TCRLA_Public/080528.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

            Wednesday, May 28, 2008, Vol. 9, No. 105

                            Headlines


A R G E N T I N A

DISBURY SA: Proofs of Claim Verification Deadline Is June 18
FIDEICOMISO FINANCIERO: Moody's Puts Ba1/B1/Ca Ratings on Debts
OPM CAPITAL: Proofs of Claim Verification Deadline Is July 28
SOCIACION DE CLINICAS: Concludes Bankruptcy Process
TLC THE LEADING: Proofs of Claim Verification Is Until July 18


B E R M U D A

TAM SA: Unit Consolidates Fleet; Changes F-100s to Airbus A320s
WHITE MOUNTAINS: To Hold Investor Information Meeting on June 17


B R A Z I L

BANCO NOSSA: Regulators Investigate Likely Insider Trading
GENERAL MOTORS: Ends Work Stoppage in 30 North American Plants
JBS SA: Reports Shares Subscription Results
NORTEL NETWORKS: Reaffirms 2008 Revenue, Profit-Margin Targets
NOVELIS INC: To Invest US$30MM on Aluminum Operations in Brazil


C A Y M A N  I S L A N D S

CABLE & WIRELESS: Earns GBP284 Million for Year Ended March 31
CARLYLE CAPITAL: To Hold Final Shareholders Meeting on May 29
CARLYLE CAPITAL CAYMAN: Final Shareholders Meeting Is on May 29
CITIGROUP ALTERNATIVE: Claims Filing Deadline Is Until May 29
CITIGROUP ALTERNATIVE: Proofs of Claim Filing Deadline Is May 29

CITIGROUP ALTERNATIVE: Claims Filing Deadline Is Until May 29
DARLO LIMITED: Deadline for Proofs of Claim Filing Is May 29
J-FUND II LIMITED: Proofs of Claim Filing Deadline Is May 29
MERRILL LYNCH: Proofs of Claim Filing Deadline Is Until May 29
PHYLON FUND: Will Hold Final Shareholders Meeting on May 29

WHITEBEAM CREDIT: Proofs of Claim Filing Deadline Is May 29


C H I L E

CORPORACION NACIONAL: Accord Drafted for Changes at Firm


C O L O M B I A

GLOBAL CROSSING: Considering Sale of UK Division


J A M A I C A

AIR JAMAICA: Bruce Golding Seeks to Secure Work for Staff


M E X I C O

AMERICAN APPAREL: Board Okays Repurchase of US$25MM Common Stock
BHM TECHNOLOGIES: Wants to Employ Alixpartners as Advisors
BHM TECHNOLOGIES: Wants to Employ Kurtzman as Claims Agent
BHM TECHNOLOGIES: Wants to Employ Pepper Hamilton as Counsel
CLEAR CHANNEL: Mays Family to Lose US$104 Mil. in Share Deal

CLEAR CHANNEL: Debt Financing for Merger Secured in Escrow
FIAT SPA: Confirms Talks With Chrysler on Alfa Romeo Cooperation
* SONORA STATE: Moody's Assigns Ba1 Global Local Currency Rating


P A N A M A

CABLE & WIRELESS: To Dismiss Workers as Part of Restructuring
CABLE & WIRELESS: Says Barbados Operations Need Tightening Up
CHIQUITA BRANDS: Making Progress on Profitability, CEO Says


P E R U

BUNGE LTD: Shareholders Approve Proposals; Elects 3 Directors


P U E R T O  R I C O

CENTENNIAL COMM: To Invest US$2.5MM in Fort Wayne Site Expansion
FERRELLGAS PARTNERS: Moody's Affirms Ba3 CRF, Outlook Negative


V E N E Z U E L A

PRIDE INTERNATIONAL: Eight Directors Re-Elected to Board


                         - - - - -


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

DISBURY SA: Proofs of Claim Verification Deadline Is June 18
------------------------------------------------------------
The court-appointed trustee for Disbury S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
July 18, 2008.

The trustee will present the validated claims in court as
individual reports on Aug. 20, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Disbury 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 Disbury's accounting
and banking records will be submitted in court on Oct. 2, 2008.


FIDEICOMISO FINANCIERO: Moody's Puts Ba1/B1/Ca Ratings on Debts
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and Ba1 (Global Scale, Local Currency) to the
Floating Rate Class A and Class B Debt Securities of Fideicomiso
Financiero Supervielle Leasing V.

Moody's also assigned a rating of Aa2.ar (Argentine National
Scale) and a B1 (Global Scale, Local Currency) to the Class C
Floating Rate Debt Securities.  The Certificates were rated
Ca.ar (Argentine National Scale) and Ca (Global Scale, Local
Currency).

All Debt Securities and the Certificates were issued by Equity
Trust Company (Argentina) S.A. acting solely in its capacity as
Issuer and Trustee.

The ratings assigned are primarily based upon these factors:

  -- The initial credit enhancement available in the transaction
     provided through 56% initial subordination for the Class A
     and Class B Floating Rate Debt Securities and 15% for the
     Class C Floating Rate Debt Securities;

  -- The turbo-sequential payment structure;

  -- The credit quality of the pool of assets, which includes
     lease agreements originated by Banco Supervielle S.A.;

  -- The availability of several reserve funds; and,

  -- The legal structure of the transaction.

                  The Sscuritized Asset Pool

All the rated securities are backed by credit rights under
certain lease agreements originated by Banco Supervielle SA.

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of about
313 eligible lease agreements denominated in Argentine pesos,
bearing floating and fixed rates, originated by Banco
Supervielle SA, in an aggregate principal amount of
ARS67,060,051.

The lessees are small and medium corporations located in
Argentina, which finance the acquisition of equipment related to
their main economic activity, such as heavy load transportation
equipment, medical equipment, construction equipment,
communications and technology, among others.

                           Structure

Equity Trust Company (Argentina) S.A. (Issuer and Trustee)
issued three classes of Floating Rate Debt Securities (Classes
A, B and C) and one class of Certificates, all denominated in
Argentine pesos.

The Class A Securities will bear a BADLAR interest rate plus 300
basis points, with a cap of 19% and a floor of 11%.  Class B
Securities will bear a BADLAR interest rate plus 508 basis
points, with a cap of 22% and a floor of 12%.  Class C
Securities will bear a BADLAR interest rate plus 600 basis
points, with a cap of 25% and a floor of 12%.

Overall credit enhancement is comprised of: an aggregate 56%
initial subordination for the Class A and Class B, 15% initial
subordination for the Class C, several reserve funds; and excess
spread.

Rating Action:

  -- ARS13,412,010 in Class A Floating Debt Securities of
     "Fideicomiso Financiero Supervielle Leasing V", rated
     Aaa.ar (Argentine National Scale) and Ba1 (Global Scale,
     Local Currency)

  -- ARS16,094,412 in Class B Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Leasing V", rated
     Aaa.ar (Argentine National Scale) and Ba1 (Global Scale,
     Local Currency)

  -- ARS27,494,621 in Class C Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Leasing V", rated
     Aa2.ar (Argentine National Scale) and B1 (Global Scale,
     Local Currency)

  -- ARS10,059,008 in Certificates of "Fideicomiso Financiero
     Supervielle Leasing V", rated Ca.ar (Argentine National
     Scale) and Ca (Global Scale, Local Currency)

                        Banco Supervielle

Banco Supervielle SA is the originator of the equipment leases
and will act as the servicer of the receivables in this
transaction.  The bank started to originate lease agreements by
December 2003.  The lease contracts involved in this transaction
are finance leases, in which the lessee rents the equipment for
all or nearly all of the economic life of the equipment and has
the responsibilities of maintaining the equipment in appropriate
condition.


OPM CAPITAL: Proofs of Claim Verification Deadline Is July 28
-------------------------------------------------------------
Oscar Chapiro, the court-appointed trustee for O.P.M. Capital
Holding SA's bankruptcy proceeding, will be verifying creditors'
proofs of claim until July 28, 2008.

Mr. Chapiro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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 O.P.M. Capital 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 O.P.M. Capital's
accounting and banking records will be submitted in court.

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

Mr. Chapiro is also in charge of administering O.P.M. Capital's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

                    O.P.M. Capital Holding SA
                    Sarmiento 348
                    Buenos Aires, Argentina

The trustee can be reached at:

                    Oscar Chapiro
                    Virrey del Pino 1739
                    Buenos Aires, Argentina


SOCIACION DE CLINICAS: Concludes Bankruptcy Process
---------------------------------------------------
The bankruptcy of Asociacion de Clinicas Sanatorios y Hospitales
Privados de la Pcia. de Cordoba has ended.  Data revealed by
Infobae on its Web site indicated that the company has
liquidated its assets.


TLC THE LEADING: Proofs of Claim Verification Is Until July 18
--------------------------------------------------------------
Manuel Ricardo, the court-appointed trustee for TLC The Leading
Computers SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until July 18, 2008.

