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

            Thursday, June 12, 2008, Vol. 9, No. 116

                            Headlines


A R G E N T I N A

ALITALIA SPA: Air France-KLM Ends Hopes for Possible Bid
COMPANIA AGROPECUARIA: Claims Verification Deadline Is July 23
GETTY IMAGES: Hellman Buyout Cues Moody's to Assign Ba2 Rating
GETTY IMAGES: S&P Affirms 'BB-' Rating on New Credit Profile
GOLDMAN SACHS: Fitch Places Low-B Ratings Under Negative Watch

IL POSTINO: Proofs of Claim Verification Is Until Aug. 27
MERCOBANK SA: Proofs of Claim Verification Deadline Is July 21
TELECOM ARGENTINA: Awards Upgrade Contract to Subex & Accenture
VALEANT PHARMA: Divests Argentina Commercial Operations


B E R M U D A

SCOTTISH RE: Inks Purchase Pact With Pacific Life for US$71.2MM
SCOTTISH RE: S&P Puts B- Financial Strength Rating on Watch Pos.


B R A Z I L

BANCO NACIONAL: Lends US$1.5 Billion for Project in Angola
BELDEN: Augments Biz With US$133M Trapeze Networks Cash Buyout
BELDEN INC: Planned Trapeze Purchase Won't Affect S&P's Rating
COMPANHIA SIDERURGICA: Signs Supply Deals With Gulf Industrial
UNIAO DE BANCOS: Increases Stake in Trafo Equipamentos to 7.17%


C A Y M A N  I S L A N D S

BATNA INC: Proofs of Claim Filing Deadline Is June 17
CABLE INVESTMENT: Proofs of Claim Filing Is Until June 15
EMPYREAN CAPITAL: Proofs of Claim Filing Deadline Is June 15
FORTPLUS COMPANY: Proofs of Claim Filing Is Until June 15
INDUSTRY ALPHA: Proofs of Claim Filing Deadline Is June 15

INFINITY ASSET: Proofs of Claim Filing Is Until June 15
LEVIN EQUITY: Proofs of Claim Filing Deadline Is June 14
LUCIA LIMITED: Proofs of Claim Filing Is Until June 15
RCL CAPITAL: Proofs of Claim Filing Deadline Is June 14
SHOVEL MOUNTAIN: Proofs of Claim Filing Is Until June 16


C H I L E

FRESH DEL MONTE: S&P's 'BB-' Rating Unmoved by Caribana Buyout


C O L O M B I A

ECOPETROL SA: Yidis Medina Eyes Position at Firm


J A M A I C A

AIR JAMAICA: In Position to Grant Salary Increase, Says Union
ALLIED CABLEVISION: Flow Gets Injunction Against Firm Directors
SUGAR COMPANY: To Hold Another Meeting With Unions on Divestment


M E X I C O

BHM TECHNOLOGIES: Section 341(a) Meeting Scheduled for June 26
BRISTOW GROUP: S&P Rates US$100 Million Senior Notes at BB
CHRYSLER LLC: Mexico Unit Reports Increased Sales in May 2008
COEUR D'ALENE: Reports Study Results for Palmarejo Project
FIAT SPA: Inks Two Joint Ventures With Sollers JSC

FRONTIER AIRLINES: Seeks Extension of Removal Period
FRONTIER AIRLINES: Court Approves WilmerHale as Panel's Counsel
KRISPY KREME: Books US$4 Mil. Net Income in Quarter Ended May 4
SMITHFIELD FOODS: Hires Robert Manly as CFO Effective July 1
VALASSIS COMMS: Moody's Affirms B1 Ratings; Outlook Positive


V E N E Z U E L A

NORTHWEST AIRLINES: Wants Nine Claims Worth US$2.4 Mil. Expunged
NORTHWEST AIRLINES: Wants R. Foster's US$930,000 Claim Expunged
PETROLEO DE VENEZUELA: Delays Payments to Contractors


                         - - - - -


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

ALITALIA SPA: Air France-KLM Ends Hopes for Possible Bid
--------------------------------------------------------
Air France-KLM S.A.'s interest in acquiring the Italian
government's 49.9% stake in Alitalia S.p.A. is a "case closed,"
Reuters reports citing the French carrier's chief executive
Jean-Cyril Spinetta.

As previously reported in the TCR-Europe, Mr. Spinetta said Air
France may restart acquisition talks.  He, however, said it
would be difficult to resume talks in the current economic
environment, adding that taking over Alitalia might not create
value for Air France's shareholders.

In May 2008, Fabio Verna, financial consultant to prime
ministerial adviser Bruno Ermolli, said it is possible that the
government may resume negotiations over Alitalia.  Air France's
withdrawal from the sale talks does not mean that the French
carrier is not interested in resuming talks on different
conditions and different financial consideration.

Prime Minister Silvio Berlusconi tasked Mr. Ermolli to find a
local buyer for the government's 49.9% stake in Alitalia.

                         About Alitalia

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

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.


COMPANIA AGROPECUARIA: Claims Verification Deadline Is July 23
--------------------------------------------------------------
The court-appointed trustee for Compania Agropecuaria Rio de la
Plata S.A.'s bankruptcy proceeding will be verifying creditors'
proofs of claim until July 23, 2008.

The trustee will present the validated claims in court as   
individual reports.  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 Compania
Agropecuaria and its creditors.

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

A general report that contains an audit of Compania
Agropecuaria's accounting and banking records will be submitted
in court.

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


GETTY IMAGES: Hellman Buyout Cues Moody's to Assign Ba2 Rating
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
for Getty Images, Inc., and Ba2 ratings to its senior secured
loan facilities pending its acquisition by Hellman & Friedman
LLC.  The US$2.4 billion acquisition will be financed with a
US$970 million senior secured term loan, an undrawn US$75
million secured revolving credit facility and approximately
US$1.1 billion of equity, with the remainder from cash on hand.  
All existing debt of Getty Images, Inc. will be repaid
concurrent with the acquisition.  The acquisition is expected to
close in July 2008.  The outlook is stable.

These ratings were assigned:

  * Corporate Family Rating: Ba2

  * Probability of Default Rating: Ba3

  * US$970 million senior secured term loan: Ba2, LGD3 (31%)

  * US$75 million senior secured revolver: Ba2, LDG3 (31%)

Upon repayment at the close of the transaction, this rating will
be withdrawn:

  * US$265 million series B convertible subordinated notes due
    2023: Ba2

The Ba2 corporate family rating is driven by Getty Images's
leading market position in the stock imagery market, broad
geographic diversification of its customer base, and the strong
cash generating capabilities of the business. The ratings are
limited by the pro forma closing leverage of 3.2x (using Moody's
standard adjustments), which is reflective of Ba3- and Ba2-rated
business service and technology firms. The ratings are also
constrained by declining trends in the company's traditional
creative stills business, the increasing supply of lower priced
digital imagery and potential threats from new competitors or
technologies. Getty Images's iStock business has been offsetting
declines in their traditional business and will likely continue
to do so. The iStock business is only a few years old, however,
and the niche it operates in is still evolving.

The stable outlook reflects the expectation that growth in the
iStock business will continue to offset declines in Getty
Images's traditional imagery business, resulting in modest
overall growth. The ratings could face downward pressure if
overall performance was to deteriorate or the company was to
make a large debt-financed acquisition or distribution. Ratings
could experience upward pressure if the traditional imagery
business stabilizes and the company materially reduces leverage.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company provides relevant imagery to
professionals at advertising agencies, graphic design firms,
corporations, and film and broadcasting companies; editorial
customers involved in newspaper, magazine, book, compact disc
and online publishing, and corporate marketing departments and
other business customers.  Getty Images offers its imagery and
related services through the company's website and a global
network of company-owned offices and delegates.  It serves
customers in more than 100 countries.  The company has corporate
offices in Australia, the United Kingdom and Argentina.  
Revenues and adjusted EBITDA for FY 2007 were US$858 million and
US$321 million, respectively.


GETTY IMAGES: S&P Affirms 'BB-' Rating on New Credit Profile
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
Credit Watch its 'BB-' corporate credit rating on Seattle-based
visual imagery and digital content company Getty Images Inc.  
The rating action is based on Getty Images' new credit profile
as a result of private-equity firm Hellman & Friedman's pending
acquisition of the company.
     
In addition, S&P assigned a rating of 'BB' to the company's
proposed Us$1.045 billion senior secured bank financing, one
notch higher than the corporate credit rating on Getty Images,
and a '2' recovery rating, indicating its expectation of
substantial recovery (70%-90%) of principal and prepetition
interest in the event of payment default.  Proceeds of the
facilities will be used to complete the acquisition and to repay
existing indebtedness.  The outlook is negative.
     
"The negative outlook incorporates our concern over unfavorable
secular trends," said Standard & Poor's credit analyst Tulip
Lim," and its impact on the company's compliance with financial
covenants."

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company provides relevant imagery to
professionals at advertising agencies, graphic design firms,
corporations, and film and broadcasting companies; editorial
customers involved in newspaper, magazine, book, compact disc
and online publishing, and corporate marketing departments and
other business customers.  Getty Images offers its imagery and
related services through the company's website and a global
network of company-owned offices and delegates.  It serves
customers in more than 100 countries.  The company has corporate
offices in Australia, the United Kingdom and Argentina.  
Revenues and adjusted EBITDA for FY 2007 were US$858 million and
US$321 million, respectively.


