TCRLA_Public/080613.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, June 13, 2008, Vol. 9, No. 117

                            Headlines


A R G E N T I N A

ASOCIACION PROPIETARIOS: Trustee Verifies Claims Until July 10
BOSTON SCIENTIFIC: CryoCor Holders Tender 90% Stake to Unit
CARTONERIA SAN CARLOS: Claims Verification Is Until Aug. 14
DELTA AIR: CFO Ed Bastian Meets With NWA Pilot Leaders
DELTA AIR: Faces Interference Charges by Flight Attendants

DELTA AIR: Justice Department Seeks Information on Merger Plan
FORD MOTOR: Trancinda Buys 20 Mln Shares of Over 1 Bln Tendered
LAS PIONERAS: Proofs of Claim Verification Deadline Is Aug. 20
LATIFAR SA: Proofs of Claim Verification Is Until Aug. 2
PARAMIRO SA: Trustee Verifies Proofs of Claim Until Aug. 28

SIPESA ARGENTINA: Proofs of Claim Verification Is Until Aug. 29


B E R M U D A

REFCO INC: Multi-Bank to Pay US$1.25MM to RCM Plan Administrator
REFCO INC: Ch. 7 Trustee Wants GE Capital Claims Cut by $700,000
SCOTTISH RE: Pacific LifeCorp Deal Cues Fitch's Positive Watch


B R A Z I L

ALLEN SYSTEMS: Moody's May Cut Low-B Ratings on Covenant Default
BANCO NACIONAL: Lends BRL2.2MM for Cancer-Medicine Development
CIA. DE SANEAMENTO: Cancels Partnership Pact Signing for Project
DIRECTV GROUP: Lehman Keeps Overweight Rating on Firm's Shares
GENERAL MOTORS: GM Canada Takes Legal Action to End CAW Blockade

HUGHES NETWORK: S&P Keeps B Rating; Outlook Revised To Positive
SANYO ELECTRIC: Seeks to Expand Market Share in North America
SHARPER IMAGE: Allowed to Employ KPMG as Tax Consultant


C A Y M A N  I S L A N D S

CRESCENT POINT: Final Shareholders Meeting Is on June 19
FRESH DEL MONTE: Working on Banana Import Tax Reduction in EU
FRESH DEL MONTE: Wachovia Raises Firm's Stock to Outperform
INTEGRATED DEVICE: Sets Final Shareholders Meeting for June 19
NANTES LIMITED: Proofs of Claim Filing Is Until June 19

SSGA CM: Sets Final Shareholders Meeting for June 17
SSGA CM CREDIT: Will Hold Final Shareholders Meeting on June 17
SSGA CM GLOBAL: Sets Final Shareholders Meeting for June 17
SSGA CM GLOBAL MACRO: Final Shareholders Meeting Is on June 17
SSGA CM GLOBAL VOLATILITY: Final Shareholders Meeting on June 17

SSGA CM MULTI-ALPHA: Sets Final Shareholders Meeting for June 17


C H I L E

DOLE FOOD: Working on Banana Import Tax Reduction in EU
FREEPORT-MCMORAN: Says Output Unaffected by Cerro Verde Protest
SMURFIT KAPPA: Moody's Revises Outlook on Ba3 Rating to Positive


C O L O M B I A

AMPEX CORP: Court Approves 3rd Amended Disclosure Statement
BANCOLOMBIA SA: Earns COP75.5 Bil. in Five Months Ended May 31


D O M I N I C A N   R E P U B L I C

JETBLUE AIRWAYS: To Expand Flight Service to Dominican Republic


J A M A I C A

AIR JAMAICA: Continues to Pay Fees for Grounded Aircraft
NATIONAL COMMERCIAL: Foundation Works to Prepare for Disasters
SUGAR CO: Agri Minister C. Tufton Denies Divestment of Firm


M E X I C O

BHM TECHNOLOGIES: Trustee Objects to DIP Financing Order
BHM TECHNOLOGIES: Wants White & Case as Special Counsel
DESARROLLADORA HOMEX: Eyes US$200MM Bond Sale to Up Market Share
DISTRIBUTED ENERGY: Wants Sale Bid Procedures of Units Approved
FIAT SPA: Serbian Alliance to Start Operations in Third Quarter

INNOPHOS HOLDINGS: Completes 4.6 Million Common Stock Offering
SUPERIOR ESSEX: Inks US$900 Million Deal With LS Cable
SUPERIOR ESSEX: S&P Puts Ratings Under Developing CreditWatch
* STATE OF SONORA: S&P Assigns 'BB' Global Scale Rating


P A N A M A

CHIQUITA BRANDS: Working on Banana Import Tax Reduction in EU


P E R U

DANA RESOURCES: Completes Acquisition of 19 Peruvian Properties


P U E R T O  R I C O

JETBLUE AIRWAYS: Completes 5.5% Convertible Debentures Offering


V E N E Z U E L A

CHRYSLER LLC: Has US$9 Bil. in Cash at Year End, CEO Says
CHRYSLER LLC: May 2008 International Sales Increase by 5%
NORTHWEST AIRLINES: Seeks Extension of Claims Objection Period
NORTHWEST AIRLINES: Seeks Dissolution of Sub-Reserves
PETROLEO DE VENEZUELA: Inks BRL2.2 Mln Loan for Cancer Medicines


V I R G I N  I S L A N D S

INNOVATIVE COMM: Auction Process Going Poorly, Greenlight Says
NBTY INC: Offers US$371 Million for Leiner Health Assets


                         - - - - -


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

ASOCIACION PROPIETARIOS: Trustee Verifies Claims Until July 10
--------------------------------------------------------------
The court-appointed trustee for Asociacion Propietarios de
Coches Taximetros La Plata's reorganization proceeding will be
verifying creditors' proofs of claim until July 10, 2008.

The trustee will present the validated claims in court as  
individual reports on Sept. 9, 2008.  The National Commercial
Court of First Instance in La Plata, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and chges that
will be raised by Asociacion Propietarios 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 Asociacion
Propietarios's accounting and banking records will be submitted
in court on Oct. 22, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on May 5, 2009.


BOSTON SCIENTIFIC: CryoCor Holders Tender 90% Stake to Unit
-----------------------------------------------------------
Boston Scientific Corporation subsidiary, Padres Acquisition
Corp., disclosed that the initial tender offer period to acquire
all of the outstanding shares of common stock of CryoCor Inc.
not owned by BSS for US$1.35 per Share in cash without interest,
expired at 12:00 midnight, New York City time, on May 27, 2008.  

The tender offer is in connection with a plan of merger between
CryoCor and Padres.

Padres Acquisition advised CryoCor Inc. that, as of the
expiration of the offer, shares representing more than 90% of
the outstanding Common Stock were validly tendered and not
withdrawn.  All shares that were validly tendered and not
withdrawn have been accepted for payment by Padres Acquisition
in accordance with the terms of the offer.

A full-text copy of the Agreement and Plan of Merger between
CryoCor and Padres is avalable for free at:

               http://ResearchArchives.com/t/s?2da7

                        Executive Changes

Edward F. Brennan, David J. Cooney, Jerry C. Griffin, J. Mark
Hattendorf, Arda M. Minocherhomjee and Kurt C. Wheeler,
submitted a resignation from CryoCor's Board of Directors and
from any committees of the company's Board of Directors
effective upon the the merger.  

In addition, effective upon the consummation of the offer, the
employment of Mr. Brennan as CryoCor's President and Chief
Executive Officer, and Gregory J. Tibbitts as CryoCor's Vice
President, Finance and Chief Financial Officer was terminated.  
CryoCor intends to enter into consulting agreements with each of
Mr. Brennan and Mr. Tibbitts.

On May 28, 2008, Joe Fitzgerald was appointed as CryoCor's
President and Sam R. Leno was appointed as CryoCor's Chief
Financial Officer and Vice President.  Each of Lawrence J. Knopf
and Sam R. Leno was appointed as a director of CryoCor to fill
the vacancies created by the directors' resignations.

                        About CryoCor Inc.

Based in San Diego, California, CryoCor Inc. (Nasdaq: CRYO) --
http://www.cryocor.com/-- is a medical technology company that    
has developed and manufactures a minimally invasive, disposable
catheter system based on proprietary cryoablation technology for
the treatment of cardiac arrhythmias.  

               About  Boston Scientific Corporation

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--     
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan.  

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2008, Fitch Ratings affirmed the Issuer Default Rating
and outstanding debt ratings on Boston Scientific Corp as IDR at
'BB+'; Senior unsecured notes at 'BB+'; and Unsecured bank
credit facility at 'BB+'.  Fitch has also revised the Rating
Outlook to Stable from Negative.

Moody's Investors Service placed Boston Scientific Corporation's
corporate family and probability of default ratings at 'Ba1' in
July 2007.  The ratings still hold to date.


CARTONERIA SAN CARLOS: Claims Verification Is Until Aug. 14
-----------------------------------------------------------
The court-appointed trustee for Cartoneria San Carlos S.R.L.'s
bankruptcy proceeding will be verifying creditors' proofs of
claim until Aug 14, 2008.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Santa Fe 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 Cartoneria San
Carlos 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 Cartoneria San
Carlos' accounting and banking records will be submitted in
court.

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


DELTA AIR: CFO Ed Bastian Meets With NWA Pilot Leaders
------------------------------------------------------
In a closed-door meeting held on June 5, 2008, Delta Air Lines
Inc. president and chief financial officer Ed Bastian answered
questions from Northwest Airlines pilot leaders, The Associated
Press reports.

The talks were in light of Delta's effort come to an agreement
with the pilots before formally joining with Northwest, which
combination is expected to be completed by the end of 2008.

While a pilot agreement is not necessary for a Delta-Northwest
combination, Delta executives have said "it would help the new
airline save money faster," according to AP.

To recall, Delta and Northwest pilots failed to ink a joint
contract before Delta announced its plan to purchase Northwest.  
The airlines' pilots could not agree on seniority issues.

Mr. Bastian told AP in an interview that Northwest pilot leaders
invited him to address their Master Executive Council, where he
made a two-hour presentation about the impact of high fuel
prices and Delta's desired timing for reaching a joint contract.

"It wasn't a negotiating session," Mr. Bastian said, referring
to the issue of pay raises to match Delta pilots', says the
report.

Dave Stevens, chairman of the Northwest branch of the Air Line
Pilots Association, told the AP that "all pilots and all
employees have to be treated the same" to have a successful
merger.

Mr. Bastian also disclosed that Delta will have some capacity
cuts.  While Delta has stopped hiring new pilots, the Company
does not expect to furlough any current pilots, he added.

              Delta Won't Abandon Northwest Deal,
                    IAMAW Opposes Merger
     
In a shareholders meeting held June 2, in New York, Mr. Bastian,
said that Delta was committed to the merger even with record-
high fuel prices, Reuters reports.

"To deal with the high cost of fuel and to deal with slowing
demand on the U.S. side, we decided to combine forces with
arguably the other strongest network carrier, both on the cost
side and on balance sheet," CNN Money quotes Mr. Bastian, as
saying.

Delta Chief Executive Richard Anderson said during the meeting
that in the initial stages of their integration, Delta and
Northwest are currently holding discussions "where they can rein
in costs while maintaining safety and reliability," the report
says.

Delta elected to hold a special meeting at a later date to
handle matters relating to the issuance of new shares in the
Northwest merger negotiations, reports The Deal.

While Delta stands by its decision not to abandon its deal with
Northwest, the International Association of Machinists and
Aerospace Workers -- which represents thousands of ground
workers at Northwest -- urged shareholders to oppose the merger.

In a statement filed with the Securities and Exchange
Commission, IAMAW President Thomas Buffenbarger expressed, on
behalf of the Association, his concern on the treatment of
employees in the proposed merger.

Mr. Buffenbarger stated that the deal "destroys shareholder
value by combining two vastly different entities with few
expected synergies."

The proposed transaction would have a huge financial impact on
the combined airline, resulting in massive liabilities that
could significantly drag its future performance, including,
among others, a long-term debt burden of US$15,000,000, and a
working capital deficiency of US$1,030,000,000, and an unfunded
pension liability of more than US$7,000,000, Mr. Buffenbarger
pointed out.

"To date, Delta and Northwest have failed to provide
shareholders with a convincing argument that consolidation would
increase shareholder value," Mr. Buffenbarger said in the SEC
disclosure.

A full-text copy of IAMAW's letter to Delta's shareholders,
filed on Form PX14A6G, is available for free at:

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

                    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; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         About Delta Air

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

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.  (Delta Air Lines Bankruptcy News, Issue No.
100; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELTA AIR: Faces Interference Charges by Flight Attendants
----------------------------------------------------------
The Association of Flight Attendants-Communication Workers of
America filed on June 6, 2008, formal interference charges with
the National Mediation Board against Delta Air Lines management,
alleging illegal conduct during the recent flight attendant
representation election, the Association said in an official
press release.

AFA-CWA's allegations include "substantial evidence that Delta
flight attendants were denied a free and fair election due to
management's aggressive tactics aimed at defeating union
representation."

"Delta flight attendants were denied the opportunity to freely
participate in this election without being intimidated by
management and heavy-handed efforts to keep them from gaining a
voice," said Patricia Friend, AFA-CWA International President.

"A majority of Delta flight attendants wanted the opportunity to
have an election and they deserve an election that is free and
fair," Ms. Friend added.

A majority of Delta's over 13,000 flight attendants signed
representation cards when AFA-CWA filed for an election in
February.  Under NMB rules, 50% plus one of all eligible flight
attendants must return a ballot in order for the election to be
certified.  Since only forty percent of the flight attendants
returned ballots, which were counted on May 28, the results of
the election were not certified despite AFA-CWA receiving 99% of
the votes cast, AFA said.

Specifically, only 5,253 of 13,380 eligible Delta flight
attendants cast their votes, according to an NMB report released
upon the conclusion of the election on May 28.

AFA-CWA suggests that if the NMB finds sufficient evidence that
illegal interference occurred, it can set a new election.  The
Association is asking for a "new election with a balloting
procedure that will limit the effects of any further illegal
conduct by Delta management."

"By rerunning the election using a "Laker" Ballot, flight
attendants will be permitted to vote "Yes" or "No" for AFA-CWA
representation.  In the previous election, flight attendants
were discouraged from participating in the voting process as
only the "Yes" votes were counted, thereby automatically
counting those who did not vote as "No" votes," the statement
said.

       60% of Flight Attendants Trash AFA Representation

The Troubled Company Reporter said on June 3, 2008, that Delta
received notification from the National Mediation Board that a
decisive majority -- more than 60% of eligible flight attendants
-- rejected representation by the AFA-CWA in the representation
election at Delta.

The rejection means Delta's continuous direct relationship
with its flight attendants.

                         About Delta Air

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

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.  (Delta Air Lines Bankruptcy News, Issue No.
100; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELTA AIR: Justice Department Seeks Information on Merger Plan
--------------------------------------------------------------
Delta Air Lines Inc. and Northwest Airlines Corp. disclosed that
Antitrust officials at the U.S. Justice Department have asked
them "for more information on [their] merger proposal," Reuters
reports.

The Justice Department confirmed the Notice.  In a statement,
Delta told Reuters that it is "committed to working
cooperatively" with the Department and "remains confident of a
successful close" of the deal.

The government's request formally indicated that the
investigation on Delta's bid to acquire Northwest -- which Delta
formally proposed to antitrust enforcers and shareholders in
April 2008 -- is moving forward, according to the report.

"[Delta's] filing was timed to ensure antitrust review before
[U.S. President] Bush administration leaves office in January.  
The administration is considered business friendly," Reuters
says.