Mr. Ricardo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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 TLC The Leading 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 TLC The Leading's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                    TLC The Leading Computers SA
                    Manuel Ricardo Trelles 2419
                    Buenos Aires, Argentina

The trustee can be reached at:

                    Adolfo Santos
                    Junin 55
                    Buenos Aires, Argentina



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

TAM SA: Unit Consolidates Fleet; Changes F-100s to Airbus A320s
---------------------------------------------------------------
TAM Airlines, a Group TAM company with headquarters in
Asuncion, Paraguay, will consolidate its fleet of aircraft and
initiate a new air network starting May 26.  All TAM flights
will be on the Airbus A320 aircraft, configured for Executive
and Economy classes.  The change allows the company to increase
the number of seats on flights and adjust its air network to
better serve the passengers.

The new TAM Airlines fleet will include three modern Airbus A320
aircraft, configured for 12 seats in Executive class and 144 in
Economy.  Executive class passengers will have access to TAM's
VIP lounges at principal airports where the company operates.  
Facilities are well equipped, allowing travelers to rest
peacefully and comfortably prior to departure.

With the standardization, the company will no longer operate the
F-100 aircraft with 108 seats.  Inaugurating a new era in
regional aviation with its incorporation into the TAM fleet in
1990, the F-100 was used to fly routes in Brazil and South
America.  TAM came to have 50 aircrafts of this model.  As of
the end of last year, TAM Linhas Aereas is no longer using this
plane for its domestic lights.

The TAM Airlines air network has been modified to better serve
the needs of passengers traveling in South America.  TAM
operations in Bolivia will be exclusively concentrated in the
city of Santa Cruz de La Sierra.  Scheduled departures and
arrivals for some flights have been changed to make things more
convenient for travelers, allowing for connections to TAM
flights in Brazil and abroad.

In order to introduce these changes in the fleet and air network
in South America, TAM Airlines will begin placing ads in
newspapers and magazines in Asuncion and Ciudad del Este
(Paraguay), Santiago (Chile), Santa Cruz de La Sierra (Bolivia)
and Cordoba (Argentina).

In March, TAM Airlines became the new name for TAM Mercosur,
pursuant to brand repositioning guidelines that go along with
the expansion of Group TAM in the international market.  The
company offers flights from Asuncion to destinations in
Argentina (Buenos Aires and Cordoba), Bolivia (Santa Cruz de La
Sierra), Brazil, Chile (Santiago), Paraguay (Ciudad del Este)
and Uruguay (Montevideo).  It also provides the connection from
Cordoba (Argentina) to Brazil via Asuncion.  It operates direct
flights to Sao Paulo from Asuncion, enabling passengers to make
connections to a wide variety of locations in South America,
Europe and the United States, leveraging TAM's extensive air
network in Brazil and abroad, in addition to code-share
arrangements with international airlines.

                           About TAM

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.


WHITE MOUNTAINS: To Hold Investor Information Meeting on June 17
----------------------------------------------------------------
White Mountains Insurance Group, Ltd. will hold its annual
Investor Information Meeting on:

    Date:      June 17, 2008
    Time:      10:00 a.m. (Eastern Time)
    Location:  The Waldorf Astoria Hotel
               John Jacob Astor Salon
               301 Park Avenue
               New York, NY 10022
    
Investors and other interested parties can participate either in
person or via webcast.  Chairperson and Chief Executive Officer,
Ray Barrette said, "As is our tradition, we will discuss White
Mountains' operations and our outlook for the company.  
Following a short presentation, my partners and I will answer
your questions."

The webcast instructions is available on the company's Web site
at http://www.whitemountains.com

The company's 2007 Annual Report on Form 10-K, Notice of 2008
Annual General Meeting of Members and Proxy Statement, and 2007
Management Report are available online for viewing and
downloading at http://www.edocumentview.com/wtm

For hard copies or further information, contact:

         Jennifer Pitts,
         Corporate Secretary,
         80 South Main Street, Hanover,
         New Hampshire 03755
         Tel. Number: 603-640-2200

Headquartered in Hamilton, Bermuda, White Mountains Insurance
Group, Ltd., through its subsidiaries, operates property and
casualty insurance, and reinsurance businesses.  Founded in
1980, the company offers its products and services in the United
States, Europe, Canada, the Caribbean, Latin America, and Asia.

                       *      *      *

As reported in the Troubled Company Reporter on Feb. 25, 2008,
A.M. Best affirmed its 'bb' rating on 250 million non-cumulative
perpetual preference shares of White Mountains.  The rating
agency said that the outlook for all ratings is stable.



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

BANCO NOSSA: Regulators Investigate Likely Insider Trading
----------------------------------------------------------
Alexander Ragir of Bloomberg News reports that Brazilian
regulators have started to probe possible insider trading of
Banco Nossa Caixa SA in the week prior to Banco do Brasil SA's
talks for takeover.

As reported by the Troubled Company Reporter-Latin America on
Monday, Banco do Brasil has started negotiations for the
takeover of Banco Nossa.

According to Bloomberg, Nossa Caixa's shares increased 12% in
the six trading days before the announcement of the buyout
talks, which announcement was made after markets closed May 21.

Suzana Ferreira Liskauskas, a press official at Comissao de
Valores Mobiliarios, the Rio de Janeiro-based agency in charge
of regulating Brazilian markets, told Bloomberg that securities
regulators are "investigating trading of shares of both
institutions, with a focus on Nossa Caixa."  The regulators, who
are looking into "atypical" movement of shares, have proposed to
form an enforcement unit to control insider trading at the Sao
Paulo exchange, the report adds.

According to Bloomberg, Nossa Caixa, in an e-mailed statement,
said that it has received a request for facts from the
Commission and that the state of Sao Paulo, its controlling
shareholder, will respond to the regulator.

Headquartered in Sao Paulo, Brazil, Banco Nossa Caixa SA --
http://www.nossacaixa.com.br/-- operates as a multiple bank
offering banking and financial services through commercial and
loan portfolios, including real estate and foreign exchange, as
well as administering credit cards. Through its subsidiary, it
operates with private pensions. Nossa Caixa uses demand, saving
and time deposits, which include judicial deposits, to fund its
operations. The main focus of Nossa Caixa is to attend
individuals, especially public employees and small and medium-
sized companies in Sao Paulo, as well as state and municipal
government agencies. As the official bank for the government of
the State of Sao Paulo, it administers the state's resources and
state lotteries and takes care of the payroll of the indirect
state administration and part of the direct administration. As
of Dec. 31, 2005, the Bank's network consisted of 2,579
attendance points in its distribution network.

                           *     *     *

In April 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating on Banco Nossa Caixa SA, which is
constrained by the country's foreign currency deposit ceiling.


GENERAL MOTORS: Ends Work Stoppage in 30 North American Plants
--------------------------------------------------------------
The United Auto Workers local union ratified a new labor
agreement with American Axle & Manufacturing Holdings Inc. on
May 22, 2008, ending a work stoppage that affected approximately
30 General Motors Corp. plants in North America.

As disclosed in the Troubled Company Reporter-Latin America on
May 20, 2008, the work stoppage at American Axle resulted in a
loss of approximately 100,000 production units in the first
quarter of 2008, which had an estimated impact on earnings
before tax of approximately US$800 million.

In the second quarter, the American Axle strike is expected to
result in the loss of an additional 230,000 production units,
which is estimated to have an earnings before tax impact of
approximately US$1.8 billion.

GM anticipates only a portion of this lost production will be
recovered, due to the current economic environment in the United
States and to the market shift away from the types of vehicles
that were impacted by the action at American Axle.

GM previously disclosed that it had agreed to provide American
Axle upfront support capped at US$200 million to help fund
employee buyouts, early retirements and buydowns to facilitate a
settlement of the work stoppage. Final negotiations resulted in
total support of US$215 million.

In addition, as reported in the TCR, several other GM plants
have been idled by work stoppages associated with finalizing
local UAW agreements.  These work stoppages are expected to
result in the loss of approximately 33,000 production units in
the second quarter, which are estimated to have an earnings
before tax impact of approximately US$200 million.  Members of
the local union at the Lansing Delta Township plant in Lansing,
Michigan have ratified a new local labor agreement and
production resumed on May 19.  Members of the local union at the
Fairfax plant in Kansas City, Kansas have also ratified a new
local labor agreement and production resumed on May 22.  GM
plans to recover the lost production due to the impact of the
local strikes over the remainder of this year.

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

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.  
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 26, 2008, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with negative
implications, where they were placed March 17, 2008, as a result
of the strike at American Axle & Manufacturing Holdings Inc.  
The outlook on GM is negative.

At the same time, S&P raised our issue-level rating on GM's
senior unsecured notes to 'B' (the same as the corporate credit
rating on the company) from 'B-', and assigned recovery ratings
of '4', indicating the expectation for average (30% to 50%)
recovery in the event of a payment default.  The rating actions
reflect the extension of our recovery ratings to all
speculative-grade unsecured debt issues.