GOLDMAN SACHS: Fitch Places Low-B Ratings Under Negative Watch
--------------------------------------------------------------
Fitch Ratings has taken rating actions on the Goldman Sachs
mortgage pass-through certificates listed below.  Unless stated
otherwise, any bonds that were previously placed on Rating Watch
Negative are removed.

GSR Mortgage Loan Trust 2002-3F
-- Class 1A-A affirmed at 'AAA';
-- Class 1A-B affirmed at 'AAA';
-- Class 1A-C affirmed at 'AAA';
-- Class 1B-1 affirmed at 'AAA';
-- Class 1B-2 affirmed at 'AA+';
-- Class 1B-3 affirmed at 'BBB';
-- Class 1B-4 rated 'BB', placed on Rating Watch Negative;
-- Class 1B-5 rated 'B', placed on Rating Watch Negative.


Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company provides relevant imagery to
professionals at advertising agencies, graphic design firms,
corporations, and film and broadcasting companies; editorial
customers involved in newspaper, magazine, book, compact disc
and online publishing, and corporate marketing departments and
other business customers.  Getty Images offers its imagery and
related services through the company's website and a global
network of company-owned offices and delegates.  It serves
customers in more than 100 countries.  The company has corporate
offices in Australia, the United Kingdom and Argentina.


IL POSTINO: Proofs of Claim Verification Is Until Aug. 27
---------------------------------------------------------
Mauricio Brawer, the court-appointed trustee for IL Postino
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until Aug. 27, 2008.

Mr. Brawer will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by IL Postino 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 IL Postino's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

           IL Postino SRL
           Tucuman 3822
           Buenos Aires, Argentina

The trustee can be reached at:

           Mauricio Brawer
           Sarmiento 2593
           Buenos Aires, Argentina


MERCOBANK SA: Proofs of Claim Verification Deadline Is July 21
--------------------------------------------------------------
The court-appointed trustee for Mercobank S.A.'s bankruptcy
proceeding will be verifying creditors' proofs of claim until
July 21, 2008.

The trustee will present the validated claims in court as   
individual reports.  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 Mercobank
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 Mercobank's
accounting and banking records will be submitted in court.

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


TELECOM ARGENTINA: Awards Upgrade Contract to Subex & Accenture
---------------------------------------------------------------
Michael Schwartz at Developing Telecoms reports that Telecom
Argentina  S.A. has awarded Subex Ltd. and Accenture Ltd. a
service fulfillment contract to upgrade its services.

According to Developing Telecoms, Telecom Argentina wants wider
distribution of broadband, higher profile for Internet Protocol
services, and rapidly-accessible Ethernet-based services.

Developing Telecoms relates that Subex and Accenture have
implemented "the first phase of a multi-technology activation"
software for Telecom Argentina.  This will help guarantee
Internet Protocol services dominance, allow rapid delivery of
Ethernet-based services, and increse growth in broadband.  The
first phase was launched in April 2007.  It provides Telecom
Argentina "flow-through provisioning of its IP-VPN services and
facilitates the assurance processes."

The report says Accenture will implement Subex products for
activation softwares, align existing resources like networks,
services, and equipments, and provide assistance.

                        About Accenture

Accenture Ltd. is a management consulting, technology services
and outsourcing organization based in 49 countries.  The
Company's business is structured around five operating groups,
which together comprise 17 industry groups serving clients in
industries worldwide.  These include Communications & High Tech,
Financial Services, Products, Resources and Public Service.  

                           About Subex

Subex Ltd., formerly Subex Azure Ltd., is a global telecom
software product company.  The company operates in two business
segments: telecom software products and telecom software
services.  Telecom software products include ikira, Moneta,
prevea, concilia, symphona, and optima.  

                    About Telecom Argentina

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

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

                         *     *     *

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


VALEANT PHARMA: Divests Argentina Commercial Operations
-------------------------------------------------------
Valeant Pharmaceuticals International has divested its Argentina
commercial operations to one of the leading pharmaceutical
companies in Argentina.  Financial terms were not disclosed.

"One of our strategic initiatives for 2008 is to divest certain
regions and simplify our operations," said J. Michael Pearson,
chairman and chief executive officer.  "The sale of our business
in Argentina is another important step forward in executing on
our strategy."

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE: VRX) -- http://www.valeant.com/-- is a   
global specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical
products primarily in the areas of neurology, infectious disease
and dermatology.   It has offices in Argentina, Singapore and
Taiwan.

                        *     *     *

In January 2007, Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on Oct. 23, 2006.  Ratings hold to date.



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B E R M U D A
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SCOTTISH RE: Inks Purchase Pact With Pacific Life for US$71.2MM
---------------------------------------------------------------
Scottish Re Group Limited and Pacific Life Insurance Company
have signed a definitive agreement whereby Pacific LifeCorp, the
parent company of Pacific Life, will purchase the International
Life Reinsurance segment of Scottish Re Group Limited.

The new operation, to be called Pacific Life Re, provides
reinsurance solutions to insurance and annuity providers in the
United Kingdom and Ireland and to insurers in selected markets
in Asia.  The purchase price is US$71.2 million, subject to
certain potential downward adjustments. Other terms of the
purchase agreement were not disclosed.  The transaction is
subject to regulatory approvals and other customary closing
conditions, both of which are expected to be achieved during the
third quarter of 2008.

"The purchase of Scottish Re's international business is a great
opportunity for Pacific Life," said Pacific Life's Chairman,
President and CEO Jim Morris.  "Scottish Re's international
business has great growth potential and this transaction
provides Pacific Life a practical way to access the growing UK
and Asian markets.  I am very impressed with the current
management team and believe that their expertise, with the
support of Pacific Life, will allow us to realize the growth
potential that exists."

Through this purchase, Pacific LifeCorp will acquire the
following assets:

   -- Scottish Re Limited (SRL), a London-based life reinsurer;

   -- Scottish Re Holdings Limited, the holding company of
      Scottish Re Limited;

   -- International segment business written by Scottish Annuity
      & Life Insurance Company (Cayman) Ltd. together with
      certain business retroceded within the Scottish Re group;
      and

   -- the staff and physical assets based in Singapore and
      Japan.

George Zippel, President & CEO of Scottish Re Group Limited,
commented, "The sale of the International Life Reinsurance
segment is a positive outcome for Scottish Re and is consistent
with the revised strategic direction that we announced in
February of this year.  Under Pacific Life's ownership, David
Howell and his talented team of professionals will have the
opportunity to provide significant value to clients and deliver
strong financial results to Pacific Life.  We wish the entire
Pacific Life Re team all the best."

As part of the agreement, the current management of the acquired
companies will remain intact.  Pacific Life Re, which will
report to Mary Ann Brown, Pacific Life's senior vice president
of corporate development, will be headed by David Howell and an
executive team of 7 professionals with a combined 160 years of
insurance and reinsurance experience in the UK, Canada, and
Asia.  The executive team will comprise:

   -- David Howell, FSA - Chief Executive Officer

   -- Warren Copp - Chief Underwriter

   -- Duncan Hayward, ACA - Chief Financial Officer

   -- David Heeney, FIA - Chief Marketing Officer, UK and
      Ireland

   -- Andrew Linfoot, FIAA - Regional Director, Asia

   -- Steve Nuttall, FIA - Chief Pricing Officer

   -- George Scott, Solicitor - Legal Counsel and Chief Risk
      Officer

   -- Jerry Staffurth, FIA - Chief Actuary

The headquarters of Pacific Life Re will remain in London, with
approximately 80 employees in the UK and 15 employees in
Singapore and Tokyo.

"This transaction is excellent news for our business and for our
clients," said David Howell, future CEO of Pacific Life Re.  
"Pacific Life has an outstanding reputation for corporate
excellence, customer focus, and financial strength and we are
delighted to be joining such a highly-regarded company.  The
formation of Pacific Life Re will create exciting growth
opportunities for our newly combined businesses and will provide
our clients with the confidence and security they seek from a
market-leading reinsurance partner."

                     About Pacific LifeCorp

Founded in 1868, Pacific LifeCorp, the parent company of Pacific
Life, provides life insurance products, individual annuities,
and mutual funds, and offers a variety of investment products
and services to individuals, businesses, and pension plans.  
Pacific Life counts more than half of the 100 largest U.S.
companies as clients.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a    
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish
Re Capital Markets, Inc., a member of Scottish Re Group Ltd.,
is a registered broker dealer that specializes in securitization
of life insurance assets and liabilities.  On Sept. 30, 2007,
Scottish Re reported total assets of US$13.4 billion and
shareholder's equity of US$869 million.


SCOTTISH RE: S&P Puts B- Financial Strength Rating on Watch Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B-' financial
strength rating on Scottish Re Ltd. on CreditWatch with positive
implications following the announcement that Pacific LifeCorp
(A/Stable/A-1; Pacific Life) will acquire Scottish Re Ltd.
from Scottish Re Group Ltd. (CCC-/WatchNeg/--; Scottish Re).

Scottish Re Ltd. is the U.K.-domiciled subsidiary of Scottish Re
and conducts the group's international reinsurance operations.
At the same time, the ratings and CreditWatch with negative
implications on Scottish Re's remaining operations are
unaffected because the eventual proceeds from the sale alone
will not significantly benefit the organization's financial
strength and financial flexibility.