                    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; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         About Delta Air

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

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.  (Delta Air Lines Bankruptcy News, Issue No.
100; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: Trancinda Buys 20 Mln Shares of Over 1 Bln Tendered
---------------------------------------------------------------
Tracinda Corporation disclosed the preliminary results of its
cash tender offer for up to 20,000,000 shares of Ford Motor
Company common stock, which expired at 5:00 p.m., New York City
time, on Monday, June 9, 2008.  Based on the preliminary count,
subject to final verification, approximately 1,016,959,620 of
2,240,000,000 shares of Ford's common stock were tendered,
including approximately 240,549,802 shares tendered by notices
of guaranteed delivery.

Tracinda will purchase 20,000,000 shares of Ford's common stock
in the tender offer at a purchase price of US$8.50 per share,
for a total purchase price of US$170,000,000, raising Tracinda's
interest in Ford to 5.5% from 4.7%.  Because the number of
shares tendered exceeded the number of shares that Tracinda
offered to purchase, the resulting estimated proration factor is
approximately 1.97% of the shares tendered.

According to Matthew Dolan of The Wall Street Journal, holders
were expected to dump off their shares since Trancinda's offer
was a 34% premium to Ford's June 9 trading price on the New York
Stock Exchange of US$6.36.

The number of shares tendered and not withdrawn and the
proration factor are preliminary and are subject to
verification.  The actual number of shares validly tendered and
not withdrawn and the final proration factor will be announced
promptly following completion of the verification process.  
Promptly after such announcement, the depositary will issue
payment for the shares validly tendered and accepted under the
tender offer and will return all other shares tendered.

Questions regarding the offer should be directed to the
information agent, D. F. King & Co., Inc., at (212) 269-5550 for
banks and brokerage firms or (800) 859-8511 for all others.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                         *     *     *


As reported in the Troubled Company Reporter-Latin America on
May 27, 2008, Standard & Poor's Ratings Services revised its
outlook on Ford Motor Co. and related entities, including Ford
Motor Credit Co. and FCE Bank PLC, to negative from stable.  At
the same time, S&P affirmed the 'B' long-term and 'B-3' short-
term ratings on Ford and Ford Credit, and the 'B+/B-3' ratings
on FCE.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2008, Moody's Investors Service affirmed the ratings of
Ford Motor Company following the company's announcement that
declining demand in the US market and the ongoing shift in
consumer preference away from trucks and SUVs will result in an
operating loss during 2009, and require further restructuring
initiatives.

The ratings affirmed were Corporate Family Rating at B3;
Probability of Default at B3; secured credit facility rating at
Ba3; senior unsecured debt rating at Caa1; and SGL-1 Speculative
Grade Liquidity rating.

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings
of Ford Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.


LAS PIONERAS: Proofs of Claim Verification Deadline Is Aug. 20
--------------------------------------------------------------
The court-appointed trustee for Las Pioneras S.A.'s bankruptcy
proceeding will be verifying creditors' proofs of claim until
Aug. 20, 2008.

The trustee will present the validated claims in court as
individual reports on Oct. 7, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Las Pioneras 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 Las Pioneras'
accounting and banking records will be submitted in court on
Nov. 12, 2008.


LATIFAR SA: Proofs of Claim Verification Is Until Aug. 2
--------------------------------------------------------
Armando Gutman, the court-appointed trustee for Latifar S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 2, 2008.

Mr. Gutman will present the validated claims in court as
individual reports on Oct. 7, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Latifar 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 Latifar's accounting
and banking records will be submitted in court on Nov. 18, 2008.

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

The debtor can be reached at:

         Latifar S.A.
         Avenida del Libertador 6301
         Buenos Aires, Argentina

The trustee can be reached at:

         Armando Gutman
         Esmeralda 625
         Buenos Aires, Argentina


PARAMIRO SA: Trustee Verifies Proofs of Claim Until Aug. 28
-----------------------------------------------------------
Manfredi-Gonzalez Sturla, the court-appointed trustee for
Paramiro SA's reorganization proceeding, will be verifying
creditors' proofs of claim until Aug. 28, 2008.

Mr. Sturla will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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 Paramiro 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 Paramiro's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 5, 2009.

The debtor can be reached at:

        Paramiro SA
        Lavalle 1675
        Buenos Aires, Argentina

The trustee can be reached at:

        Manfredi-Gonzalez Sturla
        Rivadavia 789
        Buenos Aires, Argentina


SIPESA ARGENTINA: Proofs of Claim Verification Is Until Aug. 29
---------------------------------------------------------------
The court-appointed trustee for Sipesa Argentina S.A.'s
bankruptcy proceeding will be verifying creditors' proofs of
claim until Aug. 29, 2008.

The trustee will present the validated claims in court as
individual reports on Oct. 10, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Sipesa Argentina 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 Sipesa Argentina's
accounting and banking records will be submitted in court on
Nov. 26, 2008.



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

REFCO INC: Multi-Bank to Pay US$1.25MM to RCM Plan Administrator
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. today, June 12, 2008, to
consider the request of Marc S. Kirschner, the Plan
Administrator for Refco Capital Markets, Ltd., for approval of a
settlement agreement and releases he entered into on behalf of
RCM, with:

   a. Refco Securities LLC;

   b. Multi-Bank Securities, Inc.; and

   c. Albert Togut, in his capacity as Chapter 7 Trustee for
      Refco, LLC.

The Settlement Agreement resolves (i) the adversary proceeding
commenced by the RCM Administrator against Multi-Bank; and (ii)
a Financial Industry Regulatory Authority Arbitration proceeding
against RSL.

Christopher P. Johnson, Esq., at Kasowitz, Benson, Torres and
Friedman LLP, in New York, relates the RCM Administrator has
investigated and analyzed RCM's books and records and has
determined that Multi-Bank owed RCM an outstanding account debit
balance to RCM of not less than US$5,000,000 arising from the
transfer of certain funds to Multi-Bank from an RCM account.

The RCM Administrator commenced the Adversary Proceeding to seek
payment of the RCM Claim.  Multi-bank disputed the RCM Claim and
moved to dismiss the Adversary Proceeding.

Multi-bank commenced the Arbitration against RSL by filing a
statement of claim against RSL in which Multi-bank (i) asserts
that it had entered into certain agreements with RSL related to
the Funds, which Multi-bank believes may be related to the RCM
Claim; (ii) alleges, among other things, that RSL failed to
perform under the agreements, thereby causing damage to Multi-
Bank, and (iii) seeks a determination that no amounts are owed
with respect to the RCM Claim.

To resolve the RCM Claim and the Arbitration, the parties agree,
among others, that:

   i. Multi-Bank will pay US$1,250,000 to the RCM Plan
      Administrator;

  ii. Multi-Bank will waive any right to a file a claim for the
      Settlement Amount;

iii. Multi-Bank and RCM exchange mutual releases;

  iv. the Chapter 7 Trustee, the Refco Affiliated Debtors and
      the Refco Non-debtor Affiliates agree that, from the
      Effective Date forward, they will not commence any
      administrative or judicial proceeding adverse to Multi-
      Bank involving facts or allegations that could have been
      raised by the Chapter 7 Trustee, RCM, RSL, the Refco
      Affiliated Debtors, and the Refco Non-debtor Affiliates as
      of the date of the Agreement;

   v. the RCM Administrator will dismiss the Adversary
      Proceeding; and

  vi. Multi-Bank will dismiss the MBS Arbitration.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Ch. 7 Trustee Wants GE Capital Claims Cut by $700,000
----------------------------------------------------------------
Pursuant to Section 502 of the Bankruptcy Code and Rule 3007 of
the Federal Rules of Bankruptcy Procedure, Albert Togut, the
Chapter 7 Trustee for Refco, LLC, asks the U.S. Bankruptcy Court
for the Southern District of New York to reduce and allow, in a
reduced amount, the claims of GE Capital in connection with
certain leased equipment.

On July 31, 2006, GE filed 17 proofs of claim, Claim Nos.  431
through 447, asserting an aggregate of US$767,413, comprising:

     * arrears of US$57,089;
     * late charges of US$2,736;
     * sales tax of US$6,921;
     * discounted stream of payments of US$604,342; and
     * asserted residual value of equipment of US$96,325.

The Chapter 7 Trustee tells the Court that GE Capital included a
"residual" value claim for the return of the leased equipment,
despite the fact that the Equipment was returned, as well as a
sales tax charge for periods after the Refco LLC rejected the
leases and returned the Equipment.  Moreover, GE Capital did not
deduct postpetition payments, and has not satisfied its burden
of mitigating its damages following the return of the Equipment.

The Chapter 7 Trustee states that the GE Claims should be
reduced, since GE Capital improperly included additional
charges, and did not reduce its claim to reflect a US$15,868
postpetition payment.  The Chapter 7 Trustee submits that the GE
Claims should be allowed for US$41,221.  The proposed amount
reflects the asserted arrears of $57,089 less US$15,868 of
postpetition payments.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SCOTTISH RE: Pacific LifeCorp Deal Cues Fitch's Positive Watch
--------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on Scottish Re
Limited to Positive from Evolving.

The action follows the announcement that Pacific LifeCorp, the
parent company of Pacific Life Insurance Company, has signed an
agreement to acquire Scottish Re Limited and other assets that
make up the International Life Reinsurance segment of Scottish
Re Group Limited.

Fitch's resolution of the Rating Watch is expected to occur on
or soon after closing of the transaction in the third quarter of
2008.  The rating of the new operation, to be called Pacific
Life Re, will reflect inclusion as part of the Pacific Life
Group of companies (the insurer financial strength rating of
Pacific Life Insurance Company is 'AA').

Fitch has revised the Rating Watch on this entity to Positive
from Evolving:

Scottish Re Limited
  -- IFS rating 'BB'.

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.



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

ALLEN SYSTEMS: Moody's May Cut Low-B Ratings on Covenant Default
----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the B1 corporate family and the B1 senior secured debt
ratings of Allen Systems Group, Inc.'s as a result of heightened
concerns regarding the company's ability to cure its existing
and potential financial and reporting requirement covenant
violations related to its bank credit agreement.  

ASG has delayed filing its financial statements for the fiscal
year 2007 and first quarter 2008 periods, which has triggered a
technical default under the company's credit agreement.  The
review also reflects the uncertainty surrounding the company's
ability to remain in compliance with the financial covenants set
forth in its credit agreement and its potential impact on the
company's liquidity.

ASG is currently seeking a waiver for covenant violations from
its lenders and requesting an extension to file its financial
statements.  Additionally, the review also reflects Moody's
belief that ASG could have difficulty meeting the financial
covenant requirements under its bank credit agreement.
Specifically, the maximum consolidated leverage ratio has
marginal cushion and the company can potentially be in violation
of the covenant given the pending step down of the covenant
level at the end of the June 2008 quarter.

Moody's review will focus on ASG's ability to secure a waiver
and/or amendment as well as its ability to file its financial
statements.  The review will also focus on ASG's near term
operating performance, cash flow generation trends, and
liquidity profile.

These ratings were placed under review for possible downgrade:

   -- B1 for Corporate Family Rating

   -- B2 for Probability of Default Rating

   -- B1 (LGD3, 30%) for US$45 million senior secured revolving
      credit facility

   -- B1 (LGD3, 30%) for US$295 million senior secured term loan

Headquartered in Naples, Florida, Allen Systems Group, Inc. is a
provider of enterprise management software solutions.  The
company's products are used by Information Technology
departments to automate tasks, manage content, and monitor
performance of infrastructure including mainframe and
distributed computing environments.  ASG is solely owned by its
founder Arthur Allen.  ASG has offices in India, Benelux, and
Brazil.


BANCO NACIONAL: Lends BRL2.2MM for Cancer-Medicine Development
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has
signed a BRL2.2 million financing for Eurofarma Laboratorios
Ltda. to develop an innovative cancer medicine.  The total
investment for the project is BRL4.4m and the funds will be
disbursed through the Programa de Apoio ao Desenvolvimento do
Complexo Industrial da Saude (Support Program for the
Development of the Pharmaceutical Productive Chain - PROFARMA -
Innovation).

The main purpose is the development of a clinical study in
critical esophagus cancer with the medicine Nimotuzumabe.  If
results are satisfactory, the initiative will enable Brazilian
population's access to highly modern therapeutic practices.  The
medicine is about to be recommended for tests in head and neck
cancer, brain tumors in adults and children and lung cancer.

Nimotuzumabe is the generic name given by the World Health
Organization to the medicine, developed by Centro de Imunologia
Molecular de Havana (Molecular Immunology Center of Havana -
CIMH), Cuba.  The medicine has been licensed to several
companies all around the world.  In Brazil, the only company
assigned the license is Eurofarma.  The product's advantage vis-
à-vis the competitors is that it presents less side effects with
the same clinic benefits.

Knowledge of human genes and proteins responsible for the growth
of cancer cells is leading to a new phase in cancer treatment.

Nimotuzumabe is a biological molecule, a monoclonal antibody
that destructs solid tumors.  A monoclonal antibody is a lab-
synthesized protein, designed to reach structures of specific
proteins from the tumor cells surface, or encourage the
immunologic system to destruct these cells.  However, to become
more efficient it must be combined with other forms of therapy,
such as chemotherapy and radiotherapy.

Eurofarma is the fifth largest Brazilian pharmaceutical company
and it takes the third place in the ranking of the largest labs
controlled by domestic capital.  It operates with four plants in
the state of São Paulo and a fifth one exclusively focused on
veterinary products, in Rio de Janeiro.  In the domestic market
of generic medicines, Eurofarma is ranked third, with a 7.5%
share.  The company was the Brazilian forerunner in the sale of
cancer generic medicines.  This project it will contribute for
the increase of therapeutic alternatives against câncer in
Brazil.

Esophagus câncer is ranked ninth in the list of the most common
malign tumors in the world, and it is one of the most harmful
ones.  In Brazil, estimates point out to 8.64 new cases in
100,000 men and 2.74 new cases in 100,000 women a year.

In head and neck cancer, estimates point out that around 30% and
40% of patients could benefit from treatments with Nimotuzumabe.  
When it detected at early stages, this type of cancer has around
75% and 90% of curing possibility.  Unfortunately, this
percentage falls to at least 30%, when the disease is diagnosed
at late stages.  In Brazil, according to the World Health
Organization (WHO), nearly 18,000 people a year are affected by
the disease, and from these, 9,000 died.

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.


CIA. DE SANEAMENTO: Cancels Partnership Pact Signing for Project
----------------------------------------------------------------
A Companhia de Saneamento Basico do Estado de Sao Paulo, a.k.a.
Sabesp, told Business News Americas that the signing of the
public-private partnership or PPP contract for the improvement
of Taiacupeba's water treatment plant was canceled.

BNamericas relates that the signing was set for June 11.  The
contract was for the launching of Sao Paulo's second and
Sabesp's first PPP.  The consortium Aguas de Sao Paulo presented
the winning proposal to Sabesp.  The consortium includes the
firms Cab Ambiental and Galvao Engenharia.

According to BNamericas, Aguas de Sao Paulo presented a proposal
of BRL147 per 1,000 cubic meters, about 14.5% less than the
maximum cost of BRL172 established in the bidding rules.

The report says that one of the group that lost in the bidding
is asking for a revision of the process.

