revolving credit agreement, and PCFG had US$14.0 million
available under its separate revolving credit agreement.

At March 31, 2008, the company had US$582.2 million in
outstanding long-term obligations, compared to US$584.3 million
at Dec. 31, 2007.

                          Balance Sheet

At March 31, 2008, the company's consolidated balance sheet
showed
US$1.5 billion in total assets, US$1.1 billion in total
liabilities, US$35.4 million in redeemable common securities,
and US$371.7 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2c38

                      About Amscan Holdings

Headquartered in Elmsford, New York, Amscan Holdings Inc. --
http://www.amscan.com/-- designs, manufactures, contracts for   
manufacture and distributes party goods, including paper and
plastic tableware, metallic balloons, accessories, novelties,
gifts and stationery.  

The company also operates specialty retail party supply stores
in the United States, and franchises both individual stores and
franchise areas throughout the United States and Puerto Rico,
under the names Party City, Party America, The Paper Factory and
Halloween USA.  With the acquisition of Factory Card & Party
Outlet Corporation on Nov. 16, 2007, the company also operates
specialty retail party and social expressions supply stores
under the name Factory Card & Party Outlet.  The company has a
wholly owned metallic balloon distribution operations located in
Mexico.

                          *     *     *

TCR-LA reported on Dec. 31, 2007, that Standard & Poor's Ratings
Services affirmed all of its ratings on Amscan Holdings Inc.,
including the 'B' corporate credit rating, and removed the
ratings from CreditWatch, where they were placed with negative
implications on Sept. 18, 2007.  The CreditWatch placement
followed the announcement that Amscan would acquire Factory Card
& Party Outlet for about US$72 million, including the assumption
of Factory Card's outstanding debt.  S&P said the outlook is
negative.

In December 2007, Moody's Investors Service confirmed the
ratings on Amscan Holdings Inc.'s 8.75% senior subordinated
notes (2014) at Caa1 (LGD 5, 87%).  Moody's also confirmed the
ratings on the company's secured revolving credit facility at
Ba3 (LGD 2, 29%), secured term loan at B1 (LGD 3, 35%), and
corporate family rating at B2.


ASARCO LLC: Grupo Mexico Wants Full Payment Plan Considered
-----------------------------------------------------------
Grupo Mexico SAB de CV said that despite having submitted a
sponsored reorganization plan to ASARCO LLC'S independent Board
last month, it has repeatedly been denied the additional
information needed to refine its proposal and ensure that it
fully values ASARCO's assets and liabilities.  The company
believes that the refusal to provide information is further
evidence that ASARCO's independent Board and its financial
advisor, Lehman Brothers, have no intention of taking Grupo
Mexico's plan seriously despite the fact that it has guaranteed
all of ASARCO's creditors will be paid in full or left
unimpaired.

Grupo Mexico believes the reluctance of ASARCO and Lehman
Brothers to provide information underscores the concerted effort
during the past several months to keep Grupo Mexico from
reestablishing control of ASARCO.  It also believes it is
further evidence that ASARCO intends to pursue its own agenda of
selling the company's assets over the objections of Grupo
Mexico, which is the only party that offered to fund a 100-
percent payment plan to make the company's creditors whole.  
Specifically, Grupo Mexico and Americas Mining Corporation (AMC)
have offered to backstop a stand-alone plan of reorganization
which will pay all allowed claims of ASARCO's creditors in full,
in cash, or otherwise leave such allowed claims unimpaired –
without a break-up fee.

Among the information it has requested, but not received,
includes:

   * details on the anticipated amount of allowed claims related
     to the company's environmental liabilities;

   * information about other bids for the company's assets that
     Lehman Brothers said have been received; and

   * details about how the auction process will proceed.

Grupo Mexico insists it needs the information to ensure that its
Plan addresses all claims properly.  Instead of providing the
requested information, it appears to be the intention of
ASARCO's Board and Lehman Brothers to settle environmental and
asbestos claims through a questionable process.  Instead of
determining or estimating the amount of environmental and
asbestos claims prior to any sale, the sale process being
conducted by ASARCO seems to be an attempt to determine the
amount of the claims based on the highest bid.  The higher the
bid, the higher the claims.  Group Mexico believes the claims
should be determined on their own merit rather than allowing
claims to be inflated by today's high commodity price for
copper.

Grupo Mexico calls on the U.S. Bankruptcy Court for the Southern
District of Texas and the Examiner overseeing the auction
process to order ASARCO and Lehman Brothers to provide the
information and transparency requested.  Grupo Mexico also
intends to question the ASARCO Board of Directors regarding the
lack of information as part of a scheduled deposition later this
month.  Grupo Mexico is prepared to pursue all legal means
necessary to ensure a just process to take ASARCO out of Chapter
11, once all claims are legally estimated.

                           About ASARCO

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/  
-- is an integrated copper mining, smelting and refining
company.  Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.  
The Company filed for chapter 11 protection on Aug. 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq.,
Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker
Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A.
Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden,
Womble & Culbreth, P.C., represent the Debtor in its
restructuring efforts.  Lehman Brothers Inc. provides the ASARCO
with financial advisory services And investment banking
services.  Paul M. Singer, Esq., James C. McCarroll, Esq., and
Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the
Official Committee of Unsecured Creditors and David J. Beckman
at FTI Consulting, Inc., gives financial advisory services to
the Committee.  When the Debtor filed for protection from its
creditors, it listed US$600 million in total assets and $1
billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-
20521 through 05-20525).  They are Lac d'Amiante Du Quebec Ltee,
CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304),
Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex.
Case No. 05-21346) also filed for chapter 11 protection, and
ASARCO has asked that the three subsidiary cases be jointly
administered with its chapter 11 case.  On Oct. 24, 2005,
Encycle/Texas' case was converted to a Chapter 7 liquidation
proceeding.  The Court appointed Michael Boudloche as
Encycle/Texas, Inc.'s Chapter 7 Trustee.  Michael B. Schmidt,
Esq., and John Vardeman, Esq., at Law Offices of Michael B.
Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).