"These ratings will remain on CreditWatch negative until we can
determine the full extent to which Scottish Re's limited
financial flexibility and reduced financial strength are
weakened," said Standard & Poor's credit analyst Robert Hafner.
"This will not likely be determinable until Scottish Re is able
to file its outstanding financial reports.  We will lower the
ratings further if the deterioration is more severe than
expected."

The ratings on Pacific Life and subsidiaries are unaffected by
the proposed transaction.

"Upon closing of the transaction, expected in the third quarter
of 2008, we might raise the ratings of Scottish Re Ltd. to
investment grade," said Standard & Poor's credit analyst
Miroslav Petkov.  "The favorable rating action on Scottish Re
Ltd. anticipates an improved competitive position owing to an
affiliation with the highly rated Pacific Life, improved
operating performance through expense efficiencies, and
strengthened capitalization as a member of the Pacific Life
group of companies."

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a    
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish
Re Capital Markets, Inc., a member of Scottish Re Group Ltd.,
is a registered broker dealer that specializes in securitization
of life insurance assets and liabilities.  On Sept. 30, 2007,
Scottish Re reported total assets of US$13.4 billion and
shareholder's equity of US$869 million.



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B R A Z I L
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BANCO NACIONAL: Lends US$1.5 Billion for Project in Angola
----------------------------------------------------------
MacauHub reports that Banco Nacional de Desenvolvimento
Economico e Social has extended US$1.5 billion credit line to
fund the purchase of Brazilian construction equipment in Angola
in the first five months of 2008.

According to MacauHub, the US$1.5 billion credit line was
granted in 2006 with an initial value of US$750 million.  It was
increased with another US$1 billion last year.  The credit line
is mainly focused on Angolan government projects and was not due
to be increased for the time being, news daily Valor Economico
relates, citing Banco Nacional's Foreign Trade Department Chief
Luciene Ferreira Machado.  

MacauHub notes that Banco Nacional resources are being used in
16 road projects that the Angolan government has prioritized.  
Banco Nacional is also analyzing a request for a US$70 million
financing for construction of a sugar factory next to the
Cabinda hydroelectric plant.  The project would cost some
US$260 million.  It is a partnership between Brazil's Odebrecht,
Angola's Damer, and Sonangol.

Banco Nacional is also offering some US$250 million to finance
projects in Angola, MacauHub states.

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

                        *     *     *

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


BELDEN: Augments Biz With US$133M Trapeze Networks Cash Buyout
--------------------------------------------------------------
Belden Inc. entered into a definitive agreement to acquire
Trapeze Networks for US$133 million in cash.  The acquisition
builds on Belden's position as a complete signal transmission
solutions provider by adding a recognized company in the
wireless LAN market.

Belden stated that Wireless extends the reach of Belden's
physical-layer cable and connectivity products and enables the
company to address the growing mobility needs of customers.

"Belden's strategic vision is to provide the best signal
transmission solutions to our customers regardless of
technology," John Stroup, president and chief executive officer
of Belden, said.  "We believe the acquisition of Trapeze
Networks uniquely positions Belden to offer our enterprise
customers tailored connectivity solutions that benefit from
blending the strengths of copper, fiber and wireless
technologies."

Trapeze Networks Smart Mobile wireless LAN solutions deliver
superior performance, security, reliability and management
capabilities, making this a highly attractive wireless
investment for Belden's future," Mr. Stroup added.  "The
acquisition will make Belden the world's largest unified wired
and wireless solutions provider and will provide expanded market
access for Trapeze Networks' Smart Mobile solutions."

"We believe we are at an inflection point in enterprise wireless
LAN expansion, a market that is already growing nearly 25
percent per year, and that wireless connectivity is no longer
considered a luxury but is a customer expectation," Mr. Stroup
related.

"During the past six years, enterprise customers around the
world have invested in Trapeze Networks Smart Mobile because
they can depend on it for constant connectivity and reliable
mobility," Jim Vogt, president and chief executive officer of
Trapeze, said.  "The superior performance and cost benefits of
our highly acclaimed wireless LAN products have fueled our
global growth through distribution and through our OEM
relationships with 3Com, Enterasys, Nortel and other large
networking companies. Our customers can now be assured of
continued product innovation and new capabilities from the
combined resources of Belden and Trapeze."

                    Impact on Belden's Outlook

Because Trapeze Networks sells software well as hardware and
services, the company is required under accounting principles
generally accepted in the United States to defer and amortize
certain revenues over the lives of contracts until it can
establish vendor-specific objective evidence of the fair market
value of each separate deliverable.

The majority of Trapeze Networks' revenue is deferred and is
typically amortized over periods of a year or more.  This
accounting treatment makes the acquisition more dilutive to
Belden's expected earnings in 2008 and 2009 than would otherwise
be the case.

"The acquisition of Trapeze Networks furthers our strategy, and
we expect that it will provide a return on invested capital for
Belden consistent with or better than that of our successful
2007 acquisitions," Mr. Stroup said.  "We expect that the total
dilutive impact of revenue deferral and amortization for 6
months in 2008 to be $0.15 to $0.20 and in 2009 $0.25 to $0.30.  
Despite this impact, we expect the transaction to be neutral in
operating cash flow in 2008 and a positive contributor to
operating cash flow in 2009 and beyond."

"The expected dilution from the Trapeze acquisition, including
the impact of revenue deferral and the recurring amortization of
intangible assets resulting from the purchase, but excluding
short-term, nonrecurring amortization, will be in the range of
$0.27 to $0.32 in 2008 and $0.25 to $0.30 in 2009," Mr. Stroup
said.  "We expect that the acquisition will be accretive on a
GAAP basis in 2010 and beyond.

"Our outlook for 2008 remains unchanged except for the expected
effects of the planned acquisition, Mr. Stroup said.  Because of
the mid-year timing of the closing of this transaction and the
deferral of Trapeze Networks' revenue, our expectations for
consolidated revenue remain in the range of $2.2 to $2.3
billion. We expect our operating margin to be in the range of
11% to 12%, and we are adjusting our expectation for 2008
earnings per diluted share to the range of $3.15 to $3.35."

                       About Trapeze Networks

Based in Pleasanton, California, Trapeze Networks is a privately
held company that sells its products into healthcare, education,
manufacturing, retail, government and other enterprise verticals
through OEMs and distribution channels.  The Trapeze product
portfolio is an end-to-end WLAN system built on a highly
scalable and secure wireless operating system running on Trapeze
Networks access points and controllers and features the
industry's most robust management software capabilities.  More
than 4,000 organizations around the world have deployed Trapeze
wireless platforms.

                        About Belden Inc.

Headquartered in St. Louis, Missouri, Belden Inc. (NYSE:BDC) --
http://www.belden.com/-- fka Belden CDT Inc., designs,    
manufactures, and markets signal transmission solutions for data
networking and specialty electronics markets including
entertainment, industrial, security and aerospace applications.  
The company has locations in Brazil, Mexico, Puerto Rico and
Venezuela.


BELDEN INC: Planned Trapeze Purchase Won't Affect S&P's Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on St. Louis-based Belden Inc. (BB+/Stable/--) are not
affected by the company's recently announced plan to acquire
Trapeze Networks Inc. for $133 million.  Following this
transaction, the company's financial leverage statistics will
still be moderate for the rating.

Headquartered in St. Louis, Missouri, Belden Inc. (NYSE:BDC) --
http://www.belden.com/-- fka Belden CDT Inc., designs,    
manufactures, and markets signal transmission solutions for data
networking and specialty electronics markets including
entertainment, industrial, security and aerospace applications.  
The company has locations in Brazil, Mexico, Puerto Rico and
Venezuela.


COMPANHIA SIDERURGICA: Signs Supply Deals With Gulf Industrial
--------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has signed two new long-term
supply contracts with Gulf Industrial Investment Co. (E.C.)
(GIIC), a company headquartered in Bahrain, to supply pellet
feed produced by the Casa de Pedra Mine and the mines operated
by NACIONAL MINERIOS S.A., CSN's wholly-owned subsidiary.
The contracts envisage the supply of at least 183,300,000  
tonnes of pellet feed over 25 years, starting in 2009.  The
contractual terms, including those related to price and price
adjustment criteria, are in line with the market practices in
the international iron ore industry.

CSN believes that these two new contracts reaffirm its objective
of expanding its mining operations and underline its capacity
and reliability for supplying high quality iron ore.

Prosper Corretora analyst Alan Cardoso commented to BNamericas,
"It's business as usual.  This is part of CSN's program of
creating mining channels to generate cash flow.  Its strategy is
to produce for its own use and to sell [excess] production."

Senso Corretora analyst Antonio Carlos Goes told BNamericas that
CSN is losing its concentration a bit.  He suggested that the
firm should focus more on steel output than on mining.  "I don't
think this has much to do with CSN's business.  It's not their
thing. They have the expertise but don't have the appropriate
equipment to extract great volumes of iron ore," Mr. Goes added.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2008, Standard & Poor's Ratings Services raised its
corporate credit rating on Brazil-based steelmaker Companhia
Siderurgica Nacional to 'BB+' from 'BB' and removed it from
CreditWatch.  S&P had placed the ratings on CreditWatch with
positive implications on May 30, 2008, for better cash flow
protection measures.  The outlook is positive.  At the same
time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


UNIAO DE BANCOS: Increases Stake in Trafo Equipamentos to 7.17%
---------------------------------------------------------------
Reuters reports that Uniao de Bancos Brasileiros SA has
increased its stake in Trafo Equipamentos Eletricos SA to 7.17%.