Companhia de Saneamento Basico do Estado de Sao Paulo, aka
Sabesp (Bovespa: SBSP3; NYSE: SBS) -- http://www.sabesp.com.br   
-- is one of the largest water and sewage service providers in
the world based on the population served in 2005.  It operates
water and sewage systems in Sao Paulo, Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 12, 2007, Fitch Ratings has affirmed the 'BB' Local
Currency and Foreign Currency Issuer Default Ratings and the
Long-Term National Scale Rating 'A+(bra)' of Companhia de
Saneamento Basico do Estado de Sao Paulo.  In addition, Fitch
has affirmed the 'BB' Long-Term International Rating for US$140
million in notes issued by the company, as well as the 'A+(bra)'
on National Scale for its sixth debenture issuance.  Fitch said
the rating outlook is stable.


DIRECTV GROUP: Lehman Keeps Overweight Rating on Firm's Shares
--------------------------------------------------------------
Lehman Brothers analyst Vijay Jayant has kept his "overweight"
rating on The DirecTV Group's shares, Newratings.com reports.

Newratings.com relates that Mr. Jayant increased the target
price for DirecTV Group's shares to US$36 from US$32.  He said
in a note that the firm would likely "sustain its dominant
position in the HD segment".

According to Newratings.com, the "subscriber net addition
estimate" for the second quarter 2008 was raised to 121,000,
"ahead of the consensus."  This indicate a "lower churn
assumption on account of discipline" and strong product
offering.  Mr. Jayant said DiercTV Group's free cash flow yield
would increase next year due to the completion of the satellite
fleet.

The earnings per share estimate for DirecTV Group this year was
increased to US$1.40 from US$1.36, Newratings.com states.

Headquartered in El Segundo, California, The DirecTV Group Inc.
(NASDAQ:DTV) -- http://www.DirecTV.com/-- provides digital    
television entertainment in the United States and Latin America.  
The company's two business segments, DirecTV U.S. and DirecTV
Latin America, are engaged in acquiring, promoting, selling
and/or distributing digital entertainment programming via
satellite to residential and commercial subscribers.  DirecTV
Holdings LLC and its subsidiaries are a provider of direct-to-
home digital television services and a provider in the multi-
channel video programming distribution industry in the United
States.  DTVLA is a provider of DTH digital television services
throughout Latin America.  In January 2007, the company acquired
Darlene Investments LLC's 14.1% equity interest in DirecTV Latin
America, LLC.  DirecTV Latin America LLC is a multinational
company, which, as a result of this transaction, became a wholly
owned subsidiary of the company.  The DIRECTV Latin America
segment provides digital direct-to-home digital television
services to approximately 1.6 million subscribers in 27
countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2008, Moody's Investors Service assigned DIRECTV
Holdings, LLC's proposed new US$1 billion senior secured Term
Loan C maturing in 2013, and US$1.35 billion senior unsecured
notes maturing in 2016, which may increase to US$1.5 billion,
Baa3 (LGD2-19%) and Ba3 (LGD5-73%) ratings, respectively, and
affirmed all existing ratings for the company.  Moody's also
assigned the company an SGL-1  speculative grade liquidity
rating and changed its ratings outlook from negative to stable.

As of Feb. 9, 2008, The DIRECTV Group Inc. still carries
Standard & Poor's Ratings Services' 'BB' corporate credit and
'BB-' senior unsecured debt rating given on April 3, 2007.  The
outlook remains stable.


GENERAL MOTORS: GM Canada Takes Legal Action to End CAW Blockade
----------------------------------------------------------------
GM Canada, on June 9, 2008, confirmed that, following ongoing
discussions with the CAW over the past several days, it will
take action to seek collaborative or such necessary legal means
required to end the ongoing blockade of its Canadian
Headquarters allowing the company to reasonably continue
conducting its business in Canada.  GM Canada lost some vehicle
production on June 7 as a result of other CAW actions in Oshawa.

GM will continue to seek all opportunities to work together with
the CAW on productive approaches.  This includes working
together to seek additional car production in Oshawa that is
aligned with consumer demand caused by new record fuel prices
and vehicle market realities.  GM already produces the Chevrolet
Impala in Oshawa and plans to launch additional new models this
year and over the coming years.

GM also reaffirms that throughout prior agreements the recent
unprecedented accelerated bargaining with the CAW and in the
final agreement with the CAW, it was understood and agreed by
both parties that commitments with respect to Oshawa Truck were
"dependent upon market demand".  It was also understood that
these commitments could be impacted by the "increasingly
uncertain North America truck market and regulatory environment"
and that GM's overall product mix is constantly changing as a
result of factors that are beyond the scope of responsibility
and control of the parties involved.

GM acknowledges that the tough decision to cease production at
the truck plant in 2009 is difficult for all parties involved,
especially its employees.  The company has determined that it
cannot continue to build the same volumes of large trucks in
light of current structural shift to higher fuel prices.

GM will continue to seek to work together with the CAW on steps
to assist impacted employees.  GM Canada officials made it clear
that they are willing to meet with CAW leaders to continue
discussions to seek additional car production in Oshawa that is
aligned with consumer demand, record fuel prices and vehicle
market realities.  GM continues to increase its North American
car and crossover production in response to market changes and
offers customers the widest range of small fuel efficient cars
and the widest selection of hybrid vehicles.  GM has also
announced its plans to produce the extended range electric car,
the Chevrolet Volt for sale starting in 2010.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs    
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.

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

                         *     *     *

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

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


HUGHES NETWORK: S&P Keeps B Rating; Outlook Revised To Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Germantown, Md.-based satellite services provider Hughes Network
Systems LLC to positive from stable.  At the same time, S&P
affirmed all ratings, including the 'B' corporate credit rating,
on the company.

Hughes is the leading provider of very small aperture terminal
satellite networking services to domestic and international
enterprises, small and midsize businesses, and consumers.

"The outlook change reflects the successful public-equity
offering by parent Hughes Communications Inc. on May 28, 2008,"
said Standard & Poor's credit analyst Naveen Sarma, "which
raised proceeds of US$95 million for the parent."  

When S&P revised the outlook to stable from negative back on
April 11, 2008,  S&P stated that the ratings and outlook
incorporated the potential for additional debt issuances to
finance either the construction or acquisition of a new
satellite.  Hence, S&P had expected adjusted leverage to
temporarily spike to near the 6x level, but then moderate toward
a more appropriate mid-5x level.

"We believe the recently completed equity offering eliminates
the need for this additional debt and we therefore now expect
leverage to decline from 5.2x as of March 31, 2008, toward the
mid-4x range by the end of 2008," added Mr. Sarma.

Based in Germantown, Maryland, Hughes Network Systems LLC
(NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned    
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.  
In Europe, Hughes maintains operations facilities and sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.


SANYO ELECTRIC: Seeks to Expand Market Share in North America
-------------------------------------------------------------
Sanyo Electric Co. Ltd. is in talks with Best Buy Co. Inc. and
other stores to expand sales channels in North America beyond
Wal-Mart stores, Reuters relates, citing Masami Murata,
president of Sanyo North America.

The report says the company, with the help of its major
shareholder Goldman Sachs, hopes to reach an agreement with Best
Buy this year, and is also in talks to expand its product lineup
with energy-efficient appliances at Wal-Mart.

According to Yukari Iwatani Kane of The Wall Street Journal,
Sanyo, currently selling television sets only through Wal-Mart,
is talking with other retailers, including Costco Wholesale
Corp., to offer its television sets.

Reuters says Sanyo is fighting to keep pace with undercutting
rivals like Vizio Inc. by procuring panels from suppliers such
as Sharp Corp.

The company, The WSJ relates, aims to more than triple its flat-
panel-television shipments in North America to four million
units by the end of its fiscal year ending March 2011. The goal
is part of Sanyo's plan to nearly double sales of electronics
products in the region to JPY220 billion (US$2.1 billion) in the
next three years from JPY128 billion in the last fiscal year
ended in March, The WSJ says.

Mr. Murata told Reuters that the company plans to launch a
marketing campaign targeting hotels, movie theatres, gasoline
stations and other businesses with its low-power consumption air
conditioners, refrigerators and other appliances.  "We would
like to hit double-digit sales growth this year," Mr. Murata
said.  "But this year is a year of preparation.  Sales will
truly take off in the following two years," Mr. Murata was cited
by Reuters as saying.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading    
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
June 6, 2008, Standard & Poor's Ratings Services raised to 'BB'
from 'BB-' its long-term corporate credit rating on Sanyo
Electric Co. Ltd, reflecting the company's stable cash flow
generating ability and improving financial profile.  At the same
time, Standard & Poor's raised to 'BB+' from 'BB' its issue
ratings on Sanyo Electric's senior unsecured debt.  The outlook
on the ratings is stable.


SHARPER IMAGE: Allowed to Employ KPMG as Tax Consultant
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized The Sharper Image Corp. to employ KPMG LLP as its tax
consultants nunc pro tunc to the Debtor's bankruptcy filing.

The Court rules that the Debtor will have no obligation to
indemnify KPMG, or provide contribution or reimbursement to
KPMG, for any claim or expense that is either:

  -- judicially determined to have arisen from KPMG's bad faith,
     self-dealing, breach of fiduciary duty, gross negligence or
     willful misconduct; or

  -- judicially determined, based on a claim asserted by the
     Debtor against KPMG, to have arisen from a breach of KPMG's
     contractual obligations to the Debtor.

If, before the earlier of (i) the entry of an order confirming a
Chapter 11 Plan, and (ii) the entry of an order closing the
Debtor's Chapter 11 case, KPMG believes that it is entitled to
the payment of any amounts by the Debtor on account of the
Debtor's indemnification, contribution and reimbursement
obligations, then KPMG must file an application in the Court,
and the Debtor may not pay any amount to KPMG before the entry
of a Court order approving the payment.

                      About Sharper Image

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

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  The Debtors'
exclusive period to file a plan expires on June 18, 2008.  
(Sharper Image Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or    
215/945-7000)



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

CRESCENT POINT: Final Shareholders Meeting Is on June 19
--------------------------------------------------------
Crescent Point Middle East, Ltd., will hold its final
shareholders meeting on June 19, 2008, at 10:00 a.m., at Close
Brothers (Cayman) Limited, 4th Floor Harbour Place, George Town,
Grand Cayman, Cayman Islands.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

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

Crescent Point's shareholders agreed on April 24, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

      Linburgh Martin
      Attn: Neil Gray
      Close Brothers (Cayman) Limited
      Fourth Floor, Harbour Place
      P.O. Box 1034, Grand Cayman
      Telephone: (345) 949 8455
      Fax: (345) 949 8499


FRESH DEL MONTE: Working on Banana Import Tax Reduction in EU
-------------------------------------------------------------
Costaricaholiday.co.uk reports that Fresh Del Monte Produce Inc.
is working on decreasing import taxes of bananas into the
European Union.

Costa Rica exported over US$660 million in bananas last year,
46% of which were sold in the EU, Costaricaholiday.co.uk
relates.  The rest were sold to North America and other smaller
nations.  There is a tax of EUR176 for every ton of bananas
shipped to the EU.  Latin American nations are trying to reduce
the tax to up to up to EUR123 per ton.  

Costa Rica's External Commerce Minister Marco Vinicio Ruiz told
Costaricaholiday.co.uk that the Costa Rican National Banana
Corp., a.k.a. COBANA, will lead the negotiations.  COBANA will
fight for a tax lower than EUR123.

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.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2008, Standard & Poor's Ratings Services revised its
outlook on Cayman Islands-based Fresh Del Monte Produce Inc. to
positive from stable.  Existing ratings on the company,
including the 'BB-' corporate credit rating, were affirmed.


FRESH DEL MONTE: Wachovia Raises Firm's Stock to Outperform
-----------------------------------------------------------
Marketintelligencecenter.com reports that Wachovia Capital
Markets analysts have raised Fresh Del Monte Produce Inc.'s
stock to "outperform" from "market perform".

Fresh Del Monte's purchase of two Costa Rican fruit firms will
add significantly to its earnings, Marketintelligencecenter.com
relates, citing Wachovia Capital

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.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2008, Standard & Poor's Ratings Services revised its
outlook on Cayman Islands-based Fresh Del Monte Produce Inc. to
positive from stable.  Existing ratings on the company,
including the 'BB-' corporate credit rating, were affirmed.


INTEGRATED DEVICE: Sets Final Shareholders Meeting for June 19
--------------------------------------------------------------
Integrated Device Technology (Philippines), Ltd., will hold its
final shareholders meeting on June 19, 2008, at 10:00 a.m., at
Close Brothers (Cayman) Limited, 4th Floor Harbour Place, George
Town, Grand Cayman, Cayman Islands.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

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

Integrated Device's shareholders agreed on April 29, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

      Linburgh Martin
      Attn: Neil Gray
      Close Brothers (Cayman) Limited
      Fourth Floor, Harbour Place
      P.O. Box 1034, Grand Cayman
      Telephone: (345) 949 8455
      Fax: (345) 949 8499


NANTES LIMITED: Proofs of Claim Filing Is Until June 19
-------------------------------------------------------
Nantes Limited's creditors have until June 19, 2008, to prove
their claims to Chi Po, Yim, 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.

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

The liquidator can be reached at:

                Chi Po, Yim
                c/o Messrs. Maples and Calder, Attorneys-at-law
                P.O. Box 309, Ugland House
                Grand Cayman KY1-1104, Cayman Islands


SSGA CM: Sets Final Shareholders Meeting for June 17
----------------------------------------------------
SSgA CM Capital Structure Arbitrage Fund, Ltd., will hold its
final shareholders meeting on June 17, 2008, at 2:45 p.m., at
Avalon Management Limited, Third Floor, Zephyr House, Mary
Street, P.O. Box 715, Grand Cayman KY1-1107, Cayman Islands.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) hearing of any explanation that may be given by the
      liquidator on the winding up of the company; and

   3) determining the manner in which the books, accounts and
      documentation of the company and of the liquidator should
      be maintained and subsequently disposed.

SSgA CM's shareholders agreed on April 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

      Avalon Management Limited
      Third Floor, Zephyr House
      Mary Street, P.O. Box 715
      Grand Cayman KY1-1107, Cayman Islands


SSGA CM CREDIT: Will Hold Final Shareholders Meeting on June 17
---------------------------------------------------------------
SSgA CM Credit Event-Driven Fund, Ltd., will hold its final
shareholders meeting on June 17, 2008, at 2:45 p.m., at Avalon
Management Limited, Third Floor, Zephyr House, Mary Street, P.O.
Box 715, Grand Cayman KY1-1107, Cayman Islands.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) hearing of any explanation that may be given by the
      liquidator on the winding up of the company; and

   3) determining the manner in which the books, accounts and
      documentation of the company and of the liquidator should
      be maintained and subsequently disposed.

SSgA CM's shareholders agreed on April 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

      Avalon Management Limited
      Third Floor, Zephyr House
      Mary Street, P.O. Box 715
      Grand Cayman KY1-1107, Cayman Islands


SSGA CM GLOBAL: Sets Final Shareholders Meeting for June 17
-----------------------------------------------------------
SSgA CM Global Equity Market Neutral Fund, Ltd., will hold its
final shareholders meeting on June 17, 2007, at 2:45 p.m., at
Avalon Management Limited, Third Floor, Zephyr House, Mary
Street, P.O. Box 715, Grand Cayman KY1-1107, Cayman Islands.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) hearing of any explanation that may be given by the
      liquidator on the winding up of the company; and

   3) determining the manner in which the books, accounts and
      documentation of the company and of the liquidator should
      be maintained and subsequently disposed.