ASARCO and its debtor affiliates are scheduled to file a plan of
reorganization on June 10, 2008.


BENITO JUAREZ MUNICIPALITY: Moody's Rates Bank Loans Ba1
--------------------------------------------------------
Moody's Investors Service assigned ratings of A1.mx and Ba1 to
the two restructured bank loans of the Municipality of Benito
Juarez (Cancun).  The modified loan agreements with the original
lenders, Banobras and Banorte, were signed last month and
maintain most of the original features of the documents signed
in December 2005, with a few modifications including, a
reduction in interest rate, a reduction in the reserve fund and
a reduction in the percentage of federal participaciones pledged
by the State of Quintana Roo to the Alternative Trust for
payment on the loans should this support be necessary.

On the whole, the credit quality of the loans remains at the
same level as the previous loan agreements, in great part due to
the improved credit quality of the issuer which was recently
upgraded to Baa2.mx (Mexico National Scale) and B1 (Global
Scale, local currency) from Ba2.mx/B2.

The authorizing documents for the restructure and the governing
legal agreements remain valid and binding.  In addition, the
instruction to TESOFE from the state of Quintana Roo has been
duly modified to reflect changes in the state's pledge of
participaciones to the Alternative Trust.

The loans are being paid through a paying trust (Fideicomiso de
Administración y Pago F/2000855 with Grupo Financiero Santander
Serfin as trustee), which was established in December 2005, to
which the Municipality has pledged the flows and rights to 100%
of both its federal participation revenues as well as the
Fortamun funds.  The Fortamun funds are not considered in our
cash flows due to ambiguity as to whether their pledge is valid.
The structure retains the support of the state government as it
has committed a certain portion of its own participaciones for
payment on the loans should the municipality's flow of funds
prove insufficient.

Each loan, in the amount of approximately P268 million, is a
direct obligation of the Municipality of Benito Juarez and is
payable under a distinct loan agreement.  These maintain the
original amortization schedule of monthly debt service payments
with final maturity in 2017, and carry a 12% interest rate cap
which remains in effect until December 2010.  The loans are also
a contingent obligation of the State of Quintana Roo.

The ratings assigned herein rely on both the Municipality's as
well as the State's credit positions, and the enhancement to
that credit provided by the governing documents.  Given that
many of the factors remain the same, only the pertinent changes
in the loan agreements are highlighted below:

- The Municipality's issuer ratings of Baa2.mx (Mexico National
Scale) and B1 (Global Scale, local currency) reflect an
economically strong tax base, based on the vibrant tourism
activity of Cancun, that is capable of providing a healthy
amount of own source revenues. Financial operations continue to
be challenged, but demonstrated positive results in 2007 that
are more reflective of the city's true capacity to generate
revenue.  The ratings also take into account a somewhat high
debt-to-revenue ratio which is made manageable by a recent
decrease of debt service requirements.

The State of Quintana Roo's ratings are stable at A1.mx/Ba1 and
the state is able to absorb this payment should it be necessary.

- A significant reduction in the interest rate charged by the
banks will allow for debt service to become more manageable.  
The original Banobras loan charged an interest rate of TIIE +
1.46%, whereas the new agreement imposes a TIIE +0.44% interest
rate.  The Banorte loan is reduced from TIIE + 1.3% to TIIE +
0.5%.

Pledged municipal revenues provide a minimum debt service
coverage of 3.3 times, which is considered at or above average
for this type of transaction.

- The state of Quintana Roo has decreased the pledge of its
participation revenues from 8.86% to 6.0%.  The growth in
participaciones in the last couple of years has resulted in a
growing amount of participaciones that is pledged for payment
and the reduction will bring back into line the original support
that was being provided by the state.  Hence, the reduction in
the state's participation does not have a material effect on the
loans.  Together with the municipality's participation revenues,
minimum debt service coverage is 4.6 times.

- The reserve fund has been decreased to two (2) months of debt
service from three months.  This decrease represents a weak
point compared to the previous structure, as the reserves cover
possible negative fluctuations in the flow of pledged funds.  
The presence of the Alternative Trust would be tapped if the
reserves are utilized, thus protecting the structure in such a
situation.


BLUE WATER: Various Entities Object to Disclosure Statement
-----------------------------------------------------------
Citizens Bank; CIT Group/Equipment Financing, Inc., and CIT
Capital USA, Inc.; and IHB, Inc., formerly known as
Injectronics, Inc., lodge objections to the disclosure statement
explaining Blue Water Automotive Systems, Inc., and its debtor
affiliates' Joint Plan of Liquidation.

As reported by the Troubled Company Reporter-Latin America on
May 19, the Debtors' Liquidation Plan provides for the sale of
substantially all of their assets in a going concern sale
pursuant to Chapter 11 rather than liquidating under Chapter 7
of the Bankruptcy Code.  The Debtors delivered to the U.S.
Bankruptcy Court for the Eastern District of Michigan a
liquidation analysis to assist holders of claims and interests
in determining whether they will recover at least as much in the
going concern Chapter 11 sale as they would recover in a forced
liquidation sale by a Chapter 7 trustee, and subsequently assist
them in determining whether to accept or reject their Joint
Plan.

(A) Citizens Bank

Citizens Bank, the Debtors' postpetition lender, asserts that
the Disclosure Statement accompanying the Debtors' Joint Plan of
Liquidation does not adequately and properly disclose the
status, priority, and rights related to Citizens Bank's DIP
Facility Claim.  