According to Reuters, the stake represents 1,721,800 shares in
Trafo Equipamentos.

Trafo Equipamentos Eletricos SA is a Brazilian company that
specializes in the production and technical support of heavy
electrical equipment.  Its products range includes power
transformers, dry transformers, autotransformers, current
transformers and hermetic transformers, as well as voltage
regulators, reactors, mobile substations, fixed and unitary
stations, vacuum breakers, gas circuit breakers and lightning
rods.  The company operates two manufacturing units: the
Gravatai Unit and the Hortolandia Unit, and a sales office in
Sao Paulo. Trafo Equipamentos Eletricos SA has a network of
representative offices in Argentina, Brazil, Bolivia, Canada,
Chile, Colombia, Costa Rica, Ecuador, Honduras, Mexico,
Paraguay, Peru, Puerto Rico, Trinidad and Tobago, the United
States, Uruguay and Venezuela.  Weg Equipamentos Eletricos S/A
is the company's majority shareholder.

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

                          *     *     *

In April 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Uniao de Bancos Brasileiros SA.



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

BATNA INC: Proofs of Claim Filing Deadline Is June 17
-----------------------------------------------------
Batna Inc.'s creditors have until June 17, 2008, to prove their
claims to Argosa Corp. Inc., the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Batna's shareholders agreed on May 8, 2008, to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Argosa Corp. Inc.
                Attn: Alan G. de Saram
                Charles Adams, Ritchie & Duckworth
                P.O. Box 709, Zephyr House
                Mary Street, George Town
                Grand Cayman KY1-1107, Cayman Islands
                Telephone: 949-4544
                Fax: 949-8460


CABLE INVESTMENT: Proofs of Claim Filing Is Until June 15
---------------------------------------------------------
Cable Investment II Limited's creditors have until
June 15, 2008, to prove their claims to Walkers SPV Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Cable Investment's shareholder decided on March 5, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Wlkers SPV Limited
                Attn: Anthony Johnson
                Walker House, 87 Mary Street
                George Town, Grand Cayman, KY1-9002
                Cayman Islands
                Telephone: (345) 914-6314


EMPYREAN CAPITAL: Proofs of Claim Filing Deadline Is June 15
------------------------------------------------------------
Empyrean Capital Overseas Benefit Plan Fund, Ltd.'s creditors
have until June 15, 2008, to prove their claims to Walkers SPV
Limited, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

                Wlkers SPV Limited
                Attn: Anthony Johnson
                Walker House, 87 Mary Street
                George Town, Grand Cayman, KY1-9002
                Cayman Islands
                Telephone: (345) 914-6314


FORTPLUS COMPANY: Proofs of Claim Filing Is Until June 15
---------------------------------------------------------
Fortplus Company's creditors have until June 15, 2008, to prove
their claims to Walkers SPV Limited, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

                Wlkers SPV Limited
                Attn: Anthony Johnson
                Walker House, 87 Mary Street
                George Town, Grand Cayman, KY1-9002
                Cayman Islands
                Telephone: (345) 914-6314


INDUSTRY ALPHA: Proofs of Claim Filing Deadline Is June 15
----------------------------------------------------------
Industry Alpha Ltd.'s creditors have until June 15, 2008, to
prove their claims to Walkers SPV Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Industry Alpha's shareholder decided on May 14, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Wlkers SPV Limited
                Attn: Anthony Johnson
                Walker House, 87 Mary Street
                George Town, Grand Cayman, KY1-9002
                Cayman Islands
                Telephone: (345) 914-6314


INFINITY ASSET: Proofs of Claim Filing Is Until June 15
-------------------------------------------------------
Infinity Asset Management Limited's creditors have until
June 15, 2008, to prove their claims to Walkers SPV Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

                Wlkers SPV Limited
                Attn: Anthony Johnson
                Walker House, 87 Mary Street
                George Town, Grand Cayman, KY1-9002
                Cayman Islands
                Telephone: (345) 914-6314


LEVIN EQUITY: Proofs of Claim Filing Deadline Is June 14
--------------------------------------------------------
Levin Equity 360 Offshore Fund, Ltd.'s creditors have until
June 14, 2008, to prove their claims to Clarke Gray, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Levin Equity's shareholder decided on May 15, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Clarke Gray
                BKF Asset Management, Inc.
                One Rockefeller Plaza, Suite 300
                New York, NY, 10020, USA

Contact for inquiries:                 

                Virginia Czarnocki
                Walkers
                Walker House, 87 Mary Street
                George Town, Grand Cayman KY1-9001
                Cayman Islands
                Telephone: (345) 814 4649
                E-mail: virginia.czarnocki@walkersglobal.com


LUCIA LIMITED: Proofs of Claim Filing Is Until June 15
------------------------------------------------------
Lucia Limited's creditors have until June 15, 2008, to prove
their claims to Walkers SPV Limited, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Lucia's shareholder decided on April 25, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Wlkers SPV Limited
                Attn: Anthony Johnson
                Walker House, 87 Mary Street
                George Town, Grand Cayman, KY1-9002
                Cayman Islands
                Telephone: (345) 914-6314


RCL CAPITAL: Proofs of Claim Filing Deadline Is June 14
-------------------------------------------------------
RCL Capital Offshore Fund, Ltd.'s creditors have until
June 14, 2008, to prove their claims to Clarke Gray, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

RCL Capital's shareholder decided on May 15, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Clarke Gray
                BKF Asset Management, Inc.
                One Rockefeller Plaza, Suite 300
                New York, NY, 10020, USA

Contact for inquiries:                 

                Virginia Czarnocki
                Walkers
                Walker House, 87 Mary Street
                George Town, Grand Cayman KY1-9001
                Cayman Islands
                Telephone: (345) 814 4649
                E-mail: virginia.czarnocki@walkersglobal.com


SHOVEL MOUNTAIN: Proofs of Claim Filing Is Until June 16
--------------------------------------------------------
Shovel Mountain Ltd.'s creditors have until June 16, 2008, to
prove their claims to James C. Daywood, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Shovel Mountain's shareholder decided on May 12, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                James C. Daywood
                Attn: Anthony Pearson-Smith
                P.O. Box 268, Grand Cayman KY1-1104
                Cayman Islands
                Telephone: (345) 949 2648
                Fax: (345) 949 8613



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

FRESH DEL MONTE: S&P's 'BB-' Rating Unmoved by Caribana Buyout
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Fresh Del Monte Produce Inc. (BB-/Positive/--) were
unchanged following the company's announcement that it had
acquired the shares of Desarollo Agroindustrial de Frutales
S.A., a producer of high quality bananas in Costa Rica; the
shares of Frutas de Exportacion S.A., a major provider of gold
pineapples in Costa Rica; and the shares of an affiliated sales
and marketing company, collectively known as "Caribana."  

The purchase price was us$403 million, which we believe was
financed in a manner consistent with the company's rating.  S&P
assume Fresh Del Monte will maintain credit measures that are
stronger than its rating to compensate for inherent volatility
in the produce industry.  The acquisitions have the potential to
generate operating efficiencies and synergies, through
optimization of logistics and warehouse platforms, consolidation
of administrative functions, and procurement cost savings.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.  About
US$197 million total debt was outstanding at March 28, 2008.

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



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

ECOPETROL SA: Yidis Medina Eyes Position at Firm
------------------------------------------------
Colombian President Alvaro Uribe told Colombia Reports that
former congresswoman Yidis Medina has been pressuring government
officials to give her a position at Ecopetrol S.A.

According to President Uribe, Ms. Medina had tried blackmailing
him before accusing the government of offering her bribes.  The
president told Colombia Reports that Ms. Medina called his
family, telling them she needed to talk to him because
"something very serious was going to happen."  He said he told
Ms. Medina not to call him again.

Colombia Reports states that Ms. Medina was jailed for bribery
after she admitted "to have changed her vote about a
constitutional change needed for President Uribe to be re-
elected immediately in 2004, in exchange of promised favors made
by government officials."  President Uribe and former officials
are also being investigated.

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

                           *     *     *

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



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

AIR JAMAICA: In Position to Grant Salary Increase, Says Union
-------------------------------------------------------------
The National Workers Union told Radio Jamaica that it has
obtained information that indicates Air Jamaica is in a position
to grant workers a salary increase.

The National Workers commented, "Our intelligence has revealed
certain information so we have to be constantly managing the
process in a certain way but we are quite optimistic."

Radio Jamaica relates that Air Jamaica's management has been
negotiating a new wage and fringe benefits contract with union
and staff representatives.  Air Jamaica employees have been
restive for several months when the airline admitted it couldn't
afford to raise their salaries and fringe benefits due to
financial problems.  The strike ended after unions agreed to
present proposals on ways for Air Jamaica to cut costs and pass
on the savings to employees.

As reported in the Troubled Company Reporter-Latin America on
May 29, 2008, Air Jamaica's employees supported unions' demand
that Parliamentarians' flight privileges be removed to cut
costs.  Unions asked Air Jamaica stop providing complementary
first class tickets to Parliamentarians, as part of the cost-
cutting measures presented to the airline's management.  The
government has been giving free travel to politicians, costing
Air Jamaica up to J$50 million per year, according to the
National Workers' Vice President Granville Valentine.  The
unions want the savings passed on Air Jamaica's workers who have
not been given a salary raise in almost two years.  