SSgA CM's shareholders agreed on April 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

      Avalon Management Limited
      Third Floor, Zephyr House
      Mary Street, P.O. Box 715
      Grand Cayman KY1-1107, Cayman Islands


SSGA CM GLOBAL MACRO: Final Shareholders Meeting Is on June 17
--------------------------------------------------------------
SSgA CM Global Macro Fund, Ltd., will hold its final
shareholders meeting on June 17, 2008, at 2:45 p.m., at Avalon
Management Limited, Third Floor, Zephyr House, Mary Street, P.O.
Box 715, Grand Cayman KY1-1107, Cayman Islands.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) hearing of any explanation that may be given by the
      liquidator on the winding up of the company; and

   3) determining the manner in which the books, accounts and
      documentation of the company and of the liquidator should
      be maintained and subsequently disposed.

SSgA CM's shareholders agreed on April 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

      Avalon Management Limited
      Third Floor, Zephyr House
      Mary Street, P.O. Box 715
      Grand Cayman KY1-1107, Cayman Islands


SSGA CM GLOBAL VOLATILITY: Final Shareholders Meeting on June 17
----------------------------------------------------------------
SSgA CM Global Volatility Fund, Ltd., will hold its final
shareholders meeting on June 17, 2008, at 2:45 p.m., at Avalon
Management Limited, Third Floor, Zephyr House, Mary Street, P.O.
Box 715, Grand Cayman KY1-1107, Cayman Islands.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) hearing of any explanation that may be given by the
      liquidator on the winding up of the company; and

   3) determining the manner in which the books, accounts and
      documentation of the company and of the liquidator should
      be maintained and subsequently disposed.

SSgA CM's shareholders agreed on April 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

      Avalon Management Limited
      Third Floor, Zephyr House
      Mary Street, P.O. Box 715
      Grand Cayman KY1-1107, Cayman Islands


SSGA CM MULTI-ALPHA: Sets Final Shareholders Meeting for June 17
----------------------------------------------------------------
SSgA CM Multi-Alpha Fund, Ltd., will hold its final shareholders
meeting on June 17, 2008, at 2:45 p.m., at Avalon Management
Limited, Third Floor, Zephyr House, Mary Street, P.O. Box 715,
Grand Cayman KY1-1107, Cayman Islands.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) hearing of any explanation that may be given by the
      liquidator on the winding up of the company; and

   3) determining the manner in which the books, accounts and
      documentation of the company and of the liquidator should
      be maintained and subsequently disposed.

SSgA CM's shareholders agreed on April 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

      Avalon Management Limited
      Third Floor, Zephyr House
      Mary Street, P.O. Box 715
      Grand Cayman KY1-1107, Cayman Islands




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

DOLE FOOD: Working on Banana Import Tax Reduction in EU
-------------------------------------------------------
Costaricaholiday.co.uk reports that the Dole Food
Company, Inc. is working on decreasing import taxes of bananas
into the European Union.

Costa Rica exported over US$660 million in bananas last year,
about 46% of which were sold in the EU, Costaricaholiday.co.uk
relates.  The rest were sold to North America and other smaller
nations.  There is a tax of EUR176 for every ton of bananas
shipped to the EU.  Latin American nations are trying to reduce
the tax to up to up to EUR123 per ton.

Costa Rica's External Commerce Minister Marco Vinicio Ruiz told
Costaricaholiday.co.uk that the Costa Rican National Banana
Corp., a.k.a. COBANA, will lead the negotiations.  COBANA will
fight for a tax lower than EUR123.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/--  is a producer of fresh    
fruit and fresh vegetables, and markets a line of value-added
products.  The company operates in four business segments: fresh
fruit, fresh vegetables, packaged foods and fresh-cut flowers.
The fresh fruit segment contains operating divisions that
produce and market fresh fruit to wholesale, retail and
institutional customers worldwide.  The fresh vegetables segment
contains two operating divisions that produce and market
commodity and fresh-cut vegetables to wholesale, retail and
institutional customers, primarily in North America, Europe and
Asia.  The packaged foods segment contains operating divisions
that produce and market packaged foods, including fruit, juices
and snack foods.  The fresh-cut flowers segment sources, imports
and markets fresh-cut flowers, grown mainly in Columbia,
primarily to wholesale florists and retail grocers in the United
States.

In Latin America, Dole owns and operates 11 packing and cold
storage facilities, a corrugated box plant and a wooden box
plant in Chile.  The Company also operates a fresh-cut salad
plant and a small local fruit distribution company in Chile.
Dole also owns and operates corrugated box plants in Colombia,
Costa Rica, Ecuador and Honduras and a value-added vegetable
plant in Costa Rica.  Dole produces flowers in Colombia and
Ecuador, where it owns packing and cooling facilities.  Dole
also leases a facility in Colombia for bouquet construction.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2008, Fitch Ratings currently has an Issuer Default
Rating of 'B-' with a Negative Outlook on the Dole Food Company,
Inc.

As reported in the Troubled Company Reporter-Latin America on
April 22, 2008, Standard & Poor's Ratings Services raised the
issue-level ratings on the Dole Food Co. Inc.'s unsecured debt
issues to 'B-' from 'CCC+'.


FREEPORT-MCMORAN: Says Output Unaffected by Cerro Verde Protest
---------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. spokesperson Bernardita
Fernandez told Business News Americas that the protest at the
firm's 53.7%-owned Cerro Verde copper mine in Peru hasn't
affected production.

BNamericas relates that the mine's union called for a strike to
demand fulfillment of labor promises allegedly owed to
employees.  The protest started on June 10.  Last Wednesday,
about 800 workers reportedly joined in the strike.

Ms. Fernandez commented to BNamericas, "While the strike is
underway, SMCV [Sociedad Minera Cerro Verde] continues to
operate and does not anticipate that the strike will have an
adverse impact on production.  SMCV has worked with the union in
the past and is willing to continue to cooperate with the union
in an effort to reach a mutually-agreeable resolution to the
issues presented by the union."

Dow Jones Newswires relates that the workers were in talks last
Wednesday to end the strike.  Peru's National Federation of
Mining, Metallurgy and Steel Workers Secretary General Luis
Castillo commented, "The strike continues, but there are talks
going on with the Ministry of Labor."

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2008, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s corporate family rating to Ba1 from
Ba2 and the firm's US$6.0 billion senior unsecured notes to Ba2
(LGD5, 74%) from Ba3.  Moody's changed the outlook to stable
from positive.


SMURFIT KAPPA: Moody's Revises Outlook on Ba3 Rating to Positive
----------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive
from stable on Smurfit Kappa Group's Ba3 Corporate Family
Rating.

"The change in outlook was prompted by SKG's strengthened
financial profile.  This is a result of recent price increases
in excess of input cost inflation, mainly in recovered fiber and
energy, as well as synergies from the 2005 merger of Jefferson
Smurfit and Kappa, which both have helped to strengthen credit
metrics as improved free cash flows in addition to disposal
proceeds have largely been applied to a further reduction of
debt," explains Martin Kohlhase, a Moody's Assistant Vice
President and lead analyst for the paper and forest product
companies in EMEA.

The rating agency says that the weakening macroeconomic climate,
particularly in Western Europe, which is Smurfit Kappa's
stronghold, remains a potential threat to the company's
performance.  However, if, after a series of capacity additions,
the industry sensibly adjusts capacities and if Smurfit Kappa's
financial profile proves to be resilient against a potentially
softer macroeconomic environment, Moody's could upgrade the
rating to Ba2 over the course of 2009.  The change of outlook to
positive reflects this possible rating migration.  Management's
ongoing commitment to reduce leverage and its effort to realize
efficiency gains have also resulted in upward pressure on the
rating and Moody's expects this to continue to support any
uplift to Ba2.

The Ba3 CFR reflects SKG's leading market positions in Europe
and Latin America, the integrated containerboard and corrugated
operations, an experienced management team as well as lower
absolute and relative debt levels.  Even after the repayment of
debt from EUR1.4 billion net proceeds following the stock market
listing (IPO) in March 2007, SKG has repaid debt, including the
pro-forma proceeds from the recently announced sale of its
investment in Duropack, bringing pro forma Debt/EBITDA leverage
down to 4.2x at 31 March 2008 against 7.6x at 31 December 2006,
the quarter prior to the IPO.  Moody's notes the solid free cash
flow generation in 2007 and the debt maturity profile, which is
characterized by EUR 100 million short-term roll-over debt and
no major loan/bond repayments before 2012.  Both factors are
comforting SKG's liquidity profile.

At the same time, however, the rating also considers the
cyclical nature of the industry and its highly competitive
nature, leaving little room for differentiation given the
commodity character of large parts of SKG's product portfolio,
the adverse impact from potentially further rising raw material
costs on profitability and cash flow generation as well as
imports from North American impacting supply and demand balances
in Europe.

These debt instruments were affected by the rating change:

Downgrades:

Issuer: Smurfit Kappa Treasury Funding Limited

    -- Senior Unsecured Regular Bond/Debenture, Downgraded to
       LGD3, 41% from LGD3, 39%

Outlook Actions:

Issuer: Smurfit Kappa Funding plc

    -- Outlook, Changed To Positive From Stable

Issuer: Smurfit Kappa Group plc

    -- Outlook, Changed To Positive From Stable

Issuer: Smurfit Kappa Treasury Funding Limited

    -- Outlook, Changed To Positive From Stable

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  The group holds also leading
positions for its major product lines in South America.  The
company operates in Argentina, Brazil, Chile, Colombia, Costa
Rica, Dominican Republic, Ecuador, Mexico and Venezuela.  In
2007, SKG reported EUR7.3 billion of revenues and employed about
41,500 staff globally.



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

AMPEX CORP: Court Approves 3rd Amended Disclosure Statement
-----------------------------------------------------------
The Hon. Arthur J. Gonzalez of the  U.S. Bankruptcy Court for
the Southern District of New York approved a third amended
disclosure statement explaining a third amended joint Chapter 11
plan of reorganization Ampex Corporation and its debtor-
affiliates, filed on June 8, 2008.

Judge Gonzalez held that the third amended disclosure statement
contains adequate information within the meaning of Section 1125
of the Bankruptcy Code.  He will convene a hearing on July 31,
2008, at 10:00 a.m., to consider confirmation of the amended
plan.  

Judge Gonzalez also approved procedures proposed by the Debtors
for solicitation and tabulation of plan votes.  Deadline for
voting on the plan is July 14, 2008.

The Official Committee of Unsecured Creditors had filed
objection to the Debtors' earlier versions of the disclosure
statement and plan.  The Committee argued that the plan leaves
unsecured creditors with minor equity share in the reorganized
Debtors.

As of March 30, 2008, the Debtors issued at least US$59.6
million of outstanding notes, wherein US$6.9 million represents
amounts due under a certain agreement dated Feb. 28, 2002, as
amended, entered between the Debtors and U.S. Bank, National
Association.  Under the agreement, the Debtors issued 12% senior
secured notes due 2008, which are secured by liens on the
Debtors' future royalty receipts.

The remaining US$52.7 million of outstanding indebtedness
represents Hillside Capital Incorporated Notes that were issued
in connection with its satisfaction of required contribution
obligation under the pension plans -- Ampex Corporation
Retirement Plan and Quantegy Media Retirement Plan.

The pension plans will not be terminated under the Debtors'
Plan.  The Debtor will continue to fund the pension plans in
accordance with the minimum financing standards under the
Internal Revenue Code and the Employee Retirement Income
Security Act of 1974.  The Debtors anticipate making pension
plan contributions of at least US$52.9 million by 2013.

As of Dec. 31, 2007, both pension plans were underfunded by
US$57.7 million in the aggregate.

                      Overview of the Plan

The Plan provides for substantive consolidation of the Debtors'
estates for making distributions to the holders of allowed
claims and allowed interests.

The Plan further provides for the restructuring of the Debtors'
liabilities to maximize recovery to all stakeholders and to
improve financial viability of the reorganized Debtors.  All of
the Debtors' existing common stock will have no value and will
be canceled.  Upon emergence, at least 80% of the reorganized
Debtors' new common stock will be owned by Hillside.  The new
common stock will not be registered and will not be traded on
any public exchange.

Under the Plan, the disbursing agent is expected to transfer all
rights to the appropriate holders free and clear of all liens
and interests.

The Third Amended Plan classified claims against and interest in
the Debtors eight classes.  The classification and treatment of
claims and interests are:

               Treatment of Claims and Interests

              Type of                      Estimated   Estimated
Class        Claims          Treatment    Amount      recovery
----        -------          ---------    ---------   ---------
unclassified  Administrative              US$100,000     100%
               Expense Claims

unclassified  Fee Claims                US$2,900,000     100%

unclassified  Priority Tax                US$200,000     100%
               Claims

1             Priority Non-   unimpaired        US$0     100%
               Tax Claims

2             Senior Secured  impaired  US$6,900,000  
               Note Claims

3             Other Secured   unimpaired        US$0     100%
               Claims

4             Hillside        impaired  US$11,000,000    100%
               Secured
               Claims

5             General         impaired  US$51,600,000     10%
               Unsecured
               Claims

6             Existing Common  impaired          US$0      0%
               Stock

7             Existing         impaired          US$0      0%
               Securities       
               Laws Claims

8             Other Existing   impaired          US$0      0%
               Interests

If holder of Class 5 general unsecured creditors agrees to a
different treatment, holder will receive its pro rata share of
the unsecured claim distribution.  Distributions of new common
stock will be made after the Plan's effective date.  Hillside
unsecured deficiency claims, if any, will be deemed an allowed
unsecured claim in the amount of at least US$41.7 million.

Holders of claims in classes 2, 4 and 5 are entitled to vote to
accept or reject the Plan.

A full-text copy of the Third Amended Disclosure Statement is
available for free at:

              http://ResearchArchives.com/t/s?2d9b

A full-text copy of the Amended Joint Chapter 11 Plan of
Reorganization is available for free at:

              http://ResearchArchives.com/t/s?2d9c

Headquartered in Redwood City, California, Ampex Corp. --  
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual        
information technology.  The company has two business segments:
Recorders segment and Licensing segment.  The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products.  The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.

On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100).  Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represent the Debtors in their restructuring efforts.  The
Debtors have also retained Conway Mackenzie & Dunleavy as their  
financial advisors.  In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
US$9,770,089 and total debts of US$82,488,054.

The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.  
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity.  As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.


BANCOLOMBIA SA: Earns COP75.5 Bil. in Five Months Ended May 31
--------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of
COP75.5 billion in May 2008.  As of May 31, 2008, net income for
Bancolombia on an unconsolidated basis totaled COP500.5 billion
for the first five months of 2008, increasing 58.0% as compared
to the same period of 2007.

   -- Net interest income, including investment securities,
      totaled COP206.8 billion in May 2008.  For the five month
      period ended May 31, 2008, net interest income totaled
      COP1,004.9 billion, increasing 40.9% as compared to the
      same period last year.

   -- Net fees and income from services in May 2008 totaled
      COP59.2 billion.  For the five month period ended May 31,
      2008, net fees and income from services totaled
      COP308.2 billion, which represents an increase of 18.7% as
      compared to the same period of 2007.

   -- Other operating income totaled COP28.8 billion in May
      2008.  For the five month period ended May 31, 2008, other
      operating income totaled COP328.2 billion increasing
      116.5% as compared to the same period last year.  
      Bancolombia notes that a considerable part of this revenue
      comes from dividend income received from subsidiaries,
      which is eliminated in the consolidated results as it is
      an intercompany transaction.  As a result, this dividend
      income is only recorded in Bancolombia's unconsolidated
      results.

   -- Net provisions totaled COP53.7 billion in May 2008.
      Net provisions totaled COP204.7 for the five month period
      ended May 31, 2008, which represents an increase of 189.9%
      as compared to the same period of 2007.