JBS SA: Reports Shares Subscription Results
-------------------------------------------
JBS SA disclosed its results of shares subscription during which
the shareholders could exercise their right of first refusal in
relation to the private subscription of shares issued by the
company on May 13, 2008.

The company informed its shareholders, the depository
institution for JBS'shares:

   (i) of the number of new common shares subscribed in the
       period during which JBS shareholders could exercise their
       right of first refusal in relation to the private
       subscription of shares, concluded on May 13, 2008; and

  (ii) of the number of unsubscribed shares available for
       subscription by interested shareholders between May 26
       and May 30, 2008.

                       Subscribed Shares

                                              % of Capital
Shareholder                  No. of Shares      Increase
-----------                  -------------    ------------
J&F Participacoes S.A.          35,586,600       9.87%
PROT Fundo de Investimento
em Participacoes               197,352,651      54.72%
BNDES Participacoes S.A.
- BNDESPAR                      47,421,190      13.15%
Others                          70,297,132      19.49%

                      Unsubscribed Shares

                                % share-out of
                              unsubscribed shares as
No. of Shares               per shareholders'choice
-------------               ------------------------
10,021,353                        2.857910779%

Following the conclusion of the first share-out of unsubscribed
shares, which will start from May 26, 2008, to May 30, 2008, the
company will publish a new Notice to the Market enumerating any
eventual left-overs and the rules for their subscription via a
Stock Exchange auction, as disclosed in the Notice to
Shareholders of April 11, 2008.

Only after all those shares issued due to JBS'capital increase,
approved by the Extraordinary General Meeting of April 11, 2008,
have been subscribed will a new Extraordinary General Meeting of
JBS shareholders be convened to verify the share subscription
and ratify the capital increase.

                           About JBS

Headquartered in Sao Paulo, Brazil, JBS SA --
http://www.jbs.com.br/ir/-- is a public company with its shares
listed on Bovespa's Novo Mercado under the symbol JBSS3.  The
company operates 23 plants in Brazil and six plants in Argentina
in addition to its operations in Australia and the United States
resulting from last year's purchase of Swift & Company.  In the
12 months ending September 2007, JBS generated pro forma net
revenue of US$11.9 billion and processed nine million head of
cattle.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, Moody's Investors Service's ratings for JBS S.A.,
including its B1 local currency corporate family rating and B1
senior unsecured bond rating, remained under review for possible
downgrade following the company's announced agreement to acquire
National Beef Packing Company, LLC; Smithfield Beef Group Inc.,
including full ownership of its subsidiary, Five Rivers Ranch
Cattle Feeding; and Tasman Group for a total consideration of
approximately US$1.8 billion.


NORTEL NETWORKS: Reaffirms 2008 Revenue, Profit-Margin Targets
--------------------------------------------------------------
Nortel Networks Corp. reasserted that 2008 revenue will grow in
the "low single digits" rate, Ville Heiskanen of Bloomberg News
reports.

Nortel Networks said in a statement that revenue dropped 4.1% to
US$10.9 billion in 2007.  The company expects gross margin, or
the percentage of sales minus production costs, tp expand this
year to about 43% from 42.1%.

Bloomberg says that the company will concentrate on networks
that handle rapid wireless downloads and Internet calling to
revive profit after three losses in four years.

Chief Executive Officer Mike Zafirovski will also cut 2,100
roles and move 1,000 more to lower-cost labor markets in a bid
to reduce operating expenses.

                       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.  Nortelís 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 companyís
principal operating subsidiary.

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 26, 2008, Standard & Poor's Ratings Services revised its
outlook on Toronto-based telecommunications equipment provider
Nortel Networks Ltd. to positive from stable.  At the same time,
S&P affirmed the ratings, including the 'B-' long-term corporate
credit rating, on the company.  The ratings on NNL are based on
the consolidation with parent Nortel Networks Corp.  At
March 31, Nortel had about US$4.6 billion of debt outstanding.

The TCR-LA reported on May 23, 2008, that 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).


NOVELIS INC: To Invest US$30MM on Aluminum Operations in Brazil
---------------------------------------------------------------
Novelis Inc. will invest more than US$30 million in its
operations in Brazil over the next 18 months in a number of
projects designed to increase production capacity and
introduce new technology.

"These investments will allow us to continue to meet the demands
of the rapidly growing markets in South America as well as
provide a technology platform from which we can expand our
offering of innovative, high-value products to our customers,"
said Novelis' President and Chief Operating Officer Martha Finn
Brooks.

Close to US$21 million will be invested in process technology
and equipment improvements at the company's aluminum rolling
mill and recycling complex in Pindamonhangaba.  The improvements
will provide a double-digit increase in the plant's rolling
capacity to 400,000 metric tons per year and will increase its
annual capacity for aluminum recycling from 80,000 to 150,000
metric tons.
    
Novelis will invest US$4.6 million at its Ouro Preto plant to
install its Novelis Fusion(TM) solidification technology for
the production of aluminum sheet ingots with multiple alloy
layers.  These multi-alloy ingots can be rolled into sheet
products with previously unattainable product features.
    
The proprietary Novelis Fusion(TM) technology opens up new
opportunities for aluminum sheet in market segments such as
automotive, architecture, building and construction, durable
goods, electronics and transportation.  The Ouro Preto site will
be the first plant in South America, and one of four globally,
offering this breakthrough technology to Novelis customers.  

Novelis said that it will invest US$4.7 million in an
information technology project aimed at integrating and unifying
its current operating systems in Brazil.  The activity will
serve as a global pilot project for Novelis and will later be
implemented in the company's operations worldwide.
    
Novelis also confirmed that it is pursuing a project to expand
its hydroelectric generating capacity in Brazil.  Public
hearings are currently under way on a proposed 23-megawatt
development in Nova Brito, in the state of Minas Gerais.
    
Currently, Novelis produces about 60% of the energy it requires
for its operations.  In recent years, Novelis has invested some
BRL500 million in the construction of new power plants to meet
the demands of its factories and to render its business more
competitive.  The company operates nine hydropower plants in the
state of Minas Gerais with a total installed generating capacity
of 117 megawatts.
    
"Together, all of these investments demonstrate the degree of
confidence that our parent company, Hindalco Industries Limited,
has towards business in Brazil and the company's commitment to
maintain the standard of excellence in our operations and our
products," said Novelis' South American Operations President
Tadeu Nardocci.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.



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

CABLE & WIRELESS: Earns GBP284 Million for Year Ended March 31
--------------------------------------------------------------
Cable & Wireless Plc posted GBP284 million in net group profit
on GBP3.15 billion in net group revenues for the year ended
March 31, 2008, compared with GBP103 million in net group profit
on GBP3.35 billion in net group revenues for the year ended
March 31, 2007.

As of March 31, 2008, group cash and cash equivalents were
GBP699 million.  During the year, the repurchase of the
convertible bonds due in 2010 resulted in a cash outflow of
GBP190 million.  Additionally, the company paid GBP34 million
repurchasing bonds due in 2019 that had a nominal value of
GBP32 million and paid GBP138 million for the 2007/08 interim
dividend and the final dividend of the 2006/07 year.

The remaining net cash inflow of GBP13 million relates to cash
generated by International and Central partially offset by the
outflow in Europe, Asia & US.

Group debt at March 31, 2008, was GBP456 million, a decrease of
GBP260 million from March 31, 2007.  During the year, the Group
repurchased and converted all of the convertible bonds in issue
at March 31, 2007 -- carrying value of GBP213 million.  

The group also repurchased bonds due in 2019 with a carrying
value of GBP32 million, reducing the carrying amount of those
bonds outstanding to GBP147 million.

During the year, the improvement in the Group's cash flows and
the progress of the Europe, Asia & U.S. restructuring to date
have led both Standard and Poor's and Moody's to improve the
Group's credit rating outlook.

As reported in the Troubled Company Reporter-Europe on May 26,
2008, Standard & Poor's Ratings Services has revised its outlook
on Cable & Wireless to developing from stable.

The developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.

                    Group Outlook for 2008/09

For Group:

    * EBITDA in the range of GBP702 million to GBP725 million,
      including a net pension credit related to the main U.K.
      defined benefit scheme of GBP12 million, representing
      EBITDA growth of 16% to 20%.

For International:

    * EBITDA in the range of US$895 million to US$910 million
      (GBP447 million to GBP455 million at an average U.S.
      dollar to sterling exchange rate of 2.00 for the year),
      including a net pension credit of US$8 million,
      representing EBITDA growth of 8% to 10%;

    * EBITDA margin of around 35%;

    * capital expenditure to be around 14% of revenue; and

    * The percentage tax rate to be in the mid to low 20s.

For Europe, Asia & U.S.:

    * EBITDA in the range of GBP285 million to GBP295 million,
      including a net pension credit of GBP8 million,
      representing EBITDA growth of 30% to 35%;

    * business is expected to be trading cash flow positive for
      the full year, although the timings of receipts and
      payments may mean there is a small trading outflow in the
      first half of the year;

    * capital expenditure of around 10% of revenue; and

    * the percentage current tax rate to be effectively nil.