The Bustamante Industrial Trade Union's President-General Kavon
Gayle told Radio Jamaica, "The meeting is a very crucial
meeting.  We have been awaiting this meeting for some time and
we've gotten some of the information that was requested.  We
still anticipate further information and were going into this
meeting with anticipation of getting the responses that we have
requested from the company."

"The workers won't hesitate to take industrial action and not
even the union can prevent them from doing if the green light is
not given by the management to move forward in their wage
negotiations," Mr. Valentine commented to Radio 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.


ALLIED CABLEVISION: Flow Gets Injunction Against Firm Directors
---------------------------------------------------------------
Radio Jamaica reports that Flow secured an injunction from the
court against Allied Cablevision Co. Limited directors.

According to Radio Jamaica, Flow recently acquired Allied
Cablevision.  It requested the injunction after two incidents
that left Allied Cablevision clients without service.  Some
Allied Cablevision directors went to the firm's Washington
Boulevard offices and dismantled cable distribution equipment
last Friday, resulting in the immediate loss of service to the
Corporate Area clients.  Flow had asked assistance from the
police to restore service.  Last Sunday, Allied Cablevision
directors launched a protest.

Radio Jamaica relates that the injunction orders Allied
Cablevision directors to vacate the firm's offices.  The
directors ignored the injunction, Flow's Marketing Director Jean
McPherson said.  "The injunction has not been complied with,
which does not give us the opportunity to fully restore service
to our customers," Ms. McPherson added.

The report says that the conflict was due to the agreement for
the sale of Allied Cablevision's operations to Flow.

The Broadcasting Commission told Radio Jamaica that it was
informed of an interruption in subscriber television service
since Friday in zones where Allied Cablevision used to operate.  
According to The Commission, it was conducting a probe on the
circumstances to try to restore the service to affected clients
as early as possible.

Radio Jamaica notes that Flow said it it is implementing
alternative measures to restore service to Allied Cablevision's
clients.  "We have managed to reroute the service which allows
them to receive some 60 and 70 channels.  Service hasn't been
fully restored but once we're able to get in the building our
first priority will be to restore service at least within a few
hours after getting access to the distribution plant,"
Ms. McPherson commented.

                          About Flow

Flow is Jamaica's first broadband network that offers Digital
Cable Television, Digital Landline, and Blazing Speed Internet
service with one connection.  It is a member of the Columbus
Communications group of companies, a CARICOM-based
telecommunications provider with a proven track record in
developing and operating advanced broadband networks.

                   About Allied Cablevision

Allied Cablevision Co. Ltd. is headquartered in Kingston,
Jamaica.  Its offices are located at the Boulevard Super Center
shopping mall, at the corner of Washington Boulevard and Auburn
Terrace.  Its coverage also extends into the St. Andrew hills as
far as Rock Hall.


SUGAR COMPANY: To Hold Another Meeting With Unions on Divestment
----------------------------------------------------------------
Radio Jamaica reports that the Sugar Company of Jamaica Limited
will hold another meeting with trade unions this week.

As reported in the Troubled Company Reporter-Latin America on
June 3, 2008, the Bustamante Industrial Trade Union, the
National Workers Union, and the University and Allied Workers
Union met with Jamaica's Agriculture Minister Christopher Tufton
to discuss the divestment of the Sugar Company's factories.  The
unions wanted to be updated on the Sugar Company's divestment
process.  The unions also wanted to discuss what would happen to
the firm's employees.  Minister Tufton assured unions that
entitlements due to workers employed by the Sugar Company's
factories would be protected after the entities are divested.  
Minister Tufton gave the unions a basic outline of how the
divestment would be conducted and also discussed plans for
displaced workers.

Radio Jamaica relates that the unions wrote to Sugar Company
Chairperson Richard Harrison to request a meeting.  According to
the National Workers Union's President Vincent Morrison, union
officials want additional details regarding the divestment.  
"This meeting will involve the union leadership and senior
delegates from the industry.  We will have to discuss a number
of issues including the redundancy payments and the number and
particulars of the workers who will be retained by the new
owners," Mr. Morrison added.

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

The Sugar Company of Jamaica Limited registered a net loss of
almost US$1.1 billion for the financial year ended Sept. 30,
2005, 80% higher than the US$600 million reported in the
previous financial year.  Sugar Company blamed its financial
deterioration to the reduction in sugar cane production.
According to published reports, the Jamaican government has
taken responsibility for the payment of the firm's debts.  Radio
Jamaica has said that to date, the five sugar factories have
incurred J$3 billion in debts.  The government is now selling
the factories.



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

BHM TECHNOLOGIES: Section 341(a) Meeting Scheduled for June 26
--------------------------------------------------------------
Habbo G. Fokkena, the United States Trustee for Region 9, called
for a meeting of the creditors and equity shareholders of BHM
Technologies Holdings, Inc., and its debtor-subsidiaries
pursuant to Section 341 of the Bankruptcy Code on June 26, 2008,
at 12:00 p.m., Eastern Daylight Time.

The meeting will be held in the Jury Assembly Room, Room 201,
Gerald R. Ford Federal Building, 110 Michigan Avenue NW, Grand
Rapids, Michigan 49503.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtors under oath.

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)


BRISTOW GROUP: S&P Rates US$100 Million Senior Notes at BB
----------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' issue
rating (same as the corporate credit rating) and a recovery
rating of '4', indicating our expectation of average (30%-50%)
recovery in the event of a payment default, to the US$100
million convertible senior notes due 2038 of Bristow Group Inc.
(BB/Stable/--).  As of March 31, 2008, helicopter company
Bristow had US$805.5 million of debt, adjusted for guarantees,
operating leases, and post retirement benefit obligations.

At the same time, Bristow plans to sell 4.1 million shares of
common stock, with the underwriters having an option to purchase
an additional 615,000 shares.  The net proceeds from both the
offerings will be used to acquire aircraft and for other general
corporate purposes.

"Although the additional stock offering is beneficial to
Bristow's credit measures, it does not warrant a positive
ratings action at this point," said Standard & Poor's credit
analyst Aniki Saha-Yannopoulos.

Bristow's financial risk profile is aggressive. Because of the
company's large capital expenditure program, S&P does not expect
it to generate any free cash flow in the near term.  Bristow's
operating performance and financial leverage are stable, and S&P
expects that the addition of new fleet during robust market
conditions will allow the company to continue to reduce leverage
in the intermediate term.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- fka Offshore Logistics Inc.,
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United
States Gulf of Mexico and the North Sea.  The company also has
operations, both directly and indirectly, in offshore oil and
gas producing regions of the world, including Alaska, Australia,
Mexico, Nigeria, Russia and Trinidad.  The company also provides
production management services for oil and gas production
facilities in the United States Gulf of Mexico.


CHRYSLER LLC: Mexico Unit Reports Increased Sales in May 2008
-------------------------------------------------------------
Chrysler LLC's Mexico unit and its Jeep(R) and Dodge brands
earned its highest accumulated year-to-date sales since 2002,
with 50,679 units sold, an increase of 5.1% versus the same
period in 2007, according to a media release.  This marks the
best accumulated sales since 2002 when 50,899 units were sold,
the company said.

May 2008 sales reached a total of 10,050 units, maintaining the
positive trend for Chrysler in Mexico with a 0.3%  increase
compared to May 2007.

Dodge brand sales reached 7,368 units, a 17.5% increase compared
to last year, fueled by the high demand for the new Dodge
Journey, the newest CUV in the market with 1,163 units sold in
May.  The Dodge Journey is assembled in the Toluca Mexico plant
and exported worldwide.

The Jeep brand had an increase in accumulated sales of 21.7% vs.
2007 with 11,270 vehicles sold from January to May.

Chrysler Mexico and its dealer network maintain a positive trend
and continue to offer innovative and attractive products to
satisfy every need in an increasingly challenging industry.

                         About Chrysler

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                           *     *     *

As reported in the Troubled Company Reporter on May 9, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Chrysler
LLC to 'B' from 'B+', with a Negative Rating Outlook.  Fitch has
also downgraded the senior secured bank facilities, including
senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1';
and senior secured second-lien bank loan to 'CCC+/RR6' from
'BB+/RR1'.  The recovery rating on the second lien was also
downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset
value assumptions and associated recoveries in the event of a
stress scenario.


COEUR D'ALENE: Reports Study Results for Palmarejo Project
----------------------------------------------------------
Coeur d'Alene Mines Corporation has disclosed its results from
the completed feasibility study for its Palmarejo silver/gold
open pit/underground project in Mexico.

This study reflects results from geologic, engineering and
economic analyses for only the Palmarejo deposit, which is one
of three large silver and gold deposits identified to-date in
the district.  The company plans to update this study later this
year, which it expects will further increase mineral reserves,
mineral resources, production levels, mine life and cash flow.