   -- Operating expenses totaled COP148.4 billion in May 2008.
      For the five month period ended May 31, 2008, operating
      expenses totaled COP701.3 billion, increasing 8.6% as
      compared to the same period of 2007.

Total assets (unconsolidated) amounted to COP32.8 trillion,
loans amounted to COP23.6 trillion, deposits totaled COP20.5
trillion and Bancolombia's total shareholders' equity amounted
to COP4.93 trillion.

Bancolombia's (unconsolidated) level of past due loans as a
percentage of total loans amounted to 3.55% as of May 31, 2008,
and the level of allowance for past due loans amounted to
121.90% as of the same date.

                          Market Share

According to Asobancaria (Colombia's national banking
association), Bancolombia's market share in the Colombian
financial system as of May 2008 was as follows:

   * 21.1% of total net loans,
   * 21.0% of total checking accounts,
   * 18.7% of total savings accounts,
   * 15.7% of total time deposits and
   * 18.2% of total deposits.

                        About Bancolombia

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York S0tock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.



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

JETBLUE AIRWAYS: To Expand Flight Service to Dominican Republic
---------------------------------------------------------------
Caribbean Net News reports that JetBlue Airways Corp. will
increase flight service to the Dominican Republic in September
and October.

According to Caribbean Net, JetBlue Airways will redeploy
aircraft to add extra service from Santo Domingo and Santiago to
John F. Kennedy International Airport in New York City.  JetBlue
Airways will "phase-in" additional 10 flights each week between
Santo Domingo and New York and additional six flights per week
between Santiago and New York.

JetBlue Airways' Route Planning Manager Jim Fuoco commented to
Caribbean Net, "Despite the record high fuel environment the
airline industry faces, it makes good business sense to invest
in strong markets, and the Dominican Republic is certainly one
of them.  Here at JetBlue we're pleased to be offering our loyal
customers the most flights between the Dominican Republic and
New York this fall."

Based in Forest Hills, New York, JetBlue Airways Corporation
(Nasdaq: JBLU) -- http://www.jetblue.com/-- is a passenger
airline that provides customer service primarily on point-to-
point routes.  As of Dec. 31, 2007, the company served 53
destinations in 21 states, Puerto Rico, Mexico and the
Caribbean.

At Dec. 31, 2007, the company's consolidated balance sheeet
showed US$5.598 billion in total assets, US$4.562 billion in
total liabilities, and US$1.036 billion in total stockholders'
equity.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2008, Fitch Ratings assigned a rating of 'CCC-/RR6' to
JetBlue Airways Corp.'s newly-issued US$175 million in
convertible debentures.  The debentures, issued in a two-part
offering, each with a 5.5% coupon, mature in 2038.  JBLU may
redeem the Series A debentures beginning in October 2013 and the
Series B debentures beginning in October 2015.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2008, Moody's Investors Service downgraded the corporate
family rating of JetBlue Airways Corporation to Caa1 from B3,
well as the ratings of its outstanding corporate debt
instruments and selected classes of JetBlue's Enhanced Equipment
Trust Certificates.  Moody's said The rating outlook is
negative.



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

AIR JAMAICA: Continues to Pay Fees for Grounded Aircraft
--------------------------------------------------------
Ingrid Brown at The Jamaica Observer reports that Air Jamaica is
continuing to pay lease for a plane that has been grounded at
the Norman Manley International Airport in Kingston.

According to The Observer, the aircraft serviced Air Jamaica's
former Kingston to London Heathrow route.  It has been sitting
idle at Norman Manley for weeks.  Air Jamaica will have to
continue paying fees until the plane is returned to the lessor.   
Negotiations with the lessor are now under way.  Talks for the
return of the plane could conclude as early as next week, Air
Jamaica's Chairperson Shirley Williams said.

Ms. Williams commented to The Observer, "The lessor has entered
into a contract with us to return the aircraft, but it has to go
through some documentation and procedures, which is a
complicated thing."

The aircraft couldn't be used on another route until talks are
completed, The Observer notes, citing Air Jamaica's interim
president Will Rodgers.  The plane wasn't allowed to fly
commercially, Mr. Rodgers said.  According to him, the aircraft
was grounded because it had exceeded the number of commercial
hours it was allowed to fly.  "An aircraft is allowed to fly for
so many hours before it has to be grounded and put in a major
check so, in other words, it is now due for a major check.  But
since we are returning it, it wouldn't make sense to spend that
amount of money going through this major check," Mr. Rodgers
explained.

The new investor who partners with the government in running Air
Jamaica would take over the lease on the aircraft, The Observer
states, citing Mr. Rodgers.

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.


NATIONAL COMMERCIAL: Foundation Works to Prepare for Disasters
--------------------------------------------------------------
The Jamaica Gleaner reports that the National Commercial Bank
Jamaica Limited's foundation is collaborating with local non-
governmental group Caribbean Coastal Area Management Foundation,
a.k.a. C-CAM, to implement a disaster preparedness project for
Portland Bight.

According to The Gleaner, the National Commercial Bank
Foundation is preparing for hurricanes this season.  The
collaboration with C-CAM is the second phase of a J$10 million
initiative that Michael Lee-Chin's AIC Ltd. financed in the
aftermath of Hurricane Dean.  This phase will concentrate on
developing community disaster plans for six vulnerable fishing
villages along the southern-most tip of Jamaica, which have
repeatedly been destroyed by hurricanes over the years.  The
Foundation administers the AIC Ltd. Disaster Response Project.  
The project will finance the establishment of a disaster relief
warehouse that C-CAM will manage.  The warehouse will hold
relief supplies for distribution to affected residents.  The
communities that will benefit from the project include:

          -- Portland Cottage,
          -- Mitchell Town,
          -- Rocky Point,
          -- Rocky Settlement,
          -- Salt River, and
          -- Old Harbour Bay.

C-CAM will work with members of each community to develop
disaster plans for hurricanes, floods, earthquakes, and fire.  
The disaster plans will be simple guides on what to do when
during a natural or man-made emergencies, The Gleaner states.  

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

                        *     *     *

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

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


SUGAR CO: Agri Minister C. Tufton Denies Divestment of Firm
-----------------------------------------------------------
Jamaica's Agriculture Minister Christopher Tufton has denied
reports that the government has divested the Sugar Company of
Jamaica Limited, Radio Jamaica reports.

Radio Jamaica relates that Minister Tufton said during the
launch for this year's Denbigh Agricultural and Industrial Show
last Wednesday that the deal for the divestment is still being
negotiated.  "Nothing has been signed as it relates to the
divestment of the sugar cane industry.  When we sign an
agreement, the Prime minister who is the most appropriate person
will make an announcement," the minister added.

According to Radio Jamaica, the divestment reports came from
from Finance Minister Audley Shaw, who said during a JMMB
function last Tuesday that the Sugar Company is being divested
to the Brazilians.  "We are in the process now of finalizing the
divestment of the Sugar Company of Jamaica and we're divesting
it to a Brazilian company that has a tremendous track record in
the field of ethanol production," Minister Shaw said.

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: Trustee Objects to DIP Financing Order
--------------------------------------------------------
Habbo Fokkena, United States Trustee for the Michigan/Ohio
Region IX, objects to the entry of a final order authorizing BHM
Technologies Holdings, Inc., and its debtor-subsidiaries to
obtain postpetition financing and use cash collateral, citing,
among other things, that a committee or committees of unsecured
creditors has not yet been appointed in the case.

Pursuant to a Credit and Guarantee Agreement dated May 19, 2008,
certain of the prepetition lenders will provide the Debtors with
US$45,000,000 of financing for working capital and general
corporate purposes.  The Debtors have obtained interim approval
of the loan, and have been allowed to access US$30,000,000 of
the loan package.

As of the Petition Date, the Debtors owe US$255,700,000 to
lenders under the First Lien Credit Agreement dated July 21,
2006.  The Debtors also owe US$72,000,000 to lenders under the
Second Lien Credit Agreement dated July 21, 2006.  

The larger holders that make up the First Lien Lenders are the
DIP Lenders.  The terms of the cash collateral use and DIP
financing provides for the granting of adequate protection to
the prepetition lenders.

The U.S. Trustee opposes certain terms of the DIP financing,
asserting, among other things:

  (i) The Court should not make any finding -- that the
      transactions as to the First Lien Lenders is in good faith
      -- before any party, including but not limited to any
      creditors' committee, has had the ability to review the
      transactions;

(ii) The proposal -- excluding from the Carve Out compensation
      for any services performed by the committee counsel in
      investigating or pursuing any claim against the lenders,
      their agent or their liens -- is inequitable and defeats
      the whole purpose of having an unsecured creditors
      committee with counsel.

(iii) Granting liens to the DIP Lenders from proceeds of
      avoidance actions should be prohibited.

(iv) The prohibition of imposing any surcharge under Section
      506(c) of the Bankruptcy Code is contrary to public policy
      and should be stricken.

  (v) Granting extensive adequate protection to the prepetition
      lenders should be denied.  There is no proof that the
      Second Lien Lenders have any value to their liens, nor
      that they are in fact secured and perfected creditors.  
      The Second Lien lenders are not in fact secured at all.  
      If the First Lien lenders are the same lenders as the DIP
      Lenders, and will benefit from the case, then extensive
      adequate protections are not necessary.

(vi) The provision providing that the DIP order will survive
      conversion of the Chapter 11 cases to Chapter 7 may work a
      great hardship upon the unsecured creditors and any
      subsequent trustee, and should be stricken.  While there
      have been representations that there will be a 100%
      distribution to unsecured creditors, that intention has
      not yet been an accomplished fact.  The provision will
      bind any Chapter 11 or Chapter 7 trustee to every
      provision of the DIP Order, even though such a trustee
      will have never received notice of the entry of this order
      and will have no opportunity to contest the entry of the
      order.

(vii) The deadline for committee or trustee to file an action
      against the First Lien Lenders -- set within 45 days after
      the entry of the final order or the last date on which
      objections to the disclosure statement or due, whichever
      is earlier -- is inadequate since the DIP Order at
      different places restricts the use of cash collateral and
      prohibits any use of the cash collateral or the Carve Out
      to file and prosecute such an action.  This provision will
      make it difficult, if not impossible, for the Committee to
      preform its duty of reviewing and challenging the secured
      lenders' liens, if appropriate, and therefore should be
      stricken.  

(viii) The waiver of all claims against the First Lenders and
       their agents, to the extent this waiver is binding upon
       anyone other than the debtors, should be stricken from
       the final order.

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

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

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


BHM TECHNOLOGIES: Wants White & Case as Special Counsel
-------------------------------------------------------
BHM Technologies Holdings, Inc., and its debtor-subsidiaries
seek the authority of the U.S. Bankruptcy Court for the Western
District of Michigan to employ White & Case LLP as their special
litigation counsel.

The Debtors seek to employ White & Case under a general retainer
to continue to represent them in connection with the suit
commenced prepetition and currently pending in the Supreme Court
for the State of New York, County of New York and captioned as
BHM Technologies Holdings, Inc. v. TC Brown Holdings, L.L.C., et
al., No. 601389/08.  BHM Technologies Holdings seeks in the
specified matter to recover damages it sustained in connection
with the purchase of BHM Technologies, L.L.C. from the
defendants in that action.

The Debtors believe the interests of the estate will be best
served by allowing White & Case to continue to counsel and
advise BHM in respect of the specified matter.

White & Case has represented BHM in the specified matter and
related disputes, since July 2007, and during the course of its
representation of BHM, White and Case has become intimately
familiar with the facts and legal issues associated with the
specified matter.  The firm believes it has assembled a highly
qualified team of attorneys to service the Debtors' needs in
respect of the specified matter, coordination and resolution of
which are critical to their restructuring efforts.

BHM's claims as plaintiffs in the lawsuit generally include
allegations that the financial statements and other information
about the level and profitability of BHM Technologies, L.L.C.,
provided by the defendants to BHM and its affiliates in
connection with the purchase were inaccurate and misleading.  

As a result, BHM alleges that it has suffered serious injury in
that, among other things, (i) the purchase price BHM agreed to
pay for BHM Technologies, L.L.C., greatly exceeded its true
worth; and (ii) BHM, at and shortly after the closing of the
transaction, made millions of dollars of overpayments to sellers
with respect to BHM Technologies, L.L.C.'s working capital,
calculated on the basis of the inaccurate information.  On
May 7, 2008, White & Case, on behalf of BHM, filed a complaint
against the Sellers.

On May 12, 2008, Michael J. Roth, of Law Weathers & Richardson
P.C., agreed to accept the services of process for the
defendants and the defendants were then served by mail.

White & Case has stated its desire and willingness to represent
the Debtors in the Chapter 11 cases and to render the necessary
professional services as special litigation counsel for the
Debtors.

White & Case's representation of the Debtors is in accordance
with Section 327(e) of the Bankruptcy Code.  Section 327(e)
allows for the appointment of counsel for special purposes when
such representation is "in the best interests of the estate" and
the proposed special counsel does not possess "any interest
adverse to the Debtors or to the estate with respect to the
matter on which such attorney is to be employed."

The Debtors believe White & Case does not hold or represent any
interest adverse to the Debtors or their estates with respect to
the matters which White & Case is to be engaged by the Debtors.  
White & Case has no connection with any of the Debtors'
creditors or any other parties-in-interest, or their respective
attorneys and accountants, or with the United States Trustee or
the Regional Assistant United States Trustee for Region 9, or
the assistant U.S. Trustee for, or any attorney or employee of,
the U.S. Trustee's district office in Grand Rapids, Michigan.

When White & Case was first retained by the Debtors in July
2007, the firm incurred US$283,415 of fees and expenses in
connection with the retention.  The firm has received full
payment for these services rendered and expenses incurred.  This
compensation represents the reasonable value of the actual
prepetition services rendered by White and Case.

The Debtors propose to pay compensation to White & Case on an
hourly basis, plus reimbursement of actual, necessary expenses
and other charges incurred by the firm in its representation of
the Debtors.

The Debtors will pay the firm on its standard hourly rates of:

   Professional                     Hourly Rate
   ------------                     -----------
   Partners                            US$750
   Associates and counsel         US$365 to US$600
   Legal assistants                    US$220

These hourly rates are subject to periodic adjustments.

The Debtors understand that the firm will apply to the
Bankruptcy Court for allowance of compensation and reimbursement
of expenses in accordance with the applicable provisions of the
Bankruptcy Code, the Bankruptcy Rules, the Local Rules, any
orders of this Court and the applicable United States Trustee
Guidelines.

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)


DESARROLLADORA HOMEX: Eyes US$200MM Bond Sale to Up Market Share
----------------------------------------------------------------
Desarrolladora Homex SAB is planning to raise as much as
US$200 million from a domestic or U.S. bond sale, by the end of
the year, to boost its market share aimed at middle class buyers
and foreigners purchasing second homes, Fabiola Moura and Jose
Enrique Arrioja of Bloomberg News reports, citing Chief
Executive Officer Gerardo de Nicolas.

Mr. Nicolas said in a statement that the company would likely
expand into international markets including Brazil, India, China
and Egypt, within the next three years, adding that these
countries have a "historical deficit in housing" and access to
financing for homebuyers, Bloomberg relates.

According to the Mr. Nicolas, the company is expecting a 16-18%
sales increase, to a total of 60,000 homes in 2008 from 51,400
last year, the report states.

Mr. Nicolas reportedly noted that the company had only 7% in the
Mexican market despite being the biggest in Mexico.  The
company, Mr. Nicolas disclosed, will develop its locations in
Cabo San Lucas, Vallarta and Cancun aimed at foreigners who want
to own summer houses in Mexico,.