For Central:

    * EBITDA cost in the range of GBP25 million to
      GBP30 million.

"We introduced two standalone business units to Cable & Wireless
in 2006.  The new structure has brought increased focus to both
businesses and we're pleased to report in 2007/08 we have passed
several important milestones," Richard Lapthorne, Chairman of
Cable and Wireless plc, said.

"Financially and operationally, Cable & Wireless is
demonstrating the necessary momentum for the Board to consider
the next steps to deliver further value for shareholders.

"Finally, we're delighted to recommend a full year dividend of
7.5 pence per share, an increase of 28% on last year,
demonstrating the Board's confidence in the prospects for both
business units for 2008/09."

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.  
The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.

Specifically, the company's operations are in the United
Kingdom, India, China, the Cayman Islands and the Middle East.



CARLYLE CAPITAL: To Hold Final Shareholders Meeting on May 29
-------------------------------------------------------------
Carlyle Capital Investment Ltd. will hold its final shareholders
meeting on May 29, 2008, at 9:00 a.m., at the registered office
of the company.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
     
               2) authorizing the liquidator of the company
                  to retain the records of the company for a
                  period of five years from the dissolution
             of the company, after which they may be
                  destroyed.


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

The liquidators can be reached at:

               Christopher D. Johnson and Russell Smith
               P.O. Box 2499, Grand Cayman,
               Cayman Islands

Contact for inquiries:

               Sumitra Devi
               Telephone: (345) 946 0820
               Fax: (345) 946 0864


CARLYLE CAPITAL CAYMAN: Final Shareholders Meeting Is on May 29
---------------------------------------------------------------
Carlyle Capital Cayman Ltd. will hold its final shareholders
meeting on May 29, 2008, at 9:00 a.m., at the registered office
of the company.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
     
               2) authorizing the liquidator of the company
                  to retain the records of the company for a
                  period of five years from the dissolution
             of the company, after which they may be
                  destroyed.


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

The liquidators can be reached at:

               Christopher D. Johnson and Russell Smith
               P.O. Box 2499, Grand Cayman,
               Cayman Islands

Contact for inquiries:

               Sumitra Devi
               Telephone: (345) 946 0820
               Fax: (345) 946 0864


CITIGROUP ALTERNATIVE: Claims Filing Deadline Is Until May 29
-------------------------------------------------------------
Citigroup Alternative Investments Multi Alpha Master's creditors
have until May 29, 2008, to prove their claims to Jan Neveril
and Bobby Toor, 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.

Citigroup Alternative's shareholder(s) decided on April 7, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


CITIGROUP ALTERNATIVE: Proofs of Claim Filing Deadline Is May 29
-----------------------------[----------------------------------
Citigroup Alternative Investments Multi Alpha Master Portfolio
Ltd.'s creditors have until May 29, 2008, to prove their claims
to Jan Neveril and Bobby Toor, 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.

Citigroup Alternative's shareholder(s) decided on April 7, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


CITIGROUP ALTERNATIVE: Claims Filing Deadline Is Until May 29
-------------------------------------------------------------
Citigroup Alternative Investments Multi Alpha Master Portfolio
II Ltd.'s creditors have until May 29, 2008, to prove their
claims to Jan Neveril and Bobby Toor, 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.

Citigroup Alternative's shareholder(s) decided on April 7, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


DARLO LIMITED: Deadline for Proofs of Claim Filing Is May 29
------------------------------------------------------------
Darlo Limited's creditors have until May 29, 2008, to prove
their claims to Daniel Rewalt and Giles Kerley, 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.

Darlo Limited's shareholder(s) decided on April 7, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Daniel Rewalt and Giles Kerley
               c/o Maples Finance Limited,
               P.O. Box 1093, Grand Cayman,
               Cayman Islands


J-FUND II LIMITED: Proofs of Claim Filing Deadline Is May 29
------------------------------------------------------------
J-Fund II Limited's creditors have until May 29, 2008, to prove
their claims to Daniel Rewalt and Giles Kerley, 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.

J-Fund II Limited's shareholder(s) decided on April 4, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jan Neveril and Richard Gordon
               c/o Maples Finance Limited,
               P.O. Box 1093, Grand Cayman,
               Cayman Islands


MERRILL LYNCH: Proofs of Claim Filing Deadline Is Until May 29
--------------------------------------------------------------
Merrill Lynch Fixed Income Multi Strategy Hedge Fund Ltd.'s
creditors have until May 29, 2008, to prove their claims to
Daniel Rewalt and Giles Kerley, 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.

Merrill Lynch's shareholder(s) decided on April 16, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


PHYLON FUND: Will Hold Final Shareholders Meeting on May 29
-----------------------------------------------------------
Phylon Fund Ltd. will hold its final shareholders meeting on
May 29, 2008, at 9:00 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
     
               2) authorizing the liquidator of the company
                  to retain the records of the company for a
                  period of five years from the dissolution
             of the company, after which they may be
                  destroyed.


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

The liquidators can be reached at:

               Christopher D. Johnson and Russell Smith
               P.O. Box 2499, Grand Cayman,
               Cayman Islands

Contact for inquiries:

               Sumitra Devi
               Telephone: (345) 946 0820
               Fax: (345) 946 0864


WHITEBEAM CREDIT: Proofs of Claim Filing Deadline Is May 29
-----------------------------------------------------------
Whitebeam Credit Fund's creditors have until May 29, 2008, to
prove their claims to Daniel Rewalt and Giles Kerley, 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.

Whitebeam Credit's shareholder(s) decided on April 7, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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



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

CORPORACION NACIONAL: Accord Drafted for Changes at Firm
--------------------------------------------------------
Published reports say that a group of lawmakers, academics, and
lawyers in Chile have drafted an accord that propose urgent
changes to Corporacion Nacional del Cobre de Chile's corporate
governance.

Business News Americas relates that the accord suggests
governance changes aimed to "streamline" Corporacion Nacional's  
cost structure.

According to the reports, some members of Chile's "center-left
governing coalition and the opposition" have supported the
group.  There is no chance Corporacion Nacional will float
shares under the current administration, which ends in 2010,
Chile's ministers of the interior and finance told reporters
that.

BNamericas relates that the proposed privatization of a part of
Corporacion Nacional has been debated for several years.  
Lawmakers and analysts have cited Brazilian state oil firm
Petroleo Brasileiro SA as an example to follow due to the
benefits it has reaped after its partial float and Companhia
Vale do Rio Doce for its "exponential growth" after its total
privatization.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2008, about 28,000 of Corporacion Nacional's contract
workers have already received an advance to their bonuses.  The
news came on the heels of workers threatening another work
stoppage after not being given bonus payments promised to them.  
The firm's workers have been on strike since April 16 to demand
bonuses and benefits.  The prolonged work stoppage brought
closure of some of Corporacion Nacional's mines, resulting in
the company incurring almost US$100 million on supply services
as of April 29, and contributed to the rising of copper prices.  
Protests, however, stopped after the government proposed, and
Corporacion Nacional agreed, that subcontract employees get an
advance on a CLP500,000 bonus that was due to be paid by year-
end, with the CLP300,000 to be advanced by suppliers.

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



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

GLOBAL CROSSING: Considering Sale of UK Division
------------------------------------------------
The Sunday Times reports that Global Crossing Ltd. has expressed
its interest to sell its U.K. subsidiary, one of the largest
profit drivers for US-listed Global.

The UK arm's controlling shareholder, Singapore Technologies
Telemedia, has raised debt against the unit.  The company is
part of the Singapore government's investment arm, Temasek, the
report relates.

Report shows that the operation has an extensive fibre-optic
network, including the former Racal Telecom which was bought by
Global in 1999 from Sir Ernest Harrisonís Racal Electronics
empire for GBP1 billion.

In addition, the U.K. division has retained a string of deals
with government departments as well as a long-standing contract
with Camelot, which expires this year.

The report says that financiers predicted the European unit
value at GBP600 million to GBP700 million as it recorded
earnings of GBP79 million on GBP297 million of revenue in 2007.

According to the report, a deal could interest companies like
Cable & Wireless and Scottish & Southern Energy in long-term
corporate contracts and telecoms infrastructure, respectively.

                    About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides   
telecommunication  services over the world's first integrated
global IP-based network.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed US$25,511,000,000 in total assets and
US$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on Dec. 9, 2003.

Global Crossing's Latin American business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru,
Mexico, Venezuela and the United States (Florida).  It also has
operations in the United Kingdom.

                         *     *     *

At Sept. 30, 2007, Global Crossing Ltd.'s balance sheet showed
total assets of US$2.6 billion, total debts of US$2.7 billion
and a US$74 million stockholders' deficit.