The following tables summarize the Palmarejo estimated reserves,
resources, production and cash flows and their impact to
expected companywide levels.  Initial reserves at Palmarejo have
increased total companywide reserves 29% to 278.8 million.  
Production, beginning in the first half of 2009, is expected to
increase companywide silver production 28% next year to an
estimated 23.6 million ounces.  2009 operating cash flow from
Palmarejo is anticipated to add US$116.0 million to Coeur's
total expected operating cash flow of US$120 million for total
projected 2009 operating cash flow of US$236.0 million based on
a US$17 per ounce silver price and US$850 per ounce gold price.

Mineral Reserves/Resources Summary Overview (in millions)

    Metric                Coeur(1)  Palmarejo  Combined  Impact
    ------                --------  ---------  --------  ------  
P&P Silver Reserves        216.4      62.4      278.8     +29%  
P&P Gold Reserves           1.5        0.75       2.2     +50%  
M&I Silver Resources       133.4      11.0      144.4     +8%  
M&I Gold Resources          0.99       0.16       1.1     +16%  
Inferred Silver Resources  29.0       63.8       92.0     +220%  
Inferred Gold Resources     0.46       0.81       1.3     +176%  
                 
(1) As of Dec. 31, 2007; excluding Palmarejo

Production Overview - Ounces

    Metric               Coeur   Palmarejo(1)  Combined  Impact
    ------               -----   ------------  --------  ------  
2009E Silver Production   18.5       5.1         23.6     +28%
(millions)
2010E Silver Production   17.5       7.4         25.0     +43%
(millions)  
2009E Gold Production    65,000     67,000     132,000    +103%  
2010E Gold Production    190,000    92,000     282,000    +48%  
                 
(1) Assumes production commences during first half of 2009

Financial Overview (in millions) (1)

     Metric            Coeur     Palmarejo  Combined  Impact
     ------            -----     ---------  --------  ------  
2009E Op. Cash Flow   US$120.0   US$116.0   US$236.0     97%  
2010E Op. Cash Flow   US$160.0   US$138.3   US$298.3     86%  
                 
(1) Based on a US$17/oz silver price and a US$850/oz gold price

Estimated Capital Costs to Achieve Production (in millions)

         Category                  2008E         2009E  
   ------------------------       --------     --------
   Plant and Infrastructure       US$148.1      US$47.7  
   Mine Development                   48.6          --  
   Mine Equipment                     10.6         14.4  
   Owner's Costs                      27.8          0.4  
   Total                          US$235.1      US$62.5
      
Note: Includes US$15.3m of contingency and US$14.6m of pre-
stripping costs in 2008

"We are pleased to announce the completion of the feasibility
study for the initial phase of our Palmarejo project, our next
major new mine and one of the largest and highest-quality
advanced silver/gold projects in the world," said Dennis E.
Wheeler, Chairman, President and Chief Executive Officer.  
"Construction remains on-schedule with an expected first-half
2009 startup.  Once in production, Palmarejo will add
significantly to Coeur's growing silver and gold production
profile, reduce companywide cash costs, and substantially
boost our cash flow.  In addition, we look forward to reporting
continued increases to Palmarejo's reserves and resources as our
drilling programs continue, which will continue to generate
additional value and lead to more years of silver and gold
production at Palmarejo."

Donald Birak, Senior Vice President of Exploration for Coeur
added, "These new proven and probable mineral reserve results
are just for the Palmarejo deposit, one of the three large
mineral deposits identified to-date Palmarejo, Guadalupe and
La Patria in this large and prospective property.  We expect
to increase these initial reserves during the remainder of the
year, and beyond, through continued exploration on the
district's multiple exploration targets.  New mineral resource
models are currently underway for both the Guadalupe and La
Patria silver and gold-bearing structures and are expected to
contribute to future mineral reserves through additional
drilling and engineering analysis."

Construction & Operations Update:

   -- Construction activity is continuing on-schedule toward a
      first-half 2009 startup.

   -- Earthwork for a single-level process facility has been
      completed and concrete work is well-advanced.

   -- Structural, tank and piping installation has begun in the
      flotation reagent area.

   -- Construction contract for mechanical and piping,
      installation has been awarded with mobilization to begin
      shortly.

   -- Preliminary earthworks on the phase one tailings and
      environmental control dam have commenced.

   -- Earthworks for main operation camp are now completed and
      construction of a 400 man camp is underway with phase one
      nearing completion.

   -- Upgrade and maintenance of the main access road to site
      has been completed.

   -- Road access to tailings dam location and related
      infrastructure advancing as planned.

   -- North and south portals for underground mine are well-
      established.  A total of 560 meters of development
      achieved at the end of May.

   -- Open pit mine pre-stripping operations are progressing
      well.

   -- Full mining fleet has been commissioned.

   -- Fabrication for modular metallurgical laboratory is
      underway and preliminary site earthwork completed.

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

                         *     *     *

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


FIAT SPA: Inks Two Joint Ventures With Sollers JSC
--------------------------------------------------
Fiat Group, on June 7, 2008, signed two master joint ventures
agreements with Sollers JSC for the manufacture and distribution
of Fiat passenger cars and the production of Fiat Powertrain
Technologies' F1A diesel engines.

The agreements were signed by Sergio Marchionne, CEO of Fiat
Group, and Vadim Shvetsov, CEO of Sollers.

Fiat Group Automobiles and Sollers JV, who is already assembling
the Fiat Ducato light commercial vehicle, have also agreed to
increase the output at Tatarstan' facility for the manufacture
of up to 50,000 Fiat Linea sedans whose production will start
later this year.  In addition, the joint-venture, in which Fiat
Group Automobiles and Sollers will each hold a 50% stake, will
be in charge of marketing and sales of all Fiat brand products
in Russia.

The new joint-venture will be integrated into the Fiat Group
Automobiles international production network and will therefore
be provided with full support of its marketing and product
strategies, similar to other Fiat international projects and
joint-ventures.  Fiat Powertrain Technologies and Sollers will
each hold a 50% stake in the second joint-venture that will
produce up to 90,000 engines a year, starting from the next
winter.  The joint-venture will provide engines for the
manufacture of the Fiat Ducato, whose assembly has already
started in Yelabuga Special Economic Zone in the Republic of
Tatarstan, and F1A engines for the production of the UAZ
Patriot, an off-roader manufactured by Sollers at UAZ production
facilities in Ulyanovski.

Mr. Marchionne said, "Today represents a two sided cornerstone
for Fiat Group Automobiles and FPT: our partnership with Sollers
starts a key chapter within the framework of a strategic
alliance that is already benefiting from the strengths of the
two partners in one of the world's fastest growing automotive
markets.  And second it reinforces Fiat Group's aggressively
pursued strategy of setting up targeted alliances aimed at
leveraging Fiat expertise, expanding its geographic reach,
filling its product offering and lowering its cost base."

Mr. Shvetsov said, "The establishment of these joint-ventures
has become an important step forward in our industrial
cooperation with Fiat group which began in 2006.  The new joint-
ventures will help us to considerably strengthen Fiat positions
in Russia and take maximum advantage of the Russian automotive
market.  I am confident that the local production of F1A engines
will increase the competitive advantages of the Fiat Ducato on
the Russian market and help to fully satisfy our customers'
needs given the growing demand for diesel engines in Russia."

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


FRONTIER AIRLINES: Seeks Extension of Removal Period
----------------------------------------------------
Frontier Airlines Holdings Inc. and its subsidiaries ask the
U.S. Bankruptcy Court for the Southern District of New York to
extend the period during which they may remove pending actions
as of the bankruptcy filing date, through and including the
effective date of any plan of reorganization in their Chapter 11
cases.

Rule 9027 of the Federal Rules of Bankruptcy Procedure sets
forth the time periods for filing notices to remove claims or
causes of action.  Specifically, Rule 9027(a)(2) provides that
if the claim or cause of action in a civil action is pending
when a case under the Bankruptcy Code is commenced, a notice of
removal may be filed only within the longest of:

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

   (b) 30 days after entry of an order terminating a stay, if
       the claim or cause of action in a civil action has been
       stayed under Section 362 of the Bankruptcy Code, or

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

Marshall S. Huebner, Esq., at Davis Polk & Wardwell, in New
York, relates that as of the bankruptcy filing, the Debtors'
professionals and employees have attended, and will continue to
attend, to these significant business and legal issues,
including, inter alia:

   (i) stabilizing the Debtors' business operations to maximize
       the value of their estates;

  (ii) analyzing executory contracts and nonresidential real
       property leases to be assumed or rejected;

(iii) negotiating new agreements with certain goods and
       services providers;

  (iv) evaluating numerous aircraft financing arrangements in
       light of Section 1110 of the Bankruptcy Code; and

   (v) compiling information from books, records and documents
       relating to large numbers of claims, assets and contracts
       to prepare their financial and lease or contract
       schedules.

The Debtors are also parties to various judicial and
administrative proceedings, which the Debtors have had to devote
enormous amount of time and effort to resolve, Mr. Huebner adds.

Consequently, the Debtors have not been able to analyze and make
a determination regarding the removal of each of the Prepetition
Actions, Mr. Huebner tells the Court.

Mr. Huebner maintains that the requested Extension will permit
the Debtors to make a full assessment of the possible removal of
Prepetition Actions, thereby maximizing the potential recovery
for creditors.

The Extension will also protect the Debtors' rights under
Section 1452 of the Judicial and Judiciary Procedures Code, he
notes.