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

                        *      *      *

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

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


DISTRIBUTED ENERGY: Wants Sale Bid Procedures of Units Approved
---------------------------------------------------------------
Distributed Energy Systems Corp. and its affiliates ask the
United States Bankruptcy Court for the District of Delaware to
approve a proposed bidding procedures for the sale of their
units' assets, subject to better and higher offers.

The Debtors intend to divest Northern Power Systems Inc. and
Proton Energy Systems Inc.  Proton and Northern are wholly owned
subsidiaries of the Debtors.

A. Northern Power

The Debtors entered into a US$10,500,000 asset purchase
agreement dated June 4, 2008, with NEA Acquisition Corp.  The
deal includes the assumption of certain liabilities.

Qualified bid along with a US$500,000 deposit must be delivered
by July 8, 2008, at 4:00 p.m.  An auction will take place on
July 10, 2008, 10:00 a.m., at 1000 West Street, 17th floor in
Wilmington, Delaware.  The Debtors propose a sale hearing on
July 15, 2008.

The agreement provides a US$315,000 break-up fee in an event the
Debtors consummate a sale to another party.

A full-text copy of Northern's asset purchase agreement is
available for free at http://ResearchArchives.com/t/s?2d9f

B. Proton Energy

The Debtors and Baker Companies Inc. reached an agreement on
June 4, 2008, wherein Baker will purchase all outstanding
capital stock of Proton for US$9,200,000.

Qualified bids together with a US$920,000 deposit must be
delivered by July 8, 2008, at 4:00 p.m.  An auction will take
place on July 10, 2008 at 10:00 a.m., at 1000 West Street, 17th
floor in Wilmington, Delaware.  The Debtors propose a sale
hearing on July 14, 2008.

Baker will be paid US$200,000 break-up fee plus US$135,000
expense reimbursement, if the Debtor consummates a sale to
another party.

A full-text copy of Proton's asset purchase agreement is
available for free at http://ResearchArchives.com/t/s?2da0

                    About Distributed Energy

Based in Wallingford, Connecticut, Distributed Energy Systems
(Nasdaq: DESC) -- http://www.distributed-energy.com/-- through  
its subsidiaries, engages in the design, development,
manufacture, and sale of on-site hydrogen gas delivery systems
worldwide.  The company was incorporated on May 19, 2003.  It
has operations in Mexico.

Distributed Energy Systems Corp. and its wholly owned
subsidiary, Northern Power systems Inc., filed for Chapter 11
bankruptcy protection on May 4, 2008 (Bankr. D. Del. Lead Case
No. 08-11101).  Robert S. Brady, Esq. and Robert F. Poppiti,
Jr., at Young, Conaway, Stargatt & Taylor represent the Debtors
in their restructuring efforts.  The Debtors selected Epiq
Bankruptcy Solutions LLC as their claims agent.  When the
Debtors filed for protection from their creditors, they listed
total assets of US$16,826,046 and total debts of US$65,546,173.


FIAT SPA: Serbian Alliance to Start Operations in Third Quarter
---------------------------------------------------------------
A new company set up by Fiat SpA and the Serbian government is
set to start operating in the third quarter of this year,
Thomson Financial reports citing Corriere della Sera.  

Fiat CEO Sergio Marchionne told Thomson Financial the group just
signed an agreement with Serbian President Boris Tadic, giving  
industrial activities the go-ahead.

Fiat, Thomson Financial relates, signed a memorandum of
understanding with the Serbian government at the end of April to
establish the new company.

Under the MOU, Thomson Financial adds, Fiat will hold a 70%
stake in the new company, which will invest EUR700 million at
the Zastava plant.

Fiat, however, decided to drop plans to enter a similar
agreement at the Termini Imerese plant in Sicily, citing public
authorities and infrastructure issues.

"We have tried a similar agreement at Termini Imerese (the
Sicily plant) to lift production to 200,000 units from 80,000.  
But in a year, we have not found the basis for an agreement,"
Mr. Marchionne was quoted by Thomson Financial as saying.

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.

                         *     *     *

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


INNOPHOS HOLDINGS: Completes 4.6 Million Common Stock Offering
--------------------------------------------------------------
Innophos Holdings Inc. completed the sale of 4,600,000 shares of
its common stock through an underwritten, secondary public
offering.

On May 29, 2008, Innophos filed a prospectus supplement with the
U.S. Securities and Exchange Commission for a underwritten
secondary offering of its common stock.  Innophos will not
receive any of the proceeds from this offering.

The distribution included 4,000,000 shares offered by affiliates
of Bain Capital Investors LLC, plus an over-allotment option
that was exercised by the underwriters for an additional 600,000
shares from the selling stockholders.

The secondary offering involved stock issued by Innophos and did
not affect the 20,885,791 outstanding shares.  None of the
shares were sold by Innophos, and it will not receive any
proceeds from the transaction.  The shares sold in the offering
represent approximately 22% of Innophos' outstanding common
stock.

Lead managers for the offering were JP Morgan and Oppenheimer &
Co. with Credit Suisse, UBS Investment Bank and BB&T Capital
Markets acting as co-managers.

A written prospectus relating to the offering may be obtained
from:

     J.P. Morgan Securities Inc.
     Attn: Prospectus Department
     4 Chase Metrotech Center, CS Level,
     Brooklyn, NY 11245
     E-mail addressing.services@jpmorgan.com
     Tel (718) 242-8002

     Oppenheimer and Co. Inc.
     Attn: Prospectus Department
     425 Lexington Ave, 5th Floor
     New York, NY 10017
     Tel (866) 895-5637
     Fax (212) 667-6303
     E-mail ecm@opco.com.
    
               About Innophos Holdings Inc.

Headquartered in Cranbury, New Jersey, Innophos Holdings, Inc.--  
http://www.innophos.com-- the holding company for a North   
American manufacturer of specialty phosphates, serves a diverse
range of customers across multiple applications, geographies and
channels.  Innophos offers a broad suite of products used in a
wide variety of food and beverage, consumer products,
pharmaceutical and industrial applications.  Innophos has
manufacturing operations in Nashville, Tenn.; Chicago Heights,
Ill.; Chicago (Waterway), Ill.; Geismar, La.; Port Maitland,
Ontario (Canada); and Coatzacoalcos, Veracruz and Mission Hills,
Guanajuato (Mexico).

                          *     *     *

The TCR reported on April 17, 2007, that Standard & Poor's
Ratings Services assigned its 'CCC+' rating to US$66 million of
senior unsecured notes due 2012 to be issued by Innophos
Holdings, parent company of Innophos Inc.  The rating still
holds to date.  S&P also affirmed the 'B' corporate credit
rating and other ratings on Innophos Inc.  

The TCR reported on April 18, 2008 that Moody's Investors
Service assigned a B1 corporate family rating to Innophos
Holdings, Inc. and a B3 rating to the company's new
US$66 million senior unsecured notes due 2012.  The ratings
still hold to date.

The new notes are being issued by Innophos Holdings to refinance
US$61 million of debt of its subsidiary, Innophos Investments
Holdings, Inc.


SUPERIOR ESSEX: Inks US$900 Million Deal With LS Cable
------------------------------------------------------
LS Cable Ltd. and Superior Essex Inc. disclosed Wednesday that
they have signed a definitive agreement for LS Cable to acquire
Superior Essex to create a wire and cable industry leader with a
strong product portfolio and capabilities in power cable, magnet
wire, communications cable and copper rod.  Under the terms of
the agreement, which has been approved by the boards of
directors of both companies, Superior Essex shareholders will
receive US$45.00 per share in cash, which represents a 50%
premium over the year-to-date average closing price of Superior
Essex common stock.

"This transaction will make LS Cable a strong global competitor
at the forefront of the ongoing wire and cable industry
consolidation.  Together, we will have worldwide reach through
our diverse network of manufacturing and distribution
facilities.  Given the highly complementary geographic locations
of our two companies, this combination greatly expands our
global presence.  Bringing our companies together accelerates
both companies' strategic plans and will position us to leverage
our operations to drive value and to capture synergies between
the two businesses," said John Koo, chairman of LS Cable.  

"This combination is a perfect operational and geographic fit,
said Christopher Koo, vice chairman and chief executive officer
of LS Cable.  "Both of our companies are highly respected by
customers and suppliers in the wire and cable industry.  
Together, we will significantly enhance the value we offer to
all of our customers, as well as to our employees.  I have every
confidence that this transaction is the right one."

"This transaction provides fair value to Superior Essex
shareholders and is an excellent opportunity to significantly
enhance our global expansion and product diversification
strategy," said Stephen Carter, chief executive officer of
Superior Essex.  "With LS Cable, our employees will be part of
an industry leader who is equally committed to operational
excellence and to maintaining the quality and service heritage
of Superior Essex.  LS Cable also has a strong R&D program and
gives our company increased global scale.  By combining their
manufacturing capabilities and product portfolio with our own,
we can better meet the needs of our customers and extend our
reach into new and growing end-markets.  We look forward to
working closely with the LS Cable team to realize the many
opportunities this combination creates."

LS Cable has a strong presence in power cable and communications
cable, while Superior Essex is the world's largest producer of
magnet wire and a leader in the North American communications
cable market.  LS Cable has an extensive footprint in Asia and
the Middle East, which will be complemented by the operations of
Superior Essex in North America, Europe and China.

This combination will allow for LS Cable and Superior Essex to
broaden their product offerings to new and existing customers.  
It will also allow the combined entity to accelerate product
introductions into new geographic regions.  Additionally, the
merger will provide the opportunity for the combined company to
realize savings in procurement logistics and expanded vertical
integration.

                       Transaction Summary

Under the terms of the merger agreement, a subsidiary of LS
Cable will make a cash tender offer to purchase all of the
outstanding shares of Superior Essex common stock for US$45.00
per share, implying a total equity value of approximately US$900
million.  Promptly following completion of the tender offer, the
parties will effect a second-step merger in which remaining
Superior Essex shareholders will receive the same price per
share.

LS Cable noted that it has fully committed financing that,
together with its available cash resources and lines of credit,
will provide the financing necessary to complete the
transaction.  The tender offer will not be subject to a
financing contingency.

LS Cable expects to commence the tender offer on July 1, 2008,
the day it completes its previously announced internal corporate
reorganization and changes its name to LS Corp.  The transaction
is subject to customary closing conditions and regulatory
approvals, including the tender of a majority of the outstanding
shares of Superior Essex.  The expiration date of the tender
offer will be July 31, 2008, unless extended.

Macquarie Securities Korea Limited and Macquarie Capital (USA)
Inc. acted as Korean and U.S. financial advisors to LS Cable.  
Cleary Gottlieb Steen & Hamilton LLP acted as U.S. legal counsel
to LS Cable, and Kim & Chang acted as Korean legal counsel to LS
Cable.  J.P. Morgan Securities Inc. acted as exclusive financial
advisor to Superior Essex.  Wachtell, Lipton, Rosen & Katz acted
as U.S. legal counsel to Superior Essex, and Bae, Kim & Lee LLC
acted as Korean legal counsel to Superior Essex.

                 Profile of the Combined Company

The combined company will have pro forma consolidated 2007
revenues of US$12.8 billion and will be the third largest wire
and cable manufacturing company in the world.

Following the close of the transaction, Superior Essex will
continue to operate under its current name as a wholly-owned
subsidiary of LS Cable.  Superior Essex will maintain its
headquarters in Atlanta and its manufacturing and distribution
facilities in the United States, Canada, China, France, Germany,
Italy, Mexico, Portugal and the United Kingdom.

LS Cable currently expects that there will be no changes in the
operations or workforce of Superior Essex as a result of the
transaction and intends to run the company with its existing
management and employees.  Superior Essex will continue to
execute its previously announced global magnet wire factory
restructuring activities.

                          About LS Cable

LS Cable (SEO: 006260) -- http://www.lscable.com/-- is a wire  
and cable manufacturer with headquarters located in Korea.  LS
Cable has 6,100 employees and more than 25 manufacturing sites
located in 12 countries, with operations on three continents.  
LS Cable was founded in Korea in 1962 and it became a listed
company on the Stock Market Division of Korea Exchange (formerly
known as Korea Stock Exchange) in June 1977.  LS Cable provides
a wide range of energy and telecom cable solutions as well as
electronic components and industrial machinery for the energy
infrastructure, construction, automotive, railway,
telecommunication and electronic industries.

With high, medium, and low voltage power cables, LS Cable meets
its customers' demands for cable and cable systems for power
transmission and distribution in energy infrastructure and
related industries.  LS Cable also serves the needs of customers
for optical communication which is the platform of broadband
networks.  LS Cable offers various optical cables and optical
fibers of single and multi mode for LAN, access, long distance
and metropolitan networks.  LS Cable also supplies coaxial
cables, UTP cables and FTTH (Fiber to The Home) solutions for
rapid and massive data transmission.  

                       About Superior Essex

Superior Essex Inc. -- http://www.superioressex.com/-- (NASDAQ:  
SPSX) is a wire and cable manufacturer.  The company
manufactures and supplies a broad portfolio of wire and cable
products for the communications, energy, automotive, industrial,
and commercial & residential end-markets.  It is a leading
manufacturer of magnet wire, fabricated insulation products, and
copper and fiber optic communications wire and cable.  It is
also a leading distributor of magnet wire, insulation and
related products.

Superior Essex operates 26 manufacturing facilities in the
United States, Mexico, France, Germany, the United Kingdom,
Portugal and China.  The company has more than 4,400 employees
working around the world to supply the quality products that are
essential to the operation of a wide variety of everyday
household items and critical to day-to-day business operations.


SUPERIOR ESSEX: S&P Puts Ratings Under Developing CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating, 'BBB-' senior secured rating, and 'BB-' senior
unsecured rating on Superior Essex Inc. on CreditWatch with
developing implications.  The CreditWatch listing follows the
company's announcement that it has signed a definitive agreement
to be acquired by Korea-based LS Cable Ltd. (unrated) for
US$900 million, or US$45 per share, in a cash tender offer.  
Developing implications means that S&P could raise, lower, or
affirm the ratings following the completion of our review.

The combined entity would be the world's third-largest wire and
cable manufacturing company in the world, with pro forma
consolidated 2007 revenues of US$12.8 billion.

LS Cable indicated that it has fully committed financing to
complete the transaction.  The transaction is subject to
customary closing conditions and regulatory approvals, including
the tender of a majority of the outstanding shares of Superior
Essex.  LS Cable expects the tender offer to commence on July 1,
2008, at the same time it completes the previously announced
internal corporate reorganization and name change to LS Corp.

Standard & Poor's currently lacks sufficient information
regarding the credit quality of the combined entity or the
structure of the transaction or financing to make a preliminary
ratings assessment.

"We hope to meet with management to assess the combined
company's financial profile, the impact of the corporate
reorganization, and strategy and financial policy," said
Standard & Poor's credit analyst David Tsui.

Superior Essex Inc. -- http://www.superioressex.com/-- (NASDAQ:  
SPSX) is a wire and cable manufacturer.  The company
manufactures and supplies a broad portfolio of wire and cable
products for the communications, energy, automotive, industrial,
and commercial & residential end-markets.  It is a leading
manufacturer of magnet wire, fabricated insulation products, and
copper and fiber optic communications wire and cable.  It is
also a leading distributor of magnet wire, insulation and
related products.

Superior Essex operates 26 manufacturing facilities in the
United States, Mexico, France, Germany, the United Kingdom,
Portugal and China.  The company has more than 4,400 employees
working around the world to supply the quality products that are
essential to the operation of a wide variety of everyday
household items and critical to day-to-day business operations.