Donald F. Baty, Esq., at Honigman Miller Schwartz and Cohn LLP,
in Detroit, Michigan, notes that the DIP Financing Order makes
it clear that all of the obligations owing to Citizens Bank must
be paid in full upon the sooner of the closing of a sale of
substantially all of the Debtors' assets or on the effective
date of any confirmed plan of reorganization.

Moreover, Mr. Baty says Citizens Bank's entitlement to have its
entire DIP Facility Claim paid in full in cash upon confirmation
of a plan is not dependent on the value of the collateral of the
DIP Facility, as suggested by the Disclosure Statement.  While
only the so-called "in-formula" portion of Citizens Bank's loans
was given "superpriority status," all of Citizens Bank's loans
are administrative expense claims and must be paid in full as
part of a plan of reorganization, he asserts.

By virtue of the status given to the DIP Facility Claim in the
Final DIP Order, unless Citizens Bank agrees otherwise or
assurances are given that the DIP Facility Claim will be paid in
full in connection with any sale of the Debtors' assets,
accounts owing by the Debtors' Participating Customers and
inventory related to the customers' production cannot be sold
for less than the values provided for in the Credit Enhancement
Agreements between Citizens Bank and the Participating
Customers.  

Under the Credit Enhancement Agreement, the Participating
Customers -- General Motors Corp., Chrysler LLC and certain
affiliates, and Ford Motor Company -- are required to pay all
postpetition accounts with set-offs capped at 7% and purchase
all useable and merchantable raw material inventory at Debtors'
cost and finished goods at contract price.  Some of the
Participating Customers are required to purchase work in process
for the applicable pro-rated contract price.  The Disclosure
Statement should disclose the treatment that must be afforded by
the DIP Facility Claim, Mr. Baty says.

The Bank also finds the provision saying that ". . . the DIP
Facility Claim will be paid in full in cash . . . to the extent
of value of the DIP Facility Collateral and otherwise under the
Ford Guaranty."  The Bank says reference on collateral should be
deleted as it does not hold a "Cash Collateral Lien Claim."

The Bank proposes that the Disclosure Statement should provide
that the DIP Loans are secured on a superpriority basis by (i) a
first lien on substantially all of the Debtors' postpetition
assets, excluding tooling, Avoidance Action, and the Debtors'
claim against Sarna Automotive; (ii) a first lien on all
prepetition accounts, inventory, and general intangibles and by
(iii) a second lien on substantially all of the Debtors'
prepetition assets, except for the Excluded Collateral.

Citizens Bank thus asks the Court to condition the approval of
the Disclosure Statement on the Debtors making the proposed
changes.

(B) CIT Entities

CIT Group/Equipment Financing, Inc., and CIT Capital USA, Inc.,
lenders in more than US$40,000,000 of secured loans, point out
that the Accommodation Agreements between the Debtors and the
Participating Customers do not require a plan and disclosure
statement, but only a timetable of events leading to a sale of
assets.

There is nothing in the Accommodation Agreements, which dictates
that the sale of assets occur through a plan confirmation, the
CIT Entities assert.  

By attempting to force a conventional sale of assets under
Section 363 of the Bankruptcy Code into the mold of a plan and
disclosure statement, the Debtors have not only "placed the cart
before the horse," but are attempting to "send a cart down the
highway before the horse have even been conceived," Theodore B.
Sylwestrzak, Esq., at Dickinson Wright PLLC, in Detroit,
Michigan, asserts.

Mr. Sylwestrzak points out the Disclosure Statement does not
contain a single number, which tells any creditor what it will
receive under the plan under which its vote is being solicited.  
He notes that secured creditors, under the Plan, will, at the
Debtors' option, receive one or more of (a) their "Collateral
Value" in Cash, without any disclosure of what that Collateral
Value might be; (b) the same Collateral Value over five or 10
years, at an undisclosed rate of interest; (c) the return of the
Collateral in kind, without any disclosure of which Collateral
is to be kept and which is to be returned; or (d) "such other
treatment as will provide the holder with the indubitable
equivalent of holder's Allowed Secured Claim."

Moreover, the CIT Entities note that the Cash Collateral Lien
will be paid with proceeds of the sale in excess of the In-
Formula Loans.  The provision, Mr. Sylwestrzak asserts, ignores
the fact that the assets being sold, other than inventory and
receivables, are subject to other creditors' first priority
liens, including the CIT Lenders' liens.

The CIT Entities reiterate that, as a matter of law, it is the
secured creditors who are supposed to receive the proceeds of a
sale of their collateral, yet the Debtors propose to give the
proceeds to their major customers.  "This is another outgrowth
of the Debtors' premature rush into a plan process" and if the
Disclosure Statement were accompanied with numbers, on the basis
of an actual sale, one would readily see that the same dollars
are being spent twice, Mr. Sylwestrzak asserts.

"The Debtors are pushing the Court and the parties into a forced
march via expedited disclosures statement approval and
confirmation hearings for a plan, which proposes to sell an
unspecified portion of their assets at an unknown price and on
yet-to-be developed terms, all so that the Debtors can make
distributions of a type and in amounts that are as yet
undetermined," the CIT Entities assert.

"There is no reason that the Debtors should not proceed in a
normal, straightforward fashion," Mr. Sylwestrzak tells the
Court.  If the Debtors' assets are to be sold, the Debtors
should seek as expressly contemplated by the Accommodation
Agreements, to effect the sales under Section 363.  If the sales
are approved and occur, the Debtors can then file a plan, if
otherwise appropriate, to distribute the sales proceeds amongst
their creditors, he says.  

Mr. Sylwestrzak says the Debtors are not "small business"
debtors and so are not subject to the expedited procedures and
conditional disclosure statements approval process of Rule 3017
of the Federal Rules of Bankruptcy Procedure.  The Debtors'
effort to truncate the normal process under the Bankruptcy Code
and Rules is based on a false premise as to the requirements of
the Accommodation Agreements, the CIT Entities assert.