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Global Crossing Ltd. said in a statement that its
net loss increased 75% to US$89 million in the third quarter
2007, compared to US$51 million in the third quarter 2006.



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

AIR JAMAICA: Bruce Golding Seeks to Secure Work for Staff
---------------------------------------------------------
Jamaica Information Service reports that Jamaica's Prime
Minister Bruce Golding is seeking to secure the work of Air
Jamaica's staff.

Jamaica Information relates that the government wants to
privatize Air Jamaica.  According to Prime Minister Golding, the
retention of staff and the preservation of the jobs are major
concerns in talks to privatize Air Jamaica.  The Air Jamaica
brand must also be continued, the prime minister added.

Prime Minister Golding commented to Jamaica Information, "There
is no pilot anywhere who can land a plane as smoothly as an Air
Jamaica pilot, we have some of the best cabin crews and our
ground and maintenance crews are first class.  These are
qualities that we must retain."

The Jamaica government had to honor deals made by the previous
administration, Jamaica Information says, citing Prime Minister
Golding.  The government was busy preparing to invite bids from
investors to secure Air Jamaica's future, Prime Minister Golding
added.  According to him, the government wants to attract an
investor capable of integrating Air Jamaica into the wider
network of international carriers "to ensure seamless airlift to
Jamaica from anywhere in the world".  The Prime Minister
admitted, "We have a major problem with airlift to service the
tourism industry.  We want to make sure that anybody who is
successful in acquiring Air Jamaica will be able to afford
people anywhere in the world, the opportunity to make their
bookings in one place and be assured of a high standard of
service along the route to Jamaica."

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

                          *    *     *

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

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


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

AMERICAN APPAREL: Board Okays Repurchase of US$25MM Common Stock
----------------------------------------------------------------
American Apparel Inc.'s board of directors has authorized the
repurchase of up to US$25 million of its outstanding common
stock.

It is expected that repurchases will be made from time to time
on the open market at prevailing market prices or in negotiated
transactions off the market.  The repurchase program is expected
to continue over the next 12 months unless extended or shortened
by the board.

The actual number and timing of share repurchases will be
determined at American Apparel's discretion and will be subject
to market conditions, applicable legal requirements and other
factors.

"This share repurchase program reflects the confidence we have
in our business and our commitment to preserving shareholder
value," Adrian Kowalewski, American Apparel's director of
corporate finance and development, said.  "By authorizing this
repurchase program, it is our intent to address some of the
dilution from the warrant redemption completed in March of this
year,"

                    About American Apparel Inc.

Based in Los Angeles, California, American Apparel Inc.
(AMEX:APP) -- http://www.americanapparel.net/-- fka Endeavor  
Acquisition Corp, is a manufacturer, distributor, and retailer
of branded fashion basic apparel.  As of May 15, 2008, American
Apparel employed more than 7,000 people and operated 187 retail
stores in 15 countries, including the United States, Canada,
Mexico, United Kingdom, Belgium, France, Germany, Italy, the
Netherlands, Sweden, Switzerland, Israel, Australia, Japan and
South Korea.  American Apparel also operates a wholesale
business that supplies high quality T-shirts and other casual
wear to distributors and screen printers.  In addition to its
retail stores and wholesale operations, American Apparel
operates an online retail e-commerce website at
http://store.americanapparel.net.

                               Waiver

As reported in the Troubled Company Reporter-Latin America on
May 27, 2008, American Apparel Inc. received a waiver from the
LaSalle Bank for its covenant violation under a revolving credit
facility.  American Apparel failed to meet certain covenants
under its credit facility with the bank and private investment
firm as at March 31, 2008.

The company's latest 10-Q filing disclosed that during July
2007, the Company replaced its revolving credit facility of
US$62.5 million with a revolving credit facility of US$75.0
million from LaSalle Bank.  The secured revolving credit
facility with LaSalle Bank of US$75 million matures on the
earlier of July 2012 or 30 days prior to the maturity of the
term loan with from private investment firm SOF Investments
(unless the term loan is refinanced on terms acceptable to
LaSalle Bank).  As of March 31, 2008, the company is also in
violation of the covenant under the US$51.0 million term loan
with SOF Investments.


BHM TECHNOLOGIES: Wants to Employ Alixpartners as Advisors
----------------------------------------------------------
BHM Technologies Holdings, Inc., and its debtor-subsidiaries
seek authority from the U.S. Bankruptcy Court for the Western
District of Michigan to employ AlixPartners LLP as their
financial advisors, pursuant to an engagement letter, dated
March 13, 2008.

Ray VanderKooi, chief financial officer of BHM Technologies
Holdings, Inc., states that AlixPartners provided prepetition
services to the Debtors giving the firm familiarity of the
Debtors and their businesses.

As financial advisors, AlixPartners will:

   (a) assist senior management of the Debtors in the analysis
       of the Debtors' 2008 budget and three-year business plan
       forecast, and assist in modifications to the forecast
       and preparation of other plans and forecasts that the
       Debtors develop;

   (b) assist the Debtors in negotiating a restructuring plan
       with their lenders and interest holders, assist the
       Debtors in developing tactical plans and their
       implementation related to customer negotiations and
       vendor management;

   (c) coordinate and lead the process of obtaining a DIP loan
       in connection with the Debtors' restructuring, assist in
       developing the processes and reporting tools required to
       support an asset-based loan and related borrowing base
       reporting;

   (d) assist the Debtors as required with the administrative
       elements of their Chapter 11 cases, including assistance
       in tasks like compiling reporting required by the Court,
       gathering and reconciling data required to provide
       notices to parties-in-interest, reconciling, managing and
       negotiating claims, calculating and evaluating potential
       preferences, evaluating executory contracts for treatment
       and providing support to the Debtors' legal counsel in
       connection with motions and hearings; and

   (e) assist with other matters as may be requested that
       fall within the firm's expertise and that are mutually
       agreed to by AlixPartners and the Debtors.

The Debtors will pay AlixPartners according to its customary
hourly rates:

   Professionals                    Hourly Rates
   -------------                    ------------
   Managing Directors             US$650 to US$850
   Directors                      US$485 to US$650
   Vice Presidents                US$335 to US$480
   Associates                     US$250 to US$340
   Analysts                       US$225 to US$250
   Paraprofessionals              US$170 to US$200

The Debtors will also reimburse AlixPartners for reasonable and
necessary out-of-pocket expenses incurred in connection with the
Debtors' Chapter 11 cases, including transportation costs,
lodging, food, copying, messenger services, and telephone and
facsimile charges.  The Engagement Letter provides that
AlixPartners reserves its right to seek a success fee.

Edward J. Stenger, a managing director at AlixPartners, assures
the Court his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.  He adds his
firm does not hold or represent an interest adverse to the
Debtors and  their estates, and has no connection to the
Debtors, their creditors, or their related parties.

Mr. Stenger discloses that during the 90 days before the
Petition Date, AlixPartners received US$2,885,450 for
professional services performed and expenses incurred.  He says
those payments have been applied to outstanding invoices on
account of fees and expenses incurred in providing services to
the Debtors in  contemplation of, and in connection with,
prepetition  restructuring activities.  He says AlixPartners
also received an  advance retainer of US$50,000 in June 2007 for
professional services.

Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells   
automobile parts including air bags and electrical systems.  It
has manufacturing facilites in Mexico and operates under Brown  
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
Western District of Michigan on May 19, 2008 (Lead Case No. 08-
04413).  Hannah Mufson McCollum, Esq., Kay Standridge Kress,
Esq., Robert S. Hertzberg, Esq., and Leon R. Barson, Esq. of
Pepper Hamilton, LLP represent the Debtors in their
restructuring efforts.  When the Company filed for bankruptcy,
it listed estimated assets and debts to be both between US$100
million and US$500 million.

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


BHM TECHNOLOGIES: Wants to Employ Kurtzman as Claims Agent
----------------------------------------------------------
BHM Technologies Holdings, Inc., and its debtor-subsidiaries
seek the authority of the U.S. Bankruptcy Court for the
Western District of Michigan to employ Kurtzman Carson
Consultants LLC as their notice, claims and solicitation agent.