* STATE OF SONORA: S&P Assigns 'BB' Global Scale Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it
assigned its 'BB' global scale rating on the State
of Sonora, United Mexican States.  The outlook is positive.  At
the same time, S&P affirmed its 'mxA' national scale CaVal
rating on the state.  The outlook on both ratings is positive.

"The ratings on Sonora reflect a satisfactory financial risk
profile, sound managerial practices, and a diversified economy
located on the border with the U.S.," said Standard & Poor's
credit analyst Luis Manuel Martinez.   "Partially offsetting
these strengths are the need to speed up the development
of infrastructure, a relatively high level of debt, and limited
financial flexibility under the National System of Fiscal
Coordination."

The ratings on Sonora reflect a financial risk profile that
remains satisfactory, despite new debt contracted in the first
half of 2008, and an increasing diversification in the state
economy that allows a gradual strengthening of the tax base.  
The ratings also incorporate sound managerial practices that
have strengthened the state's operating discipline and improved
its access to local financial markets.  Finally, the ratings
consider the geographic location on the border with the U.S.,
which favors trading activities in the state.

These factors are partially offset by the need to speed up the
development of infrastructure to capitalize on potential
economic growth, which would pressure capital expenditures in
the short and medium term.  The ratings also consider the
state's limited financial flexibility due to a high reliance on
federal transfers, which is common under the National System of
Fiscal Coordination.



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

CHIQUITA BRANDS: Working on Banana Import Tax Reduction in EU
-------------------------------------------------------------
Costaricaholiday.co.uk reports that the Chiquita Brands
International Inc. is working on decreasing import taxes of
bananas into the European Union.

Costa Rica exported over US$660 million in bananas last year,
about 46% of which were sold in the EU.   Costaricaholiday.co.uk
relates.  The rest were sold to North America and other smaller
nations.  There is a tax of EUR176 for every ton of bananas
shipped to the EU.  Latin American nations are trying to reduce
the tax to up to up to EUR123 per ton.  

Costa Rica's External Commerce Minister Marco Vinicio Ruiz told
Costaricaholiday.co.uk that the Costa Rican National Banana
Corp., a.k.a. COBANA, will lead the negotiations.  COBANA will
fight for a tax lower than EUR123.

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

                          *    *    *

In March 2008, Moody's Investors Service affirmed Chiquita
Brands International, Inc.'s B3 corporate family and B3
probability of default ratings.  Moody's said the rating outlook
remains negative.

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



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

DANA RESOURCES: Completes Acquisition of 19 Peruvian Properties
---------------------------------------------------------------
On June 3, 2008, Dana Resources completed the purchase of 19
patented and unpatented base and precious metal mining
properties located in the provinces of Chumbivilcas, Recuay,
Piura, Huaytara, Pallasca, and Huancabamba, Peru, from SMRL
Angelo XXI, a Peruvian corporation.  The purchase was completed
pursuant to an agreement for the assignment of mining rights
between the company and SMRL Angelo XXI entered into on June 3,
2008, which agreement replaced the letter of intent between the
parties entered into on March 8, 2008.

The purchase price of the property is 25,000,000 restricted
shares of Dana Resources' common stock valued at US$1.1699 per
share for a total value of US$29,247,500, based on the closing
price of the common stock as quoted on the OTC Bulletin Board on
June 3.  SMRL Angelo XXI is also entitled to receive a net
production royalty of 1.5% of the proceeds of minerals mined and
sold from the properties.  The company is responsible for all
costs associated with transferring and maintaining the title to
the properties, including payment of US$23,000 in past due
annual maintenance fees.

In accordance with the agreement, 23,000,000 and 2,000,000 of
the shares payable in respect of the purchase price were issued
respectively to Elmer Moises Rosales Castillo of San Isidro,
Lima, Peru, and SMRL Virgen De Las Nieves IV, a Peruvian
corporation.  The agreement restricts any sale or transfer of
the shares until May 16, 2010.  Additionally, the parties agreed
to appoint Mr. Rosales Castillo as chairman of the board of
directors and as general manager of a Peruvian subsidiary of
Dana Resources to be incorporated.  The company will pay Mr.
Rosales Castillo or his appointee US$10,000 per month for his
director and managerial services.  Any amounts paid to him in
respect of fees for services will be deductible from any net
production royalties payable to SMRL Angelo XXI.

Mr. Rosales Castillo is the president of both SMRL Angelo XXI
and SMRL Virgen De Las Nieves IV.  The company believes Mr.
Rosales Castillo has sole voting and dispositive control with
regard to securities held by SMRL Virgen De Las Nieves IV.  The
issuance of the 25,000,000 shares brings total issued and
outstanding common stock to 75,200,710 and gives Mr. Rosales
Castillo dispositive and voting control of approximately 33% of
the company's issued and outstanding capital stock.

As a result of the acquisition of the properties, Dana Resources
points out that it is no longer a shell company as defined in
Rule 12b-2 of the Exchange Act.

Incorporated in Wyoming on July 21, 2006, Dana Resources,
formerly Danapc.com, operated a Web site that gives consumers
information on commonly encountered problems with personal
computers.  The company is currently in the process of
deactivating the Web site as part of its plans to abandon its  
former business activities and to engage in the acquisition,
exploration and development of mineral properties.

To date, Dana Resources has not generated any revenues.  It
anticipates not earning any  revenues  in  the  near  future  
and does not anticipate enough positive  internal  operating  
cash flow until it can  generate  substantial revenues,  which  
may take the next few years to fully  realize.  

The report of the company's independent accountants on its  
financial statements for the period ended March 31, 2008,
includes a "going concern" qualification, meaning that there is
substantial doubt about its ability to continue in operation.
The report cited the following factors in support of the
conclusion: (i) the losses incurred from inception until the
period ended March 31, 2008; (ii) lack of operating revenue; and
(iii) dependence on sale of equity securities and receipt of
capital from outside sources to continue in operation.



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

JETBLUE AIRWAYS: Completes 5.5% Convertible Debentures Offering
---------------------------------------------------------------
JetBlue Airways Corp. completed its offering of US$87.5 million
aggregate principal amount of 5.5% Convertible Debentures due
2038 and US$87.5 million aggregate principal amount of 5.5%
Convertible Debentures due 2038.  The underwriters exercised the
related over-allotment option in full and the company completed
the offering of an additional US$13.125 million aggregate
principal amount of the Series A Debentures and an additional
US$13.125 million aggregate principal amount of the Series B
Debentures.

In connection with the issuance of the Debentures, on June 4,
2008, the company entered into a second supplemental indenture
with Wilmington Trust Company to the indenture entered into
between the company and the Trustee on March 16, 2005 relating
to the Series A Convertible Debentures.  The company also
entered into a third supplemental indenture with the Trustee to
the Base Indenture relating to the Series B Debentures.

In addition, pursuant to the Supplemental Indentures, the
company, the Trustee and Wilmington Trust Company, as escrow
agent, entered into a pledge and escrow agreement relating to
the Series A Debentures and a pledge and escrow agreement
relating to the Series B Debentures.

In accordance with the Pledge and Escrow Agreements, an
aggregate of approximately US$31.7 million of the proceeds of
the offering of the Debentures was placed in two escrow
accounts, one for each series, with the Escrow Agent.  Funds in
the escrow accounts will be invested in Permitted Money Market
Securities and a portion of the Permitted Money Market
Securities will be redeemed or sold for cash to make each of the
first six scheduled interest payments on the Debentures.  
Pursuant to the Pledge and Escrow Agreements, the Company
pledged its interest in the escrow accounts to the Trustee as
security for these interest payments.

Except for the pledge of the escrow accounts under the Pledge
and Escrow Agreements, the Debentures are senior unsecured debt
obligations of the company.  There is no sinking fund for the
Debentures.  The Debentures mature on Oct. 15, 2038 and bear
interest at a rate of 5.5% per annum.  Interest on the
Debentures is payable semi-annually in arrears on April 15 and
October 15 of each year, commencing Oct. 15, 2008.

Holders may convert their Debentures, at their option, any time
prior to the close of business on the business day immediately
preceding Oct. 15, 2038.  The Series A Debentures are
convertible into shares of the Company’s common stock at a
conversion rate of 220.6288 shares per US$1,000 principal amount
of Series A Debentures.  The Series B Debentures are convertible
into shares of the company's common stock at a conversion rate
of 225.2252 shares per US$1,000 principal amount of Series B
Debentures.

In addition, if holders elect to convert their Debentures in
connection with the occurrence of a fundamental change that
occurs prior to Oct. 15, 2013 or Oct. 15, 2015 (in the case of
the Series B Debentures), holders will be entitled to receive
additional shares of common stock upon conversion in some
circumstances as described in the Supplemental Indentures.  A
fundamental change generally will occur upon certain changes in
the ownership of the company, as further described in the
Supplemental Indentures.

Holders who convert their Debentures prior to April 15, 2011,
will receive, in addition to a number of shares of our common
stock calculated at the applicable conversion rate, a cash
payment from the escrow account for debentures of the series
converted in an amount equal to the sum of all remaining
interest payments that would have been due on or before April
15, 2011 in respect of the converted debentures (excluding any
interest payment for which the record date has passed at the
time of such conversion, which will instead be made to the
relevant record holder).

At any time on or after Oct. 15, 2013 (in the case of the Series
A Debentures) and Oct. 15, 2015 (in the case of the Series B
Debentures), the Company may redeem the Debentures for cash by
giving holders at least 30 days' notice.  The company may redeem
the Debentures either in whole or in part at a redemption price
equal to 100% of the principal amount of the Debentures to be
redeemed, plus accrued and unpaid interest, if any, up to, but
excluding, the redemption date.

Holders of the Debentures may require the company to repurchase
all or part of the Debentures for cash on Oct. 15, 2013, 2018,
2023, 2028 and 2033 (in the case of the Series A Debentures) and
on October 15, 2015, 2020, 2025, 2030 and 2035 (in the case of
the Series B Debentures) at a repurchase price equal to 100% of
their principal amount, plus accrued and unpaid interest, if
any, up to, but excluding, the date of repurchase to the holder
from whom Debentures are repurchased.

The copy of the Second Supplemental Indenture is available for
free at http://ResearchArchives.com/t/s?2dc9

A copy of the Third Supplemental Indenture is available for free
at http://ResearchArchives.com/t/s?2dca

A copy of the Pledge and Escrow Agreement for Series A
Debentures is available for free at
http://ResearchArchives.com/t/s?2dcb

A copy of the Pledge and Escrow Agreement for Series B
Debentures is available for free at
http://ResearchArchives.com/t/s?2dcc

                     About JetBlue Airways

Based in Forest Hills, New York, JetBlue Airways Corporation
(Nasdaq: JBLU) -- http://www.jetblue.com/-- is a passenger
airline that provides customer service primarily on point-to-
point routes.  As of Dec. 31, 2007, the company served 53
destinations in 21 states, Puerto Rico, Mexico and the
Caribbean.

At Dec. 31, 2007, the company's consolidated balance sheeet
showed US$5.598 billion in total assets, US$4.562 billion in
total liabilities, and US$1.036 billion in total stockholders'
equity.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2008, Fitch Ratings assigned a rating of 'CCC-/RR6' to
JetBlue Airways Corp.'s newly-issued US$175 million in
convertible debentures.  The debentures, issued in a two-part
offering, each with a 5.5% coupon, mature in 2038.  JBLU may
redeem the Series A debentures beginning in October 2013 and the
Series B debentures beginning in October 2015.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2008, Moody's Investors Service downgraded the corporate
family rating of JetBlue Airways Corporation to Caa1 from B3,
well as the ratings of its outstanding corporate debt
instruments and selected classes of JetBlue's Enhanced Equipment
Trust Certificates.  Moody's said The rating outlook is
negative.



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

CHRYSLER LLC: Has US$9 Bil. in Cash at Year End, CEO Says
---------------------------------------------------------
Chrysler LLC chief executive officer Robert Nardelli insisted
the company is in good shape with US$9 billion in cash at the
end of 2007, Mike Ramsey of Bloomberg News, citing a CNBC
interview, reports.  Mr. Nardelli says he is leading to get the
automaker through 2008 and make it better positioned to 2009.

Bloomberg News say Chrysler had reported a US$1.6 billion
operating loss for 2007 and a US$650 million net loss for 2006.

As related in the Troubled Company Reporter in December 2007,
the Wall Street Journal quoted Mr. Nardelli describing Chrysler
LLC as "operationally" bankrupt.  The only thing, Mr. Nardelli
relates, that is keeping Chrysler from going into bankruptcy is
the US$10 billion investors entrusted the automaker with.

Bloomberg reports that shareholder Cerberus Capital Management
LP is not regretting its investment in Chrysler, stating that
the company is hitting its financial targets.

As reported in the TCR on Thursday, Mark Neporent, Cerberus
Capital Management's senior managing director, chief operating
officer, and general officer, responded to a report in the
Financial Times disclosing that the firm had sold most of its
holdings in Chrysler LLC and GMAC LLC amid the downturn in the
U.S. economy and woes in the lending industry.

"Cerberus has not reduced or made any changes to its equity
stakes in GMAC or Chrysler since the closing of either
transaction.  Cerberus continues to have voting control over
both investments.  It is common knowledge, and has been widely
reported, that Cerberus made these investments side-by-side with
its co-investors at the time of closing.  As a general rule,
Cerberus does not commit more than 5% of the capital of any of
its funds to any single investment."

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-Latin America 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.


CHRYSLER LLC: May 2008 International Sales Increase by 5%
---------------------------------------------------------
Chrysler LLC reached an unprecedented sales milestone in May
2008 by achieving 36 consecutive months of year-over-year sales
growth in markets outside North America.  Chrysler International
sales for the month grew by 5% (21,505 units) compared to May
2007, establishing a new record for the best May sales in the
company's history.  Year-to-date sales were up 7% (98,188 units)
versus the same time period last year, driven by a vehicle
lineup that offers customers fuel-efficient and versatile
options.

"Chrysler's success outside North America demonstrates that our
newest products are meeting the needs of global consumers and
attracting new buyers to our brands," Jim Press, Vice Chairman
and President, said.  "This is especially important as our core
North American market shifts towards a more global customer
outlook with a preference for fuel efficiency.  We will work to
continue to expand our International business by listening to
customers in all markets, expanding our dealer network and
offering vehicles that are suited to meet their diverse needs."

Chrysler sales in Europe were up 4% year-to-date (54,659 units),
as May sales increased 8% (11,972 units).

   * Chrysler sales in Russia more than doubled (up 107%) to
     reach 971 units in May.  Year-to-date sales for the market
     grew 82% (3,854 units), led by Dodge Caliber, the company's
     highest-volume vehicle outside North America.

   * In the U.K., one of the highest-volume markets for
     Chrysler, sales grew 20% in May (1,572 units) and were up
     11% (8,320 units) January through May.

Sales in the Asia Pacific region grew by 39% in May (3,807
units), and 52% year-to-date (17,860 units).  Much of this
growth has been generated by increases in the region's highest-
volume markets, China and Australia.

   * Sales in China were up 134% (8,604 units) year-to-date, and
     91% (1,869 units) in May, making it the highest-volume
     market for the month.  High demand for locally produced
     vehicles and the introduction of imported, fuel-efficient
     models like the Jeep(R) Compass were key factors in the
     tremendous growth.