The CIT Entities ask the Court to direct the Debtors to withdraw
the Plan confirmation schedule in favor of a schedule, which
contemplates a Section 363 sale that, if successful, will meet
the deadlines of the Accommodations Agreement.

(C) IHB, Inc.

Representing IHB, Inc., Richard E. Kruger, Esq., at Jaffe Raitt,
Heuer & Weiss, P.C., in Southfield, Michigan, says the Plan is
premised on a sale of the Debtors' assets but fails to identify
any of the material terms and provisions of the proposed sale,
including:

   * the putative buyer of the Debtors' assets;

   * the purchase price for the Debtors' assets;

   * the Debtors' unexpired nonresidential real property leases;

   * procedures to resolve disputes over cure amounts;

   * procedures concerning the timing and manner of curing
     existing arrearanges on real property leases; and

   * criteria to assess the putative buyer's offers of adequate
     assurance of future performance on unexpired leases and
     executory contracts, and related issues that will
     invariably arise in connection with the assumption and
     assignment of unexpired leases and executory contracts.

IHB asks the Court to deny approval of the Disclosure Statement.

                  About Blue Water Automotive

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

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

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Judy O'Neill, Esq., and Frank DiCastri, Esq., at
Foley & Lardner, LLP, serves as the Debtors' bankruptcy counsel.  
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent.  Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million.

The Debtors filed their Liquidation Plan on May 9, 2008.  The
Court will convene a hearing May 23 to consider approval of the
Disclosure Statement explaining the Plan, for voting purposes.  
The Court will hold a hearing June 18, 2008, to consider
confirmation of the Plan.  (Blue Water Automotive Bankruptcy
News, Issue No. 16, Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DESARROLLADORA HOMEX: Starts MXN179 Mil. Project in Saltillo
------------------------------------------------------------
Mexico's home builder Desarrolladora Homex, S.A.B. de C.V. has
started its new operations in Saltillo, the capital city of
Coahuila state.  The development of the new affordable-entry
level project will represent an investment of approximately
MXN179 million and will create more than 1,000 direct and
indirect jobs.

Ranked one of the best places to live in Mexico, Saltillo is
among the country's most competitive and fastest-growing cities,
based on its large employment offering and its high level of
industry specialization.  The company's 22-hectare project will
house more than 1,000 families.  Through the start of operations
in this city, Homex increases its presence to 34 cities in
Mexico.

"Saltillo is an important step in our expansion, and advances
our strategy of maintaining a geographically diversified base of
operations," said Homex Chief Executive Officer, Gerardo de
Nicolas.  "Additionally, it helps us reach our objective of
providing quality homes where families can have a comfortable
living space that provides security and, more importantly,
allows them to enjoy a strong sense of community."

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx-- is a vertically integrated home  
development company focused on affordable entry-level and
middle-income housing in Mexico.  It is one of the most
geographically diverse homebuilders in the country.  Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's affirmed Desarrolladora Homex's national
scale issuer rating at A3.mx, and global scale local currency
issuer rating at Ba3.  Moody's said the rating outlook remains
positive.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2008, Standard & Poor's Ratings Services said that
Desarrolladora Homex S.A.B. de C.V.'s (BB-/Stable/--)
announcement that it has received approval from its shareholders
to establish a US$250 million share repurchase program does not
have an immediate impact on the current rating or outlook
assigned to the issuer.  S&P expects a negative rating action
should be expected if the company's share repurchase program
leads to additional indebtedness and/or a significant reduction
in its cash balance.


FRONTIER AIRLINES: Gets Union Ratification on Wage Concessions
--------------------------------------------------------------
Frontier Airlines said that two of its employee unions have
ratified agreements for temporary wage and benefit concessions.
Members of the Frontier Airlines Pilots Association (FAPA),
which represents more than 700 of the airline's pilots, and the
Transportation Workers Union, which represents the airline's
dispatchers, each ratified the tentative agreements that union
leadership had agreed to with Frontier last week. FAPA's support
in particular was overwhelming, with approximately 88% of the
membership votes cast in favor of the proposal.

"On behalf of everyone at Frontier Airlines, I want to thank
both our union leadership and membership for their support
during these challenging times," said Frontier President and CEO
Sean Menke.

"This is a key step in helping us continue to negotiate the
Chapter 11 process. I am pleased that our employees understand
the challenges we face and are willing to do their part to make
sure we are successful. Our employees' strong show of support
during this process is encouraging and exemplifies the good
relationship we have always enjoyed with them."

Last week, Frontier asked all of its employees, both represented
and non-represented, to take temporary wage and benefit
concessions to help the airline as it attempts to, among other
things, secure debtor in possession financing. Earlier in the
month, Mr. Menke and other members of the executive management
team also agreed to up to 20% in wage and benefits concessions.
Frontier plans to reexamine the concessions in September based
on the developing financial condition of the company and current
economic conditions.

                   About Frontier Airlines Inc.

Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provide air transportation  
for passengers and freight.  They operate jet service carriers
linking their Denver, Colorado hub to 46 cities coast-to-coast,
8 cities in Mexico, and 1 city in Canada, well as provide
service from other non-hub cities, including service from 10
non-hub cities to Mexico.  As of May 18, 2007 they operated 59
jets, including 49 Airbus A319s and 10 Airbus A318s.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D.N.Y. Case No. 08-11297
through 08-11299.)  Hugh R. McCullough, Esq. at Davis Polk &
Wardwell represent the Debtors in their restructuring efforts.
Togul, Segal & Segal LLP is Debtors' Conflicts Counsel, Faegre &
Benson LLP is the Debtors' Special Counsel, and Kekst and
Company is the Debtors' Communications Advisors.  Epiq
Bankruptcy Solutions serves as the Debtors' notice and claims
agent.  The Official Committee of Unsecured Creditors is
represented by Wilmer Cutler Pickering Hale and Dorr LLP.