Mr. Huebner says the Debtors' adversaries will not be prejudiced
by the requested Extension because the adversaries may not
prosecute a Prepetition Action absent relief from the automatic
stay.  Any party whose proceeding is removed may seek to have it
remanded under Section 1452(b) of the Judicial and Judiciary
Procedures Code.

                   About Frontier Airlines Inc.

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

The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-
11297 thru 08-11299.)  Hugh R. McCullough, Esq. at Davis Polk &
Wardwell represent the Debtors in their restructuring efforts.
Togul, Segal & Segal LLP is Debtors' Conflicts Counsel, Faegre &
Benson LLP is the Debtors' Special Counsel, and Kekst and
Company is the Debtors' Communications Advisors.  At Dec. 31,
2007, Frontier Airlines Holdings Inc. and its subsidiaries'
total assets was US$1,126,748,000 and total debts was
US$933,176,000.  (Frontier Airlines Bankruptcy News, Issue
No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FRONTIER AIRLINES: Court Approves WilmerHale as Panel's Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Frontier
Airlines Holdings Inc. and its subsidiaries obtained authority
from the U.S. Bankruptcy Court for the Southern District of New
York to retain Wilmer Cutler Pickering Hale and Dorr LLP as its
counsel, nunc pro tunc to April 24, 2008.

As the Committee's counsel, WilmerHale is expected to:

   (a) advise the Committee with respect to its rights, duties
       and powers in the Debtors' Chapter 11 cases;

   (b) assist and advise the Committee in its consultations with
       the Debtors;

   (c) assist the Committee in analyzing the Debtors' capital
       structure, the claims of the Debtors' creditors, and in
       negotiating with holders of claims and equity interests;

   (d) investigate the acts, conduct, assets, liabilities and
       financial condition of the Debtors and of the operation
       of the Debtors' businesses;

   (e) analyze, and negotiate with, the Debtors or any third
       party concerning matters related to, among other things,
       (i) the assumption or rejection of certain leases of non-
       residential real property and executory contracts, asset
       dispositions, financing of other transactions, and (ii)
       the terms of one or more plans of reorganization for the
       Debtors and accompanying disclosure statements and
       related Plan of Reorganization documents;

   (f) assist and advise the Committee as to its communications
       to the general creditor body regarding significant
       matters in the Debtors' Chapter 11 cases;

   (g) participate in all hearings and other proceedings;

   (h) review and analyze all motions, applications, orders,
       statements of operations and schedules filed with the
       Court;

   (i) assist and advise the Committee with respect to any
       legislative or governmental activities;

   (j) prepare pleadings and applications as may be necessary to
       uphold the Committee's interests and objectives;

   (k) investigate and analyze any claims against the Debtors'
       non-debtor affiliates;

   (l) prepare, on behalf of the Committee, any pleadings,
       including without limitation, motions, memoranda,
       complaints, adversary complaints, objections or comments;
       and

   (m) perform other legal services as may be required or are
       otherwise deemed to be in the interests of the Committee
       in accordance with the Committee's powers and duties.

The professionals in WilmerHale will be paid according to their
customary hourly rates of:

        Professional        Hourly Rate
        ------------        -----------
        Partners          US$550 - US$765
        Counsel           US$515 - US$595
        Associates        US$345 - US$515
        Paralegals        US$210 - US$250

Andrew N. Goldman, Esq., a partner at WilmerHale, asserted that
the firm does not represent any interest adverse to the Debtors,
their estates or creditors.  WilmerHale is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code, Mr. Goldman assured the Court.

                   About Frontier Airlines Inc.

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

The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-
11297 thru 08-11299.)  Hugh R. McCullough, Esq. at Davis Polk &
Wardwell represent the Debtors in their restructuring efforts.
Togul, Segal & Segal LLP is Debtors' Conflicts Counsel, Faegre &
Benson LLP is the Debtors' Special Counsel, and Kekst and
Company is the Debtors' Communications Advisors.  At Dec. 31,
2007, Frontier Airlines Holdings Inc. and its subsidiaries'
total assets was US$1,126,748,000 and total debts was
US$933,176,000.  (Frontier Airlines Bankruptcy News, Issue
No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


KRISPY KREME: Books US$4 Mil. Net Income in Quarter Ended May 4
---------------------------------------------------------------
Krispy Kreme Doughnuts Inc., in a press statement, reported net
income of US$4.0 million, for the first quarter ended May 4,
2008, compared to a net loss of US$7.4 million in the first
quarter last year.

According to the Birmingham Business Journal, this is Krispy
Kreme's first quarterly gain in three years.   

Dow Jones says that shares of Krispy Kreme shot up 7.6% in early
trading Monday as the company disclosed its fiscal first-quarter
earnings of 6 cents a share, up from a loss of 12 cents a share
at the same time last year.

The company stated in a statement that it was able to report a
profit, in part, because the loss in 2008's first quarter was
largely due to a US$9.6 million charge related to the
refinancing of long-term debt.  In the 2009 quarter, the company
did not report any refinancing charge.

"We are pleased to report improved bottom line results in the
first quarter of fiscal 2009 compared to the first quarter of
last year," Jim Morgan, chairman, president and chief executive
officer, said.  "Much work remains to be done to achieve the
consistent profitability and sustainable growth we envision.  

"While we continue to face many challenges, I believe more than
ever there also are many opportunities ahead of us," Mr. Morgan
added.  "Although our near term results may be uneven, our
employees are working hard to implement the further improvements
necessary for us to be successful for the long term."

Among the other factors that affected the company's results for
the first quarter of fiscal 2009 were a US$930,000 non-cash gain
on the disposal of equity interests in two franchisees and the
related release of the company's guarantees of certain debt and
leases; well as a net credit in impairment and lease termination
costs of US$645,000 resulting from changes in estimated sublease
rentals on a closed store and the realization of proceeds on the
assignment of another closed store lease.

As of May 4, 2008, the company's consolidated balance sheet
reflects cash of approximately US$29.2 million and debt of
approximately US$75.7 million.

During the first quarter of fiscal 2009, 28 new Krispy Kreme
stores, comprised of four factory stores and 24 satellites, were
opened systemwide, and seven stores, comprised of six factory
stores and one satellite, were closed systemwide.

This brings the total number of stores systemwide at quarter end
to 470, consisting of 289 factory stores and 181 satellites.  
The net increase of 21 stores in the quarter reflects a net
increase of 27 international stores and a net decrease of six
domestic stores.  Approximately 75% of total stores are operated
by franchisees, and half are located outside the United States.

                       About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.KrispyKreme.com/--
is a retailer and wholesaler of doughnuts.  The company's
principal business, which began in 1937, is owning and
franchising Krispy Kreme doughnut stores where over 20 varieties
of doughnuts are made, sold and distributed and where a broad
array of coffees and other beverages are offered.

As of Feb. 3, 2008, there were 449 Krispy Kreme stores operated
systemwide in 37 U.S. states and in the District of Columbia,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, Qatar, Saudi Arabia, South Korea, the United
Arab Emirates and the United Kingdom, of which 105 were owned by
the company and 344 were owned by franchisees.  Of the 449 total
stores, there were 295 factory stores and 154 satellites.  Of
the Krispy Kreme factory stores and satellites in operation at
Feb. 3, 2008, 210 and 35, respectively, were located in the
United States.

                          *     *     *

Standard & Poor's placed Krispy Kreme Doughnuts Inc.'s long term
foreign and local issuer credit ratings at 'B-' in September
2007.  The ratings still hold to date with a negative outlook.


SMITHFIELD FOODS: Hires Robert Manly as CFO Effective July 1
------------------------------------------------------------
Smithfield Foods Inc. has named Robert W. Manly IV, the
company's executive vice president, to the additional position
of chief financial officer, effective July 1.

Mr. Manly is a 30-year veteran of fresh pork processing,
packaged meats and live hog production.  He rejoined Smithfield
Foods as executive vice president in August of 2006 after 10
years as president and chief operating officer of Premium
Standard Farms.  Mr. Manly arrived at PSF in 1996, just days
after the company emerged from bankruptcy.  Under his
leadership, PSF became the second largest integrator in the hog
production industry and launched a successful initial public
stock offering in 2002.  PSF was eventually acquired by
Smithfield in 2007.

Prior to being president of PSF, Mr. Manly served as executive
vice president at Smithfield Foods from 1986 to 1996 and was
president of Smithfield Packing Company from 1994 to 1995.  He
was assistant to the president of IBP, Inc. from 1981 to 1986.  
Earlier, Mr. Manly, 55 years old, held various positions in the
beef processing and cattle feeding industries.  He is a graduate
of Stanford University and holds an MBA from Harvard Business
School.

"Bo Manly's unique mix of financial, operating and general
management experience along with his broad understanding of the
industry will bring further strength to the finance
organization", said C. Larry Pope, president and chief executive
officer.  "His experience as president and chief operating
officer of Premium Standard Farms, a publicly-traded company, is
demonstrative of the breadth of his management and operational
background.  He and I have a long standing relationship and he
is a valued advisor," he said.

Since his return to Smithfield Foods in 2006, Mr. Manly has had
varied responsibilities, to include domestic corporate operating
activities, interim chief financial officer, and most recently
international hog production and meat processing.  He will
retain responsibility for international hog production
operations, as well as integrated plant operations in Mexico and
Romania.