As notice, claims processing, and ballot administration agent,
Kurtzman Carson will:

   (a) prepare and serve required notices in the Debtors'
       Chapter 11 cases, including (i) a notice of the
       commencement of their Chapter 11 cases and the initial
       meeting of creditors under Section 341(a) of the
       Bankruptcy Code; (ii) notices of objections to claims if
       necessary; (iii) notices of any hearings on a disclosure
       statement and confirmation of a plan or plans of
       reorganization; and (iv) other miscellaneous notices as
       the Debtors or the Court may deem necessary or
       appropriate for an orderly administration of their
       Chapter 11 cases;

   (b) file with the office of the Bankruptcy Clerk a
       certificate or affidavit of service that includes (i) an
       alphabetical list of persons on whom the notice was
       served, along with their addresses, and (ii) the date and
       manner of service;

   (c) maintain copies of all proofs of claim and proofs of
       interest filed in the Debtors' Chapter 11 cases;

   (d) maintain official claims registers in the Debtors'
       Chapter 11 cases by docketing all proofs of claim and
       proofs of interest in a claims database that includes (i)
       the name and address of the claimant or interest holder
       and any agent, if the proof of claim or proof of interest
       was filed by an agent; (ii) the date the proof of claim
       or proof of interest was received; (iii) the claim number
       assigned to the proof of claim or proof of interest; and
       (iv) the asserted amount and classification of the claim;

   (e) implement necessary security measures to ensure the
       completeness and integrity of the claims registers;

   (f) transmit to the Clerk's Office a copy of the claims
       registers on a weekly basis unless requested more or less
       frequently by the Clerk's Office;

   (g) maintain an up-to-date mailing list for all entities
       that filed proofs of claim or proofs of interest and
       making the list available upon request to the Clerk's
       Office or any party-in-interest;

   (h) provide access to the public for examination of copies of
       the proofs of claim or proofs of interest filed in the
       Debtors' Chapter 11 cases without charge during regular

       business hours;
   (i) record all transfers of claims pursuant to Rule 3001(e)
       of the Federal Rules of Bankruptcy Procedure and, if
       directed to do so by the Court, provide notice of those
       transfers;

   (j) comply with applicable federal, state, municipal, and
       local statutes, ordinances, rules, regulations, orders,
       and other requirements;

   (k) provide temporary employees to process claims;

   (l) comply promptly with conditions and requirements as the
       Clerk's office or the Court may at any time prescribe;

   (m) provide other claims processing, noticing, balloting, and
       related administrative services as may be requested from
       time to time by the Debtors; and

   (n) provide balloting services, including:

          -- printing of ballots, including the printing of
             creditor and shareholder specific ballots;

          -- prepare voting reports by plan class, creditor, or
             shareholder and amount for review and approval by
             the client and its counsel;

          -- coordinate the mailing of ballots, disclosure
             statement, and plan of reorganization to all voting
             and non-voting parties and provide affidavit of
             service;

          -- establish a toll-free "800" number to receive
             questions regarding voting on the plan; and

          -- receive ballots, inspecting ballots for conformity
             to voting procedures, date stamping and numbering
             ballots consecutively, and tabulating and
             certifying voting results.

Pursuant to an agreement, dated April 3, 2008, between the
Debtors and Kurtzman, the firm will receive a US$25,000 retainer
for its services.  The Debtors also agreed to indemnify and hold
Kurtzman harmless, except in circumstances of the firm's gross
negligence or willful misconduct.

Sheryl Betance, director of restructuring services at Kurtzman,
assures the Court that her firm is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code,
and does not hold or represent an interest adverse to the
Debtors and their estates.

Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells   
automobile parts including air bags and electrical systems.  It
has manufacturing facilites in Mexico and operates under Brown  
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
Western District of Michigan on May 19, 2008 (Lead Case No. 08-
04413).  Hannah Mufson McCollum, Esq., Kay Standridge Kress,
Esq., Robert S. Hertzberg, Esq., and Leon R. Barson, Esq. of
Pepper Hamilton, LLP represent the Debtors in their
restructuring efforts.  When the Company filed for bankruptcy,
it listed estimated assets and debts to be both between US$100
million and US$500 million.

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


BHM TECHNOLOGIES: Wants to Employ Pepper Hamilton as Counsel
------------------------------------------------------------
BHM Technologies Holdings, Inc., and its debtor-subsidiaries
seek the authority of the United States Bankruptcy Court for the
Western District of Michigan to employ Pepper Hamilton, LLP as
their general bankruptcy counsel.

As general bankruptcy counsel, Pepper Hamilton will:

   (a) advise the Debtors with respect to their rights, powers
       and duties as debtors and debtors-in-possession in the
       continued management and operation of their businesses
       and properties;

   (b) attend meetings and negotiations with representatives of
       creditors other parties-in-interest;

   (c) advise and consult the Debtors regarding the conduct
       of their Chapter 11 cases, including all of the legal and
       administrative requirements of operating in Chapter 11;

   (d) advise the Debtors on matters relating to the evaluation
       of the assumption, rejection or assignment of unexpired
       leases and executory contracts;

   (e) take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions on
       their behalf, the defense of any actions commenced
       against those estates, negotiations concerning all
       litigation in which the Debtors may be involved and
       objections to claims filed against the estates;

   (f) assist in prosecuting a plan of reorganization and
       disclosure statement and all related agreements and  
       documents and take any necessary action on behalf of the
       Debtors to obtain confirmation of a plan;

   (g) appear before the Court, any appellate courts, and the
       Office of the United States Trustee, and protect the
       interests of the Debtors' estates before the courts and
       the Office of the United States Trustee; and

   (h) perform all other necessary legal services and provide
       all other necessary legal advice to the Debtors in
       connection with their Chapter 11 cases to bring the cases
       to a conclusion.

The Debtors will pay Pepper Hamilton according to its customary
hourly rates:

   Professional                       Hourly Rates
   ------------                       ------------
   Partners                         US$450 to US$750
   Associates                       US$240 to US$345
   Legal Assistants                 US$175 to US$205

The Debtors will also reimburse Pepper Hamilton for all expenses
it has incurred in connection with its representation of the
Debtors.

Robert S. Hertzberg, Esq., a partner at Pepper Hamilton, assures
the Court that his firm does not hold or represent any interest
materially adverse to the interest of the Debtors and their
estates.  He adds that the firm is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.

Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells   
automobile parts including air bags and electrical systems.  It
has manufacturing facilites in Mexico and operates under Brown  
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
Western District of Michigan on May 19, 2008 (Lead Case No. 08-
04413).  Hannah Mufson McCollum, Esq., Kay Standridge Kress,
Esq., Robert S. Hertzberg, Esq., and Leon R. Barson, Esq. of
Pepper Hamilton, LLP represent the Debtors in their
restructuring efforts.  When the Company filed for bankruptcy,
it listed estimated assets and debts to be both between US$100
million and US$500 million.

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


CLEAR CHANNEL: Mays Family to Lose US$104 Mil. in Share Deal
------------------------------------------------------------
Clear Channel Communications Inc. shareholder, the Mays family,
who owns 32 million shares or 6% of outstanding shares in the
company, will be US$104 million poorer under a revised US$36-
per-share privatization transaction instead of a US$39.20-per-
share deal, Sarah McBride of The Wall Street Journal reports.

However, analysts predict that the revised deal is better than
keeping their company public, WSJ relates.  Stock price is
likely to drop if Clear Channel continues as a public company.  
Although, restructuring might help shareholder value, it would
take years.  If Clear Channel is taken private, the Mays
brothers will run the company without restraint and will gain
new ideas from the new owners, WSJ reports citing analysts.

The family, according to an unnamed source, intends to opt for
the stub-equity ownership instead of the cash alternative that
the company has offered to all shareholders.  The Mays family
wants to take up US$100 million of the total US$1.1 billion in
the private company available of shareholders who has chosen the
stub equity option.

Ms. McBride writes that the action will benefit the Mays family,
including founder Lowry Mays and two sons, Clear Channel Chief
Executive Mark Mays and Chief Financial Officer Randall Mays,
once the value of company increases.

Stub equity holders may be minority shareholders but are likely
to hold power as a group, Ms. McBride concludes.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                            *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


CLEAR CHANNEL: Debt Financing for Merger Secured in Escrow
----------------------------------------------------------
Clear Channel Communications, Inc. last week disclosed that the
bank syndicate providing the debt financing with respect to the
acquisition of Clear Channel, pursuant to the amended merger
agreement with entities sponsored by Bain Capital Partners, LLC
and Thomas H. Lee Partners, L.P., has now fully funded the debt
financing related to the US$17.9 billion merger. Under the terms
of the amended merger agreement, Clear Channel shareholders will
receive US$36.00 in cash or stock for each share they own.

The bank syndicate, consisting of Citigroup, Deutsche Bank,
Morgan Stanley, Credit Suisse, Royal Bank of Scotland and
Wachovia, had until May 22, 2008, to comply with a settlement
agreement in connection with the lawsuits filed in March in the
Supreme Court of the State of New York and the State Court in
Bexar County, Texas.  Under the settlement, the parties agreed
to place all financing into an escrow account, pending
completion of the transaction.

"T[he] actions significantly increase the certainty that our
merger will close," said Mark Mays, Chief Executive Officer of
Clear Channel.  "Cash on the barrelhead for one of the largest
LBOs in history is an enormous win for our shareholders."

The private equity sponsors and certain shareholders investing
in the merged company are required to fund the equity financing
into escrow by May 28th.  At that time, all debt and equity
funds necessary to close will be held by The Bank of New York,
as escrow agent, pending the satisfaction of the conditions to
closing.