At Dec. 31, 2007, Frontier Airlines and its subsidiaries' total
assets was US$1,126,748,000 and total debts was US$933,176,000.  
The Debtors have until Aug. 8, 2008, to exclusively file a
chapter 11 plan.


MEXORO MINERALS: Issues 1st Assay Results of Cieneguita Project
---------------------------------------------------------------
Mexoro Minerals Ltd. released its first assay results under the
newly signed strategic alliance with Paramount Gold and Silver
Corp.  These results are from six additional drill holes from
the Cieneguita project (CI-13 to CI-18) and partial results from
three other holes: CI-19, CI-20 and CI-21.  These assays
continue to intersect significant gold and silver mineralization
at the Cieneguita project in the Urique District, 375 kilometers
to the southwest of Chihuahua City, Mexico.  It is in the same
mineralized trend and only 20 kilometers away from Goldcorp's El
Sauzal mine, Mexico's largest producing gold mine and adjacent
to Paramount's Andrea project.  Cieneguita was last in
production by Glamis Gold Ltd. between 1995 and 1998 prior to
its acquisition by Goldcorp Inc.  A total of 25 diamond core
holes have been drilled (CI-01 to CI-25) totaling 5,323 core
meters since drilling began at Cieneguita in early December
2007.  Assays from CI-01 - CI-12 were released in March and
April of 2008.

Due to the encouraging assay results from the drilling at
Cieneguita, the diamond drilling program initially consisting of
4,000 meters has been extended to a minimum of 10,000 meters.  
The drill program will focus on:

   -- Exploring high-grade mineralization areas within known pit
      limits

   -- Testing the potential of three new recently identified
      high-grade zones

   -- Determining the oxide-sulfide interface and characterizing
      the gold and silver mineralization contained in the
      sulfide zone

   -- Exploring Piedras Blancas, a recently identified
      mineralized area 500 meters south of the Cieneguita main
      ore body.  In this area the gold nomalies at surface are
      greater than the ones at Cieneguita

Drill hole CI-21 identified a new gold zone to the south of Pit
2 and expanded the deposit at depth.  Highlights from CI-21
include an intercept of 74 meters of 1.72 g/t Au and 119.77 g/t
Ag; which included 10.50 meters of 2.42 g/t Au and 244.36 g/t Ag
and 16.50 meters of 2.66 g/t Au and 135.22 g/t Ag.

Drill holes CI-13, CI-14 and CI-17 were collared beyond the
known limits of the mineralization intersecting only anomalous
gold in most of the intervals.

Holes CI-15 and CI-16 were collared in the Pit 1 area to the
northeast of the Cieneguita system.  The drill holes were
designed to test the near-surface oxide mineralization
identified at the Pit 1 area.  The results show that gold
mineralization is associated to an oxidation zone exhibiting
a thickness of up to approximately 25 meters.  Gold
mineralization is also hosted in this area by a dacitic tuff and
hydrothermal breccia bodies.

Holes CI-18 and CI-21 were collared on, and to the south of, Pit
2 in a southeast direction.  The drill holes were designed to
test anomalous and
high grade gold values obtained from surface samples taken
during the mapping process carried out in 2007.  The results
indicate the continuation to the southeast of both the near
surface oxide mineralization and the deeper sulfide gold-silver
(+Pb-Zn) mineralization.  Follow-up drill holes will be
programmed to test the extension of the mineralized intervals to
the east and at depth.  Gold and silver mineralization
intersected in drill hole CI-21 may represent a new hydrothermal
mineralization center at the southwestern margin of the
Cieneguita system that could increase the potential of the
Cieneguita project significantly.

Ongoing core drilling of the Cieneguita mineralization system
has confirmed that mineralization occurs mainly as
disseminations hosted by dacitic tuffs and hydrothermal breccia
bodies.  Due to the disseminated character of the
mineralization, several follow-up holes will be drilled to
define lateral and vertical extensions of the three newly
identified mineralized areas.

                       Quality Control

Mexoro Minerals takes digital photographs of the entire core
before sampling.  The samples are analyzed by ALS Chemex Labs in
Vancouver, Canada.  Samples are analyzed by Au (Atomic
Absorption) plus an ICP multi-element package.  The company
inserted certified standards, blankets and duplicates into all
samples shipment to the laboratory.  Half-core samples are
retained in its storage for verification, reference and all
other purposes.

These results have been prepared under the supervision of Mexoro
Minerals Vice President of Exploration, Barry Quiroz, MSc.  He
has the expertise and authority to verify the authenticity and
validity of this data.

                    About Paramount Gold

Paramount Gold and Silver Corp. (Amex: PZG; TSX) (Frankfurt:
P6G, WKN: A0HGKQ) is a precious metals mining exploration
company presently in the early stages of an extensive
exploration program at their San Miguel project in the
Guazapares Mining District, part of the Sierra Madre Occidental
gold-silver belt of Mexico.  Paramount Gold and Silver Corp. is
the operator of the San Miguel project, which is a joint venture
with Tara Gold Resources Corp. (30%) who is required to
contribute 30% of exploration costs to maintain their interest.

                  About Mexoro Minerals Ltd.

Mexoro Minerals Ltd. (MXOM.OB) -- http://www.mexoro.com/-- is   
an exploration and production company focused on mining precious
metals in the traditionally mineral rich Sierra Madre region of
Chihuahua, Mexico.  Mining operations are through a 100%-owned
Mexican subsidiary, Sunburst de Mexico, S.A. de C.V.  Sunburst
Mexico owns or has options on three historical gold-silver mines
for which additional exploration has confirmed significant
mineral potential.  The company has also staked claims on
additional attractive properties, in the Chihuahua area.  