Carey J. Dubois, who has been serving as vice president and
chief financial officer, will move to vice president, finance, a
new position.  In his new role, Mr. Dubois, 48 years old, will
continue to manage most of his current finance functions
including treasury, risk management, planning and benefits.  He
has over two decades of financial experience with Bunge Limited,
Pepsi Bottling Group, Joseph E. Seagram and Sons, and Louis
Dreyfus Corporation.

"Carey has made significant contributions to our company.  His
financial expertise as well as broad knowledge in the areas of
international business and mergers and acquisitions has been
invaluable as we have made several major acquisitions in recent
years," said Mr. Pope.  "We are counting on him to continue
being an integral part of leading some very important aspects
of the finance team," he said.

Smithfield Foods, Inc., (NYSE: SFD) --
http://www.smithfieldfoods.com-- headquartered in Smithfield,
Virginia, is the largest vertically integrated producer and
marketer of fresh pork and processed meat in the US and has
operating subsidiaries and joint ventures in France, Poland,
Romania, the U.K., Brazil, Mexico, and China.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, Moody's Investors Service affirmed the long-term
ratings of Smithfield Foods, Inc., including the company's Ba2
corporate family rating and Ba2 probability of default rating,
following the company's announcement that it will sell its beef
processing and cattle feeding operation to JBS S.A. For
US$565 million in cash.  The company's speculative grade
liquidity rating of SGL-3 was also affirmed.  The rating outlook
remains negative.


VALASSIS COMMS: Moody's Affirms B1 Ratings; Outlook Positive
------------------------------------------------------------
Moody's Investors Service has affirmed Valassis Communications,
Inc.'s B1 Corporate Family rating, B1 Probability of Default
rating and associated debt ratings and changed the company's
rating outlook to positive from stable.  The positive outlook
reflects Moody's expectation that Valassis will continue to make
good progress in integrating and improving ADVO's shared mail
operations, as the company has done already since the US$1.2
billion acquisition in March 2007, and will continue to allocate
free cash flow to debt reduction.  Moody's believes this will
sustain further improvement in Valassis' credit metrics since
the ADVO acquisition and could position the company for an
upgrade in 2009, although the company will need to manage
ongoing pricing pressure in its free-standing insert business
and through a difficult economic and advertising environment.

Outlook Actions:

  Issuer: Valassis Communications, Inc.

    * Outlook, Changed To Positive From Stable

Valassis has made good progress integrating and improving ADVO's
performance since the acquisition, including reducing excess
shared mail package supply, and reducing printing and duplicate
overhead costs.  This shared mail optimization strategy is
negatively affecting revenue but increasing profitability
through reductions in excess inventory and higher package
utilization (pieces per package).  Moody's believes the
company's target for a more moderate leverage profile will
continue to guide the use of free cash flow to reduce debt.  
Valassis has repaid more than US$100 million of debt since the
acquisition, driving a reduction in debt-to-EBITDA leverage to
4.9x (LTM 3/31/08 incorporating Moody's standard adjustments)
from approximately 6.2x over that span.

Valassis is conservatively managing the sizable cash needs to
cover debt maturities in 2008 and 2009.  The company borrowed
its US$160 million delayed draw term loan a month in advance of
the May 22nd bondholder put date on the 2033 convertible notes
(which were successfully refinanced) to provide time to manage
any funding difficulties in the current credit environment.  
Moody's anticipates the company will fund the January 2009
US$100 million note maturity with excess cash on hand, projected
free cash flow through the maturity date, and a modest revolver
draw.  The maturity profile improves considerably thereafter
with term loan amortization of less than US$8 million per year
representing the only meaningful repayment obligation (aside
from an excess cash flow sweep) until the revolver expires in
2012.

Headquartered in Livonia, Michigan, Valassis Communications Inc.
-- http://www.valassis.com/-- offers a wide range of marketing
services to consumer packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, Europe, Mexico and Canada.



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

NORTHWEST AIRLINES: Wants Nine Claims Worth US$2.4 Mil. Expunged
--------------------------------------------------------------
Northwest Airlines Corp. and its debtor-affiliates asked the
U.S. Bankruptcy Court for the Southern District of New York to
expunge in its entirety Claim No. 12392 filed by the Hawaii
Department of Taxation for US$604, on the grounds that it seeks
payment of a prepetition claim.

                    Previously Satisfied Claims

The Debtors asked the Court to disallow in their entirety eight
claims totaling US$2,460,152, because the Claims have been
satisfied in the ordinary course of business:

   Claimant                        Claim No.        Claim Amount
   --------                        ---------        ------------
   Tennessee Revenue Dept.             12446       US$1,187,615
   Denver Treasury                     12490            747,823
   Grapevine-Colleyville               12423            471,697  
   San Diego County Treasurer          12518             21,182
   Tennessee Revenue Dept.             12496             12,243
   County of Loudoun, Virginia         12440             10,799
   Aldine Independent School           12380              7,623
   Minnesota Revenue Dept.             12322              1,170

                       Claims To be Resolved                   

The Debtors asked the Court to permit six claimants to resolve
-- outside of the bankruptcy process -- their claims totaling
US$40,698, because the Claims are subject to ongoing
negotiations between the Debtors and the Claimants:

   Claimant                            Claim No.    Claim Amount
   --------                            ---------    ------------
   Illinois Revenue Dept.                11900        US$29,227
   Florida Revenue Dept.                 11570            9,432
   North Carolina Employment Security    12516            1,894
   New York Dept. of Taxation            12267              114
   Illinois Revenue Dept.                12382               24
   Boone County Collector                  800                7

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.  
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.  (Northwest Airlines Bankruptcy
News, Issue No. 94; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2008, Moody's Investors Service downgraded the Corporate
Family Rating of Northwest Airlines Corp. to B2 from B1, as well
as the ratings of its outstanding corporate debt instruments and
selected classes of Northwest's Enhanced Equipment Trust
Certificates.  The Speculative Grade Liquidity rating was
lowered to SGL-3 from SGL-2.  The ratings remain on review for
possible downgrade.


NORTHWEST AIRLINES: Wants R. Foster's US$930,000 Claim Expunged
---------------------------------------------------------------
Northwest Airlines Corp. and its debtor-affiliates asked the
U.S. Bankruptcy Court for the Southern District of New York to
expunge in its entirety the claim of Robert Foster worth
US$930,000.

Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP,
in New York, told the Court that Mr. Foster appeared to have
misunderstood whether he was purchasing shares of the Old Stock
that was immediately canceled, or shares of the new common stock
that was to be issued by the Debtors, which at the time Mr.
Foster purchased the Old Stock, was trading on a "when issued"
basis.

Mr. Petrick also pointed out that the Debtors' intention to
cancel the Old Stock was known publicly since January 12, 2007,
when the Debtors first filed their Plan of Reorganization.  
According to Mr. Petrick, the cancellation of the Old Stock was
also explained in the Disclosure Statement accompanying the
Plan, was reported by the general media, and was fully disclosed
with the U.S. Securities and Exchange Commission.  

The Debtors also issued a press release announcing its intention
to cancel the Old Stock for no consideration.  "Contrary to Mr.
Foster's assertion, Northwest had no duty to prevent the trading
of the Old Stock on the over-the-counter market prior to the
Effective Date of the Plan," Mr. Petrick asserted.

The Plan effectuates Section 510(b) of the Bankruptcy Code,
which provides that all claims for damages arising from the sale
of Old Stock are subordinated and are not entitled to a
distribution.  

Under the Plan, Mr. Petrick clarified, the Old Stock was
canceled as of May 31, 2007, and holders of Old Stock will
neither receive nor retain any property or interest in property
on account of the Old Stock.  Claims asserting the return of the
amount that the claimant paid for stock in a debtor, like Claim
No. 12505, are subject to disallowance, Mr. Petrick maintained.

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.  
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.  (Northwest Airlines Bankruptcy
News, Issue No. 94; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2008, Moody's Investors Service downgraded the Corporate
Family Rating of Northwest Airlines Corp. to B2 from B1, as well
as the ratings of its outstanding corporate debt instruments and
selected classes of Northwest's Enhanced Equipment Trust
Certificates.  The Speculative Grade Liquidity rating was
lowered to SGL-3 from SGL-2.  The ratings remain on review for
possible downgrade.


PETROLEO DE VENEZUELA: Delays Payments to Contractors
-----------------------------------------------------
Petroleos de Venezuela S.A. has failed to pay contractors on
time since August, El Universal reports.  Problems with the
company's SAP, the program used to pay suppliers online,
reportedly was to blame for the delay.

Citing contractors' statements, El Universal relates that the
delay has worsened to an extent that some companies accrue four
months without collecting the amounts payable for their
services.

Chair of the Venezuelan Association of Contractors of Oil and
Related Companies (Acopav), Reneiro Contreras, told El Universal
that this is not the first time Petroleos de Venezuela lagged on
its payments.  The prolonged term in default of payment this
time, however, made the group send letters to the company's
Finance team, Mr. Contreras adds.  

According to El Universal, the Petroleum Chamber of Venezuela
also sent letters and even conducted several surveys among its
affiliates to know about the average delay to pay the bill.  The
Petroleum Chamber already considers the delay as serious and
accordingly scheduled a meeting with PDVSA CFO Eudomario
Carruyo.

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

                       *     *     *

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

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

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


                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Tara Eliza E. Tecarro, Sheryl Joy P. Olano,
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Copyright 2008.  All rights reserved.  ISSN 1529-2746.

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