                      Lawsuit Dismissal

In related activities, the bank syndicate was dismissed from
lawsuits in Texas and New York, and the banks, in turn, will
dismiss their appeals.  In addition, the banking group and
sponsors have agreed that Clear Channel Communications can
specifically enforce all contracts related to the merger against
any party.

                     About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                            *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


FIAT SPA: Confirms Talks With Chrysler on Alfa Romeo Cooperation
----------------------------------------------------------------
Fiat S.p.A. held talks with Chrysler LLC over cooperation
agreements over its Alfa Romeo unit, Reuters reports citing an
interview with the brand's CEO Luca de Meo by WirtschaftsWoche.

Fiat CEO Sergio Marchionne confirmed to the Financial Times that
the company is in communication with Detroit car makers in view
of sharing production of Alfa Romeo in the United States.

Reuters suggests that cooperation agreements would allow Alfa
Romeo to save money for Fiat, evading the effects of the strong
Euro.  Reuters adds that an agreement would mark the return of
the Alfa Romeo brand to the U.S. market after its withdrawal in
1995.

                        About Fiat S.p.A.

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

                          *     *     *

Fiat S.p.A. and its subsidiaries carries Ba3 Corporate Family
and Senior Unsecured ratings from Moody's Investors Service,
which said the outlook is positive.  Ratings apply to date.

The company also carries Standard & Poor's Ratings Services' BB
long-term corporate credit rating.  The company also carries B
short-term rating.  S&P said the outlook is stable.


* SONORA STATE: Moody's Assigns Ba1 Global Local Currency Rating
----------------------------------------------------------------
Moody's Investors Service has assigned issuer ratings of A1.mx
(Mexican National Scale) and Ba1 (Global Scale, local currency)
to the State of Sonora.  The ratings incorporate the state's
strong economic base, which has substantial links to the United
States economy, and a trend of adequate financial operations
supported by recent changes that are likely to strengthen the
finances.  The state is in the process of paying its outstanding
debt and acquiring financing through a securitization to be
issued by an issuing trust and payable with state and federal
revenues which will be transferred to the trust.  The
securitization is not expected to legally represent debt of the
state, though Moody's considers the effect of the transaction on
the state's credit profile.

Sonora is a relatively wealthy state -- GDP per capita about 15%
higher than the national average -- with a highly skilled labor
force.  The shared border with the state of Arizona has
contributed to the development of strong economic linkages with
the United States that mark many sectors of the state economy.  
GDP growth has typically outpaced that of the nation; in 2006
the state recorded 8.4% growth compared to 4.8% at the national
level.

As of the end of 2006 the state's debt to revenue was equal to
15.6% of total revenues, compared to 23.1% at the beginning of
the decade.  The improvement in this indicator is provided by a
growing revenue base.  Also, in 2004 the state restructured its
debt, lengthening the amortization period and reducing interest
rates.  At that time, it also assumed the debt of several water
and sewer companies and the Fideicomiso Progreso, which it had
already been paying.  Debt service costs relative to the state's
budget has been declining and in 2006 represented just under 4%
of total revenue, compared to almost 7% in 2004.

This month, the state of Sonora acquired a bank loan in the
amount of MXN4.6 billion to begin funding its development plan,
Plan Sonora Proyecta.  The loan is payable with a portion of
certain state and federal revenues and serves as a bridge loan
given that the state is already authorized to securitize certain
state and federal revenues through an issuing trust for an
amount up to MXN10 billion, with which it plans to pay all of
the debt that will be outstanding debt at the time of issuance.  
Even though the securitization is not likely to legally be
considered public debt, Moody's does analyze the possible effect
on the state should it be faced with an indemnification or moral
obligation related to the debt.  Additionally, Moody's considers
the effect on the financial flexibility of the state given the
transfer to the trust of revenues that now form part of the
state's budget.  Under this methodology, the transaction
represents approximately 36% of Sonora's 2008 annual budget.  

The securitization is expected to amortize over a 30-year
period and preliminary estimates indicate that the amount used
to pay debt service out of the revenues transferred to the trust
would approximate 3% of revenues, a manageable level.  However,
Moody's believes that such a strategy of long term debt, if used
extensively, may hinder the state's capacity to take on
additional borrowing in the future.

In 2005, the state reformed its pension laws and the effect on
the state's pension system (ISSSTESON) has been notable.  One of
the principal features of the law is to gradually increase
required contributions to the system from 8% of salaries (4%
each from the state and its workers) to 27% in 2010 (17% from
the state and 10% from its workers), among other important
features.

Sonora's financial operations have been characterized by very
modest financing deficits in recent years.  The gross operating
balance has been substantial in the last couple of years,
averaging 18% of operating revenues, enabling the state to
finance a good part, though not all, of its capital spending.  
This is an improvement over previous years in which operating
margins averaged about 10%.

Own source revenues have almost doubled since 2004 with
increases in collection efforts and growth in the economy.  
However, these still represent just under 9% of the total which
is the average for rated states, despite Sonora's better than
average economic profile.  Changes in the Fiscal Coordination
Law recently approved by the national congress are expected to
have a positive effect on the state's finances, but less so than
in other more populous states.

On the expenditure side, the state took steps to decrease
operating costs by reducing its work force by approximately
1,000 employees (8%) in 2004.  The state has increased spending
on capital projects significantly.  In the four year period
2004-2007, it applied 15% of its budget, on average, to capital
spending, compared to 8.5% in the previous four years.

The state's liquidity improved in 2006, compared to previous
years, given the injection of cash from the financing acquired
in that year.  Liquidity levels remained stable for 2007.  This
represents a change from the period of 2000 to 2005 when a
narrowing trend led to net working capital reaching -7.6% of
total expenditures at the end of 2005.

The ratings also reflect the application of Moody's Joint
Default Analysis rating methodology for regional and local
governments, and include a baseline credit assessment of 11 on a
scale of 1 to 21, in which 1 represents the lowest credit risk
and a low probability that the Government of Mexico would take
extraordinary action to prevent a default by the state.



===========
P A N A M A
===========

CABLE & WIRELESS: To Dismiss Workers as Part of Restructuring
-------------------------------------------------------------
A Cable & Wireless PlC senior official told Caribbean
Broadcasting Corp. that the firm will cut jobs as part of the
firm's restructuring of its Caribbean operations.

According to Caribbean Broadcasting, Cable & Wireless
Caribbean's Chairperson Phil Green said it was too early to say
how widespread the job losses would be.  

Caribbean Broadcasting relates that Mr. Green told reporters at
a teleconference last week that Cable & Wireless Caribbean's
business model isn't well aligned to the vision that Cable and
Wireless has for its future operations.  Cable & Wireless wants
to transform its operations into a single unit operating across
the Caribbean, Mr. Green added.  "We do expect this new paradigm
to allow us to operate a very highly efficient operating model;
to allow us to compete very effectively in what will be a very
competitive economy . . . .  What that translates to is that we
will be looking at our cost structure -- all elements of our
cost structure -- and that will include our staffing costs.  So
we do anticipate a reduction in our overall staffing numbers.  
The extent of that -- who, what and where -- is something that
will evolve as we move into this operational model in the
future," Mr. Green commented.

It would take at least two years to change Cable & Wireless'
business model, Caribbean Broadcasting says, citing Mr. Green.

Cable & Wireless Caribbean's Chief Executive Officer Richard
Dodd told Caribbean Broadcasting that to realize efficiency
there had to be some rationalization of the firm's current
activities.  Talks have begun with the company's over 4,000
workers across the region and their unions about the impending
changes, Mr. Dodd added.

Mr. Dodd commented to Caribbean Broadcasting, "We will treat our
international headquarters in London largely as a shareholder
and we will have in the Caribbean a self-determining operational
entity where decisions are made in the Caribbean."   

The changes would let Cable & Wireless rectify inconsistencies
in its service delivery across the Caribbean, Caribbean
Broadcasting says, citing Mr. Dodd.  "We expect it to have a
number of benefits for us.  We will have common branding and
positioning across the Caribbean, we will have a common suite of
products and services and we will be able to make decisions
faster and more effectively for the region," Mr. Dodd added.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.  
The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.

Specifically, the company's operations are in the United
Kingdom, India, China, the Cayman Islands and the Middle East.

                        *     *     *

As of Feb. 12, 2008, Cable & Wireless Plc carries a Ba3 long-
term corporate family rating, a B1 senior unsecured debt rating
and a Ba3 probability of default rating from Moody's Investors
Service, which said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2008, Standard & Poor's Ratings Services revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.


CABLE & WIRELESS: Says Barbados Operations Need Tightening Up
-------------------------------------------------------------
Cable & Wireless PLC's Chief Executive Officer of Caribbean
Units Richard Dodd told The Trinidad Guardian that the firm's
Barbadian operations need tightening up.

"C&W [Cable & Wirless] Barbados is a profitable and effective
business but it is not effective enough and we need to improve
the quality of service," Mr. Dodd commented to The Guardian.  
Mr. Dodd denied that Barbados was being penalized for Cable &
Wireless' failings in Jamaica, where it lost some J$4.2 billion
and struggled to regain market share lost to rival Digicel
Group.  Mr. Dodd assured The Guardian that the firm is
implementing the same rules everywhere else.