                         *      *      *

As of Nov. 30, 2007, Mexoro Minerals Ltd. had US$1,669,789 in
unaudited total assets and unaudited total liabilities of
US$2,087,110, resulting in a stockholder's deficit of
US$417,321.


SALTON INC: To Buy Spectrum Brands' Pet Biz for US$692MM Cash
-------------------------------------------------------------
Salton Inc. entered into a definitive agreement to acquire
United Pet Group, the Global Pet Business of Spectrum Brands
Inc., for approximately US$692.5 million in cash plus additional
consideration in the form of US$98 million of Spectrum's
Variable Rate Toggle Senior Subordinated Notes due 2013 and
US$124.5 million of Spectrum's Senior Subordinated Notes due
Feb. 1, 2015.

The amount is subject to customary adjustments, including for
working capital, indebtedness and seller transaction expenses.

Salton expects to finance the transaction with an equity
investment provided by Harbinger Capital Partners Master Fund I,
Ltd. and Harbinger Capital Partners Special Situations Fund
L.P., the controlling stockholders of Salton.  

As part of the investment, Harbinger Capital Partners will
contribute the Spectrum notes to Salton.  Salton has also
received a financing commitment for credit facilities totaling
US$325 million, though the acquisition of United Pet Group is
not contingent on any financing requirement.

UPG is a marketer and manufacturer of a variety of leading
branded pet supplies for fish, dogs, cats, birds and other small
domestic animals.  UPG has a line of consumer and commercial
aquatics products, including integrated aquarium kits,
standalone tanks and stands, filtration systems, heaters, pumps,
and other equipment, fish food and water treatment products.  
Its largest aquatics brands are Tetra(R), Marineland(R),
Whisper(R), Jungle(R) and Instant Ocean(R).

UPG also sells a variety of specialty pet products, including
dog and cat treats, small animal food and treats, clean up and
training aid products, health and grooming aids, and bedding
products.  Its largest specialty pet brands include 8in1(R),
Dingo(R), Firstrax(R), Nature's Miracle(R) and Wild Harvest(R).

The business has grown consistently in years and posted revenues
of US$563 million in the year ended Sept. 30, 2007.  Salton
expects to integrate its existing LitterMaid(R) self-cleaning
cat litter box business into UPG, strengthening its position as
one of the largest U.S. companies engaged in the supply of
specialty pet products and providing it with a strong growth
platform in that market.

John A. Heil, co-chief operating officer and president, Global
Pet Supplies of Spectrum Brands, will continue to lead UPG under
Salton's ownership.  UPG will operate as a standalone business
with dedicated sales and marketing, and research and
development.

"Over the past five months, we have successfully integrated the
Salton and Applica businesses, and we are now ready to take the
next step in enhancing our range of product offerings and market
reach," Terry L. Polistina, president and chief executive
officer of Salton, said.  "The addition of the United Pet Group
establishes Salton as one of the leading providers of specialty
pet supplies."

"UPG is well positioned for continued success with strong market
positions, diversified product offerings and established
customer relationships," Mr. Polistina said.  "We believe there
are many opportunities to continue to leverage our core
competency in electronics within the specialty pet business
using UPG's brands and global distribution channels.  

"We expect to realize considerable revenue synergies, as our
LitterMaid(R) business will benefit from UPG's geographic
reach," Mr. Polistina added.  "This acquisition is another step
towards our goal of becoming a preeminent global provider of
high quality, innovative consumer products in multiple
categories, brands and price points."

"We are delighted to support the company as it pursues a very
exciting growth initiative in an attractive business segment,"
David M. Maura, chairman of Salton and a vice president and
director of Investments of Harbinger Capital Partners, said.  
"[Mr. Polistina] and his team have done a great job transforming
Salton and Applica into a world-class growth platform."

"In the 2007 calendar year, the company grew cash flow from
operations by approximately US$37 million and outstanding debt
decreased by US$150 million prior to the merger of Salton and
Applica in December 2007," Mr. Maura stated.  "Subsequently, the
management team integrated Salton and Applica in an impressively
quick five months, realizing significant synergies that will
drive solid EBITDA generation for 2008.

"Salton is now ready to take the next step forward, and United
Pet Group will strengthen the Company, given its leading
position in the high margin pet supply sector," Mr. Maura
continued.  "I am confident that Salton will realize revenue
synergies, while also maintaining UPG's distinct competitive
strengths in customer relationships and distribution, among
other areas.  Harbinger Capital Partners is proud to partner
with Salton's management team to build the business and we look
forward to a successful future."

Completion of the transaction, which is expected in the summer
of 2008, is subject to Hart-Scott-Rodino approval and customary
closing conditions.

Paul Weiss Rifkind, Wharton & Garrison LLP and SJ Berwin LLP are
acting as legal advisors and Credit Suisse and Centerview
Partners LLC are acting as financial advisors to Salton in
connection with the acquisition.

Akin Gump Strauss Hauer & Feld LLP acted as legal advisor and
Duff & Phelps acted as financial advisor to the Independent
Committee of Salton's board of directors that negotiated the
terms of the Harbinger Capital Partners equity investment.

                       About Spectrum Brands

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

                        About Salton Inc.

Headquartered in Lake Forest, Illinois, Salton Inc. (NYSE:SFP)
-- http://www.saltoninc.com/-- designs, markets and distributes    
branded, high-quality small appliances, home decor and personal
care products.  Its product mix includes a range of small
kitchen and home appliances, electronics for the home, time
products, lighting products, picture frames and personal care
and wellness products.  The company has manufacturing facility
in Mexico.

                          *     *     *

Moody's Investors Service placed Salton Inc.'s long term
corporate family and probability of default ratings at 'Caa2' in
November 2006.  The ratings still hold to date with a negative
outlook.