   * Australian sales of Chrysler vehicles grew 34% in May
     (1,065 units), and increased 25% so far in 2008 (4,672
     units).  Jeep Wrangler sales in the market achieved their
     second-best month ever (251 units), and the vehicle has
     outsold all other Chrysler vehicles in the market.

Dodge brand sales achieved a 40% growth in sales so far in 2008
(28,354 units). Jeep sales grew 6% (38,250 units) during the
same time period, while Chrysler brand sales declined 10%
(31,584 units).

Jeep brand vehicles achieved solid sales growth so far in 2008,
as year-to-date sales for the capable Jeep Wrangler (7,889
units) and the highly fuel-efficient Compass (7,238 units) grew
95% and 14% respectively.  Sales of the Chrysler Sebring have
positioned the vehicle among the top-three-selling vehicles in
May (2,038 units) as sales grew 266% the same month last year.

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-Latin America 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.


NORTHWEST AIRLINES: Seeks Extension of Claims Objection Period
--------------------------------------------------------------
In the Chapter 11 cases of Northwest Airlines Corp. and its
debtor-affiliates, 12,000 claims totaling US$129,000,000,000
were filed, and over 190 requests for payment of administrative
expenses totaling US$292,000,000,000 were made by claimants
against the Debtors.

As of May 27, 2008, the Debtors have filed numerous individual
claim objections, as well as 41 omnibus objections -- 40 of
which have been granted except where the Debtors have agreed to
adjourn, withdraw or resolve an Objection to a particular
claimant, Gregory M. Petrick, Esq., at Cadwalader, Wickersham &
Taft LLP, in New York, told the U.S. Bankruptcy Court for the
Southern District of New York.

As a result of the Debtors' efforts, there are only roughly 340
unresolved prepetition claims, and 42 unresolved requests for
payment of administrative expenses, Mr. Petrick noted.  The
Debtors will continue to attempt to resolve all outstanding
claims, he added.

Against this backdrop, the Debtors asked the Court to extend up
to Aug. 28, 2008, their time to object to pending (i)
prepetition claims, and (ii) administrative expense claims.

According to Mr. Petrick, the pending Prepetition and
Administrative Expense Claims in the Debtors' Chapter 11 cases
are:

A. Prepetition Claims:

   Claimant                                      Claim No.
   --------                                      ---------
   Equilon Enterprises LLC                         11217
   Air Kaman                                        2503
   ASIG \u2013 Minn Fuel Consortium                 9382
   City of Atlanta                                 10673
   Wilmington Trust Company and                     8175
     Wells Fargo Bank Northwest, N.A.                 
   American Airlines, Inc.                          9310
   Mickey P. Foret                                 10987
   Mickey P. Foret                                 11309
   Mickey P. Foret                                 11368
   Aviation Consultants, LLC.                      10986
   Transportation Security                          8361
   Port of Seattle                                 11232
   Evergreen Air Center, Inc.                       5188
   Worldspan Technologies Inc.                     12371
   City of Los Angeles                              8424
   New York Taxation and Finance Dept.              2685
   GE Engine Services, Inc.                        10693
   GE Engine Services \u2013 McAllen, LP           10697

B. Administrative Expense Claims:

   Claimant                                      Claim No.
   --------                                      ---------
   U.S. Bank National Association                  12471
   U.S. Bank National Association                  12466
   Nord/LB-Norddeutsche Landesbank Girozentrale    12475
   Bank of America, N.A.                           12491
   Starwood Canada Corp.                           12438
   In Flight Services, USA, Inc.                   12468
   Transportation Security Administration          12474
   ALG DC-9, L.L.C.                                12479
   City of Los Angeles                             12365
   Treasury Dept.                                  12411
   Internal Revenue                                12413
   City of Atlanta                                 12448
   U.S. Customs and Border Protection              12473

Mr. Petrick explained that the extension will allow the Debtors
to continue their efforts to achieve non-judicial resolutions of
the Pending Prepetition and Administrative Expense Claims, and
would avoid the cost and expense of drafting and filing
objections to disputed claims that may ultimately come to a
stipulated resolution.

                     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: Seeks Dissolution of Sub-Reserves
-----------------------------------------------------
Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP,
in Washington, D.C., told the U.S. Bankruptcy Court for the
Southern District of New York that at the time of the
confirmation hearing on their Plan of Reorganization, Northwest
Airlines Corp. and its debtor-affiliates analyzed the pool of
Class 1-D Claims and determined that the filed amount of all
claims well-exceeded the Debtors' estimate of the amount of
claims that would ultimately be allowed in their Chapter 11
cases.  

To maximize the consideration distributed on the effective date
of their Plan, the Debtors moved to establish a Distribution
Reserve that held fewer shares than could satisfy the filed
amount of all disputed and allowed claims, Mr. Ellenberg noted.

In resolution of certain objections to their Distribution
Reserve Motion, the Debtors established sub-reserves within the
general Distribution Reserve for the benefit of the Objecting
Sub-reserve Creditors, Mr. Ellenberg stated.  The Sub-reserves
set aside shares for the benefit of the Sub-reserve Creditors to
protect them against the eventuality that the Distribution
Reserve would be insufficient to satisfy all claims.   

Mr. Ellenberg informed the Court that there are enough shares in
the Distribution Reserve to satisfy all remaining claims,
including the remaining Disputed Claims held by the Sub-reserve
Creditors.  "The SubReserves are no longer required to protect
the SubReserve Creditors, and should be dissolved," he
concluded.

The current total pool of Allowed and Disputed Claims in Class
1D is US$8,580,000,000, of which US$7,900,000,000 is allowed,
and US$682,000,000 remains disputed.  Approximately 17,900,000
shares remain in the Distribution Reserve with respect to
General Unsecured Claims, which are sufficient to provide the
same pro rata distribution to the holders of the remaining
Disputed Claims as creditors holding Allowed Claims as of the
Effective Date received, Mr. Ellenberg emphasized.

Accordingly, the Debtors sought the Court's authority to
dissolve the Sub-reserves, and release the funds into the
general Distribution Reserve.

                     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: Inks BRL2.2 Mln Loan for Cancer Medicines
----------------------------------------------------------------
Petroleos de Venezuela S.A., under the Petrocaribe Convention,
has delivered the first shipment of fuel to the Republic of
Honduras; more than 80,000 barrels arrived onboard tanker Pico
El Aguila from El Tablazo port, located in western Zulia state,
Venezuela.

The delivery ceremony in Puerto Cortes, Honduras, in the
facilities of Hondupetrol, was chaired by Honduras' President
Manuel Celaya and Asdrúbal Chávez, Vice-President of Petroleos
de Venezuela.

Manuel Celaya thanked Venezuela and President Hugo Chavez for
their readiness to cooperate with Latin American people by
bolstering cooperation agreements such as Petrocaribe on behalf
of less developed nations.

Celaya explained that the fuel would be used for power
generation in the thermal plants that cover around 70 percent of
the Honduran electricity consumption.

Additionally, the Petrocaribe agreement entered into by Honduras
and Venezuela will include flexible conditions which favor the
Honduran people by spending 50 percent of the bill in social and
development programs.

PDVSA Vice-President Asdrubal Chavez said that the Petrocaribe
initiative is consolidating every day a strategic alliance
oriented towards cooperation that pools 17 nations in the
Caribbean with an average volume of 140,000 bpd.

Petroleos de Venezuela S.A. -- http://www.pdvsa.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.



==========================
V I R G I N  I S L A N D S
==========================

INNOVATIVE COMM: Auction Process Going Poorly, Greenlight Says
--------------------------------------------------------------
This week, Greenlight Capital LLC told the Hon. Judith
Fitzgerald of the U.S. Bankruptcy Court for the Western District
of Pennsylvannia, that the bidding process involving the assets
of Innovative Communication Corporation "is going poorly," Chris
Nolter of The Deal relates.

According to The Deal, this marks another delay in the public
sale of Innovative's assets, which was initially set for May 12,
2008, but was subsequently moved to June 16, 2008.

As reported by the Troubled Company Reporter - Latin America on
Feb. 27, 2008, Innovative's U.S. Virgin Islands unit Innovative
Telephone, fka Vitelco, will be placed on the auction block this
year, based on filings by chapter 11 trustee, Stan Springel.

The TCR continued that Mr. Springel is supervising the
bankruptcy process of Innovative.  Mr. Springel said that
Innovative Telephone has made significant progress improving its
financial position and operations.  However, Innovative
Telephone faced serious liquidity issues like outstanding
payments to critical vendors in November 2007.  The chapter 11
trustee admitted that the issues haven't been completely dealt
with.

Mr. Springel said that he wants to move the auction of the
Debtor's cable systems in Martinique and Guadalupe and parts of
France in August 2008, The Deal reports.  The auction date of
Innovative Telephone is yet to be determined, he said, The Deal
relates.

Greenlight, which is owed US$130 million by the Debtor, asserted
that bidders have not offered to buy the assets at a price
sufficient to satisfy secured debts, The Deal says.  Greenlight
also said that the estate is administratively insolvent,
according to the report.

Case trustee counsel, Dan Stewart, Esq., at Vinson & Elkins LLP,
denied Greenlight's allegations and said that offers for the
assets has been significant, The Deal says.  Mr. Stewart said
that Innovative and its affiliates are paying their debts on
time and that the Debtors' operations are financially sound.

Mr. Stewart explained that bidders need to check the assets in
the U.S. Virgin Islands, hence the delay of the auction, The
Deal states.

Counsel to largest creditor, Rural Telephone Finance Cooperative
denied Greenlight's statement that the RTFC, which is owed
US$525 million by the Debtor, is uninterested in offering credit
bid at the auction, The Deal says.  According to RTFC, it will
maintain its credit bid right, the report adds.

                  About Innovative Communication

Based in Christiansted, St. Croix, U.S. Virgin Islands,
Innovative Communication Corporation is telecommunications and
media company with extensive holdings throughout the Caribbean
basin.  The company's operations are in Belize, British Virgin
Islands, Guadeloupe, Martinique, Saint-Martin, Sint Maarten,
U.S. Virgin Islands and France and include local, long distance
and cellular telephone companies, Internet access providers,
cable television companies, business systems, and The Virgin
Islands Daily News, a Pulitzer Prize-winning newspaper.

On Feb. 10, 2006, creditors Greenlight Capital Qualified LP,
Greenlight Capital LP, and Greenlight Capital Offshore Ltd.,
filed involuntary chapter 11 petition against Innovative
Communication Company LLC and Emerging Communications Inc., and
Jeffrey J. Prosser, the company's principal (Bankr. D. Del. Case
Nos. 06-10133 through 06-10135).  The Greenlight creditors
disclosed US$18,780,614 in total claims.

On July 31, 2006, Innovative LLC, Emerging, and Mr. Prosser,
filed voluntary chapter 11 petitions (Bankr. D. V.I. Case Nos.
06-30007 through 06-30009).  Pursuant to Rule 1003-1 of the
Local Bankruptcy Rules of the District Court of the Virgin
Islands, Bankruptcy Division, Mr. Prosser, and Bobby Lubana,
were designated as the individuals who are the principal
operating officers of the alleged debtor.  On Dec. 14, 2006, the
Delaware Bankruptcy Court entered an order transferring the
venue of the involuntary bankruptcy cases transferring to the
U.S. District Court for the District of the Virgin Islands,
Bankruptcy Division.

On July 5, 2007, the Greenlight creditors filed an involuntary
chapter 11 petition against Innovative Communication Corporation
(Bankr. D. V.I. Case No. 07-30012).  The creditors disclosed
total aggregate claims of $56,341,843.  Matthew J. Duensing,
Esq., and Richard H. Dollison, Esq., at Stryker, Duensing,
Casner & Dollison, and Matthew P. Ward, Esq., at Skadden Arps
Slate Meagher & Flom LLP, represent the creditors.

Stan Springel of Alvarez & Marsal, the Court-appointed chapter
11 trustee, is represented by Dan Stewart, Esq., of Vinson &
Elkins LLP.

The Hon. Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the Western District of Pennsylvania placed Innovative
Communication Corporation in chapter 11 bankruptcy over the
objections of its principal, Jeffrey Prosser.


NBTY INC: Offers US$371 Million for Leiner Health Assets
--------------------------------------------------------
Leiner Health Products Inc. disclosed that NBTY Inc. submitted
the best and highest bid at an auction for the purchase of
substantially all of its assets on June 9, 2008.

In connection with the auction, NBTY entered into an amended and
restated Asset Purchase Agreement for the purchase of
substantially all of the assets of Leiner for approximately
US$371 million plus assumption of certain liabilities.

The Agreement provides for a downward purchase price adjustment
if the amount of actual working capital at the closing is less
than
US$110 million, and for an upward purchase price adjustment if
the amount of actual working capital at closing is greater than
US$110 million.

The Agreement is subject to the approval of the bankruptcy court
presiding over Leiner's chapter 11 bankruptcy proceedings.  The
purchase transaction is also subject to regulatory and other
customary approvals and customary closing conditions.  NBTY
expects to consummate the acquisition by no later than
September 2008.

"The Leiner acquisition reflects our ongoing efforts to better
meet the needs of our customers by providing them with the
highest quality service and continuous product supply," Scott
Rudolph, NBTY chairman and CEO, said.  "We continue to seek
acquisitions which will enhance our position as the worldwide
leader in the nutritional supplement industry and further our
ongoing efforts to generate growth and increase shareholder
value."

                      About Leiner Health

Based in Carson, California, Leiner Health Products Inc. --
http://www.leiner.com/-- manufacture and supply store brand
vitamins, minerals and nutritional supplements products, and
over-the-counter pharmaceuticals in the US food, drug and mass
merchant and warehouse club retail market.  In addition to their
primary VMS and OTC products, they provide contract
manufacturing services.  During the fiscal year ended March 31,
2007, the VMS business comprised approximately 61% of net sales.  
On March 20, 2007, they voluntarily suspended the production and
distribution of all OTC products manufactured, packaged or
tested at its facilities in the US.

The company filed for Chapter 11 protection on March 10, 2008
(Bankr. D. Del. Lead Case No.08-10446).  Jason M. Madron, Esq.,
and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors.  Houlihan Lokey Howard & Zukin Capital,
Inc., provides investment banking and financial advisory
services to the Debtors.  Garden City Group Inc. serves as the
Debtors' noticing, claims and balloting agent.

The U.S. Trustee for Region 3 appointed creditors to serve on an
Official Committee of Unsecured Creditors in these cases.  The
Committee is represented by Saul Ewing LLP as bankruptcy
counsel, and FTI Consulting Inc., as financial advisors.

As reported in the Troubled Company Reporter on April 10, 2008,
the Debtors' schedules of assets and liabilities showed total
assets of US$133,412,547 and total debts of US$477,961,526.

                         ABOUT NBTY Inc.

NBTY Inc. (NYSE: NTY) -- http://www.NBTY.com/-- manufactures,  
markets and distributes line of quality nutritional supplements
in the United States and throughout the world.  Under a number
of NBTY and third party brands, the company offers over 22,000
products.  As of Sept. 30, 2005, it operated 542 Vitamin World
and Nutrition Warehouse retail stores in the United States,
Guam, Puerto Rico, and the Virgin Islands.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2008, Standard & Poor's Ratings Services said that there
would be no immediate impact on Bohemia, New York-based NBTY
Inc.'s (BB/Stable/--) ratings or outlook following the company's
announcement that it entered into an Asset Purchase Agreement
for the purchase of substantially all of the assets of Leiner
Health Products Inc.(unrated).  The current purchase price is
US$230 million plus the assumption of certain liabilities, yet
is subject to higher or better offers that may be submitted by
competing bidders under Leiner's current chapter 11 proceedings.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


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