Barbados would be the "management hub" for Cable & Wireless'
Caribbean units, The Guardian says, citing Mr. Dodd.

Cable & Wireless is also trying to determine how the new board
of governance will "play from a legal and statutory
perspective," Mr. Dodd told The Guardian.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.  
The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.

Specifically, the company's operations are in the United
Kingdom, India, China, the Cayman Islands and the Middle East.

                        *     *     *

As of Feb. 12, 2008, Cable & Wireless Plc carries a Ba3 long-
term corporate family rating, a B1 senior unsecured debt rating
and a Ba3 probability of default rating from Moody's Investors
Service, which said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2008, Standard & Poor's Ratings Services revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.


CHIQUITA BRANDS: Making Progress on Profitability, CEO Says
-----------------------------------------------------------
Chiquita Brands International Inc.'s Chief Executive Officer and
Chairperson Fernando Aguirre told KGET TV 17 that the firm is
making progress on profitability and sustained growth.

According to KGET TV, Mr. Aguirre told shareholders during their
annual meeting last week that the restructuring plan is already
decreasing costs.

Chiquita Brands is benefiting from increased consumer demand for
healthier snacks, KGET TV says, citing Mr. Aguirre.  Chiquita
Brands is developing more products to take advantage of the
increased demand, Mr. Aguirre added.

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

                          *    *    *

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

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26, 2007.



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

BUNGE LTD: Shareholders Approve Proposals; Elects 3 Directors
-------------------------------------------------------------
Bunge Limited's shareholders have approved all proposals put
before its annual general meeting of shareholders.

                     Election of Directors

Ernest G. Bachrach, Enrique H. Boilini, and Michael H. Bulkin
were elected as Class III directors.  The terms of the directors
will expire in 2011.

                        Other Business

The shareholders also approved:

   -- The appointment of Deloitte & Touche, LLP as independent
      auditors for Bunge Limited for the fiscal year ending Dec.
      31, 2008, and the authorization of the audit committee of
      the Board of Directors to determine the independent
       auditors' fees.

   -- An increase in the number of authorized common shares of
      Bunge from 240,000,000 to 400,000,000.

   -- An increase in the number of authorized preference shares
      of Bunge from 10,000,000 to 21,000,000.

   -- Amendments to Bunge's bye-laws to permit Bunge to
      repurchase or otherwise acquire its shares to hold as
      treasury shares.

                       About Bunge Ltd.

Headquartered in White Plains, New York, Bunge Ltd. (NYSE: BG)
is a global agribusiness company which supplies fertilizer to
farmers, originates, transports and processes oilseeds, grains
and other agricultural commodities worldwide, produces food
products for commercial customers and consumers, and supplies
raw materials and services to the biofuels industry in South
America and Asia.  The company has operations in Brazil, Peru
and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Standard & Poor's Ratings Services assigned its
'BB' rating to Bunge Ltd.'s US$750 million of 5.125% cumulative
mandatory convertible preference shares.  At the same time, S&P
affirmed its 'BBB-' long-term corporate credit and other ratings
on Bunge with a stable outlook.  Pro forma for the new issue,
about US$4.2 billion of debt and preference shares of the
company are rated.  Proceeds from this issue will be used to
repay debt and for general corporate purposes.



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

CENTENNIAL COMM: To Invest US$2.5MM in Fort Wayne Site Expansion
----------------------------------------------------------------
Centennial Communications Corp. will invest US$2.5 million to
expand and renovate its facility located at Parkwest Center,
3800 W. Jefferson Blvd., in Fort Wayne, Indiana, Jenni Glenn of
the Journal Gazette reports.

The report says that the construction of adding 16,000 square
feet of the building is expected to be closed in August.  The
expansion was previously announced in January.

In addition, 50 employees will be included to the staff of the
customer-care center, the company said in a statement,
increasing its workforce from 275 to 375.

The company's CEO Michael J. Small disclosed that the call
center has about 650,000 clients in six states with 200,000
calls per month from its U.S. customers.

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

                        *     *     *

In July 2007, Standard & Poor's Ratings Services raised its
ratings on Wall, New Jersey-based Centennial Communications
Corp., including the corporate credit rating, which was raised
to 'B' from 'B-'.

At Nov. 30, 2007, the company's balance sheet showed
US$1.3 billion in total assets, US$2.4 billion in total
liabilities, and US$4.6 million in minority interest
in subsidiaries, resulting in a US$1.0 million total
stockholders' deficit.


FERRELLGAS PARTNERS: Moody's Affirms Ba3 CRF, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has changed the rating outlook for
Ferrellgas Partners, LP (Ferrellgas) to negative from stable.
Moody's affirmed Ferrellgas' Ba3 corporate family rating (CFR)
and probability of default rating and the B2 (LGD 6, 91%) rating
on the partnership's US$268 million senior notes due 2012.  
Moody's also affirmed the Ba3 (LGD 3, 44%) rating on Ferrellgas,
LP's (OLP) US$250 million senior unsecured notes due 2014.  OLP
is the wholly owned operating partnership subsidiary of
Ferrellgas. Moody's does not rate the OLP's senior unsecured
bank facilities or the OLP's approximately US$277 million of
private placement senior unsecured notes.

"The outlook was changed to negative based on Ferrellgas' high
leverage and increased business risk related to customer
conservation trends and commodity price risk management,"
commented Pete Speer, Moody's Vice-President/Senior Analyst.
"Despite Ferrellgas' significant operational improvements and
progress in reducing leverage over recent years, we are
concerned that the headwinds of high propane prices and
declining volumes have reduced the likelihood that the
partnership will be able to reduce its leverage to levels more
consistent with its Ba3 rating."

Ferrellgas' Ba3 CFR is supported by its leading market position
and geographic diversification. The partnership is the second
largest retail marketer of propane in the United States and
services approximately one million propane customers from
locations in all 50 states and Puerto Rico. Through its Blue
Rhino brand, it is the largest retail distributor of propane
cylinders for grills, with an estimated 50% market share.
Ferrellgas has also invested heavily in system and process
improvements over the past three years, which has yielded
significant improvement in operational efficiency, pricing
management and margins.

The ratings are pressured by very high leverage and weak
coverage ratios in comparison to the Ba3 rated propane and other
midstream peers. Ferrellgas had reduced its adjusted debt/EBITDA
from near 7x at the end of the fiscal year 2004 following its
Blue Rhino acquisition to 5x at July 31, 2007 through steady
increases in EBITDA over the period.  The large and rapid
increase in propane prices during this past heating season has
resulted in elevated customer conservation driven volume
declines and losses related to the partnership's commodity price
exposures related to its fixed and indexed priced sales
agreements with customers.  The trends are expected to reduce FY
2008 EBITDA somewhat from prior year and thereby increase
debt/EBITDA to around 5.25x.

In order to return to a stable outlook, Ferrellgas' leverage
needs to be reduced to around 4.5x on a sustainable basis over
the course of the next fiscal year.  If the partnership's
leverage remains elevated or if it increases further due to debt
funded acquisitions then the ratings could be downgraded.  In
addition, if there are additional significant losses related to
Ferrellgas' commodity risk management activities or further
declines in operating performance then the ratings could be
downgraded.

Headquartered in Overland Park, Kansas, Ferrellgas Partners, LP
(NYSE: FGP) -- http://www.ferrellgas.com/-- through its   
operating partnership, Ferrellgas, LP, is a propane marketer in
the United States.  Ferrellgas serves more than 1 million
customers in all 50 states, the District of Columbia, Puerto
Rico, and Canada, and has annual sales volumes approaching 1
billion retail gallons.  Ferrellgas employees indirectly own
more than 20 million common units of the partnership through an
employee stock ownership plan.



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

PRIDE INTERNATIONAL: Eight Directors Re-Elected to Board
--------------------------------------------------------
At its annual meeting held May 19, 2008, stockholders of Pride
International, Inc. approved the re-election of David A. Brown,
Kenneth M. Burke, Archie W. Dunham, David A. Hager, Francis S.
Kalman, Ralph D. McBride, Robert G. Phillips and Louis A.
Raspino to serve on the company's Board of Directors for a term
of one year.

In addition, stockholders approved the Amended and Restated 2004
Directors' Stock Incentive Plan and ratified the appointment of
KPMG LLP as the Company's independent registered public
accounting firm for 2008.

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 64 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs
and seven Eastern Hemisphere-based land rigs.  The company has
subsidiaries in France, Netherlands, Venezuela, Bahamas, Mexico,
Malaysia, and Singapore.

                        *     *     *

To date, Pride International carries Standard & Poor's Ratings
Service's BB+ corporate credit rating.  The company's unsecured
debt is also rated BB+ by S&P.  The outlook on the ratings is
stable.

                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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