TELTRONICS INC: March 31 Balance Sheet Upside-Down by US$4.7 Mln
----------------------------------------------------------------
Teltronics Inc.'s consolidated balance sheet at March 31, 2008,
showed US$15.4 million in total assets and US$20.1 million in
total liabilities, resulting in a US$4.7 million total
stockholders' deficit

At March 31, 2008, the company's consolidated balance sheet also
showed strained liquidity with US$13.5 million in total current
liabilities available to pay US$14.5 million in total current
liabilities.

The company reported net income of US$87,000, on net sales of
US$8.3 million, for the first quarter ended March 31, 2008,
compared with a net loss of US$1.0 million, on net sales of
US$9.6 million, in the corresponding period last year.

Net sales decreased US$1.2 million or 13.0% for the three month
period ended March 31, 2008, as compared to the same period in
2007.  The overall decrease in net sales for the three month
period ended March 31, 2008, was primarily the result of reduced
sales in the Intelligent Systems Management market, Telident and
the Contract Manufacturing market, offset with increases in the
20-20(TM) market and other miscellaneous markets.

Gross profit margin for the three month periods ended March 31,
2008 and 2007 was 33.7% and 36.6%, respectively.  The decrease
in gross profit percentage was primarily driven by sales mix,
manufacturing variances and project management.

Operating expenses were US$3.8 million for the three month
period ended March 31, 2008, as compared to US$4.1 million for
the same period in 2007.

On Jan. 18, 2008, the company sold certain of its assets related
to the Telident 911 Solutions line of products to Amcom Software  
Inc. for a purchase price of US$1.75 million and the assumption
by Amcom of certain liabilities.  The company recognized a gain
of US$1.4 million as of March 31, 2008, from this disposal.

As of March 31, 2008, the company had cash and cash equivalents
of US$633,000 as compared to US$1.1 million as of Dec. 31, 2007.  
Working capital deficiency was US$1.0 million as of March 31,
2008, compared to a US$116,000 excess as of Dec. 31, 2007.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2c47

                      About Teltronics Inc.

Headquartered in Sarasota, Florida, Teltronics Inc. (OTC BB:
TELT) -- http://www.teltronics.com/-- designs, develops,   
installs, manufactures and markets electronic hardware and
application software products, and engages in electronic
manufacturing services primarily in the telecommunication
industry.  


Overall operations are classified into three reportable
segments: Teltronics, Inc., Teltronics Limited (UK) and Mexico.
Its Mexico office is located at Naucalpan de Juarez.


X-RITE INC: Firm Not Headed for Bankruptcy, Interim CFO Assures
---------------------------------------------------------------
X-Rite Inc. Interim Chief Financial Officer Dave Rawden
clarified with The Grand Rapids Press that the company is not on
a path to bankruptcy.

"We're not contemplating bankruptcy. . .  [W]e're here to
maximize value for shareholders," the Grand Rapids Press quotes
Mr. Rawden as saying.  The comments came as a response to an
article published by the Press last Saturday suggesting the
possibility of bankruptcy, and the article's highlight on the
company's struggles with its loan payments and lenders.

Still, the Press notes that it is uncertain how X-Rite will be
able to remedy its financial worries absent bankruptcy
protection.  As reported in the Troubled Company Reporter on
April 7, 2008, Standard & Poor's Ratings Services placed X-Rite
Inc.'s ratings, including the 'B+' corporate credit rating on
CreditWatch with negative implications following the company's
announcement that it was not in compliance with certain
covenants in its secured credit facilities.

X-Rite attributed the covenant violations to depressed revenues,
resulting from generally weaker economic conditions, and
specific market softness, leading to depressed profitability.  
The company has expanded its previously announced cost cutting
program, including head count reductions and other operating
cost reductions.

As reported in the Troubled Company Reporter-Latin America on
May 13, 2008, the company also reported an operating loss of
US$2 million and a net loss of US$16.8 million for the first
quarter ended March 29, 2008, compared to operating income of
US$5 million and net income of US$7.8 million in the same period
of the prior year.

In addition, the Press relates that the company already lost 90
percent of its share value since the third quarter of last year.

"If this were to happen and the company were liquidated or
reorganized after payment to the company's creditors, there may
not be sufficient assets remaining for any distribution to the
company's stockholders," the Press says, citing the company in
its filings with the U.S. Securities and Exchange Commission.

Dave Rawden recently replaced Lynn J. Lyall as the company CFO.

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2008, Moody's Investors Service lowered X-Rite, Inc.'s
corporate family rating to Caa1 from B2.  Moody's also lowered
the rating on the company's first lien senior secured credit
facilities to B3 from B1 and the rating on the second lien term
loan to Caa3 from Caa1.  All ratings remain under review for
possible downgrade.  As part of this action, Moody's also
affirmed the company's SGL-4 speculative grade liquidity rating.

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



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

AVIS BUDGET: Taps Assured Guaranty as Insurer for US$250MM Notes
----------------------------------------------------------------
Avis Budget Group has concluded an agreement with Assured
Guaranty Corp. as a replacement provider of the financial
guarantee insurance for US$250 million of its asset backed notes
maturing in 2012.  The Series 2005-2 notes issued by the
Company's Avis Budget Car Rental Funding subsidiary were
previously insured by Financial Guaranty Insurance Company.  
Noteholders unanimously approved replacing FGIC with Assured
Guaranty Corp. as the notes' financial guaranty insurer.

"This transaction along with recent new financings continues to
demonstrate our proactive approach to maintaining strong
liquidity for our operations," said Avis Budget Group executive
vice president and chief financial officer, David B. Wyshner.  
"Assured's triple-A ratings from the three leading rating
agencies further underscore to investors the solid footing of
this financing.  As we reviewed our outstanding asset backed
debt, the Series 2005-2 notes stood out as the only issue where
we felt it was important to make a change in bond insurers."

                 About Assured Guaranty Corp.

Assured Guaranty Corp. -- http://www.assuredguaranty.com--  
provides financial guaranty insurance in the United States and
international public finance, structured finance and mortgage-
backed securities markets.  The company is licensed in all 50
states, the District of Columbia and Puerto Rico.  Assured
Guaranty Corp. is a subsidiary of Assured Guaranty Ltd. (NYSE:
AGO), a Bermuda-based holding company. Its operating
subsidiaries provide credit enhancement products to the U.S. and
international public finance, structured finance and mortgage
markets.

                   About Avis Budget Group

Headquartered in Parsippany, N.J., Avis Budget Group Inc.
formerly Cendant Corporation (NYSE: CAR) --
http://www.avisbudgetgroup.com/-- provides vehicle rental  
services, with operations in more than 70 countries.  Through
its Avis and Budget brands, the company leases general-use
vehicles in North America, Australia, New Zealand and certain
other regions.  Avis Budget Group has more than 30,000
employees.

Avis Budget Group has expanded its electronic toll collection
with new services in Florida, Colorado and Puerto Rico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 29, 2008, Standard & Poor's Ratings Services placed its
ratings on Avis Budget Group Inc., including the 'BB+' corporate
credit rating, on CreditWatch with negative implications.


DORAL FINANCIAL: B Riley Eyes US$0.80/Share Losses in 2008
----------------------------------------------------------
Investment bank B Riley & Co. told Business News America that it
has revised its 2008 per share estimate for Doral Financial
Corp. to a loss of US$0.80 from a loss of US$0.71.

According to BNamericas, B Riley said that it also changed its
2009 estimate to a loss of US$0.24 per share from a loss of
US$0.22 per share.

B Riley said in a report that Doral Financial's first quarter
2008 results indicate "substantial progress in improving its
fundamental operations.

"The company seems to be capable of originating loans and
building its loan portfolio, improving fee income and reducing
expenses.  The net interest margin (NIM) should also benefit
from the steepening yield curve, adding an extra boost to net
interest income growth," B Riley commented to BNamericas.

Doral Financial's NIM rose five basis points sequentially to
1.80% in the first qurater 2008, compared to 1.75% in the fourth
quarter 2007, BNamericas states.

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

                           *     *     *

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


DORAL FINANCIAL: Raymond James Cuts Share Estimate for Firm
-----------------------------------------------------------
Business News Americas reports that Raymond James Financial
Services, Inc., has reduced its 2008 and 2009 per share
estimates to losses of US$0.56 and US$0.27, respectively, from
losses of US$1.69 and US$1.13.

BNamericas relates that Doral Financial reduced reserves,
boosted wholesale leverage, and assumed additional cyclical risk
in the first quarter 2008.

Raymond James told BNamericas that its "improved" outlook is due
to "lower assumptions for loan loss provision (given the
company's reluctance to clean up the balance sheet and build
reserves), and a substantial increase in investment securities
and potentially higher-risk loans."  Raymond James kept its
underperform rating on Doral Financial's shares.

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

                           *     *     *

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


INTELSAT LTD: Launches Galaxy 18 Satellite
------------------------------------------
Intelsat Ltd. reported that the Galaxy 18 satellite was
successfully launched aboard a Sea Launch Zenit-3SL rocket.  The
satellite, built by Space Systems/Loral, will operate from 123
degrees west and serve programmers, government and corporate
broadband customers in the continental United States, Alaska,
Hawaii and Puerto Rico.

Galaxy 18 will join Intelsat's coveted North American cable
community within its Galaxy fleet comprised of 16 other
satellites that cover North America, Central America and the
Caribbean.  The satellite features 24 C- and 24 Ku-band
transponders allowing for increased power and flexibility for
video and data transmissions.  This is Intelsat's first
satellite launch of 2008.

Intelsat, Ltd. Chief Executive Officer David McGlade stated,
"Galaxy 18 will provide our customers valuable 50-state coverage
and reach Puerto Rico, Canada and Mexico, operating in a
powerhouse role, delivering some of the most popular programming
to millions of American homes.  This is the first of two
launches for Intelsat this year, both focused on enhancing our
North American Galaxy fleet."

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

Intelsat Ltd.'s balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million as of March 31, 2008.

                           *     *     *

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



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

PETROLEOS DE VENEZUELA: Oil Reserve Growth Due to Fields
--------------------------------------------------------
Dow Jones Newswires reports that the increase in proven oil
reserves was due to additional reserves booked in several oil
fields that included those operated by Petroleos de Venezuela
SA's units.

As reported in the Troubled Company Reporter-Latin America on
May 14, 2008, Petroleos de Venezuela SA's President and
Venezuelan Energy and Oil Minister Rafael Ramirez said that
proven crude oil reserves increased by 30 billion to 130 billion
barrels as of April 2008, from the "prior estimate."  According
to the minister, additional proven crude reserves in the north
of the Orinoco River increased by 30 billion barrels of oil as
of April 2008.

The Official Gazette of Venezuela relates that with the new
addition, Venezuela's proven oil reserves now total
129.3 billion barrels.

Dow Jones relates that additional reserves booked in several oil
fields included the the Junin 4 block and another block in the
Junin area that is run by Petrocedeno, Petroleos de Venezuela's
joint venture with Total SA and StatoilHydro ASA (STO).  The
growth in proven reserves also came from the Ayacucho 7 block
and the block assigned to the Petropiar project in that area,
which Petroleos de Venezuela operates with Chevron Corp.  The
Carababo field and the block operated by Petromonagas also
reported reserve increases.  Petroleos de Venezuela controls the
field with BP Plc.

More reserves were found in the Carababo 1, 2, 3 and 4 blocks,
the Official Gazette states.  

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

                       *     *     *

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

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

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



                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Tara Eliza E. Tecarro, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.

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

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